Probe the reasons for yarn price hike: OPS to Stalin

by IANS |

Chennai, May 16 (IANS) The Tamil Nadu government has the responsibility to probe into the reasons for increase in yarn prices despite the reduction in taxes, said former Chief Minister and AIADMK Coordinator O.Panneerselvam on Monday.

He also said the state government has the responsibility to find out the people who are hoarding the cotton to create an artificial scarcity resulting in the price increase.

Panneerselvam said the Central government has removed import duty on cotton and halted the hike in goods and services tax (GST) to 12 per cent on textiles.

The garment industry expected the cotton prices would come down due to these measures. But on the contrary, prices of cotton and yarn have gone up, he said.

According to Panneerselvam, Chief Minister M.K. Stalin, if need be, should discuss with the Central government and take steps to reduce the yarn prices.

Latest News
BJP in direct contact with 20 cr household to expand its mass base Sun, Aug 14, 2022, 04:34 PM
Perfect 12 from Indian wrestlers at CWG 2022, but tougher tests await them Sun, Aug 14, 2022, 04:04 PM
I-Day: Delhi under heavy security cover Sun, Aug 14, 2022, 03:52 PM
Meta partners with DoorDash to deliver Marketplace items in US Sun, Aug 14, 2022, 03:14 PM
Akasa Air founder, top broker Rakesh Jhunjhunwala passes away Sun, Aug 14, 2022, 03:03 PM
Investing community mourns death of Rakesh Jhunjhunwala Sun, Aug 14, 2022, 02:59 PM
UP ATS arrests one more Jaish terrorist Sun, Aug 14, 2022, 02:57 PM
After airspace closure, 10 Russian planes remain in Germany Sun, Aug 14, 2022, 02:43 PM
Three of a family killed in Gujarat road mishap Sun, Aug 14, 2022, 01:58 PM
One thing that stands out is how Rohit Sharma backs players who aren't performing: Parthiv Patel Sun, Aug 14, 2022, 01:45 PM
Pakistan records 581 new Covid cases, 4 deaths Sun, Aug 14, 2022, 01:24 PM
PM pays homage to all those who lost their lives during Partition Sun, Aug 14, 2022, 12:52 PM
MS Dhoni changes his Instagram DP to Indian tricolour to mark 75 years of independence Sun, Aug 14, 2022, 12:43 PM
Elon Musk hopes for a self-sustaining city on Mars in 20 years Sun, Aug 14, 2022, 12:39 PM
CCI approves merger of HDFC Bank, HDFC Ltd Sun, Aug 14, 2022, 12:37 PM