SIMA: Entire cotton textile value chain needs to stand united to mitigate cotton & yarn price crisis
12 May 2022, Mumbai:
The predominantly cotton-based textile industry in India has been performing extremely well immediately after the second wave of the COVID pandemic owing to pent-up demands that emerged in the post-COVID scenario.
The US sanction on Xinjiang province cotton, attractive cotton futures trading, and pent-up demand forced the cotton price to reach a record high level in a short span of time.
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Consequent to the constant genuine demand by the user industry, the Government has removed the import duty for the period 14 th April to 30 th September 2022.
In a Press Release issued here today, Mr.Ravi Sam, Chairman, of The Southern India Mills’ Association (SIMA), has appealed to all the stakeholders in the value chain to stand united and adopt a win-win strategy to mitigate the grave crisis rather than demanding the Government to take certain short cited policy decisions like banning or imposing quantitative restrictions on cotton and yarn exports that would tarnish the image of the Nation as a reliable supplier in the global market.
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SIMA Chairman has urged the Government to strictly enforce the mandatory collection of online statistical returns giving the particulars of production, consumption, and stock data across the value chain from ginning to garments is the need of the hour to curb speculation and take appropriate policy decisions.
He has appealed to all the stakeholders to file the Returns to the Office of the Textile Commissioner so that the industry and the government could have reliable data to plan any strategy.
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