A large part of a culture is defined by what is worn by its people, and in India it is a vast and varied spectrum of cultures and clothes, which can now be explored through Google’s latest virtual exhibition project. Working with 183 renowned cultural institutions from around the world including India, Google’s project ‘We Wear Culture’ lets people explore history of clothes dating as early as 3,000 years ago from the ancient Silk Road, to the courtly fashion of Versailles, to the unmatched elegance of the Indian Saree. “We invite everyone to browse the exhibition on their phones or laptops and learn about the stories behind what you wear. “You might be surprised to find out that your Saree, jeans or the black dress in your wardrobe have a centuries-old story. What you wear is true culture and more often than not a piece of art,” Amit Sood, director of Google Arts and Culture, said. The online project includes collections from Chhatrapati Shivaji Maharaj Vastu Sangrahalaya (CSMVS) and varied weaves from across India, from Gharchola to Patola to Temple to Ikat sarees, as it traces the story and importance of Indian textiles from ancient sculptures, the company said. The world fashion exhibit also showcases designs from north-eastern India including the weaves of tribes such as the Nagas, Meitis and the traditional attire from Meghalaya called ‘Dhara’ or ‘Nara’ worn by the Khasi women. “The unique colourful and rich embroidery arts, applique and mirror work from different communities such as the Ahir, Rabari, Chaudhury Patel and many others from the western part of India have also been brought online by SEWA Hansiba Museum as part of this exhibit. “The exhibition by Salar Jung Museum brings alive the Sherwani and how it became the royal fashion of the Nizams from 19th century Hyderabad. Colonial Indian attires can be revisited with Dr Bhau Daji Lad Mumbai City Museum,” it said. Fashion and textiles enthusiasts can explore over 400 online exhibitions and stories sharing a total of 50,000 photos, videos and other documents on world fashion. Some of the highlights available online from ‘We wear culture’ project include icons, the movements, the game changers and the trendsetters like Alexander McQueen, Audrey Hepburn, Christian Dior, Yves Saint Laurent, Gianni Versace and many more.
Source: PTI, Financial Express
According to Angel Commodities, Cotton futures are expected trade down on reports of good sowing progress, steady physical demand, reports of higher stock levels and normal monsoon forecast may pressurize prices.
Angel Commodities' report on Cotton
Cotton futures on MCX continue to trade under pressure for the third consecutive session on Wednesday on reports good progress of cotton in north India. Moreover, forecast of normal monsoon too pressurize the prices. As per latest data from Agricultural Ministry, cotton is planted in 12.18 lakh hectares (l ha) as on 2 nd June, higher by 29.7% compared to last year acreage of 9.40 l ha for same period. Outlook Cotton futures are expected trade down on reports of good sowing progress, steady physical demand, reports of higher stock levels and normal monsoon forecast may pressurize prices. The exports in 2016/17 has not crossed 35 lakh bales which was earlier pegged about 50 lakh bales. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Source: moneycontrol.com
GST, Goods and Services Tax, Implement GST, avoid chaos, tax lawyer, implemented in phases, Arvind P Datar, corporate lawyer Datar said it is not known whether the GST server can take the load as a huge number of returns will be filed on a single day across the nation by various business entities. The Goods and Services Tax (GST) system should first be implemented in select industries and service sectors to test it before rolling it out on a full scale across the nation, a top tax lawyer said on Thursday. “It is not known whether the software has been tested. In order to avoid chaos, the GST regime should be implemented in phases. It should be first implemented for select industries and then expanded further,” Arvind P. Datar, a noted tax and corporate lawyer, told IANS. According to him, there should be an extensive trial run so that glitches could be sorted out. Datar said it is not known whether the GST server can take the load as a huge number of returns will be filed on a single day across the nation by various business entities. He said he has no issues with the GST if there is ‘one nation, one tax rate’ but adding up various rates and calling it GST is not actually GST. Terming the GST in the current form a terrible thing waiting to happen to the country, Datar said: “The world over GST is VAT (value-Added Tax). But in India GST is not real GST.” He said State GST law in various states may or may not be uniform. According to him, Article 246A of the Constitution permits states to levy taxes on goods and services, and hence there is nothing to prevent the states from levying additional GST. Citing the example of Singapore, Datar said, a flat seven per cent rate is charged on all products. Datar said uniform lower tax rate would actually widen the tax base as it will be a disincentive for evasion. On the other hand, a high rate will incentivise evasion. “Bill-less purchase of goods and availing of services will continue to happen under the proposed GST system,” he added. He said the proposed GST system will increase the number of returns that a businessman has to file from two to 49. A service provider, say a diagnostic centre, now has to file two service tax returns per year. But under the GST, he has to file three returns on the 10th, 15th and 20th of every month — that is 36 returns per year. In addition, the diagnostic centre has to file 12 tax deducted at source (TDS) returns and one annual return. From two returns per year, the service provider has to submit 49 returns — all online. The load on the system will be high as returns will have to be filed on the same day, Datar said. Further, the Rs 20 lakh threshold for GST will result in mushrooming out-business entities to avoid tax and our country is not suited for national GST, Datar argued. Datar said the existing system is good and the problem is in its implementation. According to him, several consultancy firms and professional organisations are gearing up to make money out of consulting on GST. He said the way the GST law has been drafted shows that the industry or the professionals like the lawyers were not consulted. Terming tax revenue a by-product of economic growth, Datar wondered how people could say that the implementation of GST would increase the gross domestic product (GDP) by two per cent. “The Indian tax system is highly complex and toxic. The tax administration is aggressive and unfriendly as it is target-based. There should not be target for tax collection,” Datar said. He reiterated that taxes are a by-product of economic growth. The tax laywer said that while many other central government departments have turned people-friendly, the taxation department, owing to its target-based functioning, has not changed to being people-friendly. Investors are bothered about the tax laws and how the provisions would be interpreted by the tax officials. “While our words are Make in India, our taxes say Quit India,” he remarked. The tax lawyer said the government indulges in the practice of amending the law if there is a judgement in favour of an assessee. “Seventy-seven per cent cases of the IT department are eventually held against the department. Most of the demands are raised knowing they are not sustainable. But the department raises the demand so that the assessee has to fight it out in the courts,” Datar said.
