INTERNATIONAL
Textile Raw Material Price 2016-12-13
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1193.69 |
USD/Ton |
5.43% |
12/13/2016 |
|
VSF |
2199.29 |
USD/Ton |
0.33% |
12/13/2016 |
|
ASF |
1852.03 |
USD/Ton |
0% |
12/13/2016 |
|
Polyester POY |
1212.50 |
USD/Ton |
4.10% |
12/13/2016 |
|
Nylon FDY |
2966.15 |
USD/Ton |
2.50% |
12/13/2016 |
|
40D Spandex |
4297.29 |
USD/Ton |
0% |
12/13/2016 |
|
Polyester DTY |
2025.66 |
USD/Ton |
0% |
12/13/2016 |
|
Nylon POY |
1548.18 |
USD/Ton |
2.88% |
12/13/2016 |
|
Acrylic Top 3D |
3139.77 |
USD/Ton |
2.36% |
12/13/2016 |
|
Polyester FDY |
5462.05 |
USD/Ton |
0% |
12/13/2016 |
|
Nylon DTY |
1461.37 |
USD/Ton |
4.12% |
12/13/2016 |
|
Viscose Long Filament |
2821.46 |
USD/Ton |
4.28% |
12/13/2016 |
|
30S Spun Rayon Yarn |
2850.39 |
USD/Ton |
0% |
12/13/2016 |
|
32S Polyester Yarn |
1823.09 |
USD/Ton |
3.28% |
12/13/2016 |
|
45S T/C Yarn |
2604.42 |
USD/Ton |
0% |
12/13/2016 |
|
40S Rayon Yarn |
2995.08 |
USD/Ton |
0% |
12/13/2016 |
|
T/R Yarn 65/35 32S |
2242.70 |
USD/Ton |
0% |
12/13/2016 |
|
45S Polyester Yarn |
1909.91 |
USD/Ton |
0% |
12/13/2016 |
|
T/C Yarn 65/35 32S |
2213.76 |
USD/Ton |
0% |
12/13/2016 |
|
10S Denim Fabric |
1.33 |
USD/Meter |
0% |
12/13/2016 |
|
32S Twill Fabric |
0.82 |
USD/Meter |
0% |
12/13/2016 |
|
40S Combed Poplin |
1.15 |
USD/Meter |
0% |
12/13/2016 |
|
30S Rayon Fabric |
0.65 |
USD/Meter |
0% |
12/13/2016 |
|
45S T/C Fabric |
0.64 |
USD/Meter |
0% |
12/13/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14469 USD dtd. 13/12/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Expressing concern over suicide by a powerloom weaver Domala Ramesh in his Siricilla constituency on Monday night, Textiles Minister KT Rama Rao vowed to provide more employment opportunities, loans, subsidy and incentives to weavers and workers of handloom and power looms esides procuring their produce completely. The minister sent Textiles Commissioner Shailaja Ramayyer and secretary to Siricilla to offer Rs 1.5 lakh ex gratia to the kin of deceased besides promising to provide education to the children and a double bedroom house. About Rs 18 crore towards arrears and subsidies given to help Siricilla weavers besides giving orders to supply Rs 70 cr worth clothes for school uniforms under Rajiv Vidya Mission scheme, the Textiles Minister claimed.
The weavers should not lose confidence as the efforts for two and half years giving positive results, he noted. The Government has agreed in principle to procure the produce of weavers from Siricilla and other areas and provide them ample scope for better future, he maintained. To overcome crisis and help handloom and powerloom weavers of Siricilla, the State government waived Rs 5.65 crore, 50 per cent power subsidy of Rs 7.19 cr, released Rs 4 cr arrears under Technology Upgradation Fund (TUF), 15000 power looms upgraded (10000 from Centre and the rest from the State), he said.
He also said that 6000 weavers are getting life insurance under Mahatma Gandhi Bunker Beema Yojana, loans given under Mudra Bank to 600 weavers and giving Rs 1200 scholarship to weavers’ children of those who joined this scheme. KTR asserted that the weavers have better future and can get benefits from the government. He said that the government will soon come up with a new textile policy and announce sops to the weavers, workers of textile industry and steps to be taken for their welfare.
SOURCE: The Siasat Daily
Solapur district in Maharashtra has sought investments from national and international garment manufacturers to make it a major uniform and garment manufacturing hub, a senior industry official said here. "Following Union Government's initiative to set up Garments Park and new MIDC, Solapur known for its manufacturing skills is set to become major uniform and garment manufacturing hub in the coming years," Solapur Readymade Kapad Utpadak Sangh, vice president Nilesh Shah told reporters here. "We invite national and international garment manufacturers to invest in this region as Solapur has the potential to become supplier for school uniforms for the whole country," he said. It has more than 1,000 garment manufacturing units at present and is well connected with the rest of the country with rail and road network and the nearest airports being Mumbai, Pune and Hyderabad. Solapur attracts investment for setting up of garment industries in Maharashtra primarily due to easy availability of transportation, labour and raw materials, Shah said. The district is already contributing 6 to 7 per cent of trade volume of the country's Rs 18,000 crore uniform manufacturing industry. The industry in India has an aggregate volume of Rs 18,000 crore out of which Rs 10,000 crore is already catered by uniform manufacturing industry. Solapur is witnessing higher demand for school uniforms, kids garments, gents and ladies dresses and hence this industry is witnessing good progress in the region, he said. In view of showcasing its potential, Solapur Readymade Kapad Utpadak Sangh in association with the Textile Ministry of the Government of Maharashtra is organising country's first international uniform and garment exhibition at Solapur between January 5-7. The fair will highlight capabilities of Solapur, which in turn would lead to the setting up of more garment factories and thus more jobs in both the skilled and unskilled areas will be created, Solapur Garment Manufacturers Association Joint Secretary Amitkumar Jain said. Delegates from over nine countries have confirmed visit to the exhibition. As many as 6000 retailers from across the country are expected to visit the fair.
