• CCI AD FROM 5th April 2021

MARKET WATCH 21 APRIL, 2016

NATIONAL

INTERNATIONAL

 

Textile Raw Material Price 2016-04-20

Item

Price

Unit

Fluctuation

Date

PSF

1049.53

USD/Ton

0%

4/20/2016

VSF

2086.70

USD/Ton

-0.37%

4/20/2016

ASF

1947.58

USD/Ton

0%

4/20/2016

Polyester POY

1027.89

USD/Ton

-1.12%

4/20/2016

Nylon FDY

2349.46

USD/Ton

0%

4/20/2016

40D Spandex

4482.53

USD/Ton

0%

4/20/2016

Nylon DTY

2550.41

USD/Ton

0%

4/20/2016

Viscose Long Filament

5763.92

USD/Ton

0%

4/20/2016

Polyester DTY

1267.47

USD/Ton

0%

4/20/2016

Nylon POY

2163.98

USD/Ton

0.36%

4/20/2016

Acrylic Top 3D

2125.34

USD/Ton

0%

4/20/2016

Polyester FDY

1205.65

USD/Ton

-0.64%

4/20/2016

30S Spun Rayon Yarn

2844.09

USD/Ton

0%

4/20/2016

32S Polyester Yarn

1703.36

USD/Ton

0.18%

4/20/2016

45S T/C Yarn

2473.12

USD/Ton

0%

4/20/2016

45S Polyester Yarn

1839.38

USD/Ton

0%

4/20/2016

T/C Yarn 65/35 32S

2133.07

USD/Ton

0%

4/20/2016

40S Rayon Yarn

3014.12

USD/Ton

0%

4/20/2016

T/R Yarn 65/35 32S

2287.64

USD/Ton

0%

4/20/2016

10S Denim Fabric

1.37

USD/Meter

0.79%

4/20/2016

32S Twill Fabric

0.82

USD/Meter

-2.56%

4/20/2016

40S Combed Poplin

1.17

USD/Meter

-4.16%

4/20/2016

30S Rayon Fabric

0.70

USD/Meter

-9.46%

4/20/2016

45S T/C Fabric

0.69

USD/Meter

-5.13%

4/20/2016

Source: Global Textiles

Note: The above prices are Chinese Price (1 CNY = 0.15457 USD dtd 20/03/2016)

The prices given above are as quoted from Global Textiles.com.  SRTEPC is not responsible for the correctness of the same.

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SRTEPC's 2nd Source India programme in Surat in August

Over 100 fabric importers and garment manufacturers from across the world will be in Surat in mid-August for direct sourcing of fabrics manufactured in the country's largest man-made-fabric (MMF) industry in an exclusive Buyer-Seller Meet in the second edition of the Synthetic and Rayon Textiles Export Promotion Council's (SRTEPC) Source India Programme. “The objective of holding the mega export promotion programme in Surat is to showcase the city as the leading centre of production of synthetic fabrics in India and to highlight the Council's initiative of 'Focus Surat' to further develop this thriving textiles centre as a hub of production and exports of synthetic fabrics in India,” said V. Anil Kumar, Executive Director of SRTEPC said in a press release. Surat has emerged as a leading centre of production of synthetic fabrics, especially polyester filament fabrics. The daily production of fabrics is pegged at 4 crore metres. The event is primarily aimed towards aggressive selling of Indian man-made fibre textiles to leading apparel and textiles buyers in Asia, the Middle East and Gulf countries as well as Africa and South America, the SRTEPC said in a press release. The Council will start an initiative to attract leading foreign buyers to the event. The buyers will be identified and selected by the Council with expert help and active guidance of the respective Indian Missions in each country and with the assistance of the foreign textiles and clothing trade bodies and chambers. Buyers from over 30 countries including the US, UK and the EU are being invited to make this event a success. Representatives of the leading international apparel brands and their buying houses of international repute based in India and abroad, and others connected with the import of textiles including the leading apparel manufacturers in India will also be present at the Buyer-Seller Meet to discuss and clinch business deals. Fashion shows will also be held to showcase ability of Indian fabrics/made-ups for the fashion needs of Asia, Middle East, Africa and South America. “The Council plans to select more than 100 member-companies of different product groups including suiting, shirting, made-ups, home textiles, dress materials, saris, yarn and fibres on a first-come-first served basis for participation in the Buyer-Seller Meet,” Kumar said. (SH)

