07 April 2022, Mumbai:
Prices of cotton-based clothes and other textile items are projected to rise as cotton prices rise to more than Rs. 90,000 per candy.
This will be the second price hike in the previous few months, after basic clothing makers in Tiruppur raised prices by 15% in December 2021. Many clothing factories around the country have taken similar moves.
Garment makers believe they have no other choice because cotton prices are rising on a daily basis.
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"Overseas clients are unwilling to grant any more price hikes since they have already increased rates," Raja M Shanmugham, President of Tiruppur Exporters' Association, stated. He also stated that the cost of cotton-based clothes increased by 15% between October 2021 and April 2022.
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The President of the Indian Cotton Federation, J. Thulasidharan, has asked for steps to regulate the keeping of cotton stockpiles. Industry executives have been on their toes for more than a year trying to limit the volatility in cotton prices, but no solution has been found.
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CREDITS: Apparel Resources.
