The Brihanmumbai Municipal Corporation’s long-standing plan of setting up a textile museum at Kalachowki as a tribute to the city’s once thriving mill culture, is in its final stages and may be opened to public by the end of this year. The design of the museum premises, which was being prepared by the JJ School of Architecture, has been finalised and a presentation on the plan was given to Municipal Commissioner Ajoy Mehta last week. Spread over 61,000 sq m, the plan proposes to utilise the open spaces within the mill site, an heritage precinct, and allow the public to get involved with the activities which will be conducted primarily by the students of J J College of Architecture. “The plan suggests that we can involve the students of painting and sculpture to take up projects in the open areas which can involve other people as well. Visitors can be encouraged to participate in the activity and try their hand at painting with the students,” said an official. In a bid to lend a helping hand to talented students, the plan also proposes setting up an array of shops which can be given to students showing good performance for a year. Students can showcase and sell their artwork at the shops and use the funds to start their own independent project. Similar to the set up of Dilli Haat, the popular shopping destination for ethnic products in Delhi, the plan also makes a provision for craftsmen from across the state and even the country to sell garments and other textile-based goods. The BMC is also planning to set up a light and sound show as well as the exhibits of history of weaving in the backdrop of the Independence movement. Civic officials said the premises will be opened to the people even as the restoration works of the mills are being done. “We want people to get a feel of the legacy of the textile mills and we want them to be a part of the revival process. There are lovely open spaces and beautiful pathways which will be spruced up for people to walk. We hope to complete the first set of areas and then open it up to the people in the next six months,” said the municipal commissioner. Staffers of the J J College of Architecture, headed by principal Rajiv Mishra, is in the process of mapping the priorities. Aiming to make the museum more accessible to people from all walks of life, Mishra said, “People will be able to experience a textile village. Unlike other museums, people will not only learn, but also participate in activities involving art.” He added the aspects of the plan will now be prioritised into phases before it is implemented by the first week of June. In order to get a better understanding of the site, Mehta will conduct a visit of the mill area next week.
Source: Indian Express
The Maharashtra Assembly has passed unanimously the State Goods and Services Tax (GST) Bill at a specially convened session of the state legislature. The three-day special session was convened to discuss and ratify the GST bill, to pave the way for its national roll-out on July 1. The Bill was passed on Monday, the last day of the special session. "All political parties had unanimity over the GST Bill. Today (Monday), this supreme House has unanimously passed this bill. I thank the House for this," chief minister Devendra Fadnavis said, according to an agency report. The Assembly passed two more bills, besides the State Goods and Services Tax Bill, during the session – that related to the compensation to local authorities and a bill on the existing laws to be repealed when the GST comes into effect, the report said. Maharashtra Finance Minister Sudhir Mungantiwar stated that the state government would ensure GST did not hamper financial autonomy of local self governance bodies, according to the report. "The government has accepted the responsibility of compensation to local bodies for five years for the loss of revenue due to abolition of octroi and local body tax due to GST," he said.
Source: Fibre2fashion
One of the main areas of litigation under the Central Excise Act is classification of goods under the detailed but over-exhaustive Central Excise Tariff. Among other things, tax tribunals and courts in India have debated at length whether parts of an air-conditioner are air-conditioners and whether a saree should be classified as a saree or a ready-made garment. The devil was always in the details in winning these classification battles. A question that was popping up now and then was whether it was necessary to go down to the minutest detail in classifying tariff items. Those many tariffsSome months ago, the GST Council came to an agreement on four rates of GST; namely, 5 per cent, 12 per cent, 18 per cent and 28 per cent. The transition to GST provided an excellent opportunity to lawmakers to substantially shorten the Central Excise Tariff and fit the shortened tariff into these four rates. An easy way to do so would have been to fix GST rates on the Chapter Headings instead of going into the detailed contents of each Chapter. Like in most other things in the GST law, the lawmakers have decided to use existing laws as the foundation on which to frame GST instead of thinking afresh. In fact, they have made it even more exhaustive by adding a classification list of more than 800 services classified into about 100 groups. The new tax rates have generally pleased most people since essential items such as sugar, edible oil, normal tea and coffee attract a GST rate of 5 per cent while items such as cereals and jaggery have been exempted. Hair oil, toothpaste and soaps will be taxed at 18 percent, much lower than the present 28 per cent. The council was unable to come to an agreement on the rates of taxes for two highly sensitive sectors: gold and textiles. While there was a general expectation that the tax rate on services would be 18 per cent, the council has allocated services among the four main rates of taxes. The other aspects of the service tax law such as exemptions and reverse charge have been carried over to the GST regime.
List of concerns
Wood features in all categories of taxes. Firewood, fuelwood and wood charcoal come in at 0 per cent; wood in chips or particles, sawdust and wood waste and scrap, whether or not agglomerated in logs, briquettes, pellets or similar forms are taxed at 5 per cent; hoopwood, split poles, piles, pickets and stakes of wood (pointed but not sawn lengthwise), wooden sticks roughly trimmed but not turned, bent or otherwise worked, are at 12 per cent. Wood in the rough, wood sawn or chipped fall in the 18 per cent bracket and particle board, Oriented Strand Board and similar board (for example, wafer board) of wood or other ligneous materials fall in the 28-per cent bracket. The question is how many tax officers can identify with wooden sticks that are roughly trimmed but not turned or stakes of wood that are pointed but not sawn lengthwise? Hair-splitting on such intricacies can lead to some unique situations; the prasadam given in temples is not taxed but the vessel in which the prasadam is given is taxed at 18 per cent. This has also resulted in errors: Tender coconut water put up in unit container and bearing a registered brand name appears in both the Nil and 5-per cent categories. There was a school of thought that litigation under GST was a couple of years away. With the GST tariff in its present form, it is certain that litigation will commence from the very start itself.
