Home / Knowledge / News / Textiles / Textile mills hit turbulence, 17 shut over past year
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

Must ReadView All

Textiles | On 19th Jan 2017

Pakistan imposes duty on Indian fine cotton yarn

A provisional countervailing duty ranging from Rs 26.89 to Rs 55.8 a...

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Interviews View All

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search