Textile sector body ITF has sought the Centre's intervention to check the soaring prices of cotton in the last two months, saying it has resulted in 'unbearable loss' to the industry.
"The price rise is leading to an alarming situation at all cotton spinning mills, as there is no evident reason for it," Indian Texpreneurs Federation (ITF) Secretary Prabhu Dhamodharan said.
In a letter to Union Textiles Minister Santosh Kumar Gangwar, he said the per candy rate, which was Rs 35,000 two months ago, had 'skyrocketed' to Rs 41,000 for medium staple cotton but neither the farmers nor consumers benefited due to the rise.
In 2010-11, the textile industry suffered an unbearable loss of Rs 10,000 crore due to an abnormal volatility, he recalled.
The present trend of price rise could lead to a similar situation unless strong interference and preventive measures are taken, Prabhu said.
