|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
930.88 |
USD/Ton |
-0.08% |
1/20/2016 |
|
VSF |
1858.72 |
USD/Ton |
1.07% |
1/20/2016 |
|
ASF |
1895.95 |
USD/Ton |
0.00% |
1/20/2016 |
|
Polyester POY |
952.91 |
USD/Ton |
1.95% |
1/20/2016 |
|
Nylon FDY |
2218.91 |
USD/Ton |
0.00% |
1/20/2016 |
|
40D Spandex |
4787.37 |
USD/Ton |
0.00% |
1/20/2016 |
|
Nylon DTY |
5662.77 |
USD/Ton |
0.00% |
1/20/2016 |
|
Viscose Long Filament |
1132.25 |
USD/Ton |
0.34% |
1/20/2016 |
|
Polyester DTY |
2036.53 |
USD/Ton |
0.00% |
1/20/2016 |
|
Nylon POY |
2078.33 |
USD/Ton |
0.00% |
1/20/2016 |
|
Acrylic Top 3D |
1025.87 |
USD/Ton |
1.81% |
1/20/2016 |
|
Polyester FDY |
2462.08 |
USD/Ton |
0.00% |
1/20/2016 |
|
30S Spun Rayon Yarn |
2644.45 |
USD/Ton |
0.00% |
1/20/2016 |
|
32S Polyester Yarn |
1519.8 |
USD/Ton |
0.00% |
1/20/2016 |
|
45S T/C Yarn |
2462.08 |
USD/Ton |
0.00% |
1/20/2016 |
|
45S Polyester Yarn |
2796.43 |
USD/Ton |
0.00% |
1/20/2016 |
|
T/C Yarn 65/35 32S |
2416.48 |
USD/Ton |
0.00% |
1/20/2016 |
|
40S Rayon Yarn |
1686.98 |
USD/Ton |
0.00% |
1/20/2016 |
|
T/R Yarn 65/35 32S |
2112.52 |
USD/Ton |
0.00% |
1/20/2016 |
|
10S Denim Fabric |
1.06 |
USD/Meter |
0.00% |
1/20/2016 |
|
32S Twill Fabric |
0.89 |
USD/Meter |
0.00% |
1/20/2016 |
|
40S Combed Poplin |
0.97 |
USD/Meter |
0.00% |
1/20/2016 |
|
30S Rayon Fabric |
0.71 |
USD/Meter |
0.00% |
1/20/2016 |
|
45S T/C Fabric |
0.73 |
USD/Meter |
0.00% |
1/20/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15198 USD dtd.20/1/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The long awaited new textile policy, which aims to create 35 million new jobs and boost exports to over $300 billion annually over the next decade, is likely to be launched soon, hopefully within a couple of months, said Santosh Gangwar, Minister of State for Textiles. The Textile Ministry has also started the process of settlement of dues related to old cases under the Technology Upgradation Fund Scheme. It plans to notify the guidelines of the Amended Technology Upgradation Fund Scheme (A-TUFS), recently cleared by the Union Cabinet, in a week following which it will start accepting applications for funding under the scheme. “The draft textile policy is ready and discussions are on. We hope to place it before the Union Cabinet in a month’s time,” Gangwar told the media after inaugurating the India International Garment Fair (IIGF) organised by the Apparel Export Promotion Council on Wednesday. The Centre had initially planned to ready the policy after the announcement of the Union Budget last year, but it got stuck as discussions with other ministries including Finance and Labour over financial incentives and relaxation in regulations were delayed.
Gangwar said the textile industry would greatly benefit from the amended TUFS, under which apparel, garment and technical textiles will get 15 per cent subsidy on capital investment, subject to a ceiling of Rs. 30 crore over a period of five years. “The process of settlement of dues related to the old cases has started,” Textile Secretary Rashmi Verma said. She added that applications for disbursement of funds under the amended scheme will start soon after the guidelines of A-TUFS are notified. “We hope to notify the guidelines in a week’s time,” she said. The IIGF has attracted 809 buyers from across the globe, 350 buying agents, 200 visiting buyers and 322 participants.
