Coimbatore: Though the GST rate of 5% has brought cheer to makers of cotton textiles, the textile industry wants the government to lower the levy for manmade fibre (MMF) products. MMF fabric and yarn, dying and printing units as well as embroidery items would attract 18% GST. This would result in an increase in input costs and adversely affect the entire textile value chain, industry officials said. "Keeping the GST at this rate (for MMF products) will undoubtedly cripple hundreds of small and medium synthetic textile manufacturers," said J Thulasidharan, chairman, Confederation of Indian Textile Industry (CITI). "The 18% GST rate levied on manmade fibre and synthetic yarn would have inverted duty structure problem as the fabric would attract only 5% GST rate," said M Senthilkumar, chairman, Southern India Mills' Association. "Garment units may find it difficult to offset input tax credit (for synthetic fibre and fabric)," said Raja M Shanmugham, president, Tirupur Exporters' Association (TEA). The government should reconsider the rates on MMF products and bring it to 12%, Thulasidharan said. "India is already suffering a huge competitive disadvantage in the global textile market as the MMF-based textile products are attracting higher rates of import duty," he pointed out. India is facing stiff competition from textile producing countries such as Bangladesh, Vietnam and China, he said. "Keeping the tax rates high will not only escalate textile inflation but will lead to cheap imports from these countries," the CITI chairman said. "The textile sector is suffering from various disadvantages like high energy costs and infrastructure bottlenecks. Keeping the rates of key inputs at a higher level will further affect the competitiveness of the sector," he said. Industry officials also urged the government to exempt textile jobs from service tax as it would benefit the predominantly decentralised micro, small and medium enterprises, especially in the powerloom, knitting, processing and garmenting sectors. About 80% of garment units in Tirupur do their business on a job working basis and the 18% service tax on textile jobs would hit them hard, Raja Shanmugham said. The GST rates for all natural fibres including cotton, cotton yarn, fabrics and readymade garments valued below Rs 1,000 has been fixed at 5%, which has been in line with the expectations of the textile industry.
Source: The Times of India
Textile industry exppressed satisfaction with the proposed goods and services tax (GST) regime as it hails the dawn of fibre-neutrality in the sector. Both fibres have been exempted from the porposed tax structure, while keeping the value chain within the purview of GST. Garments makers and even denim companies are mostly relieved as they see no drastic change in prices following GST. Synthetic fabric makers, however, feel the pinch in the wake of a higher input tax being levied on them. Exporters are currently awaiting the government's export policy- a move that they feel would remove anomalies present in the existing GST structure. Many in the industry are not anxious about the two tax slabs under the new tax regime. "With the merger of input tax credits and local levies under GST, essential garments selling below Rs 999 will save on total applicable taxes, thereby making them even more affordable. There may be a small increase in tax incidence on garments priced above Rs 1,000 after taking account of all input tax credits. The industry would, however, absorb these and there would be no change in customer selling prices," said Rahul Mehta, President, Clothing Manufacturers Association of India (CMAI). CMAI is currently working with industry stakeholders to identify challenges in the sector that may call for the need to develop specific rules to allow ease of doing business even as the sector, as a whole, gears up for the roll out of GST from July 1. But all may not be well for synthetic or manmade textiles. Sri Narain Aggarwal, Chairman, Synthetic and Rayon Textiles Exports Promotion Council said: "Domestic synthetic fabric makers will be facing higher tax on raw material, apart from the 5 per cent GST levy on the fabric. As a result, there will be a huge accumulated credit of input tax that will compel fabric makers to raise prices. To avoid this, government must refund extra tax paid on inputs. This will be an issue for exporters as their refund claim will also block working capital." Aggarwal added that the twin factors of higher tax on synthetic yarn and lower tax on fabric, could double imports from China as prices of domestic fabric would rise. At present, India's fabric import from China is estimated to be around Rs 4,000 crore due to cheaper rates. Fabric from China is largely synthetic and cheaper by around 10 per cent. Denim makers like Nandan Denim Ltd (NDL) are expected to remain more or less neutral to GST as both cotton yarn and fabric are in the five per cent slab. However, on the garmenting front, denim jeans that are priced above Rs 1,000 in the organised market will attract a higher rate. However, industry sources state that instead of a price rise on the retail front, middlemen may be forced to squeeze their margins due to a competitive market. Not just pure cotton denim but even blends may see a neutral impact. "Spandex is embedded in cotton yarn so we don't see any additional incident on that. Further, since a combined excise duty and value added taxes (VAT) on polyester used to carry an incidence of 19 per cent, a GST rate of 18 per cent will by and large have a neutral effect on cotton-polyester blends in denim," said Govind Sharda, president at NDL. Even in home textiles, players are of the view that a post-GST impact maybe more or less neutral. "Earlier too yarn had an inter-state rate of two per cent. Now a charge has been increased to five per cent under GST. But we don't see it being passed on significantly to consumers," said R S Jalan, managing director of GHCL. Jalan also added that the industry was waiting for further clarity from the government on export incentives. However, according to Sharda, the industry may not see a rush in stock clearance for the domestic and export markets. "We are required to declare our stock on the first day of GST. A notional credit on the declared stock will be made available to all. Hence, there won't be any need to panic for clearing stock," said Sharda.
