Tirupur Exporters Association optimistic of cut in yarn prices

Representative image | Source: Unsplash

The Textiles Ministry is examining and working to resolve the crisis arising out of examining and working to resolve the crisis arising out of frequent rise in yarn prices and disruption in supply, said president of Tirupur Exporters Association (TEA) Raja M Shanmugham on Friday.

In a statement here, Shanmugham expressed hope of a positive solution to the crisis. International cotton prices have started coming down, of course not to the level of domestic cotton prices and in line with this, the Indian cotton prices have also been gradually reduced, he said.

He expected the normal price range would be witnessed in the near future. In a recent meeting with the textile mills associations, he had said the need of the hour was to reach a win-win situation and to come out of the woods.

He had requested to consider TEA's plea for reduction of yarn prices as MSMEs are in large numbers and also ensuring supply of yarn in time as per the commitment given to the members of the association.

Referring to what he described as better business relationship between mills and the downstream sector, he said this could help mutual growth of both sectors in the long run and the mills associations have assured to take positive steps for the betterment of all sectors in the textile industry.

Shanmugham said the new financial year would give business confidence, prosperity to all exporting units and the stakeholder units connected with exporting units. Expressing apprehension on the second wave of COVID-19, he appealed to exporting units and the stakeholders units to be cautious and ensure vaccination of the members, their employees and others connected with the industry, who were aged above 45.