Textile cartel creating panic to lower cotton rates
One of textile sectors faction is trying to create panic in local market in an effort to bring down cotton prices with a view to stock cheaper raw material through cartelization and giving wrong reports of importing cotton from China and India.
Only 10 to 12 big textile groups hoard raw cotton at lower rate, later creating monopoly on yarn and blackmailing the whole local market in the country, observed Garments Manufacturers and Exporters Association (PRGMEA) chief coordinator Ijaz Khokhar, urging the textile ministry to regulate entire market from phutti to cotton yarn.
He accused textile mafia of making huge profits at the cost of growers by hoarding the produce and later selling it high prices, asking the government to stop unchecked export of cotton yarn in the nation’s best interest. —