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Karur Textile Park inaugurated

Staff Reporter

Speculation, hoarding contributed to rise in cotton prices: Maran

— PHOTO: R.M. RAJARATHINAM

GETTING A FEEL:Union Minister of Textiles Dayanidhi Maran at the processing unit of the textile park in Karur on Saturday. Transport Minister K.N. Nehru is in the picture.

KARUR: Speculation in general, and hoarding by some traders, have contributed to the abnormal rise in prices of cotton and yarn, Union Textiles Minister Dayanidhi Maran said on Saturday.

Speaking after inaugurating Karur Textile Park at Thalapatti-Puthambur near here on the Karur-Madurai Highway, Mr. Maran pointed out that the textile industry had been rattled by the steep rise in prices of cotton and yarn in the past period.

Fluctuation in prices of cotton and yarn were brought about by speculation in general and hoarding by some avaricious traders and not due to poor arrivals or any other factor affecting cotton, the Union Minister reasoned.

Those two factors definitely boosted the prices of cotton and yarn, prompting the Textiles Ministry to seek a cap on export of cotton.

Mr. Maran opined that it would be ideal if the Central and the State governments saw eye-to-eye and acted in coordination to bring several benefits to the public and industrialists.

Fair share

In the past few years Tamil Nadu was getting a fair share of Central funding and schemes.

Mr. Maran said that the Textiles Ministry was planning to establish 20 more textile parks in the country for providing a definitive thrust to the industry and to boost exports besides generating employment.

He also indicated that the textile industry might expect some good news in the coming Union Budget.

Especially the handloom weavers who had secured loans that were now weighing them down could have reasons to feel relieved, he said.

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