Bhubaneswar: The Odisha government has announced its interest to revive Odisha Textile Mills (OTM), the first textile mill of the State which was shut down some 17 years ago. The unit was established by former chief minister Biju Patnaik in Choudwar block of Cuttack district in 1950. After a high level meeting Industries Minister Debi Prasad Mishra said, “Decision on restarting OTM was pending in court since 2001 and the State government is hopeful to revive it.” “The Odisha government has proposed to set up an Integrated Park and Textile & Apparel industry there as well,” he stated. Sources said, OTM had its first production in 1950 as a Public Sector Unit. In 1981, the mill was declared sick owing to mismanagement of company funds. Later, it was taken up by the State government, but in 2001 the textile mill was shut down due to extreme financial losses.
Source: Odishatv Bureau
The Textile Association (India), Mumbai will host a day-long seminar on 'Opportunities in the Current Challenges in Weaving Sector'. The seminar intends to give an opportunity to the textile technologists to share their thoughts to meet the challenges in weaving and also discuss about the technological developments in the weaving industry. Over 200 delegates are expected to participate in the seminar that will be held on April 22 2017 in Vapi, Gujarat. Eminent industrialists, professionals and renowned experts from diverse fields of textiles will speak on subjects that will cover topics right from the weaving preparatory to value addition keeping in mind the quality concepts of international standards and 'Zero defect and Zero Effect' (ZED). The seminar will also cover the issues related to Govt. initiatives for helping the weaving sectors. Speakers will be focusing on various issues such as the history of weaving, preparatory process for efficient weaving, solutions for auto weaving, high-tech weaving and energy convention alternate source of energy among others. Panel discussion on 'Upgrade, Weaving Technology to meet export target' will also be held. The seminar is a forum where the noted industry experts will outline the forward path for the Indian textile industry. (RR)
Source: Fibre2Fashion
Incremental non-food credit during the year ended March 2017 stood at Rs 6.83 lakh crore, growing 9.52% from the end of March 2016, according to data released by the Reserve Bank of India (RBI). This is higher than the Rs 6.56 lakh crore worth of loans disbursed in FY16, even as the growth figure came in slightly lower than that year’s 10.19%. Loan growth on a year-on-year (y-o-y) basis has remained in single digits since September 2016, when the figure stood at 12.55%. The reason for subdued credit growth in recent quarters is the prevailing environment of muted private-sector investment. Credit to industry contracted on a y-o-y basis for the fifth straight month in February 2017, falling 5.2% to Rs 26.01 lakh crore. The figure, unchanged from that in the previous month, marks the worst industrial credit growth print in at least six years. Increased levels of disintermediation have also hurt demand for bank credit. Money raised by companies through commercial papers and corporate bonds has touched Rs 3.7 lakh crore between April 2016 and February 2017, higher than the net non-food credit disbursed by banks, which is approximately Rs 2.35 lakh crore. The difference between the two modes of lending has risen almost 160% to Rs 1.35 lakh crore from Rs 0.52 lakh crore in FY16. Retail credit had been holding up the headline figure for bank credit growth up to October 2016, but this segment, too, witnessed slower growth as a result of demonetisation. Loans to individuals had been clocking growth figures in the mid- to late teens since May 2015 before signs of a slowdown began to surface in November 2016. The category recorded its weakest growth in six years in February 2017, growing at just 12% y-o-y to Rs 15.4 lakh crore, as against a 19.2% growth in February 2016.
Source: Financial Express
Non-food credit grew at a six-month high rate of 9.57% year-on-year (y-o-y) in the fortnight ended March 31 with outstanding loans to companies and individuals at Rs 78.3 lakh crore, according to data released by the Reserve Bank of India (RBI). This is the fastest growth in non-food credit since the fortnight ended September 31, 2016, when it grew at 12.5% y-o-y. In the fortnight ended March 17, non-food credit had grown at 5.12%. Banks witness a surge in loan disbursals at the end of the financial year as companies mutual funds and non-bank finance companies borrow short-term money to meet their year-end requirements. Total bank credit rose 8.72% y-o-y to Rs 78.82 lakh crore, as against a 4.36% growth in the previous fortnight. Aggregate deposits with the banking system rose to a life-time high of Rs 108.05 lakh crore, up 15.84% y-o-y and higher than Rs 105.42 lakh crore clocked in the previous fortnight. State Bank of India managing director Rajnish Kumar said, “We typically see a surge in the last fortnight of the financial year as a lot of inflows from the government and others come into the system.” The credit-deposit (CD) ratio of the banking system, or the proportion of deposits deployed as loans, rose to 72.95% — the highest since demonetisation — from 71.77% in the fortnight ended March 17. Credit growth has been subdued in recent quarters in an environment of muted private-sector investment. Analysts believe that even if private investment picks up, banks are unlikely to gain from it. In a note dated March 29, Nomura wrote, “We expect 9-10% CAGR loan growth for the industry over FY17-19F. While we factor in an improvement from 6% growth, we expect a low credit-intensive recovery period for the system ahead.” The note stated that power, metals and textiles contributed more than 30% of the incremental credit growth between FY09 and FY14. With no fresh projects and the likelihood of deleveraging and write-offs in these sectors, banks’ loan books are set to remain flat in the medium term, delaying a meaningful revival in industrial credit demand.
Source: Financial Express
Mumbai: A cyber attack on Union Bank of India last July began after an employee opened an email attachment releasing malware that allowed hackers to steal the state-run bank’s data, the Wall Street Journal reported on Monday. The attempt closely resembled the cyber theft last year of more than $81 million from the Bangladesh central bank’s account at the New York Federal Reserve, the paper reported. The opening of the email attachment, which looked like it had come from the Reserve Bank of India (RBI), initiated the malware that hackers used to steal Union Bank’s access codes for the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a system that lenders use for international transactions. The codes were used to send transfer instructions for about $170 million to a Union Bank account at Citigroup Inc. in New York. Union Bank had traced the money trail and blocked the movement of funds. SWIFT late last year said that some banks using its system had been attacked after the Bangladesh heist, the Journal said, but did not specifically name Union Bank of India. Union Bank Chairman Arun Tiwari told the newspaper that SWIFT officials had been working with the bank since the day of the cyber attack.
