INTERNATIONAL
Textile Raw Material Price 2016-10-26
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1052.56 |
USD/Ton |
0.28% |
10/26/2016 |
|
VSF |
2429.65 |
USD/Ton |
-0.48% |
10/26/2016 |
|
ASF |
1888.26 |
USD/Ton |
0% |
10/26/2016 |
|
Polyester POY |
1084.27 |
USD/Ton |
0% |
10/26/2016 |
|
Nylon FDY |
2345.57 |
USD/Ton |
0% |
10/26/2016 |
|
40D Spandex |
4351.84 |
USD/Ton |
0% |
10/26/2016 |
|
Nylon DTY |
2028.40 |
USD/Ton |
0% |
10/26/2016 |
|
Viscose Long Filament |
1283.42 |
USD/Ton |
0% |
10/26/2016 |
|
Polyester DTY |
2544.72 |
USD/Ton |
0% |
10/26/2016 |
|
Nylon POY |
5561.50 |
USD/Ton |
0% |
10/26/2016 |
|
Acrylic Top 3D |
1327.68 |
USD/Ton |
0% |
10/26/2016 |
|
Polyester FDY |
2168.54 |
USD/Ton |
0% |
10/26/2016 |
|
30S Spun Rayon Yarn |
2994.66 |
USD/Ton |
-0.49% |
10/26/2016 |
|
32S Polyester Yarn |
1740.74 |
USD/Ton |
0.30% |
10/26/2016 |
|
45S T/C Yarn |
2581.60 |
USD/Ton |
0% |
10/26/2016 |
|
45S Polyester Yarn |
2316.06 |
USD/Ton |
0% |
10/26/2016 |
|
T/C Yarn 65/35 32S |
1858.75 |
USD/Ton |
0% |
10/26/2016 |
|
40S Rayon Yarn |
2227.55 |
USD/Ton |
0% |
10/26/2016 |
|
T/R Yarn 65/35 32S |
3156.93 |
USD/Ton |
0% |
10/26/2016 |
|
10S Denim Fabric |
1.35 |
USD/Meter |
0% |
10/26/2016 |
|
32S Twill Fabric |
0.83 |
USD/Meter |
0% |
10/26/2016 |
|
40S Combed Poplin |
1.17 |
USD/Meter |
0% |
10/26/2016 |
|
30S Rayon Fabric |
0.68 |
USD/Meter |
0% |
10/26/2016 |
|
45S T/C Fabric |
0.66 |
USD/Meter |
0% |
10/26/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14752 USD dtd 26/10/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Gandhinagar, the capital of Gujarat, will host the Indian Textile Sourcing (ITS) exhibition. The three-day event will kick off from February 16, 2017. This display will be the largest textile sourcing event in South Asia. A premiere of the exhibition displaying various textile materials will be held in Ahmedabad, a few days before the event. ITS exhibition will be a platform to converge all the supply chain partners from across the world. Of the 13,000 buyers expected to participate in the exhibition, 3,000 will be international visitors. These international visitors will be from the US, EU, China, Korea, Bangladesh, Vietnam, Thailand, Sri Lanka, Egypt, Turkey, Middle East and Latin America. The event will exhibit an array of products that will cover textile raw materials to finished products. The product categories include fibre, yarn, suiting and shirting fabrics, ladies wear and dress materials, knits, home textiles and sheeting, denim, fashion fabrics, khadi and handlooms, sustainable and eco-textiles. There will also be corporate international pavilions. The event looks forward to receive response from entire value chain of the textile industry including fashion and retail. The exhibition of textiles will simulate business by generating high volumes of sales, enquiries and partnerships.
Speaking of hosting the exhibition in Gujarat, Bharat Boghara, president of Spinners Association of Gujarat said, “Gujarat contributes to over 30 per cent of India's textile production and has presence of entire textile value chain, being the largest cotton, polyester and denim producer. In addition, Gujarat is the largest investment destination and is home to well-known textile brands.” “The exhibitors and visitors will get a chance to discover market opportunities, collaborate with new partners and prosper in the global market place,” added Dr. Boghara. ITS exhibition will jointly be organised by K And D ITMACH Expositions LLP and Spinners Association.
SOURCE: Fibre2fashion
Raising a strong objection to the textile industry’s move urging the Central government to create a buffer stock of cotton under the Cotton Corporation of India, trade body Cotton Association of India (CAI) stated that the move, if implemented, would prove to be a regressive step for the cotton sector. The textile industry has reportedly urged the Central government to direct the Cotton Corporation of India (CCI) to procure 70-80 lakh bales (each of 170 kg) in the peak season and retail it as buffer stock to supply actual users during the May-September lean season. “The CAI is totally opposed to creation of any such buffer stock. If implemented, this will take the country back to the pre-liberalised era of the late 1980s and early 1990s. The idea of creating a buffer stock for exclusive use by a certain sector is wrong as it will not only distort the market but will also unsettle other sectors of the cotton value chain,” Dhiren Sheth, CAI President, stated.
Sheth further stated that creation of a buffer stock system would require investment of about ₹16,000 crore for procuring the desired 80 lakh bales of cotton. “It will, in turn, involve a total recurring expenditure of hundreds of crores a year by way of carrying costs, including interest and warehousing costs. In addition to this, CCI will have to bear the loss that may arise due to fluctuation in prices,” said Sheth. He cited the example of China, which had to suffer an enormous loss, eventually leading the country to liquidate its stocks, after it had followed a similar reserve policy. Their cotton economy is still reeling under the debacle that the cotton reserve caused to it, he said.
According to CAI, if the problem sought to be addressed through creation of a buffer stock is non-availability of funds with textile mills to buy and stock cotton, it would be appropriate to address this through banking channels, the Reserve Bank of India and the Finance Ministry rather than creating such a scheme. A similar proposal that was mooted earlier for creation of a strategic cotton reserve for exclusive sales to mills was rejected by the government.
SOURCE: The Hindu Business Line
Finance minister Arun Jaitley on Wednesday strongly defended the multiple-rate structure proposed by the Centre for the Goods and Services Tax (GST) saying, “different items used by different segments of society have to be taxed differently”. Countering criticism from many quarters, including former finance minister P Chidambaram against levy of GST at many rates, Jaitley cited examples of countries with 3-4 slab GST/VATs, even as some rich countries keep fewer slabs. Multiple rates, the finance minister said, are “inevitable” for India.
In a blog post, the finance minister also pitched for continuing some existing levies for a period of five years as cesses in order to raise the resources for compensating, as constitutionally provided, the states for any revenue loss. “This would include clean energy cess and cesses on luxury items and tobacco products, which in any case, currently also pay levy higher than 26%,” he wrote. In the GST council meeting here last week, several states had opposed the idea of new cesses to fund compensation, even though there was a convergence of views on not subsuming the clean energy cess and the imposts on tobacco in GST. This proved to be a sticking point in the Centre-state confabulations.
Explaining the rationale behind the proposal to use cess proceeds for compensation rather than a higher demerit GST rate, he wrote: “Assuming that the compensation is R50,000 crore for the first year, the total impact of funding (it) through a tax would be abnormally high… R1.72 lakh crore tax would have to be imposed (because).. out of every 100 rupees collected (through) GST, only 29 rupees remains with the Centre.”
The cess mooted by the Centre is meant to apply on items currently being taxed at rates higher than the highest proposed slab of 26%. The rate of cess will be equal to the difference between the current tax incidence on these items and 26%. The cess proceeds, the Centre said, would create a fund, which would be used exclusively for compensating states’ revenue losses in the GST regime, in regard to their taxes to be subsumed in GST. According to Jaitley, the cess proposal would ensure that no additional burden is imposed on taxpayers.
