On the one side appreciating the bold initiative of demonetisation of the Government, The Southern India Mills’ Association (SIMA) has also lamented the hardships faced by the mills.
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Sanjay Jain, Managing Director of TT Limited, was elected as Chairman, Council of Administration, Northern India Textile Research Association (NITRA), the pioneering textile R&D organisation in the country. NITRA elected its new leadership team in its 40th AGM held on September 23, 16 at NITRA Campus, Ghaziabad.
The predominantly cotton based Indian textile industry has been facing acute crisis during the last eight years due to high volatility in cotton prices especially during off season starting from May to September.
As Indian textile industry is an employment generating sector within the manufacturing portfolio, its position is very important in India’s mission on ‘Make in India’. It is very critical that there should be a concerted effort among different stakeholders such as the Government, industry, trade associations, central and state supported R&D laboratories, and academia to advance this sector to the next stage.
In India, the textile industry is the second largest sector, next only to agriculture in terms of its contribution to income (GDP) and employment of the nation. For centuries, it is evolving in process of production, varieties and quality of products and technological progress and cost effectiveness. From the stage of raw cotton to final products, the industry have processes like ginning, spinning, weaving, dyeing and processing and garmenting.
Soaring cotton prices are spinning the spinners’ future out of control. Dipping cotton stock is adding to the woes. At this stage, a sharp drop in cotton prices is only a far cry, reveals an ITJ Exclusive Report. Cotton has never failed in the last one decade to kick up controversies with various interests getting down to a tug of war trying to call the shots. The year 2006 is no exception. The sharp rise of over 35 per cent in domestic cotton prices since May 2016 is certain to squeeze ginners and spinners profitability by over 15 per cent, says India Ratings and Research (Ind-Ra).
TT Ltd’s Managing Director, Sanjay K Jain has been elected as President of Northern India Textile Mills’ Association (NITMA). Jain is a prominent, dynamic and young textile leader who apart from NITMA holds various other important positions in various other associations across the country. Jain is deputy chairman of the Northern India Textile Research Association (NITRA) and Vice President of Federation of Hosiery Manufacturers’ Association of India (FOHMA) & West Bengal Hosiery Association (WBHA).