Setting up of joint working groups is a welcome initiative by the government. Several key players from the FMCG and packaged goods industry have already incurred huge costs owing to the assessment of impact of GST regime on their business, conducted internally as well as through external consultants. With the introduction of the GST Bills in Parliament the government has made significant headway into realisation of the once arduous timeline of July 1 for the implementation of the game-changer indirect tax reform—the Goods and Services Tax (GST). As the Indian Economy goes into overdrive to prepare for GST with a little over three months to go, the industry has witnessed great traction and the ambiguity that surrounded the implementation of the new indirect tax legislation is slowly diminishing. In order to ensure the smooth passage of the GST, the government has set up 10 working groups under the guidance of senior tax officials to examine the concerns of industries such as banking, financial and insurance sector, telecommunication, information technology, transport & logistics, exports, textile, oil & gas, gems & jewellery, government services, micro, small & medium enterprises and submit a report on April 10, 2017. While the key focus areas outlined for review by the GST Working Group are around procedural complexities and rate structures, this forum has the capability to also address industry objections to IT system preparedness, cost of compliance including increase in workforce, end-to-end matching of invoices, which are not limited to the industries that have formed part of these working committees. This is a welcome initiative as several industries have found representation within these working groups. However, other key industries such as FMCG, industrial products, real estate, pharmaceuticals and automobiles, wherein businesses will undergo a huge shift from their current practices, should be provided the same prospect. Several key players from the FMCG and packaged goods industry have already incurred huge costs owing to the assessment of impact of GST regime on their business, conducted internally as well as through external consultants. The sectors wherein the products move through several channels before reaching the end consumer, leading to input credits being built up at depots, warehouses are looking to the government to provide them adequate support in the form of a larger compliance windows to claim input credits, re-negotiate margins with channel partners, distributors and upgrade their IT systems to become GST compliant, amongst other critical aspects. Other key industries dealing with ‘luxury’ products or products to be taxed at a higher rate, such as aerated drinks, tobacco, luxury cars and luxury goods, have also not found representation within these coveted working groups. The government needs to provide a platform to these industries to open a dialogue on the impact of high tax rates on their business strategies, which will need to undergo a significant change. There is also a sense of ambiguity within industries that were so far exempted from the purview of indirect taxes in the country, such as private education, healthcare, and the power sector. Certainly, if the government could form more such working groups and provide an equal opportunity for excluded sectors to make representation and table their specific peculiarities, the transition to the revolutionary indirect tax reform will be greeted with more enthusiasm.
Source: The Financial Express
The Government has created a Project Development Fund (PDF) for Cambodia, Laos, Myanmar, Vietnam (CLMV) countries to facilitate Indian Investment & broaden manufacturing base of Indian companies in the region. Some of the major steps taken by the Department of Commerce to promote exports are:
This information was given by the Commerce and Industry Minister Smt. NirmalaSitharaman in a written reply in Rajya Sabha yesterday.
Source: PIB
The government has received proposals from Georgia and the Eurasian Economic Union (EAEU) for negotiating Free Trade Agreements (FTAs). The Joint Feasibility Study with Georgia will be conducted to study the feasibility of the proposed FTAs. The Joint Feasibility Study Group Report between the Eurasian Economic Union and its Member States and the Republic of India has been accepted and 1st meeting of Trade Negotiation Committee will held after mutual consent. Further, the government is negotiating the following trade agreements with other country/block of countries with specific Chapters on Investment:-
The agreements are likely to provide opportunities for generating economic growth and employment as well as increase mutual investment flows. This information was given by the Commerce and Industry Minister Smt. Nirmala Sitharaman in a written reply in Rajya Sabha yesterday.
