There will be a rise in the employment for women with the slash in GST rate on job work of zari (embroidery) to 5 per cent from the earlier rate of 12 per cent, said Synthetic and Rayon Textiles Export Promotion Council (SRTEPC). A large number of women are associated with this value added segment of textiles. There will also be a rise in the production. Welcoming the government's move to revise the GST rate, Narain Aggarwal, chairman, SRTEPC said that reduction in GST rate on man-made fibres to 12 per cent, there will be a growth in the entire textile value chain. "The manmade fibres and yarns were slotted under 18 per cent GST rate while the fabrics were slotted under 5 per cent GST slab with a condition of no refund of Input Tax Credit (ITC) at fabric stage. This had created a huge accumulation of nonrefundable ITC with the weavers and blockage of working capital. Now, with reduction of GST to 12 per cent, this problem will be subsided to a larger extent and will be more manageable," Aggarwal added. "The reduction in GST would benefit both the spinning and power loom sectors who are the manufacturers and suppliers of yarns to the textile industry. As soon as the benefit is passed on to the entire downward value chain of the textile industry, our textile items in the global market will be more competitive. It will also help in ensuring that the country’s poor are clothed at an affordable price," Anil Rajvanshi, convenor (EP), SRTEPC, said in a statement. "Another important and effective decision taken by the GST Council is approval of the two different ways for immediate relief and for providing long term support to exporters. Immediate relief will be given by extending the Advance Authorisation (AA) / Export Promotion Capital Goods (EPCG) / 100 per cent EOU schemes to sourcing inputs etc. from abroad as well as domestic suppliers. Holders of AA / EPCG and EOUs do not have to pay IGST, cess etc. on imports. Domestic supplies to holders of AA / EPCG and EOUs would be treated as deemed exports and refund of tax paid on such supplies given to the supplier. This will give immediate relief to the exporters on capital requirements for procuring the inputs of the exportable products (textiles)," added Rajvanshi. The association welcomed the government's decision to allow small and medium enterprises (SMEs) with an annual turnover up to Rs 1.5 crore to file quarterly income returns and pay tax, instead of the current provision of monthly filings and exempting exporters from furnishing bond and bank guarantee when they clear goods for export. (RR)
Source: Fibre2Fashion
New Delhi:Designer Pratima Pandey, who has signed a memorandum of understanding with the Indian government to support weavers of the country, feels that India has a lot of options in textiles and crafts, and wants people to understand that “we are not a fashion country, but a textile one”. Pratima of the brand Pramaa works with some of the weavers in and around India. She says that as a responsible designer, she understands why it is important to promote weavers and textile, and give them the right platform. “We are not a fashion country, we are textile country… a country which celebrates whatever we do so, let that happen. Fancy is great, but this (weaving) is also an art,” the designer told IANS on the sidelines of the ongoing Amazon India Fashion Week Spring-Summer 2018 where she showcased her collection titled ‘Leela’. “There are things that we have to know that we have it. It’s just that now we need to go out and tell the world that we already have it so please don’t hamper it,” she added. Her brand specialises in fusion garb with Indian sensibilities, and the emphasis of the label is on the natural fabric and natural dying techniques along with designing for a cause by encouraging craftsmanship and sustainability. Talking about her journey in the industry, she said: “When you are a graduate (of NIIFT) then obviously you are looking for something to work on, and I just knew that I have to work with Indian textiles.” “I started with bhagalpuri silk then went on to chikankari and then regular silk. One season, I had no money so one of my friends came as a blessing in disguise. He said ‘Listen, I just shut down my place and I have lot of chanderis with me. I think you will do justice’. I remember him showing to me lots of chanderis that were kept in his car.” “It was like I had no money to buy textile, but the textile came to me. I think sometimes the fabric finds you. If you pick up something then master it. I think you can become master of something only if you try to reinvent it everytime,” she added. The designer also feels that Indian people “very strangely” understand the taste of chanderis and other weaves, but they don’t know how to find it. “And this is when we come in very handy. As a textile, chanderi wasn’t very popular when I started off.” “I just signed an MoU with the government to uplift Indian textiles. I said ‘I am an expert in chanderi’. They asked me to go beyond that so, I started using maheshwari,” she said.
Source: Trend News Agency
IT & Handlooms Minister KT Rama Rao today said Kakatiya Mega Textiles Park will become one of the biggest apparel parks in the country andWarangal to become another financial capital of Telangana as part of decentralization process. “We plan to spend Rs 667 crore in first phase for the park which on becoming operational will provide 1.20 lakh jobs and produce all sorts of clothes from one place in Telangana. The minister launched a logo of the Textiles Park that resembles the famous Warangal Arch and had a look at DPR Map along with Deputy Chief Minister Kadian Srihari and others. KTR came here in a helicopter and inspected the arrangements for the proposed park at Geesukonda near Shayampet. Chief Minister K Chandrasekhar Rao is expected to lay the foundation for Textile Park on October 22 and will sign a Memorandum of Understanding with 12 companies. The park will be a jewel in the crown of Telangana and give more employment to women-folk, he said. “The entire picture of Warangal will take a positive change of rapid growth as the Textile Park will be built in an eco-friendly manner”, he added. Stating that the State government started allotting funds in its budget for the municipalities, he said the park will give more work and better salaries for the workers. “Skilled labour will be coming to work in this park. We are trying to produce a wide ranging of clothes of all sorts as to give a very a tough fight to national and international cloth and apparel companies”, KTR asserted. “In addition to get a deal with Coimbatore Textile Company to set up a Textile College at the Park here and we will get a tie up with NIFT to encourage Fashion Technology”. KTR also said that the park was not at all an election stunt and the project will be completed in one year and start clothes production.