Source: Financial Express
It’s like a war zone at the headquarters of the Goods and Services Tax Network (GSTN), the information technology backbone of the new indirect tax regime to be rolled out on July 1. In his fourth floor office in Aerocity, the business district next to the international airport in New Delhi, GSTN Chief Executive Officer Prakash Kumar is clearly a man in demand. Small traders to India Inc majors, policy makers to consultants and lawyers, everyone wants a clear picture of the new tax system going live in a little over 20 days. The phones are ringing nonstop as team GSTN across Delhi, Mumbai, Bengaluru and other cities shuffle from one meeting to another. In an interaction with Business Standard on Thursday morning, in between all the meetings and the phone calls, Kumar said not 20 but 50 days were left for the system to take off. “The first lot of GST returns would be filed only in August, so we have that much more time.’’ However, from July 1, the invoicing mechanism has to be in place. The July date is firm, he said, rebutting the buzz that a September roll-out option was still being considered. What if things don’t go as planned? Was there any plan B or C? Kumar refused to be drawn into any conversation on this. “We will do what needs to be done.’’ Although GST Suvidha Providers (GSPs), who would be the go-between for the taxpayers, have recently raised concern that the GSTN was yet to release 30 to 40 per cent of the application programming interface (API), Kumar said he didn’t want to talk numbers. But he added that GSPs were just one channel in the ecosystem. The CEO argued the API took some time due to change in rules related to returns and transition. “If the rules change, they will have to be embedded in the software," he said. The GSTN has conducted a trial on 3,200 entities across the country so far and rectified the glitches. “We came across various glitches including compatibility with old servers," said Kumar. For instance, the offline tool for filing returns did not work on old machines. The excel sheet also showed an error due to input date format. “It took us some time to figure out why it was happening. We rectified that too," he said. The users also took a while to get used to the interactive portal. “Currently, when a return is filed, the processing is done later. But under this system, the validation is done then and there. The system will carry out checks for duplicate invoices during the same financial year and will show an error. That takes a few minutes. But now, we will provide a temporary reference number. The system will conduct checks and provide a final reference number," said Kumar. Replying to a question on the transition pain faced by small and medium businesses, the GSTN CEO argued that whether it’s value-added tax (VAT) or GST, the modality for paying taxes online would not change drastically. Analysts and industry watchers have pointed out that while big companies in India Inc have been able to get consultants and lawyers for a smooth transition to GST, small businesses don’t have the wherewithal. Replying to that, Kumar said, needs of big companies were more complex, as they dealt with other businesses across states and needed to settle issues related to reconciliation and return of goods. In comparison, small businesses were less complicated and that their chartered accountants could do the GST filing, he added. Officials in the finance ministry have said many small businesses may be wary of compliance, and therefore resisting the transition to the GST. What of the plea for a phased introduction of the GST, as traders’ body CAIT has called for? “That’s impossible," Kumar said. CAIT wants a pilot for 10 days before the GST is rolled out. Any international inspiration that he and his team have looked into? “India will have a unique model. There’s none in the world to look for inspiration,’’ said Kumar. Even as Prime Minister Narendra Modi hasn’t made a trip to the GSTN offices so far, he reviewed the preparedness recently. The GSPs are anxious over the lack of clarity on areas such as systems and documentation. “There are only 22 days left, so we hope to get some clarity on them," said Archis Gupta, CEO, Cleartax. On GSTN saying returns will be filed only from August 1, Gupta said, “That we acknowledge. But, we need clarity to start testing for more anaylsis, more stability, that’s all. We are more worried for customers. As the GSTN represents the government, if it is not ready, the deadline will have to be extended." It's another matter that GSTN is not looking at any extension at all, however stretched it may be. It's team of around 600 techies including at least 500 from Infosys is at work through day and night, preparing for a historic tax reform.
Source: Business Standard
The shift from HRD ministry to textiles was not a demotion for her. Textiles minister Smriti Z Irani speaks to Vasudha Venugopal and Nidhi Sharma in a rare interview on how her ministry is gearing up for Textiles India 2017 and why there would be an emotive outrage against Gandhis in Amethi and Rae Bareily. Excerpts:
How did this idea of a global trade event take shape?
The governance is about giving people an opportunity to engage with you on subjects that you are responsible for, believing in people’s capacity to deliver and allowing them that platform plus project their work. The industry also was in two minds as to whether the government can deliver an event of international standards. So the curtain raiser event satiated that desire and now the entire industry is ensuring that this becomes a standout event for India, which becomes a regular feature. 17 ministries are coming together for this event.
How would GST impact textile sector?
GST of 5% for under ₹ 1,000 worth garment is a big boost for the industry. Even for a little more expensive garment, the rate is under 12%. We did a comparative study. So let’s take synthetics. If you compile the central and the state taxes, it was 35% and now they are in the bracket of 18%. Are you working with the farmers? We had a very productive engagement with agriculture minister Radha Mohan Singh ji. We reached out to him on two issues – jute and cotton. We are looking forward to an MoU being signed especially to ensure that all the farmers who have some association with Cotton Corporation of India get soil health cards… We had undertaken a project where we wanted to give certified seeds to jute farmers
Source: Economic Times
There are four possible consequences of GST on various raw materials, fabric and garments. First, the 18 per cent service tax on job working activities such as knitting, cutting, weaving and packaging could hurt small textile units badly. Integrated textile units, which do the job working internally, will not be impacted. Second, GST of 18 per cent on manmade fibres will have considerable negative impact on manmade fibre manufacturing companies such as RSWM and Sutlej Textiles. Third, subsuming of countervailing duty in GST for garments and fabrics will result in intense competition from companies in Bangladesh and Sri Lanka. Fourth, the government will cap GST at 12 per cent on garments priced above Rs 1,000 and at 5 per cent on garment below Rs 1,000. Experts say companies that sell garments below Rs 1,000 will see cost savings of 2-3 per cent while those selling garments above Rs 1,000 may report a 2-3 per cent increase in costs.
