INTERNATIONAL
Textile Raw Material Price 2015-11-18
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1045.62 |
USD/Ton |
-0.89% |
11/18/2015 |
|
VSF |
2260.29 |
USD/Ton |
-0.41% |
11/18/2015 |
|
ASF |
2030.98 |
USD/Ton |
0% |
11/18/2015 |
|
Polyester POY |
998.66 |
USD/Ton |
-0.93% |
11/18/2015 |
|
Nylon FDY |
2465.35 |
USD/Ton |
0% |
11/18/2015 |
|
40D Spandex |
5243.76 |
USD/Ton |
0% |
11/18/2015 |
|
Nylon DTY |
1048.75 |
USD/Ton |
-1.47% |
11/18/2015 |
|
Viscose Long Filament |
2707.97 |
USD/Ton |
-0.57% |
11/18/2015 |
|
Polyester DTY |
5835.44 |
USD/Ton |
0% |
11/18/2015 |
|
Nylon POY |
1252.24 |
USD/Ton |
-0.31% |
11/18/2015 |
|
Acrylic Top 3D |
2277.51 |
USD/Ton |
-0.34% |
11/18/2015 |
|
Polyester FDY |
2207.07 |
USD/Ton |
0% |
11/18/2015 |
|
30S Spun Rayon Yarn |
2833.19 |
USD/Ton |
0% |
11/18/2015 |
|
32S Polyester Yarn |
1690.52 |
USD/Ton |
0% |
11/18/2015 |
|
45S T/C Yarn |
2676.66 |
USD/Ton |
0% |
11/18/2015 |
|
45S Polyester Yarn |
1862.71 |
USD/Ton |
-0.83% |
11/18/2015 |
|
T/C Yarn 65/35 32S |
2300.99 |
USD/Ton |
0% |
11/18/2015 |
|
40S Rayon Yarn |
3005.38 |
USD/Ton |
0% |
11/18/2015 |
|
T/R Yarn 65/35 32S |
2582.75 |
USD/Ton |
0% |
11/18/2015 |
|
10S Denim Fabric |
1.10 |
USD/Meter |
0% |
11/18/2015 |
|
32S Twill Fabric |
0.92 |
USD/Meter |
0% |
11/18/2015 |
|
40S Combed Poplin |
1.00 |
USD/Meter |
0% |
11/18/2015 |
|
30S Rayon Fabric |
0.74 |
USD/Meter |
0% |
11/18/2015 |
|
45S T/C Fabric |
0.75 |
USD/Meter |
0% |
11/18/2015 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15653 USD dtd. 18/11/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
SRTEPC has welcomes the initiative taken by the Central Government to boost the exports of textiles made of Man-made fibres for B&C group of countries under the MEIS Scheme. In the original policy issued in April 2015 there was no incentive for export of such textiles for Africa and Latin American countries falling under the B&C category. While this will be a definite booster for increasing our export of textiles to non-conventional markets, few items have skipped the attention of the authorities.
India, being the largest producer of Polyester & Viscose in the world can supply Polyester/Viscose blended spun (P/V) yarn to the world for making Apparels for most of the uses. In the current year the export of P/V spun yarn falling under Chapter 55 has dropped by almost 19% due to non competitiveness as compared to China. There is a huge market for such Yarn and the same needs to be included under MEIS for B&C countries also where India can definitely secure a large share of exports in this segment.
The Government has announced the revised All Industry rates of Duty Drawback rates effective from 23.11.2015. The rates have been increased in some of the cases like Cotton Made-ups and Readymade Garments of Cotton and certain fabrics. However, the rates for the same items manufactured from Man-made fibre have not been simultaneously increased. One of the most commonly exported fabrics made of P/V falling under Chapter Heading 5515 has got a setback as Drawback rates on this has been reduced.
