Spinning mill owners of Kongu Nadu region in Tamil Nadu have complained to the Union Textile Ministry about cartelization by Chinese yarn buyers and traders which is hurting their business, according to an agency report.
The Indian Texprenuers Federation (ITF), a body of spinning mills in this textile region in a letter to the Union Textile Secretary said that allowing the yarn manufacturers to open common selling offices in China would help avoid exploitation by the buyers and strengthen Indian players with updated market intelligence.
In the letter, ITF Secretary Prabhu Damodaran said that instead of waiting for mega trade pacts, the Textiles Ministry in coordination with the Commerce Ministry, should soon initiate textile-specific trade pacts with various untapped markets.
Damodaran said exports of cotton yarn and fabrics showed a positive growth of five per cent in September and with big opportunity and huge capacity within the country, a little push and coordinated efforts by the ministry will beat the downtrend in export, helping the spinning and garment sectors to come out of current trend of losses. (SH)
Fibre2Fashion News Desk – India
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