Business Daily from THE HINDU group of publications
Saturday, Jan 26, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Jan 26, 2008 ePaper | Mobile/PDA Version |
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Agri-Biz & Commodities
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Cotton Industry & Economy - Economic Offences Sisspa blames cotton hoarding for shortage Our Bureau Coimbatore, Jan. 25 The South India Small Spinners Association (Sisspa) has blamed the hoarding of raw cotton by trade and middlemen to cause artificial shortage of the natural fibre that has led to spiralling prices in recent times. The small-scale textile mills, which just manage on hand-to-mouth existence in raw material consumption, are now struggling to get quality cotton on daily basis in view of the unprecedented increase in raw cotton prices, Sisspa has said, asking the Centre to step in to prevent cotton hoarding. To tame the raw cotton prices, the association has also urged the Centre to remove the three per cent Central Sales Tax on cotton bought on inter-State sale and the 15 per cent import duty on cotton imports. The Sisspa President, Mr R. Kuppusamy, in a statement said that the textile industry had been hit severely by the rise in the raw cotton prices, sharp decline in the prices of cotton yarn produced by the mills and increase in the bank interest charges. More Stories on : Cotton | Economic Offences | Industry Associations
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