APTMA chairman L Raghuram Reddy, P Koti Rao, and other officials have informed the media that the textile industry in Andhra Pradesh is grappling with a series of challenges, such as rising cotton prices, falling yarn prices, increasing power charges, and market imbalances following COVID. These factors have significantly affected the industry's financial health and operational stability.
Although Andhra Pradesh’s textile mills, primarily spinning mills, are confronting domestic and global challenges, the Association has been more focused on issues specific to the state. The association has called for the state government to immediately release ₹1,500 crore for various subsidies. It has also asked for the pending power subsidy of ₹192 crore to be disbursed. Additionally, the government is urged to provide an electricity subsidy of ₹2 per unit, like what the neighbouring state of Telangana has received. Exemptions from recent electricity duty charges, true-up charges, and FPCCI charges should also be granted.
The association has highlighted that numerous mills are struggling to fulfil their financial obligations and meet bank instalment payments due to these challenges. Six textile mills have already ceased operations, and several others are on the precipice of closure. APTMA has made an urgent plea to the state government for immediate intervention to support the textile industry.
ALCHEMPro News Desk (KUL)
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