Indian Texpreneurs Federation (ITF) a textile sector body urged for Centre's intervention to check the soaring prices of cotton in the last two months which has resulted in unbearable loss to the industry.

In a letter to Union Textiles Minister Santosh Kumar Gangwar, Indian Texpreneurs Federation (ITF) Secretary Prabhu Dhamodharan said that the per candy rate, which was Rs 35,000 two months ago, had skyrocketed to Rs 41,000 for medium staple cotton but neither the farmers nor consumers benefited due to the rise.

Prabhu said that the present trend of price rise could lead to a similar situation as in 2010-11, where the textile industry suffered an unbearable loss of Rs 10,000 crore due to an abnormal volatility. Hence, strong interference and preventive measures need to be taken.

The price rise is leading to an alarming situation at all cotton spinning mills, as there is no evident reason for it.