State Government’s plans to develop the textile sector got a major boost with its prestigious project Kakatiya Mega Textile Park in Warangal Rural district getting environmental clearance. Work on the Integrated Textile Project proposed in 1,200 acres in the first phase has been going on for over a year. The Industry Department, which has acquired the land through the TS Industrial Infrastructure Corporation and ready with the Master Plan and Investment Plan for the project, has only been waiting for the crucial environmental clearance to roll out the project. With the EC secured, the Government will announce incentives for the textile sector in next 15 days to attract prominent players to set up their units in the Mega Park. “Textile sector is one of the 14 key sectors identified by the young State for industrial development. With TSipass, industrial policy and No.1 rank in Ease of Doing Business, the textile sector is all set to come into its own,” industry sources said. The Fibre to Fabric (end-to-end) facility, with ginning, spinning, weaving, processing and garmenting processes was conceived by the State Government when it realised that post bifurcation, majority of the processing units went to Andhra Pradesh. Telangana produced about 60 lakh bales of cotton a year but could only process 10 lakh bales due to shortage of processing units and had to send the rest of cotton to processing units in Andhra Pradesh, Tamil Nadu, and Gujarat. Another positive for the State was the cotton grown here was of superior quality than that of Gujarat. Several skilled workers from the State who had left 30 to 40 years ago to work in textile mills in Surat wanted to return to their own State if the Government set up a textile park. “It will bring in a lot of efficiency into the value chain if all the processes are integrated in one mega park instead of only ginning and spinning,”. Warangal, the nerve centre for cotton cultivation and spinning mills and well connected to National and State highways and proposed Outer Ring Road was identified as ideal place for the Mega Park,” sources said. A lot of work will happen on ground in the next two to three weeks. The Government will provide trunk infrastructure like roads, power, water connectivity, common effluent treatment plant in about six to nine months. Once the CETP to be set up in PPP mode and other infrastructure is in place, we expect leading textile mills to set up their anchor units. Many players already evinced interest. The units are expected to be up and start functioning within nine to 12 months,” sources added.
Source: The Hindu
NEW DELHI: GST rates will not be revised unless there is an anomaly or the rates are unjustified, CBEC Chairperson Vanaja Sarna said on Wednesday. Her comments came in the wake of textile traders' demand of lowering five per cent GST on textiles. "It is an issue that has snowballed but it is not something which cannot be settled... The issue is that textile sector is taxed for the first time. So anybody who comes into the net would feel the pinch," Sarna said at a CII event here. Yesterday, the traders in Surat called off their two- week-long strike against five per cent GST following the Centre's assurance to look into their demand of rollback. She further said: "Unless there is something not fully justified. ..unless there is an anomaly, I don't think there is a reason to look at any rates at the moment." The Central Board of Excise and Customs (CBEC) has received representations from textile traders and is looking into their demands, Sarna said. She said industry will have issues relating to GST rates, laws and rules and there is still time for industry to present its wish list as July one was not the end date. But, it would not be possible to meet the demand for GST rate reduction unless there is an anomaly, or there is a need for correction, or something has been left out.
Source: Time of India
A country rarely praised for its efficient bureaucracy, India has managed its biggest administrative reform in years pretty well. Its new goods and services tax, replacing 40 other taxes and levies, came into force earlier this month without undue disruption. This policy deserves to be a great success -- but to make the most of it, the government still has work to do. Prime Minister Narendra Modi's previous big idea -- declaring 86 percent of India's banknotes void overnight -- took the public by surprise and caused the economy to seize up. Employers couldn't pay wages and workers couldn't buy even basic staples. The full cost of the disruption is still being calculated. After that, fears about the GST roll-out ran high. Too high, as it turned out. It helped that the plan was not a shock: Successive administrations had debated the idea for years. The government also adjusted the rules to appease various constituencies, and gave businesses a two-month cushion to comply. Partly for that reason, though, the project is far from finished. In excluding certain goods from the scheme, the central government has given state governments discretion to raise taxes on them at any time. Some states have already tried to impose taxes and fees on products already taxed under GST, including automobiles and movie tickets. The infamous customs posts where truck drivers had to halt and fill out paperwork before crossing a state line have begun to come down but local officials can still clog the roads by demanding inspections or fees. The new tax is also giving rise to new kinds of regulation. An "anti-profiteering" clause threatens companies with fines or closure if they don't pass GST-related savings on to consumers. India's Aspirations. All this undermines the whole purpose of GST -- to simplify a complex and fractured system. The design of the tax itself makes things worse. Long negotiations have produced a convoluted structure. Goods are divided into four or five different tax brackets (some are subject to additional "sin" charges as well), in ways that don't always make sense. Hotel rooms are charged at different rates depending on how expensive they are; food at restaurants with air-conditioning is taxed at a higher rate than at those without. This will encourage companies to game the system and agitate for shifting their goods into lower brackets. To head this off, the government should keep working on simplifying the system -- narrowing exemptions as far as possible and reducing the number of tax brackets to one or two. Officials say that this is their eventual goal, but too much delay could be fatal. The longer tax preferences are in place, the harder they'll be to dislodge. Companies will fight to keep their products in lower brackets, and tax officials will resist efforts to curtail their powers.
