The delay in the announcement of textile package was having serious aftermath on the textile sector including permanent closure of units, labour layoff, impact on cotton procurement and supply chain disruption, said All Pakistan Textile Mills Association (Aptma) Punjab chapter chairman Aamir Fiaz Sheikh, accompanied by former central chairman S.M. Tanveer, at a press conference held on Saturday. Textile millers on Saturday placed a fresh demand to the federal government to announce a package for the industry as high cost of doing business and liquidity crunch was forcing shutdown of units and reduced number of shifts. The millers also appealed to Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar to save the industry from complete collapse. The Aptma leader said that textile exports have declined in quantitative terms across the value chain as there has been no-investment in it for the last 6 years. Their international market share and domestic market is being encroached upon by India. Sheikh said that 45 percent of production capacity was idle for the first time in history as 45pc load on Lesco network was reduced during Eidul Azha holidays. The government promised to implement a decision within five days of the last meeting, he reminded. The industry could not afford such closures, adding that some 20 mills had closed down in the last two months.
Source : Yarn and fibre
Union cabinet is likely to consider this week an interest subvention scheme to provide cheaper credit to exporters & expansion of the Merchandise Exports from India Scheme
The government may extend export incentives such as cheap credit to even large players in sectors like pharmaceuticals, chemicals and electronics, in a desperate bid to revive the sector after nine straight months of exports fall due to weak global demand and overvalued rupee. The Union cabinet is likely to consider this week an interest subvention scheme to provide cheaper credit to exporters and expansion of the Merchandise Exports from India Scheme (MEIS), an official privy to developments told ET. In the first five months of the current fiscal, exports fell 16.17% year on year, impacting the country's industrial growth as well as employment in a number of sectors, setting alarm bells ringing in the commerce ministry. While the ministry had moved a cabinet note on this last month, the Cabinet could not take it up due to Prime Minister Narendra Modi's US visit.Now that Modi is back in town, the proposal is expected to get Cabinet nod in its first meeting, said the official who requested not to be named. Commerce minister Nirmala Sitharaman and commerce secretary Rita Teaotia met finance ministry officials recently to seek fast-tracking of the interest subvention scheme--whereby banks provide credit to exporters at subsidised rates for which they are later compensated by the government--and expansion of benefits under MEIS. The ministry has proposed interest subvention for a period of three years for both the existing sectors and, for the first time, new ones such as pharmaceuticals, chemicals and electronics, which are dominated by big companies. “Till now, medium and small enterprises were eligible for interest subvention but now, the proposal talks of large manufactures in the chemical and pharmaceutical industries, “ the official said. In the 2015-16 Budget, finance ministry had allocated `. 1,650 core for the interest subvention scheme for exporters for the year. The previous 3% interest subvention scheme was available up to March 31, 2015 for sectors including apparel, carpets, handlooms, sports goods, handicrafts, toys, and some engineering products.
The rate offered under the scheme in 2013-14 was 2%.
Experts said if approved, the scheme would give a muchneeded fillip to exporters as the country's exports have declined for nine straight months and more than half the exporting sectors are reeling under pressure from slowing global demand and declining prices. “The export situation is pretty bad and the government will have to provide some support because both value and quantity of exports have declined,“ said D K Joshi, chief economist at rating agency Crisil. “Real exports are down 6.5% in the first quarter and things might be worse in the second quarter. Labour-intensive sectors like textiles and gems and jewellery and knowledge driven sectors like pharma will need more focus,“ Joshi said. Also, estimates suggest that exports in 2015-16 might be lower than shipments worth $310 billion, or about `. 20 lakh crore, achieved in the previous fiscal. According to the government officials quoted earlier in their meeting with finance ministry officials the commerce department had “also asked for reduction in transaction costs and increase in duty drawbacks for steel sector which has seen two duty hikes this year“. Commerce secretary Teaotia has also called a meeting of all export promotion councils on October 7 to discuss issues related to decline in exports of various commodities from India, the official said. The slowdown in China has impacted global trade, but India seems to have been hit harder because of a stronger currency relative to its competitors.