Source: Hindu Businessline
Talks on the proposed Regional Comprehensive Economic Partnership (RCEP), which had earlier targeted a 2017 deadline, may drag on to the next year. This is because the member nations are yet to agree on tariff reduction for goods while discussions on services have hit a wall. While the members had supported finalising the broad contours of the agreement by the end of the year, a senior government official said most chapters on goods trade have not seen full discussions. With even lesser progress made on services and investment talks, it is informally understood the discussions would spill over into 2018, the official, who wanted to remain anonymous, said. RCEP is a proposed free trade agreement (FTA) between the 10 countries of the Association of Southeast Asian Nations (Asean) and six others with which this bloc has FTAs — Australia, China, India, Japan, South Korea, and New Zealand. Negotiations, which formally began at the end of 2012, have been pushed by the Asean nations, which want to achieve meaningful progress on RCEP before the end of the year since 2017 is the 50th anniversary of the bloc’s founding. The last ministerial meeting ended in Vietnam on Monday. The members are expected to make their second round of offers on tariff reduction before the next meeting, scheduled to be held in Hyderabad on July 18-28. India is willing to offer reduction on 80 per cent of all tariff lines with a six per cent deviation for nations, the official mentioned above said. Under this scenario, India may offer reduction in tariffs on 86-74 per cent of goods for nations, taking into account the gamut of trade with them. Other nations have supported keeping the deviation to one-two per cent. But, richer nations such as New Zealand and Australia want a reduction on up to 92 per cent of all goods items. On services trade, where India is primarily interested in securing greater market access and easing restrictions in the sector, it is especially looking at opening up issues under Mode 4, which deals with cross-border migration of services professionals. On this note, the Commerce and Industry Minister said in Vietnam that Indian companies had created more than 100,000 local jobs in the RCEP countries, apart from cost savings and enhanced competitiveness, even with limited expatriate presence. Discussions on services trade have affected by global protectionism in the sector. The issue of investor state dispute settlement remains the most contentious issue for India regarding talks on investment.
Source: Business Standard
India ignored calls for zero tariffs on 92 per cent of traded goods as part of the ambitious Regional Comprehensive Economic Partnership (RCEP) being negotiated between 16 countries, including China, and instead stuck to its offer of 80 per cent. New Delhi’s current position, too, would result in substantial opening up of the Indian market to Chinese goods, as even with a deviation of 6 per cent that India is demanding in special cases, tariffs have to be removed on 74 per cent of items. “India held its ground at the Trade Ministers meeting in Hanoi on Monday by refusing to give in to demands for tariff elimination of 92 per cent of goods. “It has stuck to its offer of 80 per cent elimination with a 6 per cent deviation and also a longer implementation period for certain countries like China,” a government official told BusinessLine. The RCEP countries, which include the 10-member Asean, India, China, South Korea, Japan, Australia and New Zealand, seek to create the largest free trading bloc in the world accounting for 45 per cent of the world population and over $21 trillion of gross domestic product. While India put up a valiant fight to protect its industry in the area of goods, in services, things remain tight. RCEP members are not just hesitating to give offers that would result in improved facilitation of movement of workers within the bloc, many are not eager to even give commitments on freezing the current levels of market access that they offer to all countries (MFN levels). This is worrying for India as countries like Australia are already tightening their visa norms at MFN levels and if commitments are not given soon, the gains in the area of services may not amount to much. “We have told RCEP members that committing to their current MFN levels in Mode 4 (movement of professionals) is the starting point for the negotiations and they need to do more,” the official said. While the RCEP countries are talking in terms of implementing the offers over a period of 15 years, India has asked for 20 years to deal with certain countries (such as China). This means that it could wait for eliminating tariffs on the most sensitive goods for up to 20 years, but for other goods the tariffs have to be phased out much earlier and some even immediately on implementation. India is in a better position to offer ambitious market openings to the Asean, Japan and South Korea, with which it already has free trade pacts, than China, New Zealand and Australia, with which it has none. Although the RCEP countries are hoping to conclude the negotiations by the year-end, there are indications that talks may roll over to next year as a lot of loose ends still remain in all the three major areas of negotiations.
Source: Business Line
GANDHINAGAR: Prime Minister Narendra Modi while speaking at the inaugural session of the Annual Meeting of the African Development Bank (AfDB) at Gandhinagar lauded the centuries old India ties with African continent and said that Africa is a top priority for India's foreign and economic policy. The Presidents of Benin and Senegal, the Vice President of Cote D'Ivoire, President of the African Development Bank, Secretary-General of the African Union, Commissioner of the African Union Commission and delegates of around 80 countries participated. Union Finance Minister Aruj Jaitely and the Gujarat Chief Minister vijay Rupani also participated. PM said, "Over decades, our ties have become stronger. After assuming office in 2014, I have made Africa a top priority for India's foreign and economic policy. The year 2015 was a watershed. The third India Africa Summit held that year was attended by all fifty-four African countries having diplomatic relations with India. A record forty-one African countries participated at the level of Heads of State or Government. Since 2015, I have visited six African Countries. Our President has visited three countries, Namibia, Ghana and Ivory Coast. The Vice-President visited seven countries, Morocco, Tunisia, Nigeria, Mali, Algeria, Rwanda and Uganda. I am proud to say that there is no country in Africa that has not been visited by an Indian Minister in the last three years. India's partnership with Africa is based on a model of cooperation which is responsive to the needs of African countries. It is demand-driven and free of conditions." He said that, "As one plank of this cooperation, India extends lines of credit through India's Exim Bank. 152 credits have been extended to 44 countries for a total amount of nearly 8 billion dollars. During the Third India-Africa Forum Summit, India offered 10 billion dollars for development projects over the next five years. We also offered grant assistance of 600 million dollars. India is proud of its educational and technical ties with Africa. Thirteen current or former Presidents, Prime Ministers and Vice Presidents in Africa have attended educational or training institutions in India. Under the popular India Technical and Economic Cooperation Programme, more than thirty three thousand scholarships have been offered to officials from African countries since 2007." He also lauded India-Africa partnership in the area of skills is the training of "solar mamas", telemedicine, education etc. The PM also said that they will soon successfully complete the Cotton Technical Assistance Programme for African Countries launched in 2012. PM also focused on further development of Indo-Africa business ties. "'Africa-India trade has multiplied in the last fifteen years. It has doubled in the last five years to reach nearly seventy-two billion US dollars in 2014-15. India's commodity trade with Africa in 2015-16 was higher than our commodity trade with the United States of America. India is also working with United States and Japan to support development in Africa." PM said that, "our partnership is not confined to Governments alone. India's private sector is at the forefront of driving this impetus. From 1996 to 2016, Africa accounted for nearly one-fifth of Indian overseas direct investments. India is the fifth largest country investing in the continent, with investments over the past twenty years amounting to fifty four billion dollars, creating jobs for Africans.'' India joined the African Development Fund in 1982 and the African Development Bank in 1983. India has contributed to all of the Bank's General Capital Increases. For the most recent African Development Fund replenishment, India pledged twenty nine million dollars. We have contributed to the Highly Indebted Poor Countries and Multilateral Debt Reduction Initiatives.
