CPI (M) seeks government’s intervention to control rising cotton prices

The Communist Party of India (M) has urged Chief Minister M.K. Stalin to prevail upon the Union Government to streamline the purchase and sale of cotton through the Cotton Corporation of India (CCI) to control rising cotton and yarn prices.

Talking to reporters here on Monday, CPI (M) State secretary K. Balakrishnan said that the price rise in cotton and cotton yarn had hit the garment industry in Tamil Nadu badly. The prices of cotton which stood at ₹35,000 per candy had breached the ₹1,00,000 per candy mark and the entire industry was in the throes of a severe financial crisis. Not even workers employed in the industry but also garment industry owners are feeling the heat due to increasing costs, he said.

Mr. Balakrishnan said that many companies were not able to fulfill their export orders due to the rising prices. He attributed the current rise in prices of cotton due to stockpiling in large quantities by a few corporate companies. Over 25 lakh families in Tamil Nadu are dependent on the industry and the government should immediately intervene to address the problem, he said.

Mr. Balakrishnan said that the AIADMK in Tamil Nadu was keeping silent without holding protests against frequent hikes in fuel prices. This was amusing and gave the impression that the AIADMK has fully identified itself with the policies and approach of the BJP.

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Printable version | May 16, 2022 9:54:38 pm | https://www.thehindu.com/news/cities/puducherry/cpi-m-seeks-governments-intervention-to-control-rising-cotton-prices/article65419382.ece