Source: Business Standard
Surat: Powerloom weavers and textile traders are seemingly unhappy with Central Government fixing tax rates at 18 per cent on yarn and 5 per cent on fabrics under Goods and Services Tax (GST) regime. At a seminar on 'impact and implementation of GST in textiles' organized by Southern Gujarat Chamber of Commerce and Industry (SGCCI) here on Monday, entrepreneurs opposed the representation made by the SGCCI and the Synthetic and Rayon Textile Export Promotion Council (GJEPC) for keeping uniform GST rates for man-made fabric (MMF) and cotton textiles. Textile entrepreneurs said 5 per cent GST on fabric and 18 per cent GST on yarn will destabilize the textile sector and will lead to heavy increase in yarn prices from Rs5 to Rs25 per kilogram and create confusion among traders in getting input tax credit. Surat Textile Exporters Association president Rakesh Choudhary stated that GST tax slabs in textile sector were not appropriate and that small weavers and traders will be hit hard. Choudhary said for taking input tax credit, the traders will have to get advance receipt of goods, invoice date and time and place of delivery. Surat's textile sector is unorganized and most of the textile manufacturers do not have advance receipt of goods. In most of the cases, the manufacturers get advance payment before the goods are actually supplied. However, the traders will have to accumulate input credit. Former president of SGCCI Amarnath Dora said, "At present, the weavers have to pay 0.75 per cent tax on yarn per kilogram. After GST is implemented, they will have to pay Rs2.70 to Rs5 per kilogram tax. This will result in increase in yarn prices from Rs5 per kilogram to Rs25 per kilogram."
Source: The Times of India
In the textiles category silk and jute fibre have been exempted, while cotton and natural fibre and all kinds of yarns will be levied a 5 percent GST, man-made fibre and yarn will attract 18 percent tax rate. In an interview to CNBC-TV18, SP Oswal, Chairman & MD of Vardhman Textiles spoke about the latest happenings on GST front. According to him, cotton constitutes 70 percent of total fibre consumption in India. Speaking about business, he said they have some readymade garments but do not sell directly under the label. He further said that they have miniscule production of man-made fibre. He expects the government to reconsider the man-made fibre policy little more to fix the rate at 12 percent rather than 18 percent because man-made fibre may give the industry the growth in the time to come.
Source: moneycontrol.com
The Union Textiles Ministry is gearing up to announce the national textiles policy soon. Textiles Ministry Additional Secretary Pushpa Subrahmaniam said the Union Ministry has completed consultations with the stakeholders and outreach sessions with the industry on the issue and the policy would be ready soon. Ms. Subrahmaniam was here to invite industry to participate in the Textiles India 2017, a global exhibition of textiles and related segments slated from June 30. Prime Minister Narendra Modi would inaugurate the three-day event to be held in Gandhinagar and representatives from over 60 countries had already registered their participation. The event, she said, is being planned to ensure that the annual calender of the global exhibitions would also figure India which is one of the largest markets in the world. She said the inputs from India Textiles 2017 would also be considered in finalising the textiles policy, which is expected to be announced by the end of next month. The country’s exports dropped after the stringent provisions that were put in place in the European markets, but the drop was very marginal as the country had no issues with compliances. Exports witnessed seven per cent growth from July last fiscal after the government had announced an apparel package putting in place measures like reimbursement of 3.5% to 4.5% duty drawback on the State duties. These measures are aimed at addressing the complaints from exporters that there is no level playing field for them in the European markets compared to countries like Bangladesh which scrapped the import duties on textiles. With the largest exporter China expected to cede space, the Ministry is confident of huge opportunities to the textile sector in the global markets as India is the only country comparable to China in the entire value chain of the textile products. The Textiles Ministry had therefore fixed a target of $45 billion exports during the current fiscal and is confident of achieving it.
Source: The Hindu
Hyderabad: The Union Textile Ministry is awaiting a formal request from Telangana government on the proposed textiles park at Warangal, according to a senior official. The Union Ministry of Textiles has almost finalised draft guidelines of National Textiles Policy (NTP) and same will be sent to the union Cabinet for approval in July, says Pushpa Subramanyam, Additional Secretary of Union Textiles Ministry. “There is no dearth of funds for the project. We have funds. We’re waiting for the proposal from the Telangana Government. As soon as it comes, we’ll sanction it,” she said here on Monday.In a bid to boost the textile industry, Telangana Government has proposed to set up a fibre-to- fabric textile park in Warangal. She was in the city to participate in a roadshow to promote ‘Textiles India 2017,’ a mega exhibition and convention of the Indian textile industry to be held in Gandhinagar, Gujarat from June 30 to July 2. The event is expected to be inaugurated by the Prime Minister Narendra Modi and attended by several union ministers and chief ministers of various states. The Centre has also prepared NTP with an objective of $300 billion (over Rs 20 lakh crore) textiles exports and generating 35 million jobs by 2025.“We have done stakeholder consultations with all segments including all handloom weavers, big manufacturers on the textiles policy. We have reached out to all the segments. We are almost ready (with the draft). Soon after the Textiles India-2017 is over, we will enrich the document with the more inputs from the event. In July it may go to cabinet for approval,” Subramanyam said. The textile and garment exports were up seven per cent during July 2016 and April 2017 on the back of some schemes announced by the Centre. The Textiles Ministry is targetting $45 billion this year as against the $40 billion last year.
