Textile spinning mills, under the aegis of Northern India Textile Mills’ Association (NITMA), will now remain once in week, considering the poor demand for yarn from overseas markets leading to accumulation of yarn stocks and poor liquidity.
H S Cheema, Sr. VP, NITMA, mentions, “The spinning industry is under crisis and the situation is moving from bad to worse and spinners are suffering losses. We are, therefore, considering various options to reduce our daily production, including closing the plant for one day in a week.”
Sharad Jaipuria, President, NITMA averred, “China, which was a major importer of Indian yarns for the past few years, has cut-down imports in the past few months, thus worsening the situation and causing accumulation of yarn stocks in Indian spinning mills.”
