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Spinning mills in Punjab, which has 6 per cent of country's yarn manufacturing capacity, on Monday shut down their facilities for a day to protest curb on cotton yarn exports.
Accusing the Centre of following “short-sighted” policies, mill owners claimed to have suffered huge losses due to building up of cotton yarn stock. “We are going to suffer heavy losses as spinning facilities are saddled with huge stock of cotton yarn due to lack of demand in domestic market and curb on export,” former president of Northern India Textile Mills Association, Mr Ashish Bagrodia, said.
Spinning mills have a stock of 500 million kg of cotton yarn including 30-35 mkg with Punjab mills.
The Centre had capped the exports of cotton yarn to 720 million kg where as spinning mills are demanding allowing of 1100 million kg of cotton yarn this year.
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