Source : Times of India
The cotton segment, spinning and weaving segments have been suffering from April 2014 onwards due to glut in the export market caused due to policy changes in China and the duty structure in EU, China and the Americas, said M. Anantha Reddy, General Secretary, The Telangana Spinning & Textile Mills Association (TSTMA). To address their concerns on a priority basis to ensure that good thriving mills do not face closure due to adverse external factors, TSTMA has called upon the Central Government. In a representation made to Santosh Kumar Gangwar, Union Minister of State for Textiles (Independent Charge), the association stated any delay in addressing the problems of Textile Mills would make several hundreds of textile units in the country economically unviable resulting in large scale NPAs in the textile industry. They wanted Textile Mills two year moratorium on term loans and conversion of working capital into working capital term loan with the repayment period between three to five years. To reduce interest rates for Textile mills on Term loans to Base rate. Most of Textile units are suffering huge losses between 15-20 per cent of turnover and are under severe strain as prices of finished goods, cotton and synthetic yarns have been on continuous decline over last 18 months and have reduced by more than 30 percent and have completely eroded the margins of Industry. The association wants a cotton price stabilization fund scheme consisting of cotton working capital loan at 7 percent interest rate (or 5 percent interest subvention), reduce margin money from 25 percent to 10 percent and increasing the credit limit from three months to nine months. The predominantly cotton based Indian textile industry is the largest manufacturing sector and backbone for the economy of the nation as it provides jobs to over 105 million people fetching over $ 42 billion forex earnings.
Source: Yarn and fibre
Mishra said Khadi is the symbol of national unity and integrity, and hence every citizen should purchase it. He said it is necessary to develop village industries if we want Khadi to be able to compete in global marketplace and also to realise Gandhiji's vision of Gram Swaraj. He emphasised that Khadi exhibitions should be organised in every district of the country. Arun Kumar Jha, CEO and commissioner Khadi and Village Industries Commission (KVIC), told media that the objective of Khadi Utsav is to revive the dormant Khadi production known for its sophistication and fineness as well as to revive the fortunes of artists who are generally working as 'job workers' now. The Khadi Utsav exhibition has Khadi sarees, dress material and other ethnic products. A colourful Khadi Fashion Show was also organised on the occasion by the students of International Design Institute, in association with designer of Khadi Gramodyog Bhavan, KVIC, New Delhi. A Khadi products directory was also released on the occasion. (RKS)
Source : Fibre2fashion
The Vietnam Global Investment Forum was held in Hanoi on Wednesday in Hanoi focusing on economic prospects, FDI trends and state-owned enterprise (SOE) equitisation saw a very positive economic - investment picture of Vietnam in the current period. This timely forum attracted more than 700 delegates representing government officials, business leaders, foreign direct investors, fund managers, industry experts, economists and bankers from many countries in the world. According to participants, FDI is strongly poured into Vietnam to take full use of new - generation FTAs such as Trans-Pacific Partnership (TPP) and EU-Vietnam FTA (EVFTA). Addressing the opening ceremony, Tony Shale, Euromoney CEO, Asia, said that Vietnam has emerged as an attractive market in Asia. The country obtained an impressive economic growth of 6.28% in the first half of this year. Prime Minister Nguyen Tan Dung delayed the monthly cabinet meeting from the morning to the afternoon to attend the forum. The government leaders confirmed that the condition of the economy is very favorable with the economic growth reaching the yearly target (at least 6.53% this year and 6.7% for 2016), low inflation (only 1.5-2% for the whole year), local and foreign investors spoke about Vietnam overcoming the crisis and described their business plans for the future.
The discussion about the economic situation in Vietnam attracted attention of the CEO of Indochina Capital, Peter Ryder, who has been in Vietnam for more than 20 years. The interests of foreign investors in Vietnam that described by Ryder at the forum held by Euromoney and the Ministry of Planning & Investment partly helped explain why $17 billion of foreign direct investment had been (FDI) registered in Vietnam in the past nine months, more than half of the same period of 2014. Along with FDI, the indirect capital flow from foreign investors has improved in recent years. According to Vice President of the State Securities Commission, Nguyen Thanh Long, the listed securities portfolio of foreign investors increased by an average of 20-25% per year. Currently foreign investors account for only 1% of the total trading accounts but the total portfolio value is over $15 billion, accounting for 25% of the transaction value of market. Chairman of the Saigon Securities Company (SSI) Nguyen Duy Hung said that the current situation of the economy is what investors were dreaming about 10 years ago. Along with the stable macroeconomic indicators, Hung quoted statistics of the state agencies showing that per capita income (in purchasing power parity) of Vietnam today is over $5,000. This not only helps businesses have more opportunities for selling goods but also provides a basis for Vietnam to gradually reduce ODA funds. Recently a locality refused to receive ODA. It means that Vietnam will have a chance to get capital which requires greater efficiency, helps businesses improve competitiveness and sustainable development, Hung said. According to Hung, after a period of fierce competition from other countries in the region such as Indonesia, the Philippines and most recently Myanmar, Vietnam seems to have become an address of priority for investment again. However, to take advantage of the opportunity to once again become the "star in attracting FDI" as it was in the period of 2007-2009, many questions were raised at the forum about Vietnam and its biggest rivals.
