|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1242.73 |
USD/Ton |
0.65% |
12/15/2016 |
|
VSF |
2205.91 |
USD/Ton |
0.07% |
12/15/2016 |
|
ASF |
1853.95 |
USD/Ton |
0% |
12/15/2016 |
|
Polyester POY |
1260.11 |
USD/Ton |
1.16% |
12/15/2016 |
|
Nylon FDY |
3041.64 |
USD/Ton |
0.96% |
12/15/2016 |
|
40D Spandex |
4301.75 |
USD/Ton |
0% |
12/15/2016 |
|
Polyester DTY |
2027.76 |
USD/Ton |
0% |
12/15/2016 |
|
Nylon POY |
1593.24 |
USD/Ton |
0.92% |
12/15/2016 |
|
Acrylic Top 3D |
3258.90 |
USD/Ton |
2.27% |
12/15/2016 |
|
Polyester FDY |
5474.95 |
USD/Ton |
0.13% |
12/15/2016 |
|
Nylon DTY |
1506.34 |
USD/Ton |
0.48% |
12/15/2016 |
|
Viscose Long Filament |
2882.32 |
USD/Ton |
0.51% |
12/15/2016 |
|
30S Spun Rayon Yarn |
2853.35 |
USD/Ton |
0% |
12/15/2016 |
|
32S Polyester Yarn |
1862.64 |
USD/Ton |
0.47% |
12/15/2016 |
|
45S T/C Yarn |
2650.57 |
USD/Ton |
1.67% |
12/15/2016 |
|
40S Rayon Yarn |
2245.02 |
USD/Ton |
0% |
12/15/2016 |
|
T/R Yarn 65/35 32S |
1984.31 |
USD/Ton |
3.79% |
12/15/2016 |
|
45S Polyester Yarn |
2230.54 |
USD/Ton |
0.65% |
12/15/2016 |
|
T/C Yarn 65/35 32S |
2998.19 |
USD/Ton |
0% |
12/15/2016 |
|
10S Denim Fabric |
1.33 |
USD/Meter |
0% |
12/15/2016 |
|
32S Twill Fabric |
0.82 |
USD/Meter |
0% |
12/15/2016 |
|
40S Combed Poplin |
1.15 |
USD/Meter |
0% |
12/15/2016 |
|
30S Rayon Fabric |
0.65 |
USD/Meter |
0% |
12/15/2016 |
|
45S T/C Fabric |
0.64 |
USD/Meter |
0% |
12/15/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14484 USD dtd.
14/12/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
In continuation of its initiative in 2011 at their Bharuch plant, Century Textiles & Industries Ltd has organised a workshop to empower workers at its Jhagadia unit to make cashless transactions. The ‘Digital India Workshop – Cashless Transaction’ is being organised from December 13-17 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 the Indian textile industry,” a statement said. In 2011, Century Textiles had taken an initiative under which it got bank accounts opened for its workers and since then 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 RK Dalmia said.
Source: Fibre2fashion
Expanding for the third straight month, exports rose 2.29 per cent to $20 billion in November on account of healthy growth in shipments of petroleum products and engineering goods. Expanding for the third straight month, exports rose 2.29 per cent to $20 billion in November on account of healthy growth in shipments of petroleum products and engineering goods. Exports of engineering products rose by 14.10 per cent, petroleum by 5.73 cent and chemicals by 8.3 per cent compared to the same month last year, according to official data released today. Imports too increased by 10.44 per cent to $33 billion, leaving a trade deficit of $13 billion in November. The country’s merchandise exports during April-November period of the current fiscal too recorded a growth of 0.10 per cent to $174.92 billion. Imports, however, contracted by 8.44 per cent to $241.1 billion, leaving a trade deficit of $66.17 billion. Gold imports during the month increased by 23.24 per cent to $4.36 billion. Oil imports in November grew by 5.89 per cent to $6.83 billion. Non-oil imports rose by 11.7 per cent to $26.18 billion. Since December 2014, exports fell for 18 consecutive months till May 2016 due to weak global demand and slide in oil prices. Shipments witnessed growth only in June this year, but again slipped in July and August. Exports started recording positive growth from September.
Source: Financial Express
Rupee tumbled by 42 paise to 67.85 against the US dollar due to appreciation of the American currency globally as the US Fed hiked interest rate by a quarter percentage point and indicated more to come next year. The gains in the dollar against other global currencies and a lower opening in the domestic equity markets weighed on the rupee, forex dealers said. Besides, foreign fund outflows too kept pressure on the rupee, they said. The domestic unit had gained 11 paise to close at 67.43 in yesterday’s trade on positive sentiment triggered by lower inflation and fresh selling of the American currency by exporters. Meanwhile, the benchmark BSE Sensex fell by 140.66 points, or 0.53 per cent, to 26,462.18 in morning trade.