Source: The Hans India
Ever wondered what modern day aircraft are made of? Not steel or any other metal but textile reinforced composites. The name may sound fancy and so may the technology behind this - technical textile. According to a report published by the Indian Technical Textile Association (ITTA), India represents only 3% of the global technical textile industry, less than 5% of the global technical textile production, 4% of the export of technical textile world over and $1.4billion worth import. The report also says the per capita consumption of technical textile in India is 1.7kg whereas in other developed countries it is 10-12kg. However, textile entrepreneurs and academicians believe that it is the next big thing in the industry and gaining impetus in the country. "In the West, most nations focus on technical textile. The volume of the consignments might be small but the profit margins are huge," said professor of textile technology at Anna University, Chennai, S Madhusoodhanan. It finds applications in an array of sectors — from medicine to space technology, said Madhusoodhanan, adding, "Since the field is in its growing stages, there is a broad scope in innovation and research." Technical textile is taught as a part of textile technology. Principal of Bannari Amman Institute of Technology, Sathyamangalam, D Saravanan, said, "There are 12 broad areas of technical textiles — medical, automobile, clothing, professional, industrial and so on. Most institutes cover them in four to five subjects in the undergraduate level. Besides this, we also encourage students to take up projects during their final year." With increasing demand for products in the field of technical textile, many students are showing interest in this field. There are 750 companies in India that manufacture products in the field, the chairman of ITTA Pramod Khosla said at a CII event in Coimbatore. "Almost 80% students in our college are inquisitive about this field. And, at least half of them take up an elective or pursue their projects in this field," said Saravanan. The critical part of technical textile is innovation. Given that the technology is in its nascent stage in our country, employment opportunities are limited. "But, one has to focus on becoming an entrepreneur," said the professor and head of textile technology at PSG College of Technology, Coimbatore, G Thilagavathi. At PSG, there is a centre of excellence set up with help from the Centre at the cost of `28.5crore. "We encourage our students and outsiders to identify an idea in the field and the centre of excellence provides them with the research, management and entrepreneurial guidance and infrastructure," she said, adding, "We also give out ideas to potential entrepreneurs and help them develop business."
Source: The Times of India
The Central Government will clear proposal for setting up of an apparel park in Warangal as soon as it is received from the State Government, said Additional Secretary of Ministry of Textiles Pushpa Subrahmaniam. “We are waiting for proposals from the Telangana Government. We will clear it as soon as it comes,” Ms. Subrahmaniam said talking to The Hindu when she was here on Monday in connection with promotion of the mega event, Textiles India 2017, slated to start at Gandhinagar in Gujarat from June 30. She said the Ministry had conducted diagnostic studies of the problems facing powerloom weavers of Sircilla. Weavers from this area are suffering on account of technology, credit and high cost power, she said. She expressed concern that weavers in Sircilla opt for polyester and not cotton textiles. “They are going for polyester in the cotton rich area. They will get much better returns if they switch over to cotton,” she said. Another issue of concern was the use of outdated technology which involves high costs of power. Upgradation of technology is one major step to survive and sustain in the competitive market, she said. The government had therefore announced 50% subsidy on deployment of latest technology for general category weavers and the subsidy was around 90% to those from the SC/ST categories. In addition, the Ministry is providing huge subsidy on procurement of solar panels to operate their looms on solar energy, she said. “They have to survive competition. This will ensure that their products are price competitive and the costs incurred on power are less,” she said. Responding to a query on marketing facilities for manufactured products, Ms. Pushpa Subrahmaniam said marketing of the products would not be a problem if weavers can handle the quality of the product and make price competitive.
Source: The Hindu
Nearly sealing the goods and services tax (GST) implementation from July 1, Prime Minister Narendra Modi (pictured) reviewed the preparedness, asking that high attention be given to cyber security in the enabling information technology (IT) systems. The main problem now is that seven states — the other 22 have done it — are yet to pass their respective state GST legislations, with less than a month for the scheduled date of the tax's introduction. These are West Bengal, Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal. All, except J&K, are ruled by opposition parties. J&K also has a different dispensation. Its legislative assembly will have to also pass a Bill stating that both the Central GST and Integrated GST applies there. And, pass its own state GST, like the others. Statutorily, if GST is not introduced by a state as of September 16, it will not be able to impose indirect taxes. The PM took the meeting amid the stiff opposition raised by West Bengal over the IT preparedness for roll-out next month. Bengal finance minister Amit Mitra has sought deferment of GST by two months, to September 1. Modi took a meeting for two and a half hours. Various aspects of implementation were presented and reviewed -- IT readiness, personnel readiness, training and sensitisation of officers, query handling mechanisms and monitoring. Finance Minister Arun Jaitley, the cabinet secretary and other senior officials were present.
Source: Business Standard
As the country braces for the roll out of the goods and services tax (GST) regime from July 1, apparel exporters have asked the government to retain the remission of state levies (RoSL) under the duty drawback scheme, which was announced last year as part of the Rs 6,000-crore package for the garments industry, even in the new regime. RoSL, under which garment exporters get refunds from the Centre against all the levies they pay at the states’ level, is the most important scheme (with fiscal significance for the government) in the garments package. The government has already provided `1,900 crore so far for this scheme. For the current fiscal, the government has budgeted `1,555 crore for the RoSL to the garments industry, although exporters are unsure if the scheme is indeed going to be retained under the GST regime. So, they are seeking at least a clarification on this issue. To buttress their case, exporters said garment exports went up close to 32% in April from a year earlier, mainly due to the RoSL benefits. Apparel Export Promotion Council chairman Ashok G Rajani said as many as 80% beneficiaries of the RoSL scheme are exporters with a turnover of less than `10 crore per year. He said the AEPC has made a representation to finance minister Arun Jaitley to continue the RoSL in the current form even under the GST regime. Apparel exports have been registering double-digit growth since the start of the disbursement of RoSL (around December last year). During March and April, garment exporters were able to increase production by around 30% and employed at least 5% more workers during the same period, according to Rajani. Exporters say the RoSL scheme is in tune with the economic principle of ‘zero rating’ of export products and in recognition of the fact that at present only central levies are rebated by the way of drawback schemes.
