October 25, 2021

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Tirupur garment units to down shutters on Monday against steep rise in yarn prices, Retail News, ET Retail

Garment brands dependent in Tirupur, a main textile cluster in Tamil Nadu, will shut their units on Monday to protest towards the steep hike in yarn costs over the last six months which marketplace officers explained has crippled the marketplace.

Tirupur-dependent marketplace reps spoke to PTI about their ordeal in terms of get cancellations and margins becoming strike owing to the yarn value hike, and appealed that the Centre need to regulate the exports of yarn, the critical raw materials in garment manufacturing.

They shared that the lack of yarn in the domestic market place has led to a rise in generation charge for the hosiery and knitwear marketplace.

“We want the government to quickly regulate the exports to guarantee the source of yarn to the domestic marketplace,” Tirupur Exporters Affiliation President Raja Shanmugam instructed PTI.

He stressed that the raw materials ought to not be exported until finally the requirements of the domestic marketplace are satisfied.

“We will sign up our protest on the floor by means of the voluntary closure on March 15 and take up the challenge with the Commerce and Textile Ministries. We would also like to enlighten the Prime Minister’s Workplace,” Shanmugam explained.

Joint Secretary of Tirupur-dependent South India Hosieries Suppliers Affiliation Shashi Prakash Agarwala explained yarn costs have shot up by forty-forty five for each cent from Oct last 12 months till now, foremost to a rise in products costs.

“Exporters are unable to take new orders for the reason that yarn costs have not amplified in the international market place while our raw materials costs have gone up,” Agarwala explained.

He argued that if yarn exports are capped, yarn costs will be managed and the domestic garment marketplace will be in a better position.

“We have been experiencing this value hike challenge given that last 12 months which resulted in an increase in our products costs ranging from one-one.five for each cent to 4 for each cent. We have written to the Finance Minister and the Union Textile Minister to appear into the steep rise in cotton yarn costs which is impacting most of the MSMEs,” explained Vinod Kumar Gupta, Controlling Director, Dollar Industries Constrained.

He cautioned that numerous players are experiencing difficulties thanks to raw materials lack and may possibly be compelled to halt their operations if this carries on.

“This Voluntary Closure is an effort to unanimously raise our voices in guidance of the full marketplace on the irregular value hike of the yarn which is putting tension on not only corporations but also on the individuals,” Gupta explained.

Dollar Industries has a manufacturing facility in Tirupur.