Yarn prices surge 45%: One-month Diwali shutdown likely; 50,000 weavers face financial crisis

Download Home Video Search Watch Top News Local National Cricket Business Originals International Tech & Science Entertainment Lifestyle Sports Utility Career West Bengal Madhya Pradesh Uttar Pradesh Rajasthan English News Local Gujarat Surat Surat Weavers Financial Crisis | Yarn Prices Surge 45% Ahead Of Diwali Yarn prices surge 45%: One-month Diwali shutdown likely; 50,000 weavers face financial crisis Surat 1 day ago Copy link Weavers, considered the backbone of Surat's thriving textile industry, are currently facing an extremely difficult situation. On the one hand, the market is experiencing a slowdown, while on the other, raw material prices are soaring. A sharp 40% to 45% increase in yarn prices over the past two months has severely affected small factory owners. Of the approximately 50,000 weavers operating in Surat, 70% are small unit owners burdened by bank loan instalments. The ongoing war between Iran, Israel and the United States, along with rising crude oil prices globally, has directly affected Surat's textile industry.