News Tags

Related Keywords: 1 lakh power loom machines, crude oil prices, Federation of Indian Art Silk Weaving Industry, power loom units, power loom weavers, production of grey or unfinished fabrics, yarn prices, yarn spinners

Yarn spinners have gone on a spree to increase yarn prices post-Goods and Service Tax (GST), regardless of power loom industry leaders filing a complaint for artificial price hike with the anti-profiteering screening committee. The production of grey or unfinished fabrics has seen a remarkable decline from 4 crore metre per day to less than 2 crore metre per day.

Related Keywords: Chinese fabric, Federation of Indian Art Silk Weaving Industry, FIASWI, hike in import duty, import of MMF fabric, Maharashtra, man made filament yarn, MMF, subsidy by Chinese government, Surat

The Federation of Indian Art Silk Weaving Industry expressing concerns over the dwindling in demand of man-made fabric (MMF) manufactured in Surat, Maharashtra and other parts of the country due to the huge increase in import of MMF fabric in 2013-14 from China, Taiwan and South Korea.

FIASWI has urged for hike in import duty on fabric from 10% to 30% to discourage Chinese manufacturers.