Surat, Nov 19 (ANI): The textile business in Surat has witnessed a huge loss due to sudden rise in the price of yarn.
Several small firms have closed down following the soaring costs of textile production.
Ashok Zirawala, chief of the Federation of Textiles Traders, Weavers Association, said the textile business was already running in losses since last year, and this year's rise in price of raw material has affected it further.
"Our industry is in heavy loss due to last year's loss. In this scenario, the industry was not being able to survive and now the increase in the prices of yarn is badly hitting our business. We have to stand in competition with China, and this rise in prices will create problems," said Zirawala.
Traders across the country are also affected by soaring prices of the finished goods.
"The rate of finished materials differs from Diwali till today. The difference of Rs. 10 per saree is also a good difference in the prices of finished goods. We were not even aware about it. It is like a shock for us as we have taken orders further and sudden rise in prices is a big loss to us," said Monti Sharma, a trader from Rajasthan.
Surat's textiles have captured markets in India and other Asian countries, but international demand not very significant.
Surat is primarily famous for the production of textiles, weaving, processing, as well as embroidery.
Around 30 million metres of raw fabric and 25 million metres of processed fabric are produced daily in the city. (ANI)