Source: The Economic Times
Finance Minister Arun Jaitley today described the Goods and Services Tax (GST) as a “win-win” deal for all as it will expand the tax net, end “inspector raj” and bring down prices of goods. Pitching the GST as a measure beneficial for the country at a meeting of the BJP parliamentary party attended by Prime Minister Narendra Modi, senior leaders and party MPs, Jaitley said prices of goods has come down between four to eight per cent since its roll-out on July 1. Parliamentary Affairs Minister Ananth Kumar briefed reporters about the meeting in which External Affairs Minister Sushma Swaraj also informed parliamentarians about Modi’s recent foreign visits, especially to the US and Israel. The GST was in the interest of people and states as well as the latter will get 80 per cent of the revenue leading to more development, Jaitley said. There was no longer tax on tax and the transport of goods across the country was goin g unhindered now, he said. More than one crore firms will be migrating to the new tax regime against around 80 lakh companies earlier, he said, Kumar quoted him as saying. “Tax net has expanded. The country’s market has been integrated. Inspector raj is over. The tax burden on the masses has gone down. It is a win-win situation for all,” the finance minister said. BJP MPs were also asked to attend the Houses regularly.
Source: Business Line
Despite the month-long strike being called off, the otherwise bustling 50,000-crore textile industry of Surat is yet to return to normalcy, with workers and traders found idling their time away. Even as the Rs 50,000-crore textile industry in the diamond city of Surat limps back to life after a month-long stir against the goods and services tax (GST), Union Finance Minister Arun Jaitley’s comments have not gone down well with traders and weavers alike. Claiming that the central government, through the Ministry of Finance, has done a volte-face, textile traders and weavers maintained the government would have to adhere to their demands, else they would “reply through votes" if things don’t turn around at the GST Council meeting on August 5. “If the government has the right to tax, we have the right to vote. If our demands are not met, we will see inspector raj returning to the textile industry," said Gurumukh Kungwani, president of Millennium Market Traders Association, one of the leading textile traders’ body in Surat. On Tuesday, Jaitley had ruled out zero GST rates on fabrics, which currently attract five per cent, citing the move would break the input tax credit chain for the domestic industry. “It is not correct to say the textiles sector was never taxed in independent India. In fact, during 2003-04, the textiles sector was subject to central excise duty," Jaitley had said, in a written reply to a question in the Rajya Sabha. From politicisation of their predicament to discrimination, traders and weavers have cited multiple reasons for Jaitley’s comments. “It is disheartening to see the finance minister doing a volte-face despite assuring us positive support. This seems to be a political ploy. We will not budge and, if forced, we may go on strike again. However, we will wait until the August 5 (GST Council) meeting," said Tarachand Kasat, president of the GST Sangharsh Samiti, which is spearheading Surat’s textiles traders’ demand of repealing the five per cent GST on fabrics. “We don’t mind an additional rate at the fibre or yarn levels. But taxation at multiple levels of processing, dyeing, fabric as well as trading, will kill the smaller players in the industry," said Kungwani. There are different processors doing different processes and hence, compliance and accounting become onerous. Through the GST Sangharsh Samiti, which was initiated by Hitesh Sanklecha, a textile trader, the community has demanded removal of five per cent tariff on trading, which the government insists will remain. The traders are also demanding an 18-month vacation, with the deferment of GST implementation to April 2019. However, so far, the government, which had several meetings with the textile industry at varied levels, is implacable. On a wait-and-watch mode till August 5, only 3,000 of the overall 75,000-odd textile traders are yet to register on the GST Network in the hope of a positive outcome. The ‘indefinite’ strike, which began on June 16 ended on July 18, incurring a loss of Rs 5,000 crore in the interim and rendering countless jobless. Terming Jaitley’s comments as “discriminatory", Ashish Gujarati, president of Pandesara Weavers’ Association, said the government was worried only about big industrialists to the detriment of the smaller players. “The finance minister should take stock of the ground situation. The Centre should take a holistic look at the value chain of the textile industry, including spinners, weavers, traders and composite mills, and come up with a plausible solution," said Gujarati.
Source: Business Standard
The taxpayer base seems to have expanded significantly under the Goods and Services Tax (GST) and the GST Network expects the total registrations for the new tax to touch at least 90 lakh in the coming months. “We will cross 80 lakh within the next two-three days. We don’t know how many taxpayers will come in, but at least another 10 lakh are likely,” said Navin Kumar, Chairman, GSTN, adding that the system is ready for more registrations. The government had initially projected a total of 70-80 lakh taxpayers to migrate and enrol for the new levy. “Our expectation based on a study we had got done was that the taxpayer base will expand by five per cent annually, meaning 4 lakh new registrations every year,” he told BusinessLine. Kumar said the total registrations have already touched 78 lakh. Since the registration window was re-opened last month, total enrolments have averaged between 10,000 and 15,000 every day while another 40,000 existing taxpayers have migrated daily. The GSTN expects that at least another 800 taxpayers will be registered as suppliers for e-commerce firms, once the window opens next week. Expressing satisfaction over the surge in taxpayers under GST, Finance Minister Arun Jaitley had said earlier this week that the estimate of 80 lakh will be breached. The government has been confident that this will also yield more revenue but has not made any projection for GST collections till now. Experts point out that the expansion of the taxpayer base is partly because GST now covers almost all goods and services with few exemptions. Further, with provisions to maintain the input tax credit and compliance rating of sellers, it also encourages more compliance. The number of taxpayers is likely to rise even further. “We expect that eventually at least 2 crore businesses will be registered under GST,” said Sudhir Singh, Managing Director, Marg ERP. According to experts, over the past few days, many businesses that were not paying taxes previously have realised the benefits of enrolling for GST. If an item is taxable, there is little scope for the seller to remain outside the GST net, they point out.