SOURCE: The Hindu Business Line
India will likely achieve just over 90% of its garment export target in the current fiscal, despite the sector putting up a better show than textiles and many other merchandise segments, sources said on Wednesday. The country’s apparel exports may just about cross $17 billion in 2015-16, compared with the target of $18.73 billion for the fiscal, as outbound shipments to key markets like the US and Europe remained lower than expected due to an economic slowdown, they added. According to Apparel Exports Promotion Council (AEPC) chairman Ashok G Rajani, the garment segment still witnessed a 5% rise in exports in December from a year before and a 2.8% increase during the April-December period to $12.47 billion, far outpacing an 18% contraction in the country’s overall exports.
The country’s overall textile and garment exports grew roughly 5% in the last fiscal to $41.4 billion from a year before, but still lower than the official target of $45 billion for 2014-15. The government has set the target for the textile and clothing exports at $47.5 billion for 2015-16. Already, garment exporters are concerned about Vietnam, a key competitor, likely getting duty-free access to the EU market from 2017 under a free trade agreement concluded between the two parties late last year, while Indian exporters have to pay a 9.6% duty to ship out to the 28-member bloc, said Rajani. Even the proposed Trans-Pacific Partnership, once implemented, will allow Vietnam zero-duty access to the US, while Indian garment exporters are required to pay duties in the range of 17-30%. While the EU made up for almost 40% of Indian garment exports last fiscal, North America accounted for just above 25%. “The India-EU Broad-based Trade and Investment Agreement (BTIA) is yet to be finalised, exporters are expecting faster conclusion of the talk so that they can compete with Bangladesh and Vietnam,” he added.
India and the EU on Monday took stock of “outstanding issues” for the proposed free trade agreement (FTA) after a gap of almost three years. The EU suggested that a secretary level meeting be held on the issue, commerce secretary Rita Teatoia said on Monday, adding that India would decide on how or whether to proceed after that meeting. However, she added: “We are keen to go ahead and work towards a balanced agreement.” Rajani has sought the simplification of and flexibilities in labour laws. “Women employee should be allowed to work in night shifts, fixed term employment, given the industry’s seasonal nature, enhancement of working hours and relaxation in overtime and quarterly cap and liberalising procedures for lay-offs,” Rajani said. An investment of R30 crore creates opportunities for 2,200 jobs and R120 crore worth exports, he said at the 56th India International Garment Fair.
Textiles minister Santosh Kumar Gangwar inaugurated the fair, which is expected to attract over 800 buyers from across the globe. For its part, the textile ministry has sought a quick resolution of the India-EU free trade agreement. Already, competing countries like Bangladesh and Pakistan have zero-duty access to the EU market. Gangwar last month told FE that he had already recommended easing of labour laws for the sector, including doubling overtime limit for workers and easing restrictions for women to work at night in factories.
SOURCE: The Financial Express
Special purpose vehicles (SPVs) for integrated textile processing parks have been formed in Tamil Nadu, as a part of the process to establish integrated textile processing parks with zero liquid discharge systems, according to a national daily. The parks are expected to come up at Vellakuttai and Nathamedu in Pallipalayam, and at Manjupalayam in Komarapalayam. Chief minister Jayalalithaa, earlier in 2014 had announced the setting up of common effluent treatment plants in Erode, Salem, Namakkal and Karur for small and medium sized textile processing units. The Diagnostic Study Feasibility Report (DSFR) for these clusters was submitted by the Tamil Nadu Water Investment Company Limited (TWIC) to the government. Three companies were registered under the acts as Green Cauvery Dyeing Committee, Green Cauvery General Dyeing Committee and Pallipalayam Dyeing Factory Association. These included members from both the authorised and unauthorised dyeing unit owners. Establishment of special purpose vehicle, which is the registration of the companies were commenced on receiving the willingness and confirmation from the unit owners. Now the next step would be the purchase of land for the companies to establish the parks in the proposed villages and handover them to the government for construction
SOURCE: Fibre2fashion
The Bombay High Court Wednesday directed the state government to inform them about the rehabilitation scheme it proposes to introduce for workers of defunct textile mills. The court was hearing a petition filed by Girni Kamgar Sanghatana, which had sought rehabilitation for mill workers. “Maharashtra Housing and Area Development Authority has to inform us about the total amount of textile land which has been placed under them, number of tenements which has been allotted to workers and the number which is left to be allotted as of now. The MHADA should also specify the details of criteria it has set for allotment of tenements reserved for mill workers. We also direct the government to tell us the manner in which it plans to rehabilitate mill workers,” said the court. Most of the textile mills in Mumbai and elsewhere in the state have closed down for various reasons more than two decades ago. The vast tracts of mill lands are now valued at a high price because of their prime location. The unions have been demanding rehabilitation of workers saying they had lost their livelihood.