Source: Fibre2fashion

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India's Services Sector grew 10% a year in 2015-16: CII Report

India's services sector contributed about 61 per cent to India's Gross Domestic Product, growing strongly at approximately 10 per cent per annum in 2015-16, a report launched on Wednesday at the second Global Exhibition on Services.  The report, published by industry body Confederation of Indian Industry (CII) and KPMG says India is currently the second fastest growing services economy in the world. With the 2015-16 financial year witnessing dismal merchandise trade, the government is betting big on services trade. Incidentally, India's share in global services exports was 3.2 per cent in 2014-15, double that of its merchandise exports in global merchandise exports at 1.7 per cent. The government has called for a renewed focus on the services sector which contributes 53 per cent of the country's Gross Domestic Product, 51 per cent of foreign direct investment and 28 per cent of employment. The government had earlier stated that almost 50 per cent of its current account deficit was met from exports in services. The report states that India's share in global services exports was 3.2 per cent in 2014-15, double that of its merchandise exports in global merchandise exports at 1.7 per cent, placing India in the eighth place currently amongst the top ten exporters of service in the world. Information technology, in which the country is a global leader, accounted for $ 108 billion worth of services exports in the last financial year, exporting primarily to the United States, United Kingdom and Europe. The sector is also the largest private sector employer in India, employing more than 3.7 million people. It added the industry is projected to grow at 8.5 per cent in FY2016, from $132 billion in FY2015 to $143 billion. This excluded e-commerce. The report also pointed to the large growth in the tourism sectors, whose contribution to GDP was $125.2 billion in 2014, and is expected to reach $ 259 billion in 2025 (accounting for 7.6 per cent of India's GDP). In 2015, India is estimated to have received $ 109.6 billion in revenue from domestic and foreign tourists. India invited around 7.8 million foreign visitors in 2015. Government initiatives, such as e-visas and expansion of visa-on-arrival facilities are expected to fuel further foreign tourist arrivals. Other sectors like healthcare and logistics have also shown great promise, the report showed. The healthcare sector, attracting medical tourism from western nations and parts of south east asia is expected to reach $160 billion in 2017, accounting for about 4.2 per cent of GDP, and is poised to grow to $280 billion by 2020. On the other hand, the logistics market, currently valued at $123 billion, is poised to reach $160 billion by 2018, growing at a CAGR of about 9 per cent. Speaking at GES, President Pranab Mukherjee underlined the need for a comprehensive policy framework to fully tap services potential. "It is important to design and implement a services-driven development strategy within a coherent and comprehensive policy framework to ensure linkages with key policy areas and overall national objectives," he said.

Source: Business Standard

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Ready to pass GST Bill with our conditions, reiterates Congress