Source: Financial Express
Amidst doubts over its preparedness to meet the rollout of GST, the country’s largest indirect tax reform, the Goods and Services Tax Network (GSTN) has indicated that all its systems will be in place by the end of this month. The GSTN, a non-profit, non-government organisation, will provide the IT backbone for the GST, which is scheduled to kick in from July 1. In its presentation to the GST Council, the GSTN indicated that it will modify its systems to reflect changes in the final forms and rules by June 21, and will also work to finish the enrolment of taxpayers by the earliest. It is also using the results from the soft launch of the beta version of the GST System to improve the facility for filing returns. About 3,128 taxpayers from the States and Centre participated in the pilot project. Based on their feedback, facilities such as online viewing and download facility for 2,000 invoices will be available.
Fully equipped
Expected to handle nearly 300 crore of B2B invoices every month as part of the return filing, concerns have been raised in several quarters on whether the GSTN is fully equipped for the rollout. To this end, to apprise the States of its preparedness, the GSTN made a presentation before the GST Council in its meeting on June 3. “The GSTN expressed confidence that it is fully ready,” Finance Minister Arun Jaitley had said after the meeting. About 76.5 per cent of the taxpayers of value added tax and 6.78 lakh taxpayers of Central excise duty and service tax have already been enrolled for GST, and the GSTN hopes to complete the enrolment process by the middle of the month. Giving a timeline of its activities, it has indicated that it will also complete enrolment of GST practitioners by June 17 and then take up enrolment of those opting for the composition scheme from June 25. The GSTN has also set up a 100-seater call centre and will have an additional call centre with 400 agents from July 1. It has also completed integration with 25 banks for internet banking and over-the-counter payments. The integration of the payment gateway with seven banks is also under way.
Source: Business Line
As the July 1 deadline to implement GST draws near, the GST Council still has a host of issues to sort out. On June 3, the Council completed the fitment of rates — deciding on the rates applicable to gold, diamonds, biscuits, textiles, farm machinery readymade garments and footwear on that day — but at the end of it all has thrown up the question of whether such a clutter of categories could have been avoided. In a bid to arrive at a consensus and maximise revenue, particularly with a view to compensating States, the Council has stuck to existing levels of levy, instead of reducing and simplifying these to make matters easy for business. Multiple tax rates for a commodity or service continue, or have actually been introduced where there was one rate earlier, as in the case of readymade garments. Hence, there are likely to be classification disputes. Perhaps fearing the wrath of bullion traders, a separate rate of 3 per cent was carved out just for gold, which is more or less the same as the VAT charged by most States — when the Council could have gone up to 5 per cent. Diamond traders feel that even the 0.25 per cent duty on rough diamonds (they were exempt so far) is an unkind cut; their grouse seems to have more to do with the fact that they will enter the tax database. When the Council meets on June 11, it should take into account complaints about wrong fitment of rates (such as those pertaining to power and pharma sectors). What the 17-year arduous process of talks has achieved is considerable: creating one basket of goods and services that the Centre and States alike will tax, eliminating huge ambiguities over tax domain. However, the long-term goal of simplifying the tax system remains a work in progress, and should not be lost sight of. Given the range of nuts-and-bolts issues that remain to be sorted out, the Council should consider postponing the launch of GST to September 1. A major apprehension pertains to how the proposed anti-profiteering body will work. Fears that it may lead to the return of inspector raj should be dispelled. Prices are best kept in check by free play of competitive forces. Businesses need to align their data and production systems to the new rates. The GST Network should have a dry run of about a month, given the sheer scale of dynamic data it will handle. One of the apprehensions pertains to tracking a mismatch in invoices along the supply chain and issuing a notice in a prescribed format to the parties concerned. Forms to facilitate treatment of stocks as on the day before which GST comes into force, are not in place. Clarity is needed on e-way bills for truck movements. Surely, 24 days seem inadequate to resolve so much.
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$ 48.58 per barrel (bbl) on 05.06.2017. This was higher than the price of US$ 48.53 per bbl on previous publishing day of 02.06.2017. In rupee terms, the price of Indian Basket decreased to Rs. 3126.13 per bbl on 05.06.2017 as compared to Rs. 3126.48 per bbl on 02.06.2017. Rupee closed stronger at Rs. 64.35 per US$ on 05.06.2017 as compared to Rs. 64.42 per US$ on 02.06.2017. The table below gives details in this regard:
|
Particulars |
Unit |
Price on June 05, 2017 Previous trading day i.e. 02.06.2017) |
Pricing Fortnight for 01.06.2017 (May 12, 2017 to May 29, 2017) |
|
Crude Oil (Indian Basket) |
($/bbl) |
48.58 (48.53) |
51.67 |
|
(Rs/bbl) |
3126.13 (3126.48) |
3331.68 |
|
|
Exchange Rate |
(Rs/$) |
64.35 (64.42) |
64.48 |
Source : PIB
A love for technology led Mahendra Vellingiri and Sivasubramaniyem to start the revolutionary concept of a 3D virtual trial room I stand upright on an elevated platform and look straight into the camera on an iPad. The podium rotates 360° and, in the next few seconds, a special sensor attached to the iPad captures my image. A 360° view of the body image is the first step in a 3D virtual trial, say Mahendra Vellingiri and KR Sivasubramaniyem, co-founders of Coitor, a Coimbatore-based start-up that works in the virtual trial room space. “Our team takes over the image. And the software ensures that the measurements are accurate,” explains Sivasubramaniyem. A unique ID is generated with the measurements and shared with the user on WhatsApp or email. One can use this ID for a virtual trial while shopping online. Vellingiri says, “Our solution allows customers to try on clothes virtually to see how they look. We recommend best-fit products and brands, based on their body shape and size. Currently, they can access it on trailcorner.com. There are plans to integrate with e-com players like Amazon and Flipkart, and international websites too. Right now, in the beta stage, the trials are available only for men’s wear.” Recently, the team had a soft launch in Coimbatore. “We set up a kiosk at Fun Mall to collect data. We got 80 users a day. In the next three months, we are taking it to malls in Chennai, Bengaluru and other cities,” explains