SOURCE: The Indian Express
An online tracking system will now help officials of Chennai Customs to monitor uncleared or unclaimed cargo lying at various container freight stations (CFS) in and around Chennai.
Unclaimed containers
This pilot for sea cargo was launched a fortnight back in the city, and will be extended to other locations in due course, said a senior department official. At present, over 3,000 sea containers are lying unclaimed or uncleared at various CFS as consignees have failed to take delivery of the cargo for various reasons. The department loses revenue as duty was not paid for the imported cargo by the consignee and valuable space at CFS is occupied without payment of demurrage, said CM Madhanagopal, Assistant Commissioner, Chennai Customs, and spearheading the online tracking project.
Digital interface
Hitherto, there was no system to monitor such cargo. The new system will replace the manual processes, which delay the disposal of cargo, he said. The system will provide a secure, digital interface with Customs for all stakeholders and ensure speedy disposal.
Auction by custodian
According to S Padmanabhan, Director, Sattva Logistics, which runs a CFS, some of the cargo has been lying uncleared for over two years as it could be involved in legal issues or some investigation may be going on. As per the Customs Act, if the cargo is not cleared within 90 days, it can be auctioned by the custodian. However, a lot of delay happens as no-objection certificate is required from various departments, including the Department of Revenue Intelligence, he said.
SOURCE: The Hindu Business Line
The Union Cabinet on Wednesday approved amendments to the power tariff policy that aims to tighten regulations for setting rates and promote clean energy. The policy, which is governed by the Electricity Act, was under revision since 2011. It has nearly 30 major amendments and a few minor ones, aimed at ensuring uninterrupted supply to all consumers by 2021-22. To bring down rates, the policy suggests several measures, including microgrids for remote villages and small power plants near coal washeries. It has a provision for sale of un-requisitioned power in the spot market through power exchanges. "The proceeds will be shared among power producers and the state with which it has signed the sale pact," said Piyush Goyal, minister of state for coal, power and renewable energy. The policy allows cost pass-through for use of imported and e-auctioned coal that producers of power in projects awarded through auctions have to use because of a shortfall in contracted supply by Coal India. State electricity regulatory commissions must reserve a minimum percentage for purchase of solar energy, so that it reaches eight per cent of total energy consumption, excluding hydro electricity, by March 2022. New coal- or lignite-based thermal power plants after a specified date are to "establish/procure/purchase renewable capacity as prescribed by the central government".
Existing plants can set up such capacity subject to approval of procurers. No inter-state transmission charges and losses are to be levied for renewable energy till notified by the central government. All inter-state transmission projects will be developed through competitive bidding, except projects of strategic importance, those involving technical up-gradation or those needing urgent completion. Power ministry officials said the list of exceptions had been reduced to bring more investment into the sector.
POWERING INDIA
"Competition will reduce the cost of transmission and lead to timely execution of projects with flexibility to meet emergencies. The consumer will benefit from competition and efficiency in transmission pricing," said Goyal. Intra-state transmission projects above a cost threshold will be developed by state governments through competitive bidding. "It shall be compulsory for consumers to use smart meters with consumption over 500 units per month by December 2017 and with consumption over 200 units per month by December 2019," said the policy statement. The central commission has been given the right to introduce norms for ancillary services necessary for maintaining power quality, reliability and security of the grid, including the method of sharing charges.
SOURCE: The Business Standard
Switzerland-based companies have evinced interest in setting up a solar panel manufacturing plant at an initial investment of $200 million and a proposal for setting up a Rs2,000 crore mega textile park in Andhra Pradesh during Chief Minister N. Chandrababu Naidu meetings with business delegations in Zurich on Tuesday. Mr. Naidu, who arrived in Zurich en route Davos to participate in the three-day World Economic Forum’s annual summit, held meetings with various business delegations. Gherzi Textile Unit submitted a proposal to the Chief Minister for setting up a Rs. 2,000-crore mega textile park. The company’s representatives, led by its chairman, Francesco Gherzi, said that the challenge in Andhra Pradesh lay in adding value to cotton production by weaving and not merely by ginning. The Chief Minister asked the delegation to take up projects on a pilot basis and scale up later.
