In Andhra Pradesh, all the textile mills would be closed from the 11th of October, for the next 15 days.
The decision to close the mills have been taken due to a severe crisis in the textile industry. AP Textiles Mills Association announced the decision. The Association chairman Raghuram Reddy said that multi-commodities exchange (MCX) online is the reason behind this crisis and requested the Central government to control international companies from MCX. He requested the State government to release the pending arrears to save the industry. He said that the State government had released Rs 237 crore in September 2021 and requested to release the arrears of about Rs 1,400 crore.
The chairman further said that soaring cotton prices, increasing bank interest rates, high transportation cost and shortage of power and labour has led to the crisis.
The Chairman also quoted decreased demand and price of cotton and said that thousands of bales are lying in cold storage due to lack of demand. There are a total of 125 spinning mills working in AP with thousands of workers working in every single mill. Thousands of workers will be lost their livelihoods with this decision of closing the spinning mills and also cotton farmers.
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