April 19, 2021

Yarn scarcity in home market pushes up costs of hosiery, knitwear gadgets

The scarcity of yarn within the home market has resulted within the climbing of costs within the hosiery and knitwear trade. On Monday (March 15), all of the associations of Tirupur garment trade are observing a voluntary closure for a day, the place all of the outlets and manufacturing will stay closed.

That is to indicate solidarity and provides ethical assist for saving the trade towards the irregular worth hike of the yarn.

“Now we have been going through this worth hike problem since final yr which resulted in a rise in our product costs starting from 1-1.5% to 4%. Now we have written to the Finance Minister and Union Textile Minister to look into the steep rise in cotton yarn costs which is impacting a lot of the MSMEs,” mentioned Vinod Kumar Gupta, managing director, Greenback Industries Restricted.

Gupta added “Many gamers are going through points as a result of uncooked materials scarcity and may be compelled to halt their operations if this continues. This Voluntary Closure is an effort to unanimously increase our voices in assist of the entire trade on the irregular worth hike of the yarn which is placing strain on not solely companies but additionally on the customers”, mentioned Gupta.