Source: The Siasat Daily
New Delhi : The Union Textiles Minister Smt. Smriti Zubin Irani has urged the exporting fraternity to take care of the welfare of artisans who are the backbone of the sector. The Minister said that design and product development play a crucial role in value realisation and in turn in the benefit that the artisans and producers are able to reap from their products. The Minister said this after inaugurating IHGF - Delhi Fair Autumn 2017, world's largest handicrafts and gifts fair. The fair is being held at India Expo Centre & Mart, Greater Noida, during October 12 - 16, 2017. Delivering the inaugural address, the Minister applauded the role of Export Promotion Council for Handicrafts in promoting exports of handicrafts. She noted that handicraft exports have witnessed a year-on-year growth of 13.15% in 2016-17 and has touched Rs. 24,392 crores. The Minister appreciated the launch of schemes by EPCH under their CSR programme, for education of children of artisans. The scheme provides full support to education of children of artisans through open schools. 75% of the expenditure will be borne by EPCH and 25% by member exporters. Smt. Irani added that it is the dream of the Hon'ble Prime Minister that no child in the country should be left illiterate. The Minister appreciated the introduction of "Design Register" scheme by EPCH, which allows hassle-free registration of designs by member exporters. She said that EPCH design services will definitely help the sector in a big way and will augment the exports of handicrafts from the country, ultimately increasing employment opportunities to artisans. The Textiles Minister expressed her satisfaction that the vision of the Hon'ble Prime Minister to promote the North East is being effectively implemented by EPCH. EPCH has an integrated programme of development of NER handicrafts and handlooms, under which support is provided for design, marketing and skill development. The Minister also noted that for the first time for handicrafts sector, an initiative is being taken to promote Foreign Direct Investment and opportunities for Joint Ventures for both exporters and importers. A symposium on "Investment Opportunities in Handicrafts Sector" is being organised. This initiative will give opportunities for overseas buyers to bring technical know-how, investment and marketing networks to form joint ventures for promoting Indian handicrafts in the world market. Speaking on the occasion, Chairman, EPCH, Shri O.P. Prahladka spoke of EPCH's vision for the next five years on technology upgradation. He said EPCH has just started the "Design and Product Development Technology Mission". Shri Prahladka also appreciated the support received from Ministry of Textiles and Ministry of Commerce for the smooth implementation of GST. The inaugural ceremony was attended by a large number of overseas buyers. According to Executive Director, EPCH, Mr. Rakesh Kumar, about 2,980 exhibitors of home, lifestyle, fashion, textiles and furniture are participating in the IHGF Delhi Fair. Over 6,000 buyers from 110 countries are visiting the fair. Mr. Kumar said that special attractions of this fair include designers' forum and recycled products.
Source: New Kerala.com
To provide better support service to the textile and clothing industry, Ghaziabad based Northern India Textile Research Association (NITRA) will intensify its core activity of research and development. This was stated by Sanjay Kumar Jain after being re-elected as NITRA chairman at the 41st annual general meeting (AGM) of the organisation recently. NITRA will also prioritise other services like technical training, training and testing, Jain said. The AGM also re-elected SK Kapoor, managing director of Surya Processors (P) Ltd and Dinesh Nolkha, managing director and a co-founder of Nitin Spinners Ltd as deputy chairman and vice chairman of NITRA for the year 2017-18. The AGM was followed by NITRA's 14th convocation ceremony where a total of 150 students were awarded certificates and medals. Two useful instruments- Electronic drape meter and Fabric smoothness tester developed by the scientists of NITRA, were inaugrated. Addressing the gathering, Sanjay Kumar Jain praised training offered by NITRA and advised the young students to be hard working and to be quick learners. NITRA director general Arindam Basu informed that the organisation has 2,600 pass outs working in more than 100 renowed apparel or textiles exports companies. He also mentioned that NITRA offers many industry oriented programmes on regular and distance learning modes, covering areas such as garment manufacturing, designing, merchandising and quality assurance.(VM)
Source: Fibre2Fashion
India boasts of a rich tradition of hand-woven textiles and skilfully made handicrafts that draw appreciation and buyers not only from within the country but also abroad. Be it the intricately woven Ikats from Andhra Pradesh and Orissa, the Patan Patolas from Gujarat, the fine Benarasi weaves from Uttar Pradesh, the gossamer-like Maheshwari weaves of Madhya Pradesh or the figurines sculpted in wood or stone from Tamil Nadu--India has this and much more to offer to the world in terms of handlooms and handicrafts. Representational Image Representational Image The weavers and artisans in India toil hard to produce a rich variety of textiles and handicrafts. And yet, the earnings of those weaving magic through the warp and the weft or handicrafts are often not commensurate with the intensive labour, immense skill and cost of raw materials that goes into their making. Largely based in rural India, weavers and artisans also find market access for their products difficult. As a consequence, they're dependent on the middleman to sell their products while they garner substantial profits, the weaver and artisans are left with just a pittance instead of getting a reasonable price. In order to address the myriad challenges faced by weavers and artisans, the Union Textiles Ministry has been taking numerous steps to assist them. As part of these measures, the ministry is currently holding an 11-day 'HastkalaSahyogShivir'. The camps which began on October 7 are being held across the length and breadth of the country. The initiative is dedicated to the Pandit Deen Dayal Upadhyaya Garib Kalyan Varsh--the birth centenary of Pandit Deen Dayal is being observed. The camps have been organised in over 200 handloom clusters and Weavers Service Centres as well as 200 handicraft clusters in the country. They are spread over 372 places in 228 districts to reach out to a large number of weavers and artisans. The Union Textiles Minister Smriti Irani in a tweet last month had said: "More than 1.20 lakh weavers/artisans will benefit through the HastakalaSahyogShivirs that will be held in 421 handloom-handicrafts clusters." Among the states where the camps are being held are Assam, Arunachal Pradesh, Andhra Pradesh, Bihar, Chhattisgarh, Gujarat, Himachal Pradesh, Haryana, Jammu and Kashmir, Jharkhand, Kerala, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Mizoram, Nagaland, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Tripura, Uttarakhand, UP and West Bengal. Well aware of the difficulties a weaver or artisan faces in accessing credit-it is so