SME Times News Bureau | 16 May, 2022
The Tamil Nadu government has the responsibility to probe into the
reasons for increase in yarn prices despite the reduction in taxes, said
former Chief Minister and AIADMK Coordinator O.Panneerselvam on Monday.
He also said the state government has the
responsibility to find out the people who are hoarding the cotton to
create an artificial scarcity resulting in the price increase.
Panneerselvam
said the Central government has removed import duty on cotton and
halted the hike in goods and services tax (GST) to 12 per cent on
textiles.
The garment industry expected the cotton prices would
come down due to these measures. But on the contrary, prices of cotton
and yarn have gone up, he said.
According to Panneerselvam, Chief
Minister M.K. Stalin, if need be, should discuss with the Central
government and take steps to reduce the yarn prices.
