MADURAI, TAMIL NADU ( Commodity Online) : With cotton waste commodity produced in India rushing to the ports for exports, a surge in cotton yarn prices by 15-20% has occurred, putting textile manufacturers in India under stress.
The Madurai Textile Exporters Association hence has asked the government to halt this export and to regulate raw cotton exports.
The association is of the view that exporting of cotton waste has not benefitted Indian farmer in any ways and the trend has actually made it difficult to weave economical textile items.
The association holds that unless raw cotton exports are regulated, it would result in the textile firms losing out in the foreign markets since manufacturers tend to take textile export orders in advance at designated prices. Sudden spurt in prices would render business redundant, the association argues.
Hence, the demand for caps on raw cotton exports; the association conveyed.
Last year alone, the raw material prices for textile industry jumped a whopping 100% on account of panic buying by Pakistan and China. The industry employs around 10,000 workers in the organized sector in Karur, Rajapalayam and Madurai and produced six billion worth of goods.
India recently had blocked its exports of cotton to Pakistan and Pakistan in turn retaliated by imposing embargo on land bound onion to India.
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