Home / Knowledge / News / Textiles / Rise in demand stirs revival of spinning mills in India
Rise in demand stirs revival of spinning mills in India
20
Sep '12
Rise in demand for textile items has helped spinning mills in India to attain break-even, following which the mills are once again showing signs of revival. 
 
Speaking at the 53rd Annual General Meeting of South India Mills' Association (SIMA) at Coimbatore, Association Chairman S Dinakaran said power crisis, Centre’s inconsistent cotton export policies, lack of manpower and cotton price volatility caused the spinning industry to lose working capital worth over Rs. 55 billion.
 
He said owing to Government’s indiscreet cotton export policies and global cotton scarcity of about 10 percent, Indian textile industry experienced highest volatility in cotton prices during 2010-11 season.
 
The price of Shanker -6 variety of cotton which was around Rs. 38,000 per candy (1 candy = 355 kg) during October 2010, increased to Rs. 61,800 during end of March 2011, to again slip to around Rs. 31,000 per candy towards end of July 2011, he added. 
 
Considering all this, Mr. Dinakaran noted that now when the industry is back on the revival track, the Government should expedite implementation of the Rs. 350 billion debt restructuring package, to help the spinning industry retain its growth momentum.
 
During the 2011-12 season, cotton was cultivated on a record 12.178 million hectares, more than double the 1950-51’s acreage of 5.882 million hectares. Likewise, the yields also increased from just 3 million bales in 1950-51 to record 35.3 million bales, he said.
 
Surpassing the CAB’s estimates of 8.4 million bales, the country exported around 13 million bales during 2011-12 season, leaving back a stock of 2.8 million bales of inferior quality cotton for the domestic industry, which is the lowest ever closing stock in the past few years, the SIMA Chief added.
 
He said though 2011-12’s cotton cultivation acreage came to be about eight percent more than previous year, it is expected to register a marginal fall in 2012-13. However, the mills’ consumption in 2012-13 is expected to increase slightly due to improved market conditions, he noted.
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 26th Jul 2017

Q1 2018 revenue at Raymond soars 14%

The consolidated revenue of Raymond Limited for the first quarter of...

Textiles | On 26th Jul 2017

Textile Corp of America to create 1000 jobs in Tennessee

Textile Corporation of America Inc, a leading textile manufacturer,...

Textiles | On 26th Jul 2017

Leather & footwear industry expecting incentive package

India’s leather and footwear industry is anticipating an incentive...

Interviews View All

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X