Source: Economic Times
Chief economic adviser Arvind Subramanian said on Thursday that India now has a bigger role in ensuring that world markets remained open amid concerns over growing protectionism. He said India witnessed fastest growth during the period when exports were the highest. “I think, we in India have now a much bigger role in ensuring that world markets remain open... At the very least, any reversal of globalisation is something that we should be very anxious about because if we want 8-10% growth, I think we need open markets,” Subramanian said at an event organised by the Indian Council for Research on International Economic Relations. The biggest beneficiaries of the open market policy, or globalisation, has been middle-income countries and the continuation of this is in their interest, he said. Protectionism has gained currency after Donald Trump became the US President and the UK decided to exit the European Union. The Trump administration has indicated that it would take a relook at trade agreements with countries from where the US buys more than it sells, including China, Japan, South Korea and Germany. Subramanian said India could take more steps to attract foreign direct investment. "We have done a lot on FDI and other areas; I think we need to do more," he said.
CHEAP MONEY
Subramanian said he had a difference of opinion with former Reserve Bank of India governor Raghuram Rajan on ultra-loose monetary policy. “Have always had a difference of view on this with Raghu ... My view always was that: one, countries are going to take mone tary policy in their own interest; two, nobody has told India or Brazil to open up their capital accounts as they did ... Above all, I think, you open up capital accounts, expose yourself to capital flows, you live with it. You have to deal with the consequences,” he said. Rajan had urged the International Monetary Fund to play an active role in questioning the monestimulus policies of developed economies, which had negative implications for the emerging economies. As a consequence of the cheap money flooding global markets due to the stimulus, many countries were intervening in their currency markets, leading to pressure on others to act to safeguard their trade in stagnant markets.
Source: Economic Times
According to RBI data, the net issuance of CPs, as of May 15, stood at Rs 1.05 lakh crore, while data from Sebi showed that net corporate bond issuance during the quarter ended March stood at Rs 1.28 lakh crore. Growth in non-food credit fell to 5.86% year-on-year (y-o-y) during the fortnight ended May 26 from 6.39% in the previous fortnight and 9.65% in the corresponding period a year ago, according to data released by the Reserve Bank of India (RBI). Outstanding loans to companies and individuals dropped to Rs 75.33 lakh crore from Rs 75.71 lakh crore a fortnight ago. Total bank credit rose 5.08% y-o-y to Rs 75.93 lakh crore, as against a 5.57% growth in the previous fortnight and 9.39% in the year-ago period. Aggregate deposits with the banking system grew 10.9% y-o-y to Rs 105.51 lakh crore. This is lower than the May 12 figure of Rs 106.42 lakh crore. The credit-deposit (CD) ratio of the banking system rose 28 basis points (bps) from the fortnight ended May 12 to 71.97%. The credit growth has been subdued in recent quarters in an environment of muted private sector investment. In addition, increased levels of disintermediation have also hurt the demand for bank credit. Money raised by corporates through bonds and commercial papers (CPs) so far in 2017 added up to at least Rs 2.33 lakh crore, as against a net Rs 2.9 lakh crore disbursed by banks in non-food credit as of May 12. The numbers indicate the gap between borrowings from the money markets and those from banks narrowed nearly 80% over the corresponding period in 2016. According to RBI data, the net issuance of CPs, as of May 15, stood at Rs 1.05 lakh crore, while data from Sebi showed that net corporate bond issuance during the quarter ended March stood at Rs 1.28 lakh crore. Analysts expect retail loans to continue to support the credit growth as corporate demand remains subdued. In a note dated June 5, Kotak Institutional Equities wrote, “Trends in the corporate loan growth appear anaemic with little signs of capex cycle returning. There are positive green shoots in select sectors such as renewables and roads, but the quantum remains small enough to make an impact on the overall loan growth.” Banks themselves expect the growth to be driven by retail. “Looking ahead for FY18, we expect domestic loan growth to be around 15-16%, driven by 18-20% growth in the retail segment and about 15-20% growth in the SME segment,” ICICI Bank chief executive Chanda Kochhar told reporters after the bank’s Q4 results.
Source: Financial Express
Under India’s lead, the world market is likely to witness a marked increase in cotton production in 2017-18 with higher output anticipated in major origins such as China, US, Pakistan and Brazil. Weather across the northern hemisphere is expected to be reasonably benign or less threatening. Market prices in recent months have been producer-friendly, motivating growers to respond well with higher acreages and improved agronomic practices. Specifically, all indications point to a substantial expansion of planted area in India, arguably the world’s largest producer of the natural fibre and a significant stakeholder. Cotton growers here have already signalled their intention to plant more. Area coverage as of June 2 was 12.2 lakh hectares, sharply up from 9.4 lakh hectares this time last year. The aggregate area planted to cotton may well test 120 lakh hectares, going by the current pace. There is likely to be a shift of area from pulses and oilseeds to cotton. Growers of pulses such as tur/arhar or pigeon pea and oilseeds such as soybean are a disillusioned lot as their price expectations have been belied. Market rates have often stayed below the minimum support price and government procurement has been tardy and unequal to the task of supporting large harvests.
Bumper crop
Subject to normal weather and pest incidents remaining below minimum threshold levels, India can well expect to produce a bumper crop of cotton in 2017-18, possibly some 20 per cent higher than the 32.6 million bales (170 kg each) produced in 2016-17. In other words, the country must brace itself to handle a crop size of anything between 38 million and 40 million bales depending on the aggregate planted area and eventual yields. A surge in domestic production has the potential to depress domestic prices. There will be an abundance of raw material available for the domestic user industry and at consumer-friendly prices. But how about cotton growers? Their price expectations could be belied. This is something policymakers must guard against. The fate of oilseed and pulse growers in 2016-17 should send a stern warning signal for the government to ensure that it is not repeated in cotton in the upcoming harvest season. Indeed, the government must begin to gear itself for an accelerated procurement and price support operation. Because the world market is going to face a surfeit of supplies, export opportunities will turn limited and be subject to fierce competition. Whether China will continue to de-stock or begin to restock in 2017-18 is the multi-million dollar question.