SOURCE: The Financial Express
Finance Minister Arun Jaitley today favoured levy of cess on tobacco and luxury products to compensate states for loss of revenue on GST saying the cost of funding that through an additional tax would be “exorbitantly high and almost unbearable”. Ahead of the meeting of all powerful GST Council next week to decide on GST rates, Jaitley said the 4-slab structure of 6, 12, 18 and 26 per cent was under consideration, with lower rates for essential commodities and higher bracket for luxury goods. “Different items used by different segments of society have to be taxed differently. Otherwise the GST would be regressive. Air conditioners and hawai chappals cannot be taxed at the same rate. Total tax eventually collected has to be revenue neutral. The Government should not lose money necessary for expenditure nor make a windfall gain,” he wrote in a Facebook post.
Explaining the rationale for cess, Jaitley said if the central government has to borrow money to fund states’ compensation, it would add to its liability and increase cost of borrowing for the Centre, state governments and the private sector. He said there is no rationale for increasing direct tax for this purpose and theoretically it has been argued that the compensation be funded out of an additional tax in the GST rather than by cess. “Assuming that the compensation is Rs 50,000 crore for the first year, the total tax impact of funding the compensation through a tax would be abnormally high. A Rs 1.72 lakh crore of tax would have to be imposed for the Central Government to get Rs 50,000 crore in order to fund the compensation,” he said. “50 per cent of the tax collected would go to the States as their GST share and of the balance 50 per cent in the hands of the Central Government and 42 per cent more would go to the States as devolution. “So out of every 100 rupees collected in GST only 29 per cent remains with the centre. The tax impact of this levy would be exorbitantly high and almost unbearable,” he said.
Alternatively, Jaitley said cesses can be imposed which would be subsumed in the taxes after five years. “This would include clean energy cess and cesses on luxury items and tobacco products, which in any case, presently also pay levy higher than 26 per cent. This would ensure no additional burden on the tax payer and yet be able to compensate the losing states,” he said. Jaitley said if cess is levied, states which benefit out of GST roll out do not have to compensate the losing states. “The Centre, as a non-beneficiary, has to compensate and the proposal for continuing existing cesses for five years to the extent of compensation required is the more benign way of compensating the losing states without burdening the tax payer,” he said. Jaitley said it has been proposed to the Council that there should be a 4-slab multi-rate tax structure with items constituting nearly 50 per cent of the weightage in the Consumer Price Index basket (mainly food items) being exempted from the levy. “There will be a zero tax on such items. The object of this is to ensure that the GST structure is not regressive or burdensome on the common man,” he said.
In the GST Council meeting last week, some states had expressed concern over the Centre’s proposal to impose cess on demerit goods over and above the higher tax bracket of 26 per cent. A final decision on this is expected in the next meeting on November 3-4. Jaitley further said that unlike developed countries, developing nations like India need more tax slabs as they have to take care of people below poverty line. “The reality is that a multiple tax rate in India is inevitable for several reasons… The tax on some products in a narrow slab regime will substantially increase. This would be highly inflationary,” he said. A commodity being taxed by the Centre and states at 11 per cent at present will be taxed at 12 per cent. If its taxation is suddenly raised on standard rate of 18 per cent, it would disrupt the market and would be highly inflationary. Jaitley said presently there are several items mainly used by the more affluent which are taxed at a VAT of 14.5 per cent and an excise of 12.5 per cent. “If the cascading effect of these taxes and octroi is added, then range of taxation of these products is between 27-31 per cent. It has been proposed to the Council to fix the rate of these items at 26 per cent. “Some of the items which are now being used by the lower middle classes will eventually be proposed to be shifted to the 18 per cent bracket. With regard to demerit and luxury goods which are taxed globally at a higher rate, no rebates are contemplated. Each good would be taxed on the basis of its own demerit,” he added.
SOURCE: The Financial Express
Technology company SAP and industry body Assocham on Wednesday launched a knowledge-sharing resource centre to help organisations manage changes in their business processes and information systems as a result of the upcoming Goods and Services Tax (GST) roll-out. The resource centre, called SimpleGST, will be a one-stop portal for businesses and will provide information on key areas such as tax computation, master data management and business process localisation. “GST has opened up opportunities for businesses in over 160 countries and helped them move beyond the physical constraints to expand exponentially by harnessing digital prowess,“ said DS Rawat, secretary general, Assocham. The roll-out of the new GST regime will necessitate over 51 million SMEs in India to consider reinvesting or redefining their business processes. “It is estimated that over three to five billion invoices will be uploaded on GST Network every month, and over 40% of these transactions will be processed through an SAP system,“ said Neeraj Athalye, head of SAP S4HANA, SAP Indian Subcontinent.
At a panel discussion during the launch, participants said rerouting supply chain and compliance are two important parts for effectively imple menting GST. Automation and encapsulation of the compliance measures into the IT systems of these organisations is imperative, and early preparation and planning is the key to a successful GST implementation. Efforts such as this are currently focussed at answering some of these questions and smoothening the transition for businesses. “SAP now sees a huge responsibility to get India Inc compliant with the upcoming law and is thus working in close collaboration with customers across industries, the overall ecosystem (including GSTN) to provide solutions for a smooth transition to goods and services tax (GST),“ said Arun Subramanian, VP, Globalization Services, SAP India.
SOURCE: The Economic Times
Some critical issues are pending before the GST Council for a final decision. Comments have been made in the public space with regard to two of these issues. Even though the final decision with regard to these two issues is yet to be taken by the GST Council, the rationale behind the proposals placed before the Council needs to be explained.
The multi rate structure
It has been proposed to the Council that there should be a four slab multi-rate tax structure. Items constituting nearly 50 per cent of the weightage in the Consumer Price Index basket (mainly food items), are proposed to be exempted from the levy of the GST. There will be a zero tax on such items. The object of this is to ensure that the GST structure is not regressive or burdensome on the common man. Of the balance items, a tax rate of 6 per cent, 12 per cent, 18 per cent and 26 per cent has been suggested. The principal rationale behind this tax structure is that items which are presently taxed at rates closer to the range of each of the slabs will be fitted into the particular rate of the slab. Those currently taxed below 3 per cent as the total tax of the Centre and the States will be taxed at a zero rate. Those between 3-9 per cent will be taxed at a 6 per cent rate, those between 9-15 per cent will be taxed at 12 per cent and there would be a standard rate of 18 per cent. Some have suggested that multiple tax rate is disadvantageous to the GST and would neutralise some of the advantages of a uniform tax structure. The reality is that a multiple tax rate in India is inevitable for several reasons.
Different items used by different segments of society have to be taxed differently. Otherwise the GST would be regressive. Air conditioners and hawai chappals cannot be taxed at the same rate. Total tax eventually collected has to be revenue neutral. The Government should not lose money necessary for expenditure nor make a windfall gain. The tax on some products in a narrow slab regime will substantially increase. This would be highly inflationary. A commodity being taxed by the Centre and the State at 11 per cent at present will be taxed at 12 per cent. If it’s taxation is suddenly raised on standard rate of 18 per cent, it would disrupt the market and would be highly inflationary.
There are presently several items mainly used by the more affluent which are currently taxed at a VAT of 14.5 per cent and an excise of 12.5 per cent. If the cascading effect of these taxes and octroi is added, then range of taxation of these products is between 27-31 per cent. It has been proposed to the Council to fix the rate of these items at 26 per cent. Some of the items which are now being used by the lower middle classes will eventually be proposed to be shifted to the 18 per cent bracket. With regard to demerit and luxury goods which are taxed globally at a higher rate, no rebates are contemplated. Each good would be taxed on the basis of its own demerit.
