At the 60th general meeting of the Southern India Mills Association (SIMA), Ashwin Chandran was elected as the new chairman for 2019-2020. Speaking on the occasion, P Nataraj, Ex-Chairman, noted that the textile sector was facing a crisis due to the volatility in cotton prices and currency values, steep fall in exports, piling-up of stocks, production cut, severe liquidity crunch, significant increase in cheaper imports of MMF spun yarns, synthetic fabrics and ready-made garments huge arrears of government dues. To deal with this, SIMA has requested the Government to take appropriate remedial policy measures, clear all the dues on a fast track and extend the rebate on the state and central tax and levy benefits to all manufactured textile goods across the value chain.

Nataraj further said the total production of yarn during 2018-19 increased by 3.2 per cent to 5,862 million kg and on three months up to June stood at 1,591 million kg. Export of cotton yarn declined by over 35 per cent during the first quarter of the current fiscal to 57 million kg.