Source: Financial Express
Within days of being appointed, the new Chairperson of the Central Board of Excise and Customs (CBEC) Vanaja Sarna has asked officers to work with businesses for timely and smooth roll out of the Goods and Services Tax (GST) from July 1. In a missive, the second in as many weeks, she has said field formations must work on outreach programmes to create a wareness of GST and ensure faster migration of assesees to GSTN. “At this stage, it is of paramount importance that we have an effective outreach to all stakeholders to inform them of the salient features and benefits of GST,” she said in the letter. Apart from initiatives such as TV and radio advertisements, the CBEC has also set up 10 GST Working Groups to work with different sectors of the industry for the transition to the new regime. Sarna, however, stressed that field formations must work at the local level to create more awareness about GST. She also called for expediting the migration of existing taxpayers to the GST Network. “One area of concern at this stage is the migration of the existing central excise and service tax assessees to the GSTN,” she said. The slow progress of migration of businesses to GSTN has been a cause of concern. According to latest data, just 14.26 per cent of taxpayers who are registered under Central Excise Act but not registered under State VAT have been enrolled for GST. Similarly, just 32 per cent of service tax assessees who are registered under State VAT have been enrolled for GST.
Deadline extended
The deadline for enrolment has now been extended to April 30 from the earlier target of March 31. Noting that the Rajya Sabha has cleared all four GST Bills while the processes of legislative approval of the State GST Bills will now begin, Sarna further said, “This puts us on track for the roll out of the new regime on July 1, 2017.” She also expressed hope that the fitment of goods and services in to the five tax slabs, which is currently under process, will be approved by the GST Council in the subsequent meetings. The CBEC Chairperson, who was appointed this month, had also written to officers on April 3, asking them to be prepared for the roll out of GST and ensure a smooth transition.
Source: Business Line
Apex exporters’ body FIEO will spread awareness among traders in the North-East about various outward shipment schemes being run by the government and also organise workshops to address their issues. The seven states of the region hold huge potential for exports | Soundararaja Mills Limited the Federation of Indian Export Organisations (FIEO) said. “We will increase awareness among the exporters of that region about the government’s export promotion schemes. We will also conduct workshops to resolve their issues” new FIEO President Ganesh Gupta told PTI. FIEO has been made the main trade promotion agency of this region by the department of commerce he said. The North-Eastern states including Assam Manipur and Meghalaya have direct access to the South East Asian region and from there “we can promote our exports Soundararaja Mills Limited ” he added. Products which can be exported from the region include horticulture paper textiles handicraft items and agricultural goods. Talking about the overall exports of the country said shipments are recording healthy growth since September last year and going by this trend the exports figure may touch about USD 270 billion. During the April-February 2016-17 exports have grow by 2.52 per cent to USD 245.4 billion. Gupta said that demand in certain developed economies such as the US is gradually picking up and it would help in further boosting the country’s shipments. When asked about the impact of Goods and Services Tax (GST) on exports he said the members are ready for implementation of the new indirect tax regime.
Source: Tecoya Trend
The Bavarian viscose speciality fibres manufacturer Kelheim Fibres will present its wide range of functional fibre products for technical applications, such as functional apparel and sportswear, at the upcoming Techtextil trade show, which will take place in Frankfurt, next month. At Techtextil, the company will present a constantly growing variety of well-established Kelheim brands including Danufil, as well as other innovative new fibre developments. The company will exhibit Olea, the viscose fibre with inherent hydrophobic properties, as well as the fibre speciality Bramante, which is said to deliver significantly increased levels of absorbency relative to standard viscose fibres. According to the manufacturer, it can store liquids in the segmented hollow structure inside the fibre and keep it there even under pressure. Thus, Bramante is the ideal raw material for re-usable incontinence products and other hygienic applications, the company reports. Danufil BF, a flame retardant viscose speciality, serves a different purpose: used as a protective barrier nonwoven in mattresses or furniture, it can help prevent a fire from spreading.
New functionalities
According to the manufacturer, by precisely controlling fibre dimensions and cross sections or by incorporating additional functionalities in the fibre matrix, Kelheim can create a fibre with additional new functionalities, whilst preserving the typical properties of a viscose fibre, such as softness, skin-friendliness and wearer comfort. “Kelheim products are also clear winners in terms of sustainability, as they are produced completely from cellulose that is sustainably farmed and certified by both the FSC and PEFC organisations,” the company explains. “And after use, the consumer does not need to worry about the safety of disposal of the products – the fibres are biodegradable and certified as compostable.”
Kelheim Fibres
Kelheim Fibres is one of the leading producers of viscose speciality fibres. The company is focused on developing innovative products, flexible technologies and strong customer orientation, as well as active environmental protection. From the company’s production plant and headquarters, located in Kelheim in Southern Germany, its viscose fibre products are used in widely diverse applications ranging from fashion, hygiene and medical products, to the nonwovens industry. Approximately 90,000 tonnes of viscose fibres are produced and tested every year at Kelheim in South Germany.
Source: Innovation in Textiles.
