Chennai, May 18 (IANS): A delegation of Tamil Nadu parliamentarians will meet Finance Minister Nirmala Sitharaman in New Delhi on Wednesday over the rising cotton and yarn prices.

The delegation, mostly MPs from Western Tamil Nadu, is led by Kanimozhi.

The textile industry of Tamil Nadu, which is reeling under the rise in cotton and yarn prices, is waiting anxiously at the outcome of the meeting.

Tamil Nadu Chief Minister M.K. Stalin has written a letter to Prime Minister Narendra Modi that the rising prices of Cotton and yarn have severely affected the textile industry of the state. The Tiruppur Exporters Association (TEA) has already met the Union Finance Minister on the issue.

Raja Shanmugham, President of Tirupur Exporters Association (TEA) while speaking to IANS said, "The exporters and textile industry of Tamil Nadu as a whole are anxiously waiting for the outcome of the meeting of MPs from Western Tamil Nadu with the Union Finance Minister. We are expecting a solace from the rising cotton prices that is affecting the production and sale of textile products from the state and has adversely affected the export market."

He said that the Tamil Nadu textile exports have an annual turnover of around Rs 36,000 crore and the industry is employing lakhs of people. The exporters' association leader said that the rising prices of cotton has totally affected the production and if immediate action is not taken it will lead to the industry getting closed down.

It may be noted that the rising cotton prices has already affected many units and several MSMEs have already shut shop. The garment industry in the state has suffered huge losses and many major industries are also on the verge of closure.

The textile and garment units in Tirupur and Karur had protested and shut shops against the rising prices of cotton and yarn from Monday onwards. It is to be noted that the price of cotton has been hovering around Rs 1 lakh for a candy (356 kg) which was Rs 57,000 in September 2021.

Robo D. Ravichandran, Secretary, Tirupur Domestic Garment Manufacturers Association while speaking to IANS said, "Cotton and Yarn prices have spiralled out of control and there is no other option left rather than shutting the units down. Garment production is becoming unviable and the livelihood of lakhs of people is uncertain."