|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
988.52 |
USD/Ton |
2.21% |
3/3/2016 |
|
VSF |
2010.61 |
USD/Ton |
0.46% |
3/3/2016 |
|
ASF |
1903.06 |
USD/Ton |
0% |
3/3/2016 |
|
Polyester POY |
1011.41 |
USD/Ton |
0.45% |
3/3/2016 |
|
Nylon FDY |
2196.72 |
USD/Ton |
0% |
3/3/2016 |
|
40D Spandex |
4729.05 |
USD/Ton |
-1.59% |
3/3/2016 |
|
Nylon DTY |
2456.06 |
USD/Ton |
0% |
3/3/2016 |
|
Viscose Long Filament |
5685.54 |
USD/Ton |
0% |
3/3/2016 |
|
Polyester DTY |
1212.77 |
USD/Ton |
0.63% |
3/3/2016 |
|
Nylon POY |
2013.66 |
USD/Ton |
0% |
3/3/2016 |
|
Acrylic Top 3D |
2086.12 |
USD/Ton |
0% |
3/3/2016 |
|
Polyester FDY |
1090.73 |
USD/Ton |
0.70% |
3/3/2016 |
|
30S Spun Rayon Yarn |
2730.65 |
USD/Ton |
0% |
3/3/2016 |
|
32S Polyester Yarn |
1601.78 |
USD/Ton |
1.94% |
3/3/2016 |
|
45S T/C Yarn |
2440.80 |
USD/Ton |
0% |
3/3/2016 |
|
45S Polyester Yarn |
1739.07 |
USD/Ton |
0.88% |
3/3/2016 |
|
T/C Yarn 65/35 32S |
2105.19 |
USD/Ton |
0% |
3/3/2016 |
|
40S Rayon Yarn |
2867.94 |
USD/Ton |
0% |
3/3/2016 |
|
T/R Yarn 65/35 32S |
2410.29 |
USD/Ton |
0% |
3/3/2016 |
|
10S Denim Fabric |
1.07 |
USD/Meter |
0% |
3/3/2016 |
|
32S Twill Fabric |
0.89 |
USD/Meter |
0% |
3/3/2016 |
|
40S Combed Poplin |
0.97 |
USD/Meter |
0% |
3/3/2016 |
|
30S Rayon Fabric |
0.72 |
USD/Meter |
0% |
3/3/2016 |
|
45S T/C Fabric |
0.73 |
USD/Meter |
0% |
3/3/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15255 USD dtd. 03/03/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The rupee rose for the fifth straight session to close at a fresh 7-month high of 67.34, strengthening by another 20 paise on sustained selling of dollars by banks and exporters amid strong rally in domestic equity market. The domestic currency was further supported by unwinding of long-dollar positions by speculators.
Source: Business Standard
The government on Thursday approved six new proposals, including four from IT and ITeS sector, for setting up of Special Economic Zones (SEZs). The decision was taken by the Board of Approval (BoA) for SEZ, chaired by Commerce Secretary Rita Teaotia, a Commerce Ministry official said. The proposals which got the approval include those of HCL IT City Lucknow, Loma IT Park Developer and North Mumbai International Commodity Township. HCL IT City Lucknow and Loma IT Park Developer have proposed to set up IT/ITeS zones in Lucknow and Mumbai, respectively. Besides, North Mumbai International Commodity Township has proposed a free trade warehousing zone in Thane. The BoA has also approved the cancellation of three SEZ developers, including Emmar MGF Land and Hindustan Newsprint. According to the agenda of the BoA meeting, Emmar MGF Land Ltd had secured a formal approval in June 2012 to set up an IT SEZ, but the developer has neither (put) any request for extension, nor any effort for development of the project seems to have been taken by them. Further, several developers have got more time to implement their respective projects, which are at different stages of implementation. As many as 22 had sought more time. The developers that had requested for more time include Navi Mumbai SEZ Pvt, Shantha Biotechnics and Electronics Corporation of Tamil Nadu. Exports from these zones rose to Rs 4.94 lakh crore in 2013-14, from Rs 22,840 crore in 2005-06. So far, formal approval has come for 416 proposals, of which 330 SEZs have been notified. As many as 36 such zones are operational in Tamil Nadu, followed by Karnataka, Telangana (26) and Maharashtra (25). The Commerce Ministry is taking steps to increase exports as the country's shipments in the last four financial years have been hovering around $300 billion. SEZs account for about 25% of the country's total exports.