Another solar panel manufacturing company, Meyer Burger, too, has shown interest in establishing an export-driven project and is considering Visakhapatnam and Kakinada as suitable locations. Mr. Naidu invited BKW Engineering Company to study the State’s hydro resources and come up with a project proposal after it offered to partner with Andhra Pradesh in the conventional energy sector. Mr. Naidu, whose first programme on his arrival in Switzerland was a commemorative meeting on former Chief Minister N.T. Rama Rao, organised by the Telugu Association in Zurich, invited NRIs to invest in AP by setting up new industries in the State and be a part of the State’s development process and its flagship Smart Village-Smart Ward programme. He underlined the important role NRIs could play in providing access to markets and technology.
According to a press release, Telugu-speaking NRIs settled in Switzerland and an NRI Telugu delegation from England welcomed the Chief Minister. Mr. Naidu said AP would be developed into a knowledge and education hub. He also invited Ethical Coffee Company to explore organic coffee plantations at Araku in Visakhaptnam district and ArStaeco to participate in the ongoing e-tendering processing for waste energy in Visakhapatnam.
SOURCE: Yarns&Fibers
With the lifting of trade sanctions on Iran, India has come “under pressure” to complete the Chabahar Port project. Meanwhile, both sides have also agreed on a deadline to complete the talks on the LNG terminal. “Now we are under pressure to complete the Chabahar project. It has to be done by the first half of this year,” a top official, involved in the talks told BusinessLine. The first phase of the $31-billion Chabahar Port project involves construction and operation of two berths there. In the second phase, India is eyeing the participation of private players – Jindal Infrastructures, Essar, SAIL and IRCON – to develop the area around the port which involves developing a free trade zone and a railway line connecting Afghanistan and the Central Asian region.
SOURCE: The Hindu Business Line
Welcoming the lifting of nuclear- related sanctions against Iran as "milestone", India today said it looks forward to further developing its longstanding, close economic cooperation with Tehran, including in the spheres of energy and regional connectivity. "India welcomes the announcement of lifting of nuclear- related sanctions against Iran. The milestone represents a significant success for patient diplomacy, and signals a new chapter of peace and prosperity. "India looks forward to further developing its longstanding, close and mutually beneficial economic cooperation with Iran, including in the spheres of energy and regional connectivity," External Affairs Ministry said today in a release.
Earlier this week, the US and the EU have lifted crippling sanctions against Iran following the UN nuclear watchdog's finding that Tehran had curbed its nuclear program as promised. Under pressure from the US and other western powers, India had relegated its second biggest oil supplier by cutting down purchases from 21.2 million tons in 2009-10 to 11 million tons in 2013-14. Imports have been of that order in last three years. Indian firms have so far shied away from investing in Iran for the fear of being sanctioned by the US and Europe. The same was deterring New Delhi from claiming rights to invest nearly USD 7 billion in the biggest gas discovery ever made by an Indian firm abroad. But after the lifting of sanctions, India is making a renewed pitch for rights to develop 12.8 Trillion cubic feet of gas reserves ONGC Videsh Ltd had found in 2008.
SOURCE: The Economic Times
Noting that imposition of minimum alternate tax (MAT) and Dividend Distribution Tax (DDT) has led to a slowdown in the SEZ sector, the Commerce Ministry today said it has taken up the issues with its Finance counterpart. These issues were discussed during the meeting of members of Export Promotion Council for EOUs and SEZs (EPCES) and Commerce Minister Nirmala Sitharaman here yesterday. The minister “informed that due to imposition of MAT/DDT, there has been slowdown in the SEZ sector in terms of growth in SEZs,” an official statement said. It said the ministry is in the process of identifying the reasons for this slowdown in the sector. “The Minister assured the members of the delegation that the ministry has already taken up this issue with Ministry of Finance,” it added. The industry is demanding roll back or reduction in these taxes to boost exports from special economic zones (SEZs).