Compensation payable through cess
The GST will result in the consuming States increasing their revenues from the very first year onwards. The GST Council has fixed a 14 per cent revenue growth as a uniform, secular growth rate for all States. The revenue loss, if any, of a State has to be calculated on this basis. Some producing States may lose marginally in the initial years. The Constitutional amendment guarantees a five year compensation to these States. The moot question is as to how is this to be funded by the Central Government? If the Central Government has to borrow money to fund the compensation, it would add to its liability and increasing the cost of borrowing by the Centre, the State Governments and the private sector. There is no rationale for increasing direct tax for this purpose. Theoretically it has been argued that the compensation be funded out of an additional tax in the GST rather than by cess.
Assuming that the compensation is ₹50,000 crore for the first year, the total tax impact of funding the compensation through a tax would be abnormally high. A rupees 1.72 lakh crore of tax would have to be imposed for the Central Government to get ₹50,000 crores in order to fund the compensation. 50 per cent of the tax collected would go to the States as their GST share and of the balance 50 per cent in the hands of the Centre and 42 per cent more would go to the States as devolution. So out of every 100 rupees collected in GST only 29 per cent remains with the centre. The tax impact of this levy would be exorbitantly high and almost unbearable.
The alternative proposal is to have a cess account and continue same existing levies as cess for a period of five years before subsuming them as tax. This would include clean energy cess and cesses on luxury items and tobacco products, which in any case, presently also pay levy higher than 26 per cent. This would ensure no additional burden on the tax payer and yet be able to compensate the losing States. It may further be noticed that benefiting States are not compensating the losing states. The Centre, as a non-beneficiary, has to compensate and the proposal for continuing existing cesses for five years to the extent of compensation required is the more benign way of compensating the losing States without burdening the tax payer. These are only at the proposal stage and would be discussed at length in the meeting of the GST Council early next month.
SOURCE: The Hindu Business Line
A day after India’s position was reported at 130 among 190 nations in the World Bank’s ease of doing business rankings, Prime Minister Narendra Modi on Wednesday asked top bureaucrats to study the findings by the multi-lateral agencies and report within a month on the areas where there is scope for improvement in their respective departments and states. Chairing an interaction through PRAGATI — the ICT-based, multi-modal platform for pro-active governance and timely implementation, Modi asked all chief secretaries and secretaries to go through the report. He asked them to analyse the potential areas where there is scope for improvement in their respective departments and states. Modi asked for a report from all concerned in this regard, within a month, and asked the Cabinet Secretary to review the same thereafter.
The Prime Minister had earlier said India should come up to within 50 nations in the Bank report by the time 2018 report comes out. Coming at 130 position among 190 nations in the 2017 report, India’s position on six of 10 parameters went down from the previous year. This means India has to improve its ranking by 80 places to meet the prime minister’s aspirations. Separately, commerce and industry minister Nirmala Sitharaman said the government would strive to improve the country’s ranking to position it among the top 50 nations in this regard. She declined to give a time limit for doing so. “I am not discouraged but a bit disappointed,” Sitharaman said. The government said the ranking hadn’t taken into account the various reform initiatives it had undertaken.
The minister said the central government and states were actively working to improve on the norms related to ease of doing business. “Now, it’ll be important for us to focus on interacting more with states,” she added. The rankings came after senior government officials had repeatedly said India would improve drastically in the 2017 report. The 10 parameters used by the Bank for ranking countries are: Starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority shareholders, paying taxes, enforcing contracts, trading across borders and resolving of insolvency. Among these, India’s position deteriorated on six parameters, going up on getting electricity, enforcing of contracts, registering a property and trading across borders. However, say critics, the ranking covers data from Delhi and Mumbai, with weights of 53 per cent and 47 per cent, respectively. Confederation of Indian Industry president Naushad Forbes said business conditions in these two cities did not adequately represent the situation in the country. “For years, we had been becoming a more and more difficult country to do business in. This has changed in the past two years,” he said.
Ramesh Abhishek, secretary, department of industrial policy and promotion, had said on Tuesday that the government needed to work on spreading awareness about the reforms which have been undertaken. The Bank based the rankings on feedback from users of government services, who had on repeated occasions said they didn’t know of processes related to business being streamlined, Abhishek had stated. Forbes denied an information gap between the government and private sector which could have given rise to such a situation. Reforms in many of the norms on which the Bank rated a country’s performance — such as starting a business or securing of construction permits — are dealt with by companies only once in a while and might not be easily evident, he argued.
SOURCE: The Business Standard
A day after the World Bank said India barely improved its ranking on the ease of doing business, commerce and industry minister Nirmala Sitharaman on Wednesday said her ministry will engage states even more aggressively to better communicate reforms initiated by the government and to figure out how best they can reach intended beneficiaries. “Now, it is important for us to interact with states even more to quickly identify many such things which are important so that its impact is visible at the ground level,” Sitharaman said. India is placed at 130 of the 190 countries this time, compared with 131 (revised) of 189 nations last year. “While I am not really discouraged, it is disappointing. This is at a time when you want everything to reflect the various measures that the Centre and states are taking should impact the ranking system,” the minister added. Already, the government is looking to create an institutionalised mechanism to monitor private users’ perception and also sensitise them about the reforms initiatives so that they get to take advantage of them in a big way. An agency will be hired for this purpose as well, according to DIPP secretary Ramesh Abhishek. The government’s move to sensitise states and actual users is important as the World Bank takes into account only the perception of reforms among private sector users.
SOURCE: The Financial Express
After the sharp jump in the World Economic Forum (WEF) competitiveness rankings last month, most thought an equally sharp jump in the World Bank’s Doing Business index was a cinch. But, as the mere one point jump in India’s rankings show, the results of a survey-based index like the WEF are quite different from one where actual number of procedures are tabulated to see how much time a business has to spend on various parameters. A new process included this year, on ‘postfiling processes’ measures how long it takes to get tax refunds and, as a result, India’s rank on paying taxes has plummeted from 157 last year to 172 this year—out of 190 countries. If, for instance, tax cases like Vodafone or Cairn, and more recently MakeMyTrip where the courts came down heavily on the taxman, are taken into account, the ranking would probably fall even more.
While it is always possible to game the system—the dramatic improvement in the electricity ranking, thanks to Tata Power in Delhi easing procedures for a new connection—the lesson is that this doesn’t really matter. In the case of the power ranking, surely the speed at which a new connection is got is irrelevant for an investor, especially in contrast to issues like high tariffs and lack of open access for industrial customers?
None of this is to say the government isn’t doing its bit—when commercial courts take off and when the insolvency bill starts working, life will become easier. But all of this takes time. Instead of dissipating its energy in trying to fix certain parts of the index—like the time taken to get an electricity connection—the government should worry about how its talk isn’t matched by action on the ground. The fact that India is ranked 155th on starting a business after all the talk of the reforms in the ministry of corporate affairs and its portal tells a sad story; being ranked 138th in registering property, similarly, suggests the land-registration-reform talk is just that. Aspiring to be ranked among the top 50 countries is a good goal but getting there is not going to be as easy as is made out.
SOURCE: The Financial Express
India has managed to move up by just one notch to 130th in the World Bank’s latest Doing Business rankings. The rankings matter only because the government chose to make them a yardstick of the governance improvement it achieves. Otherwise, the rankings both understate problems and overstate them. Focusing on just Delhi and Mumbai, India’s indices understate the problem in smaller towns. The setting up of new kinds of banks and the ongoing data revolution that would truly democratise access to formal finance have been ignored in the ranking, overstating the problem. More fundamentally, many of the factors that are taken for granted in advanced industrial countries just do not exist in India: urban spaces into which industry can just move in, stable power supply, a culture of trust. It is not so much ease of enforcing a contract as the absence of the need to enforce a contract that makes businesses thrive.