Source: TNN
New Delhi: India and the European Union (EU) should finalize their free trade agreement (FTA) talks in the face of an aggressive China pushing forth with a Sino-centric trading system with its “One Belt One Road” (OBOR) infrastructure initiative, Germany’s ambassador to India, Martin Ney said. With many countries in the world also questioning the system of free trade, India and the EU should “make it a point to speak up for free trade. And look for a free trade agreement,” Ney said at a press conference in New Delhi. Ney’s reference could have been to the US, which under the presidency of Donald Trump, has pulled out of the Trans-Pacific Partnership and has questioned the benefits of globalization and free trade, outlining an “America First” policy and incentives to companies investing more at home—aiming to create jobs in the US. Underlining the strategic dimension to the India-EU pact—long negotiated by the two sides but yet to near completion—Ney said, “If you want to shape globalization, you do it writing it into treaties as international law...This (the India-EU bilateral FTA) is an instrument by which you shape globalization.” “If you don’t do it (shape globalization), you leave it to other countries to do it,” he said. “We just had the OBOR summit in China. OBOR is a top down government approach for a Sino-centred trading system...the initiative of one country,” Ney said, noting that India had not participated in the OBOR conference on 14-15 May in Beijing. The EU had sent representatives to the conference but not signed onto the trade document unveiled by the Chinese at the end of the summit. “If we—the EU and India have hesitation (on OBOR), it should give us an extra incentive to sit down and resume negotiations on the free trade agreement,” Ney said. Talks on the Bilateral Trade Investment Agreement (BTIA)—the official title of the free trade pact—started in 2007 but have been marred by flip-flops and disagreements. The last round of talks was held in 2013 and the discussions have remained deadlocked on issues including tariffs on automobiles and wines and spirits, according to EU trade officials. Ney said India and the EU should not focus on issues like tariffs and import duties but instead on the larger issues involved. On India’s recent decision to unilaterally terminate all existing investment treaties with partner countries in place of a model Bilateral Investment Treaty, Ney said: “I would say that I would have preferred that India not terminated this agreement (with Germany).” The India-EU FTA, China and OBOR could be subjects on the table for discussions between Prime Minister Narendra Modi and German Chancellor Angela Merkel who will meet next week under the aegis of the intergovernmental consultations chaired by Merkel and Modi. According to Ney, India and Germany are set to ink a series of agreements to further deepen ties in key areas of trade, investment and energy, besides exploring ways to step up defence cooperation Modi’s two-day visit to Berlin beginning Monday. Ney said both India and the EU had hesitations on the China-centered plan which was unveiled by Chinese President Xi Jinping in 2013 and aims to put billions of dollars in infrastructure projects including railways, ports and power grids across Asia, Africa and Europe. India, which had been invited to the OBOR meet, has its reservations about the project, given that a strand of it i.e. the China-Pakistan-Economic Corridor (CPEC) cuts through Gilgit and Baltistan areas of Kashmir which India claims are illegally held by Pakistan. On defence cooperation, he said Germany is ready to conclude a government-to-government (G-to-G) agreement with India in defence procurement, adding it will be discussed by the two sides. “India is a strategic partner for Germany. Of course, we have our export control regimes and they will continue to govern our dealings in export. “India is a strategic partner and providing stability in Asia and there is no reason why G-to-G approach should not make further progress,” he said.
Source: Business Standard
Khadi, the hand-spun iconic fabric associated with India’s freedom movement, discovered and promoted Mahatma Gandhi, will soon be available in a new avatar – “Khadi by Peter England’. To give a fashion push to the fabric, Aditya Birla Fashion and Retail and Khadi and Village Industries Commission (KVIC), Ministry of Medium, Small and Micro Enterprises (MSME) on Tuesday announced a strategic collaboration to strengthen the synergies between the two Indian brands. As a part of the strategic partnership, Peter England, a well-known menswear brand from the portfolio of Aditya Birla Fashion, will develop an exclusive product line branded ‘Khadi by Peter England’, a company release said. Under this convergence, Peter England has agreed for a guaranteed minimum procurement of Khadi and Khadi products for five years with primary purchases of muslin cotton and silk. Peter England will also bring in the design interventions at Khadi manufacturing clusters along with providing technical expertise, the release added. ‘Khadi by Peter England’ will be available at Peter England stores across the country, KVIC outlets and leading ecommerce portals. KVIC Chairman VK Saxena, claimed the convergence will provide around two lakh manhours to Khadi artisans and will bring in the “much-needed professional input in Khadi readymades.” On the marketing initiatives, Anshu Sinha, CEO, KVIC, said: “KVIC has developed convergence with major market leaders, such as like Raymond and Aditya Birla Fashion and Retail. This will be a win-win proposition for both the organisations and will bring in sustainable employment to Khadi artisans.”
