Reiterating his request for the removal of the 11% import duty levied on cotton, among other demands, Chief Minister M.K. Stalin on Wednesday wrote to Union Textiles Minister Piyush Goyal, seeking his intervention to resolve the grim situation pertaining to cotton and yarn price volatility.
In November and December 2020, the cost of cotton (29 mm) was ₹39,000 a candy, but it rose to ₹75,000 a candy during November and December 2021. “If this situation is not resolved, a large number of powerlooms and apparel and home textile units may soon become unviable, resulting in closures and consequent large-scale unemployment and industrial unrest in the State,” he said.
The textile players were of the view that “no concrete steps have been taken by the Union government to control the price of cotton and yarn”, Mr. Stalin said.
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Mr. Stalin also recalled his letter to the Union Minister in November underlining the significance of the textile sector for Tamil Nadu.