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India: Rising yarn prices worry hosiery makers

Hosiery manufacturers in Mumbai are protesting against the rising prices of yarn. Yarn rates, which were around Rs 255 till January, have reached Rs 400 per kg. Many manufacturers in the city are losing orders because of this increase in yarn prices. Within six months, the prices have almost doubled.

Dealers say the government needs to take care of the cartel in yarn industry or else manufacturers would lose orders from both domestic and overseas markets. Many hosiery manufacturers protested against the “cartel” of yarn dealers and owners. Under the banner of For Arm Welfare Organisation, they burnt the effigy of yarn dealers/ owners of yarn manufacturers. Varun Malhotra from the organisation said dealers and mill (yarn) owners were hand in glove with each other and targeting hosiery manufacturers.

The hosiery manufacturers are trying to meet Member of Parliament Ravneet Singh Bittu on this issue. President of Knit and Fab Industry Vipan Vinayak said orders were taken earlier and now, prices have been increased and it had become too difficult to execute the orders on previous rates.