Large domestic production and limited export opportunities will challenge the country’s cotton sector. A strong rupee will make export much less competitive in a situation of falling world prices. This can exacerbate the domestic price situation to the detriment of the growers’ interest. It is time for New Delhi to start thinking about effective ways to handle the emerging situation. Industry and trade bodies have to provide appropriate policy inputs to the government. Importantly, the user industry must rise to the occasion. In the past, through lobby pressure, cotton textile mills got away with favourable trade policies. Often, they would wait for arrivals to turn heavy so that they would be able to purchase at depressed rates. The upcoming season is the time for the mills to support cotton growers for a change. The writer is a global agribusiness and commodities market specialist. Views are personal
Source: Business Line
The BEPS strategy consists of 15 action points which pertain to several cross-border tax practices and domestic taxation, in addition to double taxation avoidance pacts India, along with 66 other countries, on Thursday adopted the OECD-anchored base erosion and profit shifting (BEPS) framework in Paris, which will help them crack down on abuse of bilateral tax treaties and treaty shopping. The BEPS strategy consists of 15 action points which pertain to several cross-border tax practices and domestic taxation, in addition to double taxation avoidance agreements. With finance minister Arun Jaitley signing the relevant multilateral convention (MLI), India’s tax treaties will be modified to curb revenue loss through treaty abuse, by ensuring that profits are taxed where substantive economic activities generating the profits are carried out and where value is created. In all, around 2,360 tax treaties could be modified under the BEPS agenda worldwide. The MLI has been signed at a time when several countries like India are autonomously including the relevant aspects into their tax laws with a view to formulating stronger anti-abuse provisions and bringing more transparency in exchange of information between countries. Several tax experts had pointed out that the principal purpose test (as in UK-India treaty) and limitation of benefit (LOB) clause in some 40 Indian bilateral treaties including the one with the US would address issues of treaty abuse. “Governments worldwide have been patient with cross-border aggressive tax planning till now, but by signing this unique MLI, corporates have been given the final call that their game of funnelling income to low-tax or no-tax jurisdiction is up. Though the implementation by each country would be subject of its reservations, the message is clear that treaty abuse shall not be acceptable and dispute resolution would become faster in the near future,” Rakesh Nangia, managing partner, Nangia & Co, said. Apart from conventional mechanisms for dispute resolution like the Authority of Advance Ruling and Settlement Commission, newer means like advance pricing agreements (APAs) and mutual agreement procedure (MAP) are being used to avoid/settle tax disputes. Under the mechanism of MAP, several tax disputes involving US-based and Japanese companies have been resolved amicably across the table, with the tax authorities of both countries participating. “One of the aspects being making available dispute-resolution mechanism for transfer pricing disputes, this signing should allow for resolution through BAPAs and MAPs with a number of countries, which was not possible earlier. This would aid in providing certainty and relief from double taxation to MNEs,” Kunj Vaidya, leader transfer pricing at Price Waterhouse & Co, said. The convention will operate to modify tax treaties between two or more parties to the convention, the government said in a statement. It added that the instrument will not function in the same way as an amending protocol to a single existing treaty, which would directly amend the text of the covered tax agreement. Instead, it will be applied alongside existing tax treaties, modifying their application in order to implement the BEPS measures. Experts said that after the signing of the convention, corporates as well as professional experts will have to ensure that the treaty provisions are not read on a standalone basis but with the corresponding provisions of MLI, along with related country options and reservations. Girish Vanvari, national head of tax, KPMG in India, said : “In the context of treaty abuse, India has chosen to supplement the provisions of the Principal Purposes Test with a simplified Limitation on Benefits test.”
Source: Financial Express
MUMBAI: The rupee appreciated by another 12 paise to end at three-week high of 64.21 against the US currency on Thursday on sustained dollar selling by exporters and banks. The domestic unit has risen by 22 paise against the dollar since Wednesday amid heightened global volatility. Expectations of robust capital inflows into equities and debt largely supported the rupee gains. Speculative traders also continued to shortsell the dollar amidst global volatility, a forex dealer said. The rupee resumed sharply lower at 64.40 against last close of 64.33 at the Interbank Foreign Exchange (Forex) Market on the back of initial dollar demand and lacklustre local equities. It remained under immense pressure and drifted further to hit low of 64.42. However, it witnessed a remarkable turnaround in late afternoon deals and scaled fresh intra-day high of 64.20 before settling at 64.21, showing a handsome gain of 12 paise, or 0.19 per cent. Foreign investors continued to put money in stocks even as the benchmark BSE Sensex dropped by over 52 points. FPIs invested Rs 90 crore on net basis in stocks today, as per provisional exchange data. The RBI, meanwhile, fixed the reference rate for the dollar at 64.35 and for the euro at 72.50. On the global front, the greenback edged higher against other major currencies. The dollar index, which tracks the US currency against a basket of six major rivals, was up 0.24 per cent at 96.89. In cross-currency trades, the rupee weakened against the pound sterling to finish at 83.11 from 83.06 per pound, but held virtually steady against the euro at 72.15. The domestic currency, however firmed up further against the Japanese yen to conclude at 58.31 per 100 yens from 58.78 yesterday. In forward market today, premium for dollar dropped on fresh receivings from exporters. The benchmark six-month premium payable in November weakened to 138-140 paise from its previous level of 141-143 paise and far forward May 2018 contract also slid to 284-286 paise from Wednesday's closing level of 289-291. The oil price slipped below $50 a barrel despite a pledge by the world's largest exporters to extend an existing output cut.
