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'Probe in yarn prices will prevent supply chain imbalance'
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SME Times News Bureau | 23 Jun, 2021
The Apparel Export Promotion Council (AEPC) has said that a probe into
the sudden spike in cotton yarn prices will prevent supply chain
imbalances and protect lakhs of livelihoods.
AEPC Chairman A.
Sakthivel said: "We are happy to note that the Textile Commissioner's
office has been advised to find evidence of cartelisation which is
resulting in these spikes and hurting the overall interest of the
industry. With thee ministry's support, such a study can set precedents
for a data driven management of the supply chain imbalances."
The
statement comes after Textiles Minister Smriti Irani, addressing the
award function of the Cotton Textiles Export Promotion Council
(TEXPROCIL) earlier in the day, said that the ministry along with the
Textile Commissioner's office seeks to find a solution in partnership
with the industry for the overall interest of the industry.
"There
is a need to undertake a third party study of sudden spikes in cotton
yarn prices which affects the prospects across the value chain of Indian
textiles. It cannot be accepted that data to the same is not
available," she said.
"The time has come that to benefit a few,
the plenty cannot suffer. I am hopeful that especially in this
statistical study, some forensic details can also be found by the
Textile Commissioner's office," the minister added.
Sakthivel, in
a letter to the Textiles Minister, said that AEPC will fully cooperate
for a third party study with regard to the spikes in cotton yarn prices.
He said that these steps will help in curbing the steep increase and
unpredictability in availability of cotton and yarn which is hampering
the apparel industry's order book planning and overall competitiveness
of the entire value chain.
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