FAISALABAD: Former Chairman of All Pakistan Cotton Power Looms Association, Chaudhry Muhammad Nawaz has said that due to the increase in the price of yarn achieving the production targets has become very difficult.
The textile industry in Faisalabad is in grave danger. Prices have skyrocketed due to an artificial shortage in yarn delivery.
Power looms owners also signalled a halt to production due to higher consumption and lower profits.
He said that profit was being made by creating self-made shortage of yarn in the market. Sellers have also increased the price by thousands of rupees per 47 kg bales due to declining availability of yarn.
Power looms owners say they can’t make cheap cloth by buying such expensive yarn. With the current situation, the achievement of textile production targets seems to be in jeopardy.
Rising yarn prices and artificial shortages have left power looms owners bewildered, and if left unchecked, the economy could suffer.—PR
Copyright Business Recorder, 2021