Ease-of-doing-business
Of the 10 parameters, India’s rank has worsened in five and remained unchanged in three. India has slid in paying taxes and getting credit, and remains static in registering property. The Centre and states must swiftly adopt the goods and services tax and ensure efficient post-filing procedures to lower compliance costs. Ditto for the enforcement of the bankruptcy code for resolution of bad loans. The country also needs a Torrens system of registering land, in which for every piece of land, the owner’s name is entered in a registry that is maintained and guaranteed by the government to end title disputes. The government must stop seeing trade facilitation at the WTO as a sacrifice that should be made only in return for reciprocal concession. A culture of corruption mediates doing business but that can go only when political funding turns transparent.
On enforcing contracts, the country’s ranking is a lowly 172, despite a marginal improvement from last year. We need comprehensive judicial reform that entails vastly increasing the number of judges, procedural reform and use of information technology to speed up the judicial process. It is a long haul that has not place for quick fixes.
SOURCE: The Economic Times
Prime Minister Narendra Modi on Wednesday said the Budget presentation in Parliament was being advanced by about a month to ensure speedier implementation of projects and schemes. Chairing an interaction through an information technology-based, multi-modal platform for governance and timely implementation of schemes, Modi urged all states to align their plans with this advancement, so that they could take the maximum advantage of this move. The Budget may be advanced to January last or the first week of February, against the current practice of the last day of February. But the exact date is yet to be announced. The idea is to pass the Finance Bill well in advance so that it could be implemented from the beginning of a financial year. The Prime Minister reviewed the progress towards handling and resolution of grievances related to the ministry of labour and employment, which largely include the Employees’ Provident Fund (EPF) Organisation and Labour Commissioners.
Expressing concern at the large number of grievances of labourers and EPF beneficiaries, he said the government must be sensitive to labourers’ needs. He said that in a democracy, labourers should not have to struggle to receive their legitimate dues. He also requested the introduction of a system so that the process of finalisation of retirement benefits for all employees can begin a year in advance. In case of an untimely death, he said the papers should be completed within a specified time, and officer concerned should be made accountable for the same.
During a review of the progress of the e-national agriculture market (e-NAM) initiative, he urged states to quickly make the required changes in the Agriculture Produce Market Committee (APMC) Act, so that e-NAM could be enabled across the country. Farmers can benefit only if assaying and grading facilities were made available, so that the farmer can market his produce in mandis across the country, he said. The Prime Minister also reviewed the progress of vital infrastructure projects in the railway, road, power and natural gas sectors, spread over Telangana, Odisha, Maharashtra, Kerala, Uttar Pradesh, Delhi, Punjab, Himachal Pradesh, Sikkim, West Bengal, Jharkhand and Bihar. He laid emphasis on the importance of completing projects in time, so that cost overruns could be avoided, and the benefits of projects could reach people, as originally envisaged.
Among the projects reviewed today are: Phase-II of the Multi-Modal Transport System for Hyderabad and Secunderabad; the Angamaly-Sabarimala Railway Line; the Delhi-Meerut Expressway; the Renok-Pakyong Road project in Sikkim; and Phase-5 of a project to strengthen power infrastructure in Eastern India. Progress of the Phulpur-Haldia gas pipeline project in Uttar Pradesh was also reviewed. He also reviewed the progress of the Atal Mission for Rejuvenation and Urban Transformation. He requested all chief secretaries to ensure that safe drinking water was made available to the residents of all 500 towns under AMRUT.
SOURCE: The Business Standard
The funding spree in Indian start-ups has slowed this year, with less of big-size investments, says a Nasscom-Zinnov report for 2016 on the sector. Indian start-ups could attract $4 billion (Rs 26,700 crore) of investment this year, an 18 per cent decrease from last year’s $4.9 bn. “Funding in quantum of money has decreased but the investment scenario is healthy,” said R Chandrashekhar, president of Nasscom, the information technology (IT) sector’s apex association. “There has been an eight per cent increase in the number of start-ups that got funded this year, as a result of increased number of funding deals.” About 650 start-ups were funded this year by various venture capital and private equity entities. And, a 20-25 per cent increase in the number of exits; more of business to consumer (B2C) start-ups closing than business to business (B2B) ones. “Funding is not necessarily the only reason (for this). There could be other internal reasons or the company was not able to reach the product in the right time,” said Chandrashekhar. “The increased mortality rate (estimated at 18-22 per cent) is part of an evolving eco-system. Typically, a start-up dies when it run out of cash or they are not in a position to get funding even after spending some years for developing a product,” said Ravi Gururaj, chairman, Nasscom Product Council.
Nasscom’s annual report said the year is expected to close with about 1,400 start-ups taking birth, up eight to 10 per cent from 2015. The number of tech start-ups is expected to grow by 10-12 per cent to about 4,750 in 2016. Women entrepreneurs account for about a tenth of the total. The report predicts this figure to grow 2.2 times to 10,500 start-ups by 2020, employing 210,000. The IT industry lobby says lack of ‘ease of doing business’ in India and faster growth of the start-up sector in Israel and China are bigger threats. While India continues to retain its third position in terms of numbers of start-ups, China has improved on the qualitative front.
SOURCE: The Business Standard
The Reserve Bank may be going all-out to bring down inflation to 4 per cent, but it probably “cannot do so sustainably” as health and education prices will keep the consumer price index (CPI) above the targetted level, says a report. According to global financial services major HSBC, even if food inflation settles at a lowly 4 per cent, it will not be enough to take headline inflation all the way down to 4 per cent. “Something more is needed”, it said. “…supply side bottlenecks in health and education may not allow inflation to fall to 4 per cent,” HSBC said in a research note adding that the government will have to drive meaningful reforms in these sectors.
On RBI’s policy stance, the report is clear that “if only RBI is convinced that inflation continues to fall gradually, it will find space to cut rates”. Three government decisions over the next few weeks — the GST rate, Seventh Pay Commission housing allowance and the fiscal trajectory — progress on food reforms and the pace of recovery will determine if “the direction is comforting”, the report said. For now, HSBC expects RBI to deliver a 25-bps rate cut at its December meeting on the back of growing comfort that 5 per cent by March, the intermediate inflation target, is likely to be met. The monetary policy committee (MPC), which has three members nominated by the government and the rest from RBI, lowered repo rate to 6.25 per cent from 6.50 per cent at the end of two-day deliberations on October 4. Its next meeting is due on December 6-7.
SOURCE: The Financial Express
The rupee has been stuck in a narrow range of 66.4-67 for the fifth consecutive week. It touched a low of 66.94 on Friday and continued to hover at around that level for most part of the week before closing at 66.83 on Wednesday. No major macroeconomic data was released last week to trigger sharp movements in the rupee. Interestingly though, the rupee has also shrugged off global jitters in recent times. Major currencies like the euro and the pound have been tumbling against the dollar since the beginning of this month. The euro has fallen 3.3 per cent while the pound has plummeted over 5 per cent so far this month. This, in turn, has taken the dollar index higher by 3 per cent. The index, which is currently trading at around 98.5, is likely to extend its rise to 99 or even 100 in the coming days. However, the rupee has remained stable this month. Volatility may increase as the markets eye the next US Federal Reserve meeting due on Wednesday (November 2). On the domestic front, the Nikkei India Manufacturing Purchasing Managers’ Index (PMI) on Tuesday (November 1) is the only key macro data due for release next week.
Rupee outlook
Outlook on the rupee remains unchanged as the currency is still stuck within its sideways range. A breakout on either side of 66.4 or 67 will decide the next trend for it. If the rupee falls below 67, it can test the next support at 67.2. A decisive break below 67.2 will increase the possibility of it falling to 68 or even lower levels. On the other hand, if the rupee manages to strengthen beyond 66.4 it can test 66.3 initially. Further break above 66.3 can take it higher to 66. As reiterated in the past few weeks, 66 is a key medium-term trend-deciding level for the rupee. If the rupee fails to strengthen beyond 66 and reverses lower subsequently, it can remain range-bound between 66 and 68 for some time. But if it breaks above 66, there is a strong likelihood of it strengthening to 65 thereafter.