Source: Financial Express
From January, all units across the textile value chain, except handloom, khadi and jute, will have to register online and provide data on production. According to a senior official in the Ministry of Textiles, the information will be collected, not for regulation, but for the development of the textile industry. “While we have data on exports, there is no information related to the domestic textile and clothing sector. We do not know how many units are MSMEs, how many are mills or the kinds of products they make. This system will help us know which segment is strong, those that need support, and the quality standards adopted,” the official added. “We want to start from January 1. The systems are almost in place. The units will have to register first. There is a proforma and details such as the size of the unit, the number of workers, production, product type, fibre used and standards adopted will be collected. This will be mandatory for all the units,” the official said. While the registration will be one-time, production details should be shared by the units every month. Units can do this online from their premises or make use of the infrastructure available at the Regional Offices of the Textile Commissioner or powerloom service centres. Apart from this, following demonetisation of Rs. 500 and Rs. 1,000 notes, the Ministry is giving a thrust on opening bank accounts for textile workers. The estimate is that there are 60 lakh workers in the textile industry. In the last 10 days, accounts have been opened for two lakh workers. Each industrial association has been asked to enrol specific number of workers and the exercise is expected to be completed by the end of the financial year. Master trainers are developed to train the workers to use the payment transfer applications. The industry has welcomed these developments. According to M. Senthil Kumar, chairman of Southern India Mills’ Association, business intelligence is needed to come up with strategies for development of the industry. Manickam Ramaswamy, former chairman of the association, adds that if data is available, better decisions can be made for the benefit of the industry. Prabhu Damodaran, secretary of Indian Texpreneurs Federation, says the industry needs data as it will give clarity on production.
Source: The Hindu
The Goods and Services Tax (GST) Council will look at a slew of options to iron out the differences between states and the Centre over administrative control over assessees. The next meeting of the GST Council is scheduled on December 22 and 23. Disagreement over this issue is threatening to derail the indirect tax reform, which the government plans to roll out from April 1 next year. One of the options that the Council will look at is the random choosing and division of five per cent assessees between the Centre and the states, using a computer programme. The parameters on which the assessees will be chosen would be in-built in computer software, written for this purpose. “The draft laws have provided for some options to implement cross-empowerment. There is also near unanimity between the Centre and states on cross-empowerment,” said an officer aware of the development. The Centre is likely to recommend dividing randomly chosen five per cent assessees, picked by a system for audit and scrutiny in the beginning of the year, instead of a turnover-based division, which is technically called horizontal division. “In income tax, the assessees do not know who the assessing officer is. There could be something similar in GST as well,” the officer added. While the Centre and states agree that there should be no dual control, there are differences over division of powers between them. States want sole administrative control over assessees with an annual turnover of up to Rs 1.5 crore and division of control or cross-empowerment over that. The Centre is pressing for cross-empowerment for all assesses. It will be recommending a division of just five per cent assessees to be scrutinised. “There should be no human interface. Only five per cent assessees will be picked randomly for scrutiny or audit by a computer-based GST network, which could be divided between the Centre and the states,” another senior government officer said. The GST Bill has provided to do away with dual control over the same assessee: “Under this, a central officer or state official will carry out assessment, scrutiny, audit and pass order under SGST and IGST as well for an assessee along with CGST.” Satya Poddar, tax partner, policy advisory group, EY, said that differences over the administrative turf between the Centre and states were basically a job security issue. Under GST, the Central and state officials would need to help of each other. The former do not have wherewithal to deal with small dealers; state officials have not dealt with service tax, Poddar said. Also, there would be automatic checks in GST, as there is system of input credits on the basis of which a trail could be established, he added. Administrative control has proved to be the most contentious issue in GST, delaying the finalisation of legislations. While the sixth meeting of the GST Council on Sunday did not discuss the contentious issue, it is likely to be taken up in the next meeting. Finance Minister Arun Jaitley said he has a few options in mind to resolve the issue. The roll-out of GST from April 1 seems impossible now as the Centre will not be able to table it in the winter session of Parliament. If the GST Council reaches a consensus in the next meeting, it will be tabled in the Budget session. States, including Kerala and Tamil Nadu, are now pitching for a September roll-out. Demonetisation has also taken a toll on GST. Kerala Finance Minister Thomas Isaac said on Sunday there has been an erosion of mutual trust between the Centre and states after the high-value currency notes were suddenly banned on November 8.