SRTEPC has requested the Drawback Directorate under MOF to kindly look into it and correct the anomaly in the Madeups and Fabrics made of PV accordingly. Though, the Drawback rates announced by the Government are by and large satisfactory except for some of the above items, which have been reduced despite the increased competition from China. It is heartening to note that the Cabinet has approved 3% Interest Subvention for the exporters applicable from April 2015, which will give an impetus to the falling exports of the country. SRTEPC hopes that the Interest Subvention Scheme is uniformly applied all exporters without any discrimination and conditionality’s.
SOURCE: The Tecoya Trend
Chief Minister Tarun Gogoi during a meeting with delegation of Sualkuchi Tat Silpi Sanstha at his official residence recently assured the delegates that the State government would not allow the age-old weaving industry of Sualkuchi to decline and would continue to provide support and assistance so that it becomes vibrant and resilient. Gogoi also told the delegation that he would ask the Minister for Handloom & Textiles, Bismita Gogoi to visit Sualkuchi to take stock of the situation there and redress the grievances of the weavers who are facing problems. The CM said that the government would take up a special new scheme for the overall development of the weaving industry in the State, including those of Sualkuchi. The government is also mulling to set up a silk yarn bank at Sualkuchi to ensure adequate supply of silk yarn to weavers. The new scheme, to be taken up by the Handloom & Textiles Department, would incorporate new designs and techniques to make traditional handloom products more colourful and attractive. The Chief Minister said that yarn is being distributed to weavers so that they can become strong financially. Gogoi alleged that a local MLA did not play a proactive role for the development of the Sualkuchi weaving industry due to which there is a proliferation of cheap Banarasi silk, and that he was responsible for damaging the age-old weaving industry by helping vested circles to set up other industries. The delegation is asked to work on a cluster basis for the development of the industry.
SOURCE: Yarns&Fibers
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for Interest Equalisation Scheme (earlier called Interest Subvention Scheme) on Pre & Post Shipment Rupee Export Credit with effect from 1st April, 2015 for five years. The scheme will be evaluated after three years.
The following are the features of the Interest Equalisation Scheme:
The operational instructions of the scheme would be issued by RBI. Financial implication of the proposed scheme is estimated to be in the range of Rs. 2500 crore to Rs. 2700 crore per year. However, the actual financial implication would depend on the level of exports and the claims filed by the exporters with the banks. Funds to the tune of Rs. 1625 crore under Non-plan Head of account are available under Demand of Grants for 2015-2016, which would be made available to RBI during 2015-16. The scheme will help the identified export sectors to be internationally competitive and achieve higher level of export performance. The scheme covers mostly labour intensive and employment generating sectors like processed agriculture/food items, handicrafts, handmade carpet (including silk), handloom products, coir and coir manufactures, jute raw and yarn and other jute manufactures, readymade garments and made ups covered under Chapter 61-63, fabrics of all types, toys, sports goods, paper and stationary, Cosmetics and Toiletries, Leather Goods and footwear, Ceramics and Allied Products, Glass and Glassware, Medical and Scientific Instruments, Optical Frames, Lenses, Sunglasses Etc., Auto Components/Parts, Bicycle & Parts, Articles of Iron or Steel (Notified lines), Misc. Articles of base metals (Notified lines), Industrial Machinery, Electrical and Engineering items, 1C Engine, Machine tools, Parts (Notified lines), Electrical Machinery and Equipment (Notified lines), Telecom Instruments (Notified lines) and all items manufactured by SMEs other than those covered above.
SOURCE: PIB
Textile units here have welcomed the approval by the Cabinet Committee on Economic Affairs for interest equalisation scheme (earlier called Interest Subvention Scheme) on pre and post shipment rupee export credit with effect from April 1, 2015 for five years.
Plan for long term
According to regional chairman of Federation of Indian Export Organisations, A. Sakthivel, the three per cent interest equalisation scheme for five years will help exporters plan for the long term. It encourages sectors such as textiles, engineering and leather.