SOURCE: The Hindu Business Line
India and New Zealand have vast scope for building new commercial partnerships, especially in the areas of food processing, dairy and agriculture, Prime Minister Narendra Modi said in a statement on the occasion of the visit of Prime Minister John Key from October 25-27, along with a large business delegation. “Prime Minister Key and I have had detailed and productive discussions on all aspects of our bilateral engagement and multilateral cooperation,” he said, adding that trade and Investment ties were one of the key areas of the conversation. Later, in a joint statement, both the Prime Ministers reaffirmed their shared desire to further strengthen their growing relationship founded on “shared democratic values and Commonwealth heritage as well as vibrant people-to-people relations and sporting links.”
India and New Zealand also underlined that both are maritime nations with a strong interest in the Asia-Pacific and India-Pacific regions being stable and prosperous, including by ensuring the safety and security of sea lanes and freedom of navigation, and agreed to further strengthen their political, defence and security relationship. They also decided to hold annual Foreign Ministry consultations at the senior official level, promote cooperation on cyber issues, explore prospects for information sharing in maritime security, continue negotiations for a Customs Cooperation Arrangement. India and New Zealand also agreed to undertake defence education exchanges, by placing defence personnel on each other’s courses and staff colleges, encourage naval ship visits to each other’s ports, with the next visit of an Indian vessel to coincide with the Royal New Zealand Navy’s 75th anniversary commemorations in November 2016,” sad the statement.
NSG membership
Key also acknowledged the importance of India joining the Nuclear Suppliers Group, while India stressed that this would provide the predictability necessary for meeting India's clean energy goals in the context of the Paris agreements. Among other things, the two Prime Ministers vowed to ensure that both the countries contribute to a high-quality, comprehensive outcome to the Regional Comprehensive Economic Partnership negotiations. They also announced amendments to the bilateral Double Taxation Agreement to bring its tax cooperation provisions into line with international best practice.
SOURCE: The Hindu Business Line
With India emerging as one of the fastest growing large economies, New Zealand Prime Minister John Key today said there is a "strong argument" in favour of an ambitious free trade pact between the two nations. The joint study by the two countries had demonstrated that significant complementarities exist between the economies and that market opening trade pact would deliver a broad range of benefits to both countries. The negotiations for the trade pact started in 2010 and several rounds of talks have already taken place. "I think there is a very strong argument that New Zealand and India should conclude a free trade agreement and there is an even stronger argument that we should see that the agreement is really ambitious," said Key at a meeting with industry chambers here. In 2008, New Zealand had signed an FTA with China.
Key said while the demographics of China and India are broadly the same, yet New Zealand does eight times as much business with China than it does with India. The imports by New Zealand from China are "massive multiples" of the current two-way trade it has with India. Key further said that "I think for us the reason of being here really is because the world has identified that India is going to be very strong, successful and dominant player in the world's landscape in the years ahead. "You have got the population to drive that, actually now you have got the motivation to drive that and so for New Zealand, we want to partner with you". The bilateral trade between the nations was USD 1.8 billion, an increase of 42 per cent in the past five years.
Speaking on the occasion, Minister of State for Finance Arjun Ram Meghwal pointed out that the two contries have been discussing the FTA, but not reaching a conclusion. He said this time when the negotiators of the two countries meet, they should work to reach a conclusion. Earlier in the day, a joint statement issued after the meeting of Prime Minister Narendra Modi and Key said the two countries are committed to work towards a "high-quality, comprehensive and balanced bilateral FTA which would deliver meaningful commercial outcomes to both sides.
SOURCE: The Economic Times
After Mauritius and Cyprus, India has revised double taxation avoidance agreement (DTAA) with South Korea, giving New Delhi the right to tax capital gains made from investment here subject to a threshold. Under the new treaty with South Korea, if the capital gains in India pertain to selling of shares up to five per cent of the paid-up capital, then it will be taxed in South Korea. If these are more than this level, the tax would be in India. Amit Maheshwari, partner, Ashok Maheshwary & Associates, said this clause could set a standard for proposed revision of the India-Netherlands DTAA as well. Currently, the India-Netherlands DTAA talks of 10 per cent threshold for capital gains to be taxed in India.
Like Mauritius and Cyprus, capital gains provisions would also come into effect from April 1, 2017. While DTAA with Mauritius talks of only 50 per cent of capital gains tax of two years from April 1, 2017, and full tax afterwards, there is no such mention in India-South Korea DTAA as given in a statement by the Central Board of Direct Taxes. Like every new DTAA, the one with South Korea also inserted the limitation of benefits clause to ensure the benefits of the agreement are availed only by the genuine residents of both the countries.
Besides, article 9(2) is inserted in the revised DTAA to enable bilateral advance pricing agreements (APAs) between the two countries in transfer pricing. In bilateral APAs, the governments of both sides are involved along with companies concerned, while in unilateral agreement, it is only India and the company concerned. The article would also enable both the countries to apply the mutual agreement procedure (MAP) in transfer pricing disputes. MAP is a mechanism laid down in tax treaties to ensure that taxation is in accordance with the tax treaty. A memorandum of understanding (MoU) on suspension of collection of taxes during the pendency of MAP was already signed by India and South Korea in December 2015. The MoU provides for suspension of collection of outstanding taxes during the pendency of MAP proceedings for a period of two years, extendable for a maximum period of three years subject to providing on demand security and bank guarantee.
To promote cross-border flow of investments and technology, the revised DTAA provides for reduction in withholding tax rates from 15 per cent to 10 per cent on royalties or fees for technical services and from 15 per cent to 10 per cent on interest income. To facilitate the movement of goods through shipping between two countries and in accordance with international principle of taxation of shipping income, the revised DTAA provides for exclusive residence-based taxation of shipping income from international traffic. This means tax would be levied in the country where the shipping companies are located. DTAA also has an updated provision for exchange of information. According to the revised provision, the country from which information is requested cannot deny the information on the ground of domestic tax interest. Further, the revised DTAA contains express provisions to facilitate exchange of information held by banks. Information exchanged under the revised DTAA can now be used for other law enforcement purposes with the authorisation of information supplying country. The DTAA was signed in May 2015 during the visit of Prime Minister Narendra Modi to Seoul. The earlier DTAA between India and South Korea was signed in July 1985 and was notified in September 1986.
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$ 49.20 per barrel (bbl) on 25.10.2016. This was lower than the price of US$ 49.54 per bbl on previous publishing day of 24.10.2016.
In rupee terms, the price of Indian Basket decreased to Rs. 3290.57 per bbl on 25.10.2016 as compared to Rs. 3312.04 per bbl on 24.10.2016. Rupee closed weaker at Rs. 66.88 per US$ on 25.10.2016 as against Rs. 66.86 per US$ on 24.10.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on October 25, 2016 (Previous trading day i.e. 24.09.2016) |
Pricing Fortnight for 16.10.2016 (Sep 29, 2016 to Oct 12, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
49.20 (49.54) |
48.69 |
|
(Rs/bbl |
3290.57 (3312.04) |
3243.24 |
|
|
Exchange Rate |
(Rs/$) |
66.88 (66.86) |
66.61 |
SOURCE: PIB
Turkish authorities and textile players have slammed a recent BBC Panorama report on Syrian refugees and children working in factories in Turkey to make clothes for British high street retailers. In an Oct. 24 broadcast titled “Undercover: Refugees Who Make Our Clothes,” BBC Panorama reported that Syrian refugees and children were working illegally in poor conditions to make clothes for British retailers, which are one of the largest customers for Turkish textile producers and exporters. The head of the Istanbul Ready-Made Garment Exporters’ Association (İHKİB), Hikmet Tanrıverdi, complained that child workers who were employed by informal and fly-by-night manufacturers were "secretly videotaped" and that BBC Panorama had launched a "smear campaign" against the whole industry. “As İHKİB, we investigated the issue and saw that the fly-by-night manufacturers in the story did not produce for any of the global brands that were mentioned in the same report. The BBC reporter applied to a big brand, which had earlier worked with this fly-by-night manufacturer, and asked for new output as if it was being requested by the big brand. This is a fabricated scenario. We strongly condemn such unethical reporting with no solid proof that aims to create a bad image about our industry,” Tanrıverdi said Oct. 26 in a joint press conference with the Turkish Clothing Manufacturers’ Association (TGSD). “We found it very interesting to see a reporter from a foreign media institution who manipulated her sources and conducted secret shooting while concealing her identity,” he said, adding that sector organizations were not approached by the broadcast team for comment. “Here, we frankly declare that any manufacturer which illegally employs child labor is a traitor,” Tanrıverdi said, while also calling on everyone to report such manufacturers to the Turkish authorities.
