After the auto, the terrible economic crisis on this industry now threatens the employment of thousands of people.

New delhi date. August 20, 2019, Tuesday

The auto industry in the country is going through its worst, but now cotton yarn industries have also suffered a huge economic crisis. This can lead to thousands of jobs being lost.

Cotton yarn production has dropped 33 percent. The mills that are running are also facing losses. A similar crisis was observed in 2010-11.

People associated with this industry say that due to GST and other taxes from the state and central government, Indian yarn has not been able to compete globally. Yarn exports have declined by 34 per cent over the previous year.

The industry employs 100 million people, directly or indirectly. This is the industry that provides the most employment after the agricultural sector. Thousands of people will lose their jobs if the crisis gets worse. The Northern India Textile Mill Association has demanded immediate action from the government.

Indian mills are paying a high price for raw materials. Due to this, the loss of Rs 20-25 per kg is being done. Apart from this, textile from countries like Sri Lanka, Bangladesh is cheap and exports are also hit.

The ill condition of the mills will also affect the purchase of cotton. If this is the case then there will be no one who buys 80,000 crores of cotton next season.