essential to purchase raw materials for their product or to upgrade their technology, for instance, the looms--the Textiles ministry has kept the primary focus of these camps on providing credit facilities to them. As part of this endeavour, the camps are providing weavers and artisans services such as the issuance of credit facilities through the government's MUDRA (Micro Units Development and Refinance Agency) which provides financial assistance to micro-enterprises. In addition, participants at these camps will also be provided with assistance for technology upgradation under the HathkargaSamvardhanSahayata and to buy modern toolkits and equipment. Under the Hathkarga scheme, the government helps weavers buy new looms by bearing 90 percent of the cost. Importantly, the camps will also see the Pehchan (Identity) cards being issued to weavers and artisans. With market access for their products being one of the major hurdles faced by weavers and artisans, expos/craft bazars/buyers-sellers meets too are being held at some of the camps. Yet another important element of these camps is that a Yarn Pass-Book is being issued to weavers as yarn is the main raw material for weavers. Further, recognising the importance of education for the children of weavers and artisans, the camps will also be providing assistance on how they can be enrolled into courses run by the National Institute of Open Schooling (NIOS) and IGNOU. In its efforts to eliminate the middleman, the Textiles Ministry has been assisting weavers and artisans sell their products directly by helping them to participate in marketing events both in India and abroad through funding under the National Handloom Development Programme. Furthermore, over the last three years, the Textiles Ministry has provided financial assistance of Rs 151.90 crores to organize 849 marketing events in the country for the benefit of 8,46,900 weavers. The 'HastkalaSahyogShivir' is part of the textiles ministry larger endeavour to improve the lot of weavers and artisans which in turn will give the necessary fillip to these sectors. For instance, it has launched the 'E-Dhaga' App which enables weavers to order and track the shipping of yarn and 'BunkarMitra' helpline, also for weavers. The impetus being given to the handlooms and handicraft sectors also recognizes the fact that they make an enormous contribution to the country's economy and help earn valuable foreign exchange. As part of its endeavour to give a boost to the handloom sector, Prime Minister Modi had launched the first National Handloom Day on August 7, 2015. The handloom and handicraft sectors are among the largest employment provider in the country, and combinedly next only to agriculture. According to the 2016-17 annual report of the textiles ministry, the handloom and handicraft sectors provided employment to 43.31 lakh and 68.86 lakh persons, respectively. The two sectors also bring in considerable foreign exchange through exports of quality products. Besides, there is no gainsaying the fact that handlooms and handicrafts are a valuable and integral part of India's heritage that need to be both preserved and promoted.
Source : One India.com
Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 9, 2016. India’s Nuziveedu Seeds Ltd (NSL) said on Saturday it will not settle a long-standing intellectual property dispute with Monsanto Co over genetically modified (GM) cotton, despite some other Indian companies doing so in recent weeks. Reuters reported on Wednesday that three Indian seed makers - Ajeet Seeds, Kaveri Seed Co Ltd KVRI.NS and Ankur Seeds - have agreed to resolve differences and end their arbitration proceedings with Monsanto. But Monsanto is yet to settle the dispute with Sri Rama Agri Genetics, Amar Biotech and NSL along with two group companies, Prabhat Agri Biotech and Pravardhan Seeds. “We do not want to compromise,” Narne Murali Krishna, a company secretary of NSL, said on the phone from Hyderabad, the capital of the southern state of Andhra Pradesh. “On the IPR (intellectual property rights) matter, we’ll continue with our legal case in the Delhi High Court.” Mahyco Monsanto Biotech (India) (MMB), a joint venture between Monsanto and local firm Mahyco, licenses a gene that produces its own pesticide to more than 45 local cotton seed companies in lieu of royalties and an upfront payment. Acting on complaints by some local seed companies that MMB’s royalties were too high, the farm ministry last year cut the fees these local firms paid to Missouri-based Monsanto. Since then, Monsanto - which is being bought by Germany’s Bayer for $66 billion - has been at loggerheads with the seed firms and India’s government over how much it can charge for its GM cotton seeds, costing it tens of millions of dollars in lost revenue a year. “Based on the advice of competent IPR lawyers and communications of Monsanto with the Indian patent office, NSL realised that it was cheated by MMB’s false representations and claims on IPR,” Krishna said. Earlier this year, citing a local law that excludes seeds from being patented, NSL’s Chairman and Managing Director M. Prabhakara Rao told Reuters that Monsanto should never have been allowed to collect royalties after an initial payment to use its technology. At the very least, Rao added, prices should have been set by the government. “Since we first signed the licensing agreement with Monsanto in 2004, we have paid 7.09 billion rupees ($109.59 million), which Monsanto should refund to NSL,” Krishna said. A Monsanto spokesman said: “NSL has already collected the royalty fee from India’s cotton farmers. Instead of honouring the mutually agreed bilateral contract, it continues to default on payments rightfully due to MMB.”
Source: Hindustan Times
Heavy and incessant rain that has been lashing one or the other part of the district, has had an adverse impact on cotton farmers. The rain water accumulated on the cottonfarm, transforming it into a mini-tank, reflecting the damaged cotton rolls which had turned black. Expecting heavy returns, majority of the farmers in the district opted for cotton farming despite warning by the agriculture officials that excess production may land them in trouble. It was estimated that cotton was grown in about 2 lakh acres in the district. During the last year, the farmers had followed the advice of the government and sown soya bean but incurred losses, while cotton had fetched better price in the market owing to crops being hit by pests in Punjab and parts of Pakistan. With the previous experience in mind, this year the farmers opted for cotton cultivation taking it to excessive production. But the rains hit them so hard that every cotton plant that had developed cotton balls, turned black. Each affected plant had about 20 to 30 cotton balls. It was expected that farmers may lose between two to four quintals of cotton per acre incurring losses between ₹10,000 and ₹20,000. The worst hit among the farmers are tenants who took lands on lease for cultivating cotton. A farmer in the mandal had leased out as much as 70 acres land with an amount ranging between ₹10,000 and ₹15,000. “We do not know how to repay the loans taken from private persons with an interest rate of ₹3 per month per ₹100,” said Raju, a farmer.
