Save textile industry from crisis, Karur textile association urges govt.
The Karur Textile Manufacturers and Exporters Association has called on the government to intervene in the textile industry's crisis exacerbated by geopolitical tensions. Rising raw material costs and labor shortages are significantly impacting the sector's operations and export potential. The association emphasizes the need for government support to stabilize prices and ensure the industry's survival.
- ▪The textile industry is facing a severe crisis due to increased raw material prices and geopolitical tensions.
- ▪Raw material prices have surged by 30% to 60% in recent months, affecting essential materials for textile manufacturing.
- ▪The association has urged the government to implement a support scheme to stabilize raw material prices and address labor shortages.
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The Karur Textile Manufacturers and Exporters Association (KTMEA) has urged the Union and the State governments to take steps to rescue the textile industry from the crisis caused by the war in West Asia.A resolution passed at the meeting of the members of the association held on Saturday said the industry was facing a severe crisis for various reasons. The sharp increase in price of raw materials, cascading effect on prices in the wake of geopolitical tensions, and the rising labour cost were among the main reasons. The prices of raw material required for textile manufacturing had increased by 30% to 60% in the past few months. The geopolitical tensions between the United States, Israel, and Iran had severely affected global trade and international shipping.
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