Source: The Business Standard
On whether demonetisation has led to job losses, Forbes said there has been a negative impact on jobs in the informal sector which relies on cash payments to workers. India’s economic growth will see a “significant fall” in the second half of the current fiscal on account of cash crunch following demonetisation, industry body CII said today. As far as corporates earnings are concerned, the consumer goods sector has seen sales drop by 20 per cent in the last month, CII President Naushad Forbes said. “There is no doubt that in this quarter and the next there will be a significant fall in GDP growth,” Forbes told PTI when asked about the impact of demonetisation on economic growth. The government had last month suddenly scrapped high value Rs 500 and Rs 1,000 notes in its bid to flush out black money leading to cash crunch in the economy as infusion of new currency in the system has been very slow. On whether demonetisation has led to job losses, Forbes said there has been a negative impact on jobs in the informal sector which relies on cash payments to workers. India remained the fastest growing major economy with its GDP accelerating to 7.3 per cent in the July-September quarter, pushed mainly by farm output, although the momentum is expected to be hit in the coming months by the impact of demonetisation. The Gross Domestic Product (GDP) or national income which rose from 7.1 per cent in the previous quarter is however lower than 7.6 per cent recorded in the same period last year.
Source: The Business Standard
Banking rules protect financial markets, should be kept in place: US Fed's Janet Yellen US Fed rate hike may add to demonetisation pain US Fed raises interest rates, sees faster pace of rate hikes in Donald Trump's first year Bonds, rupee come under pressure on Fed rate hike. The US Federal Reserve's announcement of an interest rate hike is expected to slightly improve export earnings but a stronger dollar may push up import costs. With economic growth picking up since the middle of the year, the US Federal Reserve on Wednesday raised interest rates -- only the second time in a decade. The last hike had come a year ago in December 2015. Export earnings are set to go up slightly as the US dollar strengthens on the back of the Fed announcement leading to a weaker Rupee. However, global demand conditions still remaining significantly low, only traditional sectors with low competition such as handicrafts, carpets, and certain textiles categories are expected to see a discernible rise. This benefit is not expected to be significant with the goods being low exchange earners, to begin with. Carpets worth only $1.72 billion were exported in 2015-16. On the other hand, new manufacturing sectors such as electronics are set to see a surge in exports, Sachin Chaturvedi, Director General of trade policy think tank RIS said. On the other hand, with US government bonds providing a better return on investment, experts predict that incoming investments may slow down. US Dollar outflows could weaken the Rupee, thereby holding back the RBI from cutting interest rates, which could lead to further outflows. "But the exodus of capital which was feared, might not happen in India owing to renewed interest in the country's manufacturing sector. The same capital flight may affect other competing nations, giving India a benefit." Chaturvedi added. "Dollar outflows could weaken the rupee as the increase in crude prices has already led to increase in dollar demand." Federation of Indian Export Organizations President SC Ralhan said. This may have acted as a further boost to exports had similar steep depreciations in the currency of competitor nations not happened, Ralhan added. Exports dipped significantly in November owing to demonetisation, only managing a 2.29% rise after rising by 9.6% in October. On the import side, costs are set to rise as a weaker Rupee will inflate the import bill. This becomes significant with the Organisation of Petroleum Exporting Countries (Opec) - a group of 14 major oil exporters including Saudi Arabia, Iran, Iraq and accounting for one-third of global oil output - announced earlier in December that they would significantly cut their production levels for the first time in two years since prices crashed. Crude prices have risen as a result. The cost of imported raw materials like Aluminium, Copper and sophisticated machine products may also turn expensive. This will lead to prices of commodities like cars and televisions getting expensive.
Source: The Business Standard
Prime Minister Narendra Modi participated in the Economic Times Asian Business Leaders Conclave held in Kuala Lumpur on Wednesday via video conferencing. He jointly inaugurated the conclave with his Malaysian counterpart Najib Razak followed by addressing the delegates participated in the event. Speaking on the occasion, PM Modi spoke about strong India-Malaysia ties and focused on how 21st century is Asia’s century. He emphasised that from making business easier, eliminating corruption and reducing regulatory overburden, India is on a path of economic transformation and thus it is a time to make investment in the country. “India is buzzing with entrepreneurial activity. Startups are the next big economic force here. Thus, it is a great time for investing in India,” he said. Referring to the demonetisation move taken by the government to combat fake currency, corruption, black money along with shifting Indian economy to cashless, PM Modi said that “cleaning the system from black money and corruption is very high on my agenda. We are working tirelessly towards it.” He further mentioned the Goods and Services Tax (GST) and said it is expected to be implemented by the year 2017. Earlier on the day, Home Minister Rajnath Singh had said that government was facing ‘some problems’ in introducing the GST from April 1, 2017 asserting that those issues will be ‘solved’.