Source: The Hindu
India is a high-growth, fast-changing retail apparel market, with significant new growth opportunities for both foreign and domestic players. As a result of this, the Indian apparel industry is witnessing some specific trends. 1
Sustainable & Eco-Friendly Manufacturing
As the country is confronted with pollution issues, it has become imperative for textiles industries to adopt eco-friendly strategies. The industry is focusing on reducing water consumption and techniques to avoid usage of organic colours in apparel manufacturing. Consumers are sensitive and are increasingly aware about environmental issues, resulting in growing inclination towards eco-friendly and organic apparels. Brands/private labels have started catering to this market especially in babies, kidswear and premium adult wear categories segments.
2Smart Garments
With technological penetration in everyone’s lives, garments too are witnessing some major up-gradation in technology. After smart phones, smart televisions, and smart watches, ‘smart shirts’ have emerged as a new trend in apparel industry. Companies are trying to woo the customers by providing smart shirts to the growing tech freak population of the country. Right now, the wearable technology market mainly consists of wearable devices such as fitness bands, smart watches etc. But, recently there has been a shift towards smart garments among premium and luxury customers.
3Smart Casuals
Corporate dressing these days is not restricted to strict formal wears in pastel colours and minimal designs but has gone under a transition. In women’s wear the concept of smart casuals has carefully replaced traditional formal wear such as sarees, western formals and salwar-kameez. Increasing inclusion of smart casuals or semi-formals has resulted in acceptance of chinos and other relaxed trousers along with half sleeved shirts or t-shirts. 4
Rise of Organised Retail
The Indian fashion retail industry is transforming rapidly and is seeing shift from unorganised to organised retail. The transformation is due to increase in income, increased penetration of branded wear in country and awareness of fashion trends among consumers. Nowadays couture is not limited to just metros. Tier II and semi-urban cities have emerged as huge potential markets for these organised players. Penetration of organised retail chains has contributed to the growth of apparel market in these markets. Market expansion in non-metros seems an lucrative opportunity for domestic and international brands. Once considered value conscious consumers of Tier II cities are now open to spend more on fashion and looking good. Apparel retail in non-metros are growing exponentially due to which more brands are entering hinterlands.
5E-Commerce
Online shopping in India is not a new phenomenon anymore, although it is in nascent stage but blooming very rapidly. E-commerce has grown in recent years and has touched every person’s life. It has played a very vital role in bridging the gap between consumers residing in Tier II and Tier III cities and premium wear sellers. It has made availability of premium brands in semi-urban areas where these brands have no retail outlets. In India, e-commerce portals and marketplaces have established themselves by providing huge discounts to lure customers thus changing the consumers’ mindset and providing wider range of products to choose from. According to Technopak Analysis, currently there are 431 million internet users which is expected to reach 750 million by 2026. Cash crunch due to demonetisation along with improvement in net banking facilities will fuel the growth of e-commerce in the country. The government’s initiatives to develop cash less, inclusive and digital citizens has provided further boost to e-commerce industry. The e-tailers have started launching their private fashion labels to increase their profit margins.
Source: Business of Fashion
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$ 55.81 per barrel (bbl) on 13.10.2017. This was higher than the price of US$ 55.08 per bbl on previous publishing day of 12.10.2017.
In rupee terms, the price of Indian Basket increased to Rs. 3623.97 per bbl on 13.10.2017 as compared to Rs. 3585.78 per bbl on 12.10.2017. Rupee closed stronger at Rs. 64.93 per US$ on 13.10.2017 as compared to Rs. 65.10 per US$ on 12.10.2017. The table below gives details in this regard:
|
Particulars |
Unit |
Price on October 13, 2017 (Previous trading day i.e. 12.10.2017) |
|
Crude Oil (Indian Basket) |
($/bbl) |
55.81 (55.08) |
|
(Rs/bbl) |
3623.97 (3585.78) |
|
|
Exchange Rate |
(Rs/$) |
64.93 (65.10) |
Source :PIB
RAIPUR : After a brief halt in succession of fire mishaps in the State capital that marked last summer, a similar incident occurred on Saturday morning at CP Fabrics, a wholesale centre in Mahalaxmi Cloth Market, Pandri, causing loss of Rs 50 lakh approximately to the establishment owner. Short circuit was the reason and there was no fire fighting arrangement in the shop. As many as twenty fire fighting vehicles had to be pressed into service to contain the fire. Devendra Nagar Police began investigations and according to Devendra Nagar Station House Officer SN Akhtar, it was short circuit that caused the fire. Fire fighting vehicles not only from Tikrapara, but also from the fire brigade unit of Bhilai Steel Plant had to be called, he said. Investigations revealed that Deepak Lodha of CP Fabrics came to the shop in the morning and went to the third floor where after switching on the tube light saw sparking and blanket kept there caught fire. He at first tried to contain the flames, but he couldn’t and later a call was made to fire station, the SHO said, adding there was no fire fighting arrangement in the shop. He also highlighted that timely services of police and fire fighting team contained the flames and also the loss within the third floor of the establishment only. The SHO pointed out that shops are situated closely in the market. Investigations were on, but it can be said that the loss incurred is about Rs 50 lakh approximately, he added. “Blankets, sarees and textile materials that were kept on the third floor were reduced to ashes. I am unable to ascertain the loss incurred by our establishment,” said Deepak Lodha, one of the family members of the shop owner while talking to this newspaper. Lodha expressed satisfaction with the fire fighting services of the state. Fire Fighting vehicles including Hydraulic Platform, Water Bowser and Fire Tender were pressed into service from Tikrapara Fire Station to contain the flames. According to one of the fire fighting team members, a call was received at 10.15 am from Sumit Agrawal regarding the fire on the third floor of the shop. Between 10.30 -10.40 am, the fire fighting team reached the spot with vehicles, but only after facing traffic jam at different locations on the route. From Tikrapara, the vehicles took the route past Mahila Thana. The fire was contained, he said. Sumit Agrawal, one of the neighbouring shop owners, who made the call, told this newspaper that he came to his shop in the morning at about 9.30 am. He noticed thin smoke emanating from the third floor of CP Fabrics, a wholesale establishment. As the smoke became thick, he made the call. He said that he also consoled Lodha to be calm. By early evening things became normal, but debris were still being removed, Agrawal said.
