Small spinners seeks one year moratorium for repayment

COIMBATORE: The spinning sector, which is suffering losses, on Friday appealed to the Centre to announce a moratorium and rescheduling of repayment of loans for at least one year to help out the industry.

South India Small Spinners' Association (SISSPA) on friday said in a statement that the sector was reeling under tremendous pressure because of non-parity between raw material cost and yarn selling prices.

"After selling yarn, they were at the mercy of yarn dealers for payment," SISSPA President R Kuppusamy said, adding that mills were not able to move their finished products.

The industry also suffered to leave, absenteeism and shortage of man power.

The sector was providing jobs to the poor and the uneducated and the mills were ready to provide jobs at Rs 100 per day plus statutory benefits for any number of workmen on permanent basis, SISSPA said