Source: Financial Express
Manipuri women are well-known for weaving dreams on fabrics. Weaving is a favourite hobby of almost all Manipuri women as they are apt in handling the loom. Just hold a piece of moiraingphee, leirum, lasingphee or phanek fabric; you will know what we are talking about. From intricate motifs to the quality of fabrics, Manipuri women create world class garments. Unfortunately, till date the women artisans of the state have not got their dues as they have hardly managed to turn their expertise in earning their livelihoods. However, things are changing fast. Now, the women of Manipur will not only create best of fabrics on their handlooms but will also earn handsome money out of it. Next time you visit a store of Fabindia, a popular brand that deals with handloom and handicraft products, don’t forget to admire and buy designer palazzos, shrugs and kurtis made out of Manipuri fabrics. The collaboration between the traditional Manipuri artisans and the brand has been made possible because of the intervention by several NGOs and government-run bodies under a special project. As a part of the initiative, the Control Arms Foundation of India and the Manipur Gun Survivors Network, two NGOs, collaborated with the Northeast Centre for Technology Application and Reach (NECTAR), a government agency under the Union ministry of science and technology, and the craft company Rangsutra, joined hands to sell Manipuri handloom products to Fabindia last year. In order to make the fabrics more trendy and fashionable, two Delhi-based designers provided training to the women weavers. Recently, Fabindia has bought textiles from weavers who work in remote parts of the northeastern state. According to a report, deal is worth Rs 14 lakh. “The order includes 1,000 kurtis, 500 palazzos and 350 shrugs. Women in Manipur have traditionally been associated with weaving but they need better training in design to cater to demand in stores like Fabindia. This order has come as a morale booster for the weavers as Fabindia is a popular brand and we hope the customers will also love the products. This will double the income of the weavers and we hope it will add brand value to the traditional textile products of Manipur,” the product manager of the project, Majai Ibungo said. He added another Goa-based textile company has also placed an order for the products. According to an estimate, around 33.7 per cent of the state’s households are associated with the handloom industry. In fact, the handloom industry comes second only to agriculture in terms of employment generation for women. Unfortunately, as the state has been ravaged by militancy for several decades, the weavers have failed to promote their products and turn handloom industry into a profitable business. Officials of the Control Arms Foundation of India said nearly 300 women become widows in Manipur every year and earning a livelihood is a challenge for them. “Lack of contact with domestic and international market space has kept the exquisite textiles limited to the state market only. As market space is limited, the profit margin remains restricted. Most products lack a national and international appeal. Hence, we decided to work upon a skills upgrade for the artisans, provision of cheap yarn and adequate market links,” said Binalakshmi Nepram, a rights activist who heads the two NGOs. The report stated that the NECTAR provided loans to acquire yarn and set up better looms, along with skills training for the women weavers. The foundation, in collaboration with Rangsutra, helps to market the final products in cities and putting them in touch with other buyers and retailers like Fabindia. “Such efforts will go a long way because when we economically empower women, we empower a community, a state and region and usher in peace and development in the Northeast,” Nepram said.
Source: The Northeast Today
The police seized 45 kg of spurious cotton seeds and arrested a farmer named T. Vishweswar Rao of Matedu village in Thorrur mandal on Thursday. On credible information, the police and agricultural officials raided the house of the farmer. He was selling cotton seed in loose gunny bags without any name of the company or batch number. He was selling the each bag at ₹ 1,200. He evaded answers when other farmers questioned him about the potentiality of the seeds. The seeds were being sold in Thorrur, Mahbubabad, Maripeda, Kuravi, Chinna Guduru and other mandals of the district. Some farmers approached the agriculture officials and filed a complaint. The Agriculture Department officials notified the police and after investigation, they raided the house of Vishweswar Rao the main accused behind this racket. Thorrur Sub Inspector Ramana Murthy said that initial investigation had revealed that Vishweswar Rao has procured these seeds from Andhra Pradesh. District Agriculture Officer Chatru Naik, ADA Gouse Haider, and AO Venkanna said they had seized 45 kg of fake seeds.
Source: The Hindu
Over 1,000 exhibitors from the country and abroad are scheduled to participate in the three-day long mega textile events, the largest in the world ,to be held at Gandhinagar in Gujarat from June 30to July 2 next. Trade Advisor to Union Textile Ministry Aditi Das Rout told newspersons here today that international exhibitors from the UK, the USA, Germany, Japan, China, South Korea, Turkey, Australia, ASEAN and BIMSTEC countries will exhibit their products in the three-day event being organized by the Union Textile Ministry. Ms Das Rout told newspersons here that while Assam and Andhra Pradesh would be the partners states, Maharashtra and Jharkhand would be the focus states. When asked why despite its rich repository of handloom and handicrafts Odisha did not find a place in the list of partner of focus states, she said the Union government has written to all states including Odisha to participate in the mega event as partner or focus state but there was no response from Odisha till today. Ms Das Rout said she would meet some people in the state government and would discuss about it. But she did not disclose the name of the person /minister/ or officer with whom she would meet. She said the mega event would be inaugurated by Prime Minister Narendra Modi on June 30 next and Finance Minister Arun Jaitley is scheduled to grace the valedictory function. The event christened as Textiles India 2017 will have 2500 international buyers from 60 countries and 15,000 domestic visitors daily. Spread over 125,000 Sq metres the exhibition will showcase the rich heritage and modern diversified products in Handlooms, Handicrafts, Jute, Silk, Cotton and Wool and man made fibre. She said the main objective of the exhibition is to connect and collaborate with global manufacturers, investors, buyers and to explore opportunities and strength of textiles and apparel manufacturing in the country for global investors. Ms Das Rout said the exhibition will have 24 round table conference, cultural programmes, fashion shows, state session, B2 TO B2G and G2 TO G round tables by Industry Associations, councils and institutions. The international conference would hold discussion on six themesIndia as a Global sourcing hub and investment destination, exploring growth potential of technical textiles, productivity and product diversification challenges for natural fibres, skilling requirements in high value chain in the textile sector, carving a niche market world over for Indian handcrafted goods and potential for growth of manmade fibre in India. Speakers from reputed institutions of the world would also speak on textiles and related issues in the seminar organized during the three-day event. She said India is the only country in the world which supply value chain from fiber to fashion. It exported textiles and apparel worth 40 billion US dollar in 2015-16 and figured in the second position in global textile exports.