Source: PIB
Replying to the debate on the Bill, finance minister Arun Jaitley stated that in the very first year of GST, the inclusion of real estate under GST would be considered. He also hinted at bringing petroleum products (which are not constitutionally excluded) under the GST regime without much delay. (ANI) The Lok Sabha on Wednesday passed four Goods and Services Tax (GST) Bills, keeping the recent brisk momentum in the journey towards the proposed one-nation-one-tax regime that would militate against cascading of taxes and give an impetus to economic growth. Replying to the debate on the Bill, finance minister Arun Jaitley stated that in the very first year of GST, the inclusion of real estate under GST would be considered. He also hinted at bringing petroleum products (which are not constitutionally excluded) under the GST regime without much delay. “Slowly, (many) items which are currently kept out will be brought under GST,” the minister said. Chief economic adviser Arvind Subramanian had earlier pitched for inclusion of real estate in the GST regime in the interest of a broad base for the tax. Earlier, before members from across the political spectrum debated the Bills — which together have 239 clauses — Jaitley had assured the House that the proposed tax wouldn’t be inflationary. While most items won’t see any rate shock — the items will move to the GST slab nearest to the current rates — among the items currently exempt (half the total), most would be kept outside the GST ambit also. Since the four Bills — Central GST, Integrated GST, UT-GST and Compensation to States — have been passed as money Bills, the Rajya Sabha cannot stand in the way of their passage. The state assemblies are now expected to pass their respective state GST Bills which are more or less a replica of the C-GST Bill. The Centre is firm on rolling out GST, which would subsume excise duty, state VAT (including their counterparts on imports) and service tax along with sundry other local levies including purchase tax, from July 1. The GST Constitutional Amendment Bill — which was essentially meant to enable the Centre to tax goods beyond the factory gate and the states to tax services — was approved by Parliament (with Rajya Sabha assent) in August last year. According to Jaitley, the GST Council’s constitutional mandate to recommend the tax laws and rates won’t infringe upon the plenary powers of Parliament and state assemblies to legislate. The cesses for compensating the states in the initial five years would also ultimately be subsumed in GST, the minister said, justifying use of cess proceeds for this purpose on the ground that mobilising the funds via higher GST rates could have been more onerous on the taxpayers given the tax devolution formula between the Centre and states. Earlier, while speaking on the Bills, some opposition members were critical of the compromises made in the structure of the proposed destination based tax on consumption. While the multiple-rate structure (along with many exemptions) was one problem they highlighted, they noted that the tax base would also be suboptimal as many important items including petroleum products are kept out of the GST, at least for now. Attempting to score a political point, Congress party leader Veerappa Moily said India lost a whopping Rs 12 lakh crore due to years of delay in implementation of the GST due to the stiff opposition by the BJP when the UPA government was in power. What the NDA government has brought about in the name of a “revolutionary tax reform is not a game changer but only a baby step”, he said, adding that GST in the form proposed in the Bills would be a “technological nightmare” and the anti-profiteering provisions are “far too draconian” (on the industry). Moily’s concern over the anti-profiteering provision — which is meant to ensure that the benefit of low tax liability in GST regime is passed on to the consumers — was echoed by many other members. The Bills were earlier slotted to be discussed in the House for close to seven hours. Jaitley said the anti-profiteering provision should have been uniformly welcomed by all members as it was meant to scupper excessive profits and unfair enrichment. The GST Council has already approved four-tier tax slabs of 5%, 12%, 18% and 28% plus additional cesses on demerit goods like luxury cars, aerated drinks and tobacco products. The work on putting various goods and services in the different slabs is slated to begin next month. The Compensation Law provides for levy of cess on top of the peak rate of approved tax (28%) on paan masala, tobacco, aerated waters, luxury cars and coal to create a non-lapsable fund for compensating states. As per the compensation Bill, states will be given full compensation for the first five years for any shortfall in revenue from what 14% annual growth from the 2015-16 base (Rs 4.42 lakh crore) would have otherwise yielded. The GST on domestic transactions will have two nearly equal components — CGST and SGST — on roughly the same base; similar will be the case of integrated GST on interstate transactions and imports. The exemption threshold for GST has been fixed at Rs 20 lakh for all states except the northeastern ones and the three hill states of Jammu and Kashmir, Uttarakhand and Himachal Pradesh, in whose case this limit would be Rs 10 lakh. While the government is racing against time to usher in the new regime, experts and industry, however, remained concerned about some of the finer provisions in the Bills, including the one relating to work (composite) contracts (which could give a lot of discretionary powers to the tax authorities on the rate at which the tax is levied), implications for the industry due to the exclusion of Jammu and Kashmir from GST and the exclusion of services from duty drawback provisions for exporters. Also, businesses need to register and be familiar with the GST Network, the IT backbone for running GST. As per the Bills the overall GST rate will be capped at 40% (20% for CGST, with states also supposed to have a similar ceiling in their SGST laws). Manufacturers up to Rs 50 lakh turnover will have the facility to pay a 1% tax on turnover (0.5% for other suppliers and 2.5% for restaurant services including food) without input tax credit.
Source: The Financial Express
A strong IT infrastructure is going to be the backbone of an effective GST system. GSTN should be ready with its full array of services and the portal functionality should be ready for testing well before the date to go live. It is to be noted that migration of assesses (phase-I) — which had just 19 fields of information to be fed into the system — itself had a lot of hiccups. The credit matching and reconciling facility needs careful testing and the small and medium players in the Industry need to be sensitized of the procedures and their responsibilities. The immediate challenge for the GST Council is to decide which product should fall under which category. It also needs to decide the rate structure for services, many of which are currently on lower side than the proposed tax slabs. The industry needs to be aware of these rates soon to work out the pricing mechanism and be compliant with the anti-profiteering law, if the same is implemented. The industry also requires sufficient time to internalise the impact of the law and make appropriate changes in their business processes, contracts, and pricing among other things. These changes then need to be built into the IT systems, especially the ERP systems. The rollout of GST within a time span of next 3 months seems a herculean task, keeping in mind the paradigm shift in the indirect taxation in India. Thus, both the government and the industry have a lot to do and miles to go before the GST can be implemented in right earnest.