Tanrıverdi also said global brands which outsource manufacturing to Turkey inspect their producers very tightly and refuse to tolerate any labor abuses. “In addition, the use of child labor is strictly forbidden by Turkish authorities,” said Tanrıverdi. “We hereby invite the BBC representatives to visit Turkey. Let’s visit and tour all manufacturers which make production for global brands one by one. They will set the dates for these tours. If they find any child laborer, we are ready to face any sanctions,” he said. TGSD President Şeref Fayat said it was unfair to present all Turkish textile exporters as abusers of child labor solely through some images that were secretly videotaped in a fly-by-night manufacturer, noting that all formal manufacturers were strictly monitored and inspected. Turkey’s ambassador to the United Kingdom also protested the documentary.
Abdurrahman Bilgiç wrote on Oct. 24 to the editor of Panaroma following the BBC report. “Turkey strictly abides by international norms that relate to child labor,” he said. “Moreover Turkey has reformed its internal legislation accordingly.” Since the start of the Syrian conflict in 2011, Turkey has pursued an open-door policy toward Syrians, Bilgiç said, adding that there were around 853,000 school-age children, 310,000 of who are eligible to receive education. “Against this backdrop of Turkey’s stance against child labor and efforts to help Syrian refugees with a particular emphasis on children, your television program displays Turkey as an unfriendly environment for child refugees,” he said. “This regrettable approach risks not only undermining Turkey’s unprecedented assistance to refugees but also tarnishes the increasing trade relations between Turkey and the United Kingdom,” he said.
SOURCE: The Hurriyet Daily News
The Campaign for Wool, The Clothworkers’ Company, The Drapers’ Company and The Weavers’ Company collaborated for a third year to provide a free conference for final-year textile degree students, GGHQ Fashion Intelligence reports. Making It in Textiles careers conference reveals the opportunities open to new graduates in the UK’s diverse and creative manufacturing industry through interactive talks and West Yorkshire mill visits. The event featured a first opportunity for most of the students to tour one of six world-leading mills in the West Yorkshire area, including AW Hainsworth & Sons. Bradford hosted the third annual conference this month, which encouraged the participating 120 design and technology students from 23 universities to consider the wide range of roles open to them in the UK’s “diverse, creative and fascinating industry” over two days of interactive talks and visits to world-leading textile mills in West Yorkshire.
Highlights
Held at the Midland Hotel, the conference brought together industry professionals, educators and undergraduates for a packed programme, which this year included personal and professional journey narratives by both new and experienced members of the industry, as well as explanations of the supply chain, textile manufacturing methods in the UK and potential roles open to textile design and technology graduates at every stage of production. The event also featured a first opportunity for most of the students to tour one of six world-leading mills in the West Yorkshire area – AW Hainsworth & Sons, Abraham Moon & Son, Camira, Pennine Weavers, Stanley Mills, Luxury Fabrics and W.T. Johnson & Sons – and see textile production on an industrial scale.
Inspiring new generation
One of the most inspiring stories of the conference was delivered by Richard Humphries, who established a silk mill in Sudbury, Suffolk after facing redundancy in his twenties, organisers report. The eponymous company produces luxurious jacquard silks for interiors and gowns. The mill’s work can be found in stately homes including Chatsworth House and Buckingham Palace. Students were able to see textile production on an industrial scale. On the importance of the conference he said: “We need to inspire the next generation and show them that there is a future in British textiles. But also make them aware that you can’t just be a designer but you need to have business skills as well.”
Diverse and creative industry
“It is programmes like Making It in Textiles that remind me what a diverse, creative and fascinating industry we belong to,” said Paul Johnson, managing director of fabric finisher W.T. Johnson & Sons, during his presentation. The Huddersfield-based company is developing finishing methods using plasma and lasers to make fabrics last longer and be more sustainable. “We as manufacturers have to be driven by innovation, we have to be better every day,” he noted. He offered a word of advice to the new designers watching his talk: Differentiate yourself and be passionate.
Career stories
During a group discussion, five textile designers shared their career stories and advice with the audience. Two of the panellists, Andrew Stephenson, woven and printed fabric designer at Paul Smith, and Cherica Haye, colour and material designer at Rolls-Royce, are both Texprint alumni. The aim, as with the previous conferences, is to forge stronger links between educational institutions and the UK textile manufacturing industry and in particular to provide support to final year textile students. © Gill Gledhill (GGHQ)
Two others on the panel discussed how being in the workplace had changed their views their career directions. Towera Ridley is working as a sales coordinator at Batley, West Yorkshire-based cashmere weaver Joshua Ellis. Her salary is part-funded by The Weavers’ Company. She explained: “I didn’t aim to be in sales, but I was open to do something different. I am not a designer in my current position but I am using my knowledge when liaising with production. There are other routes just as exciting as design that utilise your creative and textile knowledge.”
Seizing opportunity
Julia Skliarova, senior textiles editor at WGSN, wrapped up the conference by sharing the story of her dynamic career path during which time she has worked in the US, won prestigious awards, trained at two of the UK’s leading art schools and has worked in the design department of a major UK retailer before joining the fashion news and trends website. She advised the students to “seize any opportunity to learn about the commercial market that will give you industry skills which are useful and transferrable, and will enable you to move with the times and adapt to the ever changing industry. Challenge yourself and your tutor.”
SOURCE: The Innovation In Textiles
Smart phones are part of the modern vernacular. Smart fibers may be next. A group of researchers at the University of Georgia are on the leading edge of developments that they hope will bring the textile industry back from the dead in the United States. At least four of the leading scientists call Oconee County home. Call them the “Fiber Four?” Last week they met with about 90 leaders from the fabric and textile industry, other researchers and military officials to plot the future of fabrics and textiles. Thursday, Oct. 20 was AFFOA Industry Day at the University of Georgia. Advanced Functional Fabrics of America is a public-private partnership launched last spring and funded partially by a $75 million commitment from the U.S. Department of Defense. The goal is to accelerate innovation involving fibers and textiles through advances in manufacturing and engineering. Gajanan S. Bhat is head of the Department of Fibers and Textiles in the UGA College of Family and Consumer Science. He is a recent transplant from the University of Tennessee. He told The Oconee Enterprise that he would have been happy with whichever football team won recently, which made him uniquely dispassionate about Tennessee’s dramatic win on the last play of the game.
Other headliners in the fiber research include Sergiy Minko of Bishop, Jason Locklin of Bogart and Suraj Sharma of Watkinsville, not to be confused with the “Life of Pi” actor of the same name. “The whole idea of this institute, the main purpose, is to help create manufacturing jobs, to bring textiles back to the U.S.,” Bhat told The Oconee Enterprise. “We lost all of those jobs years ago because of labor costs,” he said. “We were not able to compete in terms of cost.” Bhat said the hope is not merely to foster some incremental increase in textile jobs, but a sea change. Bhat said that the research is aiming at developing fibers that can do multiple functions, such as communicate, cool bodies and heal wounds. “They might provide wireless communication on the battlefield so you could differentiate between friend or foe,” Bhat said. “It could be the comfort of athletes. There might be a microbial functionality.”
