India'S Spinning Industry Will Suffer Huge Losses.
India
Spinning industry
It will suffer huge losses of about $164 million.
The India spinning industry's strike in May 23rd will result in a loss of 2 billion rupees (US $45 million) a day.
In addition, the spinning industry plans to cut production in the next 7 days and lose 750 million rupees a day ($17 million per day).
Nair, Secretary General of the India Textile Industry Federation (CITI), gave the economic loss figures in May 24th. He said that CITI will assess the situation in the first week of June and decide on what to do next.
Mr. Shirshir Jaipuria, President of CITI, said on Monday (5.23) that all India will be on strike for one day.
CITI led the strike and all the spinning associations in all parts of India took part in the strike, which fully demonstrates the restrictions of the India government.
Cotton yarn export
A crisis has been created for the spinning industry.
India was revoked in April 1, 2011.
Export restriction
。
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