Source: The Hitavada
The Centre is working on ways to further fast-track the refund process for exporters, post rollout of GST. According to CR Chaudhary, Union Minister of State for Commerce and Industry, Food and Public Distribution and Consumers Affairs, feedback from exporters has also been sought on how refunds can be sped up so that their working capital requirements do not face problems. In a recent development, the GST Council has already decided to provide pending exporters’ refunds in 15 days. For exports till March 31, the previous GST exemptions such as advance authorisation will continue. “We are working on further reducing the time for refunds. Other mechanisms to fast-track or ease the returns process are also being explored,” Chaudhary told BusinessLine on the sidelines of the 186th AGM of the Calcutta Chamber of Commerce. He, however, did not specify the exact mechanisms that were being looked into.
On e-wallets
To a specific question on whether e-wallets or running accounts might be explored, the Minister said: “Options are being worked out. Let us comment when things finalise.” The minister further pointed out that large-scale reforms like GST will often lead to hiccups in initial days. “People and businesses will take time to understand and adapt. But it (GST) will be beneficial in the long run. Rise in export data for September shows that after initial hiccups of GST rollout is stabilising.” September data show that goods exports moved to a higher growth trajectory, posting a year-on-year increase of 25.67 per cent to $28.61 billion. The top 10 commodity items, which include engineering goods, have registered an increase in growth.
On demonetisation
Batting strongly for demonetisation, Chaudhary said “’idle currency” that was being run through a parallel economy has now come into the banking system.
Source: Business Line
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1348.82 |
USD/Ton |
0% |
10/15/2017 |
|
VSF |
2454.48 |
USD/Ton |
0% |
10/15/2017 |
|
ASF |
2674.85 |
USD/Ton |
0% |
10/15/2017 |
|
Polyester POY |
1269.03 |
USD/Ton |
0% |
10/15/2017 |
|
Nylon FDY |
3465.14 |
USD/Ton |
0.44% |
10/15/2017 |
|
40D Spandex |
5927.22 |
USD/Ton |
0% |
10/15/2017 |
|
Polyester DTY |
5744.84 |
USD/Ton |
0% |
10/15/2017 |
|
Nylon POY |
1535.00 |
USD/Ton |
0% |
10/15/2017 |
|
Acrylic Top 3D |
3145.99 |
USD/Ton |
0.98% |
10/15/2017 |
|
Polyester FDY |
2811.63 |
USD/Ton |
0% |
10/15/2017 |
|
Nylon DTY |
1618.59 |
USD/Ton |
0% |
10/15/2017 |
|
Viscose Long Filament |
3571.53 |
USD/Ton |
0.86% |
10/15/2017 |
|
30S Spun Rayon Yarn |
3054.80 |
USD/Ton |
0% |
10/15/2017 |
|
32S Polyester Yarn |
2018.29 |
USD/Ton |
-0.15% |
10/15/2017 |
|
45S T/C Yarn |
2902.82 |
USD/Ton |
0% |
10/15/2017 |
|
40S Rayon Yarn |
2462.08 |
USD/Ton |
0% |
10/15/2017 |
|
T/R Yarn 65/35 32S |
3221.98 |
USD/Ton |
0% |
10/15/2017 |
|
45S Polyester Yarn |
2446.88 |
USD/Ton |
0% |
10/15/2017 |
|
T/C Yarn 65/35 32S |
2173.31 |
USD/Ton |
0% |
10/15/2017 |
|
10S Denim Fabric |
1.43 |
USD/Meter |
0% |
10/15/2017 |
|
32S Twill Fabric |
0.88 |
USD/Meter |
0% |
10/15/2017 |
|
40S Combed Poplin |
1.23 |
USD/Meter |
0% |
10/15/2017 |
|
30S Rayon Fabric |
0.68 |
USD/Meter |
0% |
10/15/2017 |
|
45S T/C Fabric |
0.72 |
USD/Meter |
0% |
10/15/2017 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15198 USD dtd. 15/10/2017). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Washington : The September quarter should mark a turnaround in the economy and growth will be better than what most analyses are projecting, believes Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA). In an interview with BusinessLine, Garg said the government would assess the fiscal deficit target later and also spoke about a possible increase in the target from disinvestment proceeds for 2017-18. Garg, who was in Washington DC as part of the Indian delegation for the IMF and World Bank meetings, also said that the Iranian authorities were working on the Chabahar port. Edited excerpts:
Six months down the fiscal, how is the economy progressing?
This is when we can take initial stock of the economy after major structural reforms, including demonetisation, the Insolvency Code and the Goods and Services Tax (GST). Some reforms, like demonetisation and GST, were bound to have a short-term disruptive impact. That’s what we saw in the two quarters of January-March and April-June, when GDP growth slowed down. The June quarter reflected the bottoming out of this impact. July onward, the growth path has been resumed. Recent data on automobiles, commercial vehicles, industrial output, Purchasing Mangers’ Index, core sector and exports all point out that even manufacturing, which was the most affected, is back on the rails. The September quarter should mark a turnaround in the process and recovery would be clearly reflected, and will be far better than what most analyses has shown. US President Donald Trump has announced his intention to decertify the nuclear deal with Iran. How will that impact India? Also Finance Minister Arun Jaitley had a bilateral meeting with the Iranian Minister. We will have to see the fineprint and how the decertification is handled by the US Congress. The implications will probably travel through the banking sector and whether those transactions can be done or not. But India-Iran bilateral relations remain unchanged. At the meeting between the Ministers, some issues were sorted out, including those on the rupee account. We also discussed to some extent the progress on the Chabahar port. Some more approvals and fast-tracking is required and Iranian authorities promised to do so. The government recently cut duties on petrol and diesel. Have these increased pressure on the fisc? It is normal that what happens during the course of a fiscal year is not what was anticipated or planned. There will always be some pressures and changes on revenue and expenditure. The way this year is turning out, there is some uncertainty about revenue, but on the corporate and personal income taxes, the situation seems to be reasonably comfortable. On indirect taxes, the position is not very clear on GST. There will be some impact on revenue, but it is still early to say how much that would be. Similarly, on non-tax revenue, there are some lesser receipts. Expenditure management has been far more aggressive than usual. In the first six months, more than 50 per cent of the funds have been spent. It is early to say that we will be able to manage within the fiscal deficit. We have said we will take a final call later.
