As cotton prices are spiralling to more than Rs. 90,000 a candy, prices of cotton-based garments and other textile products are also expected to surge.
This will be the second surge in last few months as Tiruppur-based manufacturers of basic apparel have increased the prices by 15 per cent in December 2021. Similarly, many garment manufacturers across the nation have taken such steps.
Garment manufacturers are of the view that they don’t have any other option as the cotton prices are going up almost on a daily basis.
“Overseas customers are not willing to offer any further hike in prices as they had already increased the prices earlier,” said Raja M Shanmugham, President of Tiruppur Exporters’ Association.
He also added that between October 2021 and April 2022, cost of cotton-based garments increased by 15 per cent.
J. Thulasidharan, President, Indian Cotton Federation, called for measures to control holding of cotton stocks.
To control the volatility in the cotton prices, industry leaders have been on toes since more than one year, but there hasn’t been any solution on the same.
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