Source: Economic Times
As a prelude to the upcoming textile exhibition in Gujarat in India, a roadshow was organised recently at China's textile hub Shaoxing. The mega-event, Textile India 2017, is to be held in Gandhinagar during June 30-July 2, 2017. The roadshow highlighted investment opportunities for some120 Chinese textile companies in fabrics, machinery and yarn sectors. The roadshow, organised by Indian Consulate in Shanghai along with Shaoxing municipal peoples government, was attended by a four-member Indian delegation led by Pushpa Subrahmanyam, additional secretary, ministry of textiles, according to a statement issued by the Consulate. Shaoxing is one the largest textile manufacturing and trading hubs in eastern China. It also has a 2,000-strong Indian textile trading community. The Gujarat event is likely to be inaugurated by Prime Minister Narendra Modi and marks, for the first time, the positioning of an annual textile trade event in India on the annual calendar of global trade events.
Source: Fibre2Fashion
My congratulations to all countrymen on the passage of the GST Bill. New year, new law, new Bharat,” PM Narendra Modi tweeted after the bills were cleared. The passage came as several amendments pushed by lawmakers from the Congress and BJD were defeated after the government sought to clear doubts. Jaitley promised the House that the regime will make things “slightly cheaper” and products such as petroleum, which are currently out of the net, would be included over a period of time. In fact, the finance minister said adecision on including real estate may be taken within a year of rollout. “Today, you have tax on tax, you have cascading effect. When all of that is removed, goods will become slightly cheaper,” Jaitley said. The minister defended the decision for multiple slabs, saying a one-rate formula was highly regressive as hawai chappals and a luxury car would face the same levy. He then went on to allay fears of food products facing the levy and said all farm goods would be kept out. The GST Council has recommended a four-tier tax structure of 5, 12, 18 and 28%. On top of the highest slab, a cess will be imposed on luxury cars, soft drinks, tobacco products, pan masala and coal to compensate states for potential revenue loss during the first five years of implementation. With the Lower House clearing the legislations, some state governments are convening assembly sessions to clear state GST laws, which will enable them to impose tax that is expected to widen the tax base. The expectation is that “consuming states” such as Bihar, Uttar Pradesh and West Bengal will benefit more as the tax will be levied at the point of consumption as opposed to the factory gate, where excise duty is imposed. “This sets the stage for the definitive introduction of GST in the next few months. The GST rules and rates should now be decided very quickly so that business can be prepared,” said M S Mani, senior director at consulting firm Deloitte Haskins & Sells. GST has been in the works for over a decade and it wasn’t until last year, when Parliament cleared amendments to the Constitution, that the new regime appeared to be a reality. This was followed by support from legislatures across the country, leading up to the establishment of the GST council. While states such as West Bengal sought to block the reform, one of the biggest initiatives post-Independence, the Centre managed to overcome the hurdle with support from other opposition-ruled states, such as Bihar and Odisha. Jaitley said once the new tax regime was rolled out, a businessman would have to deal with only one assessing officer instead of multiple authorities at present. To opposition questions as to why the government brought the legislations as money bills, Jaitley cited constitutional provisions and said since 1950, all tax-related legislations were brought before Parliament as money bills.
Source: Times of India
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$ 50.73 per barrel (bbl) on 29.03.2017. This was higher than the price of US$ 49.91 per bbl on previous publishing day of 28.03.2017. In rupee terms, the price of Indian Basket increased to Rs. 3295.10 per bbl on 29.03.2017 as compared to Rs. 3248.46 per bbl on 28.03.2017. Rupee closed stronger at Rs. 64.96 per US$ on 29.03.2017 as compared to Rs. 65.09* per US$ on 28.03.2017. The table below gives details in this regard:
|
Particulars |
Unit |
Price on March 29, 2017 (Previous trading day i.e. 28.03.2017) |
Pricing Fortnight for 16.03.2017 (Feb 25, 2017 to March 13, 2017) |
|
Crude Oil (Indian Basket) |
($/bbl) |
50.73 (49.91) |
53.70 |
|
(Rs/bbl |
3295.10 (3248.46) |
3583.94 |
|
|
Exchange Rate |
(Rs/$) |
64.96 ( 65.09*) |
66.74 |
Source: PIB
New Delhi: Future Lifestyle Fashions Ltd has transferred its Lee Cooper business to a wholly-owned arm Future Speciality Retail Ltd "The company has transferred its Lee Cooper business to Future Speciality Retail Limited, a wholly owned subsidiary of the company by way of a slump exchange on a going concern basis," Future Lifestyle Fashions Ltd said in a filing toby way of a slump exchange on a going concern basis. BSE. Future Speciality Retail Ltd (FSRL) shall inter-alia carry on the Lee Cooper business, it said. "FSRL has issued and alloted 400 compulsory convertible preference shares of face value of Rs 910 each and 150 optionally convertible debentures of face value of Rs 1,00,00,000 each to the company," it said. There will be no change in the shareholding pattern of the company, it added. "Lee Cooper business has been transferred in to a separate entity, which will lead to better focus, execution and faster scale up the business," it said.
