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Flawless system required to protect textile sector from speculators
19
Nov '10
According to the value-added textile sector, formulating a flawless system is the only way to protect the industry from hoarders and speculators who are disrupting and disturbing the cotton and yarn trade by creating false shortage of cotton, the raw material which is very much needed by the industry, and is also important for the economic growth of the country and for earning foreign exchange.

The sector demanded for the development of the system in such a pattern so that, none other than the spinners, value added textile exporters, ginners and domestic producers are allowed to register themselves with the Ministry of Textile (Mintex), or are permitted to trade in cotton and yarn.

For instance, say if a registered spinner sells 500 yarn bags to a registered domestic producer or a value added textile exporter, the former would be required to furnish a copy of this deal to Mintex. This is how the system would work, thereby allowing only the registered ginners and spinners to trade cotton and yarn, and this way Mintex too will have a proper account of all the transactions.

Further, the sector even expressed its anguish that besides hoarders and speculators, there are other players too who are disrupting the cotton and yarn trade, like a few of the spinning companies have set up their personal trading firms to whom they sell the yarn, against the interest of their shareholders. Thus, it is vital for the government to formulate a strategy to learn about the actual number of the spinning mills who own such trading firms.

Fibre2fashion News Desk-India

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