More services on GSTN
Meanwhile, the GSTN is also set to launch the invoice uploading facility later this month, Kumar said adding that businesses will be encouraged to do real time or atleast regular upload of invoices on the portal. The GSTN will also make services for amending registrations, registration by non-resident foreign taxpayers and registration of casual taxpayer available by next week.
Source: Business Line
Three weeks after the implementation of the Goods and Services Tax (GST) regime, exporters are still struggling to get their consignments shipped as customs officials are yet not clear on how to interpret the new rules. Exporters have complained to the Vanaja N Sarna, Chairperson, Central Board of Excise and Customs (CBEC), of the harassment they have been facing and are hoping for a solution soon. “Consignments are getting stuck as officials are interpreting the custom notification on accepting existing bonds and undertakings from exporters any way they want. They are getting away with it as the Board has not prescribed a timeline under which it has to be accepted,” said Ajay Sahai, DG, FIEO. Officials are getting away with the delays as the CBEC has not prescribed a timeline under which LUTs and bonds have to be accepted.
Pillar to post
“At times officials say that the papers would be accepted by the Assistant Commissioner. At other times they say that they will send it to the Commissioner. The Assistant Commissioner is in one part of the city while the Commissioner is in another. And they may take two days to just transfer the documents,” Sahai added. Moreover, a number of documents being demanded from exporters are not even mentioned in the notification. “FIEO has complained to the Chairman of CBEC and also the Secretary. If this is happening in Delhi, you can imagine what is happening in tier-2, tier-3 cities,” he added. A major concern now is that exports for the month could get impacted due to the long delays in getting consignments cleared after the rollout of GST. “The prevailing confusion could slow down exports for the month,” said an official source. Sources said that imports by export oriented units were also getting impacted and the CBEC has now issued fresh clarifications allowing them to use the same continuity bond under GST. It has also allowed them to use a procurement certificate for import of goods till the end of the month. It has also said that the inter unit transfer would be on the invoice on payment of applicable GST taxes. “Such a transfer would be without payment of custom duty,” said the new CBEC circular. Official sources said that all steps are being taken to ensure that exports do not face any delay and customs officials are being briefed about the provisions.To prevent the pile up of export consignments, the CBEC had earlier also relaxed provisions allowing exports to continue under existing bonds and letters of undertaking till July 31. It had also said that exporters can now submit bonds or LUTs in the revised format for GST by the end of the month.
Source: Business Line
Before the government made the excise duty on fabric optional in 2003-04, the textile hub of Surat — where traders temporarily called off a two-week-long strike on Tuesday against the goods and services tax (GST) regime — was a deadly place for taxmen to venture into. One horror story has it that an overzealous excise inspector once landed up at a textile unit there to enquire about the duty the proprietor was paying, narrates a textile industry veteran who has been a frequent visitor to Surat for business activities. “The hapless fellow was grabbed by four people and thrown into a boiler in no time for his audacity,” he told FE. For decades, Surat has come to be known as a place for cheap saris, thanks to the opaque system where hardly any trader pays any indirect tax on fabric in accordance with the rule books. “It’s the fear of the formalisation of business where every transaction can be tracked for tax purposes under the GST regime that bothers these traders,” he said. Their demand for the removal of a 5% GST on fabric or at least an 18-month moratorium on GST for them is nothing but a sham, he added. FE spoke to senior executives of half a dozen textile and garment companies who reiterated this view. It’s not just Surat, which accounts for roughly 40% of the country’s synthetic fibre output, such traders in other places like Indore and Bhiwandi (Maharashtra) are also tacitly supporting this agitation and closely watching the government’s moves, they added. They spoke on condition of anonymity as they all have business dealings with fabric traders in such cities. “If the government stands firm, this protest will fizzle out ultimately. But if it budges, it will encourage similar elements in other industries as well,” one of them said. Currently, the duty incidence goes like this: There is an 18% GST on man-made fibre-filament/yarn, in place of the earlier VAT and excise duties. When the weaver sells the bale to the trader, the trader will have to pay 5% GST. As the textile trader sends the product for dyeing and printing, he will pay processing charges, with a 5% GST. After the cloth is dyed and returned to the trader, he sells it to the wholesaler with a 5% GST. Thereafter, the wholesaler adds his own profit margin and sells to the retailer with a 5% GST. The catch is that everybody in chain gets input tax credit against the taxes paid in the previous stage, so there is not really much of a burden on the trader as well due to the 5% GST on fabrics, as it is touted to be. For its part, the government on Wednesday ruled out any change in tax rate unless there is an anomaly or the rates are unjustified. Central Board of Excise and Customs chairperson Vanaja Sarna said: “It (protest in Surat) is an issue that has snowballed but it is not something which cannot be settled… The issue is that textile sector is taxed for the first time. So anybody who comes into the net would feel the pinch.” Speaking in the Rajya Sabha on Tuesday, finance minister Arun Jaitley said zero GST on fabrics “will break the input tax credit chain and then the garments/made-ups manufacturers will not be able to get the credit of tax on previous stages”. Also, zero GST on fabrics will result in zero rating of imported fabrics, while domestic fabrics will continue to bear the burden of input taxes. While the traders in Surat have called off the strike that is expected to have caused a potential loss of Rs 5,000 crore, they have warned of further stir if the government doesn’t come up with a solution in their favour in the next GST Council meeting on August 5. Although the city sells a lot of such cheap, unbranded stuff, it also boasts of some good brands, including Prafful, Parag and Rachna, as well. Nevertheless, the unorganised segment still accounts for the bulk of the business.