The Congress party has reiterated its earlier stand on the bill for a national goods and services tax (GST) -- that it is for the concept but the particulars would have to be on the lines it has demanded all this while, with no compromise on its side. It has said so even as Finance Minister Arun Jaitley is exuding confidence that the legislation would be  voted through in the second half of the ongoing session of Parliament. Says Randeep Surjewala, the Congress' communications head, “Jaitleyji must be having some magic formula to manufacture votes”. The Bharatiya Janata Party-led government is well short of the needed numbers in the Rajya Sabha, when the Bill is pending. The Lok Sabha has passed the measure. Surjewala added Jaitley’s confidence could stem from the BJP’s alleged friendship with the Trinamool Congress (TMC). “He must be banking on TMC support. Remember, it was Mamata Banerjee (the TMC chief and Bengal chief minister) who helped the government pass the Mines and Minerals Bill.” On Tuesday, too, Surjewala while addressing the press in West Bengal, had said, "Political opportunism defines the tacit understanding between Trinamool and BJP.“  The Congress on Wednesday rejected government claims that it had reached out to the former on GST. Asserting their “conditions” were in the best interest of the public, Surjewala said people were already reeling under the burden of a 15 per cent service tax. Therefore the Congress wanted a cap of 18 per cent on the GST rate, to be specified in the Bill. Also, provision for a one per cent additional tax to be done away with, something which the government's own chief economic advosro was also for. And, it wanted a neutral dispute redressal authority. “We are ready to pass GST in this session, provided our conditions are met," said Surjewala. Adding: “Jaitley is falsely naming the Congress as opposing the GST. In fact, it is the RSS (the BJP's ideological mentor) which has red-flagged GST.” The government is keen to have the Constitutional amendment on GST cleared quickly; the Congress is the main block.

Source: Business Standard

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Cabinet clears expansion of India-Chile trade agreement

The Union Cabinet, chaired by Prime Minister Narendra Modi, has given its approval for expansion of the India-Chile Preferential Trade Agreement (PTA). Welcoming the approval of the expanded PTA between the two countries, Eduardo Frei, extraordinary and plenipotentiary ambassador on special mission to the Asia-Pacific of Chile, told FE, “The issues that were raised have now been resolved. We hope to ink the expanded PTA when I lead a high-level business and official delegation to India in November.” “Under the expanded PTA, we are hopeful that the Chilean wines will soon enter the Indian market. As for opportunities in the mining sector, we are hopeful of signing a double taxation treaty with India before any projects are opened up,” Frei, former president of Chile, said. According to the Indian ambassador to Chile, Debraj Pradhan: “Chile is a gateway to the Latin America region as well as Asia Pacific. The expanded PTA is going to help increase our trade basket as well as open several opportunities for Indian businesses to explore various sectors.” India’s export basket with Chile is diversified and keeping in view the wide variety of tariff lines offered by Chile, the expanded PTA would immensely benefit India. Under the expanded PTA, Chile has offered concessions to India on 1,798 tariff lines with margin of preference (MoP) ranging from 30%-100% and India has offered concessions to Chile on 1,031 tariff lines at eight-digit level with MoP ranging from 10%-100%. Under the proposed expanded PTA, 86% of India’s exports to Chile will get covered with concessions, which is likely to result in doubling of our exports in the near future. Talking to FE earlier, Andres Barbe, ambassador of Chile to India, had said: “The trade agreement would be in interest for both the countries. The negotiations between the two sides were finished in 2014. However, in 2015, the Indian side had expressed some concerns over rules of origin, but these concerns are being sorted out through talks. We want Chilean products to come to India and Indian products to reach our markets.” A PTA between India and Chile was signed in March, 2006. The said PTA came into force with effect from August, 2007. During 2006-07, Chile was ranked 51st export destination for India. Bilateral trade during the year 2006-07 was $2.3 billion. Trade dynamics changed after the PTA came into force from September 2007. Bilateral trade registered a growth of 58.49% from 2006-07 to 2014-15. Bilateral trade during 2014-15 stood at $3.65 billion with exports at $0.57 billion and imports at $3.08 billion, respectively. “Almost 91 % of trade between the two countries is in commodities, specifically copper, which is close to $1.7 billion, comes to India,” Barbe said, adding, “Since the PTA will include both goods and services, Chile has expertise in the services which we are keen on sharing with India.” The two countries already have a preferential trade agreement (PTA), which covers about 400 items. Since 2007, India and Chile have a preferential trade agreement (PTA), but the bilateral trade has fallen to $2.87 billion. “In 2009, we agreed to start negotiations for widening the agreement, which would include new products, subject to tariff preferences, and deepening in matters related to Rules of Origin, Sanitary and Phytosanitary Measures (MSF) and Technical Barriers to Trade (TBT),” the diplomat added.