Vellingiri. A virtual trial room helps bring down cart abandonment (which is about 60% now) of the online shoppers. Also, the rate of returns. According to Vellingiri, “Nick Robertson, the Chief Executive of ASOS online store, had said that a 1% fall in returns would immediately add £10 million ($16 million) to the company’s bottom line. Another study says that over 85% of people who shop online for clothes will buy if they are sure about the fit. In Bengaluru, Jealous 21 outlet did a trial run with the virtual trial room and found a 20% increase in sales conversions,” he says. The Coitor team will soon patent the ‘3D Omni channel virtual fitting/ trial room’ process. Vellingiri and Sivasubramaniyem see huge potential in technology. The childhood friends did engineering, and later went to Australia to do their Masters. While Vellingiri worked in a start-up in Australia, Sivasubramaniyem became a business analyst in Chennai. “Technology excites us,” says Vellingiri. “We got the brainwave to use mobile towers to charge the phone battery over a casual meeting at a paani puri stall near VOC Park. We published the study in IEEE Forum and presented a paper in the US.” Both are first-generation engineers in their respective families. Vellingiri, who comes from a textile background, says, “The idea of a virtual trial came up when I visited my dad’s outlet during Deepavali. Because of the rush, shoppers queued up for trials. So much time was wasted. I wanted to do away with it.” First, they tried a 2D virtual trial room at stores. They installed a big TV screen that worked on the concept of augmented reality. Whenever a customer appeared in front of the screen, a sensor studied the body shape and then he/she tried on clothes virtually. They have done over a dozen installations in Mumbai, Delhi, Pune, Hyderabad, Bengaluru, and Chennai. The screens have had over one lakh trials. Based on the feedback from the retailers, they also turned to the online space and built the software for 3D virtual trial room. “When we researched, we learnt that most virtual trials happen over a 3D model generated on one’s body size. Our solution allows customers to try clothes directly on to their image,” explains Vellingiri. Coitor is an incubation company at PSG-STEP, a facility that supports start-ups. It has raised funding from angel investors like Bijou Kurien, ex-CEO, Reliance Retail and ex-COO of Titan, and Selvakumar, ex-president of TiE Coimbatore chapter. “We met Kurien at a conference in Mumbai. He saw the potential when we made a presentation to him.” The team is looking at funding to scale up the project and to include trials for women’s wear. There is still a long way to go, they say. “There are companies like Fitle and Metail in this space. But, they use 3D animated figures or 3D models. There is also Fits Me, which has now been acquired by Rakuten, a Japanese e-com company. They bank upon measurement tools to tackle the problem of returns. In India, there is Trupik that uses 3D animated mannequins in virtual trials. We want to make a difference with our unique solution.”
Spread a message At the kiosk in Coimbatore, the Coitor team used the opportunity to also create awareness about violence against women and children. They partnered with Women of Worth, an NGO from Chennai, and Tiruppur-based T-shirt brands, Masculino Latino and Laya Fashions. Men who participated not only took a 360-degree view image, but also participated in a virtual trial with T-shirts that bore messages against child abuse and domestic violence with the tag line ‘I wear I care’. They could share the images on Facebook/Instagram pages and spread the word.
Source: The Hindu
Garment Show of India, a B2B exhibition that that connects the apparel retail industry of India, is witnessing participation from over 100 exhibitors from across the country. The B2B show for domestic apparel industry connecting retailers, wholesalers, distributors, e-retailers and retail chains with suppliers in North India is currently underway in Delhi. Leading brands, manufacturers and retailers of a variety of products like ladies tops, trousers, leggings, denims, men's shirts, blazers, suits, trousers, T-shirts, kids’ wear, sportswear, ethnic, party and occasion wear are displaying their collections at the event with 'Make in India' as its theme. Participants and brands from all garment hubs like Delhi, Noida, Jaipur, Mumbai, Bangalore, Ludhiana, Kolkata, Hyderabad, Tirupur and many others are visiting the show. "Our vision is to make Garment Show of India a one-stop platform for everyone who is involved in the apparel, fashion or retail business. The idea is to bridge the gap between buyers and sellers; our exhibition has manufacturers/brands that can offer quality, fashion and competitive prices and match up with the requirements of retailers, retail chains, e-commerce companies and distributors," said Gagan Marwah, Organiser, Garment Show of India. Leading retail chains like Pothy’s, Chennai Silk, RMKV, Shoppers Stop, Lifestyle, Landmark Group, Bazar India, Reliance Trends, Amazon, Snapdeal, Myntra, Westside and many more are visiting the exhibition. More than 10,000 visitors are expected to visit the show over the three days. Shiv Naresh, one of the most reliable players in sportswear; Brand Kaira from Hyderabad that makes attractive ladies wear; Babeez from Mumbai, a brand for kids and infants; Indira Hosiery Mills from Ludhiana; Cactus from Bangalore that makes innovative denims; Dotted Jeans, a high fashion brand for all type of denims; Tinted, Royal Wood, Mac Mount and several other companies are also participating in the exhibition. "The Garment Industry is one of the largest industries in India and provides a livelihood to many people. The Textile and Apparel Sector contributes 14 per cent to industrial production, 4 per cent to India's Gross Domestic Product (GDP) and constitutes 15 per cent of the country's export earnings. It employed nearly 51 million people directly and 68 million people indirectly in 2015-16," said Manoj Tiwari, BJP president, while inaugurating the show. Since GST is a hot topic today, a wide-ranging discussion on the issue was also conducted on Day 1 of the show. Retailers and manufacturers expressed their concern over 12 per cent GST rates on ready- made garments and its impact which has been affecting market sentiments for many months now. They requested Tiwari to consider subsidised rates for garments as it comes under basic necessities and GST will make garments very costly in times to come. The growth in apparel industry of India is a natural follow up to an increasing working population and disposable incomes. The Indian economy is a powerful magnet for concerns all over the world and a sizeable number of international brands have already entered the Indian market. "Our mission is to work on our PM’s vision of ‘Make in India' and thus we created this platform Garment Show of India as Indian manufacturers have the expertise, craftsmanship and marketing skills to be able to produce variety and quality wear," added Marwah.
