Home / Knowledge / News / Textiles / TEA appeals to mills for reducing yarn rates
TEA appeals to mills for reducing yarn rates
11
Jul '08
Shri A Sakthivel
Shri A Sakthivel
The Central Government has conceded Mills Associations demands and announced zero duty on cotton imports yesterday (09.07.2008), thereby the basic customs duty of 10% and Special Additional Duty of 4% have been removed.

In addition, the Finance Ministry has also now withdrawn Duty Drawback benefit of 1% of FOB value of raw cotton exports.

Consequent to this announcement, unfortunately, an unexpected way, the Textile Mills have raised the yarn rates(10.7.2008) by Rs. 5/- for coarser counts.

In a Press Release issued, Shri. A. Sakthivel, President, TEA said that when the yarn prices have been hiked by about 25% in the past two months, the increase of yarn rates by Rs. 5/- by mills at this juncture is totally unjustifiable and added that the beleaguered exporters are neither in a position to pass on the increased cost to buyers nor absorb the cost.

Shri. A. Sakthivel mentioned that considering the crucial situation, the Textile Mills should reduce the yarn rates and follow win win approach for sustainability of Value added business.

Moreover, Shri. A. Sakthivel was under apprehension that in case, if the textile Mills are not considering the genuine appeal for reduction of yarn rates, then naturally, the garment exports will go out of the country and buyers will turn their attention to our main competing countries, China, Bangladesh, Pakistan, Vietnam and Cambodia.

Shri. A. Sakthivel finally appealed that in the larger interest of whole Textile Industry and our country's economy, the Textile Mills Associations should advise their members not to increase the yarn rates.

TIRUPUR EXPORTERS' ASSOCIATION

Must ReadView All

Textiles | On 29th May 2017

Special package creates 7,50,000 jobs in garment sector

The special garment package of Rs 6,000 crore that was introduced by...

Md Siddiqur Rahman, president, BGMEA, addressing a press conference with other dignitaries. Courtesy: BGMEA

Apparel/Garments | On 29th May 2017

BGMEA asks govt for 5% incentive for 2 years in Budget

The Bangladesh Garment Manufacturers and Exporters Association...

Textiles | On 29th May 2017

Tintex, Bruckner bring new effects to knitted fabric

The textile company Tintex has joined hands with the system supplier...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kerem Durdag
Biovation II LLC

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Wendell Rodricks
Wendell Rodricks

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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