Source: The Financial Express

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Rupee down 5 paise

The rupee weakened by 5 paise to 66.27 against the dollar at the Interbank Foreign Exchange (forex) market today on fresh demand for the American currency from importers and banks. Dealers attributed the rupee’s fall to increased demand for the US currency. However, a higher opening in the domestic equity market capped the losses. The rupee had advanced by 33 paise to close at 66.22 in yesterday’s trade on sustained selling of US dollars by banks and exporters in view of weaker American currency in the overseas market. Meanwhile, the benchmark BSE Sensex reclaimed the crucial 26,000-level by gaining 219.02 points or 0.85 per cent to 26,063.20 in early trade.

Source: The Hindu

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India set to sign climate change treaty on Friday

India will sign the Paris Agreement on climate change on Friday in New York. The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the matter. The agreement was adopted by around 190 countries during the 21st Conference of Parties (COP21) held in the French capital in December 2015. According to a statement released after the Cabinet meeting, Environment Minister Prakash Javadekar will sign the agreement on behalf of India on Friday at a high-level signature ceremony convened by the secretary-general of the United Nations, Ban Ki-moon. “India had advocated a strong and durable climate agreement based on the principles and provisions of the United Nations Framework Convention on Climate Change (UNFCCC) and the agreement addresses all the important concerns and expectations of India,” it said. Around 150 countries are expected to sign the agreement in New York on the same day. This will break the previous record of 119 signatures for an opening day signing for an international agreement, set by the Law of the Sea in Montego Bay in 1994. The signing ceremony will mark the first step towards ensuring that the Paris Agreement enters into force as early as possible. The agreement will enter into force 30 days after at least 55 countries, accounting for 55 per cent of global greenhouse gas emissions, deposit their instruments of ratification or acceptance with the UN secretary-general. “The Paris Agreement on climate change is a milestone in global climate cooperation. It is meant to enhance the implementation of UNFCCC and recognises the principles of equity and common but differentiated responsibilities and respective capabilities in the light of different national circumstances,” the statement noted, adding that it acknowledges the development imperatives of developing countries and their right to development. It also recognizes the importance of sustainable lifestyles and sustainable patterns of consumption with developed countries taking the lead and notes the importance of “climate justice”, which was raised by India, in its preamble. Around 60 Heads of State and governments, including French President François Hollande, are expected to attend the signing ceremony in New York. “The objective of the agreement further ensures that it is not mitigation-centric and includes other important elements such as adaptation, loss and damage, finance, technology, capacity building and transparency of action and support,” the statement added. Noting that the pre-2020 climate actions are also part of the decisions, the statement said the developed countries should boost their level of financial support with a road map to achieve the goal of jointly providing $100 billion by 2020 for mitigation and adaptation.

Source: Business Standard

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Govt., industry to help farmers ease jute shortage

The government and the jute sector have set out on a programme aimed at handholding farmers to increase the supply of raw jute. The Centre unveiled the ‘Jute I-CARE’ project through the National Jute Board and the Jute Corporation of India to improve agronomical practices in 2015. As many as 8,000 hectares were covered in this jute year while 25,000 hectares will be covered the next year. The programme comes at a time when many farmers are exiting cultivation of the ‘golden’ fibre due to poor returns resulting in raw material shortage. Mr.Manish Poddar, Chairman of the Indian Jute Mills Association, saidthat 15 jute mills are set to adopt villages in Nadia district.