Source: The Economics Times
The Union Budget 2016-17 may not have directly alluded to the pending goods and services tax, as it has brought a large number of sectors that are availing themselves of exemptions into the tax net. “If we are talking of GST, we are now talking of all these sectors – small-scale industries, edible oil, textile sectors, area based exemptions, moving towards the tax net. How else are we going to have GST?” said Najib Shah, Chairman, Central Board of Excise and Customs, at an Assocham event on Thursday. Though manufacturing contributes 17 per cent to the GDP, he noted that a large chunk of industry is still out of the tax net. He also urged industry to stop seeking exemptions. “If you want GST, you should not demand exemptions because the two don’t go together,” he said.
Duty on gold
Meanwhile, explaining the Budget proposal to re-impose a one per cent excise duty on gold and diamond jewellery, he said that the sector was brought under the tax net as it generates a lot of black money. “This is the levy which we had attempted two years ago and withdrawn…this is a sector which lends itself to generation of unaccounted wealth,” he said. Finance Minister Arun Jaitley had in the Budget proposed one per cent excise duty on jewellery without input credit or 12.5 per cent with input tax credit on jewellery excluding silver other than studded with diamonds and some other precious stones. However, arguing that this will impact the sector, jewellers including manufacturers, wholesalers and retailers are on a three-day strike from March 2.
Source: The Hindu Business Line
The nominal GDP growth projection of 11 per cent in the Budget of 2016-17 was quite a “reasonable” estimate, said Jayant Sinha, Minister of State for Finance. He was speaking at the 4{+t}{+h}annual conclave of the Indian Private Equity and Venture Capital Association (IVCA) in the Capital on Thursday. Sinha’s remarks are significant as several economy watchers have raised eyebrows over the government pegging the nominal GDP growth projection for 2016-17 at 11 per cent when the actual for current fiscal is only 8.6 per cent. For 2015-16, the Modi government had in last year’s Budget pegged the nominal GDP growth at 11.5 per cent. “Nominal GDP this year was low and GDP deflator has been negative. This was a one time event. It reflects a collapse in prices of number of commodities like oil which came down from $100 per barrel to $35. This is all rates of change. We expect the delta that led to negative GDP deflator will not occur in 2016-17,” said Sinha. The 11 per cent nominal GDP growth is a very reasonable number if one were to factor in GDP deflator returning to 2-3 per cent this fiscal, he said.
GDP numbers
Responding to the critics who doubt India’s new GDP numbers, Sinha reassured that the Central Statistics Office (CSO) is an independent professional body and they follow global best practices. “We may have questions about quality of data, methodologies etc. All the data are those in public domain. There may be some adjustments. There is no mal-intent at all. The government has no involvement in the production or processing of the data. The CSO is following global best practices,” he said. One has to remember that there is going to be a reset when the economy is transitioning from a nominal GDP growth of 15 per cent with inflation of 10 per cent to a scenario of economy growing at nominal GDP growth of eight per cent, but higher real GDP growth, Sinha added.
Source: The Hindu Business Line
The 12 major ports in the country have outpaced the 187-odd non-major ones in terms of cargo growth. While cargo traffic at all ports increased by 1.1 per cent in the first six months of FY16, compared to the same period a year ago, major ports reported a growth of 4.1 per cent. On the other hand, non-major ports reported a one per cent fall during the period under review. Major ports are ones that can handle a large volume of cargo. These include Chennai Port, Cochin Port, Jawaharlal Nehru Port, etc. Adani Ports and special economic zones’ flagship Mundra Port, Reliance Jamnagar port (captive), Krishnapatnam (Chennai), Essar Vadinar and Kakinada Seaports are non-major ports. While cargo traffic at Indian ports had increased 8.2 per cent to 1,052.2 million tonnes (mt) in FY15, traffic at non-major ports rose at a faster rate than at major ports. The major ports handled 499.23 mt between April 2014 and January 2016 against 483.02 mt handled during the corresponding period of the previous year. The overall growth in traffic handled has been 3.36 per cent during the period. Data for non-major ports could not be accessed. The major ports in the country registered an overall improvement in the performance parameters during April-December 2015 compared to the corresponding period of last year, leading to higher growth. The major ports’ overall performance is broadly measured by three parameters — average turnaround time of vessels on port (in days), average pre-berthing time on port (in hours), and average output per ship berthday (in tonnes).
