Business Daily from THE HINDU group of publications
Wednesday, Jul 09, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Jul 09, 2008 ePaper | Mobile/PDA Version | Audio |
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Industry & Economy
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Textiles States - Andhra Pradesh AP spinning mills to join industry protest today It was speculation and not demand-supply equation that resulted in the present crisis. Our Bureau Hyderabad, July 8 About 145 spinning mills in Andhra Pradesh would join the nationwide protest by the textile industry on July 9 by shutting down the machines that day. “We have been asking the Government to regulate the export of cotton, depending on the total production and the requirement of the domestic needs,” Mr R.K. Agarwal, Chairman of Andhra Pradesh Spinning Mills Association, told Business Line. “We are not asking for a ban on exports. We are only pleading to regulate,” he said, ahead of the July 9 shutdown. Suspension of exportsThe association, however, called for suspension of exports till December 31, 2008. “By then, new stocks will arrive in the market, easing the pressure on prices,” he pointed out. Despite a bumper crop of 315 lakh bales this year against a requirement of 240 lakh bales, the prices of cotton had gone up by 40-50 per cent. Alleging that multi-national companies had begun hoarding stocks and using forward markets to hike prices, he said it was speculation and not demand-supply equation that resulted in the present crisis. The industry, according to him, might even consider an indefinite closure, if the Government failed to take up corrective measures. He felt that the steep increase in prices had paralysed the entire industry, leaving the companies in huge losses. More Stories on : Textiles | Andhra Pradesh
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