Source: Fibre2fashion
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1100.78 |
USD/Ton |
-0.33% |
6/5/2017 |
|
VSF |
2172.20 |
USD/Ton |
0% |
6/5/2017 |
|
ASF |
2318.97 |
USD/Ton |
0% |
6/5/2017 |
|
Polyester POY |
1108.11 |
USD/Ton |
0% |
6/5/2017 |
|
Nylon FDY |
2583.15 |
USD/Ton |
2.03% |
6/5/2017 |
|
40D Spandex |
5254.37 |
USD/Ton |
0% |
6/5/2017 |
|
Polyester DTY |
2788.63 |
USD/Ton |
1.33% |
6/5/2017 |
|
Nylon POY |
5812.09 |
USD/Ton |
0% |
6/5/2017 |
|
Acrylic Top 3D |
1350.28 |
USD/Ton |
0% |
6/5/2017 |
|
Polyester FDY |
2421.71 |
USD/Ton |
1.85% |
6/5/2017 |
|
Nylon DTY |
2495.09 |
USD/Ton |
0% |
6/5/2017 |
|
Viscose Long Filament |
1335.61 |
USD/Ton |
-0.55% |
6/5/2017 |
|
30S Spun Rayon Yarn |
2832.66 |
USD/Ton |
0% |
6/5/2017 |
|
32S Polyester Yarn |
1690.79 |
USD/Ton |
-0.43% |
6/5/2017 |
|
45S T/C Yarn |
2700.57 |
USD/Ton |
-0.54% |
6/5/2017 |
|
40S Rayon Yarn |
1834.63 |
USD/Ton |
-0.79% |
6/5/2017 |
|
T/R Yarn 65/35 32S |
2274.94 |
USD/Ton |
0% |
6/5/2017 |
|
45S Polyester Yarn |
2979.43 |
USD/Ton |
-0.49% |
6/5/2017 |
|
T/C Yarn 65/35 32S |
2318.97 |
USD/Ton |
0% |
6/5/2017 |
|
10S Denim Fabric |
1.36 |
USD/Meter |
0% |
6/5/2017 |
|
32S Twill Fabric |
0.86 |
USD/Meter |
0% |
6/5/2017 |
|
40S Combed Poplin |
1.19 |
USD/Meter |
0% |
6/5/2017 |
|
30S Rayon Fabric |
0.66 |
USD/Meter |
0% |
6/5/2017 |
|
45S T/C Fabric |
0.67 |
USD/Meter |
0% |
6/5/2017 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14677 USD dtd. 5/06/2017) The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The World Bank on Sunday maintained its forecast that global growth will improve to 2.7 percent this year, citing a pickup in manufacturing and trade, improved market confidence and a recovery in commodity prices. The update of the multilateral development lender's Global Economic Prospects report marked the first time in several years that its June forecasts were not reduced from those published in January due to rising growth risks. The World Bank's 2017 global growth forecast of 2.7 percent compares to its 2.4 percent estimate for 2016, a figure that was increased by a tenth of a percentage point since January. The World Bank said advanced economies were showing signs of improvement, especially Japan and Europe, while the seven largest emerging markets - China, Brazil, Mexico, India, Indonesia, Turkey and Russia - were again helping to drive global growth. A man stands in front of a screen at Manufacturing and Final Assembly Center of state-owned Commercial Aircraft Corporation of China (COMAC) where China's home-grown C919 passenger jet is produced, during a media tour in Shanghai, China May 4, 2017. Picture taken May 4, 2017. REUTERS/Aly Song
A man stands in front of a screen at Manufacturing and Final Assembly Center of state-owned Commercial Aircraft Corporation of China (COMAC) where China's home-grown C919 passenger jet is produced, during a media tour in Shanghai, China May 4, 2017.
"With a fragile but real recovery now under way, countries should seize this moment to undertake institutional and market reforms that can attract private investment to help sustain growth in the long term," World Bank President Jim Yong Kim said in a statement. The bank boosted its 2017 growth forecast for Japan by 0.6 percentage point since January to 1.5 percent, while the euro zone's forecast was increased by 0.2 percentage point to 1.7 percent. In both cases, a pickup in exports and unconventional monetary easing are helping to support growth. The World Bank said U.S. growth also is improving but it shaved 0.1 percentage point off its forecast for 2017 to 2.1 percent after weak growth early in the year caused by a pullback in consumer spending it viewed as temporary. It slightly lifted its 2018 U.S. growth forecast to 2.2 percent. It left unchanged its forecast that China's growth would slow to 6.5 percent from 6.7 percent last year and predicted that commodity exporters Argentina, Brazil, Nigeria and Russia will see recessions end and positive growth resume this year. But the World Bank warned that new trade restrictions could derail the recovery in trade that is benefiting many advanced and developing economies, citing actions being contemplated by the Trump administration. Such restrictions could fall disproportionately on China and other Asian economies, the bank said. "Significant disruption to China's exports would undermine its growth with large spillovers on the region," the bank said in the report. "Furthermore, trade-restricting measures in the United States could trigger retaliatory measures." It said exports and investment in Mexico also could be negatively affected by the looming renegotiation of the North American Free Trade Agreement, causing spillovers to Central America as well.
