SIMA’s head S K Sundaraman has highlighted the urgent concerns of spinning mills Telangana, Tamil Nadu, and Andhra Pradesh and has appealed to both central and state governments for immediate action due to financial strain caused by global recession and sluggish business.
The groups are asking both the central and state governments to take two main actions: reduce electricity prices and exempt them from some extra charges when buying power. They're also worried about too many products coming in from other countries like China, Bangladesh, Vietnam, and Sri Lanka. This is making it tough for local businesses to grow, especially in the textile industry.
The groups are grappling with additional challenges, such as heightened taxes on cotton and man-made fibers, hindering their ability to export. They urgently request extended loan repayment periods and simplified access to financial aid.
Sundaraman emphasized the critical need for the government to eliminate taxes on cotton and address other pressing issues to ensure the survival and growth of local businesses.