Source: PTI
"Textile parks
The audit report highlighted delays in completion of development of textile and apparel parks. This resulted in loss of Centre’s assistance to the State. In the apparel export park located at Gundlampochampally, 53 per cent of the units belong to non-textile /apparel makers and the park did not achieve its intended purpose of being an apparel hub."
Source: Business Line
Delegates at Planet Textiles 2017 in Bangalore will hear a unique insight from polyester textile giant Reliance Industries – which also has 3,300 retail outlets across India – about how environmental issues are now starting to gain traction among Indian consumers. In addition, Planet Textiles can also announce that the Ellen MacArthur Foundation will speaking at the event. The UK-based global charity will give an update on the Foundation's latest work on the circular economy in direct relation to the global textile industry. It was also confirmed this week that James Carnahan, Head of Sustainability at textile chemical specialists Archroma will lead and moderate a special breakout session on environmental issues in the wet processing sector. Middle class consumer spending in Asia-Pacific is expected to outstrip the rest of the world in the next decade, which is fueling phenomenal growth in the Indian retail industry and is expected to result in the sector doubling in value from 2015 to 2020. These are some of the key insights that Gunjan Sharma, CMO, Reliance Polyester Sector, which is the world’s largest integrated polyester fibre producer will give delegates at Planet Textiles 2017. Sharma will also give an appraisal of how the company is addressing these issues through the use of carbon and water footprints and supply chain traceability as consumers in India become more aware of the environmental impacts of clothing. Reliance will also detail how it manufactures PET chips that are used to make bottles and recycles the same bottles back into textile fibres, thus in effect closing the textile loop. It’s also been confirmed that Sven Herrmann, senior project manager at the Ellen MacArthur Foundation will speak to delegates at this year’s Planet Textiles Summit, which takes place on 24th May in Bangalore, India. Sven will give more detail on the latest work from the UK-based international charity, which is related to the textile sector and to the circular economy. We can also confirm that James Carnahan, Head of Sustainability at Archroma will lead and moderate a special breakout session on environmental issues in the wet processing sector with reference to the production and use of textile chemicals and dyes and with a focus on water use and conservation. More information on this session soon, which will complement a special breakout session by the ZDHC. The event is being produced in partnership with leading man-made cellulosic supplier Lenzing and is also being kindly sponsored by Oeko-Tex, Covestro, ZDHC Archroma, Bureau Veritas and Proviera. Supporters include Messe Frankfurt and The Dyestuff Manufacturers Association of India.
SOURCE: Ecotextiles
Pratibha Syntex, a leading manufacturer and exporter of knitted garments and speciality yarns has bagged the ‘Best Global Supplier of the Year Award’ for 2016 by C&A at their Global Supplier Summit in Hong Kong. Pratibha Syntex MD Shreyaskar Chaudhary received the award from C&A’s chief merchandise and sourcing officer Martijn van der Zee. Pratibha Syntex company supplies finished fabric and garments to various retailers and well-known brands. C&A is one of its largest customers. “We are honoured to have got this prestigious award from C&A. Pratibha has been working with C&A on various initiatives like organic farm and community development, sustainable product innovation, design assistance from Europe, Rapid Response etc. This award has been a great incentive and motivation for us. To thrive in this highly competitive business, we knew we had to improve operations by leaps and bounds and offer a quick response model to our customers. For this, we have implemented Theory of Constraints company-wide with the help of Vector Consulting Group,” said Chaudhary. Pratibha Syntex has been a recipient of prestigious awards in the past for its excellence performance in the field of exports including the prestigious GLASA awards, Stockholm in 2015 for holistic water management practices and Textile Exchange farm innovation award. With over 1,575 stores in 19 European countries and more than 35,000 employees, C&A Europe is one of the leading fashion retail businesses in Europe. Incorporated in 1997, Pratibha Syntex has gradually increased its presence in the entire textile value chain and is now involved in cotton farming, spinning (cotton and blended yarns), knitting, dyeing & finishing and knitted apparel manufacturing. (RKS)
Source: Fibre2Fashion
