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.

Read Full Article Here

If You Like This Story, Support NYOOOZ



Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.

Stay updated with all the Latest Ludhiana headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.

Related Articles

Child beggary rampant in city
  • Tuesday | 10th December, 2019
5 of snatchers’ gang land in police net
  • Tuesday | 10th December, 2019