SOURCE: The Moneycontrol
In a bid to continue cashless economy, the government has new plans for cash payments made to industry and factory workers all over India. Reports from TOI state that it will soon be mandatory for workers to receive their wages through cheque or by direct transfer into their bank accounts. This move goes hand-in-hand with the demonetization that came into effect in November. Only workers with wages below INR. 18,000 will be included under this new scheme. The rule will be enforced by amending Section 6 of the Payment of Wages Act, 1936. The Central government will mandate the wages of workers in railways, air transport, mines, oilfields and more. The respective state governments will handle their industries. In the amendment, the appropriate governments will ensure that they include the industries which come under the mandate. States like Andhra Pradesh, Uttarakhand, Punjab, Kerala and Haryana have already started making amendments in the said Act. A Bill is being prepared for the amendment which will be put into effect once it is approved by the Cabinet. The Payment of Wages (Amendment) Bill, 2016 will impact the lives of millions of workers in India.
Workers’ Woes to End
Ever since the demonetization came into effect, workers and labourers have faced the worst. Their wages and salaries were either paid in old notes or not at all. The government has stopped exchanging of notes for quite some time. Anyone with old notes would have to deposit the same to their bank accounts. However, some of the workers who were paid in old notes had no bank accounts at all and hence had no means to deposit them. There was no leniency given to workers who had to stand in long queues at banks. If they missed more than their allotted break times, they lost a part of their daily wages. And those who refused old notes had their salaries deferred to February-March.
Worst of all, factory owners have worked around the government trailing bank transfer to workers. After paying the workers, they take back the amount from the bank accounts 3-4 days later. Since they keep the workers’ passbooks and debit cards, this is not a hard thing for them to do. As a result, workers weren’t very happy with the demonetization. It was causing them more problems that the black money hoarders. Ironically, the demonetization was done to make things uncomfortable for the latter.
With this new move, the government aims to reduce their woes; reports TOI. Workers will receive their minimum wages through cashless means only. As per the deciding authorities, since Jan Dhan Yojana ensures easier opening of bank accounts, implementing this rule should not be a problem. The government has already ensured that more than 5 lakh textile workers will have their own bank accounts. The government has asked the textile units to help their workers open bank accounts. Camps were set up to ease the workers’ payment means. These includes regular workers, migrant labourers and those working on contract.
Students Facing Trouble Too
Delhi landlords have been refusing to accept online transactions. They remain completely unaffected by the demonetization and have strictly told tenants to pay only by cash. This has been done in a bid to safeguard their wealth and convert their black cash to white at the same time. With exams beginning in most of the colleges in December, students have taken to studying in the long queues outside the ATMs. Students in Delhi University and others have faced this problem as landlords refused their old notes. They persistently asked the tenants to get the notes exchanged before payment. Many of these students had no other option but to hound the ATMs at midnight. They had to keep a close watch as to when the cash gets filled in the ATMs. Demonetization has affected everyone. It is not just the students, but even residents of Bengaluru, Karnataka have complained that e-cash is not being accepted in many places. It’s not just the landlords, but even maintenance cash in apartments, maid fees, milkman services and others have refused online payments.
Loopholes in Demonetization:
Despite the demonetization and constant surveillance of the Income Tax department, money hoarders are still doing everything they can to save their losses. Some of the methods through which black money hoarders are converting the money are:
Temples:
The government has already declared that sums in temple handis will not come under the tax scanner. Thus, people started donating their black money to temples, and the management returned the amount in new notes, after taking their commission.
Poor People:
As per the new rule, poor people can deposit up to 2.5 lakh and not be questioned. Thus, black money hoarders have turned to their staff and relatives to deposit the money and withdraw it immediately after that. The money, in new notes, will be returned to the hoarders after the staff or relatives have kept some for themselves.
Zero Interest Loans:
Some lucrative businesses have started offering interest-free loans to the poor. A good thing right? Apparently not. This is just another way for them to convert their black money into white.
Jan Dhan Account Holders:
Jan Dhan accounts have seen a surge in their deposits since demonetization. Whether it’s because of people wanting to deposit their old money or black money is being laundered, is an unanswered question.
Bank Note Mafia:
As with all new rules, there are newer scams and black markets that have cropped up. A new black market that exchanges your old notes with Rs. 100 notes for a deducted commission has sprung up. The irony is obvious: A black market scam to help people save their black money.
Paying Advance Salaries:
For some workers and employees, Diwali came early. With industries paying advance salaries to employees in cash, it is an easy method of getting rid of old notes. Some companies paid the workers full six months’ advance salary in old notes, while others were cautious and paid only three months’ salary. Each of them was careful enough to stay under the 2.5 lakh umbrella.
Buying Gold:
Between the time of the announcement of demonetization and the time it came into effect, black money hoarders stocked up on gold. They rushed into the jewellery shops and made the most of the 4 hours. Thus, gold prices surged after the demonetization!
Cancelling Train Tickets:
Until 14 November, old notes were accepted at train stations to book tickets. The wit of black money hoarders must be admired. Most of them booked expensive tickets during this time and then cancelled them. Refunds were given in new notes, with a small cancellation fee. Smart work; defeating the whole purpose of demonetization in a snap!
Using Farmers:
Agriculture income is not taxed. Hence, farmers are easy fodder for people to convert their black money into white. The farmer as well as a person with black money benefitted together!
Donations to Political Parties:
Political parties can collect donations from people under Rs. 20,000. By saying that these donations were collected before demonetization, its easy for the parties to exchange their money before December 30th.
Will Demonetization Help?
Speculations are rife that government’s demonetization may not help win the war against black money. According to reports, only 6% of all black money wealth is in the form of hard currency. The rest is always converted in the form of real estate, gold, foreign currency, foreign banks, unsolicited accounts in Indian banks, the stock market and regular commercial enterprise.
