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Textile sector undergoes a loss of Rs 2 billion due to all-India strike
20
Nov '10
The textile companies in the country had undergone a loss of Rs 2 billion, whereas the textile plants of Tirupur alone had lost about Rs 400 million due to the nation-wide strike. The current hike in the prices of raw materials has caused 15-20 percent fall in manufacturing and has rendered 25,000 workers jobless.

As a result of the all-India strike called by the textile sector to back its claim for the imposition of a ban on the export of raw materials along with cotton and cotton yarn, manufacturing process in the knitwear center of Tirupur had come to standstill, yesterday.

About 50,000 workers were on fast and 3,000 textile units, mostly small and medium-sized firms, had joined the strike.

Tirupur contributes more than 70 percent of the cotton knitwear exported from India, which is valued at US $2 billion. The sector is expected to grow at the rate of 12 percent per year, but the current rise in the prices of raw materials has hindered its growth. About 600,000 people in Tirupur are provided employment either directly or indirectly by the textile industry.

The Rs 550 billion worth textile sector of India, which includes handlooms, powerlooms and garment manufacturing units had called a pan-India strike in support of their demand for imposing a restriction on cotton exports and to attract the attention of the government towards the soaring yarn prices.

Fibre2fashion News Desk-India

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