Source: The Business Standard
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$ 33.39 per barrel (bbl) on 03.03.2016. This was lower than the price of US$ 33.52 per bbl on previous publishing day of 02.03.2016.
In rupee terms, the price of Indian Basket decreased to Rs 2250.05 per bbl on 03.03.2016 as compared to Rs 2269.60 per bbl on 02.03.2016. Rupee closed stronger at Rs 67.38 per US$ on 03.03.2016 as against Rs 67.70 per US$ on 02.03.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on March 03, 2016 (Previous trading day i.e. 02.03.2016) |
Pricing Fortnight for 01.03.2016 (12 Feb to 25 Feb, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
33.39 (33.52) |
30.61 |
|
(Rs/bbl) |
2250.05 (2269.60) |
2096.17 |
|
|
Exchange Rate |
(Rs/$) |
67.38 (67.70) |
68.48 |
Source: Ministry of Textiles
The Reserve Bank of India (RBI) on Thursday released a draft regulatory framework to allow the entry of a new kind of non-banking finance company (NBFC) that can act as an account aggregator. Account aggregators help in collecting and providing the information of customers’ financial assets in a consolidated, organised and retrievable manner to the customer or any other person as per the instructions of the customer. The investors will be able to avail the service of an account aggregator purely at their option. The central bank stated that it will regulate and supervise the activity of account aggregation while adding that entities being regulated by other financial sector regulators and aggregating only those accounts relating to the financial assets of that particular sector will not need to register with the RBI. Only companies registered with the RBI as NBFC–AA will be able to undertake the business of an account aggregator and the net owned fund of such companies should not be less than R2 crore, the central bank stated. RBI further indicated that an account aggregator will not be able to undertake any other business other than the business of account aggregator. “Initially, only financial assets whose records are stored electronically and are under the regulation of the financial sector regulators, namely, RBI, Sebi, Irda, and PFRDA shall be considered for aggregation,” it stated. Account aggregation services will be provided under specific application by the customer for availing such services and would be backed by appropriate agreements/authorisations. RBI further stated that no financial asset related customer information pulled out by the account aggregator from the financial service providers should reside with the account aggregator and these entities will not support transactions in financial assets.
Source: Financial Express
Terming the financial information exchange pact FATCA between India and USA as an inequitable system, the Finance Ministry today said it has received written commitment from the US that they will move towards full reciprocity. "We should look at FATCA as very a special case. Its a law which is made in USA, its law which is imposed by USA on the rest of the world. Its exchange of information which is not fully reciprocal, yet India and other countries around the world have had to sign those agreements," Department of Revenue Joint Secretary Akhilesh Ranjan said at an event here. "It is an inequitable system, I agree with you. We have already received some information from USA about Indian taxpayers. We have also received written commitment that they will move towards full reciprocity," he added. The Foreign Account Tax Compliance Act (FATCA) came into effect from September 30 which has enabled automatic exchange of financial information between India and the US. The Inter-Governmental Agreement (IGA) between India and US, signed in July as part of FATCA implementation, requires the Indian Financial Institutions to provide necessary information to Indian tax authorities, which will then be transmitted to the US automatically. The rules prescribe reporting requirements on a staggered basis starting from 2014, and reporting of all details prescribed from 2017 onwards. They also specify due diligence procedure for identifying reportable account and various forms. Indian entities will do a reciprocal information sharing about Americans. The FATCA agreement enhances tax transparency and accountability in matters of financial reporting and payment of taxes which are legitimately due to various governments. Ranjan said India is convinced that source based taxation is better for India and also for developed countries. PTI BKS SA
Source: The Economic Times
The Punjab textile industry’s problem of disparity, affordability and viability has been resolved to a large extent with the supply of RLNG, which the industry was facing for the last six years, said APTMA former chairman and patron-in-chief Gohar Ejaz. The Sui Northern Gas Pipeline Limited , after the arrival of first liquefied natural gas (LNG) shipment from Qatar in Pakistan, has announced to start supplying gas to the textile industry in Punjab for 24 hours after a long period of about six years. Gohar Ejaz said that the industry had been asking for availability of energy at affordable price to compete regionally. At present, the government is supplying the RLNG at $9.8 per per Million British Thermal Unit (MMBTU), which has been reduced to $6.66 per MMBTU from Wednesday night. The total demand of the Punjab textile mills captive power plants is around 200 MMCFD. The gas supply to mills will also save electricity of 1000MW, which can be converted to other industries. The Sui Northern Gas Pipelines Limited had posted the price of RLNG supply on 24/7 basis and the industry had started securing allocation of gas for the month of March. Gohar Ejaz was of the view that injection of 400 mmcfd LNG into Pakistan’s gas transmission and distribution system will immediately stimulate economy, particularly the large scale manufacturing (LSM).