Bangladesh jute goods exporters see no hope of withdrawal of anti-dumping duty imposed by India on import of jute goods from Bangladesh as the deadline for legal battle ended on April 5 with no local exporters, except one, filing appeal. On the other hand, the visit of prime minister Sheikh Hasina has not brought any hope for jute exporters as India did not make any specific decision on the issue, said sector leaders.The government will also have to wait for at least one year for seeking review of the decision in line with the anti-dumping duty law. Until then, there is no legal way to fight with India against the duty and the only option to go to the World Trade Organisation against the decision of India. Generally, the duty ranging from $19 to $351.72 a tonne on jute goods from Bangladesh will remain effective for five years unless the issue is solved earlier. Leaders of Bangladesh Jute Spinners Association and Bangladesh Jute Mills Association on Tuesday told New Age that there was no legal way for Bangladeshi exporters to fight against the duty imposed on the products on January 5 as they missed the deadline to file appeal. BJSA and BJMA have no information whether any exporter filed appeal or not as no exporter apprised the associations, they said. They, however, heard that only Anwar Jute Spinning Mills filed appeal with the Indian authority against imposition of the duty, they said. Indian finance ministry on January 5 imposed the duty following an investigation of India’s Directorate General of Anti-Dumping and Allied Duties (DGAD) for an alleged dumping of the products in the Indian market by Bangladeshi exporters. The decision hit hard Bangladesh’s jute products like yarn, twine, sacks, bags and fabrics export to its neighbouring country as overall export slumped 52 per cent to 6,872 tonnes in January and 37 per cent to 6,155 tonnes in February compared with the same months in last year. ‘We have no information whether any exporter lodged appeal against the duty,’ said BJSA secretary general Shahidul Karim. BJSA represents 90 per cent of total exporters in the country. BJMA secretary Abdul Barik Khan also said that they had no information on the issue. Officials of the Bangladesh Tariff Commission also said that no exporter informed anything to the commission or sought assistance on the issue. Former vice-president of BJSA Abul Hossain said that exporters thought that the issue would be solved politically during the visit of prime minister Sheikh Hasina to India. So, exporters did not file appeal though some exporters initially considered filing appeal, he said. ‘Exporters made a mistake by not filing appeal as the issue was not solved during the PM’s visit though it is uncertain of getting any positive outcome from appeal,’ he said. According to the joint statement on the visit, India assured that it would look into the matter while Sheikh Hasina drew attention of Narendra Modi on the issue. Hossain Khaled, managing director of Anwar Jute Spinning Mills Ltd, told New Age that they filed appeal as the process of imposition of the duty was unjust as the duty was imposed on false information. ‘But now I have abandoned the hope. I don’t see any reason to keep high hope on the process when no progress was made during the PM’s visit,’ he said. Experts and exporters said that only new shippers could seek exemption from the duty arguing that they would not export during the period of investigation.
Source: New Age BD.
In a chat with ET Now, Gaurav Mahajan, President-Group Apparel, Raymond said, the company plans to reposition its brands' presence into a full wardrobe opportunity where the formal wear brand like Raymond will also expand into informal clothes section. He also said the company plans to add 30 to 40 exclusive brand outlet in the coming year.
Edited excerpts:
Raymond group is very ambitious and aggressive as far as the branded apparel business is concerned. Over the last two years we have outperformed the market in terms of growth and we see this trend continuing very strongly. We are investing heavily on the branded apparel business and are looking at a four-brand portfolio to draw it well beyond the market average. Your branded apparel segment registered growth in Q3. What is your outlook, are there any plans to strengthen it further? All five branded businesses including Raymond, Park Avenue, ColorPlus and Parx are slate for growth. We are looking at repositioning of these four brands by separating the brands and redefining their core positioning to expand into a larger segment of the market. We have a very iconic portfolio of brands where each of our brands enjoys a very strong recognition and recall among the consumers. We want to expand each of these brands into a full wardrobe opportunity, which means for example Raymond, Park Avenue that are deeply rooted in formal occasion wear segment will expand into casual wear as well. We will look at a full wardrobe opportunity through expansion into fashion accessories, footwear and any other relevant categories possible. All elements of the branded apparel business deserve growth, they will get relevant investments and we will actually look at this entire portfolio for expansion. Your brand-wise sales registered growth in last quarter, while ColorPlus saw a de-growth.What are the brands you are planning to focus? As far as the apparel business is concerned we have three or four very strong levers that we will use for expansion. Firstly, as I said we are redefining the positioning of the brand to ensure that there is a large canvas for each of the brands. The second thing that we will push very aggressively is retail expansion. We have a strong retail footprint but we believe there is a tremendous opportunity to expand and each of our four brands having a distinctive positioning will expand. We will look at all channels for expansion including exclusive brand outlets, multi-brand outlets and even the Lifestyle store channel. We are also exploring online channels as well. Tell us about your plan to double the fabric business and quadruple apparel businesses over the next five years, and your proposed capex? Yes, there was an impact of demonetisation but we are already seeing a recovery. The pre-demonetisation growth trends were very strong in double digits. Demonetisation Despite positive signs, your branded apparel segment posted a single-digit growth. By when do you see a full bounce back from demonetisation woes? slows us down in the third quarter, we are seeing a bounce back in Q4 and we actually beginning to see the very early signs in Q1 of this financial year are very positive. We are very confident to deliver double digit growth in branded apparel business. We are confident that we will be well ahead of the market as far as growth is concerned. One very critical element of redefining the positioning of each brand is to create a commensurate retail identity. We strongly believe and as I said are committed to build a very strong digital presence, but we also believe that we can do a lot in physical retail space. We have already created a award-winning path by breaking new retail identity for Raymond. We will do similar stuff for all of our brands. We will invest in creating a distinctive and very engaging retail identity for each of our brands.
What are your plans for retail expansion?