Prime Minister Nguyen Tan Dung said that Vietnam’s participation in 8 Free Trade Area agreements (FTAs) in recent years has brought many opportunities for the business community. Particularly, the ASEAN Economic Community (AEC) has a GDP of about $2,500 billion and may reach $10,000 billion by 2030. If the Trans-Pacific Partnership (TPP) agreement goes through, Vietnam can enjoy many preferential incentives in trade with 55 countries. However, the PM acknowledged that the achievements in integration and investment attraction of Vietnam are not commensurate with the potential. They are working hard to come up with solutions to overcome challenges and their own limitations. The Prime Minister stressed that the investment and business environment in Vietnam is still in the process of completion and renovation, especially the stage of implementation. However, he affirmed that Vietnam can achieve the targets of the business environment equivalent to the group of ASEAN 4 in 2016, even in this year. He called on private and foreign investors to invest in infrastructure in the form of public-private partnership (PPP), and participate in the purchase and equitization of State-owned enterprises. The Minister of Planning and Investment, Bui Quang Vinhm reaffirmed that Vietnam is pushing stronger integration with the FTA. Thereby, the biggest expectation of the Vietnamese Government and enterprises is to expand the market. He cited textile-garment as an example, saying that if Vietnam is successful in TPP negotiations, Vietnamese textile-garment firms may enjoy tax rate of 0% in many markets, instead of the current 17-20%.
Minister Vinh also said that it is necessary for Vietnam to overcome its own problems, otherwise many countries that are not their rivals today will certainly be Vietnam’s rivals tomorrow. Minister Vinh stressed Vietnam has gradually implemented its socio-economic development plan while creating an open, transparent and attractive investment environment for foreign investors
Source : Yarn and fibre
Bank Indonesia issued a rupiah exchange rate stabilisation policy package on September 30, 2015 as a follow-up to the previous policy package, dated September 9, 2015. The follow-up policy package focuses on three pillars - maintaining rupiah exchange rate stability; strengthening rupiah liquidity management; and strengthening foreign exchange supply and demand management, the Bank said in a press release. Policy synergy between Bank Indonesia and the Government through this second September Policy Package is expected to strengthen macroeconomic stability and the structure of the Indonesian economy, including the financial sector, thus bolstering resilience. The presence of Bank Indonesia on the domestic foreign exchange market to stabilise the rupiah exchange rate was strengthened through intervention on the forward market. In addition to intervention on the spot market, Bank Indonesia also intervenes on the forward market to help balance supply and demand. Maintaining balance on the forward market is important to alleviate pressures on the spot market. Bank Indonesia reinforced rupiah liquidity management by releasing three-month Bank Indonesia Certificates of Deposit (SDBI) along with two-week reverse repo tradeable government securities (SBN). The release of such open market operation instruments will absorb liquidity, prompting a shift towards longer tenor instruments, which should reduce the risk of excessive use of rupiah liquidity that could intensify pressures on the rupiah exchange rate. Foreign exchange supply and demand management was strengthened through a variety of policies that aim to boost supply and control demand. First, the policy to manage supply and demand on the forward market was strengthened. The policy aims to encourage forward selling transactions of foreign currencies/rupiah and clarify underlying forward buys of foreign currencies/rupiah by raising the forward selling threshold that requires an underlying document from $1 million to $5 million per transaction per customer and broaden the scope of underlying assets for forward sells to include domestic and offshore foreign currency term deposits. Second, foreign currency Bank Indonesia securities (SBBI) were also issued to back financial market deepening efforts, especially on the foreign exchange market. Third, the holding period of Bank Indonesia Certificates (SBI) was reduced from one month to one week on order to attract foreign capital inflows. Fourth, an incentive was provided in the form of a reduction in the interest tax paid on term deposits for exporters depositing their foreign exchange earnings at banks in Indonesia or converting the proceeds into rupiah as requested by the government. The policy is expected to keep foreign exchange earnings in the country for a longer period. Fifth, Bank Indonesia ensured greater transparency and information availability when using foreign exchange by strengthening the foreign exchange flow report (LLD). In this case, LLD participants are obliged to report their use of foreign exchange through supplementary supporting documentation for transactions of a certain value. The regulation is pursuant to Act No. 24 of 1999 concerning the Flow of Foreign Exchange and the Exchange Rate System, where Bank Indonesia is authorised to request information and data regarding the flow of foreign exchange from residents. The Bank Indonesia Policy Package will synergise with the Policy Package of the Government to support a more prosperous domestic economic outlook. The range of policies shall be implemented immediately in order to effectively maintain macroeconomic stability, including the exchange rate, towards inclusive and sustainable economic growth.
