Home / Knowledge / News / Textiles / TEA appeals to mills for reducing yarn rates
TEA appeals to mills for reducing yarn rates
11
Jul '08
Shri A Sakthivel
Shri A Sakthivel
The Central Government has conceded Mills Associations demands and announced zero duty on cotton imports yesterday (09.07.2008), thereby the basic customs duty of 10% and Special Additional Duty of 4% have been removed.

In addition, the Finance Ministry has also now withdrawn Duty Drawback benefit of 1% of FOB value of raw cotton exports.

Consequent to this announcement, unfortunately, an unexpected way, the Textile Mills have raised the yarn rates(10.7.2008) by Rs. 5/- for coarser counts.

In a Press Release issued, Shri. A. Sakthivel, President, TEA said that when the yarn prices have been hiked by about 25% in the past two months, the increase of yarn rates by Rs. 5/- by mills at this juncture is totally unjustifiable and added that the beleaguered exporters are neither in a position to pass on the increased cost to buyers nor absorb the cost.

Shri. A. Sakthivel mentioned that considering the crucial situation, the Textile Mills should reduce the yarn rates and follow win win approach for sustainability of Value added business.

Moreover, Shri. A. Sakthivel was under apprehension that in case, if the textile Mills are not considering the genuine appeal for reduction of yarn rates, then naturally, the garment exports will go out of the country and buyers will turn their attention to our main competing countries, China, Bangladesh, Pakistan, Vietnam and Cambodia.

Shri. A. Sakthivel finally appealed that in the larger interest of whole Textile Industry and our country's economy, the Textile Mills Associations should advise their members not to increase the yarn rates.

TIRUPUR EXPORTERS' ASSOCIATION


Must ReadView All

Philippines wearable industry expects 20% export growth

Apparel/Garments | On 17th Aug 2018

Philippines wearable industry expects 20% export growth

The combined export growth of textile, garments and other wearable...

Talks on new minimum wage for next year start in Cambodia

Apparel/Garments | On 17th Aug 2018

Talks on new minimum wage for next year start in Cambodia

The Cambodian labour ministry and relevant stakeholders recently...

Boost research to double yield: Indian Cotton Federation

Textiles | On 17th Aug 2018

Boost research to double yield: Indian Cotton Federation

Despite India being the world’s largest producer of cotton for three...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Top executives
Retailers

Weak rupee breeds inflation

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

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

Leave your Comments


August 2018

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

news category


Related Categories:

Advanced Search