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Mr. Shishir Jaipuria, Chairman of the Confederation of Indian Textile Industry (CITI) has stated that the export of 5.5 million bales of cotton from India has created an artificial cotton shortage in India. The export was done during the early part of this cotton year.
Confederation of Indian Textile Industry (CITI) said on Wednesday that country’s spinning mills will be shut down for a day on May 23 and from May 24; they will cut down the production of cotton yarn for a week to save the pieces and desperate bid to arrest piling inventories.
Shishir Jaipuria, chairman, CITI said that shut down for one day will cut the cotton yarn production by 10 million kg and then for the entire week, the production will fall short by 3.3 million kg every day. At present, there are 500 million kg inventories of cotton yarn.
The finance ministry has been urged by Tirupur Exporters Association (TEA) to make new sanctions under Textile Upgradation Fund (TUFs) scheme. It has requested, not to freeze the projects in pipeline for the benefit of the entire textile industry.
A textile major in South India, Suryalakshmi Cotton Mills Ltd. has declared its fourth quarter financial results for the fiscal year 2009-10 and has managed to register a strong result and improved financial performance.
The company has posted a profit before tax (PBT) of Rs 7.93 crore, for the quarter that ended on 31st March, 2010. The profit after tax (PAT) of the company was reported to be Rs 4.35 crore for this quarter.
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