Source: The Hindu

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Private participation likely in modernisation of state-run ports

Drawing from the experience of the aviation and highways sectors, the Shipping Ministry is looking at “modernising” state-run sea ports with private sector support as a first step, circumventing opposition to its plan for port “corporatisation”.The proposal is still at the boardroom level as the Ministry is yet to decide how it wants to go about it, or which ports it wants to initiate the process with, official sources said.“We are considering a proposal to modernise sea ports and not corporatise them,” Nitin Gadkari, Minister for Road Transport, Highways and Shipping, told BusinessLine . The public debate on the issue of port ‘corporatisation’ started when Finance Minister Arun Jaitley had proposed in Budget 2016 that ports would be encouraged to corporatise, and become companies under the Companies Act in order to attract investments for infrastructure development. However, following criticism from port labour unions, Jaitley tweaked the proposal in Budget 2017 and announced that the government had “started a series of measures to modernise ports and increase their efficiency”.

Aiming for efficiency

Gadkari said the objective is to ensure that state-run sea ports become more competitive and efficient. Experts who track the infrastructure sector said handling employees will be critical in plans for modernisation with public-private-partnership. The Shipping Ministry is understood to be working out the modalities, with the government involved in developing infrastructure, while operations and maintenance will be handed over to a private player. Sea ports will be selected for modernisation once the proposal is finalised later in the year. At the recent Maritime India Summit, Shipping Secretary Rajive Kumar had said that the Centre will table a new Bill to facilitate a model agreement by way of public-private partnership in the port sector.

Model agreement

“In the next two months, hopefully by June 30, we will have a new model agreement. The Ministry of Shipping is coming up with a Bill that can handle long-term concessional arrangements between port and terminal operators,” he added. The move will also help raise much-needed funds for the development of the sector. Prime Minister Narendra Modi is targeting Rs. 1 lakh crore in investments to more than double India’s port handling capacity to 3,000 million tonnes by 2025.

Source: The Hindu Business Line

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Ministry to take stock of key foreign policy plans

In a first, the Ministry of External Affairs (MEA) has begun conducting a survey on the country’s foreign policy especially focussing on policies such as Neighbourhood First, Act East and Look East among others. A brainchild of Foreign Secretary S Jaishankar, the government is aiming to get feedback from experts on whether it is “on the right direction” and taking the right steps in a dynamic geo-political and economic environment, according to sources. “The idea is to basically do a SWOT (strengths, weaknesses, opportunities and threats) analysis of sorts. This is a self evaluation exercise,” a senior official told Business Line . As part of the survey, the MEA has sent a detailed questionnaire carrying 12 broad-based questions to top ranking think-tanks, institutes, former diplomats, foreign policy experts and academicians. On the government’s ‘Neighbourhood First’ policy, the focus of which is Pakistan, the MEA has asked whether it has led to “forward movement” with South Asian countries even though it has not mentioned the country’s name. It has also asked what can be done further to promote “integration, cooperation, connectivity and contacts” with these countries. In the last two years, the government has taken some important steps to bring its neighbours closer. Prime Minister Narendra Modi had invited all SAARC leaders to attend his swearing-in ceremony in May 2014, which was further enhanced with a ‘SAARC Yatra’ to boost trade and connectivity ties with these countries. On the much-touted ‘Act East Policy’, the MEA has also sought to garner views on what more can be done to chalk out a “more comprehensive policy” with the countries in the region. In the survey, the MEA has also enquired about how far the government has been able to advance its strategic ties with the “major powers” such as US, UK, Germany, China and Japan, without naming them explicitly. The survey has also enquired about the steps taken by the MEA towards Central Asia, West Asia and the Gulf. The Ministry has also asked for suggestions and feedback on some of the procedural issues in terms of human and financial resources of the MEA. This is because of late the government has faced sharp criticisms for its inability to “effectively engage” some of the veteran diplomats and former ambassadors such as Shyam Saran, Shivshankar Menon, Kanwal Sibal and others into the decision-making process on foreign policy. According to Satinder K Lambah, Chairman, Ananta Aspen Centre & Former Special Envoy of the Prime Minister: “Involving the larger audience in the country’s foreign policy discourse is a significant move. This will generate ideas, viewpoints and suggestions thereby helping in policy formulation.”

