Textile mills to remain shut once in 1 week
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August 14, 2015 CHANDIGARH: Textile spinning mills, under the aegis of Northern India Textile Mills' Association (NITMA), are considering cutting back production and shutting down their units once a week against the current trend of operating 24x7. The decision has come in the wake of domestic excess spinning capacity in the country and poor demand for yarn from overseas markets leading to accumulation of yarn stocks and poor liquidity.
Sharad Jaipuria, president of NITMA said, "States like Madhya Pradesh, Gujarat, Maharashtra, Rajasthan, Andhra Pradesh and Telangana are attracting new investments in spinning due to their new textile policy, which is loaded with incentives and sops and thereby adding more than required capacity in the country. Tamil Nadu too is going to announce a new textile policy soon."
"China, which was a major importer of Indian yarns for the past few years, has cut-down imports in the past few months, thus worsening the situation, leading to accumulation of yarn stocks in Indian spinning mills," Jaipuria observed.
NITMA senior vice-president H S Cheema said, "The spinning industry is under crisis and the situation is moving from bad to worse and spinners are suffering losses. We are, therefore, considering various options to reduce our daily production, including closing the plant for one day in a week."
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