Negative growth
Mr. Sakthivel, who is also the president of Tirupur Exporters Association, was of the opinion that the scheme had come at an appropriate time when the apparel exports registered negative growth in August and September on a year-to-year basis. Southern India Mills’ Association deputy chairman P. Nataraj said the scheme for fabrics and made ups will make the industry competitive. The government has increased draw back rates, expanded the merchandise exports from India scheme and now brought in interest subvention scheme. This will boost exports, he said. Prabhu Dhamodharan, secretary of Indian Texpreneurs Federation, said the timely support from the government will help the textile sector regain its export market share and move up the value chain.
SOURCE: The Hindu
Chief Minister N Chandrababu Naidu has said that industries being set up with an investment of Rs 2,800 crore will provide direct and indirect employment to 22,300 people. At the State Investment Promotion Board (SIPB) meeting held late on Tuesday night, he asked the officials concerned to take measures for textile industry hubs at Guntur, Visakhapatnam, Kurnool and Anantapur. He said permissions have been given for the expansion of Vasantha Industries Cotton Spinning Mills in Thimmapuram of Guntur district with an investment of Rs 159 crore, for Tarakeswar Textile Park in Sullurpet mandal of Nellore district with an investment of Rs 337 crore and it will commence production by 2017. Knitting mill, garmenting project by Texport Industries Project Limited will be started in Visakhapatnam with an investment of Rs 101 crore. He said major industries project to come in the state at present will be that of Kribhco to be set up at Sarvepalli and near Krishnapatnam in Nellore district with an investment of Rs 1,500 crore. It will commence production in 2019, he added. The Chief Minister said in Sri City of Chittoor district, Rexam HTW Cans Industry will be set up with an investment of Rs 588 crore for production of soft drink cans. Britannia Biscuits will be setting up its units at Kuppam of Chittoor district with an investment of Rs 145 crore and production will commence in 2016-17.
SIPB had given necessary permissions for power, roads, land, water and other basic infrastructure facilities, while ratifying the incentives for celkon, micromax, Karbonn mobile manufacturing companies in Chittoor district, for which Prime Minister Narendra Modi laid foundation stone recently. The board also issued permissions for solar cell and module manufacturing firms Langi Solar, Trina Solar, J Solar. It also issued permissions to Aerospace Defence Manufacturing Company VEM Technologies to set up its unit in West Godavari. Proposals from HPCL, Rising Star, Berger Paints, KPR Industries, Gujarat Ambuja Export Ltd, Plora Ceramic industries limited were also discussed by the board on the occasion. Chief Minister said in the second quarter, state growth rate was registered at 10.82 percent, while growth rate in agriculture and allied sectors was 14.34 percent. However, industrial growth rate was just 7.61 percent, which needs to be improved. Growth rate in service sector was 11.19 percent. He expressed his dissatisfaction on not being able to provide skilled manpower to the industries already set up and said those industries are being forced to import skilled workers from other states. He wanted officials concerned to take immediate action of improving skills of the youth in the state.
SOURCE: The New Indian Express
The National Green Tribunal (NGT) in its judgment delivered on November 04, 2015, has given conditional permission to re-start the textile processing units in Pali, Balotra and the surrounding areas provided they comply with the guidelines of the tribunal and the state pollution control board. This has brought back smile on the faces of yarn traders, weavers and grey cloth merchants of Malegaon textile industry, reeling under recession since January 2015. Malegaon, the second largest textile cluster after Bhiwandi in Maharashtra, was already under recession due to market slowdown at the international level. But, after the textile processing units in Rajasthan were closed following the court order, the situation reached to such a level that power loom units in Malegaon were forced to run only for 3-4 days in a week. However, it will take another two weeks or so before the situation comes back to normal. As per the judgment of the National Green Tribunal (NGT), the units fulfilling the condition as laid down in the judgment will be given permission to re-start industrial operation, provided they have also deposited the security money. The monitoring committee headed by the district collector will meet after Diwali vacation for the assessment of the textile processing units, said Rakesh Dhingra, Asst. Environmental Engineer Balotra.
