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Our Bureau

Coimbatore, Oct. 4 The South India Small Spinners Association has sought Government intervention to save the sector from the current cash crunch situation by announcing a moratorium for at least one year and helping member units reschedule loan repayment plan.

The sector, according to SISSPA President, Mr R. Kuppusamy, was struggling to survive because of increasing raw material cost, poor offtake of yarn, steep rise in interest rate and poor realisation from yarn dealers.

Without quantifying the stock pile, Mr. Kuppusamy said the mounting inventory resulted in acute cash crunch.

He also said that the steep increase in bank rate from around 11 per cent six months back to over 14 per cent at present posed a heavy burden on the borrowing units.

More Stories on : Textiles | SSI | Tamil Nadu

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