The textile industry is vying to reduce its cost of doing business, particularly the cost of energy, which is almost 60 percent higher as compared to the regional competitors. Electricity to the textile industry in the region is not more than 9 cents per kilowatt hour against 14.5 cents per kilowatt hour in Pakistan at present, he added. APTMA Punjab chairman Amir Fayyaz said that only the continuity of textile industry operations can ensure exports and employment in the country. If the government properly patronized the industry, they have the potential to convert their current value added exports of Rs 5 billion into Rs 15 billion per year. According to official sources, the initial Qatari gas shipment was actually meant for the IPPs to produce electricity but they were unable to purchase RLNG on immediate payment due to circular debt issue. In this backdrop, the ministry decided to supply the gas to the industry which is ready to make full payment without any delay. According to energy experts, gas availability for domestic sector in next winter will increase up to 80 percent in the Punjab and other sectors of economy, including power, industrial and fertilizer. The second Liquefied Natural Gas (LNG) shipment from Qatar, under the recent government-to-government sale purchase agreement, would arrive at Port Qasim in Karachi on March 8. The first ship carrying approximately 141,000 cubic meters LNG had docked on March 1 at the Elengy LNG terminal, from where the imported gas is being injected in the system of Sui Southern Gas Company for onward supply. The LNG import is the only cheapest and instant remedy for the energy-starved Pakistan as its major gas reserves are depleting fast and the supply-demand gap is widening. The LNG is being considered essential part of energy-mix needs of world’s emerging economies, as the world is turning towards it. They said that global and emerging economies such as China, Korea, Japan, India, Thailand, Indonesia, European Union and Brazil were ensuring that LNG should remain part of their energy-mix requirements. They said Japan was importing 80 million tons of LNG every year and India 15 MTPA due to the commodity’s cheap price and efficiency as compared to other fuel.
Source: Yarn and fibre
Vietnam’s competitive advantage has been strengthened to become the world’s export center, attracting foreign investment flows, including those from Japan. Speaking at the Vietnam-Japan Investment and Trade Promotion Forum held last year, Mukuta Satoshi, senior managing director of Keidanren (Japan Business Federation), said that Japanese firms had invested a total of US$37.3 billion in Vietnam as of the end of 2014, the second highest among all countries and territories investing in the country. For textile companies, Vietnam’s skilled workers are a plus even when the labor costs are higher than that of Bangladesh and Myanmar. HCM City is the most important investment destination in Vietnam for Japanese companies, with as many as 765 operating here. Vietnam is considered a gateway for Japan to ASEAN markets. The establishment of the ASEAN Economic Community by the end of 2015 would enhance the role of Vietnam as a business base in the global supply chain strategy. According to Nikkei Asian Review, Kuraray Trading, an Osaka-based trading house under synthetic fiber maker Kuraray, will spend 300 million yen ($2.51 million) to install a production line for sportswear at an affiliate in Da Nang, the largest city in central Vietnam this year. This company will produce sportswear using fabric imported from Japan and export the finished products to the U.S. Its factory in Vietnam will account for over 60% of the total sewing work, up from the current 55%. Kuraray Trading is also considering investing billions of yen in textile operations, such as weaving and dyeing, in Vietnam’s largest city Ho Chi Minh City. Another Japanese firm - Itochu - has been building its presence in Vietnam since well before the TPP began gathering steam. In 2014, the company established a weaving mill in Vietnam with a monthly capacity of 500,000 meters of fabric. Japanese Fiber maker Toray Industries has recently been