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Textile mills hit turbulence, 17 shut over past year
22
Jul '16
The past one year has been bad for textile mills in the country with 17 cotton and man-made fibre textile mills across 8 states closing down.

The closures took place between June last year and May this year.

"The major reported reasons for closure include financial problems due to inadequate working capital, insufficient cash flow, increase in cost of product, squeezed profit margin, stressed assets etc," Minister of State for Textiles Ajay Tamta said in a written reply to the Lok Sabha on Thursday.

He said the ministry has no scheme for providing finance and technical support for the revival of closed mills.

Out of these 17 mills, six were in in Tamil Nadu, three each in Andhra Pradesh and Karnataka and one each in Telangana, Haryana, Maharashtra, Rajasthan and Uttar Pradesh.

At present, there are 1,420 cotton/man-made fibre textile mills (non-SSI), including mills of national textile corporation, operating in the country.

In reply to a separate question, Tamta said the Department of Agriculture is implementing Cotton Development Programme with focus on cropping system approach under National Food Security Mission in 15 major cotton growing states. (SH)

Fibre2Fashion News Desk – India

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