<span style="color: #222222;">Tamil Nadu Chief Minister M.K. Stalin has called for Prime Minister Narendra Modi's intervention to address the issue of yarn price rise to help the textiles sector. In a letter today, he said, the textiles industry is facing serious disruptions due to the continuing price rise of the raw material.<br />''<br />''Mr. Stalin noted that the Centre has withdrawn the import duty on cotton to help the textiles industry. However, he said, the ground situation has not improved, as the prices of cotton and yarn continue to rise. He said, a large number of spinning, weaving and garment units face the danger of closure due to the price mismatch between the agreed price of supply to the buyers against the cost of production. He added that many MSME units in the textile sector have already closed their operations, resulting in massive job losses.<br />''<br />''The Chief Minister requested for steps to make cotton and yarn stock declaration mandatory for spinning mills so that ginners and cotton traders can obtain actual data on their availability. Noting that the cotton import fee waiver is till 30th of September, he said, it takes more than three months for the consignments to reach Indian ports after the contract is entered into. He said that it leaves the duty waiver effectively available only up to 30th of June. <br />''<br />''He demanded the Centre to issue clarifications that the waiver of import duty deadline is not for the arrival of the consignments, but for entering the purchase contract till 30th of September. He also asked the banks to extend the cash credit limit of the spinning mills to purchase cotton up to eight months in a year. He stressed that the margin money sought by the banks at 25 per cent of purchase value needs to be reduced to 10 per cent since banks are calculating the purchase stock value at lesser rates than the actual market rates.</span><br />