The National Green Tribunal's (NGT) circuit bench of Jodhpur had ordered the closure of about 739 textile processing units in Pali, Balotra, and their surrounding areas of Jasol and Bithuja because of non-compliance of the environmental norms. The tribunal had also ordered the trust operating the Common Effluent Treatment Plant (CETP) to renew the Consent to Operate the plant and obtain the hazardous waste disposal authorization from the Rajasthan State Pollution Control Board. Dhingra said that the assessment of all textile processing units in one go is not possible, yet the board is trying its best to complete the procedure as early as possible. Things are expected to come to normal by the month end or maximum by the first week of December.
Malegaon has about 2,50,000 power looms manufacturing roughly about 02 crore meters of grey cloth per day. It comprised of 60% cotton grey cloth, 35% synthetic and 05% color saris and lungis, employing directly or indirectly a population of about 6.5 lakh people. Besides widespread unemployment, the recession has left many weavers and grey cloth merchants bankrupt. Considering an average cost of the grey cloth manufactured in the city as Rs.15 per meter, closing down the power loom unit for one day means a production loss of 30 crore rupees. And, weavers are running their units for 3-4 days in a week since January. From this one can judge what a huge loss the industry must have incurred, said Hastimal Vadera of Mahalaxmi Textile Traders (MTT). Notwithstanding the huge losses the industry incurred due to the prolonged recession mainly because of the closure of textile processing units in Rajasthan, it pushed the stakeholders to look for other means and alternative so that the situation is not repeated in future.
According to Amol Tapadiya, a leading yarn trader, the industry incurred a turnover loss of more than 35% because of the slowdown. Currently, more than 95% of cotton grey cloth fabrics manufactured in Malegaon go to processing units in Pali, Balotra and the surrounding areas. The industry does not have any other alternatives for absorption of their finished produce. It is high time Malegaon adapts to latest technologies and modern machines to open the doors of direct export and other viable options. Amol also said that besides modern machines to manufacture export quality fabrics, the city also needed yarn spinning mills in and around so that the cost of raw material is checked. In clusters like Ichalkiranji where it has about 26 spinning mills in and around the city and it helps the cluster a lot for its survival in the highly competitive market, especially in the time of crisis, he said.
As per Nehal Ansari, one of the founder members of Malegaon Industries & Manufacturers Association (MIMA), construction work of up-to-date factory sheds to install around 324 rapier, shuttle-less and modern imported power looms are about to complete in the MIDC area of Malegaon. Simultaneously, a Common Facility Centre (CFC) with modern sizing and processing unit is about to commence operation nearby. In the coming day, Malegaon likely to play a major role in the country’s textile sector as MIMA are working consistently and in the right direction. MIMA is also coordinating with the local Power loom Service Centre (PSC) for the functioning of a readymade garment and embroidery training centre funded by Ministry of Textiles so that a trained workforce is developed for the apparel park which MIMA intends to establish in the city.
SOURCE: Yarns&Fibers
Government today approved the protocol amending the agreement between India and Kuwait for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The decision was approved at the Cabinet meeting chaired by Prime Minister Narendra Modi. The protocol provides for internationally-accepted standards for effective exchange of information on tax matters, including bank information and information without domestic tax interest, an official release said. "It is further provided that the information received from Kuwait in respect of a resident of India can be shared with other law enforcement agencies with authorisation of the competent authority of Kuwait and vice versa," it said. Post the clearance by the Union Cabinet, there will be amendment in the protocol agreement between India and Kuwait for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. India and Kuwait had signed the Double Taxation Avoidance Agreement (DTAA) in 2006 for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income, through the protocol. The agreement which came into force in October, 2007 was done with the view to promote economic co-operation between the two countries.