Source: The Hindu Business Line

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No smooth ride: many bumps on India-Myanmar-Thailand road plan

After the initial rush, the India-Myanmar-Thailand (IMT) road project has hit a slow track. According to sources, among the issues slowing implementation are a relatively cold Thailand and infrastructure inadequacies in Myanmar. Mid-2015, India had proposed seamless movement of cargo, scheduled (bus) and non-scheduled (private) passenger vehicles between Moreh in Manipur and Mae Sot in Thailand. This was similar to the Bhutan-Bangladesh-India-Nepal (BBIN) motor-vehicles pact (MVA) inked outside SAARC in June 2015. However, unlike BBIN, the three IMT countries are yet to complete the agreement scheduled to be signed in March. No consensus emerged during negotiations among India, Myanmar and Thailand alternately at Bangkok and Delhi last year. While Myanmar wanted time till it completed its first general election in 50 years and a democratically elected government took charge, sources involved in the process say Thailand’s response was tepid, as its truckers lobby is not keen on the road link.

Infrastructure inadequacy

But the key hurdle is the infrastructure inadequacies in Myanmar. The nearly 500-km road from Moreh-Tamu border to Mandalay in Myanmar has numerous bridges and culverts that are not strong enough to take the long-bodied Indian trucks. Infrastructure inadequacies also came in the way of running the Imphal-Mandalay bus service. To address the problem India has sanctioned over Rs. 370 crore to strengthen some 70 bridges. Then, there is the issue of customs clearance. Myanmar’s procedure óf clearing papers at Nawpyidaw, nearly 800 km from the Moreh-Tamu border, means a wait of at least five days for a truck. This makes cargo movement via road exorbitantly costly and unviable.

Alternative plan

Experts have come out with an alternative proposal to get the project going. By this plan, India is to focus primarily on movement of cargo and scheduled passenger vehicles (buses) up to Mandalay in the first phase. The $8.66-billion India-Thailand trade mostly originates and ends in South and West India, well connected by the sea route. In contrast, Myanmar lacks maritime infrastructure and opening the road network will enhance trade volumes. Farm products, for instance, can be imported from the hinterland of Myanmar by road at a cheaper cost. For export cargo to Myanmar or ASEAN, Mandalay can act as a transhipment hub. Delhi is yet to take a call on this plan.

Source: The Hindu Business Line

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Govt chalks out new strategies to develop, promote handloom sector