The Commerce Minister also assured to look into the matter raised by the industry regarding preferential rates of free trade agreements to import from SEZs by domestic tariff area (domestic market), use of land in non-processing area, and dual use of land in non-processing area. In the meeting, EPCES Chairman P C Nambiar said that the imposition of MAT and DDT has dented the investor friendly image of SEZs, created uncertainty in the minds of foreign and domestic investors and has adversely affected the growth, investments, employment and exports from SEZs. It has also resulted in loss of valuable foreign exchange earning of the country. “He requested that MAT should be totally withdrawn or at least reduced to its original rate of 7.5 per cent,” it said. As regards proposal for abolition of all direct tax benefits for SEZs not operationalized before April 2017, Nambiar informed that Central Board of Direct Taxes is considering this proposal. It was requested to extend the sunset clause on SEZs up to 2023. “The Commerce Minister informed that the issue has already been taken up with Finance Minister to remove the sunset clause on SEZs. Nasscom has also taken up this issue,” the statement said. During April-September this fiscal, exports from these zones stood at Rs 2.21 lakh crore as against Rs 4.63 lakh crore in 2014-15. During the first half of this fiscal, these zones generated jobs for 15.44 lakh people.
SOURCE: The Financial Express
The Union Cabinet has given its ex-post facto approval to the stance adopted by India at the World Trade Organisation’s (WTO) tenth ministerial conference at Nairobi last month. New Delhi agreed to phase out its transportation and marketing subsidies for exporting agriculture products by 2023 as part of the Ministerial deal. “The Ministerial Decision also contains disciplines to ensure that other export policies are not used as a disguised form of subsidies. These disciplines include terms to limit the benefits of financing support to agriculture exporters, rules on state enterprises engaging in agriculture trade, and disciplines to ensure that food aid does not negatively affect domestic production. Developing countries have been given a longer time to implement these rules,” an official release said.
‘Evergreening’ patents
Another Ministerial decision extends the relevant provision to prevent “evergreening” of patents in the pharmaceuticals sector, the release said. “This decision would help in maintaining affordable as well as accessible supply of generic medicines,” it said. An agreement on the issue was reached by WTO members before the Ministerial. India supported outcomes on issues of interest to Least Developed Countries (LDCs) including enhanced preferential rules of origin for LDCs and preferential treatment for LDC services providers. India already provides substantial preferences in these areas to LDCs. An agreement was also reached on extending Special Safeguard Mechanism to developing countries to help them protect farm items against surge in imports or sharp fall in price, but the crucial decision on the triggers for using the mechanism, is yet to be taken.
SOURCE: The Hindu Business Line
A high-level American trade mission is set to visit India next month with the aim of increasing bilateral trade focussing on technologies, systems and services in key sectors like security, transportation and power, the US Department of Commerce said today. US Deputy Secretary of Commerce Bruce Andrews would lead the delegation of 18 American companies on a Smart Cities Infrastructure Business Development Mission to India from February 8-12. With stops in New Delhi, Mumbai and Chennai, Director of the US Trade and Development Agency (USTDA) Lee Zak and Vice President of Global Business Development at the Export-Import Bank Ray Ellis will also participate in the mission. "The trade mission will help US companies launch or increase their business in India, focusing on technologies, systems and services in the safety and security, intelligent transportation, water, wastewater, and power sectors," the US Department of Commerce said in a statement. This engagement will drive and enhance the sustainable growth of India's infrastructure sector while making India's growing urban centers more attractive to business and providing a better quality of life for India's citizens, the statement said. "By joining the global consensus agreed to in Paris last month, India made clear that it will be an important part of the world's solution to a truly global problem," said Andrews. "US industry stands ready and able to help India make its cities more sustainable -- an effort that will greatly benefit India's economic growth and our world's ability to address a changing climate," he said. The companies part of the trade mission include Alcoa Inc, Aquatech International, Black & Veatch Pvt Ltd, Convalt, Danaher Holding (DHR), Ecolab/NALCO, EI Technologies, MasterCard, Smart Cities Council among others.
As the world's third largest economy in the world in terms of purchasing power parity, India has the second largest population and is projected to add 500 million people to its urban population over the next four decades, the Department of Commerce said. The Indian government has made infrastructure development a priority, along with a plan to develop 100 smart cities -- developed urban areas that would create sustainable economic development and high quality of life through efficient and innovative energy, transportation, digital and social platforms. To connect these proposed cities with existing air and sea ports, India needs infrastructure upgrades and technologies, it said.
