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UP hosiery industry caught in trouble tangle
17
Jul '10
The hosiery industry in Uttar Pradesh, which is the third largest centre of hosiery manufacturers, is dealing with a number of problems such as raw material price hike, financing woes, power crunch and an increase in employees' dearness allowance. Such issues are likely to halt the operations of the industry across the state.

Yarn prices have grown up almost by 40 percent in past couple of months, which have compelled the traders to postpone the orders as demand in domestic market appears to be shrinking. Yarn is the key input for hosiery manufacturing.

It seems that the market has not absorbed products' price hike comfortably, which has been increasing by around 15 percent. Consumers have tightened their belts due to inflation of prices, of essential commodities. The manufacturing units could never attain their production capacities because of irregular power supply in the state including Kanpur, which is the largest hosiery manufacturing centre in the state.

The industry entrepreneurs pointed that, the state government has not asked them to make arrangements on personal level for power generation or for buying it from private companies like Torrent, Tata or Reliance. Such conditions are gradually destroying the basic infrastructure of the city, which houses the country's third largest hosiery manufacturing centre.

Around 1,500 small and medium hosiery manufacturers in the state especially in Kanpur, Varanasi and Saharanpur are getting affected due to financial issues.

Fibre2Fashion News Desk - India

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