Source : Fibre2fashion
The fall in consumption in China, the largest cotton-using country in the world is likely to affect the Bangladeshi spinning sector in two ways. Firstly, the slide in consumption will lower the prices of raw cotton worldwide further, which will also narrow the profit margins in Bangladesh. Secondly, other countries will break into the local yarn market as they will be able to supply the raw materials at cheaper rates. Bangladeshi spinners cannot lower the yarn prices any further as they have to purchase cotton at higher prices than the market rate for not having hedging facility and warehousing system in the country. Hedging is a risk management strategy used in limiting or offsetting probability of loss from fluctuations in the prices of commodities, currencies, or securities. Cotton importers can hardly enjoy the benefits of lower prices in the world market in the absence of hedging facility and warehousing system, according to industry insiders. Spinners who had bought cotton at higher prices have to sell yarn at low prices now as cotton prices have declined much since then, putting them in a tight corner. Currently, cotton is trading at 60-62 cents in the international market, with expectations of further decline on account of the substantial old stock, especially in China. New crops too will become available from next month. According to Razeeb Haider, managing director of Outpace Spinning Mills, if the cotton prices decline further, the yarn prices will also go down in the domestic market. At the same time, cost of production has been increasing in the spinning sub-sector. The latest hike in the prices of gas and power is another blow to the spinners, said Haider, who is also a director of Bangladesh Textile Mills Association. Recently, a lot of Indian and Chinese companies have opened offices in Bangladesh for selling yarn to local knitters and weavers. So, they have fierce competition, Haider added. Moreover, the government said recently that it will not allow installation of captive power generators in spinning mills to save gas consumption. As a result, the spinners will have to purchase power from companies at higher prices.
The government should reduce the price of power for survival of the primary textile sector, said Abdul Hai Sarker, chairman of Purbani Group and a former BTMA president. The use of multi-blend yarn in the global fashion industry is also responsible for the fall in prices of cotton. During the volatility in cotton prices in 2010 and 2011, fashion designers switched to other fibres to reduce the price burden. Moreover, yarn consumption declined in the domestic market as many factories cannot produce in full scale due to implementation of the corrective action plans suggested by two foreign inspection agencies -- Accord and Alliance. But, Momin Mondol, managing director of Mondol Group, said that the yarn prices are stable now, whose mills consume 1,600 tonnes of yarn a month and exports $250 million worth of garment items a year. They target is to export $300 million worth of garment items this year. The favourable yarn prices will help them achieve the target. At present, the widely-consumed 30-carded yarn is selling at $2.60-$2.65 per kilogram, down from $3.60-$3.65 per kg a year earlier.
Source : Yarn and fibre
The Textile Industry stresses on pre-shipment approval for garments with Mark Halabe of Mark One Apparel making a presentation during the Top Executive Conference in which he explained that the garments he produced for export needed to reach its destination within a set time, or the effort would go to waste. Mr Halabe said that recently, his business has gone across from a commodity to sports division. Cowboys, an NRL team, will grace the field on Sunday wearing uniform which has been made in Fiji. Mr Halabe has argued that they run on a very tight schedule. If Cowboys win on Sunday, by Monday night, we will need to send 750 pieces of garments. But, if his garments are not on the back of the players on the said day, it is perishable. Recently, the industry has been informed that garment would no longer be provided pre-shipment clearance. For regular shipment, documents need to be sent to the Fiji Revenue and Customs Authority at least eight hours in advance. Mr Halabe has argued that this is not possible in some cases where they do not know for sure the quantity they need to ship out. He said that this was an easy fix and for trade to flourish, a minor administrative decision needed to be made by Government. Trade and Investment Minister Faiyaz Koya said that the ministry is there to facilitate the ease of doing business. It is an administrative decision and he is sure once a submission is made in this regard, it would be looked into quickly.