Are you one of those who feel the price of handloom doesn't match its look? Blame it on the lack of education in the country about the toil that goes into handspun fabric, says designer Rakesh Thakore. "Handloom is very specific to numbers, unlike power-looms. It is very important to realise the importance of handloom because it is very special. Mass production is not possible. Every sari will have a different texture depending on the fabric and the colour. It is an extraordinary skill that we can achieve through handloom," the designer, part of the famed Abraham-Thakore duo, told IANS in an interview. "It all depends on how you market the product. In terms of handloom, everybody perceives it as expensive. (But) because it is special, we have to appreciate how people do it. That understanding is very low I think, in many ways. "People say that it looks so cheap, so why is it expensive? They have be educated about it. It is rare now... There are many weavers who are not willing to continue. I appreciate the ones that are continuing, and that is a step forward as one sees it," he added. Thakore, who promotes sustainable fashion, presented a collection titled Back To Work with his partner David Abraham at the Amazon India Fashion Week (AIWF) Autumn-Winter 2017 here earlier this month. Highlighting a major plus point of handloom as a perfect fabric, Thakore says it is breathes, especially in the summer season when the scorching heat takes a toll on people. "To save the craft, you have to be able to create awareness of what people go through. Look at grandmothers and that generation -- they always wore handloom... There was no other option. Handloom was for India, weather-wise, the best fabric. "Any kind of polyester... it doesn't breathe. People wash and wear it because it is much easier... But it is the most uncomfortable fabric to breathe in especially in the summers when it is 45 degrees... Handloom fabrics are far more superior in that sense. For me, that is what it is," added Thakore, who looks after handloom weaving development and oversees the retail operations for brand A&T. Major fashion galas in India are making strides towards promotion of indigenous handloom. AIFW, for example, dedicated a whole day to handloom and textiles in its last edition. The designer says promoting handloom at fashion weeks has helped as it has made young designers look more into the craft and understand the importance of weavers even more. "Everybody has now begun to see the importance of handloom and appreciate what we are, what we did traditionally. It is so remarkable. India is one of the countries that produce handwoven and handspun textiles. It's a delight to know that a lot of youngsters are now working with weavers directly," he said. "There is so much of hope that one can get there. That is coming from the young contributions of the designers who are keen on working in the handloom sector. Not because it is fashion, but because they have begun to understand that this is also an area that we can work with. "It is not difficult and the accessibility is there. So, people travel, go there or the weavers themselves come to big cities... I think it is fantastic there are a lot of bazaars that keep happening like Dilli Haat and Nature Bazaar," Thakore added.
Source: The Hans India
Although fashion player Benetton entered the Indian market 25 years ago, way ahead of many of its competitors, the Italian brand has not been able to cash in on the early mover advantage. Pepe Jean’s net profits were up 83% in FY16 to R65.78 crore on the back of a rise in net sales of 29.3% to R348.43 crore. Although fashion player Benetton entered the Indian market 25 years ago, way ahead of many of its competitors, the Italian brand has not been able to cash in on the early mover advantage. Brands like Gap and Levi have grown much faster. Benetton India’s profits fell a sharp 79% to R2.3 crore in FY16 with sales rising by just 2.2% to R735.3 crore, data from the registrar of companies shows. In contrast, Levi Strauss reported net profit of R79.4 crore in 2015-16 up 64% over the previous year with sales growing at 18.5% to R752.7 crore. Moreover, Pepe Jean’s net profits were up 83% in FY16 to R65.78 crore on the back of a rise in net sales of 29.3% to R348.43 crore. Apparel brand US Polo crossed the R1,000-crore sales mark in India in 2015-16, less than five years after it entered India. Zara now clocks over R1,000 crore in retail sales. Compared with brands such as Louis Phillipe and Van Heusen, Benetton has grown at a slower pace. Benetton attributed the drop to stiff competition and adverse weather conditions which had resulted in slow sales growth. In 2015-16 Benetton shut 98 stores. The company said FY16 had been a tough year due to poor market sentiment and the launch of several new fashion brands which had led to keen competition. Retail experts pointed out Benetton had relatively less visibility than peers since it did not advertise too often. The lack of adequate effort to build the brand was probably impacting business, they said. Rajat Wahi, head, consumer retail, KMPG, said Benetton’s slower growth was probably due to their focussed on strengthening the current operations and improving profitability, rather than expanding. “Till 2015, they were growing steadily. Bentton’s focus on tier 2 and tier 3 cities and apparel for men, women and children would help the company grow,” Wahi said. US-based Levi Strauss entered India 15 years back while London-based Pepe Jeans entered India 28 years back. According to a Technopak report, the Indian apparel market has seen growing inclination of consumer towards western wear and casual wear.