Source: Business Standard
The disappointing GDP growth rate of an annual 0.7 per cent in the US during the first quarter of 2017 has raised questions about the prospect of a robust and sustained recovery. This is puzzling for several reasons. To start with, because of the adoption of an easy money regime the US has been experiencing an inflation in financial asset values. Reflecting this tendency, the NYSE composite index has registered a trend increase from it early 2009 trough to reach levels higher than where it stood at its peak in mid-2007 (Chart 1). But this did not generate a strong wealth effect, in the form of increased private borrowing to finance consumption and investment, for two reasons: (i) consumers and banks were still unsure whether the financial turnaround would last and not be followed by a return to crisis; and (ii) wealth accumulation had occurred substantially among the already rich, increasing inequality but not spurring demand. However, given the large infusion of liquidity and the imposition of negative interest rates on them, banks have been under considerable pressure to lend. With the increase in liquidity swelling the volume of deposits on which some interest has to be paid and with returns from holding deposits with the central bank falling and even turning negative, bank profitability that had been restored from the low it touched in the aftermath of the 2009 crisis was under pressure. This does seem to have increased lending by the banks to those who were willing or even desperate to borrow in the still-depressed economic environment.
Going back
According to data from the Federal Reserve of New York, total household indebtedness stood at $12.73 trillion as of March 31, 2017, which was $50 billion above its previous peak it reached in the third quarter of 2008 and 14.1 percent above the trough it touched in the second quarter of 2013. In effect, a slow process of deleveraging that had begun in the third quarter of 2008, after the crisis, began to be reversed starting the second quarter of 2013, when total household debt was still 54 per cent above the level it was at in the first quarter of 2003 when the global liquidity surge began. What is interesting is the composition of the increase in household credit in the US between the second quarter of 2013 and the first quarter of 2017 and the composition of the stock of household debt in the first quarter of 2013. Mortgage loans that accounted for 70 per cent of outstanding household debt in the second quarter of 2013 contributed only 50 per cent of the increment in household debt between second quarter 2013 and first quarter 2017 (Chart 2). On the other hand, auto loans and student loans that accounted for 7.3 and 8.9 of the second quarter 2013 stock, contributed 22.5 or 22.3 per cent of the increment in debt between that date and one quarter 2017. In other words, close to 45 per cent of the increase in credit in the period when banks have been “forced” to lend, was on account of auto loans and student loans. Total outstanding auto loans at $1.17 trillion are up 66 per cent from the post crisis trough in 3q-2010 and the student loan total has more than doubled (to $1.3 trillion) relative to first quarter-2009. There are a few implications that follow from this dramatic change at the margin in the composition of household debt. First, it appears that given the still incomplete process of deleveraging and the uncertainty associated with accepting housing assets as explicit or implicit collateral, banks are making an effort to diversify their lending away from the housing market to the extent possible. Second, since loans for automobile purchases are small in size and short in duration and can be securitised to reduce risk of losses this is an area where lenders have chosen to move, only to find willing borrowers who are able and/or willing to take on such debt since they believe they can trade in the asset in case they are unable to service the debt. Third, unemployment and changes in requirements in the labour market are driving the young to look for higher degrees at the cost of building up large debt. And despite the risks of default because of failure to obtain jobs that offer the required income stream, banks have decided to accommodate this demand as part of their diversification strategy. Finally, debt financed educational spending does not directly result in material demand. On the other hand the magnitude of student debt because of high college fees and the burden of servicing that debt require deferring entering into mortgage agreements and postponing home ownership. So, the increase in this component of household debt, not only lacks the output expansion effects that borrowing for buying houses or cars would, but also reduces the demand for mortgage loans. Hence, the growth-inducing effect of this round of increased household borrowing is likely to be lower than it was in the past. These factors notwithstanding, the ‘early’ return to borrowing on the part of households with half of the increment in debt being on account of mortgage loans has had a salutary effect on the housing market. The post-crisis decline in the housing price index, which had bottomed out in mid-2009, has been reversed since mid-2013.
Credit woes
As a result both financial asset prices and housing asset prices have been rising, though the latter began its rise after a considerable lag. A consequence of this asset-price inflation is that the ratio of the net worth of households and non-profits to personal disposable income has risen from its post crisis low in early 2009, with that rise gathering momentum after mid-2011. Fortunately or unfortunately, depending on one’s perspective, this recent bubble has already run up against constraints. It is now becoming clear that auto loans were provided to many who did not have the ability to meet the debt service commitments involved, and banks did that because they diluted their standards and because they could still persuade investors to buy into securities backed by these loans. According to the Financial Times of May 30, 2017, which quotes Morgan Stanley, the share of auto securities tied to “deep subprime” loans — those given to borrowers with scores below 550 on the commonly-used FICO creditworthiness scale — rose from 5.1 per cent of total subprime deals in 2010 to 32.5 per cent last year.” Now defaults are rising as many borrowers are unable to service the debt and unable to pay it off by selling the asset, because of a collapsing used car market that has brought prices down to levels below the value of unpaid debt. The situation with student loans is worse. The percentage of loan balances going into “serious delinquency” has been hovering around a 10 per cent annual rate over the past five years.