Source: The Business Standard
A 25 basis point rise in interest rate by the US Federal Reserve might accentuate economic challenges for India in the coming quarters, in addition to the persistent uncertainty on account of demonetisation of high-denomination currency notes, feel economists. However, the finance ministry believes the impact on India would be smaller than that on other emerging market economies, as India is seen as a "bright spot." An expected withdrawal of foreign institutional investors from the market is likely to weaken the rupee against the dollar over the next few quarters. This is likely to have some impact on consumer price inflation, on account of more expensive imports, say some. The Fed is expected to raise rates twice or thrice more in 2017. "The Fed rate hike and rupee depreciation have added to the uncertainty for the Indian economic growth outlook for the next couple of quarters, posed by the impact of demonetisation on consumption. Besides, with two-three (Fed) rate hikes expected in 2017, the dollar is expected to strengthen further," said Aditi Nayar, principal economist at rating agency ICRA. ICRA will review its earlier forecast for the March quarter after the amount of new currency released into the system by December 31 becomes clear, "as this would indicate how quickly economic activity normalises". The economy is expected to see a dip in the third (December) and fourth (March) quarters on account of muted consumption activity due to the cash crunch. In the financial year's first half, gross domestic product had expanded by 7.2%. The rupee closed on Thursday at 67.84 a dollar, 0.6% lower than Wednesday and the sharpest fall since November 11. During the day, it touched a low of 67.89 a dollar. The Sensex closed at 26,519.07 points, down 0.3% from its previous close. Arvind Subramanian, the government's chief economic adviser, said the economy was well cushioned to absorb the Fed move. "This was anticipated and expected after the US elections as there was already a big fund outflow from the emerging markets. (As) India is in a bright spot, the impact on us would be much smaller," he said. He added the Reserve Bank's policy review (last week, it maintained the repo rate at 6.25%) also took account of this in a sensible way. "There might be some short-term things. This is not something we need to worry about."
The other challenge, he said, was to keep an eye on the currency situation in Southeast Asia and in China. Shubhada Rao, chief economist, YES Bank, said: "We maintain our projections for the rupee value against the dollar in the 68-70 range for the next 12 months, with sharp depreciation pressures unlikely, amid strong domestic fundamentals." Nayar of ICRA said depreciation of the rupee, relative to the dollar, posed a milder risk to Consumer Price Index (CPI) inflation than to that in the Wholesale Price Index (WPI). "We continue to expect CPI inflation to modestly undershoot RBI's Q4 target of 5%, permitting a further 25 bps cut in the repo rate." CPI inflation eased to a record low of 3.63% in November. "We believe the impact on India will be muted, though the currency can take a short-term hit. Interestingly, there could be a commonality as far as fiscal stimulus is concerned between the US and India," said Soumya Kanti Ghosh, chief economic adviser, State Bank of India.
The CEA also said: On GST: Lower and simple taxes are always preferable but there is a strong case for inclusion of real estate and electricity into the GST value chain Demonetisation: A challenges for the economy in the short term is to manage the demonetisation fallout. However, this would be a short-term phenomenon; Oil prices: When these go up, nimble producers will also increase production. Don't think oil prices will rise to a level that the Indian economy can't handle.
Source: The Business Standard
The Government of India has released report on achievements made in the textiles sector under Make in India initiative on 24th November, 2016. Some of the major achievements and contribution of textiles sector are given below:
i. FDI Inflow: Between March, 2014 and March, 2016, the FDI equity inflow in the textiles sector added up to US Dollar 427.55 million. FDI equity inflow grew by 16% in financial year 2015-16.
ii. Exports: In 2015-16 the share of textiles and apparel in total exports increased to 15% from 13% in 2013-14.
iii. More than 5.3 lakh persons trained in last two years under Integrated Skill Development Scheme out of which 81% have been placed including 79% of the trained women.
iv. 19 new Textiles Park have been sanctioned over last two years with potential to facilitate investment up to Rs. 300 crores and employment to 60,000 people.
v. 200 new production units have been set up in existing textile parks in last two years with the fresh investment of Rs.1500 crores and additional employment generation of 11,000 persons.
vi. Sanction of seven new Common Effluent Treatment Plants with Zero Liquid Discharge technology in last two years covering 3000 SME units.
vii. Eight Apparel and Garment making Centers set up in all NER States and Sikkim for promoting garment manufacturing in NER.
viii. Launch of Indian Handloom Brand for providing brand value for handloom products. ix. Launch of Indian Handloom Website as a one stop platform for all services to consumers, bulk buyers and handloom producers.
x. A Special Package of Rs. 6,000 crores was launched for garmenting sector with the aim of creating one crore jobs in next three years and to attract investment worth US Dollar 11 billion.
Government has received representations from the Textile Industry to provide one-year moratorium for repayment of loans and interests. To respond to the situation, Government has launched a campaign to promote digital payment in the mission mode. In order to increase the production of raw materials in the country, Government is implementing various policy initiatives and schemes. The Cotton Development Programme focuses on cropping system approach under National Food Security Mission (NFSM) in 15 major cotton growing states with an aim to increase production & productivity. Government announces Minimum Support Price (MSP) to protect the interest of cotton and jute farmers to avoid distress sales. The Cotton Corporation of India and the Jute Corporation of India conduct procurement of cotton and jute from farmers respectively whenever prices fall below the MSP. Government implements various schemes to promote production of all the raw materials for textile industry which includes promotion of R&D, technology upgradation, skill upgradation, infrastructure support towards rearing sheds, testing labs, etc. Government is also providing support for the production of raw jute under I-CARE project. The above information was given by the Union Textiles Minister, Smt. Smriti Zubin Irani today, in a written reply to a Lok Sabha question.
