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Let declaration of cotton stock be mandatory, say textile industry associations

Coimbatore,  Accusing cotton traders of hoarding and speculating on the price on a daily basis, three of the major textile industry associations on Tuesday said there was no reliable data available on the stock maintained by traders.

In the case of spinning mills, only around 40 per cent of them provide data to the Textile Commissionerate, so the government should impose mandatory declaration of cotton stock. Speaking to reporters, chairman of Confederation of Indian Textile Industry (CITI) T Rajkumar, chairman of the Southern India Mills’ Association (SIMA) Ravi Sam and president of Tirupur Exporters Association (TEA) Raja M Shanmugham said the situation being faced by the entire cotton textile value chain across the country was grave. Cotton price has increased from Rs 44,500 per candy to Rs 90,000 now, they said. PTI