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Tight verification system to be implemented to curb rising defaults in MMF industry

Related Keywords: Diwali Festival, Federation of Gujarat Weavers Association, FOSTTA, man-made fibric industry, textile traders, Weavers

Textile traders and weavers have collectively decided to implement the form system to curb the rising cases of defaults in the country's biggest man-made fabric (MMF) industry.

If a trader in the textile market wishes to buy unfinished fabrics from weavers, he will have to fill in his phone number, address proof and other details in a form and also provide a passport-sized photograph to them.

Weavers expect yarn prices to fall as crude oil prices plummet

Related Keywords: basic raw material, dip in crude price, fall in yarn price, Federation of Gujarat Weavers Association, international market, MMF sector, polyester fabrics, polyester sari, polyester yarn, Surat powerloom weaver

The powerloom weavers of Surat, he country's biggest man-made fabric (MMF) sector are buoyant following a dip in crude oil prices in the international market as it may decrease the yarn prices.

According to Industry sources, the crude oil prices have dipped below $92 per barrel in the international market which is the basic raw material for polyester yarn. This is going to put pressure on spinners to decrease the yarn prices.

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