Surge in cotton price fatal for spinning industry | SupportBiz

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Surge in cotton price fatal for spinning industry

 
The exorbitant price rise of cotton has left the spinning industry concerned about its survival, said a Business Line report.

Various industry associations have expressed their grief on the Government’s decision to permit the Cotton Corporation of India to export the fiber.

K. Thirunavukkarasu, President, the South India Spinners Association said in Coimbatore that, during the current season, the price of cotton per candy has surged from Rs 36,000 to Rs 48,000. Stating the Government’s announcement as untimely he said, “If the situation is not revived, the small spinning mills that do not have the required backup resources, may soon perish; resulting in loss of job for thousands.”

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