02 November 2023, Mumbai
The Andhra Pradesh Textile Mills Association (APTMA) is sounding the alarm over the dire state of the state's textile industry. A confluence of issues, from soaring cotton prices and plummeting yarn values to rising power costs and post-COVID market turbulence, has left the industry's financial health and operational stability hanging by a thread.
Challenges galore
Adding to the industry's woes are withheld subsidies, peak-hour power cuts, and the recent imposition of electricity duty, true-up charges, and FPCCI fees. As a result, numerous mills are grappling with financial obligations, with six already shuttered, endangering the livelihoods of thousands of direct and indirect workers.
Appeal
In a plea to the Andhra Pradesh government, APTMA urgently requests the release of pending power incentives, subsidies, and a Rs 2 per unit electricity subsidy akin to Telangana. They also seek relief from recent electricity-related charges and call for incentives to transition to sustainable energy sources.
The textile industry is a linchpin of the state's economy, and immediate government intervention is crucial to ensure its survival and safeguard countless jobs. Neglecting this crisis could spell disaster for both the industry and the state's economic prospects.