As far as retail expansion is concerned we are increasing our footprint, our footprints are increasing in the last two years. We have expanded at the fastest-ever rate. Our retail expansion is one of the highest in the market, we are planning to expand our exclusive brand outlet between 30 to 40 in the coming year which is more than what we did last year. As I said earlier, we are committed to build capability and presence on digital channels. Digital is not just about doing business, digital is also about reaching out to a consumer. It is also about digital marketing as much as it is about doing business online. So we have revamped Raymond Next and are launching an online tailoring service. We have also enhanced our presence on the online platforms. More importantly, we are investing in backend capability to create more digital presence. You have recently revamped Raymond Next and are launching online tailoring service tell us more about it? It is not so much about how much business you do online. I think for most organisations which come from a brick-and-mortar legacy, the opportunity lies in creating very strong online presence. To be present in the digital space and online is not just about e-commerce portals, online is also about social media, reaching out to consumers through the digital medium rather than the physical medium. So we have invested and created what we call a digital customer centre. We have a dedicated team which specifically focus on building digital capabilities not just in an incremental manner but in a breakthrough manner. As far as international brands are concerned, we are Many of your competitors have tied up with global brands, are you also considering such proposal? open to suitable alliances. Presently, our preference is to invest in our core brands and build them. We believe that is the priority at this stage, but we are open to possibilities. As far as expansion into international market is concerned, we already have a presence in the international markets by virtue of being a manufacturer as well exporter. So we have a knowledge and presence of international markets. We are looking at retail expansion; we have offices in the Middle East, London and are looking at the US market as well. From a retail perspective, Middle East is the immediate opportunity, we already have some limited presence there and are looking to expand that. We are looking at strong same store sales growth, we are looking at sustaining the momentum of pre-demonetisation. I think we are recovering post demonetisation and think our same store sales growth in Q4 should be what they were before demonetisation.
What is it that we can expect from you in terms of the same store sales growth for Q4?
We remain positive as far as growth opportunities are concerned. We believe, given the fact that we have a very strong portfolio which is strongly-rooted in the minds of the Indian consumer plus the fact that we are making several breakthrough changes and progression initiatives inside the organisation, we are confident to register growth well ahead of the market levels. At an overall level we expect the market to be strong. We experienced some turbulence during the demonetisation, but we already see a bounce back in the market and we expect it to be strong in the coming financial year. We are already seeing some very good early signs in this financial year.
What is your outlook on demand growth. What is your sustainable level of margins for the apparel business for the financial year? Demand is very aggressive, but I think there is a very good growth opportunity for brands and businesses which have their fundamentals in place. There is a tremendous growth opportunity for anybody who is focusing on the consumer, looking at creating the right kind of retail/digital experience and focusing on supply chain strategies. So the bottom line is that if your fundamentals in place, if your implementation is in line with your intended strategy, there is ample growth opportunity in the market. While exports are doing well, what about your domestic demand?
Source: ET No
Filatex India rose 2.64% to Rs 147.90 at 11:24 IST on BSE, with the stock extending recent strong gains. Meanwhile, the S&P BSE Sensex was up 184.33 points, or 0.62% at 29,760.07. The S&P BSE Small-cap index was up 120.42 points, or 0.81% at 14,896.45. On the BSE, 46,000 shares were traded on the counter so far as against the average daily volumes of 1.36 lakh shares in the past one quarter. The stock had hit a high of Rs 148.80 and a low of Rs 144 so far during the day. The stock had hit a record high of Rs 149.30 on 10 April 2017 and a 52-week low of Rs 38 on 8 April 2016. The stock had outperformed the market over the past one month till 10 April 2017, advancing 24.92% compared with the Sensex's 2.17% rise. The scrip had also outperformed the market over the past one quarter advancing 101.54% as against the Sensex's 9.95% rise. The small-cap company has equity capital of Rs 43.50 crore. Face value per share is Rs 10. Shares of Filatex India sizzled 29.22% in eight trading sessions to its current ruling price of Rs 147.90, from a close of Rs 114.45 on 29 March 2017. Filatex India's net profit rose 25.4% to Rs 7.20 crore on 22.7% increase in net sales to Rs 366.59 crore in Q3 December 2016 over Q3 December 2015. Filatex India is engaged in manufacture and trading of synthetic yarn and textiles. It manufactures polyester and polypropylene multifilament yarn, and polyester chips.
Source: Business Standard
Coimbatore: With same stores sales surging more than 30% year-on-year, Easybuy, the apparel value retail format from the Landmark Group, is aiming to hit the 100 stores mark and Rs 600 crore in revenues by 2020. Easybuy, which is opening a store every 15 days, would have 50 stores by the end of the year, a top official said. Fashion is becoming more commoditised. Value buying is the fastest growing retail format now," said Anand Aiyer, business head, Easybuy. "Fashion and retail brands are concentrated in the metros. Tier-2 and tier-3 markets, which are being dominated by regional brands now, have huge potential," he said on the sidelines of the launch of the first Easybuy store here on Tuesday. "We are looking at fast expansion. Our aim is to have a presence in all the district headquarters in the country," Anand stated. Easybuy, which opened its first store in September 2014, has expanded to 20 stores now. After opening stores in Telangana, Andhra Pradesh, Tamil Nadu, it is all set to spread its footprint to Kerala. All Easybuy stores are 'franchisee owned and run' stores with typical stores spread over 5,000-7,000 sq. ft. of space offering menswear, ladies wear, kids wear, footwear and accessories. The stores, with a turnover of Rs 131 crore, achieved break-even in the first year of operations itself, Anand claimed. Easybuy offers its products in the price range of Rs 69-699 that are also available in select 'Spar Hypermarkets' across the country. The Indian apparel market is estimated to be around Rs 2.5 lakh crore. Out of this, the organised market is pegged at Rs 80,000 crore. Brands are present mostly in the premium segment which has a market size of about Rs 25,000 crore, he said. But they do not have any significant share in the middle and economy segment that has a market size of around Rs 1.6 lakh crore, he stated. The middle and economy segment is being dominated by regional brands and multi-brand outlets, Anand said.