Source: Financial Express
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1133.50 |
USD/Ton |
-0.64% |
3/29/2017 |
|
VSF |
2499.50 |
USD/Ton |
-0.29% |
3/29/2017 |
|
ASF |
2223.40 |
USD/Ton |
0% |
3/29/2017 |
|
Polyester POY |
1153.11 |
USD/Ton |
-0.19% |
3/29/2017 |
|
Nylon FDY |
3342.36 |
USD/Ton |
0% |
3/29/2017 |
|
40D Spandex |
5304.18 |
USD/Ton |
0% |
3/29/2017 |
|
Polyester DTY |
2397.78 |
USD/Ton |
0% |
3/29/2017 |
|
Nylon POY |
1409.60 |
USD/Ton |
0% |
3/29/2017 |
|
Acrylic Top 3D |
3662.06 |
USD/Ton |
0% |
3/29/2017 |
|
Polyester FDY |
5827.33 |
USD/Ton |
0% |
3/29/2017 |
|
Nylon DTY |
1409.60 |
USD/Ton |
0% |
3/29/2017 |
|
Viscose Long Filament |
3153.44 |
USD/Ton |
0% |
3/29/2017 |
|
30S Spun Rayon Yarn |
3051.72 |
USD/Ton |
-0.47% |
3/29/2017 |
|
32S Polyester Yarn |
1736.57 |
USD/Ton |
-0.33% |
3/29/2017 |
|
45S T/C Yarn |
2702.95 |
USD/Ton |
0% |
3/29/2017 |
|
40S Rayon Yarn |
2325.12 |
USD/Ton |
0% |
3/29/2017 |
|
T/R Yarn 65/35 32S |
1918.22 |
USD/Ton |
0% |
3/29/2017 |
|
45S Polyester Yarn |
2266.99 |
USD/Ton |
0% |
3/29/2017 |
|
T/C Yarn 65/35 32S |
3211.57 |
USD/Ton |
-0.90% |
3/29/2017 |
|
10S Denim Fabric |
1.35 |
USD/Meter |
0% |
3/29/2017 |
|
32S Twill Fabric |
0.85 |
USD/Meter |
0% |
3/29/2017 |
|
40S Combed Poplin |
1.18 |
USD/Meter |
0% |
3/29/2017 |
|
30S Rayon Fabric |
0.67 |
USD/Meter |
0% |
3/29/2017 |
|
45S T/C Fabric |
0.67 |
USD/Meter |
0% |
3/29/2017 |
Source : Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14532USD dtd. 30/3/2017)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The All Pakistan Textile Mills Association (APTMA) leadership has warned of rapid de-industrialisation in Punjab due to the energy price disparity and liquidity crunch, saying that an immediate intervention of the government has become imperative to save exports and jobs. APTMA Central Chairman Aamir Fayyaz held a press conference after presiding over an emergent general body meeting at the APTMA Punjab office on Wednesday. Group leader Gohar Ejaz, Vice Chairman Ali Pervez and APTMA Punjab Chairman Syed Ali Ahsan were also present on the occasion. APTMA Chairman Aamir Fayyaz said the trade gap has touched the alarming level, which could only be dealt with strengthening the exports. He said the Punjab-based textile industry has been crippled due to high cost of doing business, particularly the energy cost, both domestically and regionally. “The government should take measures to enhance exports by 10 percent to the GDP. The overall exports have dropped by $5 billion while the textile industry capacity worth $4 billion has been closed due to its incompetitiveness,” he added. He said the government has not released funds for Rs180 billion export package till date. “The Ministry of Finance has to disburse it in 18 months, ie Rs10 billion per month since January 2017,” he said. He also urged the finance ministry to allocate funds and direct the State Bank of Pakistan to disburse it among the textile exporters. He lamented that the sales tax refunds RPOs worth Rs25 billion have been issued but no payment has been made to the claimants. He further urged the government to ensure Rs.600 per MMBTU gas price inclusive GIDC and Rs7 per kilowatt hour electricity price for textile industry across the country to end the energy price disparity within the country. Speaking on the occasion, APTMA group leader Gohar Ejaz said a rapid de-industrialisation is underway in Punjab where 33 percent of the textile industry capacity has been closed due to Rs.100 billion energy price disparity. “The Punjab-based textile industry is a direct victim of this disparity that can only be done away with by implementing a unified energy price for the textile industry across the country,” he added. He said this step will also boost investors’ confidence, particularly in Punjab. APTMA Vice Chairman Ali Pervez said the present balance of payment position is vulnerable as the debt to export has already crossed three times and it demands immediate revival of closed textile industry capacity to increase exports and controlling the gap between the debt and exports. APTMA Punjab Chairman Syed Ali Ahsan said more than 70 percent of the textile industry is located in Punjab where the energy price disparity has hit hard its viability. He urged the government to withdraw Rs.3.63 surcharge on electricity tariff, saying that the burden of electricity theft and poor recovery in the shape of surcharge was hampering exports growth by and large. “Exporters cannot pass on this inefficiency to its international buyers,” he added.
Source: The Nation
ISLAMABAD - National Assembly Standing Committee on Textile Industry has directed the Ministry of Textile to facilitate the cotton growers by making Trade Cooperation of Pakistan (TCP) operational. The meeting was held in Directorate of Marketing and Economic Research, Pakistan Central Cotton Committee PCCC, Multan under the Chairmanship of MNA Khawaja Ghulam Rasool Koreja. The committee also directed the ministry to coordinate with the government of Punjab for extending the lease agreement of the land of Central Cotton Research Institute Multan, said a handout from National Assembly Secretariat. The committee recommended that incentives should also be given to the cotton industry to develop the interest of farmers in cotton growing so that the huge revenue could be added to the national exchequer. The committee was of the view that the strength of scientists and staff should also be increased in order to make the research work more effective in cotton growing. The committee appreciated the efforts of the ministry for encouraging the growth of cotton by using modern techniques and methods however, recommended that awareness should be given to the cotton growers and farmers through electronic and print media which could be helpful to increase the cotton growth in the country. The committee recommended that Pakistan Central Cotton Committee (PCCC) should make efforts for increasing the area of cotton growing and also fixed the support price so that local farmer could be benefited. Earlier, the committee was briefly apprised about the research work of new cotton varieties for better cotton production and improving soil health by using modern techniques and methods.