Union Textiles Minister, Santosh Kumar Gangwar who is also the Chairman of All India Handloom Board speaking at the first meeting of the recently constituted All India Handloom Board was held in New Delhi, on 19th April said that the Government is committed to develop and promote handloom sector. He gave an overview of the various initiatives being taken by the Government for the development of the sector. The Minister conveyed to the Board members that the Government under the leadership of Hon'ble Prime Minister Shri Narendra Modi is implementing a newly chalked out strategy for revival and resurgence of the handloom industry. He said that they are working with a vision to increase the wages of skilled handloom weavers to the level of Rs. 500/- per day. Their major interventions will be to cover five lakh weavers in MUDRA Scheme in next three years and also to take up 300 more block level clusters for development. Gangwar said that the new strategy for revival of the handloom industry has the core objective of increasing the earnings of handloom weavers through skill up gradation, loom up gradation, availability of good quality raw material at cheaper rates, availability of adequate credit facilities, product design and development and branding for effective marketing. Gangwar recalled Government's declaration of 7th August as National Handloom Day, as a mark of recognition and respect for the contribution of millions of handloom weavers across the country to our economy as well as to the rich culture and tradition. The first National Handloom Day was celebrated all over the country and at the main function in Chennai; Hon'ble Prime Minister was himself the Chief Guest. To give a new identity to handloom industry, the 'India Handloom Brand' too was launched by the Hon'ble Prime Minister on the occasion. The Textiles Minister said that the new strategy is demand-driven, so that production can be made according to consumer preferences. The most important initiative in this regard has been the launch of 'India Handloom' Brand, aimed at regaining consumer confidence, through quality endorsement in terms of authenticity, azo-free dyes, and fast colours. The 'India Handloom' Brand registration has so far been granted to 170 handloom producing agencies and weavers in 41 product categories. Gangwar said that this is being supported through a comprehensive marketing campaign. He said that India Handloom brand producers have reported a sale of more than Rs.15 crore within a period of about four months. A marketing research study is also being undertaken. The Minister also spoke of the open door e-commerce policy framework. He added that more buyer-seller meets would be held, to strengthen marketing linkages. Gangwar recalled that the amount sanctioned for mega clusters in year 2015-16 was highest ever, at Rs. 37.11 crore; further, a record number of 175 block level clusters have been sanctioned in 21 states. The Minister said that a block level cluster can avail financial assistance up to Rs. 2.00 crore. He also highlighted the increased assistance given during FY 2015-'16, in terms of skill up gradation, technology up gradation and CFCs. The Textiles Minister said that the budget utilization for handloom sector in the year 2015-16 was Rs. 591 crore, which is 25% higher than the previous year. Speaking of the initiatives taken to improve managerial skills in the handloom sector, Gangwar highlighted the introduction of four-year course in handloom technology, at Indian Institute of Handloom Technology (IIHT), Salem and launching of handloom entrepreneur course at IIHTs at Bargarh, Varanasi and Salem. The Minister added that national awards in design intervention and marketing have been instituted in order to encourage innovation in handloom sector. The Minister informed that the Government has come out with a new model of credit for handloom sector; this has been done by combining elements of concessional credit such as margin money, interest subvention and credit guarantee cover with the innovative features of MUDRA scheme, launched by the Hon'ble Prime Minister. A pilot project has been successfully implemented in Odisha and Uttar Pradesh, and is being extended to seven other clusters. The Minister informed that the per capita credit has gone up from about Rs. 23000/- to more than Rs. 50,000/-; some loans have been sanctioned even up to Rs. 5.00 lakh. The beneficiary is given a RUPAY card through which he/she can withdraw money from ATM. The Government sought cooperation of state governments to implement the scheme all over India. The government is aiming to enhance handloom exports from about Rs. 2,500 crore to Rs. 4,500 crore in next three years.

Source: Yarn and fibre

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Global Crude oil price of Indian Basket was US$ 40.33 per bbl on 20.04.2016

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$ 40.33 per barrel (bbl) on 20.04.2016. This was higher than the price of US$ 40.30 per bbl on previous publishing day of 19.04.2016. In rupee terms, the price of Indian Basket decreased to Rs. 2671.72 per bbl on 20.04.2016 as compared to Rs 2686.96 per bbl on 19.04.2016. Rupee closed at Rs 66.24 per US$ on 20.04.2016. The table below gives details in this regard:

Particulars     

Unit

Price on April 20, 2016

 (Previous trading day i.e.

19.04.2016)                                                                  

Pricing Fortnight for 16.04.2016

(30 Mar to 12 Apr, 2016)

Crude Oil (Indian Basket)

($/bbl)

                40.33                (40.30)         

36.98

(Rs/bbl

             2671.72            (2686.96)       

2455.84

Exchange Rate

  (Rs/$)

                66.24                

66.41

 

Source: Ministry of Textiles

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City calm, garment sector remains shut - Bengaluru Bureau