Source: The Times of India
Fabindia’s flagship store in Vasant Kunj has undergone major renovation. The highlights include an interior design studio, an organic wellness center, an alteration studio, a kids’ zone and a larger collection of garments for festive wear. The idea is to create an experience that is memorable, and delights the customer. The ground floor houses children’s clothing, beauty products, gifting items and a wellness centre that stocks health supplements and ingredients from Organic India. There are also free consultations with an Ayurvedic doctor. A special service is a virtual reality set-up that gauges a person’s health and mental states like depression. The garment section for men and women has been expanded to include occasion wear, comprising a more festive offering than the regular kurtas. Fabrics are richer, like silk, linen and embroideries on the achkans, and for women there are saris and dupattas in benarasi, brocade, jamdani, a lot of chanderi, and maheshwari with zari. The top floor has an interactive kids’ zone and a café that serves a menu free of refined sugar and maida. An in-house decorator helps customers revamp their home using a 3D augmentation technology. Visitors produce a photograph of their room, and on the basis of that Fabindia will help them design and visualise the area from scratch.
Source: Fashion United
Richa Kar, the Co-founder and CEO of Zivame, has set an exclusive example of how uniqueness in today’s ecommerce marketplace can lead to the path of success. Richa believes in becoming leader in specific category of ecommerce market. Taking this into consideration, she had introduced Zivame as the collection of women’s inner wear. The site specialises in offering lingerie, and fashion wear with unique range of collection. Women who are used to Zivame products know how they can experience fashion and comfort at the same time. Do you work out daily? Experience amazing comfort with Zelocity Activewear at Zivame and flaunt your body with style. No longer worry with the obsolete style of apparel at your Gym. Instead, give a try to our latest range of fashion wear with due importance laid to your comfort. Want to join a party with your friends? You are at the right place now. Experience a new trendy look this time with our collection of apparel and become the topic of discussion amongst your friends. We are sure your friends would ask you next time for suggestions before buying apparel for themselves. Yes you would be the style icon soon. What if we tell you that you get all these Zivame branded products at discounted price? Check for Zivame Discount Coupons at BachaoCash and you would love buying from Zivame with just few clicks. Explore more Zivame Coupons at BachaoCash to get latest offers with an extra cashback of around 14%.
Source: Udaipur Times
To further enhance ease of doing business, the Income-Tax Department has joined hands with the Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in one day, if not in just a few hours. Official data reveal that as many as 19,704 companies were allotted PAN in this manner till March 31, 2017. During March 2017, of the 10,894 newly incorporated companies, PAN was allotted within four hours in 95.63 per cent of the cases and within one day in all cases, said the Ministry. Similarly, TAN was allotted to all such companies within four hours in 94.7 per cent cases and within one day in 99.73 per cent cases. “Applicant companies submit a common application form SPICe (INC 32) on MCA portal and once the data of incorporation is sent to the Central Board of Direct Taxes by MCA, the PAN and TAN are issued immediately without any further intervention of the applicant,” said the Finance Ministry on Tuesday. The CBDT has also introduced the Electronic PAN Card (E-PAN) which is sent by email, in addition to issue of the physical PAN Card, to all applicants including individuals where PAN is allotted. The move is expected to significantly improve the ranking of India in the Ease of Doing Business Study of the World Bank by reducing the number of processes of registration for companies as well as making it simpler to set up businesses. In the 2017 rankings, India ranked 155 in setting a business, falling four places from the 2016 ranking, when it was at 151.
Source: Business Line
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 54.55 per barrel (bbl) on 11.04.2017. This was higher than the price of US$ 54.35 per bbl on previous publishing day of 10.04.2017. In rupee terms, the price of Indian Basket increased to Rs.3520.72 per bbl on 11.04.2017 as compared to Rs. 3502.64 per bbl on 10.04.2017. Rupee closed weaker at Rs. 64.54 per US$ on 11.04.2017 as compared to Rs. 64.44 per US$ on 10.04.2017. The table below gives details in this regard:
|
Particulars |
Unit |
Price on April 11, 2017 (Previous trading day i.e. 10.04.2017) |
Pricing Fortnight for 01.04.2017 (March 13, 2017 to March 29, 2017) |
|
Crude Oil (Indian Basket) |
($/bbl) |
54.55 (54.35) |
50.06 |
|
(Rs/bbl |
3520.72 (3502.64) |
3275.43 |
|
|
Exchange Rate |
(Rs/$) |
64.54 (64.44) |
65.43 |
Source: PIB
A UK India Free Trade Agreement could increase bilateral trade by 26 per cent a year, according to recent analysis published by the Commonwealth Secretariat. Driven by a growth of UK exports to India, which could rise by an estimated 33 per cent per annum, a free trade agreement (FTA) could give a fundamental boost to bilateral relations, Rashmi Banga, advisor and head of the trade competitiveness section of the Secretariat, argues in a report presented to the government last year, but published last month. “India has always had much less trade and investment with the UK than with the European Union…Nevertheless, trade and investments between India and the UK has been rising steadily since 2005,” says the report, which notes that India’s trade with the UK has risen from $5.3 billion in 2000 to $14.2 billion in 2015.
High tariffs
The failure of the EU and India to conclude an FTA has meant that tariffs facing India and the UK in each other’s markets were high. “Tariffs on UK exports into India are estimated to be around 14.8 per cent on average, while Indian exports into the UK face tariffs of around 8.4 per cent on average,” the report notes, pointing to the 113 per cent tariff on spirits and beverages of UK exports to India, and the 36.6 per cent tariff on Indian dairy exports to the UK. Indian exports to the UK were likely to rise by a smaller amount (12 per cent a year) because tariffs were higher on the Indian side. Among the sectors that could benefit the most from a trade agreement are Indian exports of clothing to the UK, as well as mechanical appliances such as turbo jets and transmission shafts. The report also highlighted the opportunity for increase in the exports of services to the UK, in sectors such as computers, transport, construction, and financial services, and identifies potential new exports to the UK such as non-industrial diamonds, clothing, and handbags. Indian imports of British goods such as natural and cultured pearls, unwrought silver, motor vehicles, and drinks could be the biggest gainers from an FTA, it estimates. The future of an India-UK FTA remains an open question: while senior figures within both governments have signalled their eagerness to push for one, India has also pushed for a shift on Britain’s stance relating to visas, particularly relating to students, and temporary personnel in the services sector, while Britain is eager to see India shift its position on issues such as the auto sector. “An India-UK FTA may have some sensitivities that are similar to the India-EU FTA but for an FTA to be concluded successfully high flexibility on both sides is needed,” the report concludes.
