SITMA welcomes Centre’s move to withdraw cotton export incentives

The South India Textile Manufacturer’s Association (SITMA) has welcomed the Centre’s move to withdraw incentives for export of cotton yarn as part of steps to moderate the commodity prices in the domestic market.

Hailing the announcement, SITMA Chairman M.S. Mathivanan hoped that the yarn prices would now come down.

A major section of powerloom workers are on strike protesting the ‘abnormal’ increase in cotton yarn price.

He said for the past 15 days no powerloom owner was buying the yarn, due to hike in price. ‘Only those who are having stock and also export orders are operating powerlooms.’

He wanted the government to take further steps to bring down the yarn prices and a ban on cotton exports.