Tiruppur: Yarn prices have increased abnormally over the last one year causing disastrous impact on the knitwear units in the district. Its price rose by Rs 30 per kg with the start of this year.

Lakhs of workers are likely to go jobless if yarn prices are not stabilised. “The knitwear sector fears losing global competitiveness and job loss of employees,” said Raja M Shanmugham, president of Tirupur Exporters Association (TEA).

In order to check the increasing prices of yarn, the industry representatives urged the Centre to scrap import duty on cotton, ban its export and prevent hoarding of yarn to create an artificial price rise. The knitwear units are working on completing orders received already, but an increase in yarn rates had resulted in export units not being able to get orders, added Shanmugham.

Published On : 18-01-2022

Source : DTNext