Today, Union Textile Minister Shankarsinh Vaghela, denied reducing Minimum Support Price (MSP) of cotton, in a direct reply to the agitating ginners across the country. With the aim to pitch for rationalization of cotton MSP, nearly 4,000 ginners in India have launched a two-day strike.

At a press conference held in Ahmedabad, Vaghela said, “Ginners reaped the rich benefits of higher cotton prices last year. Now let the farmers earn higher returns this year.”

The Union Government may announce financial package for the textile exporters of the country. Textile sector is facing low demand due to global slow down and have suffered huge losses. Export declined by 12.32 per cent in October this year and stood at $12.8 billion as compared to $14.6 billion in the corresponding period last year.

Union Commerce Secretary, G. K. Pillai said that textile sector suffered from low demand in international market and the industry is likely to cut five-lakh jobs in the next five months leading to large scale unemployment.

Mumbai-based Bombay Rayon Fashions has informed that it will set up two manufacturing units in the integrated Textile Parks at Islampur and Latur in Maharashtra.