Nearly 600 spinners belonging to the Spinning Mills Association of the Southern India (SISPA) began production on July 14 to clear large stockpiles that have accumulated in the past three months.
SV Devarajan, president of the Southern India Spinners Association, said: “In order to save the textile industry, which is undergoing a serious crisis due to asymmetric policies, the first phase of the plant's production has been suspended for 10 days. The government should immediately intervene to restore and save these factories. He said, The government should only allow cotton to be exported in quotas to maintain adequate buffer stocks and restore cotton export incentives, such as rebates for re-exports of goods, and tax rebate registration plans.
Other requirements of SISPA include the revocation of 10.3% export tax on branded apparel, the extension of repayment ** and interest time by one year, the reduction of bank interest rate from 15.75% to 10%, and the conversion of eroding working capital into long-term low interest rates** .
SV Devarajan, president of the Southern India Spinners Association, said: “In order to save the textile industry, which is undergoing a serious crisis due to asymmetric policies, the first phase of the plant's production has been suspended for 10 days. The government should immediately intervene to restore and save these factories. He said, The government should only allow cotton to be exported in quotas to maintain adequate buffer stocks and restore cotton export incentives, such as rebates for re-exports of goods, and tax rebate registration plans.
Other requirements of SISPA include the revocation of 10.3% export tax on branded apparel, the extension of repayment ** and interest time by one year, the reduction of bank interest rate from 15.75% to 10%, and the conversion of eroding working capital into long-term low interest rates** .
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