Source: Financial Express
Advancing its gains for the third straight day, the rupee today rose by 5 paise to end at a near six-week high of 64.28 against the US dollar on steady selling of the American currency by banks and exporters. This is the highest close for the rupee since June 9 when it had settled at 64.24 against the US dollar. Smooth supply of dollars on the back of abundant capital inflows into equities and debts predominantly weighed on trading sentiment. Besides, a spectacular rebound in domestic equities supported the rupee rise. At the Interbank Foreign Exchange (forex) market, the rupee opened virtually steady at 64.33 in a cautious and lacklustre trade. The domestic currency quickly slipped into the negative zone and hit a low of 64.35. After trading in a narrow range with a negative bias most part of the day, it recouped losses towards the fag-end trade and managed to settle at the highest level of 64.28, showing a smart gain of 5 paise, or 0.06 per cent. The RBI, meanwhile, fixed the reference rate for the dollar at 64.3211 and the euro at 74.2265. The local unit has appreciated by a good 17 paise in the last three days. Domestic financial markets staged a splendid comeback after a massive overnight rout following frantic low-level buying in beaten down counters even as healthcare and FMCG stocks supported the recovery momentum on the back of better-than-expected corporate earnings so far. However, the US dollar remained under pressure against Asian and emerging market currencies amid collapse of the healthcare bill. In cross-currency trades, the rupee fell back against the pound sterling to end at 83.76 from 83.73 per pound but recovered against the euro to finish at 74.05 from 74.29 earlier. It also rebounded against the Japanese yen to close at 57.37 per 100 yens from 57.38 yesterday. On the global front, the dollar traded near its multi- month lows against a currency basket in the wake of a steep sell-off sparked by fears that US President Donald Trump is having difficulties implementing his policy agenda. The dollar index, which measures the greenback against a basket of currencies, was higher at 94.60 during Asia trade. The euro pulled back from its highest level since May 2016 against the US dollar on Wednesday as traders attention turned to Thursday's ECB policy meet outcome. In forward market today, premium for dollar continued to trade little changed owing to lack of market moving factors. The benchmark six-month premium payable in December edged lower to 132.5-134.5 paise from 134-135 paise and the far forward June 2018 contract also softened to 281-283 paise from 282-283 paise. On the international commodity front, crude prices rose on Wednesday, supported by strong demand for gasoline, but rising output from OPEC producers revived concerns about a persistent overhang of excess crude.
Source: Business Standard
The government is expanding the scope of entrepreneurship in the country with the scrapping of 1,200 laws and procedures for smooth registration of startups and MSMEs, said CEO of Niti Aayog, Amitabh Kant. The initiative by the government is a boost for the budding entrepreneurs who are exploring opportunities to turn their innovative ideas into reality. Several efforts have been made in the past to deconstruct the laws and paperwork associated with startups, Kant told reporters at the Entrepreneur India 2017 conference. This is for the first time that over 1000 laws have been nixed. With the abolishment of these laws, it takes a day for registration of a company and nearly 5 minutes for MSMEs, said Kant adding that such measures by the government will make India a feasible destination for startups. In order to support the entrepreneurs economically, a fund of funds has also been created by the government. "Once venture funds support startups, the ecosystem of startups will grow and flourish," he said.
Source: Fibre2fashion
Citizen groups have voiced concern at the possible outcome of the ongoing country negotiations on the proposed Regional Comprehensive Economic Partnership (RCEP). The 19th round of talks began on Tuesday in Hyderabad. RCEP is a proposed free trade agreement (FTA) between the 10 Asean countries and six others with which this bloc has FTAs — Australia, China, India, Japan, South Korea and New Zealand. The current round is expected to see members finalising the broad contours of an agreement. However, most chapters on goods trade are yet to see full discussion, a senior government official recently said. Possibly steep cuts in agricultural tariffs and in investment rules norms that increase the chance of legal action by foreign entities concern citizen groups. “That will mean giving away market access to nations like Australia, Japan and New Zealand which are major producers of dairy, meat and seafood,” said Ranjana Sengupta from Third World Network, an advocacy group. Also, their high levels of product standards will effectively nullify the chances of Indian exports making it to there, she added. She had said India was willing to offer reductions on 80 per cent of all tariff lines, with up to 6 per cent deviation on either side. New Zealand and Australia want the opening of up to 92 per cent of all goods. These two are among the largest provider of farm subsidies, with a robust and export-oriented agricultural sector.
