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Surat textile sector in eye of one more storm
Feb '11
Surat's textile industry is once again facing the unrest, as owing to the disagreement between the weavers and the traders regarding the terms of payment, the textile traders had declared that, if the weavers do not agree to resume their work on the basis of the old terms of payment, they will not take delivery of any grey fabric consignments sent by the weavers since February 4 onwards.

The row has halted the raw fabric trade of over 35 million metre that takes place between the textile weavers and the traders. Also, if the same situation persists, the textile units would be required to cease their operations for scarcity of raw material. Moreover, this discord would also affect the 2,000 three-wheeler owners engaged in the work of transporting raw materials from the weavers to the traders and then to the production units.

The weavers, under the old terms of payment provided a five percent cash discount to the traders on payments made within seven days. But now, under the new conditions of payment this discount has been reduced to two percent, as also a stipulation has been added to the effect that, the traders would be charged a two percent interest on the payments made after seven days.

Whereas the traders asserted that, when any changes need to be implemented in the terms of payment, a prior discussion should take place between both the parties, and claimed that, in the present case no such consultation took place, and the weavers directly on January 31 intimidated them regarding the new conditions for providing goods and the new payment norms thereof, which would become effective from February 1 onwards. The traders are not ready to accept this decision.

However, the weavers cite this as an egocentric approach adopted by some trading segments.

Fibre2fashion News Desk - India

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