Coimbatore: The Confederation of Indian Textile Industry (CITI) and the Southern India Mills Association (SIMA) have urged the Center to remove the 11% import duty imposed on cotton, resolve QCO (Quality Control Order) issues and make the raw material available internationally. has demanded.
Further, they have demanded the state government to limit the maximum tariff for power demand for HT textile industrial units to 20% or recorded demand, whichever is higher.
Addressing media persons, T Rajkumar, President, CITI and Ravi Sam, President, SIMA said that the Indian textile and clothing industry provides employment to over 11 crore people, brings in $44 billion in foreign exchange and over Rs 25,000 crore GST revenue is facing an unprecedented financial crisis.
“The impact is an 18% decline in total T&C exports, a 50% decline in yarn exports and a 23% decline in cotton textile exports as compared to last year. High volatility in cotton prices and trade speculation has resulted in huge working capital loss in the spinning sector as cotton prices have fallen from Rs 63,000 per candy of 356 kg in April to Rs 56,000 per candy in July. With the current cotton prices, mills are making a loss of Rs 10-20 per kg of yarn,” he said.
Other demands include suspension of fixed charges for LT III-B units and exemption from peak hour charges.
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