Thus the Textile, Clothing and Footwear Industry will be submitting to Government to consider adding garments as ‘perishable’ good to allow for pre-shipment approval. Currently, only perishable goods like dalo and cassava receive pre-shipment approval.
Source : Yarn and fibre
A Thai delegation led by Chollada Areerajjakul, Executive Director, Thai Board of Investment, along with representatives of Billiger & Company of Thailand visited Islamabad Chamber of Commerce and Industry to discuss possible investment opportunities in Pakistan. Speaking on the occasion, Chollada Areerajjakul on Friday said that Pakistan is considered to be a potential hub for investment and the delegation has come to explore opportunities in textiles and clothing, jewellery, processed agricultural products and much more for Thai investors. He further said that Pakistan and Thailand have started negotiations to sign a Free Trade Agreement (FTA) and hoped that the FTA would help in boosting the bilateral trade between the two countries. Addressing the Thai delegation, Islamabad Chamber of Commerce and Industry (ICCI) President Atif Ikram Sheikh stressed upon the need of regular exchange of trade delegations between Pakistan and Thailand to find out all potential areas of mutual cooperation and to improve bilateral trade. He said that Pakistan was basically an agro-based economy with huge foreign investment potential and emphasised that Thai investors should bring latest agriculture technology and machinery to Pakistan and establish joint ventures to produce textile products and value added food. Pakistan has liberal investment policies and that ICCI would extend all possible help to Thai investors for making investment in Pakistan. In fact, the Thai investors should set up production plants in areas of interest to get better access to South and Central Asian markets.
Source : Yarn and fibre
The Indonesian government will launch a help desk dedicated to helping to solve problems in the textile and footwear industries in a bid to prevent more layoffs in labour-intensive businesses, according to newspaper reports in the country.The Investment Coordinating Board (BKPM) and several ministries including the Trade Ministry, Industry Ministry, Manpower Ministry, Finance Ministry and Energy and Mineral Resources Ministry are preparing to launch the dedicated desk.BKPM head Franky Sibarani told reporters in Jakarta that the special desk would be located at the BKPM office and was set to launch on October 9. The desk will receive and identify problems experienced by companies in the industries and offer them specific and applicable solutions. Companies that face mass layoffs can also ask the help desk to find financing assistance from state-lenders or to ask for more time to pay tax or electricity bills. Franky said the initiative is currently focusing on textile and shoe industries as they are prone to layoffs due to the sluggish economy. Franky added that many companies had complained about soaring prices of raw materials, most of which are imported, as the rupiah plunged to more than 14,700 to a dollar, a level unseen since the 1998 financial crisis. They also complained about illegal textile and apparel imports. In a statement, BKPM said the textile industry has laid off around 39,000 workers recently. However, the BKPM also noted a 58 per cent increase in textile industry investment realization value during the first half of this year, to Rp 3.88 trillion ($264,67 million). According to the Indonesia Textile Association (API), at least 6,000 of the 1.5 million workers in that sector were laid off in May. But it also noted that the garment industry in Central Java suffered a shortage of 8,000 workers. Franky said such an “anomaly” encouraged the government to take immediate steps to save existing companies in the industries by establishing the help desk. The desk would comprise three parties – officials from the associations, the BKPM and the ministries concerned. Officials from the ministries in charge would be available on an on-call basis depending on the problems raised by companies.
Source : Fibre2fashion
German speciality viscose fibres producer Kelheim Fibres will show new applications for its fibres which include flushable wipes and melange yarns at ITMA 2015 in hall-08, booth A-141b. “Viscose short cut fibres from Kelheim Fibres have proven to be the perfect raw material for the manufacture of wet wipes which meet the new flushability guidelines issued by INDA and EDANA,” a press release said. “They can be conveniently flushed down the toilet, without clogging the toilet or downstream waste water treatment plants,” it added. “During the last few years, wipes producers have been mastering a balancing act between the stability of a wet wipe in use and its disintegration during the flushing process in the toilet,” Kelheim informed. The perfect blend of the raw materials pulp and short cut fibres is essential for the success of this process, in which short cut fibres are responsible for the stability of the wipe.