Source: Business Line
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1103.49 |
USD/Ton |
-2.24% |
4/11/2017 |
|
VSF |
2315.52 |
USD/Ton |
-6.98% |
4/11/2017 |
|
ASF |
2214.22 |
USD/Ton |
0% |
4/11/2017 |
|
Polyester POY |
1136.05 |
USD/Ton |
-1.07% |
4/11/2017 |
|
Nylon FDY |
2706.26 |
USD/Ton |
-18.70% |
4/11/2017 |
|
40D Spandex |
5354.64 |
USD/Ton |
1.37% |
4/11/2017 |
|
Polyester DTY |
1360.37 |
USD/Ton |
-3.09% |
4/11/2017 |
|
Nylon POY |
3010.18 |
USD/Ton |
-17.46% |
4/11/2017 |
|
Acrylic Top 3D |
5803.27 |
USD/Ton |
0% |
4/11/2017 |
|
Polyester FDY |
1374.84 |
USD/Ton |
-2.06% |
4/11/2017 |
|
Nylon DTY |
2547.07 |
USD/Ton |
-18.89% |
4/11/2017 |
|
Viscose Long Filament |
2387.88 |
USD/Ton |
0% |
4/11/2017 |
|
30S Spun Rayon Yarn |
2908.87 |
USD/Ton |
-4.29% |
4/11/2017 |
|
32S Polyester Yarn |
1707.70 |
USD/Ton |
-1.26% |
4/11/2017 |
|
45S T/C Yarn |
2677.32 |
USD/Ton |
-0.54% |
4/11/2017 |
|
40S Rayon Yarn |
1823.47 |
USD/Ton |
-4.55% |
4/11/2017 |
|
T/R Yarn 65/35 32S |
2243.16 |
USD/Ton |
-0.64% |
4/11/2017 |
|
45S Polyester Yarn |
3068.06 |
USD/Ton |
-4.07% |
4/11/2017 |
|
T/C Yarn 65/35 32S |
2344.46 |
USD/Ton |
1.25% |
4/11/2017 |
|
10S Denim Fabric |
1.35 |
USD/Meter |
0% |
4/11/2017 |
|
32S Twill Fabric |
0.85 |
USD/Meter |
0% |
4/11/2017 |
|
40S Combed Poplin |
1.17 |
USD/Meter |
0.12% |
4/11/2017 |
|
30S Rayon Fabric |
0.66 |
USD/Meter |
-1.09% |
4/11/2017 |
|
45S T/C Fabric |
0.66 |
USD/Meter |
0% |
4/11/2017 |
Source : Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14472 USD dtd. 11/04/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
GLOBAL trade has brought benefits from increased productivity to lower prices but governments have not adequately helped workers and communities hit hard by imports, the world’s top multilateral economic institutions said yesterday. In a report that serves as their answer to the Trump administration’s more protectionist trade stance, the International Monetary Fund, World Trade Organization and World Bank said an open trading system based on well-enforced rules was critical to world prosperity. The institutions, which have promoted free trade for decades, cited research showing that manufacturing regions that were more exposed to imports since about 2000 saw “significant and persistent losses in jobs and earnings, falling most heavily on low-skilled workers.” It described what US President Donald Trump has called the “forgotten Americans” that he wants to serve with his “America First” trade policies. “Workers displaced from manufacturing tend to be older, less educated and longer-tenured in the lost job than workers displaced from other sectors, and in turn tend to take longer to return to work,” the groups said in the report. The report recommended more active government policies beyond traditional unemployment income benefits to retrain and redeploy workers idled by imports, including programs to encourage more worker mobility. These could include relocation allowances to help workers move to regions with better employment prospects and credit policies aimed at helping companies facing import competition to reorient their business models or invest in new technologies. But the report argued in favor of maintaining an open trading system that is bound by enforceable rules, saying trade liberalization has boosted productivity and improved living standards. The reports cited research showing that a 1-percentage-point increase in trade openness raised productivity by 1.23 percent in the long run, and a Canadian study showed that a US free trade deal in the 1980s increased Canadian labor productivity in the most impacted export-oriented industries by 14 percent and the most import-competing industries by 15 percent. Economists generally view higher productivity as important to supporting wage growth and higher living standards in advanced economies. The study also cited research showing that open trade is estimated to have reduced by two-thirds the price of a basket of goods consumed by a typical advanced economy low-income household.
Source: Shanghai Daily
At a pre budget discussion with the National Board of Revenue (NBR), various trade bodies associated with the Bangladesh garment export industry put forth various demands. These included, reducing corporate tax to 10 per cent from existing 20 per cent and also exempting the apparel industry from tax at source for a minimum period of two years. Other demands made by various trade bodies were to allow import of pre-fabricated building material under bonded facility at zero duty to ensure workplace safety. They also demanded duty free import of sprinkler systems, equipment, fire-resistant doors, etc for safety compliance measures. There was also a request that the policy for the apparel industry should be fixed for a five year period, as changes in policy, every year created problems for the industry. Representatives from various associations like Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Textile Mills Association (BTMA), etc attended the meeting.
