fifty years ago April 17, 1968 Archives

Textile crisis worsening

The crisis in the textile industry is worsening and millowners are reported to be considering a proposal to curtail production in their units in the near future. The millowners will be meeting here [Coimbatore] on April 24 to take a decision. Mr. K. Sundaram, M.P. and Chairman of the Southern India Millowners’ Association said here to-day [April 16] nearly 15 mills were not even able to pay wages to the workers. He told me that since the beginning of this month the distress sale of yarn had taken a turn for the worse in that the mills were not able to realise even the cost price and had to sell their stocks at a loss to meet other commitments. Mr. Sundaram who met the Secretary of the Union Commerce and Industries Ministry recently said that though the Centre was thinking of certain measures to afford relief to the industry and the consumer without at the same time losing its revenue, they were not likely to be of any help. He said the problem of accumulation of stocks had assumed serious proportions, and mills had no other alternative but to curtail production without causing any serious dislocation to the industry and those working in it. It is learnt the millowners will consider curtailment of production up to 20 per cent.

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