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TN power looms on strike against soaring yarn prices
17
Jun '08
More than 3,000 power loom factories from over seven districts of Tamil Nadu will be kept shut for three days in a demonstration against unrealistically high yarn prices.

Industrial sources informed Fibre2fashion that power looms functioning in Dharmapuri, Annasagaram, Kumarasamipet, Pappapparappatti, Karimangalam, Palacoded, Pappireddipatti areas have already started the three day strike to draw the Government's attention to the distressing situation brought about by hike in yarn prices.

A survey done on price trends of the past 25 days reveal that yarn prices have increased by nearly 25 to 50 percent in just a month's time. N20's yarn which was selling at Rs15,000 per bale last month is presently being sold at Rs20,000.

This unbearable surge in prices have made it difficult for manufacturers and power loom owners to match the production cost with that of the selling price.

Despite fervent requests made to the Government to bring respite; manufacturers have only met with a disappointing response. Resorting to strike has been their last hope but even this action will have its devastating repercussions.

Transaction worth Rs5 million is expected to freeze and nearly 10,000 laborers would remain idle for three whole days.

It's high time that the State and Central governments take a pro-active stance to remedy the ongoing crisis in Tamil Nadu as well as other states plagued by inflation.

Failure to do so would only result in intensifying the grievances of the textile manufacturers and aggravating the problems that are already troubling the entire industrial sector.

Fibre2fashion News Desk - India


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Courtesy: Business wire

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