SOURCE: The Economic Times
The Consulate General of India in Shanghai recently organized a large scale India-China Business and Investment Forum (ICBIF) focusing on promoting investments from leading Chinese companies in India in sectors like Infrastructure, Urban Transportation, Railways, Renewable Energy, Smart Cities and Power Generation. The event last week was attended by an audience consisting of nearly 200 Chinese companies, select Indian companies, members of media along with distinguished representatives from governments and business fraternities of both sides. In a unique show of making a strong sales pitch for the Make in India initiative four CEOs of leading Chinese companies made presentations at the event to potential Chinese investors on the advantages of the Make in India campaign. These included Nan Cunhui, Chairman, Chint Group (into renewable energies and solar panels), Weimin Yao, Senior Vice President, Huawei (set up the Bangalore R & D Center for Huawei), Shen Jianfang, Chairman, Highly Electric (has a production facility in Ahemadabad for air compressors with 40% of the Indian market share) and Yang Qi, GM, CRRC Puzhen, Nanjing (providing metro/rail coaches to several Metro Projects in India).
Each of them drew upon their longstanding experience of operating in India and urged potential Chinese investors to look at investing in the Indian market aggressively. They cited the changed business environment, ease of doing business, cost of hiring labour and the volumes of project opportunities as the key advantages that India offered to Chinese investors. Some of the key issues raised by them as advice for potential Chinese investors in India, included (i) adopting long term strategy for the Indian market (ii) localization with employment of more Indian workers (iii) compliance with local laws (iv) gainful investment in R&D (v) availability of land and adequate supportive infrastructure (vi) tax structure including concern over complexity of the tax regime.
From the Shanghai Municipal Government, Zhou Taitong, Vice Chairman of the Shanghai CPPCC highlighted the important role of Prime Minister Modi in changing the business environment in India and called upon Chinese companies from Shanghai and the Eastern China Region to take full advantage of the opportunities available in India presently. In addition, Chairman of Shanghai CCPIT Yang Jianrong added that given the overall direction of India-China bilateral ties, investments from Chinese companies in India were likely to go up exponentially. He also called upon Chinese companies and provincial leaderships to actively participate in the upcoming Make in India Week to be held in Mumbai from 13 - 18 February.
President of the New Development Bank (NDB), K.V. Kamath who was the Key Note Speaker offered the NDB perspective and underscored that India and China as two of the leading developing country partners from the BRICS context, could change the narrative of South-South Cooperation through their partnership. He underscored that given the pace of India's rapid modernization there were several aspects where India could learn from where China's transformative experience which had lifted millions out of poverty successfully. Chinese Provincial leaders from Zhejiang and Jiangsu (who also attended today's event) are likely to lead business delegation to attend the Make in India Week to be organized in Mumbai from February 13-18. BJP leader Himanta Biswa Sarma said that they had a meeting with AGP leaders and is discussing the possibility of tie up.
SOURCE: The Economic Times
India and UK on Wednesday welcomed the passing of IMF quota reforms by the US Congress saying this will make the multilateral institution stronger and more legitimate. "We are pleased that the US Congress has agreed to ratify the 2010 reforms of IMF quota and governance, which will make the IMF a stronger and more legitimate institution," said a joint statement issued after a meeting of India's Finance Minister Arun Jaitley and UK Chancellor of the Exchequer George Osborne. The US Congress had last month passed a legislation approving long-pending quota reform of International Monetary Fund (IMF) that will give more voting rights to emerging economies like India and China in the functioning of the organisation. The Washington-headquartered IMF reviews members' quotas once in five years and the last such review took place in December, 2010. India has already consented to its quota increase under the review. The 2010 reforms were originally propelled by Washington, and the White House, under President Barack Obama, has repeatedly endorsed them. However, the US Congress has refused to sign the deal, with some legislators not wanting to contribute more money to the IMF and others concerned about any erosion to the dominant US role at the Fund. Once the review takes effect, India's share will increase from the current 2.44 per cent to 2.75 per cent, following which the country will become the eighth largest quota holder at the IMF, up from the 11th position. Emerging economies like India, China, Brazil and Russia have been asking for increased voting rights in IMF, which would reflect their growing share in world economy. The IMF quota reforms are aimed at giving more voice and voting power to the emerging economies with regard to the functioning of the multilateral body.
SOURCE: The Economic Times
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$ 24.03 per barrel (bbl) on 20.01.2016. This was lower than the price of US$ 25.31 per bbl on previous publishing day of 19.01.2016.
