Tamil Nadu MSMEs demand PM’s intervention to arrest cotton price hike

Chennai, May 17 (KNN) Appreciating Chief Minister M K Stalin for writing to Prime Minister Narendra Modi highlighting the issue of rising cotton prices, MSMEs have requested PM Modi to intervene and address the issue to protect the textile industry in Tamil Nadu.

CM Stalin drew PM Modi’s attention on the price rise issue of cotton & yarn and emphasised on the impact caused to the garment sector, mostly to MSMEs.

He appealed the central government to make mandatory for spinning mills, declaration of cotton and yarn stocks to restraint rise in price.

Underlining the situation of textile industry in Tamil Nadu, CM Stalin said in the letter that a large number of spinning, weaving and garment units face the danger of closure due to unsustainable demands on their working capital and price mismatch between the agreed price of supply to the buyer vis-a-vis the cost of production.

Thanking CM Stalin, Tiruppur Exporters’ Association has called for immediate intervention from PM Modi to address the cotton & yarn price rise issue.  (KNN Bureau)