SOURCE: The Economic Times
Africa is proving to be a favourable market for Indian investment, particularly with more participation from the private sector, a senior Indian official has said. Shailesh Nathan, Small and Medium Business Development Chamber of India's (SME) Regional Director (MENA) in a statement said that even though the figures may seem not so impressive from the mid 1990s until now, the growth rate of this investment segment is very high. His statement comes following the Third India Africa Forum Summit (IAFS) held in New Delhi in October where Prime Minister Modi reiterated that his government's interest in Africa was driven by the aim of empowerment, capacity building, human resource development, access to Indian market, and support for Indian investments in Africa. "The African market cannot be overlooked, he said adding that more and more private sector to private sector trade is happening even though the infrastructure may not be as good as when compared with China," Nathan said. "There are many inspiring examples of African success stories in small and medium enterprise and the empowerment of youth and women and that is exactly where India would like to join hands with this continent towards sustainable growth and development n the years to come," he said. Nathan, also President of Diplomats Summit- a forum connecting the public and private sectors- is currently in talks with African trade bodies to bring them to Dubai for the Dubai Solar Show in 2016 to connect them with technology experts and decision makers in this regard. With an average population of 1.1 billion, Africa's total GDP is worth over $2.8 trillion and has been growing at over five per cent every year. With India's trade with the continent worth $71 billion a year, it believes Africa will help its economy grow faster and is targeting around $90 billion by the end of 2015.
SOURCE: The Economic Times
Shoring up efforts to combat terrorism and enhancing economic engagement will be the focus of Prime Minister Narendra Modi when he addresses two powerful regional blocs at the ASEAN-India and East Asia summits during his tree-day visit to Kuala Lumpur beginning Saturday. Modi will also hold talks with top leadership of Malaysia on ways to ramp up bilateral cooperation in a range of areas including defence and security and take the strategic ties to a new level. The two sides are likely to sign a number of MoUs. Combating terrorism is likely to be the major focus area of the 10th East Asia Summit and the Prime Minister will seek concerted efforts to defeat the challenge as the shock of the Paris terrorist attacks jolted the whole world, said officials. The ASEAN is considered one of the world's fastest growing regions and both sides are likely to seek greater economic engagement besides expanding cooperation in host of other areas such as maritime security and dealing with illicit drug trafficking and cyber crime. ASEAN is India's fourth largest trading partner and India in turn is sixth largest trading partner for the bloc. The combined GDP of both sides is USD 2.57 trillion. On November 21, Modi will attend the 13th ASEAN-India Summit and will address the East Asia Summit the next day. "In view of rise of non-traditional security threats ASEAN and India are looking closely in addressing terrorism, drug trafficking, cyber crime and piracy along the Malacca Straight," said Secretary (East) in the Ministry of External Affairs Anil Wadhwa.
Asked about the recent flare up in South China Sea following visit of a US ship, he said India does not favour any party and has been maintaining that any dispute in the region must be resolved through dialogue. He said India was for speedy implementation of the declaration of code of conduct and was looking forward to conclusion of a document in this regard between ASEAN and China. India and ASEAN countries are also likely to discuss ways to enhance connectivity links. A motor vehicles agreement among India-Myanmar-Thailand has just been finalised and the negotiations for ASEAN-India maritime transport agreement are also underway, he said. The leaders of East Asia Summit are expected to discuss matters of international concern including terrorism,irregular migration, South China Sea, situation in Korean Peninsula and in the Middle East. About seven statements and declarations are scheduled to be adopted at the summit, said Wadhwa.
SOURCE: The Economic Times
The Congress has asked the Narendra Modi government why India’s exports have dwindled despite the Prime Minister visiting 30 countries in the last one-and-a-half years.Party spokesperson Abhishek Manu Singhvi said here on Wednesday that the country witnessed a “whopping drop of 44.89 per cent” in exports, from $280 billion in May 2014 to $154 billion.
‘Plummeting exports’
Singhvi claimed that under the UPA government, the country’s exports crossed the targeted $300 billion and stood at $315 billion in March 2013. “Even during the first eight months of the current fiscal and all the hoopla created by Modi’s government around ‘Make in India’, our exports plummeted by 17.6 per cent to just $154.29 billion in October. India’s exports have contracted for 11 straight months now,” he said, quoting government figures. He said gems and jewellery, which account for roughly 13 per cent of the export basket, had fallen 12.8 per cent. “Chemicals and related products which account for 10 per cent of the basket fell by 8.2 per cent while engineering goods with a share of 22.4 per cent have contracted 11.6 per cent,” he said. “Why is the economy in such a pitiable state? Apart from the sloganeering that the Prime Minister is indulging in in the NRI circuit, what tangible steps has the government taken to push exports? We want to ask PM Modi, what exactly have you been doing on your frequent foreign tours? What is the reason for decrease in exports?” Singhvi asked.
