Latest News | Over 6,000 Knitwear Units Down Shutters, Seek Reduction of Cotton Yarn Prices
Get latest articles and stories on Latest News at LatestLY. Over 6,000 knitwear and garment and allied unit owners in nearby Tirupur downed shutters on Friday, demanding reduction of the skyrocketing cotton yarn prices for the last 10 months and banning its exports.
Coimbatore, Nov 26 (PTI) Over 6,000 knitwear and garment and allied unit owners in nearby Tirupur downed shutters on Friday, demanding reduction of the skyrocketing cotton yarn prices for the last 10 months and banning its exports.
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A group of unit owners also sat on a one-day hunger strike opposite the Corporation office accusing the mills of hoarding, thus paving way for artificial increase of the prices of yarn, the main raw material for the manufacture of knitwear and garments.
About 80 per cent of shops and commercial establishments in and around Tirupur downed shutters, while almost all political parties and their affiliated trade unions extended their support to the closure, which resulted in a production loss of over Rs 100 crore, industry sources claimed.
Stating that the prices increased from Rs 220 for one kg in January to Rs 350 during November, sources in the garment industry said they wanted the Tamil Nadu government to set up a Cotton Procurement Centre and also ban the exports of cotton and cotton yarn.
Over 100 organisations involved in garment manufacturing, including Tirupur Exporters' Association, Tirupur Exporters and Manufacturing Association, South India Hosiery Manufacturing Association and Dyers association participated in the one-day token strike, they said.
Tirupur being a major knitwear hub, exports over Rs 26,000 crore worth garments and also produces Rs 24,000 crore worth garments for domestic sales, which provide jobs to nearly nine lakh people both directly and indirectly.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)