Source: Business Standard
SGCCI said various industry associations have represented to it saying that the unit owners are finding it difficult to pay the minimum electricity bills issued by the discoms. The production of fabric has decreased by almost 80 per cent and many units are shut.
Over 60 per cent of the labour workforce in the textile industry has moved out from the city to their hometowns after the closure of the units. For those who have stayed back, the unit owners are finding it difficult to pay the wages due to severe shortage of new currency notes in the banks. SGCCI president B S Agarwal told TOI, "Most of the banks in the city are not giving more than Rs24,000 per week. In a small powerloom unit, there are around 20 workers and paying them wages at the end of the month requires at least over Rs2 lakh." Agarwal added, "Since the textile units fall under commercial metering, the minimum bills issued by the electricity companies runs in thousands. However, we have urged the state government to direct the electricity companies to issue bills after six months. The impact of demonetization is likely to remain for three months at least."
Source: Times of India
Indian tax authorities are investigating a textile trader from Bihar, who allegedly stashed more than Rs1 billion (Dh54 million) in 50 bank accounts. The majority of the accounts are suspicious, officials say. The money was deposited in the Gautam Budha Road branch of the Bank of India (BOI), in the Gaya district of Bihar, shortly after the Indian central government launched its demonetisation drive last month on November 8, reports said. Income Tax investigators conducted raids at the business premises, stores and residential premises of prominent textile businessman Motilal Patwa, owner of Moti Textiles and Cotton Private Limited, in Gaya town on Tuesday. Initial investigations found the trader had deposited Rs85 million (Dh4.6 million) in various bogus bank accounts. Reports said the tax sleuths got more suspicious when the alleged account holders owners in whose accounts the money was deposited denied owning bank accounts there. A further investigation found the trader had stashed over Rs1 billion in some 50 bank accounts, opened using fake names. “We can’t reveal anything at this moment. We are still investigating the matter,” senior IT official Ashok Kumar Sinha told journalists on Thursday. As per media reports, a large chunk of the cash deposited in the bank accounts may have come through Delhi routes and could belong to Maoists. Authorities are also investigating if the said money was dispatched by traders from Delhi. Reports are that the matter could be handed over to the Economic Offence Unit (EOU). Maoists are believed to have reached out to ordinary villagers, coercing them to deposit the insurgents’ old notes in their accounts, in a bid to launder the funds. Only last week, a senior police official from Jharkhand state had told the tax department about the huge deposits amounting to Rs120 million-Rs130 million in some 100 bank accounts post the demonetisation drive. Rebels are believed to be in possession of some Rs5 billion, which they collected as extortion and protection levies, but are in dire need of getting the amounts somehow deposited in bank accounts, lest they would go to waste. Tax sleuths are also investigating the alleged involvements of bank officials.
They believe such dealings were simply not possible without the support of the bank officials. Authorities have already reviewed footage from CCTV cameras installed at bank premises and are extensively quizzing the bank officials about huge deposits, illegal transactions and exchange of old demonetised currency notes. Right now, 40,000 bank accounts are on the radars of the IT Department for unusual money transactions post demonetisation drive in Bihar. Officials have already served notices on the owners.
Through the notices, the account holders have been asked to reveal the source of income.