Source: Fibre2fashion
Factories under Alliance for Bangladesh Worker Safety have completed a total of 73 per cent remediation work, which is expected to be doubled in the next few months. This was revealed by Alliance Country Director in Bangladesh James F Moriarty at a press conference held in a city hotel on Tuesday. Speaking at the programme, Mr Moriarty said 71 Alliance factories had substantially completed required repairs, but 142 factories were suspended for failing to make adequate progress in remediation work. Mr Moriarty, also a former US Ambassador to Bangladesh, said, "To date, 73 per cent of all repairs across active Alliance factories have been completed, and this includes 64 per cent of all high-priority repairs." Terming workers' training a key component of Alliance's mission to build a safer garment industry, he said that the platform has provided training to nearly 1.3 million workers in protecting themselves during emergency. Alliance has retrained around 85 per cent of its workforce about fire safety while around 25,000 security guards have received training in workers' evacuation during emergency, he added. The Alliance country chief also said the Alliance Helpline (Amader Kotha), set up for the workers to hear about safety concerns, had received over 125,000 calls on the issues ranging from wage disputes to factory safety issues. In response to questions from reporters, he said that no worker has died in the Alliance factories since it has begun remediation work in factories. He also said there were 676 active factories under Alliance programme, of which 440 garment factories were inspected till date. Asked whether the suspended factories would be able to return to Alliance or not, he said, "We have a process to reinstitute the suspended factories into the platform if the owners carry out required safety remediation." Alliance, a platform of 28-North American retailers and brands for factory inspection and remediation in Bangladesh, will function in the country up to June 2018. Alliance Deputy Country Director and Chief Safety Officer Paul Rigby, Director (Operations) Quamrunnesa Babli and Director (Engineering) Kazi Wahidul Haque were also present at the press conference.
Source: The Financial Express Bangladesh
TASHKENT (TCA) — A new foreign trade organization, Uztuqimachilikexport, is being established in Uzbekistan for expansion of exports of Uzbek light-industry products and technological upgrade of domestic textile enterprises, the Jahon information agency reported. Manufacturers of cotton, mixed and silk fabrics, textile, knitwear products, hats, socks, textile haberdashery and accessories in Uzbekistan are exempt from the income tax and property tax, and small businesses and micro firms are exempted from single tax payment and mandatory contributions to the Republican Road Fund until January 1, 2020. Cancellation of compulsory sales of a part of foreign currency proceeds from exports to authorized banks as of January 1, 2017 is another important factor to scale up export capacity of local light industry enterprises. Exports of yarn, ready-made garments, knitted fabrics, tablecloths, fabrics, children's clothes and other light industry products have been growing dynamically. The number of Uzbek trading houses abroad has been expanding. More than 40 trading houses have been operating in Russia, Kazakhstan, Kyrgyzstan, China, and Turkey. In the future, the specialized foreign trade organization Uztuqimachilikexport is expected to contribute to the establishment of ten more trading houses in Kazakhstan, Tajikistan, Ukraine, Belarus, and some European states. “The key function of the new structure is to provide a system-based assistance to light industry enterprises in organizing exports of their products under direct contracts and through trading houses abroad. The organization is also entrusted with promoting the development of intra-industry cooperation through the supply of domestically produced technological equipment, spare parts and components, and raw materials. That all should help us to increase the production of finished products 2- to 3-fold,” said the Director of Advertising and Marketing Department of Uzbekyengilsanoat textile joint-stock company Davron Akbarov.
Source: The Times of Central Asia
Some concerned workers in the textiles industry have condemned the pace at which people smuggle textile prints into the country, mainly from China, and sell at cheaper prices. "There have been concerns about the pirating of local designs where the Ghana Federation of Labour has repeatedly described the situation as an infringement of intellectual property and illegal," the workers noted in a letter to the Greater Accra Regional Police Commander notifying him of an intended demonstration. In the letter, which was dated 31st March 2017 and signed by Ebenezer Asumadu and four other leaders, the Concerned Textile Workers claimed that the smuggling of fake textiles has increased over the last few weeks as the Easter Festivities approach. "We visited the markets and purchased some of the fake/imitated fabrics at ridiculously cheap prices which render our genuine local products unmarketable," the workers lamented. For them, government's efforts to expand the local textile industry will not materialize unless the problem with fake textiles is dealt with. "It will be unwise to put money in local textiles manufacturing sector without first eradicating the causes of non-competitiveness of the local products, specifically counterfeiting and smuggling, aside from the high cost of local products," the letter stressed. According to the workers, the anti-counterfeit taskforce set up by the government to deal with the proliferation of fake textiles on the market has failed the industry that was why they are threatening to demonstrate. "The government taskforce consisting of security personnel and other industry players has been inactive since the new administration took over in January this year. We want the work of the taskforce re-activated as soon as possible or we hit the street in protest," the textile workers revealed. The workers want the Ministry of Trade and Industry to act swiftly reconstituting the task force to check the illegal activities of some importers and traders to save their jobs. The Ministry of Trade and Industry established the Anti-Textile Piracy Taskforce in 2010 to clamp down on the activities of fake textile dealers. The mandate of the taskforce is to arrest and prosecute persons involved in the smuggling and trade of counterfeit textiles. "As at now, the operations of the taskforce have stalled for no apparent reason and our union (Textiles, Garment and Leather Employees Union) has not been able to explain the circumstances," the letter added. The threat of losing their jobs continue to haunt the textile workers so they have appealed to the trade ministry to allow the anti-textile piracy taskforce to resume operations without further delay in the interest of sustained functioning of the local textile industry. The workers emphasized that the activities of their employers such as the Ghana Textiles Manufacturing Company and Juapong Textiles will soon grind to a complete halt if nothing is done about the situation. "Our union tells us that attention of the Ministry has been drawn to this development but no action has been taken as the distressed manufacturing industry grind to a halt, resulting in the loss of 20,000 jobs," they said. Meanwhile, government has assured the workers it will not allow the textile industry to collapse as it considers it an important sector. Chief Director at the Ministry of Trade and Industry, Dawarnoba Baeka in a letter to the chairman of the Textiles, Garment and Leather Employees Union remarked that the ministry has always worked closely with the various textile unions and other stakeholders to find solutions to challenges in the sector. "The Ministry attaches great importance to the textiles and garments sector because of its potential for jobs and wealth creation. Indeed, the sector is one of the key sectors of the Anchor Investment Programme under the new Government Industrial Transformation Agenda," the chief director added. It would be recalled that late last year, textile manufacturing firm GTP laid off more than 130 workers over low revenues. The local textile manufacturing sector has struggled to stay afloat over the years as a result of the above challenges. It employed more than 25,000 workers in the 1970s but now provides jobs to less than 2000 people. The more than 130 million meters of fabric it produced has also been reduced to less than 30 million. This has resulted in the collapse of a number of textile manufacturing companies in Tema, Akosombo, and Juapong. Some of the sites which used to host such industries have been turned into warehouses and churches.