Source: Business Line
The agriculture ministry is not reconciled to the grip which Monsanto has on the Indian cottonseed industry owing to the immense preference for its patented, genetically-modified (GM) bollworm-resistance traits. The ASG believes that GM traits, if protected under the Indian Patents Act (IPA), can threaten the country’s food security. The agriculture ministry is not reconciled to the grip which Monsanto has on the Indian cottonseed industry owing to the immense preference for its patented, genetically-modified (GM) bollworm-resistance traits. On May 16, Additional Solicitor-General Tushar Mehta intervened in a dispute between Monsanto and its biggest (now divorced) sub-licensee, Hyderabad-based Nuziveedu Seeds. He made written submissions on behalf of the government, a week after hearings on the matter had ended. The ASG believes that GM traits, if protected under the Indian Patents Act (IPA), can threaten the country’s food security. He asserts that Monsanto and its licensees having “got used to making huge profit at the cost of farmers… appear to be building up a case law under the IPA so as to excessively profit even in the future through monopoly” defeating the “intent of the government to regulate cottonseed under the PPVFR enactment.” He wants widely-used traits like Monsanto’s to be “Standard Essential Patents (SEPs) where everyone has got a right of access but not for free and has to pay as decided by the regulator.” The ASG has submitted that “PPVFR Act is a complete code balancing the interests of all stakeholders like breeders, trait developers and farmers.” He is referring to the Protection of Plant Varieties and Farmers’ Rights (PPVFR) Act, which was enacted in 2001 to encourage farmers to conserve traditional varieties. These have inherent strengths. They are hardy, having been acclimatised to local conditions over many generations. Diversity is essential for food security. With these objectives, the law gave conservers of traditional varieties a share of the gain, should these be commercially exploited, through the National Gene Fund to be set up and managed by the PPFVR Authority. The ASG’s contention is that the Patents Act, as amended in 2002, has a list of exclusions. It does not allow plants and animals, including seeds, varieties and species to be patented. It excludes biological processes for production or propagation of plants and animals. The ASG says GM traits like insect resistance or herbicide tolerance, or methods of inserting them into plants, can be patented. But, once they are implanted, they become part of the plant and hence cannot be patented under IPA. Moreover, since the implanted genetic traits are passed on to subsequent generations through biological processes, a claim cannot be made under the Act.Nuziveedu Seeds made similar arguments against Monsanto before a single judge bench of the Delhi High Court. But in his order of March 28, Justice R K Gauba relied on another section of IPA to uphold Monsanto’s patent on insect-resistant traits, which Monsanto claimed had been infringed by Nuziveedu. That section defines “invention” as a “new product or process involving an inventive step and capable of industrial production.” The provision was inserted in 2002 so that patentees were not deprived of the reward for innovations based on skill and ingenuity and “above what occurs in nature.” The GM traits involve “laboratory processes and are not naturally occurring substances,” Justice Gauba averred. They are man-made and therefore do not fall within the ambit of exclusions in the patent act. The gene which produces the bollworm-killing toxic protein in Bt cotton plants is obtained from a soil bacterium. But the natural isolate cannot be straightaway inserted into the cotton genome. It has to be modified for the plant to accept it. It also has components attached so that the production of the toxic protein is switched on and off at particular points in the life cycle of the cotton plant. This gene construct, when inserted, can locate anywhere in the plant genome. There are hundreds or thousands of possibilities. The production of the toxin, its potency, the crop yield, its quality, and other properties of the plant can be affected by the location of the insertions. Each of these insertions is called an “event.” The event chosen after screening, for patenting, would be the one that gives the best set of desired results. Justice Gauba said the PPVFR Act is for plant varieties. A plant variety, he said, is the lowest rank grouping of plants, distinguished from others by one or more characteristics. Relying on the 1991 international convention on protection of plant varieties, he said, a single plant, a trait (like disease resistance or flower colour), a chemical or other substance (like oil or DNA), or a plant breeding technology (like tissue culture) do not meet the definition of a variety. The ASG compares seed companies to breeders. As such, he thinks, they can freely use proprietary transgenic technology (say insect-resistance) to develop new varieties, even transgenic ones, under the PPVFR Act. They do not need permission of the technology developer (like Monsanto) for such activity. The breeders (seed companies) need to cross the variety containing the proprietary trait just once with their own varieties. Such limited use is permitted by the law. It would not need the developer’s permission or no objection certificate. A NoC would be restrictive. It would go against the purpose of the PPVFR Act, which is to encourage farmers and breeders to develop new varieties. The seed companies can sell the new (transgenic) varieties for which they will have intellectual property protection under the PPVFR Act. The trait provider is entitled to be paid under the “benefit sharing” provisions of the Act. The PPVFR Authority will determine the amount. It will be paid from a National Gene Fund made up of contributions from sale of the varieties registered with it. Repeated use of proprietary transgenic technology for commercial purposes, however, will be an infringement for which the trait developer can seek remedies prescribed under the PPVFR Act. Justice Gauba was not impressed by similar arguments advanced by Nuziveedu Seeds. He termed benefit sharing as a “pot of gold at the end of the rainbow” because it depended on the breeders (seed companies) registering their varieties with the PPVFR Authority, which is not mandatory. Most seed companies, in fact, do not. Agribiotech companies say benefit sharing is for farmers and conservers of biodiversity. It is not for GM traits which are man-made and developed in laboratories. They say the law makes a distinction between the subject matter of an invention and use of an invention. If the subject matter is a plant or variety, it cannot be patented under IPA, but inventions whose use lies in plants and varieties can be patented. In May last year, the agriculture ministry tried to waive of patents for insect resistance in cotton plants through the Essential Commodities Act. The draft guidelines were withdrawn within five days of notification. It also brought GM cottonseeds under price control. It slashed the fees payable for bollworm-resistance traits (mainly to industry leader Mahyco Monsanto Biotech) by 70%, but farmers got only a 4% reduction in retail prices. The gain went to seed companies like Nuziveedu, Kaveri Seeds, Rasi Seeds and Mahyco. The ministry later appointed the founder and managing director of Nuziveedu Seeds as a member of the PPVFR Authority. His views on SEPs, the privileging of PPVFR Act over IPA for patenting of GM plant trait and the non-requirement of a NoC from the technology owner for use of their patented traits match those of the ASG and the agriculture ministry.
Source: Financial Express
A year ago, around this time, cotton ginners in Maharashtra had begun an effort in the state to improve productivity of cotton after they discovered that cotton from Gujarat commanded a higher price. This year some 100 farmers are being taken on board for mentoring by the association that has roped in experts and stakeholders including more seed companies and fertiliser firms to advise farmers. A year ago, around this time, cotton ginners in Maharashtra had begun an effort in the state to improve productivity of cotton after they discovered that cotton from Gujarat commanded a higher price. What began as an effort to mentor some 40 farmers in 10 talukas of Jalgaon district, resulted in 50-70% improvement in productivity. Where the yield was usually 8-10 quintals rose to more than 15 quintals. With sowing expecting to commence by May 30, the Khandesh Gin/Press Factory Owners Association has repeated the effort this year. This is an effort to increase awareness among farmers and we have succeeded to some extent, Pradeep Jain, president of the Association said. The logic is if the farmers produce better quality and quantity of cotton, the ginners also stand to gain. What made Jain more happy is the fact that for the first time, Maharashtra overtook Gujarat in terms of cotton production with a record yield of some 1 crore bales. Usually Maharashtra produces70-80 lakh bales. This year some 100 farmers are being taken on board for mentoring by the association that has roped in experts and stakeholders including more seed companies and fertiliser firms to advise farmers. Our role will be to advise farmers, B D Jain, senior scientist who is coordinating the mentoring effort told FE. While rainfed cotton seed varieties yield 8-10 quintals per hectare, irrigated cotton seed varieties yield around 35-40 quintals per hectare, he said, adding that the effort would be to focus on irrigated cotton seed varieties. This week, an initial effort has begun and next week onwards we shall chalk out a plan for the entire season on the mentoring effort, he said. Around 13 talukas of Jalgaon district have been selected where 10-20 farm visits will be conducted. A team of technical experts has been constituted by the association that would advise farmers from time to time about the seed quality, fertilisers, nutrients and pesticides. The cost per acre comes up to `40,000 which will be borne by the farmer but the advice would come from the association. Last year, the association visited the Ahmedabad Textile Industry’s Research Association (ATIRA) and Sircot in Mumbai. ATIRA is an autonomous non-profit association for textile research. It is the largest of its kind in India for textile and allied industries and has memberships of ginning, spinning, weaving, process houses and composite textile units. After the visit, the association began to rope in experts and progressive cotton farmers in the Jalgaon region of Maharashtra where there is a high concentration of ginning units. These farmers will act as mentors and educate other farmers, Jain said. Jalgaon has some 4.5 lakh hectare under cotton and around 1,50,000 farmers cultivate the crop. Jain says if productivity improves by even 10-20% the effort will be a success. Maharashtra processes about 80 lakh bales annually.