Source: Business Standard
US export, Indian policies, Indian export policies, indian economy, us economy, india news, india latest news The committee directed US Trade Representatives (USTR) to continue to pursue free trade agreements with additional countries and trading blocs to continue advancing trade to and from the United States. Several policies adopted by India to boost its economy, manufacturing in particular, discriminate against US exports and investment, an influential Congressional committee has said. “India, while striving to improve its economic growth, has been enacting a series of policies to increase domestic manufacturing and protect domestic industries and agricultural production that discriminate against US exports and investment,” the House Appropriations Committee said in its report accompanying the annual Appropriations Bill 2018. The report was prepared by the Commerce, Justice, Science, and Related Agencies Appropriations Subcommittee that has jurisdiction over a diverse group of agencies responsible for combating gangs, violent crime, drug trafficking, financial fraud, terrorism, espionage, and cybercrime; enforcing trade laws; conducting periodic censuses; forecasting the weather; managing fisheries; exploring space; and advancing science. Noting the importance of US-India bilateral trade and investment, the Appropriations Committee, in its report to the committee on Monday expressed concerned about the standards of intellectual property protection and forced localisation measures. The powerful committee also expressed its concern over the “alleged unfair treatment by India of US exports of American-produced boric acid, the illegal rebranding and smuggling of US-grown almonds into India, and a whole host of other market access issues.” “The committee understands the Trade Representative has raised these unfair barriers to trade multiple times with the Indian government and supports the efforts of USTR to resolve these issues,” the report said. The committee directed US Trade Representatives (USTR) to continue to pursue free trade agreements with additional countries and trading blocs to continue advancing trade to and from the United States. The committee expected that the USTR will coordinate and implement a comprehensive and vigorous strategy to address the United States’ trade imbalance with China. Within the amounts provided, the USTR is encouraged to maintain staff who can translate trade documents that USTR receives from China. The Committee believes that USTR should have its own translators on staff given the challenges associated with enforcing existing US trade laws with China, it said.
Source: Financial Express
As officials from the 16-member countries of the ambitious Regional Comprehensive Economic Partnership (RCEP) gather in Hyderabad to prepare for the negotiating round next week, researchers and academics have come together to express concern over its likely impact on areas like agriculture, services, access to medicines, investment and e-commerce. “Since the RCEP mandate talks about narrowing the development gap, one initially thought that due to the strong presence of Asia one may see a different dynamic in this pact. But as the negotiations progressed, the safety nets to protect the poor and vulnerable developed holes and now we have a typical iniquitous free trade agreement focussing on market access for the big guys with already enormous global presence,” pointed out Biswajit Dhar, Professor, Jawaharlal Nehru University, at a press conference on ‘RCEP Round in Hyderabad and its implications for India’, organised by the Third World Network. Concerns are being raised on the pressure on India to agree to zero duties on more than 90 per cent of its traded items which would force it to eliminate duties on a large number of sensitive agricultural and industrial items. Most of the 16 members — which include the 10-member ASEAN, China, India, Japan, South Korea, New Zealand and Australia — are ready to go along with the ambitious market access commitments, which puts New Delhi in a vulnerable position.
Small peasants
Small family farms and those who depend on peasant agriculture could find their space further limited by RCEP, said Ranja Sengupta of the Third World Network. “India has already witnessed the adverse impact of the ASEAN FTA on its plantation sector even with relatively modest duty reduction. That impact will increase multi-fold as India faces demands to eliminate duties on 92 per cent of its goods. Add to that the fact that farmers will now face imports from the world's third highest subsidiser Japan, and stiff competition from meat and dairy products from Australia and New Zealand.”
e-comm provisions
Moreover, provisions on e-commerce and investments pushed by most RCEP members go against India’s domestic regulations and requirements, the researchers warn. “India should not fear being isolated at the RCEP. If it comes under pressure and agrees to provisions on e-commerce and investments that it has been resisting, it will not be able to say no to them at the World Trade Organisation too,” pointed out Jane Kelsey, Professor, Faculty of Law, The University of Auckland, New Zealand. The RCEP, once created, would be one of the largest free trade bloc (including goods, services and investment) in the world with 45 per cent of the world population and over $21 trillion of gross domestic product. The Hyderabad negotiating round will be followed by a meeting of trade ministers in the Philippines next month where members, including India, may have to take a final position on all sectors being negotiated.