Whether the government’s endeavours succeed or not, remains to be seen. To be honest, the measures taken by the government after the demonetization, are too little and too late. The demonetization has hit all sectors badly, and not just the people with black money. The government should have taken initial measures to prevent the note ban from affecting the general public. All these steps towards a ‘Digital India’ and ‘Cashless Economy’ are not going on the safe path. If landlords can still demand new notes as the only form of rent, then where’s the digitalization? Measures should have been put in place before announcing the demonetization. But, what the future of demonetization will be, only time will tell.
SOURCE: The Daze Info
Century Textiles & Industries Ltd today said it has organised 'Digital India Workshop - Cashless Transaction' for its workers to empower them to make cashless transactions. "We have organised 'Digital India Workshop - Digital Week' Cashless Transaction from December 13- 17 at our Jhagadia unit in Gujarat in collaboration with State Bank of India and HDFC Bank. This workshop is to empower workers to make cashless transactions using electronic devices and channels. It is a first of its kind organised in Indian textile industry," a statement issued here said.
Century Textiles had taken initiative in 2011 for their Bharuch Plant and opened bank account for their workers and their wages are being deposited in their individual account. "To take this initiative step ahead, we will train and educate each and every workman and staff for cashless transactions with the help of our bankers. Within six months, all the 1,500 workmen and 230 staff will be tech savvy and will do cashless transactions," Century Textiles President R K Dalmia said.
SOURCE: The Business Standard
At least six cases of online banking frauds were reported from Surat in three days, causing losses of nearly Rs 6.85 lakh to individuals. The first such case was reported on December 3 when Suresh Chhagan Jodhani, a resident of Varachha and a real estate broker, received a call from a courier company in which the caller had demanded his identity proof copy on WhatsApp. Jodhani said in his police complaint that after taking his identity proof, the accused submitted the application of change of mobile number to the Andhra Bank and conducted online transactions from his account to the tune of Rs 3.42 lakh between December 3 and 5. Jodhani lodged a complaint on Tuesday at Salabatpura police station against the unknown caller.
In another complaint also lodged on Tuesday, Prabhakar Lochan, a native of Odisha who lives in Harinagar area in Udhna got a call on his mobile phone on December 4. The caller identified himself as an employee of UCO bank, Ring road, Surat, and told him that his debit card is out of service and to activate it, he would have to disclose his pin. Lochan, who is a contractor for a textile unit, gave away the pin and the accused transferred Rs 84,516, from Prabhakar’s bank account to other bank accounts.
Another unidentified person, posing as a caller on behalf of UCO bank, Chowk bazaar branch, spoke to Simran Shaikh, wife of Kasim Shaikh, a trader at Chowk Bazaar, who was using his debit card, on December 5. He told her her that Kasim’s debit card had been blocked due to some reason and to get it activated, she had to give him the pin number. Simran gave it away and the anonymous caller transferred cash Rs 86,000 from the account of Kasim to other accounts online. Similarly, Chunilal Undhad, a resident of Sachin, textile businessman Rashmikant Tanwala, a resident of Udhna, and Jitu Patel of Mandarwaja area, who works in a private firm, received anonymous call from a bank, during the time period between December 3 to December 10. The caller had done online transactions of cash from their accounts and cheated them. Chunilal, who runs a general store had lost Rs Rs. 92,000, while Rashmikant had lost Rs 49,899 and Jitu Patel had lost Rs 24,651 from their bank accounts.
Assistant commissioner of police Neeta Desai said, “After demonetisation, such online cheating complaints are on the rise and we are investigating into these cases. At present, we have registered six offences of such cheating.” A police inspector of Surat city, on condition of anonymity, said, “It looks like the handiwork of a gang that has become active, taking advantage of present situation. Earlier, we had detected one such case and had arrested a gang from Jharkhand. In recent cases, we also suspect involvement of the same gang. We are hopeful that we will detect the cases and arrest the accused soon.”
SOURCE: The Indian Express
Indian Port Rail Corporation (IPRCL), which started operations late last year, has a portfolio of 25 projects worth Rs 10,000 crore focusing on aligning rail with ports for smoother, cleaner and cheaper connectivity. The company plans to start work on the Rs 4,300-crore contract connecting Odisha’s Paradip and Dhamra ports to coalfields at Talcher in the state by March 2017. It would give a big push to coastal shipping under the government’s ambitious Sagarmala programme to enhance port connectivity and encourage coastal shipping of commodities to reduce overall logistic costs. Paradip is the second largest major port of India. It plans to double its present cargo handling capacity of 118 million tonnes per annum (mtpa) to 300 mtpa. The commodity-wise cargo handled include iron ore, thermal coal, coking coal, manganese ore, finished steel, fertiliser, project cargo, and containers. The Dhamra port in Odisha, a deep draft sea port, plans to enhance capacity to 142 mtpa over the next 10 years from 25 mtpa now.
The shipping ministry is of the view that ports have enormous growth potential given the vast hinterlands in Odisha, West Bengal, Jharkhand, Bihar, Chhattisgarh, Uttar Pradesh and northeastern states. According to a source in the know, IPRCL has 25 projects in its kitty and has already commenced work on eight of them. The detailed project report (DPR) for four projects is underway and bids are expected to be invited by this month-end followed by contract award in March 2017. For seven such projects, DPRs are under final stages and bids would be called in the next financial year. The bidding process for the remaining six projects, for which detailed studies have been done, is yet to be finalised. The company’s flagship project, the heavy haul rail corridor from Talcher to Paradip and Dhamra ports, would be a major breakthrough for rail-port connectivity in the country, an official said.