Source: Gulf News
There’s a need to introduce intellectual property (IP) protection for handloom weavers of India, opined Union textiles minister Smriti Irani at a handloom conference recently held in New Delhi. She also said that handloom is the country’s legacy and its potential needs to be positioned and acknowledged not only domestically, but also globally. At the Creating Handloom 2.0 conference ‘Realising the potential of the Indian Handloom Industry’ organised by Confederation of Indian Industry (CII), Irani emphasised that every weaver has their unique designs and craftsmanship which needs to be protected and acknowledged. It is important to ensure a framework where intellectual protection rights can be introduced and ensured for handloom weavers. “Handloom is not an area of select few. When the industry comes together with the weaver, an expeditious journey can take place,” said Irani. She cited the example of domestic retail brand Biba that procured 2 lakh metres of handloom cloth in August and introduced two new collections in November. She also emphasised in the need for product development in the sector and informed that under ‘India handloom brand’ launched by the Prime Minister, 60 natural dyes and chemical free dyes have been registered so far. In his keynote address at the conference, Alok Kumar, development commissioner – handlooms, ministry of textiles, “With structured interventions in skills, technology, design and innovation, branding and marketing, the sector has potential to scale up to a market size of about Rs 4 lakh crore from estimated size of 1 lakh crore at present in next 6-7 years. This would further help in releasing a 5-7 times higher wages to the artisans. With proper branding and publicity of the sector the exports can be scaled up at least 4 to 5 times in next 5 years.” “Taking Indian handlooms global would require a demonetisation kind of steps for the handloom sector. Exploring endless possibilities of product innovation along with steps towards enhancing the quality and standards and effective branding of the handloom sector will be essential for taking handlooms global,” said Jaya Jaitly , founder and president, Dastkari Haat Samiti. “India is a ‘treasure trove ‘of design and innovation for fashion industry offering a gamut of unique varieties in jewels, textiles, handlooms and dyes for the industry. I started doing fashion designing 25 years ago, my first collection was in khadi. Khadi is a national fabric,” said Ritu Beri, advisor, Khadi and Village Industries Commission. “Time for building brand India is now and this will require all the levers is skills, product development, technology, and marketing to take Indian handlooms to global level,” said Gautam Nair, co chairman – CII national committee on apparel & managing director of Matrix Clothing.
Source: Fibre2fashion
"The Textile Commissioner has been appointed, under the Collection of Statistics Act 2008, to collect data vital for analysis of status and emerging trends in industry. "Collection of the data across all segments of Textiles except handloom, khadi & jute will also aid in formulation of policies related to the sector," a senior official told PTI. The Textile Commissioner has been tasked with collecting data on capacity of units, employment, raw material intake, consumption, production figures and other details. The new National Textile Policy being firmed up by the government aims to achieve USD 300 billion textile exports by 2024-25 and create an additional 35 million jobs. PTI RSN BAL
Source: India Today
The Nepali domestic apparel manufacturers have demanded the government to provide 10 percent export incentive on total export value through the supplementary budget, which according to them, is a must to bring down their cost of production and to boost exports of Nepali apparels. As Nepali garments are up to 18 percent more expensive in the international market as compared to garments from other countries due to higher cost of production. Chandi Aryal, president of Garment Association – Nepal (GAN) said that higher cost of production has made their products dearer in the international market. Citing an example of the garment industry Aryal said that Nepal and Bangladesh both started garment exports during the 80s. While
Bangladesh has progressed a lot in garment industry and exports garments worth Rs 28 billion annually, as the government offer 10 percent export incentive to local apparel manufacturers. Nepal is lagging behind, with garments worth only Rs five billion being exported every year. Garment factories in Nepal basically operate for eight months in a year and the remaining four months is the off-season for them but domestic garment companies pays its employees for the entire year. GAN officials stated that implementation of ‘No Work, No Pay’ provision introduced by the Industrial Enterprise Act is crucial to bring down production cost in Nepali garment industry which in turn will bring down the price of domestic apparels. Garment manufacturers have also urged government to allocate necessary budget to increase participation of Nepali manufacturers in international sourcing fairs from where they can take orders. As per them, high labour wages, huge transportation cost, power shortage and unwanted strikes are also major aspects that have pushed up production cost of Nepali garments. According to Garment manufacturers, Nepali garments have high demand in the European Union (EU), United States of America and India.
Source: Yarn and fibre
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$ 52.04 per barrel (bbl) on 15.12.2016. This was lower than the price of US$ 53.11 per bbl on previous publishing day of 14.12.2016.
In rupee terms, the price of Indian Basket decreased to Rs. 3528.00 per bbl on 15.12.2016 as compared to Rs. 3588.29 per bbl on 14.12.2016. Rupee closed weaker at Rs 67.80 per US$ on 15.12.2016 as against Rs 67.56 per US$ on 14.12.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on December 15, 2016 (Previous trading day i.e. 14.12.2016) |
Pricing Fortnight for 16.12.2016 (Nov 29, 2016 to Dec 13, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
52.04 (53.11) |
50.85 |
|
(Rs/bbl |
3528.00 (3588.29) |
3460.34 |
|
|
Exchange Rate |
(Rs/$) |
67.80 (67.56) |
68.05 |
Source : PIB
The “one China” principle is the basis for developing ties with China and no country can be an exception to this rule, Chinese foreign minister Wang Yi told his French counterpart. US President-elect Donald Trump has upset China by speaking with the president of self-ruled Taiwan, which China claims as its own, and casting doubt on Washington’s nearly four-decade policy of recognising that Taiwan is part of “one China”. Speaking with French foreign minister Jean-Marc Ayrault, Wang said the Taiwan issue concerns China’s sovereignty and territorial integrity, China’s foreign ministry said late on Thursday. “The one-China principle is the prerequisite and basis for other countries to develop their relations with China and that when it comes to this vital issue of right or wrong, no country can be an exception,” the statement cited Wang as saying. Wang said he appreciated Ayrault’s clear stance on the “one China” issue. Beijing regards Taiwan as a renegade province and has never renounced the use of force to bring it under its control. China considers Taiwan independence a red line issue.