Source: Financial Express
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 52.64 per barrel (bbl) on 23.05.2017. This was lower than the price of US$ 52.98 per bbl on previous publishing day of 22.05.2017. In rupee terms, the price of Indian Basket decreased to Rs. 3410.00 per bbl on 23.05.2017 as compared to Rs. 3420.57 per bbl on 22.05.2017. Rupee closed weaker at Rs. 64.78 per US$ on 23.05.2017 as compared to Rs. 64.56 per US$ on 22.05.2017. The table below gives details in this regard:
|
Particulars |
Unit |
Price on May 23, 2017 Previous trading day i.e. 22.05.2017) |
Pricing Fortnight for 16.05.2017 (April 27, 2017 to May 11, 2017) |
|
Crude Oil (Indian Basket) |
($/bbl) |
52.64 (52.98) |
49.22 |
|
(Rs/bbl) |
3410.00 (3420.57) |
3162.88 |
|
|
Exchange Rate |
(Rs/$) |
64.78 (64.56) |
64.26 |
Source: PIB
Oil prices were up for a second straight week as speculation ahead of the Opec meeting helped prices recover. The primary trigger for the market was the announcement last week that Saudi and Russia will extend the output cuts until March 2018. This is likely to propel prices further up in the near term before we get official confirmation in the Opec meeting this week Before this bounce in oil prices, frustration about the slow pace of market re-balancing led to liquidation of long positions. The growing concern is that rising Non-Opec output, led by the US is increasingly offsetting the reduced Opec production. Official Opec data suggested that Opec cut oil output in April by more than pledged. Supply from the 11 Opec members with production targets fell to 29.76 million bpd, lower than the target of 29.80 mbpd. Including Nigeria and Libya, the two members exempt from cuts, output by all 13 Opec members in April fell to 31.73 million bpd, down 18,000 bpd from March. The bearish part in the Opec report however, was the fact that Non-Opec supply forecasts continue to be revised upwards. Opec kept its demand forecast also unchanged at 1.27 mbpd. The Opec now sees Non-Opec supply growth of 0.95 mbpd in 2017 vs. previous forecast of 0.58 mbpd. The revisions have been largely prompted due the fast rebounding shale oil production in the US. Oil rig count has been increasing since June 2016 and is now at its highest since April 2015 At 720 rigs, US oil rigs have nearly doubled from the same time last year. Weekly data from EIA shows that total US oil production is comfortably above 9.3 million bpd.EIA forecasts show that US shale oil production is expected to rise further in June. The EIA drilling productivity report showed that shale oil output will likely increase by 122,000 bpd in June to 5.40 mbpd. To put this in perspective, in the downturn of 2015-2016, shale oil output fell from a peak of 5.46 million bpd in March 2015 to a low of 4.75 million bpd in December 2016. Since January 2017, shale production has started to edge up and is now almost back near its peak. Other Non-Opec production is also receiving a boost at higher prices. Brazil's oil exports have jumped 65 per cent y/y in Jan-Feb to record highs of more than 1.46 million bpd Brazil's production is projected to rise further by 0.2 mbpd in 2017. Broadly, rising Non-Opec output will compel the Opec to extend its cuts and will still act as a big headwind to prices this year. Meanwhile, US inventories declined by 1.8 million barrels last week along with a drop in both gasoline and distillate inventories. US oil inventories have increased ~42 million barrels so far this year and have started to fall now in the summer months. There are signs that global inventories have also started to fall off from recent highs. Globally, oil in floating storage fell to 58.4 million barrels in March from 82.6 million barrels at the end of 2016. Latest data suggest that oil inventories . The focus this week will squarely be on the Opec announcement. In our view, there are three possible scenarios that could play out. Our base case and the most likely scenario is that the Opec will extend its deal until March 2018 under the same conditions. If that happens, we could see a more credible floor to prices and a rally could extend towards $55. A rally above that will be difficult as a nine-month extension is largely factored in. The second and relatively less likely scenario is that the Opec deepens its output cut from the current 1.2 mbpd. If other Non-Opec producers join and total production cut exceeds 2.0 mbpd, we could see $55 being breached and $60 will be the next major cap for prices. The $50 level could then become a firm base for WTI prices. The third and the least likely scenario is that the Opec fails to extend the deal. In that case, we believe oil prices could see a fresh round of selling and $40 could be seen.
Source: Economic Times
NEW DELHI: South American country Ecuador has expressed interest in negotiating a trade agreement with India to further boost commercial ties between the two nations. The northwestern South American country wants to negotiate a preferential trade agreement (PTA), under which two trading partners reduce or eliminate customs duties on only certain number of products traded between them. The matter was recently discussed during the meeting between Commerce Secretary Rita Teaotia and Ecuador's Vice Minister of Trade Humberto Jiménez. Teaotia led an official and a business delegation to Ecuador and Colombia from May 16 to 19. "Ecuador conveyed its interest in initiating the process of negotiations for a PTA in order to strengthen the bilateral relationship for mutual benefit," the commerce ministry said in a statement. The bilateral trade with Ecuador stood at $716 million in 2015-16. "As Colombia is exploring to diversify its export basket, they have shown interest for cooperation in sectors of agriculture and food processing," it added. India's bilateral trade with Colombia stood at USD 1.7 billion in 2015-16. The secretary's visit to these two South American countries assumes significance as it hold huge potential for exports and investments.India has recently widened a PTA with Chile. It has also concluded a joint study on the feasibility of such a pact with Peru. Besides, New Delhi is aggressively engaged in the expansion of its PTA with MERCOSUR, a six-country trade bloc including Brazil, Argentina, Paraguay and Uruguay.