“In practice, Viloft nonwoven short cut fibres with their flat cross section have proven particularly successful,” the German company stated. It further added that they deliver the best performance regarding tailor-made flushability and at the same time, score with their quick and easy processability during the manufacturing process. Kelheim Fibres is the only European manufacturer of viscose short cut fibres and its viscose specialities consist of 100 per cent cellulose and so can be perfectly integrated in all wetlaid processes. Another innovation, Danufil Proshade is an innovative new viscose melange yarn resulting from cooperation between Kelheim Fibres, Linz Textil and DyStar Colours Distribution GmbH. According to Kelheim, Danufil Proshade is a blend of standard viscose fibres and Kelheim's speciality fibre Danufil Deep Dye and promises benefits for the environment. “It is dyed subsequently according to the customer's specific needs and so offers advantages for logistics and warehousing as well as for the dyeing process which can be carried out without the use of salt,” it observed. (AR)
Source : Fibre2fashion
A Chinese "hard landing" would have a significant impact on global growth and economic stability, with economies in Asia and major emerging market commodities exporters among the hardest hit, says Fitch Ratings. In a press release, the ratings agency said that besides China itself, Hong Kong, Korea and Japan would be the most affected major economies in the event of a sharp slowdown in Chinese GDP growth. Fitch's base case forecasts China's economy to expand by 6.8 per cent and 6.3 per cent in 2015 and 2016 respectively. But in the latest Global Economic Outlook report, Fitch assessed an alternative scenario in which China's economic growth falls below 3 per cent in 2016 driven by a collapse in public and private investment. Fitch's assumptions in the shock scenario included a contraction in public investment of 4 per cent in 2016 and deceleration in consumption growth to 5.6 per cent in 2017 from 8.3 per cent in 2014. This would result in asset-quality deterioration with a spike in the banking system NPL ratio to 8 per cent, a cumulative 10 per cent depreciation in yuan/dollar, a double-digit percentage decrease in foreign direct investment and a peak to trough fall in home prices of over 4 per cent. According to the analysis, which used Oxford Economics' global macroeconomic model, the impact would be greatest within Asia. The resulting decline in trade combined with the regional investment exposures to China would weigh most on the export-centred economies of Hong Kong and Korea, with the cumulative reduction in GDP from the 2017 baseline amounting to 4.5pp and 4.3pp respectively. Japan would enter a deep recession, with the economy contracting in both 2016 and 2017 and its GDP down by 3.6pp by 2017 versus Fitch's base case estimates. Taiwan and Singapore would also face significant slowdowns, though not as severe, with GDP falling by 3.3pp and 3.0pp from the baseline respectively. GDP growth in the Association of Southeast Asian Nations (ASEAN) economies of Indonesia, Malaysia, Thailand and the Philippines would be less affected by the direct feedthroughs of a China hard landing, though they would still face a cumulative GDP effect of around -2pp. Australia would be affected to a similar extent as the aforementioned ASEAN economies. Australia has large exposures through its direct trading relationship with China, but it would be able to offset some of the negative impact through counter-cyclical policy. As a 'AAA'-rated developed economy, Australia benefits from sound fundamentals, which will help to stabilise the economy during a broader global downturn. At the global level, a Chinese contraction would intensify deflation risks. This is especially the case for the euro zone, where demand has remained persistently weak and inflation low. That said, developed countries other than Japan would fare relatively better than their EM counterparts. Relative to the baseline, the cumulative effect on US and euro zone GDP would be -1.5pp and -1.7pp respectively, implying average annual growth rates of around 1.7 per cent in the US and 0.8 per cent in the euro zone for 2016-2017. Major emerging markets outside Asia, especially the commodities exporters such as Brazil and Russia, would be doubly impacted by the effects on energy and materials prices and the risk premium shock that would raise borrowing costs and weigh on domestic demand. However, they would not be as heavily affected as the trade-reliant economies within Asia, with a Chinese hard landing likely to reduce GDP from the baseline by around 3pp for Brazil and 2.8pp for Russia, Fitch said. (SH)
Source : Fibre2fashion
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 45.53 per barrel (bbl) on 02.10.2015. This was lower than the price of US$ 46.33 per bbl on previous publishing day of 01.10.2015.
In rupee terms, the price of Indian Basket decreased to Rs 2984.86 per bbl on 02.10.2015 as compared to Rs 3037.26 per bbl on 01.10.2015. Rupee closed at Rs 65.55 per US$ on 02.10.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on October 02, 2015 (Previous trading day i.e. 01.10.2015) |
Pricing Fortnight for 01.10.2015 (Sep 12 to Sep 28, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
45.53 (46.33) |
45.27 |
|
(Rs/bbl |
2984.86 (3037.26) |
2991.44 |
|
|
Exchange Rate |
(Rs/$) |
65.55* (65.55) |
66.08 |
Source: Ministry of Textiles
