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Govt mulls yarn banks in powerloom clusters
18
Mar '11
The government is aiming to establish yarn banks in each of the powerloom centres and clusters of the country, to help the weavers obtain adequate quantity of raw material at reasonable price.

Establishment of such yarn banks would even enable the weavers to prepare their production schedule in advance.

Textile Commissioner, A B Joshi recently while speaking at the inauguration of Texpo 2011 revealed that, establishment of each bank would involve an investment of around Rs. 20 million, half of which would be contributed by the government in the form of seed money, while the respective powerloom clusters would have to bear the rest of the cost.

Since August 2010, a 100 percent rise has been recorded in the cotton prices, while the petrochemical prices are also on a rise, which has resulted in a hike in the prices of all varieties of yarn.

The sharp variations in prices have precluded the loom owners from planning their production schedule in advance. Institution of these yarn banks is looked upon, to offer yarn to the buyers at steady prices.

Powerloom accounts for 80 percent of the overall fabric production in the country. All in all there are 2.25 million powerlooms across the country, while Maharashtra alone houses 50 percent of these looms.

Fibre2fashion News Desk - India

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