Cotton prices jump 25% in two months; industry warns of rising yarn costs and job risks Tamil Nadu Chief Minister C Joseph Vijay has written to…
Browsing: Tamil Nadu textile industry
The second wave of COVID-19 in India has adversely affected the textile sector in Tamil Nadu, especially when the export demand was high. Further, the textile hubs of Tiruppur and Coimbatore are worst affected.
Tamil Nadu textile industry that accounts for one-third of the textile business, 47 per cent of the spinning capacity providing direct jobs to over 60 lakh people especially to rural masses and women folk and fetching Rs 60,000 crore as forex earnings, is the worst affected in the country under the current unprecedented recession due to raw material / finished goods transport cost and several other factors.
Tamil Nadu textile industry has reacted positively to the increase in budgetary allocation to the sector at Rs 7,140 crore but insists that concerns over pending funds under various schemes and erosion of pre-GST incentives still hurt the industry.