Source: Economic Times
NEW DELHI: Aditya Birla Fashion and Retail today said it has tied up with the Khadi and Village Industries Commission (KVIC) and launched a product line 'Khadi by Peter England'. Peter England is a menswear brand from the fashion brands portfolio of Aditya Birla Fashion and Retail Ltd (ABFRL). As part of the collaboration, Peter England will develop an exclusive product line branded as 'Khadi by Peter England', the company said in a statement. Under the partnership, Peter England has agreed for a guaranteed minimum procurement of Khadi and Khadi products for a period of five years with primary purchases of muslin cotton and silk. Commenting on the development, ABFRL Business Head Ashish Dikshit said: "Through our partnership with KVIC, we aim to bring the rich Indian heritage of hand-woven fabric closer to our discerning consumers." The company said the new label will be available at around 700 Peter England stores and KVIC outlets besides leading ecommerce portals. It further said KVIC has permitted ABFRL to promote the sale and marketing of Khadi or products of village industries or handicrafts and forge links with established marketing agencies through the PPP mode. Peter England will procure all India Khadi varieties from departmental sales outlets of KVIC for OTC sales as well as crafting garments for its apparel brands. Additionally, Khadi logo will be displayed across Peter England stores through visual merchandising, where Khadi products are displayed, the company said. Currently, Khadi is being marketed by Khadi Gramodyog Bhavan's stores as well as through the sales outlets run by the institutions financed by KVIC and KVIB.
Source: Economic Times
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1096.41 |
USD/Ton |
1.34% |
5/23/2017 |
|
VSF |
2178.30 |
USD/Ton |
-0.99% |
5/23/2017 |
|
ASF |
2294.48 |
USD/Ton |
0% |
5/23/2017 |
|
Polyester POY |
1096.41 |
USD/Ton |
0% |
5/23/2017 |
|
Nylon FDY |
2439.70 |
USD/Ton |
0% |
5/23/2017 |
|
40D Spandex |
5300.53 |
USD/Ton |
-0.27% |
5/23/2017 |
|
Polyester DTY |
5779.76 |
USD/Ton |
0% |
5/23/2017 |
|
Nylon POY |
1336.02 |
USD/Ton |
0% |
5/23/2017 |
|
Acrylic Top 3D |
2294.48 |
USD/Ton |
0% |
5/23/2017 |
|
Polyester FDY |
2468.74 |
USD/Ton |
0% |
5/23/2017 |
|
Nylon DTY |
1321.50 |
USD/Ton |
0% |
5/23/2017 |
|
Viscose Long Filament |
2686.57 |
USD/Ton |
0% |
5/23/2017 |
|
30S Spun Rayon Yarn |
2817.27 |
USD/Ton |
0% |
5/23/2017 |
|
32S Polyester Yarn |
1684.55 |
USD/Ton |
0.87% |
5/23/2017 |
|
45S T/C Yarn |
2686.57 |
USD/Ton |
0% |
5/23/2017 |
|
40S Rayon Yarn |
2977.01 |
USD/Ton |
0% |
5/23/2017 |
|
T/R Yarn 65/35 32S |
2309.00 |
USD/Ton |
0% |
5/23/2017 |
|
45S Polyester Yarn |
1815.25 |
USD/Ton |
0% |
5/23/2017 |
|
T/C Yarn 65/35 32S |
2250.91 |
USD/Ton |
0% |
5/23/2017 |
|
10S Denim Fabric |
1.35 |
USD/Meter |
0% |
5/23/2017 |
|
32S Twill Fabric |
0.85 |
USD/Meter |
0% |
5/23/2017 |
|
40S Combed Poplin |
1.17 |
USD/Meter |
0% |
5/23/2017 |
|
30S Rayon Fabric |
0.65 |
USD/Meter |
0% |
5/23/2017 |
|
45S T/C Fabric |
0.67 |
USD/Meter |
0% |
5/23/2017 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14522 USD dtd. 23/05/2017). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Exports to the United States rebounded in the first quarter of the year, an increase of almost two percent on the same period last year, despite fears over protectionist trade policies to be ushered in by US President Donald Trump. Garment, textile and footwear products made up the bulk of exports. According to figures from the Office of the US Trade Representative, total exports from Cambodia were more than $719 million in the first quarter of the year compared with more than $706 million in the same period last year – an increase of 1.86 percent. However, the rise represents the lowest growth in exports for several years. Kaing Monika, deputy secretary-general for the Garment Manufacturers Association in Cambodia yesterday told Khmer Times the increase marked a significant turnaround after a big drop in exports at the end of last year. He said the US is still a big market for Cambodia despite rising competition. “The market has bounded back after quite a significant drop last year. However, it’s still lower than it was in 2015,” he said. “It’s also important to note that percentage share of exports to the US among total exports has reduced from about 75 percent in the past to just over 25 percent last year, due to increasing exports to other markets.” In early April, Mr Trump issued an executive order to crackdown on trade imbalances between the states and 16 other countries, including Thailand, Vietnam, Malaysia and Indonesia. Cambodia was not on the list. Mr Monika said the trade order had not affected Cambodia’s exports to the US. “There’s no change in export procedures due to the Trump administration, but there is a significant change in the way the markets operate. The industry is moving toward fast fashion and small quantity orders,” he said. Mr Monika said both buyers and investors are under huge pressure from shorter lead-times and demands for quick responses. The previous 12-18 week lead-times have been reduced to only seven to eight weeks. “The unavailability of raw materials, especially fabric, poses a big threat to Cambodia. “Both buyers and investors have expressed the need for Cambodia to introduce a vertical set-up with its own fabric mills if the industry is to survive. “The pressure of shorter lead-times also requires more efficient import-export procedures,” he explained. Last July, Cambodia was granted duty-free benefits for exports of travel goods such as luggage, backpacks, handbags and wallets to the US under the Generalised System of Preferences (GSP) for Least Developed Countries.US Ambassador to Cambodia William Heidt said at the time it would lead to the largest expansion for Cambodian products into the US market in 20 years. In September, the Ministry of Commerce, GMAC, the Council for the Development of Cambodia and the US embassy in Phnom Penh organised a two-day roadshow in Hong Kong to attract investors to set up travel goods factories in Cambodia. According to figures from the Office of the US Trade Representative, total exports from Cambodia to the United States were more than $2.8 billion last year compared with more than $3 billion in 2015 – a decline of about seven percent.