The Oconee Enterprise reported in August, 2011, about Locklin’s research into bonding an antibacterial agent with fibers. Lockin is an associate professor in the College of Engineering. Sharma is an associate professor in the College of Family and Consumer Sciences. Minko is a professor in the same college. Humanity has been making fabrics from plants and animals for a long time. It was not until early in the 20th century that synthetic fibers were added to the mix. The latest research is the inevitable next step. While there is certainly a “cool factor” to some of the fabrics under development, the focus is on returning textile manufacturing to prominence. “That is the ultimate goal,” said Bhat. “We cannot get there without filling the gap. That means demonstrating the technology works and also training the workers.” “The event was designed to bring U.S textile and clothing manufacturers to the highest point of modern materials science, with a major goal to create new jobs in this country,” Minko said. “Training and workforce development for the new market was one of the key topics of our discussions.” UGA is part of the research spread across multiple institutions and headed up by MIT. “We’re joining with companies large and small, universities and startup incubators from around the U.S. to drive a manufacturing-based revolution by transforming traditional fibers, yarns and fabrics into highly sophisticated systems and devices for both consumer and defense applications,” said Bhat.
SOURCE: The Oconee Enterprise
The Việt Nam Textile and Apparel Association (VITAS) will host the ASEAN Federation of Textile Industries (AFTEX) and an international conference related to the textile industry. HÀ NỘI – The Việt Nam Textile and Apparel Association (VITAS) will host the ASEAN Federation of Textile Industries (AFTEX) and an international conference related to the textile industry. The conference’s theme is "Strengthening the supply chain in the ASEAN textile sector towards sustainable development." The events will take place from October 31 to November 2 in Hà Nội. VITAS Chairman Vũ Đức Giang said AFTEX 2016 is an opportunity for textile businesses in the country and the region to meet and exchange experiences. Participants at the AFTEX conference will discuss the situation of the textile and garment industry and solutions to enhance ASEAN cooperation to strengthen links in the production chain of the member countries.
At the conference, which is on November 1, attendees will focus on analysing the impact of the Trans-Pacific Partnership, free trade agreements, the Regional Comprehensive Economic Partnership and the ASEAN Economic Community on the regional textile industry. Sustainable solutions for the textile supply chain, sharing of experiences of experts in environmental management and strategies for seeking supply sources of international brands in Việt Nam are also on the conference’s agenda. On this occasion, VITAS will organise an exhibition of textile raw materials featuring raw materials, accessories, machinery equipment and modern technology serving the textile industry. The exhibition is held annually and professionally on a large scale, with the participation of over 190 companies from 15 countries and territories, such as Việt Nam, Germany, Japan and Korea, as well as Pakistan, Thailand and China, with a total of 5,00sq.m. exhibition area. According to the organiser, the exhibition is an opportunity for Vietnamese garment enterprises to gain access to markets and the latest manufacturing technology, which will provide them a vision for technology investment to increase the ratio of homemade parts in their production, thus enhancing the value of their products.
SOURCE: The Vietnam News
Teijin Frontier Co. Ltd, fibre products converting company and part of Teijin Group, has announced that is has developed Solotex RC, a polytrimethylene terephthalate (PTT) fibre with a bulky three-dimensional structure for lightweight and cushiony high-function fabrics, for a wide range of applications like sports apparel, bedding, and industrial materials. Solotex RC fabric offers numerous advantages like soft, smooth texture, and colourability; cushioning due to its shape-retaining property, warm and gentle elasticity with a molecular structure, omnidirectional bulkiness due to a three-dimensional structure, easy to care as a synthetic, highly comfortable wear due to strechability, lightweight outer with bulkiness, application to shock absorbing materials.
Teijin Frontier previously developed Solotex, a soft, shape-retaining, stretchable PTT fibre that offers bright colouring, eco-friendliness, and compatibility with a wide range of other materials. Solotex staple fibre wadding offers excellent cushioning but does not retain its shape. The newly developed Solotex RC, however, provides superior vertical cushioning thanks to the use of crimped PTT fibre arranged in a continuous radial around a main axis. Teijin Frontier's unique three-dimensional fibre also offers significant freedom in designing. Teijin Frontier will conduct trial sales mainly for sport apparel in the current fiscal year. Annual sales are expected to reach 30 tons by the fiscal year ending in March 2019.
SOURCE: Fibre2fashion
Garmon Chemicals, leader in innovative chemical auxiliaries and solutions for garment treatments in the apparel industry, is showing its latest innovation at the denim expo by Kingpins Show, the first-ever boutique trade show focusing on branding in the denim industry, held on October 26 to 27, 2016, in Amsterdam, Westergasfabriek, at the Netherlands. On October 24, 2016, at Transformer, the conference, Alberto De Conti, marketing Garmon Chemicals, was one of the speakers who debated the crucial theme chosen for this edition: “Toxic future: is the scary part of hazardous chemicals on the way?”. The round table involved representatives from G Star, Clean Production Action, Dystar, Archroma and Bluesign, a group of leading companies that, with Garmon and others, discussed the status of the industry and the opportunities for improvement.
On October 26 and 27, 2016, at The Kingpins Show. Save resources and enter a new era, Garmon Chemicals, is introducing Nimbus, the very first range of chemical auxiliaries and dyes specifically selected to be nebulised in closed systems and that deliver a set of unique benefits such as fluid dynamics and rheology conceived for nebulisation; more efficient contact and reaction between active principles and substrates; a variety of innovative effects on denim and beyond; tremendous water savings (up to 80 per cent).
Within the Nimbus platform there is Nimbus-z, safe processes for the nebulisation of enzymes in closed systems. Nimbus-z literally revolutionises the traditional idea of stone washing. Denim treatments have historically gone through two main evolutions: the “Solid age” - the pioneering pumice stone era that rocked the fashion world from the end of the 60's - and the “Liquid age” of the Nineties, that took place when enzymes began to integrate the previous processes. With the step-changing innovation Nimbus-z the industry enters the “Nebulisation age”, safe enzymatic treatments through self-contained, nebulising systems. Garmon Chemicals and Tonello Garment finishing Technologies, in close collaboration with R&D powerhouse and world-leading enzyme producer Novozymes, successfully measured the levels of airborne enzyme protein in filters from air samplings. Only ignorable amount of airborne enzyme were measured out of a specific procedure performed by spraying Garmon ATB 710 in a Tonello CORE washing machine. (GK)
SOURCE: Fibre2fashion
SGS, a leading inspection, auditing, certification, testing, and verification company, with a global network of laboratories and offices, has developed a copyrighted 4C model, a practical tool that suppliers in the apparel industry can use to implement an effective chemical management system, to protect people's health and safety, as well as the environment. As awareness within the apparel industry increases regarding the harm caused by hazardous chemicals, the issue of chemical management has become more important. The 4C model has four sections that include commitment, competence, critical point control and comprehensive system. In terms of commitment, before implementing a chemical management program, a company should analyse the industry situation. The analysis should include an investigation into the latest trends concerning the best available chemical management techniques and practices.
The second step of the 4C model is to improve competence. This involves establishing a special team, led by one person with overall responsibility for chemical management. The person must have professional knowledge and skills like good command of information collection, chemical and environmental background, knowing about legislation and the clients' requirements, familiarity with raw materials and the production process, understanding the Globally Harmonised System (GHS) system of classification, ability to evaluate the acceptability of a Material Safety Data Sheet (MSDS), ability to identify hazards and to conduct risk assessments.