Besides the two ports, the proposed East Coast Dedicated Freight Corridor between Kharagpur (West Bengal) and Vijayawada (Andhra Pradesh) would also benefit from the corridor. Talcher coalfields cover an area of 1,800 sq km and have geological reserves of 58.57 billion tonnes of coal or 16 per cent of the country’s total dry fuel reserves. The project has not begun. Therefore, it would be premature to forecast the probable year of completion of the project, the official cited above told Business Standard. The existing rail corridor to Paradip and Dhamra ports via Talcher traverses a distance of 327 km on a common corridor up to Salagaon from where one leg of 95 km moves in south-eastern direction to Paradip via Cuttack and the other leg of 166 km towards the north to Dhamra port. Besides the Sagarmala programme, IPRCL is also building rail connectivity to dry ports, minor ports etc.
SOURCE: The Business Standard
The Asian Development Bank (ADB) today trimmed its 2016 growth estimate for India to 7 per cent from the previous 7.4 per cent on account of demonetisation, weak investment and agricultural slowdown. But India’s growth forecast for 2017 was kept at 7.8 per cent. “Economic growth in developing Asia remains broadly stable, but a slight slowdown in India has trimmed the region’s growth outlook for 2016,” said the new ADB report. In a supplement to its Asian Development Outlook 2016 Update report, ADB has downgraded 2016 growth for Asia to 5.6 per cent, below its previous projection of 5.7 per cent. For 2017, growth remains unchanged at 5.7 per cent. “India’s tempered growth projection to 7 per cent from the previously forecast 7.4 per cent in 2016 is due to weak investments, a slowdown in the country’s agriculture sector, and lack of available cash due to the government’s decision to ban high-denomination banknotes,” ADB said.
The junking of old 500 and 1,000 rupee notes will likely affect largely cash-based sectors in the country, including small- and medium-scale businesses. “The effects of the transition are expected to be short- lived and the Indian economy is expected to grow at 7.8 per cent in 2017,” it said. ADB said South Asia is the most dynamic part of the region, with growth expected at 6.6 per cent this year, down from the previous forecast of 6.9 per cent. South Asia’s growth is estimated at 7.3 per cent in 2017. China, it said, is on course to grow 6.6 per cent this year and 6.4 per cent in 2017.
SOURCE: The Financial Express
Former Finance Minister P Chidambaram addressed the media in Nagpur on Tuesday and hit out at the government over the demonetisation scheme, calling it the biggest scam of the year and must be investigated. He said that when he could not get Rs 2000 notes, how did these notes found their way to individuals who were being raided throughout the country. He then spoke about the availability of cash at banks asked as to what calculations the government did so that one could withdraw Rs 24,000 when there was no cash available in the bank. He said that every bank was crying about having no cash to dispense and questioned the government’s statement that there was cash. He then reciprocated former Prime Minister Manmohan Singh and said that this was a case of monumental mismanagement.
He further spoke about how the District Cooperative Central Banks were being kept out of the whole exercise and said that it was punishing the farmers as they had no money to buy any supplies.He said that it was because of demonetisation that the farmers were suffering and there was no money to buy seeds, hire labour or buy fertilisers. He then spoke about the ’45 crore’ people dependent on daily wages who have been affected by demonetisation and asked as to who would compensate them.
Chidambaram said that every major economist, every newspaper had condemned the move and called it absurd. Chidambaram then addressed the elephant in the room and talked about changing the narrative of the desired objective of demonetisation. He said that the government had shifted from the objective being black money to the objective being a cashless economy. He asked if developed economies like the US and Singapore are cashless and questioned the supply of electricity and machines in the country.
He said that the demonetisation had broken the back of the poor whereas the rich remained unaffected. Chidambaram was of the opinion that if the government truly had to withdraw higher denomination notes, it could have been done within the course of one year. The long-term impact of the drive would be negative for the GDP; RBI’s low projection shows it, most economists 1-2% negative impact would happen, he added.
He then said that the people would not forget what was being done to them and would certainly not forgive the government for it. He added that just because the people wee not protesting in the way the government was suggesting that did not mean they were condoning the government’s move. He said that even a natural calamity might not have caused so much trouble for the common and poor man. He said that confidence in Indian economy had been severely dented. He added that the credit growth was the lowest in 20 years; the green field investments and aggregate demand had also gone down.
Chidambaram then went on to reciprocate Congress VP Rahul Gandhi’s statement that PM Modi did not consult anyone before making the announcement. He was of the opinion that the government should have at least consulted Yashwant Sinha or even former PM Manmohan Singh. He concluded by saying that the expectations of making India from being 3% cashless to 100% cashless in a matter of a few months were outlandish.
SOURCE: The Financial Express
While popular perception is that the demonetisation effect would drastically reduce economic growth in the ongoing quarter and by a bit in the next one, PRONAB SEN, the government's former chief statistician, tells Indivjal Dhasmana it will be the other way round. Edited excerpts:
Various estimates say growth in gross domestic product (GDP) will drastically reduce in the third quarter (October-December) and even turn negative, and the slowdown will last in the fourth quarter (January-March) as well.
In the third quarter, agriculture will do well, as we basically measure it in terms of quantity; it is a volume index. By the time demonetisation was announced, kharif crops had already been sown. Also, people will manage their transactions for one and a half months somehow through their savings, which is the period of demonetisation in the quarter. The real impact will come in the fourth quarter. I believe it will be much worse than the third. Rabi production would be impacted. Besides, people’s savings will be exhausted by then.
The government’s effort to push for digitisation would bring many in the unorganised sector to electronic payments. That way, they would be captured in the national accounts and hence give a push to GDP. Do you agree?
Not necessarily. In the unorganised sector, you can’t distinguish between company accounts and personal accounts; they are mixed. If flows through the banking sector increase, how would national accounts capture which is which?
Many say that transactions such as jewellery, purchases will be shown back-dated, say, for the month of October. To the extent that these fall in the third quarter, it might show a rise in GDP, isn’t it?
It could be. However, it would not be very large. There are no estimates as of now but I suspect these would be small.
