Textile spinning mills mull cutting on production

  • | Tuesday | 16th July, 2019

Say excess spinning capacity, poor demand for yarn from overseas leading to accumulation of yarn stocks, poor liquidityTribune News ServiceLudhiana, July 15Textile spinning mills are considering cutting back production and shutting down their mills once a week against the current trend of operating a mill 24x7. The decision to take this extreme step has come as a result of excess spinning capacity in the country and poor demand for yarn from overseas markets leading to the accumulation of yarn stocks and poor liquidity. The industry is therefore considering various options to reduce daily production, including closing the plant for one day in a week or more, the release said. Additionally, to add to the woes of the textile mills, pending cases under Revised Restructured Technology Upgradation Fund Scheme (RR-TUFS) as on November 30, 2018, as per www.txcindia.gov.in, total 6,334 UIDs have been issued having total project cost of Rs30, 274.33 crore and subsidy requirement of Rs3,917.01 crore. Textile industry is also raising fingers on MSP being above global prices at present.

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