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Source: Business Line
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 47.74 per barrel (bbl) on 19.07.2017. This was higher than the price of US$ 47.36 per bbl on previous publishing day of 18.07.2017. In rupee terms, the price of Indian Basket increased to Rs. 3070.82 per bbl on 19.07.2017 as compared to Rs. 3046.92 per bbl on 18.07.2017. Rupee closed stronger at Rs. 64.32 per US$ on 19.07.2017 as compared to Rs. 64.33 per US$ on 18.07.2017. The table below gives details in this regard:
|
Particulars |
Unit |
Price on July 19, 2017 Previous trading day i.e. 18.07.2017) |
|
Crude Oil (Indian Basket) |
($/bbl) |
47.74 (47.36) |
|
(Rs/bbl) |
3070.82 (3046.92) |
|
|
Exchange Rate |
(Rs/$) |
64.32 (64.33) |
Source : PIB
Asian Development Bank,ADB report, India growth, global economic growth of india, Yasuyuki Sawada, global recovery “India, the sub-region’s largest economy, is expected to achieve previous growth projections of 7.4 per cent in 2017 and 7.6 per cent in 2018, primarily from strong consumption,” the supplement of Asian Development Bank (ADB) Outlook 2017 said. India is expected to achieve the projected growth rate of 7.4 per cent in 2017 and further up 7.6 per cent next year on strong consumption demand, with South Asia leading the growth chart in Asia and the Pacific, an ADB supplement report said today. “India, the sub-region’s largest economy, is expected to achieve previous growth projections of 7.4 per cent in 2017 and 7.6 per cent in 2018, primarily from strong consumption,” the supplement of Asian Development Bank (ADB) Outlook 2017 said. According to the report, South Asia will be the fastest growing of all sub-regions in Asia and the Pacific, with growth on track to meet original projections of 7 per cent in 2017 and 7.2 per cent in 2018. The growth prospects in developing Asia for 2017 have improved on the back of stronger than expected export demand in the first quarter of this year, it said. In the supplement, ADB has upgraded its growth outlook in the Asian region to 5.9 per cent in 2017 from 5.7 per cent and to 5.8 per cent for 2018 from 5.7 per cent. The smaller uptick for the next year reflects a cautious view on this sustainability of this export push, it added. “Developing Asia is off to a good start this year with improved exports pushing growth prospects for the rest of 2017,” said Yasuyuki Sawada, ADB’s Chief Economist. “Despite lingering uncertainties surrounding the strength of the global recovery, we feel that the region’s economies are well placed to face potential shocks to the outlook,” Sawada said.
Source: Financial Express
The handloom industry of India resonates with our country’s rich and diverse culture. As we know, this industry has the highest employment rate after agriculture andalso it accounts for 4 per cent of the GDP, 14 per cent of industrial production and 17 per cent of the country’s total export earnings. This makes the handmade textile industry one of the most important industries for our economy. Not only this, this sector also showcases our country’s impeccable skill, ingenuity and expertise to the world. More so, handlooms have a low carbon footprint, or none, as they consume less infrastructure, technology and power. These are all well-known facts. However, what is less talked about is the importance of sustainability of handlooms in the ever-growing fashion industry of India. Owing to the intensifying pressure for companies to become more sustainable, designers in the fashion industry, by and large, have started giving importance to the handloom sector of our country. The handloom products play a major role in the world of fabrics. Around 45 lakh people are directly or indirectly engaged in this sector. Even in the recently held Textiles India 2017 Summit, which was inaugurated by Prime Mnister Narendra Modi in Gandhinagar, Gujarat, a lot of pertinent issues related to India’s handloom sector were discussed along with several facets of the textiles industry at large. This one-of-a kind mega exhibition showcased India’s strength in the entire gamut of textile and apparel value chain, from fibre to fashion. The exhibition aimed to strengthen the textile value chain in India and offered a perfect environment for B2B engagements to explore new partnerships, business relationships, investment opportunities and technological tie-ups across various segments. Prime Minister Modi highlighted the growing demand for products with zero carbon footprints, during the summit. He said efforts should be made to promote handloom and organic products, and further explore the niche markets that demand such products. He stressed that additional research should be made to develop fabric from other natural sources too as this will establish India as valued partner for countries seeking growth and investment opportunities in the textile sector. Likewise, concurring with the Prime Minister’s point of view, some of the experts in the fashion industry also reiterated that the traditional techniques have an amazingly low carbon footprint which is much more sustainable in the long run than the use of technology.