Source: allAfrica.com
London – COTTON USA is pleased to announce that it is collaborating with one of the world’s leading universities for textiles innovation and design to encourage future industry professionals to innovatively use U.S. cotton. In partnership with Loughborough University, COTTON USA has launched its first Innovation Competition especially designed to support and showcase the future talent of the interior, fashion and textiles industries. COTTON USA’s Innovation Competition will run in partnership with the esteemed university’s Textiles: Innovation and Design programme. Second year students specialising in textiles and fabrics will take part in the competition and will receive individual support to develop new and innovative ways of working with U.S. cotton. COTTON USA will promote participating students’ work to a global network of brands and retailers, giving the undergraduates a platform to demonstrate their technical knowledge, and elevate the profile of their creative designs. COTTON USA Innovation Competition (2) Working with high quality U.S. cotton fabrics, students will produce a portfolio of original design work, and will be encouraged to experiment with materials and processes in order to develop innovative fabrics. Participants will have the opportunity to present their collections to fellow students, academics and industry representatives later this summer. Stephanie Thiers-Ratcliffe, International Marketing Manager for COTTON USA, commented: “Loughborough University consistently tops university league tables for both course quality and student experience, with the Textiles Department in particular benefiting from exceptional facilities and specialist technical expertise. We are thrilled to be partnering with them to encourage and support future industry talent.” “More than ever, working with fabrics and fibres that are of the highest quality and responsibly produced is an essential part of the design process. Our partnership with Loughborough University is a very important part of COTTON USA’s ongoing commitment to support the wider industry, by educating future industry professionals about the versatility, consistency and uses of U.S. cotton.” Kerry Walton, Programme Director of Textiles: Innovation and Design at Loughborough University said: “We are delighted to be collaborating with COTTON USA on the Innovation Competition. At the university we strive to offer students a truly outstanding, relevant insight in to the world of contemporary textiles. Working with U.S. cotton will give students the opportunity to develop vital skills for the future and learn first-hand how integral quality materials are to innovative designs.” Loughborough is one of the country’s leading universities, with an international reputation for research that matters, excellence in teaching and strong links with industry. It has been awarded five stars in the independent QS Stars university rating scheme, putting it among the best universities in the world. COTTON USA is the global brand of U.S. cotton. Spun, woven and worn by people who care around the world, COTTON USA is the benchmark for purity, quality and responsibility. Supported by all seven segments of the U.S. cotton industry, COTTON USA touches lives by bringing out the best in nature. With offices in Washington, Memphis, London, Hong Kong, Seoul and Shanghai and dedicated representatives in numerous other countries, COTTON USA plays the lead role in educating and strengthening the market for U.S. cotton and U.S. cotton products around the world.
Source: Realwire
LONDON--(BUSINESS WIRE)-- Synthetic fibres are becoming more popular in the global textile and apparel industry due to their versatility, ease of use, high availability, and considerably lower cost than many natural textiles. However, environmental, financial, and infrastructural factors are preventing all synthetic fibres from seeing the same levels of success and demand around the world. Details about this complex market are some of this week’s top 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. The global spandex fibre market was valued at USD 5.8 billion in 2015, and is expected to reach around USD 10.5 billion by 2022. This ongoing growth is mostly due to the growing preference for and adoption of spandex-based stretch clothing. Though once almost entirely limited to lounge and athletic apparel, there is new demand and applications for spandex fibre in the healthcare, oil and gas, new energies, automotive, and aviation industries due its characteristics such as elasticity, durability, and abrasion resistance. The regions where spandex is popular are changing as well. North America and Europe collectively account for more than 25% of the worldwide demand for spandex fibre, but are expected to be overtaken by Asia Pacific. This region is expected to have the fastest growth rate and is projected to have a CAGR of 9.5% in value terms by 2022.
Polyester reigns supreme in Indonesia
High electricity costs and price-sensitive consumers are keeping the demand for polyester high in Indonesia’s textile industry, and allowing it to continuously outpace the demand for nylon yarn. Polyester is less expensive to produce and less expensive to purchase, making it a hit with consumers and manufacturers alike. Energy in Indonesia is fairly unreliable and highly expensive, and is one of the main reasons behind polyester’s stable demand. Electricity costs comprise more than 25% of total costs in the upstream textiles sector and 1% of total costs in the garment industry. While innovations in the production methods and machinery used to manufacture this yarn may lead to increased demand in the future, polyester remains cheaper and less energy-consuming to produce and, therefore, will remain popular.
Connecting with textile companies on BizVibe
In addition to synthetic fibres and textiles, BizVibe is home to over 150,000 textiles and apparel companies across all sectors. Connecting with any of these companies is simple thanks to the aggregating, categorizing and parsing of data from thousands of sources using machine learning tools and several sophisticated algorithms. This advanced match-making program provides the user with a full set of inbuilt tools designed to connect like-minded business with one another.
BizVibe allows you to discover the highest quality leads and make meaningful connections with your companies of interest in real time. Claim your company profile for free and let BizVibe connect you with potential business partners around the world.
About BizVibe
BizVibe is home to over 7 million+ company profiles across 700+ categories. The single-minded focus of BizVibe’s platform is to make networking easier. Over the years, we've searched far and wide to figure out how businesses connect and enable trade. That first interaction is usually fraught with the uncertainty of finding a potential partner vs. a potential nightmare. With this in mind, we've designed a robust set of tools to help companies generate leads, shortlist prospects, network with businesses from around the world and trade seamlessly.
Source: Yahoo Finance