Source: The Nation
After several fits and starts in the U.S., the Japanese clothing brand has once again tweaked its strategy as it vies to become a mainstay in the American shopping scene. To do so, the retailer is shuttering stores in suburban U.S. malls, in favor of larger locations in cities like Boston and Washington, D.C. "That's probably the best way to let the people understand what we are selling," Chief Marketing Officer Masahiko Nakasuji told CNBC. "We have a very big brand in Asia, but in the U.S. ... we need to let the people know about our product." The label's first attempt at cracking the U.S. market came more than a decade ago, when it opened stores at three New Jersey malls. It quickly retreated from those locations in favor of a high-profile flagship store in Manhattan's SoHo neighborhood. Then, after expanding to 20 locations over a 10-year period, the company picked up its expansion pace in 2014, nearly doubling its presence in one year. Still, its strategy fell short, leading to the closure of several mall-based stores in towns like Willow Grove, Pennsylvania, and Danbury, Connecticut. Though the company has since dialed back its expansion plans — including its decision to no longer explicitly target the 200 stores it had planned for three years ago — Nakasuji said the brand still has a much bigger opportunity in the U.S. Indeed, while it is still relatively unknown by American shoppers, Uniqlo is owned by the world's third largest specialty apparel retailer: Fast Retailing. "We have a very, very low presence [here]," Nakasuji said. Rooted in a basic aesthetic, Uniqlo's products strive to solve key problems people face when wearing apparel. That includes its Heattech product, which traps a person's body heat to keep them warm on a cold day. As such, many consider its designs to more technically savvy versions of the assortment found at Gap. Uniqlo showcased its upcoming fall line at a presentation in downtown Manhattan Wednesday. It was the first time the brand held such an event in New York City, highlighting its commitment to the area, the company said. The problem is that outside of that presentation, the company doesn't do a great job communicating the quality and functionality of its products to the American consumer, Jan Kniffen, CEO of the J Rogers Kniffen research and consulting firm and a CNBC contributor, said. Because the company's prices are akin to fast-fashion companies like H&M or Forever 21, consumers assume Uniqlo's products are low quality and disposable. Meanwhile, the brand has an "extremely limited" number of styles that makes its assortment look repetitive, Kniffen said. That issue will become more pronounced as it opens larger locations, he added. "It's hard to sell the American consumer on quality when they don't see it in the price point and when they see very similar product everywhere else," Kniffen said. Uniqlo's restart is made tougher because of its timing. Not only are online-only retailers like Amazon grabbing a larger chunk of Americans' spending, but the fast-fashion space is getting crowded, Kniffen said. Meanwhile, traditional brands like Gap are losing shoppers and closing stores. "It is not going to be easier this time. It is going to be harder," Kniffen said. "They missed their window." Yet Uniqlo is far from giving up. In addition to launching its first global advertising campaign in the U.S. last fall, the company recently opened a denim innovation center in Los Angeles. The near-term goal of that facility is to reduce the amount of time it takes an item to go from idea to production to one or two months. That compares with the current three to six months. Eventually, CEO Tadashi Yanai wants to trim that window to two weeks, Nakasuji said. In doing so, the company will better be able to respond to consumer demand. Uniqlo's parent company Fast Retailing does not explicitly break down the brand's U.S. performance. However, it said in its latest quarterly earnings report that revenue across all of Uniqlo's international divisions increased when excluding the impact of currency. Meanwhile, better gross margins stemmed operating losses in the U.S. "I think we are making a lot of progress," Nakasuji said about the brand's U.S. expansion. "Wherever we go, we get a lot of good response from the customer."