Source: Business Line
KARACHI - The National Labour Council (NLC) and the Pakistan Institute of Labour Education and Research (PILER) have expressed serious concern over grave violations of labour laws by brand textile manufacturers, which do not provide safe working environment to their workers and throw them out when they demand their due rights. They said that a textile manufacturer had removed 32 workers before Ramazan and had not reinstated them despite protests and instructions from the NIRC. In a statement issued here on Sunday, NLC and PILER leaders Karamat Ali, Latif Nizamani, Habibuddin Junaidi, Shafiq Ghauri, Saeed Baloch and others said these textile brand manufacturers often provide third-party employment to workers and pay them wages, in many cases, less than the official minimum wages for unskilled workers that is fixed at Rs15,000 per month. Workers are not allowed to avail leaves and in case of leave in emergencies their wages are deducted for that period. The workers complain that they work for more than 12 hours instead of 8 hours a day and no overtime is provided for extra work. The owners demand more productions per worker when they receive additional orders. These textile manufacturing companies earn millions of rupees from their sales in local markets during Ramazan but do not pay to their employees. Many textile manufactures also export their products, they added. They further said that working conditions in these textile brands were unsafe as most of the companies often put locks on doors during work hours on different pretexts. Over 250 workers had lost their lives at the Ali Enterprises garments manufacturing factory in SITE Baldia in 2012 because the owners had locked all exit points during work hours. The provincial labour department, which is responsible for ensuring safe working conditions and health and safety of workers at their workplaces and labour inspections, is not discharging its duties. There is a small number of labour inspectors to cover all industries. This has encouraged the manufacturers to violate labour laws. The labour leaders said that employers and industrial associations should take measures to ensure safety at workplaces and give all rights to workers.
Source: The Nation
ROCHESTER, N.Y– The GreenShield Company has announced the launch of a new website to support the GreenShield finish, a nanoparticle based innovation that reduces the health and environmental impact of stain resistant finishes. GreenShield dramatically lowers the amount of fluorochemicals needed for superior water and stain resistance on textile products. The GreenShield website (www.greenshieldfinish.com) is designed to educate and inform customers on the realities of the negative environmental impact of textile finishes and offer transparent information on the new technology behind the GreenShield finish. “Products can only be as sustainable as the materials and processes used to make them” said Michael Duffy, Managing Partner at The GreenShield Company and co-founder of BigSky Technologies, “The processes used in the manufacture of GreenShield are designed to maximize performance while minimizing environmental, health and safety risks” added Duffy. The need to repel water and resist oil based stains is a fact of daily life. Traditional finishes rely on old technology that use 10 times more fluorochemicals. On the new GreenShield website, visitors will discover the innovative technology behind GreenShield, how GreenShield turned to nature for inspiration when developing the GreenShield finish and that all nanotechnology is not green nanotechnology. Over the last several years, the GreenShield team has continued to grow the business expanding into new market segments including; vertical surface materials, outdoor performance wear, products within the marine industry and automotive interiors.
Source: The GreenShield Company
Moving away from resource-intensive cotton and plastic-shedding polyester is feasible with these fascinating, eco-friendly alternatives. Walk into a clothing store these days, and you’ll see that most clothes are cotton, polyester, or a blend of the two. Higher end stores might offer linen and wool, but for the most part, we’re fixated on a few select materials with which to make our clothes. This will likely change in coming years. There are fascinating discoveries being made in the textile world. Designers and inventers are discovering methods for making fabrics that are more sustainable and do not involve vast quantities of water and pesticides (like cotton) or disperse plastic microfiber pollution with every wash (polyester).
1. Pinatex
This fascinating material requires no additional water or chemicals to make because it comes from waste products – the leftover leaves from pineapple trees. An estimated 40,000 tons of leaves are generated annually, most of which are burned or left to rot. Fibers are extracted from leaves and turned into a non-woven textile that’s an excellent leather alternative. One might argue it’s better than plastic-based vegan leathers because it’s biodegradable and not made from fossil fuels. Designers like Pinatex because it comes in a roll, reducing the waste created by irregularly-shaped animal hides. It is strong, lightweight, easy to stitch and print on.
Dezeen reported: “Around 480 leaves go into the creation of a single square metre of Piñatex, which weighs and costs less than a comparable amount of leather.” Several months ago, I wrote about shoes made from Pinatex, and since then I’ve seen the name popping up all over the online eco-fashion world. This is a material you’ll start noticing.
2. MycoTEX
Swatches of fabric grown from mushroom mycelium
More peculiar than pineapple fibers, MycoTEX is fabric grown from mushroom mycelium. Mycelium is the “vegetative part of a mushroom, consisting of a network of fine white filaments” (dictionary). Dutch designer Aniela Hoitink came up with the idea of ‘growing’ a garment from the living product, after observing soft-bodied species that grow by replicating themselves over and over again following a modular pattern. The resulting dress is built three-dimensionally, allowing it to take on the shape and fit that the wearer wants. It can be easily repaired, lengthened, or replaced; the mycelium can create extra patterns and embellishments; and just enough fabric is grown to be used, eliminating waste. At the end of its life, the garment can be composted.
From the NEFFA website:
"MycoTEX shows a new way of producing textile and clothing. Because we grow textile, we can skip spinning yarns and weaving cloth. The clothing is directly pasted and shaped onto the mold. In addition, this fabric has the potential of extra features like skin nurturing or (natural) anti-microbial properties. This environment friendly textile needs very little water for growing and chemicals are unnecessary."
3. Eucalyptus Yarn
Knitting company Wool & the Gang has launched a new yarn called Tina Tape Yarn, made from eucalyptus trees. Fibers are harvested, pulped, and turned into yarn, which home-knitters can now purchase. The resulting yarn is technically Tencel, a.k.a. lyocell, in deconstructed form. Tencel tends to have a good environmental reputation, as it’s made in a closed-loop system that recycles water and solvent, but there’s been relatively little study. The New York Times had very little to say in a recent article on sustainable fabrics: “Another type of rayon fiber, known as lyocell or Tencel, is often made from bamboo but uses a different chemical that is thought to be less toxic [than viscose rayon made from bamboo], though studies are scarce.”
Source: Living / Sustainable Fashion
