Related Keywords: affecting powerloom sector, cotton price, declining slowly, demonetization, Erode Powerloom Owners Association, fix price, high production cost, huge quantity of cloth, of All Traders and Industries Association, power looms in Erode closed down, powerloom owners, stability of cotton and yarn prices, Textile Ministry
Cotton price that stood at Rs 52,000 a bale (172 kg) some months back has started declining slowly which is now available at Rs 46,000 to Rs 48,000 a bale. A steep decline in yarn prices is affecting the powerloom sector. About 2,000 of the about 10,000 power looms in Erode and surrounding areas closed down in the last three days, with the danger of many more following suit, according to a senior official of Erode Powerloom Owners Association.