Source : The Hindustan Times
Teijin Limited, a technology-driven world leader in aramid fibres, has announced the launch of Xfire Denim, a practical and fireproof denim-like aramid fibre fabric for firefighting uniforms. The new aramid fabric is expected to meet the growing demand for extra-manoeuvrable clothing for volunteer fire corps. Sales of Xfire Denim will begin this month. Japanese manufacturers will start selling uniforms for fire corps made with Xfire Denim in 2017. Made with Teijinconex meta-aramid fibre, Xfire Denim is produced with a proprietary technology to realise a pliant texture similar to that of denim, a universally popular fabric. Xfire Denim also offers outstanding comfort and design flexibility. The fabric’s unique appearance also is practical because it enables professional and volunteer fire corps to be easily distinguished when working side-by-side. The launch of Xfire Denim further strengthens Teijin’s leading position in the Japanese market for protective apparel, where the company is renowned for incorporating high-performance materials in innovative hybrid safety solutions. Looking ahead, Teijin forecasts global sales in its safety and protection field to rise to JPY 20 billion by 2020. Over the decades, Teijin’s durable, heat-resistant and flame-retardant aramid fibres have provided police, fire-fighters and chemical-plant workers with increasingly high-performance clothing for added protection and safety. Teijin is the top-selling brand of protective apparel for professional fire-fighters in Japan, who highly value the heat-resistant and flame-retardant properties of Teijinconex.
Source: Fibre2fashion.
Since entering the World Trade Organization (WTO) 15 years ago, China has witnessed robust economic growth, and an increasingly prosperous China has created significant opportunities for countries around the world. China joined the WTO as its 143rd member on Dec. 11, 2001. Since then, the country has grown into the world's second-largest economy and largest trading country, while millions of Chinese have been lifted out of poverty. Changes for the Chinese include buying cheaper cars, enjoying international products and traveling more. "China's WTO entry has brought benefits not only to the country's people, but also for the rest of the world," said Lei Da, economics professor at Renmin University of China. China has long been vital in helping shore up world economic growth, especially in the aftermath of the 2008 financial crisis. Despite slower growth in recent years, China's economy still contributes 25 percent of the world's growth. As the vast Chinese market has grown, countries as diverse as Zambia, Australia, Brazil and the United States have seen their exports to China soar. It is clear that China's strong demand for imports has been a major stabilizing factor amid a sluggish world economy. China's imports have surged from 243.55 billion U.S. dollars to 1.68 trillion dollars in 15 years, an average annual growth of 10.3 percent. For many developing countries, no matter in Asia, Africa or Latin America, the Chinese market has been vital in ensuring growth and development stay on track. China has also been ready to help poorer partners develop. As the world's second biggest investor, the country's outbound direct investment rose for a 13th straight year in 2015, reaching a record high of 145.67 billion dollars. Dubbed the factory of the world, China manufactures everything from toys and shoes to bullet trains and industrial robots. From 2001 to 2016, thanks to imported goods from China, consumers around the world saved billions of dollars. Quality yet inexpensive Chinese products contributed to an increase in consumer purchasing power and helped reduce worldwide poverty. Companies that opened operations in China have profited. Foreign-invested industrial enterprises reported combined profits of about15 trillion yuan (around 2.2 trillion U.S. dollars) over the past 15 years. Despite a tepid global recovery, the continuous growth of foreign investment in China shows that investors are upbeat about the country's business climate. Looking ahead, China will remain a center of trade and other global activity, playing a leading role in global governance. As China plans to be more proactive in opening up to the outside world, its stable growth will produce more benefits for the world.
Source: Xinhua.
Globalisation and technology revolution are posing increasingly greater challenges for Vietnam’s economy, as the country’s labour force will grow from 55.5 million on 2016 to 62 million in 2025, said Deputy Minister of MoLISA Đào Hồng Lan. Hence improving workforce skills has become a top priority for Vietnam. Vietnam will have to address to the changing technologies and skills needs in the labour market, with the changing nature of work in the era of technology, when many low-skilled workers will be at risk of losing jobs due to automation. The Ministry of Labour, Invalids and Social Affairs (MoLISA) and the International Labour Organisation (ILO) on Tuesday organized a workshop, the theme of first National Policy Dialogue on Future of Work in Hanoi. In order to annually increase the demand for jobs, the economy needs to create roughly 650 thousand jobs, and structural labour changes will be one of the feasible ways to increase labour productivity. Two of the country’s major and growing production sectors--textile, clothing and footwear (TCF) and electronic and electrical products (EE)--are at the heart of the debate. These are also the country’s key exports, accounting for around 40 percent of the total manufacturing jobs. TCF manufacturing is predominantly characterized by labour intensive and low-skilled production. As per the recent ILO study entitled “ASEAN in transformation” showed that 86 percent of Vietnam’s TCF workers could face a high risk of automation, whereas about three quarters of wage workers in EE sector could be replaced by robots in the coming decades. The ILO suggested Vietnam enhance relevant workforce skills through close collaboration between policymakers, employers and training institutions to modernize the skills development system to meet changing workplace dynamics and new technology innovations. Technology will create significant opportunities for closing the productivity gap, improving competitiveness and bettering working conditions.