increasing production at a local sewing unit established in Ho Chi Minh City by its trading arm, Chori. The company plans to make the plant a key group production site. Chori ships the finished goods to the U.S. and other markets. Japanese cotton spinner Shikibo will lower output at its Chinese sewing factory and increase production at a partner plant in Vietnam. The company will soon start producing bedding fabrics at the latter site. In 2015, many big foreign-invested projects in the field of textile-garments were licensed and implemented. Binh Duong Province awarded an investment certificate to Polytex Far Eastern Co. Ltd. under Taiwan’s Far Eastern Group to develop a US$274-million clothing project. This project covers 99 hectares at Bau Bang Industrial Zone and produces supporting items for the apparel sector. It is designed to have an annual capacity of 43,200 tons of polyester, 127 million square meters of knitted fabric and 96 million square meters of cotton fabric. The group plans to invest an additional US$700 million to US$1 billion in the second phase of the project. Dong Nai Province has approved a US$660-million project of Hyosung Istanbul Tekstil Ltd, which will make industrial fiber at Nhon Trach 5 Industrial Zone. This is a Turkish-registered project but the actual investor is South Korea’s Hyosung Group. Hyosung Vietnam Co. Ltd. has been a familiar face in the textile and garment sector in the province with total registered capital of over US$995 million. Hong Kong’s Worldon Vietnam Co. Ltd. also got approval to carry out a US$300-million project in the apparel sector in HCM City. The project covers over 50 hectares at Dong Nam Industrial Zone in Cu Chi District. With huge textile and garment projects, the nation’s manufacturing and processing sector received the highest new FDI commitment of US$4.18 billion in the first half of 2015, making up 76.2% of the total FDI approvals in the period. Mergers and acquisitions in Vietnam's textile and garment industry have increased in a bid to take advantage of free trade agreements, especially the Trans Pacific Partnership (TPP), according to experts. According to the Ho Chi Minh City Association of Garment - Textile - Embroidery - Knitting (AGTEK), there was a wave of mergers and acquisitions in the domestic garment and textile sector as local enterprises found they could not fulfill requested orders due to their limitations in capital. Pham Xuan Hong, Vice Chairman of the Vietnam Textile and Apparel Association (Vitas), said that medium- and large-sized enterprises have maintained stable production and business, but small-sized firms have faced many difficulties in their business. Therefore, recently, many small textile and garment companies have sold their workshops and machines and entered other sectors. In addition, some local enterprises have sold part of their factories to foreign investors, including Chinese firms who have developed a system of processing and production for export products in Vietnam to take advantage of the TPP deal. Nguyen Van Hoan, former head of the Hanoi Industrial, Textile, Garment and Fashion College, said foreign investors had met difficulties in expanding their production in Vietnam because some provinces and cities have limited foreign investment in the garment and textile sector due to concerns about environmental pollution. This has prompted foreign investors to purchase local textile and garment companies that already have production lines and employees. However, the Ministry of Planning and Investment said that management offices carefully weighed requests before issuing investment licences for large textile and garment projects, since textile, fiber production and dyeing projects often cause environmental problems. In 2015, Vietnam has issued investment licences for 30 textile and garment projects while foreign investment in the industry is expected to continue increasing in the near future.
In 2016, part of the 300 million USD provided by the Indian government will include investments in projects to manufacture textile and garment materials in Vietnam, as part of the cooperation between the governments of Vietnam and India.