In rupee terms, the price of Indian Basket decreased to Rs 1633.49 per bbl on 20.01.2016 as compared to Rs 1710.29 per bbl on 19.01.2016. Rupee closed weaker at Rs 67.98 per US$ on 20.01.2016 as against Rs 67.56 per US$ on 19.01.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on January 20, 2016(Previous trading day i.e. 19.01.2016) |
Pricing Fortnight for 16.01.2016 (Dec 30 to Jan 13, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
24.03 (25.31) |
30.63 |
|
(Rs/bbl |
1633.49 (1710.29) |
2040.26 |
|
|
Exchange Rate |
(Rs/$) |
67.98 (67.56) |
66.61 |
SOURCE: PIB
The Pakistan Hosiery Manufacturers & Exporters Association (PHMA) urged the Federal Board of Revenue (FBR) to ban import of fabric from the United Arab Emirates (UAE) in order to salvage the local fabric industry. In a letter to FBR Chairman Nisar Mohammad Khan, the PHMA complained that the entire fabric being imported from Dubai was of Indian origin and causing injury to the local industry. “The unbridled import of fabric from UAE, though there are no manufacturing units of fabric in the country, is adversely hurting the local industry. This is all Indian fabric which is being imported in Pakistan via Dubai,” PHMA Chief Coordinator Jawed Bilwani said in the letter. “The government should investigate the Indian fabric trade from UAE and should demand that UAE's exporters produce the Certificate of Origin of the fabric that is imported in Pakistan,” the letter went on to say. The PHMA demanded that the government ban imports of fabrics from Dubai since it had no manufacturing units. This will save large numbers of weaving units in Pakistan that are currently non-functional or about to close down due to rampant import of Indian fabric, the letter added.
SOURCE: Fibre2fashion
Six months after the European Union member states agreed to ban nonylphenol ethoxylates (NPE) widely found in clothing because it poses an “unacceptable risk” to the environment, the amended Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) regulation will come into force from Februaty 2, 2016, and companies will then have five years to to remove the chemical from their products and supply chains, according to the EU Official journal. This means there should be no NPEs in any textile placed in the market after February 3, 2021 “which can be reasonably expected to be washed in water during their normal lifecycle, in concentrations equal to or greater than 0.01 per cent by weight of that textile or of each part of the textile article.” The restriction will not apply to second-hand textile articles or new textile articles produced without the use of NPE exclusively from recycled textiles. The proposal ban the chemical was brought forward by Sweden in 2013 and backed by scientists at the European Chemicals Agency (ECHA).
NPE degrades in the environment into substances including nonylphenol (NP), which accumulates in the bodies of fish and disrupts their hormones, harming fertility, growth and sexual development. The wide use of NPE in the textile industry was brought to light by a Greenpeace International report, Dirty Laundry 2: Hung Out To Dry in 2011, which found toxic chemicals in waste water discharge from two textile processing facilities in China supplying global apparel firms.
SOURCE: Fibre2fashion
For the first time in 25 years, China's economy grew at its slowest pace at 6.9 per cent in 2015, sparking global concerns over the health of the world's second largest economy and its impact on investors as the Communist giant embarked on painful economic reforms. The growth rate, released by Chinas the National Bureau of Statistics (NBS) on Tuesday, moderated to 6.8 per cent for the fourth quarter, the lowest quarterly rate since the global financial crisis in 2009, and 6.9 per cent for 2015. The growth rate is marginally lower than the 7 per cent the government had targeted for 2015. The 6.9 per cent growth rate is the slowest in the country since the 3.8 per cent in 1990, a year after the bloody Tiananmen Square crackdown rocked the country and isolated it internationally.
According to the new data, Chinas Gross Domestic Product (GDP) reached 67.67 trillion yuan (about $10.3 trillion) in 2015, with the service sector accounting for 50.5 per cent, the first time the ratio exceeded 50 per cent overtaking the manufacturing, the NBS said. Analysts said if the economy slips below 6.8 per cent the government may have to opt for a stimulus package which it is trying to avoid. The slowdown has already destabilised China's stock market last year which also had negative effect in the world markets. After experiencing rapid growth for more than a decade, Chinas economy has experienced a painful slowdown in the last two years. Since last year the government has also been vocal about the slowdown saying that the Chinese economy has entered a "new normal" in view of the transition from a state-led investment and manufacturing growth to one more dependent on services and consumption. China is the biggest market for goods produced by some nations. With the Chinese buying fewer goods or commodities, it is dragging down the economies and commodity prices of the exporting countries.