Source: Yarn and fibre
Seiko Epson Corporation a pioneer of digital textile printing, announces two new innovation hub which will join Epson’s established Textile Solution Center in Como, Italy. With the opening of the new facilities, Epon, For. Tex and F.lli Robustelli have realized their vision to create a worldwide hub for the digital textile printing industry based in Italy. The Innovation Research Lab, focusing on ink technology R&D, has been created by Epson together with For.Tex. The Printing Research Center, in collaboration with F.lli Robustelli, a major player in production engineering for textile printers and recently acquired by Epson, will aid future development of Epson inkjet core technology dedicated to textile printing. Sunao Murata, chief operating officer, of Epson's Professional Printing Operations Division said that they are delighted to announce the establishment of the Innovation Research Lab and The Printing Research Center in Como. These state-of-the-art R&D facilities symbolise Epson's strong commitment to accelerating the development of digital textile inkjet printing both in the Como region and the rest of the world. The use of digital technologies for printing drawings, patterns and visual effects on textiles and other surfaces is well established and growing quickly, replacing traditional analogue technologies in several areas. Digital technologies used in industrial volume production create a challenge for inks and auxiliary chemical compound manufacturers. The digital printing market is constantly evolving with customers requesting products capable of supporting the complete manufacturing cycle and that ensure quality, productivity and reliability without compromise due to technological innovation. With the aim of researching and developing new inks for industrial digital printing on a wide array of materials, the Innovation Research Lab is equipped with state-of-the-art technologies and is staffed with a team of highly-skilled technologists and researchers (chemical engineers, chemical analysts, lab technicians, etc.). The Lab is committed to research that will increase industrial ink performance and sustainability on behalf of Epson. The Printing Research Center, located in F.lli Robustelli' head office, will aid product development of inkjet core devices, ensuring the continued development of the highest quality textile printers for Epson.
Source: Yarn and fibre
The Niger State governor, Abubakar Bello at a meeting on Wednesday with the Indonesian Ambassador to Nigeria, Mr Harry Purwanto, at his office in Minna, the state’s capital called on Indonesian investors to establish textile manufacturing to cash on the abundant and high quality cotton in the state. Governor Bello assured the Indonesian business community of advantageous business environment that would guarantee profitable return on their investment. He commended the uniqueness of Indonesian fabrics and the way Indonesian government handles their Small Medium Enterprise (SME) sector and noted that his administration was eager to partner Indonesia with a view to developing and perfecting the SME sector in Niger State. He further acceded to the request for allocation of land for an industrial park in Tegina, Rafi Local Government area of the state for the manufacturing of Indonesian products. The governor also called for collaboration in the areas of agriculture, tourism and youth development, which were the priority areas of focus of his administration. Mr.Purwanto said that Indonesia and Nigeria had a lot in common and stood to benefit from the over half a century diplomatic relationship. He further unveiled that a team of investors had earlier visited Nigeria, with the sole aim of establishing an industrial park. He expressed the readiness of Indonesian investors to collaborate with the State government in developing Nigeria’s vast natural and economic potentials.
Source: Yarn and fibre
The Ministry of Industry, Trade and Investment envisaging development of Ready-Made Garment in Nigeria signed a Memorandum of Understanding (MoU) on Tuesday with Clothing 360, part of KACK Group a major player in the readymade garment industry around the globe, to promote implementation of the policy on Cotton, Textile and Garment (CTG). Other areas of intervention include the promotion of the Made in Nigeria Initiative, which involves an e-commerce platform. 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.’’ The industry would grow faster with public and private patronage. She added that the MoU would not restrict any organisation seeking to partner with the ministry in the same regard. To this end, they 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. 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. According to the Director, Clothing 360, Miss Oreofe Akinkugbe, the MoU was an indication that the Federal Government was serious about industrializing the non-oil sector as well as diversifying export base. The signing of the MoU is going to enable them forge ahead with more determination and to see results towards the sustainable development of CTG value chain. As the company was created to stimulate concerted efforts to organize and develop Nigeria’s ready-made garment industry. They foresee Nigeria one day becoming the preferred emerging hub for global export of quality and affordable ready-made garments and textiles.
Source: Yarn and fibre
