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AP spinning mills to be closed from today
All the textile mills across Andhra Pradesh will be closed from today (October 11) for 15 days due to severe crisis in the industry.
Vijayawada: All the textile mills across Andhra Pradesh will be closed from today (October 11) for 15 days due to severe crisis in the industry. AP Textiles Mills Association announced the decision.
The Association chairman Raghurami Reddy said that multi commodities exchange (MCX) through 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. He also quoted decreased demand and price of cotton and said that thousands of bales are lying in cold storages due to lack of demand.
There are a total of 125 spinning mills working in AP with thousands of workers working in each single mill. Thousands of workers will lost their livelihood with this decision of closing the spinning mills and also cotton farmers.