Source: KUNMAKARA
ISLAMABAD: Pakistan’s textile and clothing exports fell 0.92 per cent year-on-year to $10.29 billion in July-April mainly because of lower proceeds from raw material and low value-added products, such as cotton yarn and fabrics. Data released by the Pakistan Bureau of Statistics on Monday showed the decline in export proceeds was also evident in rupee terms. Exports of value-added products grew during the 10 months in terms of both value and quantity. Product-wise details show exports of readymade garments rose 5.34pc while those of knitwear dropped 0.17pc in July-April. Exports of bed-wear edged up 5.01pc while those of towels fell 4.38pc. In primary commodities, exports of cotton yarn witnessed a year-on-year decline of 3.68pc while those of cotton cloth and yarn (other than cotton) dropped 5.73pc and 29.48pc, respectively. Exports of made-up articles, excluding towels, increased 1.18pc and those of tents, canvas and tarpaulin grew 56.22pc. Proceeds from art, silk and synthetic textile exports declined 29.70pc while exports of raw cotton also recorded a year-on-year decline of 47.58pc. One reason for the decline in Pakistan’s textile exports is that the preferential access to the European Union under the GSP+ scheme hasn’t boosted proceeds due to a slump in demand. In April, the value of exported textile and clothing products fell 0.41pc year-on-year to $1.025bn. Overall export proceeds in July-April were down 2.29pc to $16.91bn. Last year, the government announced a textile policy that gave a 4pc rebate on the exports of readymade garments on a 10pc incremental increase over the preceding year, 2pc on home-textiles and 1pc on fabric. No support was announced on raw material or yarn exports. Jan 15 onwards, the government has not only increased the rebate to 7pc for readymade garments, but also allowed cash support of 4pc on yarn and grey cloth under a Rs180bn package announced by the prime minister. Food, oil imports: Pakistan’s food, oil and machinery import bill rose nearly 31pc year-on-year to $23.71bn in the first 10 months of the current fiscal year. The share of these products in Pakistan’s total import bill in July-April was 55pc, which is putting more pressure on the country’s balance of payments. The trade deficit is widening as the overall import bill has been on the rise since the start of 2016-17. Overall petroleum imports increased 31.3pc to $8.76bn. Of these, imports of petroleum products went up 32.42pc to $5.49bn in the 10-month period. An increase of 6.63pc was recorded in the import bill of petroleum crude. The import bill of liquefied natural gas surged 129.17pc while that of liquefied petroleum gas recorded growth of 35.59pc. The second biggest component in the import bill was food commodities whose imports rose 16.68pc year-on-year to $5.09bn in the first 10 months of 2016-17. This increase has been attributed to massive imports of palm oil worth $1.55bn followed by ‘other’ food items $1.70bn, pulses $834.45 million and tea $452.28m. Imports of dry fruits and milk products also grew during the period under review. The import bill of machinery surged 39.25pc to $9.85bn mainly because of power-generating machinery, followed by office, textile, construction and electrical machinery. However, negative growth was witnessed in the import bill of the telecom sector because of an increase in the import duty on mobile phones and other apparatus. Economic managers are trying to control the impact of an increase in capital goods’ imports under the China-Pakistan Economic Corridor. The State Bank of Pakistan (SBP) recently imposed 100pc cash margin on the import of a number of items. This means banks now require importers to furnish foreign currency for the full purchase amount in advance on about 400 imported consumer goods, including vehicles, mobile phones and home appliances.
Source: Dawn
Bangladesh is keen to boost bilateral trade with the UAE from the existing $1 billion to $5 billion in the next three to four years, its top diplomat says. Muhammad Imran, ambassador of Bangladesh to the UAE, said his country is one of the fastest growing nations in South Asia sustaining six per cent plus growth rate annually despite a slowdown in global economy. It offers good investment opportunities in one of the most populous countries of the region with 160 million inhabitants, he added. "We are exploring new avenues to expand existing bilateral trade relations between the two countries. There is huge scope to increase this trade volume in years to come due to new initiatives to be introduced soon," Imran told Khaleej Times on the sidelines of a seminar in Dubai. Elaborating one of the initiatives, he said Bangladesh is planning to host a single country exhibition in the UAE to promote its products in the region. "Major Bangladeshi firms will be participating in this single country exhibition, which is expected later this year," he said, adding that Bangladeshi companies have regularly been participating in expos such as Gitex, Gulfood and the Dubai Shopping Festival, among others. "Bangladeshi businessmen can't even get a visit visa to explore the tremendous possibilities of the UAE as a gateway to serve two billion consumers in the Middle East, Africa and Central Asia. Besides, the absence of a direct shipping line makes our products less price competitive. A direct shipping line could reduce the shipment time by half and reduce the price of goods," he said. "Bangladesh is an emerging economy and most of our products are exported to the United States and European Union - much far away than the UAE. Governments of both the countries could look into these issues that would unlock a great potential for economic growth," he added. Raana Hasnat Hijazi, partner at Digital Daya, said UAE-Bangladesh trade has a very high potential for growth as the level of bilateral trade is still quite low. "The United States and European Union are Bangladesh's largest export markets dominated by readymade garments because of the high demand there. It's time Bangladeshi exporters focus on the Middle East and start using the UAE as a gateway," she added.
Balance of trade
Bangladesh concluded a General Trade Agreement with the UAE in 1984 and since then bilateral trade has been sustaining an upward trend. At present, the two-way trade stands firm at the $1 billion mark but has potential to increase manifold in line with the government's policy to explore new trade options. The ambassador said balance of trade is hugely tilted in favour of the UAE, which imported goods worth $300 million annually and exported crude oil and other petroleum products worth $700 million per annum. The major exports of Bangladesh to the UAE are readymade garments, woven and knitwear, vegetables, frozen fish, jute yarn and twine, home textiles and textile fabrics, fruit juices, tea in packets, spices, stainless steel ware, melamine tableware, electronics, cables and jute products, among others. Some vegetable products, plastic articles, cotton and cotton yarn, fabrics, iron, steel and its products, electrical machinery and equipment are also re-exported from the UAE to Bangladesh. "With 3.5 million tonnes of fish production, Bangladesh is the fourth largest producer in the world. It is also fourth major rice producer after China, India and Indonesia," he said. Imran further said that Bangladesh has a promising growth outlook due to positive economic indicators. "We have a good growth prospects in the years to come," he said. The Bangladesh Bureau of Statistics, the country's official statistics agency, estimated that economic output will grow by 7.24 per cent in fiscal year 2016-17. It also estimates the country's per capita income will increase to $1,602 at the end of the current fiscal year ending on June 30, up 9.4 per cent from $1,465 a year ago. An estimated 700,000 to 800,000 Bangladeshi expats are working in the UAE, both in the skilled and unskilled sector. Media reports suggest that a five-year ban preventing Bangladeshi citizens from seeking work in the UAE could soon be lifted due to increased construction labour needs for Expo 2020 projects. More Bangladeshi workers in the UAE will help generate additional remittances, which currently stand at approximately $16 billion annually. Investment options Imran said both the countries have ample opportunities to further boost bilateral trade relations and investments. The UAE is one of the major foreign investors in Bangladesh with nearly $3 billion investment in the country. "Power sector is one of the potential sectors for investment in the country. The government is keen to boost present installed power generation capacity of 16,000 megawatts to 39,000 megawatts by 2030," he said. "We are investing $4 billion in these mega projects from our own resources," he said, adding that a plan is on the cards to develop 100 SEZs and eight high-tech parks in the country in the next 15 years. "Bangladesh is a role model for socio-economic prosperity by investing in key sectors like agriculture, industry, health, education, ICT and infrastructure," he said. Dr Rafique Ahammed, Bangladesh Commercial Counsellor to the UAE, said the UAE-Bangladesh trade relationship has a high potential for growth as Bangladesh's exports are growing and have crossed $33 billion in recent years, mostly dominated by readymade garments exports to the US and countries within the European Union, the biggest export markets. However, foodstuff dominates the country’s exports to the UAE and is growing. "Bilateral trade between the two countries could be accelerated if a direct shipping line between Dubai and Chittagong port is established - that will significantly reduce the transportation time and cost and make Bangladeshi products more competitive in price. Besides, an ease in visit visa restriction will help more Bangladeshi businessmen explore the UAE market - that could boost the local economy as well," he said.