The disinvestment target of ₹72,500 crore is ambitious, but the government is very sure of meeting it. We are also thinking of the possibility of enhancing it. That would be discussed later, but first we need to assess how much is feasible during the course of the year.
Will any strategic sales, such as of Air India, take place this fiscal?
Air India is on course. A lot of issues have been sorted out. The transaction advisers should also be appointed soon. Two key reports — the NK Singh Committee report on fiscal consolidation and the other on the change in the financial year — are pending. Any progress on those?
The report on the medium-term fiscal framework is under consideration and will be taken sometime soon. Maybe the more appropriate time would be around the Budget. The report on changing the financial year remains under examination and a decision may take some time.
What is happening on the bilateral investment treaty (BIT)?
Our template on BIT is getting traction, though many have a different view on it. We recently had two Cabinet approvals under the new framework and Brazil is also very keen. So, that will come up soon. For the rest, while we develop and negotiate, the absence of BIT does not amount to any discrimination. No one has told me that they are reconsidering investment if the treaty is not there. There is no adverse impact on India.
Source: Business line
IMF Managing Director Christine Lagarde speaks during a news conference after the International Monetary and Financial Committee (IMFC) meeting at the World Bank/IMF Annual Meetings in Washington on Saturday. | Photo Credit: AP “But for the medium term, we see a very solid track ahead for the Indian economy,” Lagarde said to a question on India. Days after the International Monetary Fund lowered its growth forecast for the current and the next year, IMF chief Christine Lagarde today said the Indian economy is on a “very solid track” in the mid-term. “Turning to India...we have slightly downgraded India; but we believe that India is for the medium and long-term on a growth track that is much more solid as a result of the structural reforms that have been conducted in India in the last couple of years,” the IMF Managing Director Lagarde said. Describing the two major recent reforms in India — demonetisation and Goods and Services Tax (GST) — as a monumental effort, Lagarde said it is hardly surprising that there “is a little bit of a short-term slowdown” as a result. “But for the medium term, we see a very solid track ahead for the Indian economy,” she said to a question on India. “We very much hope that the combination of fiscal, because the deficit has been reduced, inflation has been down significantly, and the structural reforms will actually deliver the jobs that the Indian population, particularly the young Indian people expect in the future,” Ms. Lagarde said.
Source: The Hindu
Very high arisings of original collected stock continue to leave a mark on Germany’s waste textiles market. Sorters are thus entering the strongest season for collection with stock levels that are much higher than average. However, the significance of used clothing volumes collected at the kerbside has continued to decline relative to volumes from containers. This was as true for the autumn, as for the spring. Arisings were so high that businesses could no longer accept all volumes offered, even from their regular suppliers, one major sorter said describing the situation. Market players told EUWID that collection volumes were up to 20 per cent higher this August than they had been in the same month last year; even bigger jumps had been registered in exceptional cases. Some sources described “incredible volumes”. In September, too, much more material had ended up in textiles banks than last year. Industry insiders are puzzled about the reasons for the shift. One major sorter is hoping for an early onset of wintry weather, as experience shows that less waste textiles end up in containers then. A labour shortage caused by the continued strength of Germany’s economy is a mounting problem for sorters of waste textiles. The problem is not limited to regions with close to full employment, and is making itself felt to an ever increasing degree in economically disadvantaged areas as well. This shortage includes not only the difficulty in finding lorry drivers, something that other sectors are also experiencing, but also in hiring sorting staff. Sorting performance was coming under mounting pressure as a result, one major sorter remarked. The sector was also complaining about the increasing number of sick days taken by employees.
Source : EUWid
The nation’s textile exports are forecast to grow 5 percent this year, thanks to improving customer demand worldwide, the Taiwan Textile Federation said yesterday. In the first nine months of the year, exports of Taiwan’s textile products reached US$7.55 billion, edging up 1.5 percent from the same period last year, statistics compiled by the Ministry of Finance showed. The growth momentum is expected to extend into the fourth quarter amid improving industry sentiment, federation secretary-general Justin Huang said at a news conference for this year’s Taipei Innovative Textile Application Show (TITAS). “Taiwanese textile suppliers will also benefit from the 2020 Tokyo Olympics over the coming years, as local companies are strong producers of functional wear and high-performance sportswear for athletes, “ Huang said, citing textile maker Far Eastern New Century Corp Eastern New Century, which mainly fabricates polyester-related materials, has teamed up with Adidas AG this year to manufacture running shoes made from reclaimed and recycled ocean trash. “That kind of new product [with higher technical thresholds] will enable Taiwanese textile makers to differentiate themselves from their Chinese competitors in the global market,” Huang said. Commenting on the industry’s outlook, Huang said that the emergence of e-commerce operators has gradually changed the supply chains in the global retailing industry, but that it would only have a limited impact on local textile and fabric companies. Some US-based e-commerce operators are trying to manufacture low-priced apparel by themselves, but Taiwanese films still hold niches in the functional and sportswear markets, he said. The three-day TITAS this year is to exhibit a variety of functional wear, smartwear featuring connectivity technologies, as well as recycled and sustainable textiles with a focus on having a lower carbon footprint, the federation said. A total of 383 textile manufacturers are to use 789 booths to exhibit their latest products at the three-day event, which is to begin on Monday at the Taipei World Trade Center’s Nangang Exhibition Hall. Buyers from more than 100 international brands are to participate in the event, which is forecast to generate orders totaling US$66 million this year, a 10 percent increase over last year’s US$60 million, the federation said. Most top players in Taiwan’s textile and apparel industry are to take part in the event, including Far Eastern New Century, Eclat Textile Co, Lealea Enterprise Co and Tex-ray Industrial Co Ltd. However, key members of industrial conglomerate Formosa Plastics Group — such as Formosa Chemicals & Fibre Corp and Formosa Taffeta Co — are not to join the show this year, according to the participants list provided by the federation.
