A meeting of all Spinning Mills Associations of South India held on 1st July at the SISPA office it is decided to:
1) Approach IBA by Friday and seek a moratorium on the Term Loan Repayments including the Covid Loans so as to survive the present crisis. (as advised by the Textiles & Finance Ministries and also RBI, when they were approached recently with such a request).
2) Request to convert Covid loans from short term to longer term repayment period as these repayment installments are adversely impacting the cashflows in the current crisis scenario.
3) Convey to the central & state governments to not give any further incentives to create any new spinning capacity as there is already an excess capacity which is the cause for the current crisis.
4) Encourage One India One Policy for textile with respect to Power Tariff and Investment Subsidies to have a level playing field for all states.
5) Not increase electricity MD charges any further and also relax the minimum billing rules to allow slowing of productions as it is a necessity due to the poor demand. planning to meet the Hon’ble chief minister & Electricity Minister of Gotn by 2nd week of July & explain to them
6) Discuss to collectively take a decision to curtail productions to match the demand at a healthy levels and also inform the press & media elaborately including by an advertisement if required.
It is therefore decided to conduct one more round of consultation meetings this time including the Northern India Mills Associations on coming Tuesday at 4 pm and then give a final shape to the collective action plan to be represented by a suitable delegation.
Regards
Team Sis
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