SOURCE: Fibre2fashion
Is it all coming apart at the seams? No, it’s not coming apart at the seams. It’s unravelling from the bottom up. The dilemma for all developing economies that rely heavily on the rag trade is now facing China as new competitors emerge underneath it. The first chart gives you a rough perspective on the trends. China is still the world leader with US$170 billion worth of garment exports a year but the trend since early last year has clearly been down, in part because of stagnant demand in world markets and, to some extent, because unit prices are down. These difficulties, however, have not seemed to affect a group of up and coming competitors in Asia – Vietnam, Bangladesh, Sri Lanka and Cambodia, which I shall dub the Challengers. In total, their garment exports still amount to only about 30 per cent of mainland China’s but they are all growing. The real laggard here is Hong Kong, which, as late as 2002, still boasted a higher value of garment exports as all the Challengers combined but which has now finally vanished from the rag trade. Some 20 years ago manufacturing wages in mainland China were pretty much the same as in Vietnam and Bangladesh, at little more than US$500 a year.
The National Bureau of Statistics now says the mainland’s average manufacturing wage in 2014 (the latest data available) was the equivalent of US$8,300 a year. The comparable figure for Vietnam is about US$3,000 and for Bangladesh about US$1,000. I haven’t even bothered to show the equivalent for Hong Kong. Look at the ceiling and you’ll get the picture. That’s why Hong Kong’s rag trade exports are now at the level of the floor. That’s also why the mainland is losing its competitive edge in the industry to Vietnam. The Vietnamese textile and garment industry has grown rapidly, becoming one of the country's main exports. Wage levels are not the only determinant of who rises and who falls in the industry. If they were, India with its vast population and wages at half of Vietnam’s level would export much more than Vietnam instead of only a fraction. The structural inefficiency (aka the Nehru legacy) of the Indian economy is always notable. But garment making is an industry that does not require much capital input and has always resisted automation. The required textiles have long been the product of automated equipment but the machine has yet to be invented that can sew an acceptable seam without the guiding hand of the seamstress. The garment industry is thus an ideal start-up industry for economies with a willing work force and a bare minimum of transport and financial infrastructure to accommodate it. Things have been so since Britain was the first to take this path almost 200 years ago. What comes easy with low wages, however, also goes easy when success starts to push wages up. The garment industry is a first step for developing economies. Those who do not soon climb higher risk being forced to climb down again. I think the garments gloom and doom talk across the border has some point now. The rag trade can no longer be the future for China.
SOURCE: The SCMP
Malaysian textile manufacturers are optimistic that the industry can grow by at least 30 per cent once the Trans-Pacific Partnership (TPP) agreement is implemented. “We are looking forward with optimism at the parliamentary endorsement of the TPP at the end of January. It has been a long wait for the industry since the negotiations started in 2010 and the industry is hopeful that the government’s decision on TPP would be worth the wait,” Malaysian Textile Manufacturers Association (MTMA) president Datuk Seri Tan Thian Poh said. He said MTMA was involved in the TPP negotiations at various levels, providing industry expectations, reference, technical assistance and support to Malaysia’s negotiation team. “We expect that TPP will bring a new breath of life to the industry. Based on the cost-benefit analysis carried out by the Institute of Strategic and International Studies and PricewaterhouseCoopers, the textile and apparel industry is expected to be the biggest gainer from the TPP,” said Tan. He was speaking at a press conference after a dialogue on potential economic impact of TPP on Malaysia’s textile and apparel industry, here, yesterday. Malaysian Knitting Manufacturers Association (MKMA) president Tang Chong Chin, meanwhile, said he is confident that the textiles and apparel industry would be able to grow at least 30 per cent immediately upon implementation of the TPP agreement. Miti deputy secretary-general (Strategy and Monitoring), Datuk J. Jayasiri, said the United States procurement sector provided a huge market that was not previously accessible by Malaysia. He said Malaysian textiles and apparel companies could bid to supply uniforms to the army, hospitals and schools. Jayasiri said when the TPP agreement comes into effect, 72.9 per cent of the textile tariff on 36.44 per cent of total exports to the US would be eliminated.
SOURCE: The News Strait Times