Former prime minister Manmohan Singh has said demonetisation would lead to a two percentage-point fall in GDP for 2016-17; probably an underestimation, he added. Do you agree?
I have projected it to be in the range of one to three percentage points. His projection is of that range.
SOURCE: The Business Standard
The impact of US president-elect Donald Trump’s announcement to withdraw from the Trans-Pacific Partnership (TPP) after assuming office in January is being felt in India’s trade pact talks with 15 other countries under the Regional Comprehensive Economic Partnership (RCEP). The members common to the two agreements (TPP and RCEP), especially developed countries such as Australia, Japan and New Zealand, want talks at the RCEP trade bloc to move ahead full steam, indicating the need to stitch together more agreements before the US, under a Trump administration, pulls out of TPP. “There were discussions on TPP and some common countries want RCEP to move forward. The developed countries say that it is an opportunity to fast track the talks,” said an official aware of the development on condition of anonymity. The point was raised in the just concluded round of RCEP talks in Indonesia, the first to take place after Trump’s vowed to pull out of TPP last month.
On November 22, Trump said: “On trade, I am going to issue a notification of intent to withdraw from TPP, a potential disaster for our country. Instead, we will negotiate fair, bilateral trade deals that bring jobs and industry back on to American shores.” The other countries, according to the official quoted above, haven’t opposed the RCEP’s pace but are waiting for Trump to make a clear statement on the fate of TPP. Trump is scheduled to take over as US president from Barack Obama on 20 January 2017. RCEP is a proposed free trade agreement between 10 Asean countries besides China, Japan, South Korea, Australia, New Zealand and India. It aims to cover goods, services, investment, competition, economic and technical cooperation, dispute settlement and intellectual property rights. “These are external countries with heavy dependence on exports and would certainly show interest in the RCEP. They have a strong export base which helps in their GDP growth,” said TS Vishwanath, principal advisor of APJ-SLG Law Offices.
However, experts feel that with TPP unlikely to move as expected, developed countries have pinned their hopes on RCEP for some preferential treatment and trade concessions. “With Trump’s statements on trade, an anti-trade sentiment was engulfing everyone. These countries now want to send the message that trade is still important and mega agreements are the new norm, instead of bilateral free trade pacts,” said a Delhi-based expert on trade, who did not want to be named. The RCEP grouping comprises of over 45% of the world’s population, with a combined GDP of about $21 trillion.
SOURCE: The Economic Times
The volume of annual bilateral trade between India and Indonesia is set to touch a whopping USD 50 billion in next nine years from the present USD 9 billion, as per a vision document prepared by an Eminent Persons Group tasked to identify areas for deeper two-way engagement. Observing that the two fast growing economies were blessed with an "epic legacy of cooperation", it said it was high time for India and Indonesia to elevate their relations to a New Comprehensive Strategic Partnership. "By 2025, India-Indonesia bilateral economic cooperation shall blossom to reach a bilateral trade volume of USD 50 billion and two-way investment of USD 50 billion," as per the Vision Document. In the talks between Prime Minister Narendra Modi and Indonesian President Joko Widodo, the findings of the Eminent Persons Group, comprising experts from both sides, were discussed.
Referring to maritime security cooperation, the group said the partnership will contribute to strategic stability in the Indian Ocean and called for closer security and defense relations including counter-terrorism collaboration. It said India and Indonesia will develop convergent maritime interests, and will intensify their maritime linkages by developing the necessary infrastructure and connectivity. The document said the partnership will contribute to strategic stability in the Indian Ocean and India and Indonesia, as the largest Indian Ocean rim countries, will work closely to prevent potential conflict and rivalry. "India and Indonesia shall have ever closer security and defense relations, marked by close military-to-military relations, counter-terrorism collaboration, naval cooperation including combined maritime patrols, regular exchanges and joint exercises, intelligence sharing, and joint production of defense equipment and systems," it said.
Calling for deeper defence and security cooperation, particularly in maritime sphere, it said Indonesia too had been affected by China's maritime incusions into its waters off Natuna Islands. The group said the India-Indonesia partnership must be robust, forward looking and multi-sectoral and that it must carry significant impact, both bilaterally and in the context of regional order, commensurate with the strategic weight of both the nations. "By 2025, the partnership shall contribute to a more durable Asian order, marked by peaceful relations among the major powers, win-win cooperation involving all the countries in the region, open regionalism, resolution and/or reduction of conflicts, and the prevalence of strategic trust," it said.
SOURCE: The Economic Times
Bilateral trade between Asian giants India and China will touch $65 bn for the year ending December 2016, a Chinese diplomat said here on Tuesday. "The bilateral trade between the two nations stood at $52.14 bn from January-September 2016 and is expected to cross $65bn by the year-end, according to official figures," said Wang Shicai, Commercial Counsellor at the Chinese Consulate here.
Speaking at the inauguration of the three-day long 4th China Homelife Fair and China Machinex Fair 2016 twin exhibitions, organised in partnership with Confederation of Indian Industry at NSE Grounds, Goregaon, Wang said that mutual cooperation between the two countries has resulted in a win-win situation for both and would help increase profitability in the coming years. He said the key sectors China focused in India during the year were financial, infrastructure, electronics and IT, besides many others. Co-chairman of CII Task Force on Ease of Doing Business and CMD Chemtrols Industries Ltd K. Nandakumar said India is at the same position where China was 10 years ago and hence there is a huge potential here considering its present demographics. "Indian exports are expected to reach $30 bn in next ten years and we have welcomed Chinese companies participation across sectors. Due to urbanisation, the electronics sector could take over the oil sector in the next five years," he said.
