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Nearly 9,000 units and 800,000 workers, who are employed directly and indirectly, are on strike after the Rs 50,000-crore knitwear industry in Tamil Nadu s Tirupur on Monday decided to protest againt the spike in yarn prices. According to industry sources, the production loss is estimated to be around Rs 165 crore due to the strike. As many as 27 knitwear stakeholders associations and 8 trade unions have called for the strike, which will involve about 9,000 worker units, catering to both domestic and export markets. These units employ around 800,000 workers directly or indirectly. The turmoil in garment manufacturing the lynchpin of Tirupur s economy has had a cascading effect on the entire value chain in the region, said Raja Shanmugham, president of Tirupur Exporters Association.
The Rs 50,000-crore knitwear industry in Tamil Nadu s Tiruppur is set to go on a one-day strike on Monday to protest the spike in yarn prices. Commonly used combed cotton variants such as 30s and 40s which indicate the thickness and fineness of the yarn have seen their prices surge by 24 per cent from Rs 215 to Rs 268 a kilogram. As many as 27 knitwear stakeholders associations and eight trade unions held a meeting to discuss the impact of the sudden and unusual spike in yarn prices and also an irregular supply of yarn in the past three months. About 9,000 worker units, catering to both domestic and export markets, will join the strike. These units employ around 800,000 workers directly or indirectly.
The Indian textiles and clothing industry has broadly welcomed the
Union Budget 2021-22 presented by finance minister Nirmala Sitharaman in Parliament on February 1. Setting up of 7 mega textiles parks under MITRA, and reducing duty on nylon raw materials are welcomed by all trade bodies, while there is a mixed reaction to 10 per cent import duty on cotton.
The grant to the
textiles and clothing sector in Union Budget 2021-22 is ₹3,614.64 crore, which is about 10 per cent higher than the revised budget of ₹3,300 crore in 2020-21. The budget also puts emphasis on Infrastructure Development and Research & Capacity Building as the grant for these sectors has been increased by about 43.7 per cent and 77.5 per cent respectively as compared to last year. Share of these sectors in total textile and apparel budget allocation for 2021-22 stands at about 6 per cent and 10 per cent respectively.
Customs duty on cotton imports disappoints textile sector
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‘It will make import of branded cotton expensive’
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‘It will make import of branded cotton expensive’ The textile and clothing sector here has expressed disappointment over the levy of customs duty on cotton imports in the Union Budget.
Manoj Patodia, chairman of the Cotton Textiles Export Promotion Council, said that the plan to establish seven mega investment textile parks in three years was a positive step towards making the industry globally competitive. It would attract investments and boost employment. However, the plan to levy customs duty on cotton imports would make import of branded cotton expensive.