When launching a chemical management program, critical point control is the priority. Based on the flow and the use of each chemical in the manufacturing plant, the critical points are classified as input – raw materials and chemicals, in processing – product manufacturing, and output – product and waste discharge. The critical points within manufacturing include safe transportation, storage, movement, use, and disposal of chemicals. Testing on the final products and waste flow (solid waste, wastewater and air emission) is a way to verify the compliance and overall performance of the chemical management program. If the test results reveal non-compliance, then the chemical management program is not working at some point – and is therefore ineffective overall.
The establishment of comprehensive system is the top tier of 4C model. Continuous improvement is an important element of any comprehensive program. A comprehensive chemical management system can improve efficiency and reduce the error rate regarding hazardous chemicals. The company can refer to, or adopt, various international standards, codes of conduct, and industrial best practices to improve and perfect their system. (GK)
SOURCE: Fibre2fashion
Senator Sheldon Whitehouse and the University of Rhode Island Business Engagement Centre have together started the Rhode Island Textile Innovation Network, a trade group formed with support from Whitehouse and the University of Rhode Island Business Engagement Centre to guide growth of the state’s textile industry in the twenty-first century. The Rhode Island Textile Innovation Network is in part a result of Whitehouse’s efforts to foster collaboration between textile industry leaders, and capitalise on Rhode Island’s abundance of manufacturing expertise and infrastructure. Whitehouse has met with textiles industry representatives on more than a dozen occasions over the past five years.
The Rhode Island Textile Innovation Network’s inaugural meeting included executives from 14 local manufacturers, faculty from the textiles and engineering programs at the University of Rhode Island, and representatives of the Rhode Island School of Design. Participating companies included Hope Global, Cooley Group, Toray Plastics America, Polaris MEP, American Cord & Webbing Company, Brickle Group, Colonial Mills, Darlington Fabrics, Dartex Coatings, Kenyon Industries, Nautilus Defence, Propel LLC, Trans-Tex LLC, and Innovative Sourcing Group.
Meeting participants discussed potential opportunities in textile manufacturing, including smart textiles that incorporate technology. The event was held at the headquarters of Cooley Group in Pawtucket, RI. Cooley Group opened its doors in 1926 as a manufacturer of cotton awnings, and has evolved over the last century into a maker of engineered membranes, building products, and commercial graphics.
Katharine Hazard Flynn executive director of the URI Business Engagement Centre said, “We were pleased to help convene this inaugural meeting of the Rhode Island Textile Innovation Network and we look forward to facilitating access for its members to URI faculty, research opportunities, and students to support the needs of this important industry. Textiles have a rich tradition both in Rhode Island and at URI and we are excited to support the work of this group in any way we can.” (GK)
SOURCE: Fibre2fashion
Responding to the needs of the technical textiles and fibrous materials market, Messe Frankfurt RUS will turn Techtextil Russia into an annual event. The next edition will be held in Moscow, from 20-22 February. Technical textiles and equipment for its production is recognised as the main factor of Russian textile and light industry development. This sub-sector has been actively promoted and supported by governmental structures at the regional and federal levels, Messe Frankfurt reports. In 2016, 120 companies from 15 countries presented their equipment, technologies and products at Techtextil Russia. Market players understand the importance of this industry and increase production capacity, actively engage themselves in transfer of foreign technologies in this field as well as localization of production.
Techtextil Russia 2016 was a success
In 2016, 120 companies from 15 countries, including Belarus, Belgium, China, Egypt, France, Germany, India, Italy, Netherlands, Slovenia, Switzerland, Tunisia, and Russia presented their equipment, technologies and products at Techtextil Russia. Of those, more than 20 companies have participated in the exhibition for the first time reflecting the constantly growing importance and popularity of the fair and its professional recognition, organisers report. Technical textiles and equipment for its production is recognised as the main factor of Russian textile and light industry development. © Messe Frankfurt RUS/Elena Muzikantova The local technical textiles and nonwovens market was represented by key players such as Gazprom Khimvolovno, Mashteksimpeks, Nonwovens factory Ves’ mir, the company Igla, Janta, Ivanovoiskozh and many others.
International offer
National Pavilions of Belgium, China, Italy and Germany represented the international offer. The range of products shown by German companies such as Mehler Texnologies, Pfaff Industriesysteme und Maschinen, Lindauer Dornier, ZKS Zwickauer Kammgarn and others at the German Pavilion included modern technological developments, new samples of nonwoven materials, surface treatment of materials technology, composites on textile base, and more. Indian companies’ products and technologies also attracted great attention from professional visitors, according to organisers. One of the Indian textile and light industry market leaders Aditya Birla Group participated at Techtextil Russia for the first time.
Concurrent events
At the same time as the exhibition, within the Russian Textile Week, which runs from 20-23 February, four other top events will take place at the Expocentre fairground. These include Inlegmash, an international exhibition for textile manufacturing and processing, CJF, an event for children’s and junior fashion, and Interfabric, an international exhibition of fabric and textile materials. The technical textiles and nonwovens market was represented by key domestic players in 2016. The central event of the business programme of the Russian Textile Week will be the IV international forum of light industry Legpromforum-2017, in which current issues, challenges and prospects for the industry in general and its most dynamic segments will be discussed on the highest governmental level. The production and effective use of the various types of technical textiles, scientific, and economic aspects of the process will be discussed at the Techtextil Russia Symposium. According to organisers, uniting leading industry events at one venue already proved its effectiveness last year. Industry professionals positively assessed the joint exhibitions of Techtextil Russia and Inlegmash in previous years.
SOURCE: The Innovation in Textiles
Bangladesh’s economy grew at a record 7.11 per cent in the last financial year as stronger industrial performance helped the country break out of the 6.0 per cent ‘growth trap’, government said. The Gross Domestic Product (GDP) grew at 7.11 per cent in the last 2015-16 fiscal as compared to 6.51 per cent in the previous fiscal (2014-15), according to data released by the Bangladesh Bureau of Statistics (BBS) yesterday. The GDP growth was mainly led by the industrial sector as it expanded at 11.09 per cent rate in the last fiscal, up from 9.67 per cent in the previous fiscal, BBS said. Bangladesh’s per-capita income also increased to USD 1,465 from USD 1,316 in the previous financial year, it said. The government had set a target of GDP growth at 7.0 per cent for Financial Year (FY) 2016. “The GDP growth figure appeared higher in the final calculation. It is good news,” Finance Minister AMA Muhith said.
The economy of Bangladesh, one of the least developed countries, had fallen into a six per cent growth trap since 2004 as it could not cross the six per cent trajectory in the last one decade. In 2004, the country’s GDP expanded at 6.2 per cent from 5.26 per cent in the previous but had maintained over 6.0 per cent growth almost every year over thereafter. Planning Minister AHM Mostafa Kamal said Bangladesh’s total GDP size increased to 173.3 trillion taka in the last FY 2016 from 151.58 trillion taka in previous FY. “Bangladesh as per the purchasing power parity (PPP) has now stood at 33rd position among the world economies,” he said.
SOURCE: The Financial Express
Việtnam moved up nine notches in the World Bank’s Doing Business 2017 report. The country climbed to 82nd position from 91st position last year, in the list covering over 190 economies. Doing Business 2017 is the 14th in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. The report presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies over time. In this year’s survey, which was released on Tuesday, the World Bank (WB) ranked economies based on ten criteria including starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. For Việtnam, sectors that saw improvement included protecting minority investors, paying taxes, trading across borders, getting electricity and resolving insolvency. Of these, the country’s “protecting minority investors” criteria jumped 31 notches to 87th position this year. Meanwhile, the “starting a business” dropped 10 notches compared to that of last year. In Southeast Asia, Việt Nam’s position is in the middle, following Singapore (2), Malaysia (23) and Thailand (46). This year, Singapore has lost its top position after leading for 10 consecutive years. New Zealand ranked in first position this year, followed by Denmark, Hong Kong and Korea. Emerging economies such as China or India both saw increases in their positions.
SOURCE: The Vietnam News