Source : Taiwan Times
ISLAMABAD :About the revised package for exporters, Usman said that Economic Coordination Committee (ECC) of the Cabinet approved the revised package in its last meeting. However, the government has yet to notify the revised package for exporters. Ministry of Commerce and Textile sought recommendations from five major export sectors to reduce the cost of doing business and make them competitive in the international market. Prime Minister Shahid Khaqan Abbasi on Friday assigned the task to federal minister for Commerce and Textile Pervaiz Malik to come up with a long-term plan in 30 days in consultation with exporters targeted to reduce the cost of doing business, encourage investors and make export sectors competitive in the international market. Talking to Business Recorder, Textile Division Spokesperson Kanwar Usman said that letters have been written to textile associations seeking their recommendations covering: (i) cost of doing business; (ii) skilled development; (iii) investment; (iv) quality; and (v) compliance. The associations have been requested to submit their inputs by October 20 as the final report would be submitted to the Prime Minister in 30 days, Usman added. The revised package allows a 50 percent of the export incentive package for eligible textile and non-textile sectors on the same terms as for the period from January 1 to June 30, 2017 without the condition of increment with the objective to boost exports. The remaining 50 percent of the rate of incentives may be provided if an exporter achieves an increase of 10 percent or more in exports as compared to corresponding period of last year. Further to improve exporters cash flow, the disbursement against recommendation may be made on the export performance between July-December 2017 subject to submission of a bank guarantee that the exporter will return the excess amount, in case his/ her annual exports are less than the amount of drawback paid to him/her while an additional 2% incentive may be provided for exports to non-traditional markets - Africa, Latin America, non-EU European countries, Commonwealth of Independent States and Oceania. To further simplify the payment process the Ministry of Commerce and Textile held a meeting with State Bank of Pakistan, Federal Board of Revenue on October 11, 2017 while another meeting is scheduled for Monday in this regard. The spokesperson said that the government has released Rs 14 billion to the textile sector under the Prime Minister' Incentives package against the claims of Rs 18 billion by the first week of October. The amount was disbursed for duty drawbacks on local taxes collected from garments, home textiles, processed fabric, greige fabric and yarn manufacturing cum-exporters units under the package. Drawback available to garments is at 7 percent, made-ups at 6 percent and processed fabrics at 5 percent. For the very first time it has been extended to yarn and greige fabric at 4 percent.
Source: Business Recorder
The Sri Lankan apparel sector finally appears to have started realizing the benefits of the recently reinstated Generalized System of Preferences Plus (GSP Plus) facility with the European Union (EU) with double digit growth in exports, while the exports to the US market too saw an uptick. “Yes, this is the gain we were expecting from GSP Plus. We’re expecting the trend to get even better by the end of the year. The order books are filling up,” Sri Lanka Apparel Exporters Association President Felix Fernando told Mirror Business. According to data published by the Joint Apparel Associations Forum (JAAF), apparel exports to the EU this August expanded 14.29 percent year-on-year (YoY) to reach US$ 192 million. Fernando said that based on the positive outlook of manufacturers on future orders, the industry may have the potential to create growth in excess of 20 percent during the first 12 months of experiencing GSP benefits, ending June 2018. During the same period last year, apparel receipts from the EU fell 2.91 percent to US$ 1.89 billion, due to Brexit and other political upheavals in the region, coupled with some major European department stores and retailers that sourced apparel from Sri Lanka downsizing their operations. The EU market would indeed have to grow at over 20 percent to exceed the US$ 500 million target the industry has set for itself during the first year of GSP Plus. “But even if growth remains at the current 15 percent or so, it’s still good,” Fernando said. The EU market expansion began in earnest this July—one and a half months after officially receiving the GSP benefit, due to delays in receiving orders—when export growth reached 10.34 percent YoY. Despite the strong July and August performances, the growth in the EU market for the first eight months of 2017 remained at a negative 1 percent YoY, registering US$ 1.34 billion in export earnings, which represented 42.58 percent of Sri Lanka’s total apparel export earnings for the eight months. Sri Lanka regained the duty-free GSP Plus facility after the government showed commitment to uphold human rights in the country. Sri Lanka lost the preferential trade benefits in 2010 due to accusation of violating of human rights during the final stages of the civil war. GSP Plus came at a crucial time, since EU trade officials who visited Sri Lanka last year noted that while the EU importers had remained mostly loyal to Sri Lankan apparels, despite the higher prices, a significant change in sourcing apparel for the EU could take place if Sri Lanka failed to regain GSP Plus status. Sri Lankan apparel exporters too had made significant investments in regional countries to produce apparel at a lower cost, due to rising Sri Lankan labour costs. Fernando said that he is hoping for the EU market to keep growing even after the effect on the base numbers wear off in July 2018. “It can do better, provided that we manage to utilize our full capacity by finding the required labour,” he said, reminding of the continuous complaints the apparel sector has made to the government on the labour shortage issue, and the numerous pleas made to allow the importation of foreign labour. The government appears to have received these requests in a positive light, with a minister last week saying that plans are afoot to streamline labour mobility. Meanwhile, the US market too recorded gains in August with a 5.52 percent YoY growth, hauling in US$ 172 million in earnings, after posting a stronger performance of this July with an 8.11 percent YoY growth to US$ 200 million in receipts. Fernando noted that challenges in the US markets still remain, and that this boost could even be a temporary phenomenon. “There’s no particular reason for this as far as I know. We will get a better feel on whether it is a trend once we see the September figures,” he said. For the first eight months of this year, apparel exports to the US fell 4.28 percent YoY bringing US$ 1.38 billion in revenue. Apparel exports to all markets increased 9 percent YoY this August, bringing in US$ 412 million in export earnings, while from January through August, the earnings fell 1.96 percent YoY to US$ 3.14 billion.
