The scarcity of yarn in the domestic industry has resulted in the climbing of prices in the hosiery and knitwear market. On Monday (March 15), all the associations of Tirupur garment market are observing a voluntary closure for a working day, exactly where all the shops and production will continue to be closed.

This is to show solidarity and give moral guidance for conserving the market from the abnormal price hike of the yarn.

“We have been experiencing this price hike challenge given that past calendar year which resulted in an improve in our product prices ranging from 1-1.5% to four%. We have prepared to the Finance Minister and Union Textile Minister to glance into the steep increase in cotton yarn prices which is impacting most of the MSMEs,” claimed Vinod Kumar Gupta, controlling director, Dollar Industries Minimal.

Gupta included “Numerous players are experiencing problems owing to raw materials scarcity and may well be forced to halt their functions if this continues. This Voluntary Closure is an exertion to unanimously raise our voices in guidance of the entire market on the abnormal price hike of the yarn which is placing pressure on not only businesses but also on the consumers”, claimed Gupta.