Source: Web India 123
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1096.42 |
USD/Ton |
0.13% |
6/8/2017 |
|
VSF |
2178.12 |
USD/Ton |
0% |
6/8/2017 |
|
ASF |
2325.29 |
USD/Ton |
0% |
6/8/2017 |
|
Polyester POY |
1118.49 |
USD/Ton |
0.80% |
6/8/2017 |
|
Nylon FDY |
2604.91 |
USD/Ton |
0% |
6/8/2017 |
|
40D Spandex |
5224.54 |
USD/Ton |
0% |
6/8/2017 |
|
Polyester DTY |
1353.96 |
USD/Ton |
1.10% |
6/8/2017 |
|
Nylon POY |
2810.95 |
USD/Ton |
0% |
6/8/2017 |
|
Acrylic Top 3D |
5827.93 |
USD/Ton |
0% |
6/8/2017 |
|
Polyester FDY |
1353.96 |
USD/Ton |
0% |
6/8/2017 |
|
Nylon DTY |
2472.46 |
USD/Ton |
1.20% |
6/8/2017 |
|
Viscose Long Filament |
2501.89 |
USD/Ton |
0% |
6/8/2017 |
|
30S Spun Rayon Yarn |
2825.66 |
USD/Ton |
0% |
6/8/2017 |
|
32S Polyester Yarn |
1688.04 |
USD/Ton |
0% |
6/8/2017 |
|
45S T/C Yarn |
2707.93 |
USD/Ton |
0% |
6/8/2017 |
|
40S Rayon Yarn |
1839.63 |
USD/Ton |
0% |
6/8/2017 |
|
T/R Yarn 65/35 32S |
2281.14 |
USD/Ton |
0% |
6/8/2017 |
|
45S Polyester Yarn |
2987.55 |
USD/Ton |
0% |
6/8/2017 |
|
T/C Yarn 65/35 32S |
2325.29 |
USD/Ton |
0% |
6/8/2017 |
|
10S Denim Fabric |
1.37 |
USD/Meter |
0% |
6/8/2017 |
|
32S Twill Fabric |
0.86 |
USD/Meter |
0% |
6/8/2017 |
|
40S Combed Poplin |
1.19 |
USD/Meter |
0% |
6/8/2017 |
|
30S Rayon Fabric |
0.66 |
USD/Meter |
0% |
6/8/2017 |
|
45S T/C Fabric |
0.67 |
USD/Meter |
0% |
6/8/2017 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14717 USD dtd. 08/06/2017). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
ISLAMABAD : The government is committed to implement Prime Mnister's Rs 180 billions "Trade Enhancement Package" on priority basis which would help promote industrial growth, besides boosting country's exports. Ministry of Textile through implementation of the policy will provide incentives worth Rs 162 billion for the modernization and development of textile sector, a senior official of Ministry of Textile told APP here on Thursday. "Textile sector will get Rs 162 billion out of the Rs 180 billion "Trade Enhancement Package" announced by Prime Minister Muhammad Nawaz Sharif." The package is for a duration of 18 months starting from January 2017 to June 2018. The government had given relaxation on the import of textile machinery to enhance the capacity of the sector, he added. The official said that through this package cost of doing business would reduce which would lead to further boosting in the business activities. He said the Ministry had started a training programme for cotton growers to help them control pest and better manage crops. About 5,000 progressive farmers and workers of field extension sections of the provincial agriculture departments were initially trained to control pest and manage crops, he added.
Source: Business Recorder
The Ministry of Trade and Industry revealed that the country imported 3.3 million USD worth of fabrics in the first four months of 2017, up 6.75 percent from the same period last year, largely because Vietnamese-made fabrics are still below the standards of foreign markets.
– Vietnam’s textile-garment industry still relies heavily on imported materials, with domestic producers importing 86 percent of their fabrics, according to the Vietnam Textile and Apparel Association (VITAS). The fabrics were mostly originated from Asian countries, with China accounting for 52 percent of the imports. Once the EU-Vietnam Free Trade Agreement comes into force, the EU will eliminate tariffs on textile and garment products from Vietnam. However, the agreement will impose long transition phase of up to 7 years for textiles and garments as it is among products sensitive to EU producers. Furthermore, the strict rules-of-origin scheme will likely stop Vietnamese manufacturers from immediately benefiting from the deal. Vietnam will have to satisfy “double transformation” rules-of-origin in return for full-fledged tariff removal that requires weaving and sewing and all subsequent manufacturing stages to be carried out within Vietnam. The move aims to cut inputs from suppliers in countries outside of the agreement.-VNA
Source: Vietnam Plus
About a thousand workers from the Southland garment factory yesterday protested outside the Ministry of Labour to demand intervention from the authorities to force the company to reinstate 10 unionists suspended from work after a strike began earlier this week. The unionists were suspended on Wednesday after more than 1,500 workers from the Phnom Penh factory walked out after a disagreement about arranging time off to vote in Sunday’s commune election. Speaking at the ministry yesterday, worker Hun Sreyov said the 10 Collective Union Movement of Workers (CUMW) members who were suspended were not behind the decision to strike. “I came to the protest today because I want the 10 union reps to resume work as these unionists were not involved in the worker protest,” Sreyov said. Sreyov, 32, said workers had disagreed with a deal struck by the company and another union, the Cambodia Union Federation, to deduct three annual leave days in exchange for allowing workers to take off a day before and after Sunday’s vote in order to travel to their home communes. The workers’ proposal to work on a public holiday later this month, and to receive a half day’s pay for Monday, was rejected by the company. The factory, representatives of which could not be reached yesterday, on Wednesday sought and received an order from the Phnom Penh Municipal Court for employees to return to work within 48 hours, with the exception of the 10 suspended union representatives. Toun Saren, CUMW secretary general, urged the Labour Minister to intervene and resolve the problem.
