October 2019 Edition Apparel October 2019 issue | Page 79

INDUSTRY INSIGHTS
directly and indirectly hereby seeks immediate
attention of the Government of India to prevent
job losses and avoid the spinning industry from
becoming Non-Performing Asset,” thereby urging
the Union Government to help the spinning
industry to come out of this crisis.
China, which has been a major importer of
Indian yarns for the past few years, has cut down
on its Indian imports of late, thus worsening the
situation and leading to the accumulation of yarn
stocks in Indian spinning mills.
THE SITUATION AT HAND
All these years, China has been a top importer of
Indian yarns. However, it reducing its imports has
only added to the prevailing woe of the industry.
NITMA says that spinners are making severe
losses, and the industry is looking at various
options to cut off production.
NITMA SAYS THAT
SPINNERS ARE MAKING
SEVERE LOSSES, AND THE
INDUSTRY IS LOOKING
AT VARIOUS OPTIONS TO
CUT OFF PRODUCTION.
Elaborating on the current textiles situation of
India, Garg referred to the recently held meeting
by the Andhra Pradesh Spinning Mills Association
at Guntur, where it was decided to observe
‘production holiday one day a week’, as most of
the mills have been under severe financial crises.
APPAREL
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October 2019
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