Still smarting under the impact of the violence that was unleashed on Tuesday, life returned to normality at Peenya and Bommanahalli, places that saw unprecedented chaos during the protest by garment factory workers opposed to the amendment (now rolled back) to the Employee Provident Fund. Amid heavy police deployment and regular flag marches by the Rapid Action Force, engineering and manufacturing industries started functioning on Wednesday, while the garment factories remained shut. However, the two days of violence has already taken a toll, with industry losses estimated to be around Rs. 1,000 crore in Peenya Industrial Area alone, say industry sources. The worst affected garment sector, which has been shut for the past three days, will be keeping its fingers crossed to honour its commitments since the sector works on tight deadlines. Meanwhile, despite a roll back of the PF amendments, sporadic protests by workers of garment factories continued in Kanakapura, Mandya, Kolar and Tumakuru that were soon resolved after officials convinced protesters that there had been a rollback. Prohibitory orders will continue till Thursday, and in the light of this, several protests against police atrocities on the workers have been postponed to Friday.

Source: The Hindu

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Kenya’s finest textile showcased at Shanghai textile and costume museum

Kenya’s finest textiles to be displayed at a new exhibition at the Shanghai Textile and Costume Museum at Donghua University as part of the institution’s 15th Fashion Week, which this year has a Silk Road theme. Textiles are a dominant symbol of Kenyan culture, residents and visitors will get a better understanding of Kenya when they visit the museum. The exhibition opened yesterday, featuring 72 pieces of Kenyan textile and clothing, both in traditional and modern styles, as well as some ornamental items such as rings, necklaces and sculptures. Bian Xiangyang, curator of the museum and planner of the exhibition, said that the exhibit is in response to the central government’s “One Belt, One Road,” economic strategy. In addition to fashion shows showcasing local designers, Donghua will this year hold its first fashion design contest tonight for overseas students. More than 30 foreign students from 26 countries will represent 20 Chinese universities. The Fashion Week will end on the weekend, but the exhibitions will run through May 28 from 9am to 5pm. Kenya is a crucial partner for China in its efforts to maximize its economic cooperation with Africa.

Source: Yarn and fibre

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Ecuador hikes taxes as deadly quake compounds economic pain

President Rafael Correa has announced that he is raising sales taxes and will charge a one-time levy on millionaires to rebuild cities devastated by Ecuador’s worst earthquake in decades. In a televised address, Correa said damages from the 7.8-magnitude quake will likely run into the billions of dollars, adding to already heavy economic hardships in this OPEC nation triggered by the collapse in world oil prices. The task of rebuilding shouldn’t fall only to communities along the coast in the quake’s path but will require sacrifices from all segments of Ecuadorean society according to their ability to contribute, Correa said on Wednesday. “I know we’re at the most-difficult stage right now but it’s just the beginning,” he said. Using authority granted by the state of emergency he declared after Saturday night’s quake, Correa said sales taxes would increase to 14 per cent from 12 per cent for the coming year. People with more than $1 million in assets will be charged a one-time tax of 0.9 per cent on their wealth, while workers earning over $1,000 a month will be forced to contribute a day’s wages and those earning $5,000 a month the equivalent of five days’ pay. Taxes on companies will also go up, and Correa said he will look to sell certain state assets that he didn’t specify. He is also drawing on $600 million in emergency credits from the World Bank and other multilateral lenders. The tax hikes come as the scale of devastation continues to sink in. A helicopter flyover of the damage zone on Wednesday showed entire city blocks in ruins as if they had been bombed. On Wednesday, the government raised the death toll to 570. Officials listed 163 people as missing while the number of those made homeless climbed over 23,500. The final death toll could surpass casualties from earthquakes in Chile and Peru in the past decade. Even as authorities turn to restoring electricity and clearing debris, the earth continued to move. A magnitude-6.1 aftershock before dawn Wednesday set babies crying and sent nervous residents pouring into the streets. Local seismologists had recorded more than 550 aftershocks, some felt 105 miles (170 kilometers) away in the capital of Quito. Rescuers who have arrived from Mexico, Colombia, Spain and other nations said they would keep searching for survivors, but cautioned that time was running out and the likelihood of finding more people alive grew smaller with the passage of every hour.

Source: The Financial Express

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