Source: Khaleejtimes
Pakistan’s share in global textile market has decreased to 1.7 percent from 2.2 percent. On the other hand, Bangladesh saw an increase from 1.9 to 3.3 percent and India from 3.4 to 4.7 percent. Barriers to growth include cost of production. The rising cost of production in the country has stalled investment as well as export competitiveness. A vertical shift in monetary policy and KIBOR rates have contributed to an increase in the cost of doing business and reduced lending abilities of local manufacturers. In addition, the country is currently facing a large-scale energy crisis. The 5000 MW gap has created a lot of problems across the country. The government manages the deficit through daily power cuts. However, these power cuts have significantly impacted manufacturing industries in Pakistan. Several textile mills have closed their units because of inability to sustain operations. In addition, according to some media reports, the mills have turned away export orders because of the inability to fill these orders. Orders cannot be manufactured when power cuts per day can last up to 12 hours.
Source: The News, Pakistan
ARNHEM, the Netherlands -Teijin Aramid announced the official launch of its Value Partner Program (VPP) for its Personal Protective Equipment business. At the Techtextil 2017 exhibition in Frankfurt the company welcomed the first four European partners. Teijin Aramid’s Value Partner Program addresses the needs of partners today and into the future and aims to strengthen global cooperation to create mutual technical, commercial and marketing benefits that should result in better fulfilling the needs of global end users. With this global program, Teijin Aramid recognizes selected value partners in the fields of Personal Protective Equipment. Value Partners enjoy a wide range of benefits, including access to laboratory facilities and active downstream support by Teijin Aramid. The first European customers that are joining this program are Lebon Protection Industrielle S.a.r.l., TECHS® Advanced Fabrics by SANTANDERINA, Europrotect France S.A. and Vochoc, s.r.o. Aurelien Pochet, R&D Engineer, Lebon Protection Industrielle, said: “The Teijin Aramid Value Partner Program is very interesting for us. For more than 20 years we have been working together with Teijin Aramid to bring state of the art solutions in the field of protective gloves. Our relation is already based on mutual listening, which is the best basis. Via the Value Partner Program we are further intensifying our cooperation in order to even better fulfill the customer demands.” “For us, this is a beginning of something great,” said Michal Homolka, sales manager, Vochoc. “We are proud to further intensify the cooperation with Teijin Aramid and bringing our partnership to the next level.” By working together with our partners in the development and production of Personal Protective Equipment (PPE), we can create unique synergies and technical, commercial and marketing benefits for all parties involved, throughout the value chain. Christian Norhausen, business manager, Protective Apparel, Teijin Aramid, said: “Building partnerships has always been at the heart of Teijin Aramid’s business strategy. With this program we will be able to further work on determining and translating the actual needs of end users like firefighters, police officers, soldiers, manufacturing employees and those who need PPE and will give us the opportunity to create downstream value by offering the right solutions and services to the PPE markets. Even more than we already do today. Joining forces will give us the opportunity to boost the protective equipment market with even better solutions.” The VPP is a tailored partnership for Teijin Aramid customers in the field of Personal Protective Equipment. The program is open to apply for, but participation is done based upon mutual agreements. Partners receive an official certificate when they are welcomed to the program.
Source: Textileworld.com
Ellen Barry, the South Asia bureau chief for The New York Times, made a rare appearance in New York Tuesday to accept the Osborn Elliott Prize for her reporting in New Delhi. Barry spoke about her recent series of stories on Indian women and the role factory work has played in changing the patriarchal system there, during a lunchtime conversation at the Asia Society in New York with Bloomberg News editor in chief John Micklethwait. “The big story about India is an economic story,” she said. “I’m sorry, this is not India versus China, but I just want to point out it will be the largest economy in the world in 2050.” Barry spoke about the gradual growth of the economy in India and how it is slowly impacting the lives of women, who have largely been excluded from the workforce. “India has the lowest percentage of women working in South Asia. The only place lower than India is the Middle East and North Africa, and it is dropping,” she said, explaining that women are largely “kept at home” after they are married off in their teens. “The whole projection of Indian [economic] growth, is putting those people to work. That means you have to put women to work, too,” she said, noting that young men and women in remote villages are being recruited to work in the textile and apparel factories in cities. But many families decline to send the women to cities, as their value on the marriage market falls. Barry’s reporting traces what happens when Indian women go off to work. She noted that tradition “breaks down” quickly there, and many women find husbands through love, not arrangement. Barry also spoke of the work, the mundane nature of sewing labels onto clothing for hours on end, in order to save up enough money to buy a cell phone that will allow the women to keep in touch with friends and family. And the empowerment women gain from earning money. The darker side, however, is the gang rapes and violence that plague women in society there. Still, Barry underscored that Indians —and the women in particular — are “recklesslessly cheerful” and “optimistic” even though life there is difficult. Micklethwait asked Barry, who reported in Russia and served as bureau chief in Moscow before, if journalists are covering India fairly. “It’s very hard to cover India. India is not one thing. You have one India that’s like Australia, one India that’s like Mexico, and one India that’s like sub-Saharan Africa. They are completely disconnected from each other. They don’t even really know about the existence of each other,” she said. “So what’s covering India? It’s a weak state. Power is completely dispersed. In Russia, you always knew what to look at. Everything was inside a box. You looked at the box, but in India, there’s no box.”
Source: Business News
