The Hindu : Andhra Pradesh / Hyderabad News : Spinning mills to stop work today

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Wednesday, Jul 09, 2008
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Spinning mills to stop work today

Special Correspondent

HYDERABAD: Andhra Pradesh Spinning Mills Association has asked its members to stop production for a day on Wednesday to protest against the soaring cotton prices.

It has urged the government to contain the steep rise in raw material prices which are paralysing the textile industry.

In a statement here on Tuesday, R.K. Agarwal, chairman, said that multinational traders had procured cotton after quoting exorbitant prices that were beyond the reach of the small textile mills.

The multinational traders and a few traders bought cotton at less than Rs. 20,000 a candy and were now quoting Rs. 30,000 when the textile mills wanted the stocks.

Exports may go up

He sought to know if the multinational traders could purchase cotton without any restriction in any country, especially China. This was affecting the domestic sector adversely.

The industry in fact cautioned the Cotton Advisory Board to restrict cotton exports to 65 lakh bales.

It was estimated that the export might go up to 854 lakh bales and they might even touch one crore bales.

The association demanded withdrawal of 10 per cent customs duty and 4 per cent of additional customs duty on import of cotton.

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Andhra Pradesh