Source: Daily Mirror
Cotton growers on the South Plains have been battling weather all season, so a clear and warm October would come as a blessing. The forecast looks good, but fingers are still crossed. More recently the issue was the two weeks starting in late September with cool temperatures and heavy cloud cover. Still, if October stays warm and sunny then cotton growers, on average, are expecting a good year. So long as a freeze doesn’t come early, highs in the 70s and 80s are exactly what farmers need. “It has been been a roller coaster,” said Steve Verett, executive vice president of the Plains Cotton Growers. “But what I’m hearing from most folks is that we’re still in pretty good shape … people are saying it’s not going to be that big giant crop we may have thought it was going to be, but it’s still going to be a very good crop. That’s the best way I know to sum it up.” Verett looked at some numbers, and said farmers in the 40-plus counties that make up the Plains Cotton Growers’ produced an average of 3.65 million bales of cotton a year in the past decade. The latest projection Verett saw for this year had the high plains producing 5.12 million bales. Verett said some growers are having a difficult year, no question, but production as a whole should be better than average. Those cooler temperatures in weeks past delayed the maturity of cotton, said Wayne Keeling, an agronomist with Texas AgriLife Extension Service in Lubbock. Although unfortunate, he said, it’s not that unusual for this time of year — but for farmers who had to plant late or replant, this cool spell came at a time when they really needed sun. “Generally you don’t get that many cloudy days together, but again, I think on the early crop that wasn’t too negative,” said Keeling. “By now you pretty much have all the bolls you’re going to make and you just want to mature those out, mature the fiber in those bolls. When you get cloudy days and cooler temperatures, you just slow that boll development. The fact that we’re getting so late in the season, it’s hard to make that up.” With a warm October leading into harvest, Keeling said, for most their cotton should reach a good growth point. Barry Evans, a cotton grower in Swisher County, said this has been his experience.“Overall we got a good crop in the ground,” said Evans. “We’ll be OK. We just won’t have those top-end grades like we did last year. We missed those heat units when we typically get them, but we’re a long way from a wreck.” Seth Byrd, a cotton specialist at Lubbock’s Texas AgriLife Extension Service, isn’t just blaming this recent weather. He said it’s been a challenge for farmers all year. Byrd said weather was a little too cool around planting time at the beginning of May, and it was followed by a hot period with rough wind. July was good with rain and sunlight, but in August, Byrd said, that rain just kept coming. The rain came with little sunlight, which Byrd said was a challenge. Then in late September, cloud cover remained for several weeks. “From the start of this season, from the time we planted, we’ve been battling just to stay on track,” said Byrd. “People planted late, people replanted, and we had late emergence all because of the weather … when you limit light temperature, you really limit the amount of growth and development you can do. You can’t build that fiber, you can’t build that fruit-load, you can’t fill bolls when you don’t have sunlight and heat.” According to information from the Lubbock National Weather, only .58 inch of rain fell on Lubbock County in May, which is when farmers needed that original moisture during planting. Then in July Lubbock received 5.84 inches of rain, which is 3.93 inches above averages, and in August received 4.85 inches, which is 2.94 inches above average. This doesn’t take into account sunlight, and Byrd said the heat accumulation was below average in August. Circumstances for each grower vary — this year maybe more so than others. A dry planting season followed by wind and heavy rain scattered throughout the South Plains forced some growers to replant at different times. Continuous cool temperatures in the northern Panhandle appear to have essentially ended the growing season early, while other growers further east in the northern Panhandle and in lower elevations have reportedly had good weather. Scattered weather events have impacted growers differently.
Call it luck in location.
Doug Hlavaty is a cotton farmer in the Lubbock area who said he lost nearly a third of his cotton crop, about 1,600 acres, due to hail and strong wind he was hit with in early July. Hlavaty then planted corn in that high-impacted area. Despite that early setback, Hlavaty said, the cotton seems to be coming in alright. “The cotton that we kept looks pretty good,” he said. “We still have some thin places that won’t be as good as we thought, but overall we should make more than we did last year. But we made an average crop last year while a lot of people made a really good crop.” Byrd said the optimism right now is coming from the October forecast, which is showing highs in the 70s and 80s. “Right now we’ve actually got probably the best conditions we’ve had in a while to mature some bolls,” said Byrd. “What I’m telling folks is to take advantage of these warm days. If you need to mature bolls, hold off. Let’s let the weather do a little work. If you need to spray a harvest aid, do it while we’ve got the good weather. We don’t know how long this is going to last, so we need to take advantage of it while it’s here.” Hlavaty was on his way to spray harvest aid Friday afternoon when he spoke to A-J Media. What would be bad for farmers is if a hard freeze came earlier than expected — the general rule of thumb in Lubbock is that the first freeze typically happens around Halloween. “If you had a killing freeze or a hard freeze tomorrow night or next week, we’d be in trouble,” Byrd said last week. “We’d not like to see that. We’d like to see some days to get some bolls open and get some fiber to mature.” Darren Hudson, professor of agriculture and applied economics at Texas Tech, said he expects an average to an above-average yield. Nationally, he said the cotton yield may come in higher than it has in a decade. “It’s a normal year, which is to say it’s very inconsistent across the area,” said Huston. “That’s typical. We get so much variability in weather across the area — who had moisture when, that kind of thing. Some areas had more weed pressure than others, or bug pressure, things like that. It’s largely just moisture and wind, especially in the early season.”
Source: Lubbock online
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Source: Fibre2Fashion
Angolan textile firm Alassola entered the exports business recently by sending its first 15 containers containing 156 tonnes of cotton yarn to Portugal, company chairman Tambwe Mukaz said in Lobito. He said such exports to Portugal will allow the company to overcome the lack of foreign currency in Angola and to import raw material and continue production. It is for the first time since Angola got independence from Portugal that the country has exported textile products to its former colonial master. More such yarn shipments will be sent soon, according to a report on a website dedicated to developing trade ties between China and the Portuguese-speaking world.
Based in the municipality of Benguela in Angola’s central coastal region, Alassola took over the Africa Textil factory, which was inaugurated in 1979 and went bankrupt in 2000. It recovered after a five-year long modernisation process with an investment of $450 million.
Source: Fibre2Fashion
