The Ministry of Textiles is investigating cartelisation behind hike in yarn prices. Textile Commissioner has been directed for the same.
Smriti Irani, Union Minister of Textiles has said, “There is a need to undertake a third party study of sudden spikes in cotton yarn prices which affect the prospects across the value chain of Indian textiles. It can’t be accepted that data of the same is not available. I am hopeful that especially in this statically study some forensic detail can also be found by the textile commissioner office.”
Addressing an award function of The Cotton Textiles Export Promotion Council (TEXPROCIL) the Minister said that she has particularly directed the Textile Commissioner office to find the evidence of cartelisation which hurts the overall interest of the industry.
The minister also asked TEXPROCIL to partner with Textile Commissioner Office in this study and assured whatever support is required from the ministry, we will be happy to support.
“The time has come that for the benefit of few, the plenty can’t suffer,” the Minister added.
Manoj Patodia, Chairman, TEXPROCIL assured that the organisation will do its best in this direction.
After the first wave of Covid, when industry was ready to improve, the sudden spike in yarn prices was a nationwide issue. Various trade bodies raised the issue strongly at various levels and despite many meetings and MoT’s intervention, issue could not be solved.
Source : https://in.apparelresources.com/