Experts' take
Experts and most of the eminent fashion designers, who attended fashion shows at the Textiles India 2017 summit, were of the view that sustainability is the way to take fashion forward. They consensually agreed to the fact that some of the dying heirloom techniques and the vibrant handloom sector of our country need immense support from the fashion industry to sustain. The fashion shows were fully supported by stalwarts from the fashion industry, including designers like Anita Dongre, Manish Malhotra, Ritu Kumar and Tarun Tahiliani among others. The show presented a compelling story of the textiles of India, focusing on innovations in craft and design. It was the largest curated presentation of Indian textiles on the runway that unfolded the story of growth and development of the Indian textiles sector and its transformation to become a global power. Inspired by the seven key notes of music that form the Sargam, a fundamental base for any tradition of music, the show celebrated textiles of our country and showcased the entire spectrum through seven key segments covering Cottons, Silks,Wools, Embroidery, Hand-Dyed and Hand printed, Modern/Industrial and Futuristic Sustainable textiles of India. Leading Indian designers joined hands with master-craftsmen to showcase their work in heritage handlooms, handicrafts as well as modern and futuristic textiles. The textile panaroma spanned across regions and states of the Gujarat, North-East India, Maharashtra, Jharkhand, Karnataka, Andhra Pradesh, Telangana and Assam. The fashion show featured designs from a combination of 31 established and emerging designers and master craftsmen and weavers from across different textile traditions, languages and states of India. One of the distinguished fashion designers of India, Manish Malhotra, said, “I don’t think the potential of the handloom sector of our country is being fully utilised. I also feel that, apparently, lot of designers are talking so much about it and its revival but not doing enough. But the government is being very good. PM Modi is being very forthcoming and passionate about it.” The story of the evolution of cottons in India was showcased by designers such as Anavila Misra, mastercraftsmen Chaman Siju from Kutch and Richana Khumanthem from Manipur as well as Wendell Rodricks for Goa Kunbi Cotton Handlooms. The rich legacy of Indian silk included Banarasi Silks by Sanjay Garg, Meghalaya Ryndia Silk by Daniel Syiem and Tussar handlooms from Jharkhand by Shruti Sancheti. Rahul Misra and Rajesh Pratap Singh among others showcased the story of evolution of Wool. The Embroidery category was presented by eminent designers such as Anamika Khanna, Anita Dongre, Manish Malhotra, Ritu Kumar, Rohit Bal, Sabyasachi, Tarun Tahiliani among others. Young gen next label Poochki collaborated with master craftsman Berulal Chippa from Rajasthan to showcase Bagru handicraft and Vineet Rahul collaborated with Mohammed Yusuf Khatri from Bagh, Madhya Pradesh to showcase Bagh handicrafts in high end fashion. Gaurav Gupta and Pankaj; Nidhi presented modern textiles and in the final segment Abraham and Thakore, Amit Aggarwal, Hemang Agrawal and Manish Arora presented modern and futuristic textiles that included man-made fibres, metal yarns and sustainable recycled fabrics. Manoj Jain, Director, Development Commissioner (Handlooms), Union Ministry of Textiles, representing his ministry and its initiatives on handlooms and fashion, said a lot has been done by the government to protect and promote our handloom sector. He said, “To promote handlooms, one of the major initiatives is the launch of India Handloom brand (IHB) by PM Modi in 2015. It focuses on uses of natural fibres such as cotton, wool, silk, and jute, and provides branding to the products for distinction.” He added, “So far more than 400 producers have been registered across the country and last year’s sale is 110 crores. Besides, we have adopted 315 block level clusters across the country.” Renowned fashion designer Suket Dhir said, “Handloom sector needs mass patronage. It needs little more understanding and sensitivity. Both powerloom and handloom should co-exist. There is a new momentum and new designers are coming up and getting involved, which is putting more focus on reviving dying heirloom techniques.”
Marketing is key
In today’s world of technological advancement, marketing is pertinent to the growth and development of handloom industry. India’s ace designer and textile conservationist, Ritu Kumar, said, “Marketing is very essential to boost the sale of handloom products. With the younger designers also getting involved, there is much visibility of handlooms in today’s time.” Designer Tarun Tahiliani reiterated, “Many of the younger generation do not want to continue in the profession of weaving as the weavers are not paid due credit and are not recognised enough. They are not celebrated. Their products should be marketed enough so that the consumers get recognition of who the manufacturer is.” Ritu added, “Thailand, with just one fabric, Thai silk has utilised it fully for their incredible Thailand campaign. If government of India makes incredible Indian textile campaign based on our diverse handlooms, it would make a lot of difference.” Furthermore, Susanne Goetz, Associate Professor, Department of Textile and Surface Design Fashion Institute of Technology, New York, said, “I think there is great potential for branding for Indian textiles. Outside India, the characteristics of fabrics from specific regions are not known. It needs to be marketed well. Transparency that goes beyond certification, is required which would bring to fore where is the product from and who made it. Technology also has a major role to play as it will let them connect to bigger market.”
Source: The Statesman
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1236.13 |
USD/Ton |
0.30% |
7/19/2017 |
|
VSF |
2339.03 |
USD/Ton |
0.32% |
7/19/2017 |
|
ASF |
2190.99 |
USD/Ton |
0% |
7/19/2017 |
|
Polyester POY |
1247.24 |
USD/Ton |
0.30% |
7/19/2017 |
|
Nylon FDY |
2931.19 |
USD/Ton |
0.51% |
7/19/2017 |
|
40D Spandex |
5033.36 |
USD/Ton |
0% |
7/19/2017 |
|
Polyester DTY |
5684.74 |
USD/Ton |
0% |
7/19/2017 |
|
Nylon POY |
1458.19 |
USD/Ton |
0% |
7/19/2017 |
|
Acrylic Top 3D |
2701.73 |
USD/Ton |
0.55% |
7/19/2017 |
|