Source: The Phnom Penh Post
'As this is the month of Ramadan, we have to work all the times. We are not given any additional payment for our extra hours of work' RMG workers in Keraniganj, the biggest market for manufacturing garment products for local use, are busy making clothes to meet the growing demands of customers from all over the country as the Eid-ul-Fitr nears. Apparel factories there meet 80% of demand of the country’s middle and low income people. Over 100,000 people are employed at around 7,500 factories and shops at the garment village located on the bank of Buriganga river on the outskirts of the capital. When visiting different markets and shops in Agarnagar and Kaliganj of Keraniganj on Tuesday, this correspondent found buyers from all districts flocking to the areas to purchase garments products. Speaking to the Dhaka Tribune, Abdul Aziz Sheikh, president of the Keraniganj Garment Traders and Shop Owners’ Association, said customers belonging to different classes, particularly the middle income one, visited there to buy clothes according to their choice at cheaper prices. “About 120,000 people are working at various factories. We would like to see the market turn into a famous business hub. And, it is not impossible if the government helps us modernise it, he said, adding that they did not support the package value added tax (VAT) of 15%. The traders’ leader demanded that the government be more business friendly and reduce the VAT rate. “I urged our local lawmaker [Nasrul Hamid, state minister for power, energy and mineral resources] to widen canals and set up more dustbins to keep the areas clean. But he has not paid any heed to our call yet,” he also said. Hasnat Ahmed Talib, a wholesaler, said: “We are selling well this year compared to the last year. As we are new traders here, we have to sell more on credit. “We sell products on a large scale in three seasons: Eid-ul Fitr, Eid-ul Azha and the winter. But, we could not sell as per our expectations during the last winter season as the year did not witness extreme cold as such.”
No wage rules for workers
A factory worker, Md Abul Hossain, said: “I can sew 50-80 pairs of pants a week, each at Tk30-80 depending on designs. Tania Begum, a worker of Aria Brand Garments, said: “I started working here at Tk4,500 in 2010. Now my wage is Tk8,500. “There are no rules and regulations for salaries or duties. As this is the month of Ramadan, we have to work all the times. We are not given any additional payment for our extra hours of work.”
Challenges facing traders
However, Shamim Hawlader, the owner of a factory, said: “Our businesses have been on the wane for the last two years… Assorted problems including gas crisis, power shortage, dirty water, and hike in house rents and prices of equipment are among the challenges we are facing. Some local buyers did not communicate with sellers and/or pay their money after purchasing clothes on credit, he alleged. Iqbal Hossain, joint secretary of Dhaka district unit Awami League, and Shipu Ahmed, a member of Keraniganj upazila unit Awami Jubo League, took boat terminals at Swarighat and Sadarghat on lease from Bangladesh Inland Water Transport Authority (BIWTA). Citing harassment by the leaseholders and local political leaders as another reason for the downturn in sales, Mojibur Rahman, the owner of Kader Garments, accused Iqbal and Shipu of harassing buyers while they carried products through the terminals. “On the other hand, the buyers are extorted and made to suffer. Sometimes they are physically assaulted if they fail to fulfill the leaseholders’ demands,” Mojibur alleged, adding that these all were responsible for preventing them from visiting the market. Hasan Ahmed, an employee of the leaseholders, denied the allegation, saying “We only collect tolls for using the terminals as per our employers’ instructions. And we do this in line with rules set by the BIWTA.
Source: Dhaka Tribune
Picking up the baton from March's Spring Edition, the 2017 Autumn Edition of Intertextile Shanghai Apparel Fabrics, the most influential industry trade event of the year, is on track to exceed last year’s sourcing options, with around 80 per cent of the available exhibition space already booked. The event will take place in China from October 11-13. This year the hall layout will make it easier to navigate around the fairground. All international exhibitors will be located on level 2 including in the International Halls (5.2 & 6.2), Beyond Denim (hall 7.2) and Accessories Vision (hall 4.2) – the latter two shared with domestic exhibitors. The International Halls will host overseas exhibitors covering a diverse selection of quality products from around the globe, and include various pavilions and product zones to streamline buyers’ sourcing experiences. International highlights of the fair include SalonEurope featuring Italy’s Milano Unica Pavilion, France Pavilion, Germany Pavilion and numerous exhibitors from Belgium, Switzerland, Turkey, the UK and elsewhere, which will gather an impressive range of premium European-made fabrics and accessories. Asian Pavilions from Hong Kong, India, Japan, Korea, Taiwan and Thailand will expand the sourcing options on offer. Industry leaders and organisations including DuPont, Hyosung, Invista, Korea Textile Trade Association (KTTA), Lenzing and Oeko-Tex will organise Group Pavilions to feature their worldwide partner mills and members. There will also be six product zones to accommodate current market demands. All About Sustainability, Functional Lab, Premium Wool Zone and Verve for Design in hall 6.2, Accessories Vision (hall 4.2) and Beyond Denim (hall 7.2) will gather the foremost suppliers from those product sectors. Meanwhile, apart from denim, accessories and one of the two ladieswear fabrics halls on level 2, all domestic exhibitors can be found on level 1, and will be categorised by product end-use such as casual wear, functional and sportswear, ladieswear, lingerie and swimwear, shirting as well as suiting. "The whole industry knows Intertextile as a fair where you can find everything you’re looking for given its size and product range, but look a little closer and it’s clear that the fair has become much more than that in recent years. It is also a hub for the latest fashion, particularly the trendy options available in the Japan Pavilion, the cutting-edge patterns in Verve for Design, as well as the new Chinese talents beginning to emerge, to name just a few. Being in the heart of Asia, the fair is also a focal point for fabric innovations, best evidenced in the Korea & Taiwan Pavilions, Functional Lab and Group Pavilions, as well as increasingly from Chinese exhibitors also," said Wendy Wen, senior general manager of Messe Frankfurt (HK) Ltd, the organiser of the fair. Intertextile's well-attended fringe programme is the ideal way to ensure exhibitors can stand out from their competitors, both before and during the fair. This comprehensive programme includes Intertextile Directions Trend Forum envisioned by top trend forecasters from France, Italy, Japan and the US, this popular forum will reveal the Autumn/Winter 2018-19 international trends through exhibitors’ products. Fabrics China Trend Forums will focus on the China market. Various forums will explain the upcoming trends in different consumer markets. Seminars & panel discussions will also be held by worldwide industry associations, leading experts from different fields and trendsetters, including many exhibitors themselves, to share and discuss the latest trends as well as the hottest industry topics. The event will be a valuable platform for exhibitors to present their latest products and innovations. Innotex-Space, which is a display zone, will be set up for innovative textile applications and technologies. China International Fabrics Design & Fabrics Creation Competition, one of the most authoritative competitions in the Chinese textile market, will be held to recognise the design talents and innovators in the local market.
