India National Spinning Factory Is Closed For One Day.

Factories protest against government withdrawal

Monday India National

The advocate of this strike is the India Textile Industry Federation (CITI).

India

Shishir Jaipuria, chairman of CITI, said in a statement that on Monday, the whole country will stop production and the textile mill will reduce its production capacity by 1/3 from Tuesday.

Basically, there was no export of cotton yarn over the past two months, and domestic demand declined, resulting in a pile of factory cotton stock.

Exports were allowed in April 2011, but accumulated inventory led to the collapse of cotton yarn prices in the global and domestic markets.

Consumers withdraw from the market, because they believe that textile mills spoil their inventories at any cost, and prices will continue to fall.

India occupies more than 25% of the global market, and the supply of India is crucial to the price of global cotton yarn.

Production is cut completely on Monday and production will be cut by 1/3 from Tuesday. These measures are expected to reduce inventories to a certain extent.

Mr. Jaipuria said that this year's budget proposes a 10.3% consumption tax on the clothing industry. At the same time, the recent law is not conducive to the operation of hundreds of printing and dyeing factories in Rupp, which has led to a more severe industrial situation.

In turn, it affects the consumption of yarn and fabric.

The industry calls for the resumption of export tax rebates for cotton yarn, which is the most important step for the government to alleviate the crisis.

Nair, Secretary General of CITI, said 3000 factories across the country took part in the strike in.

The report says most of the 2000 factories in Tamil Nadu are closed down.

The southern India textile mill closures 29 million spindles, and only 21 million 100 thousand of the spindles of Tamil Nadu make up 62% of the 44 million 600 thousand spindles of the 3336 home textile mills.