‘Congress can help’
He urged Modi government to take tips from the Congress on running the economy. “We would like to ask the government that if Modi and Finance Minister Arun Jaitley are finding it difficult to handle the economy, the Congress party would like to help them with all its experience, in the larger interest of the country,” he added.
SOURCE: The Hindu Business Line
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 40.03 per barrel (bbl) on 18.11.2015. This was lower than the price of US$ 40.27 per bbl on previous publishing day of 17.11.2015.
In rupee terms, the price of Indian Basket decreased to Rs 2646.82 per bbl on 18.11.2015 as compared to Rs 2657.22 per bbl on 17.11.2015. Rupee closed weaker at Rs 66.11 per US$ on 18.11.2015 as against Rs 65.98 per US$ on 17.11.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on November 18, 2015 (Previous trading day i.e. 17.11.2015) |
Pricing Fortnight for 16.11.2015 (Oct 29 to Nov 10, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
40.03 (40.27) |
45.58 |
|
(Rs/bbl |
2646.82 (2657.22) |
2993.24 |
|
|
Exchange Rate |
(Rs/$) |
66.11 (65.98) |
65.67 |
SOURCE: PIB
China's share in India's total imports has risen to 15.1 per cent so far in the current financial year (April-August 2015). Between 2010-11 and 2014-15, the country's share in India's import basket grew rapidly from 11.8 per cent to 13.5 per cent. This makes China the largest exporter to India. A slowdown in China might do little to reverse this trend, as long as India's burgeoning middle class' appetite for consumer durables continues, says Biswajit Dhar, trade expert and a professor at Jawaharlal Nehru University. The overall trade between the two countries has steadily risen from $57.65 billion in 2011-12 to $72.3 billion in 2014-15. During the April-August period, total trade stands at $29.2 billion. However, this growing trade relationship is because of the rapid growth in India's imports from China. Of the total trade of $72.3 billion in 2014-15 between the two countries, India imported goods worth $60.4 billion, while exports to China were a mere $11.9 billion. So far in FY16, Saudi Arabia has been the second-largest exporter to India. But it is a distant second at $9.8 billion, or 5.8 per cent of total imports. While many expect China's export growth to slow down as a consequence of labour scarcity and higher wages, which will lower its competitiveness, its export growth to India is likely to continue unabated. "In spite of a slowdown in China, imports to India have not slowed down. From other countries, we may see a slowdown in imports but we haven't seen that in China's case and may not see in the future as well," says Dhar.
Part of the explanation for this stems from the fact that as a manufacturer of finished products that are being consumed in large numbers, the demand for Chinese manufactured products in India continues to remain unaffected. "The reason for that is that a big chunk of imports from China is that of electronic items and consumer durables. India has not been affected as much by a global demand slowdown and as long as there is demand from the middle class, imports from China may not get affected," says Dhar. The second biggest segment in the import basket is that of nuclear reactors, boilers, machinery and parts, which contributed 17.1 per cent of total imports for the first five months of 2015-16. Organic chemicals accounted for 11.1 per cent of the export basket. "On the import side, in certain product categories, imports from China are becoming more competitive. There is an element of import substitution. This is putting some pressure on Indian industry. Steel imports are also rising. This is due to the slowdown in China, which has created excess capacity in the country which is now flooding international markets," says Madan Sabnavis, Chief Economist at CARE Ratings.
The share of iron & steel imports has risen from 1.9 per cent in 2013-14 to 4.5 per cent in 2014-15. Between April and August 2015, it stood at 3.4 per cent of the import basket. Part of the increase in imports can be attributed to the fact that the huge capacity that China created over the past decades has allowed it to reap the benefits of economies of scale. However, Indian industry in certain segments is not competitive. While there is already a safeguard duty in place for steel, a public hearing is on to determine whether to continue it or impose an anti-dumping one.