Source: Fibre2fashion
H&M makes retail debut in Vietnam, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news. No further details have been released by the Swedish fast-fashion company, which has also previously announced plans to launch its first stores into Colombia, Iceland, Kazakhstan and Georgia yet this year. Founded in 1947, H&Ms business credo is to offer fashion and quality at the best price in a sustainable manner. Other brands in the Hennes & Mauritz group include & Other Stories, Cheap Monday, COS, Monki and Weekday, as well as H&M Home. The H&M Group has more than 4200 stores in 64 markets, including franchise markets.
Source: VOV.
Salora, a South American hosiery solutions provider, introduced TransDRY, a new yarn technology that could revolutionize the athletic sock industry worldwide. TransDRY better absorbs moisture in cotton athletic socks and makes them cooler to wear. This results in minimizing and eliminating both odor and foot fungi. Solara is the only producer creating socks with this exciting new cotton technology. TransDRY's patented moisture management system allows socks to better wick away moisture from the body and more efficiently spread perspiration. It delivers the softness of cotton with exceptional drying capabilities. TransDRY technology begins in the yarn, using a special process that makes the yarn water repellent. Then, by combining this water repellent yarn with more absorbent cotton yarn, cotton fabrics are created that mimic the qualities of absorbency of polyester and nylon, but with the softness and comfort of cotton. This results in athletic socks that dry up to two times as fast as untreated cotton. Even when exercising, these socks resist over-saturation. Any moisture that is absorbed into the fabric quickly dries. This makes TransDRY socks a more comfortable alternative to synthetic fabrics. Solara Hosiery is a hosiery mill based in Lima, Peru. It is devoted to the development and production of the highest quality socks as demanded by today's market. It is a one-stop shop offering solutions to your brand needs.
Source: Apparel Magazine
This year’s Texprocess, taking place in parallel with Techtextil, hosted 312 exhibitors from 35 countries, who presented their latest developments for processing textile and flexible materials to 13,718 visitors from 109 nations. With 14% more exhibitors and 2.9 growth on the visitor side, this was the biggest ever Texprocess, organisers report. “The innovative power of the textile-processing industry is impressive. At Texprocess, trade visitors can find high-performance machines and technologies for all stages of textile production, from computer-aided design to recycling. Here, trade visitors can discover how the increasing digitalisation level has boosted the degree of interaction between people and machines, and the level on which machines are linked to each other,” commented Detlef Braun, Member of the Executive Board of Messe Frankfurt.
Increase in numbers
The combination of Techtextil and Texprocess has proven beneficial on both the exhibitor and visitor sides. A total of 7,091 visitors from the concurrent Texprocess also attended Techtextil. At the same time, 11.399 Techtextil visitors went to see the range of products and services at Texprocess. For its part, the Leading International Trade Fair for Processing Textile and Flexible Materials attracted 312 exhibitors from 35 nations and 13,718 visitors from 109 countries. The increase in the number of visitors to Texprocess came primarily from Europe. After Germany, the best represented visitor nations were Italy, Romania, Portugal, Turkey and Poland. There were increases in visitor numbers especially from Russia, the Ukraine, India, South Africa, Pakistan, Sweden and Japan. On average, visitors spent longer at this year’s Texprocess than at the previous edition of the fair. In 2015, around 50% spent a day at the fair. This year, almost 65% of visitors remained in Frankfurt for two days or longer.
Driving force for innovation
The exhibitors at Texprocess represented all stages of the textile production chain, from IT-aided design, via cutting and joining technologies, to finishing, textile logistics and recycling, and were thus able to reach not only the garment-manufacturing industry but also the leather-goods industry, furniture manufacturers and the automobile sector. “Industry 4.0, digitalisation, digital printing and smart textiles are just some of the buzzwords currently driving the sector,” said Elgar Straub, Managing Director of VDMA Textile Care, Fabric and Leather Technologies, the conceptual partner of Texprocess. “All stages along the textile processing chain are IT-controlled.” The interest of trade visitors in computer-aided technologies for design, fit optimisation, pattern production, automatic cutting and labelling almost doubled in comparison to the last edition of the fair, from 14 to 26%. “We enlarged our stand team shortly before Texprocess began, simply to be able to cope with all the appointments made during the run-up to the fair. In addition, we welcomed numerous high-grade potential customers during the fair itself,” said Dr Andreas Seidl, Managing Partner of Human Solutions.
Design, CAD/CAM and cutting
For the first time, Texprocess concentrated the joining and cutting technology product groups, CMT (Cutting, Making, Trimming), CAD/CAM and printing in a single exhibition hall and the Techtextil exhibitors from this segment presented their technologies at Texprocess. These product groups were removed from the Techtextil nomenclature. With 49%, design, CAD/CAM and cutting ranked among the most popular product groups. The software packages of the CAD/CAM suppliers at Texprocess covered a broad spectrum of solutions from modular components to an all-embracing PLM solution with maintenance and repair by remote control and automated replacement and wearing-part ordering.
For example, Kuris Spezialmaschinen GmbH showed a new generation of high-ply cutters and a fully automatic labelling unit, as well as an up-dated single-ply cutter series for cutting textiles, foils, leather, plastics, prepegs, glass, carbon fibre and honeycomb materials.
Source: Innovations in Textiles
