Realizing that spinning sector hit the recent cotton yarn crises badly, textile mills insisted the center, most importantly the Union Textiles Ministry, for allowing expansion to the industry and meeting the raised demands for both levels, domestic and global.
While moderating the cotton process and welcoming the process of containing exports of cotton yarn, owners of the mills are urging Mr. Dayanidhi Maran, Minister of Textile for taking more actions to ease and support the ‘supply side’ and make sure that capacity of the mills should be expanded and the production levels too should be raised.
Textile Industry captains feel that the industry was majorly hit by discounts offered to the export of cotton yarn and its ‘unfettered export’ than the global slowdown, the spinning mills especially. Competitive countries like Bangladesh got benefited from the affecting crises that lead to shrink of the Indian textile industry. It was only during later 2009, that the situation got corrected by Mr. Maran’s intervention.
When TUF, Technology Up-gradation Fund was cleared and some Rs. 2,000crore backlog was reimbursed, many textile mills retained their working capital and began to expand capacity gradually.
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