Meorient International Exhibition Co Ltd Chairman Pan Jianjun said the ongoing trade show has attracted visitors not only from India but also neighbouring Asian countries. "The two exhibitions witnessed remarkable success in the past three editions with over 15,000 business visitors last year, this year it will cross over 20,000," he said. Present at the inauguration was Ministry of Commerce officer Ajay Shankar, Wenzhou Commercial Bureau director Chen Xiang Dong, Mumbai Mayor Snehal Ambekar and other dignitaries. As many as 523 companies are taking part in the China Machinex and 136 are displaying products in the China HomeLife expo ranging from appliances to furniture, textiles-garments, kitchen and bathroom, garden and leisure, lightings and gifting.
SOURCE: The Economic Times
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 54.42 per barrel (bbl) on 12.12.2016. This was higher than the price of US$ 51.03 per bbl on previous publishing day of 08.12.2016.
In rupee terms, the price of Indian Basket increased to Rs. 3677.60 per bbl on 12.12.2016 as compared to Rs. 3440.97 per bbl on 08.12.2016. Rupee closed at Rs. 67.58 per US$ on 12.11.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on December 12, 2016 (Previous trading day i.e. 08.12.2016) |
Pricing Fortnight for 01.12.2016 (Nov 12, 2016 to Nov 28, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
54.42 (51.03) |
44.87 |
|
(Rs/bbl |
3677.60 (3440.97) |
3061.48 |
|
|
Exchange Rate |
(Rs/$) |
67.58* |
68.23 |
SOURCE: PIB
In China, FDY70D/24F SD prices surged US cents 12 a kg in the last week of November while FDY40D rose US cents 12 a kg on the week. DTY 70D/24F prices jumped US cents 9 a kg while 30D/10F were up US cents 9-16 a kg on the week. Monofilament 30D prices rose US cents 6 a kg, while nylon staple fiber 1.5D prices were up US cents 8 a kg on the week. Nylon filament yarn makers hiked offers amid high cost pressure on the back of surging nylon chips. In nylon-6 FDY and POY markets sentiment was boosted amid firm raw materials and moderate demand from warp-knitting mills. Nylon-6 DTY prices edged up on tolerable demand and firm raw materials. However, converters were cautious to follow up and resisted price uptick. Warp-knitting and Run rate at NFY producers was at 70% while downstream weaving sectors operated at 70-90% of full capacity. Circular-knitting mills and lacing mills ran at 40-60% capacities. Overall, nylon yarn prices are expected to move up slightly on the back of rigid demand and controllable inventory.
SOURCE: Yarns&Fibers
The European Parliament looks set to approve textile agreement with Uzbekistan on Wednesday that would lead to increased textiles imports from the country despite ongoing concern over the use of forced labour in the cotton harvest. The pact will resolves the final missing element and also further lower tariffs on Uzbek textile imports. The EU had a free trade agreement with Uzbekistan for everything since 1999 except textiles, as it was a sensitive issue in Europe. But since then, textiles have become less and less sensitive because they have less of a textile industry. And so it is no longer sensible to exclude textiles. Even with absence of an agreement, Uzbek textiles flow easily into Europe because of low tariffs, with the category second only to chemical products in EU imports from Uzbekistan, at 38 million euros ($40.35 million) last year. The EU is nearly tied with Kazakhstan as Uzbekistan's third-largest trade partner, behind China and Russia. Bilateral trade last year totaled almost 2 billion euros.
Human Rights Watch, a U.S.-based campaign group, however accuses the Uzbek government of forcing more than 1 million adults to pick cotton at harvest time. Cotton accounts for around 17% of the country's exports and according to trade group Cotton Inc., the country is world's fifth-largest exporter of the fiber. Human Rights Watch and other groups successfully lobbied opposition in the European Parliament to the Uzbek textile agreement ahead of a planned vote in 2011 over the use of child labor in the cotton harvest, with parliamentarians then voting 603-8 against moving forward. Uzbekistan subsequently moved to address the complaints and allowed the International Labor Organization in to observe the harvest for the first time in 2013. By 2015, the ILO had concluded that child labor had become "rare, sporadic and socially unacceptable." The EU-Uzbekistan Partnership and Cooperation Agreement that has been in place for 17 years, making each side a most favored nation for the other.
SOURCE: Yarns&Fibers
The Nigerian government will re-implement Export Expansion Grants (EEG) in the textile industry, said Aisha Abubakar, minister of state, industry, trade and investment. However, EEG will be implemented differently this time compared to earlier years. This will yield better and effective results, and help in reviving the textile industry. The federal government is also taking steps to solve the problem of gas supply which will help in the restoration of the textile industry in Nigeria, said Abubakar, according to Nigerian media reports. Emphasis should be laid on improving the role of the textile industry in order to sustain the nation’s economy, said Abubakar at the North-west Regional Customer Forum. The forum was organised by the Bank of Industry (BoI), titled “The role of financial institutions in driving the industrial development of a nation: A – Z of accessing BoI’s credit facility.” Abubakar also paid visit to the textile factories in Kano. She said measures will be taken to promote made-in-Nigeria products. The stakeholders also play a crucial role in the achievement of the desired growth in the textile sector, according to Abubakar. Further, for the revival of nearly 70 projects in the Cotton Textile & Garment (CTG) value chain, loans have also been approved by the development finance institution.
SOURCE: Fibre2fashion
Italian textile machinery manufacturers are once more expected to stand out at the upcoming edition of Colombiatex, to be held in Medellin, Colombia, from 24-26 January 2017, with 20 industry leaders exhibiting in the common area set up by the Italian Trade Agency and ACIMIT. Among the Italian manufacturers in attendance at the common exhibition space, ACIMIT’s associated members include: Biancalani, Btsr, Cogne, Carù, Fadis, Fk Group, Itema, Laip, Mactec, Mcs, Monti-Mac, Nexia, Noseda, Ratti, Reggiani, Srs, Tecnorama, Testa and Ugolini.