On the exports side, there seems to be little downside. The fear is that after decades of unbridled GDP growth, whether China is slowing down, impacting India's exports. China's growth was 6.9 per cent in the third quarter of calendar year 2015, down from seven per cent in the first and second quarters. For the fourth quarter, the country's GDP growth is expected to come in at 6.8 per cent. However, as the country accounts for only four per cent of India's exports, the decline in India's exports will be marginal, says Sabnavis. The indirect effect might prove to be more significant. As the world's largest consumer of commodities, a slowdown in China is bound to effect major commodity producing economies. It is also likely to affect the east-Asian economies, which are more closely integrated into the famous Chinese supply chains. A slowdown in these economies will lower the demand in these economies, which in turn could affect India's exports to them. "Exports to other economies, especially commodity producers who will see lower export growth to China, could possibly see a slowdown. This is part of the larger picture of sluggish global demand," Sabnavis adds.
SOURCE: The Business Standard
ISOTEX Engineering, a member of SANTEX Group, is a specialist producer of technologies for the production of technical textiles and composite materials. Isotex Engineering announced its new agreement with Covestro to develop and market technologies for PU synthetics, technical textiles, films and foams based on INSQIN waterborne polyurethane technology, a total solution for textile industry. The two companies will jointly promote environmentally-friendly solutions for PU coated fabrics, addressing the emerging requirements from the sportswear, fashion and automotive industries. Isotex Engineering’s machines will guarantee optimal production standards using INSQIN technology. The new line of machines will be designed for using INSQIN technology with process innovation from Isotex Engineering, to produce waterborne PU synthetic materials and other coated textiles.
Nicholas Smith, Global Head of Textile Coatings of Covestro said that continuous innovation in textile machine technology is just as important for the industry as innovation in chemistry. For this reason they are delighted to collaborate with Isotex. Stefano Gallucci, CEO of Isotex Engineering and Santex Group said that they believe waterborne products are the future. Technology and chemistry are ready after years of R&D efforts. They are very honoured of this partnership with Covestro and working worldwide with their clients to help them with this new rich market opportunity. Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. Covestro, formerly Bayer MaterialScience, has 30 production sites worldwide and employs approximately 15,700 people (calculated as full-time equivalents) at the end of September 2015.
SOURCE: Yarns&Fibers
Ministry of Skill Development to undertake skill gap study for Afghanistan. An Afghanistan delegation led by their Deputy Foreign Minister Mr. Hekmat Khalil Karzai, today met the Union Minister for Skill Development and Entrepreneurship, Rajiv Pratap Rudy to explore possible collaborations between the countries to strengthen the skill ecosystem of Afghanistan. Highlighting a major concern of unskilled workforce and the migration of trained individuals from other countries to Afghanistan, the Deputy Foreign Minister informed that Afghanistan is undertaking significant reforms to structure its labour markets and develop a skilled workforce for its economic development. In this regard, the delegation sought support from the Ministry of Skill Development and Entrepreneurship to undertake a skill gap study of the workforce in its county to identify the potential sectors where skill development courses could be initiated.
Sharing his keen interest in providing full cooperation to Afghanistan, Rudy informed the delegation about the National Skills Qualification Framework (NSQF) that provides the approach to skill development trainings in the country. He invited the delegation to nominate students from its country who could come and undertake 1 year skill development courses in India. Expressing the need to build enterprises in both the countries, Rudy further offered Afghanistan with a platform where students could be enrolled in entrepreneurship development courses through the International Technical and Economic Cooperation Programme of the National Institute for Entrepreneurship and Small Business Development (NIESBUD). The Skills Minister proposed the delegation to visit some of the premium skill development institutes of India to have a holistic understanding of the approach for training adopted in the country. The two sides highlighted the importance of such a collaboration to establish the formal skill development framework and suggested that a Memorandum of Understanding (MoU) could be signed between the two sides through which a Joint Working Group (JWG) would be constituted to take things forward.
SOURCE: PIB