Source: CNBC
The global smart textiles industry is developing significantly fast, with most developments coming from technology and innovation driven startups and other small companies. Details on the global e-textiles market, the integration of thermochromic inks into smart textiles and the latest innovative textile startups are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe. E-Textiles Market Expects Strong Growth Continued The global e-textiles market may still be in its emerging stage, but huge growth is already expected as latest market reports suggest the value of the market will reach USD 5 billion by 2027. With the significant rising application of e-textiles in healthcare, sports & fitness, military and fashion, it is expected that large number of investments will lead to the development of mainstream commercial products, driving the global e-textiles market grow further over the next decade. Color Changing Clothing is Heating Up the Smart Textiles Market Textile startups and designers are developing color changing ink, integrating it into smart textiles for a variety of fashionable and functional results. Thermochromics is one of the most used inks for color changing clothing and is gaining increasing popularity across the industry. Many color changing innovations are being developed and making huge progress, including a dyeing method to allow colorful patterns to appear on solid-colored fabric in response to environmental temperature changes. These innovations include a collection of color changing fabrics designed to indicate how hard the wearer has trained and a new technology that uses color-changing threads that respond to electrical charges. Innovative Textile Startups Making Waves in the Industry Many textile startups are extremely innovative in terms of technology, technique, or style. Some fill a need that has been neglected by larger organizations, and others are working to make the textile industry more sustainable. EHO Textiles – a smart garments developer who designs wearables for people with movement disabilities, Wear Your Label – a Canadian clothing company with the goal of helping to remove the stigma around mental illness, and FABSCRAP – a New York startup formed with the goal of reducing textile waste in the city, are among some of the BizVibe’s favorite new textile startups. BizVibe is home to 150,000+ apparel and textile companies across 200+ countries, covering all sectors. The BizVibe platform allows you to discover the highest quality leads and make meaningful connections in real time. Claim your company profile for free and let the business come to you.
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Source: Yahoo Finance
Ever since the invention of sticking plaster, plaster casts and operating-theatre apparel, the textile industry has made an important contribution to the healthcare business. From the dialogue that has gone on between the two sectors, we can, in future, expect high-tech “replacement parts”, rehabilitation technology, and functional textiles with built-in, self-activating emergency alarms for the elderly. The increased interconnection between these fields will be demonstrated at Techtextil, the leading international trade fair for technical textiles and nonwovens, which will be held from 9-12 May in Frankfurt. Expectations are high for new fibre-based products that can be used in medical treatments and therapeutic care, on the one hand, and for revenue potential, on the other, organisers report. Trade and professional visitors involved in the medical and health-care business can look forward to a range of new fibre-based research findings, together with the solutions that derive from them, in theMedtech section at Techtextil. Areas of application include hospitals, rehabilitation and care institutions and / or the care of the elderly in their homes.
Potential for high-tech fibres in 2020
In terms of the medical and healthcare business, fibres are becoming an increasingly important focus for German textile research. Current development projects are showing that models to be found in the world of plants and animals are not only being replicated in the laboratory, but, in joint work with other research disciplines, clinics and industry, they are laying the groundwork for new operative possibilities. “First and foremost, the human body will tolerate fibres and they will have adaptable properties in terms of rigidity and resorbability. Some of them will be new types of product, covering implants and therapeutic aids that can be individually adjusted to suit the individual patient,” said Dr Klaus Jansen from ‘Forschungskuratorium Textil’, the umbrella brand for German textile research.
Medical textiles
Things that have, for the most part, not yet progressed beyond the laboratory stage at textile research establishments in Dresden, Aachen and around Stuttgart, will, in just a few years, undoubtedly find their way into clinical practice, organisers report. Examples here might be textile dressings with built-in sensors, new kinds of bronchial stent and portable artificial lungs with core elements made from textiles. Fibre-based innovations are of huge importance for an ageing generation – above all, in situations where clothing with smart-textile components can measure vital parameters and environmental influences and channel the data in the right direction. Permanent healing signals from the wound Three research institutes – the Institute of Textile Machinery and High-Performance Materials Technology (ITM) and the Institute of Solid State Electronics (IFE) at the Technical University of Dresden, as well as the Textile Research Institute for Thuringia-Vogtland (TITV) in Greiz – have developed miniaturised, textile-based sensors for the continuous monitoring of chronic wounds and demonstrated their efficacy. It is hoped that they will make it possible to record complex physiologically and chemically relevant factors. As part of an initial research project, embroidery techniques were used to create modular networks of sensors applied to textile and non-textile substrates. The modular networks were then connected to create functional monitoring systems. Textile-based sensoric networks like this can be incorporated in dressings around wounds, so as to record real-time physiological parameters, providing objective data that might indicate any disruption to the healing process. Such continuous monitoring, say the researchers, also makes it possible to gain a better understanding of the relationship between the relevant parameters surrounding the wound.
Source: Innovation in Textiles
The development of cotton-growing will make an outstanding contribution to boosting light industry, said Azerbaijani President Ilham Aliyev. Last year they laid the foundation of a light industry park in Mingachevir. A total of nine plants, including a yarn plant, will be built there. The first plants is ready to open there this year. And this is a great economic initiative, said the President addressing the development of the cotton-growing industry. The technological park will generate at least 5,000 new jobs. The head of state during his meetings with foreign counterparts in order to ensure the country`s access to new markets raised the issue of boosting Azerbaijan`s trade and exports. They are working with traditional markets and hence need to access new markets, and the establishment of trade houses to serve the aim to boost trade and export for which they will set up trade missions in Russia, Belarus, Ukraine, China, the United Arab Emirates in the near future as these are the primary markets at the present.
Source: Fibre2fashion