Significant growth
This well represented contingent of Italian manufacturers at Colombiatex confirms the level of attention Italy’s textile machinery manufacturers place on the Colombian market, the Association reports. “Colombia is a country whose textile and garments industry has grown significantly in recent years. The fashion sector has made its mark throughout the continent, thanks to its dynamic outlook and originality”, commented ACIMIT president Raffaella Carabelli. “For the second year at Colombiatex Italy’s textile machinery industry will be collectively represented, bearing witness to the undisputed value both the event and the Colombian market have taken on over time for our machinery manufacturers.”
Italian exports
In 2015, Italian exports amounted to EUR 10 million. Over the first eight months of 2016, sales of Italian textile machinery in this market have exceeded 2015 figures, with a 63% increase over the same period for 2015. Among the Italian machines most in demand by Colombian textile manufacturers are finishing machinery (50% of the overall total) and knitting machinery (18%). ACIMIT represents an industrial sector comprising around 300 manufacturers, employing close to 12,000 people and producing machinery for an overall value of about EUR 2.6 billion, with exports amounting to 86% of total sales.
SOURCE: Innovation in Textiles
The country’s exports slightly improved in the month of November 2016 to $1.762 billion up by 0.34 percent compared to October 2016, while 6.21 percent compared to November 2015. The declining trend in the goods’ export continued in July-November 2016-17 and total exports of the country stood at $8.189 billion down by 3.94 percent compared to $8.542 billion in the same period last year. Meanwhile, the goods import in July-November 2016-17 further enhanced by 8.83 per cent to $19.964 billion compared to $18.345 billion in the same period last year. This five months import of the country is almost 59 percent higher than the total exports in this period, the data revealed by Pakistan Bureau of Statistics (PBS) here on Tuesday.
The trade deficit of the country increased to $11.775 billion in July-November 2016-17 up by 19.90 percent compared to $9.821 billion in the same period last year. According to the analysts, the exports of the country have improved in last two months (October and November 2016), but on the other hand, the imports of the country have also gone up which is not a good sign for the country’s economy. Meanwhile on Month-on-Month (MoM), the exports jumped by 0.34 per cent compared to $1.756 billion in October 2016. In November, 2016, period, the imports of the country went up by 6.03 per cent to $4.255 billion compared to $4.013 billion in October 2016, while up by 10.81 per cent compared to $3.840 billion in November 2015. S.M Muneer, chairman Trade Development Authority of Pakistan (TDAP) on phone said that all economic indicators of the country have been improved in last five months while we are looking 2017 ‘the best year of the country’. “In international market, the prices of leather and textile products have gone up by 10 per cent during last three months and such price impact supported local goods in markets abroad,” he claimed. He further claimed that it would be difficult to say now whether our export would touch previous marks of $20.802 billion or further decline in the remaining months. Most of the textile exporters bought new modern machineries in last five months, he informed, which is the main burden on our trade deficit; export will increase in future, he claimed.
Pakistan’s economic growth in fiscal year 2015-16 reached 4.7 percent—the highest rate in eight years and a significant increase from the previous year’s 4 percent, said a World Bank Report. In the last budget 2016-17, the federal government has also set its $35 billion export target by the end of 2018. The finance ministry gave incentives of rebate and Zero-rated Sales Tax to top five important textile sectors to enhance their exports in coming years. These five sectors export almost half of the total goods export to European Union (EU), America and other countries. Last year 2015-16, the country’s goods export declined by 12.11 percent to $20.802 billion from $23.667 billion in 2014-15 while total imports declined by 2.32 percent to $44.765 billion from $45.826 billion. Owing to the declining exports and remittances, the exchange rates of dollar is under pressure in the interbank market and open currency market for last three months and had touched Rs 104.85 higher by 35 paisas.
SOURCE: The Pakistan Today
China has made an offer of technology and finance to Bangladesh for building a plant to make viscose fibre from jute. Viscose made from cellulose fibre found in trees by way of a complex chemical treatment is softer than cotton with good moisture-absorbing properties. This offering by China is done in its pursuit to strengthen economic ties with South Asian countries. If the plant materializes, then Bangladesh will not have to spend anything between 700 and 800 crore taka annually for import of viscose material. In fact, it will be a major breakthough for the Bangladeshi textile sector. But this offering by China to assist Bangladeshi factories to revive their productivity has put the 150 year old Indian industry on edge, as a good portion of Bangladesh’s viscose fibre imports are from India. Both Grasim Industries and its Thailand arm Thai Rayon are regular exporters of viscose staple fibre to Bangladesh, where it is spun into yarn in local spinning mills, said a jute industry official here. Last year Bangladesh imported 33,737 tonnes of viscose fibre.
A minutes of document (MOD) was recently signed by the Bangladesh Jute Mills Corporation (BJMC) and China’s Textile Industrial Corporation for foreign economic and technical corporation to take the jute viscose project forward. While capacity and location of the viscose plant will be based on an expert report, BJMC has hinted that the proposed plant will need a minimum investment of 1,000 crore taka (about Rs 850 crore). The project will be a boon for the country’s jute economy since value addition to the raw material, when converted into viscose, will be substantially more than when either used in traditional jute mills or exported.
Bangladesh is not only the world’s second largest producer of raw jute after India, but unlike the latter, it is left with considerable amount of surplus fibre after providing for conversion into jute goods by local integrated jute factories and spinning mills. In a year marked by bountiful rains, Bangladesh will harvest a jute crop of eight million bales of 180 kg each, which will leave an exportable surplus of one million bales. Where the country scores over India is in the superior quality of its fibre helped principally by plentiful availability flowing water in rivers, streams and canals in jute-growing centres for fibre retting. India is a regular importer of good quality jute from Bangladesh for the purpose of blending with coarser local fibre. The viability of the proposed viscose plant in Bangladesh will be underpinned by assured supply of good quality jute and a big domestic market for the final product, say observers here. The Chinese rescue act for the ailing jute sector, which provides livelihood to nearly 25 million people in jute-related activities from growing of fibre to its processing in factories to handling and trading will earn Beijing much goodwill to India’s discomfort. Moreover, Dhaka gives liberal subsidy to jute goods exports. If with China’s help, Bangladeshi mills able to improve product quality and reduce mill conversion cost, then that would further impinge on India’s capacity to export jute goods.
