Cotton price in Tamil Nadu increases by Rs 43,000 per candy in two years
Southern India Mills Association general secretary K Selvaraju said that the central government must eliminate the import duty of 11 per cent on cotton to ease the price in the domestic market. -
January 22, 2022 COIMBATORE: The steep rise of cotton over the last two years has landed textile manufacturers in a crisis, manufacturers say the price of cotton candy rose from Rs 37,000 in 2020 to Rs 80,000 this year. Spinning mills owners say the spiralling price of raw material has weakened their position in the global market.
South Indian Textile Association chairman Ravi Sam said, "Cotton price rose to Rs 51,500 in April and then to Rs 68, 000 in October 2021. During the same period, yarn price stood at Rs 331 per kg. Now, the yarn price has risen to Rs 401 per kg as cotton costs Rs 80,000 per kg."
Southern India Mills Association general secretary K Selvaraju said, "If this situation continues, the textile industry will not sustain its position in the domestic and international market."
Selvaraju explained, that to contain the price, the speculative market should be regulated by hiking the investors’ margin cost on cotton trade to 25 per cent from 11 per cent. The Central government must also eliminate the import duty of 11 per cent on cotton to ease the price in the domestic market, he asserted.
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