Polyester FDY |
2368.64 |
USD/Ton |
0% |
7/19/2017 |
|
Nylon DTY |
1591.43 |
USD/Ton |
0% |
7/19/2017 |
|
Viscose Long Filament |
3057.03 |
USD/Ton |
0.73% |
7/19/2017 |
|
30S Spun Rayon Yarn |
2975.60 |
USD/Ton |
0.50% |
7/19/2017 |
|
32S Polyester Yarn |
1835.70 |
USD/Ton |
0.40% |
7/19/2017 |
|
45S T/C Yarn |
2738.74 |
USD/Ton |
0% |
7/19/2017 |
|
40S Rayon Yarn |
2294.62 |
USD/Ton |
0% |
7/19/2017 |
|
T/R Yarn 65/35 32S |
3123.64 |
USD/Ton |
0% |
7/19/2017 |
|
45S Polyester Yarn |
2324.23 |
USD/Ton |
0% |
7/19/2017 |
|
T/C Yarn 65/35 32S |
1924.52 |
USD/Ton |
1.56% |
7/19/2017 |
|
10S Denim Fabric |
1.38 |
USD/Meter |
0% |
7/19/2017 |
|
32S Twill Fabric |
0.85 |
USD/Meter |
0% |
7/19/2017 |
|
40S Combed Poplin |
1.19 |
USD/Meter |
0% |
7/19/2017 |
|
30S Rayon Fabric |
0.67 |
USD/Meter |
0% |
7/19/2017 |
|
45S T/C Fabric |
0.69 |
USD/Meter |
0% |
7/19/2017 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14804 USD dtd. 19/07/2017). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The Government of Afghanistan has asked industrialists to present plans and recommendations to revive the textile industry in the country. Around 59,000 tons of cotton is grown in Afghanistan but there are no factories to process the fibre further. In the past, there were at least seven textile manufacturing plants in the country that employed 30,000 people. “Industrialists have been asked for their recommendations on Kandahar and other textile companies so that the issue is discussed by the high economic council and it should be both in the interests of government and the private sector,” Afghan media reported quoting finance ministry spokesman Ajmal Hamid Abdul Rahimzai. Various wars over the years have destroyed the previously existing textile factories in Kabul, Balkh, Kandahar, Parwan, and Baghlan. Afghanistan has already a memorandum of understanding (MoU) in place with the Indian government for developing its textile industry. As per the MoU, both countries agreed to cooperate in developing closer economic relations and strengthening bilateral cooperation in the field of textiles, clothing, cotton, man-made fibre and handlooms. Afghanistan is endowed with very rich quality of cotton, silk and cashmere, and hence it has huge potential for development of the textile industry, which is a good source for jobs and employment, Amar Sinha, Indian ambassador to Afghanistan, had said during the signing of the MoU in 2015. The revival of the textile industry is important for economic development of Afghanistan and cotton can be one of the alternate crops to move away from opium cultivation.
Source: Fibre2fashion
Indonesian textile exports to key markets have declined as many countries have reduced imports of textiles in the first half of 2017 amid bleak global economic conditions. Shipments to the USA fell 3.6 percent (y/y), to the European Union by 4.0 percent (y/y), and to Japan by nearly 5 percent (y) in the January-June 2017 period. According to Ade Sudrajat, Chairman of the Indonesian Textile Association (API), the apparel trade balance of Indonesia has improved markedly since the start of the year as the government has discouraged cheap imports into Indonesia to protect local industries. Meanwhile, more than 50 clothes factories have been relocated to Central Java where they started using more efficient technology and therefore their output is more competitively prices on the world market, hence boosting demand. A small 0.62 percent year-on-year (y/y) growth was detected in Indonesia's textile exports in the first half of 2017. This modest growth was supported by a 20.4 percent (y/y) rise in knitwear exports. Ade Sudrajat, Chairman of the Indonesian Textile Association (API), said that Indonesia's downstream textile manufacturers were actually pleased with this result as it exceeds expectations amid bleak textile demand from various countries. However, improved competitiveness (in terms of price and delivery) explains why demand is negative but Indonesian exports are positive, Sudrajat said. Moreover, foreign importers may now be more confident in Indonesia's economic and political stability. Based on data from Indonesia's Industry Ministry, the textiles and textile product sector contributed USD $11.87 billion in terms of foreign exchange earnings, or 8.2 percent of Indonesia's total export earnings in 2016. Meanwhile, investment in this sector reached IDR 7.54 trillion (approx. USD $567 million) in 2016. Indonesia is one of the world's largest textile manufacturers and exporters although trailing far behind China.
Source: YNFX.
The Algerian EPE-EATIT-SPA group, with a history dating back to the year 1984 and many re-organizations has today seven sites and covers a large range of textiles from garments to home textiles, professional clothes and technical textiles. Recently EATIT bought 52 DORNIER looms to produce woven fabric made of polyamide and cotton for the domestic market. In the frame of these optimization the old lines of the finishing and coating division have been replaced by new lines in order to carry this improved production standard with modern equipment forward into this important step of the production, too. The Management decided to follow this direction consequently and ordered a coating and laminating line from the only remaining German producer of textile machinery, BRÜCKNER. The heart of the line is a 6-compartment stenter with a working width of 2.40 m, providing with its alternatingly arranged and patented split-flow technology for the temperature uniformity which is a prerequisite for the coating and laminating processes. The line is designed for a high production speed. To allow a production without interruptions there is a roller-type fabric accumulator with high fabric contents directly behind the unwinding unit for raw fabric. A padder, a coating unit and a laminating calender at the exit allow the owner to apply a multitude of different applications onto his article. Among other things it is possible to make functionalizations, paste or foam coating and laminating with films or textile bonding.
Thus, EATIT is in the position to make on the new BRÜCKNER coating and laminating line all products required by its market and the company has made an important step to offer also in future competitive and innovative textiles.
Source: Textile World