The official said that India must not overlook the chapter of MOD where China makes the commitment for ‘balancing, modernization, rehabilitation and expansion’ of the 24 jute mills belonging to the government-owned BJMC. The mills are 60-70 years old and they all need funds and technology inputs for modernization. In the past one decade, the Corporation lost money every year except in 2010-11 when it managed to break even. Regular release of government funds for buying raw jute and paying wages to employees and mounting bank debts are keeping BJMC mills afloat.
SOURCE: Yarns&Fibers
The Ministry of Industry, Trade and Investment on Tuesday signed a Memorandum of Understanding (MoU) with Clothing 360, to promote implementation of the policy on Cotton, Textile and Garment (CTG). The Minister of State, Mrs Aisha Abubakar, at the signing ceremony said that the MoU was to “concretise and harmonise ideas with a view to ensuring more private sector participation.’’ According to her, it is also envisaged to help improve the development of Ready-Made-Garments in Nigeria. Abubakar said that the industry would grow faster with public and private patronage. “To this end, we are pursuing the implementation of the procurement of uniforms for the armed forces, paramilitary, schools and hospitals by the three tiers of government as a way of stimulating growth in the sector. “Other areas of intervention include the promotion of the Made In Nigeria Initiative, which involves an e-commerce platform. “The conversion of some of the industrial development centres into garmenting production hubs, promoting ready-made wears, aggressive sensitisation of the African Growth Opportunity Act (AGOA) and exhibitions.’’ The minister implored other stakeholders in the industry to bring in pragmatic solutions to the industry. She added that the MoU would not restrict any organisation seeking to partner with the ministry in the same regard.
The Director, Clothing 360, Miss Oreofe Akinkugbe said that the MoU was an indication that the Federal Government was serious about industrialising the non-oil sector as well as diversifying export base. “The signing of the MoU is going to enable us forge ahead with more determination and to see results towards the sustainable development of CTG value chain. “We are also delighted that you share in our vision which is that Nigeria can one day become the preferred emerging hub for global export of quality and affordable ready-made garments and textiles.’’ Akinkugbe said that the company was created to stimulate concerted efforts to organise and develop Nigeria’s ready-made garment industry.
SOURCE: The News Agency of Nigeria
A new skills development programme titled ‘Skills 21 – Empowering citizens for inclusive and sustainable growth’ was launched in Bangladesh. The new European Union (EU) programme implemented by the International Labour Organisation (ILO) will build on the achievements of earlier EU/ILO initiatives and continue to modernise the TVET system in Bangladesh. The joint declaration was signed and launched by representatives of the Bangladesh government, EU and ILO. The total budget for the programme is €20 million of which the EU will contribute €19.5 million.
The Skills 21 programme will also aim at creating conditions for a sector wide approach for the TVET policy area in Bangladesh. In doing so, it will also be instrumental in creating more skilled trainers and more diversified job opportunities. According to the education minister in Bangladesh, Nurul Islam Nahid, this initiative will support the Government’s commitments to inclusive economic growth and full and productive employment for all. “The launch of the Skills 21 project will provide further assistance to our national efforts to create an effective, demand driven skills system that will meet the needs and aspirations of our people, especially the two million who enter the workforce every year,” Nahid said.
SOURCE: Fibre2fashion
The world’s first silk based electronic textile manufacturing technology developed based on graphene oxide coating on silk and requires no adhesive. The technology is being developed by the South Korean research team lead by Incheon University professor Kim Byeong-hoon and Inha University professor Jin Hyeong-joon. This was announced by the National Research Foundation of Korea on December 12. The research team focused on the properties of silk, that is, the ease of hydrogen bonding and high-temperature resistance. It succeeded in graphene oxide coating without a medium such as an expensive adhesive by repeatedly dipping silk in a graphene oxide solution and drying it. In addition, the team accelerated the process of reduction into an electronic textile by using heat. The team’s silk-based electronic textile showed little deformation even after washing and bending while maintaining an electric conductivity of approximately 10 S/m comparable to those of existing ones. In other words, the textile can be produced with its performance intact, at a lower cost and within a shorter period of time.
According to the research team, its technique is expected to contribute to the development of flexible display panels, wearable gadgets, sensors detecting harmful substances and so on. Electronics textiles have been applied to combat uniforms, biometric shirts, wearable computers, etc. The commercial use of this type of textiles due to high manufacturing costs and complex manufacturing process has shown little progress
SOURCE: Yarns&Fibers
Archroma, a global leader in colour and specialty chemicals, has received award for eco-innovation from conservation organisation WWF Pakistan. The award is for Archroma’s continuous efforts to foster sustainable innovations aimed at preserving dwindling ground water reserves, and developing processes that reduce energy, process time and resource consumption.
“We are continuously creating powerful new processes and products that support our customers’ sustainability ambitions. Our innovative teams are raising the bar on environmental standards and production cycles in our industries. For instance, our EarthColors sulfur dyes are developed from natural waste such as walnut and almond husks and agricultural crop waste, replacing the oil-based raw materials to create warm shades of brown on cotton fabrics. Our sustainable effluent treatment plant at Jamshoro, Pakistan, operates at zero liquid discharge in our production processes saving enormous amount of water,” said Mujtaba Rahim, CEO of Archroma, Pakistan. The award was presented by Naeem Mughal, director general, Sindh Environmental Protection Agency, Government of Pakistan at WWF Pakistan’s annual green Office Network meeting in Karachi. Earlier this year, the WWF granted Green Office labeling rights to Archroma’s offices in Landhi, Pakistan.
SOURCE: Fibre2fashion
