Andhra Pradesh Mills Seek Govt Support To Tide Over Crisis
The Andhra Pradesh Textile Mills Association (APTMA) has sought the support of the state due to the critical situation facing the textile industry in the state.
APTMA cited several challenges, including escalating cotton prices, dwindling yarn prices, surging power charges, and the post-COVID market imbalance all of which have severely impacted the industry’s financial viability.
“In addition, the non-release of subsidies, imposition of power cuts during peak hours, recent imposition of electricity duty charges, true-up charges, and FPCCI charges have further exacerbated the industry,” the body said in a press release.
“As a result of these challenges, several mills are struggling to meet their financial obligations and meet their bank installment payments,” APTMA.
Six mills have already shut down and several others are teetering on the brink of closure, which threatens the livelihood of over lakh direct jobs and one more lakh indirect jobs dependent on the industry.
APTMA urgently appealed to the Government of Andhra Pradesh to take immediate steps to support the textile industry.
The trade body observed that failure to do so will have disastrous consequences for the industry, its workers, and the state’s economy as a whole.