The garment and textile sector is viewed as one of the industries which will benefit the most from TPP. According to the industry’s insiders, Vietnam’s garment and textile export turnover to countries joining the TPP agreement was expected to double in the time to come. By participating in TPP’s negotiations, Vietnam hopes to gain many benefits thanks to growing demand for apparel and footwear in the agreement’s member countries. However, experts said that it was not easy for local enterprises to effectively utilize opportunities to be brought by the TPP. One of the provisions in the TPP, known as the “yarn forward” rule, would require a member country that exports apparel to other TPP markets to use textile that was either made locally or imported from other TPP member countries. Signing on to the TPP meant that Vietnamese garment exporters would technically no longer be able to import their materials if they hoped to benefit from lower tariffs under the TPP. According to experts, Vietnam’s apparel industry has for some time been concerned that it would face difficulties in complying with the rules of origin in the TPP, given that this would require the industry to make significant capital and technological investments up front. The US market, the largest importer of Vietnam’s garment products, is a good example. When the TPP came into effect, the tariffs on Vietnamese garment products could be lowered to nearly zero from the current 17.5%. US Fashion Industry Association President Julia K Hughes said that many US companies were willing to seek supply sources from nations joining the TPP agreement once it took effect. Vietnam was ranked highest in terms of its ability to draw new businesses and Hughes advises Vietnam to utilize its new opportunities. Experts predict that the TPP would likely raise Vietnam’s garment and textile exports to the US to US$55 billion by 2025.
Source: Yarn and fibre
International Affairs Adviser to Prime Minister Gowher Rizvi was addressing as the chief guest at the inauguration of a two-day Denim and Jeans.com Bangladesh show that displayed jeans and denim products along with fabrics to local and foreign jeans manufacturers in Dhaka yesterday urged foreign denim manufacturers to invest in Bangladesh’s denim sector as huge potential lied with the demand rising. Gowher said that Bangladesh has become a global player in manufacturing RMG products and there is no reason that it cannot be the number one manufacturer in the world. As China was shifting its business from clothing to high-end industry, Bangladesh could take the chance to become the world’s largest supplier of clothing products. Bangladesh has made lots of investment in power and infrastructure. So the foreign investors can come up with their investment in Bangladesh’s manufacturing industry. It is high time to invest in Bangladesh’s denim industry as the country is increasingly becoming a lucrative place of sourcing denim products, claiming that by 2021 Bangladesh’s denim export will reach $7bn. Envoy Textile Assistant General Manager (marketing) Rizwanul Karim said that the expo was a platform to inform the global consumers as well as the buyers about the capacity of Bangladesh Denim industry. The demand of Denim fabrics is increasing both locally and internationally. The growth is now 15%-20% annually. Square Denim deputy manager Muhammad Zakir Hossain said that the denim industry was an emerging sub-sector of the RMG industry, the government should offer special policy support on import chemical, an essential ingredient of the products and since the manpower was available in the country, investment could produce good returns. Considering the rise of demand, Square Denim are going to increase production capacity to 2m yards from existing 1.5m yards per month, Zakir said. Bangladeshi manufacturers need to now also focus on research and development, making fabrics with different items to draw global buyer’s attention to become the best in the sector. Indian company Nandan Denim is also participating in the expo as Bangladesh is a good source of garment products, even India imports from Bangladesh. Director DK Jain said that Bangladesh is highly potential country for them as it supplies products to the European and United States market. Bangladesh now exports denim products of $2bn annually. The figure will increase and they want to raise their 2021 RMG export target. According to Dhaka Chamber of Commerce and Industry (DCCI) Acting President Humayun Rashid, Bangladesh should be considered as a place of investment, not a source of import only.
Source: Yarn and fibre
Brazil's economy contracted by 3.8 per cent in 2015 compared with the year before, according to data released today by the country's statistical office IBGE. Industrial output plummeted by 6.2 per cent while services declined 2.7 per cent. On the expenditure side, a separate way of measuring GDP, investment sank by 14.1 per cent while household consumption dropped four per cent. "The good news—relatively—is that the rate of decline of GDP is slowing, at the margin, though the outlook for the economy remains bleak," said Andres Abadia, an economist at Pantheon Macroeconomics. "The economy will remain very weak this year, due to the lagged effect of the tightening cycle, low confidence and elevated political uncertainty. Risks remain skewed to the downside thanks mainly to high inflation, tight credit conditions, and the rapid deterioration of the labor market." Brazil's economy has suffered in the wake of commodity price collapses, tight monetary policy and a political crisis involving the impeachment of President Dilma Rousseff and a corruption scandal at Petrobras, a state-owned oil giant. The country's currency, the real, has lost 30 per cent of its value over the past year.
Source: The Financial Express
