The goods and services tax (GST) rate has been lowered on many products from 28%, but the operating costs for small businesses are still onerous. This must change. SMEs that supply products such as auto parts to large buyers are forced to borrow money at usurious rates to pay GST upfront, at 28%. Payment delays by their customers block the working capital of SMEs and hurt their businesses. So, large companies get the benefit of extended suppliers’ credit that SMEs do not. There is no reason why the GST Council cannot institute a system wherein large buyers of inputs can deduct GST at source, when they purchase their inputs from SMEs, even as the supplier and buyer file returns indicating the tax incidence and collection. This will spare small suppliers from having to borrow to pay GST. Large buyers can claim credit for the taxes payable by their suppliers and collected and paid by the buyers themselves. Small suppliers are obliged to remit tax that they levy on large buyers in the following month itself, whereas large buyers make payments only after three months or more. Unlike large companies, small suppliers do not have easy access to cheap bank credit. An MSME study by the RBI Monetary Policy Department notes that the share of credit extended to MSMEs in overall bank credit fell steadily to around 14% by end-March 2018 from about 17% in 2007, partly due to overlending to large corporates (now stressed) in the second half of 2000s. So, SMEs rely on informal channels, paying high rates of interest. This can be overcome through a mechanism akin to reverse charge, meant to track small firms outside the GST net. The registration and filing of returns should be made compulsory for all small suppliers. This will create audit trails and curb tax evasion. The case to lower GST on auto-parts too is compelling.
Source: The Economic Times
Given that both state and central GST departments are now getting a grip over the new system, loopholes are being plugged aggressively. A slew of recent circulars by the central and some state GST authorities, along with notices being shot off questioning previously undetected discrepancies in returns, suggests that both central and state GST departments are getting their act together and patching up holes in intelligence sharing and on-ground action. At a recent meeting of a ‘Working Group on Intelligence Apparatus’, the finance secretary noted that there was sporadic and selective information sharing among all investigative agencies and the Central Economic Intelligence Bureau. He directed the agencies to share intelligence real time. In a recent circular, Andhra Pradesh’s chief commissioner of state tax empowered state case officers to take action if they detect tax evasion based on intelligence inputs, even in companies that fall under central tax administration. Given that both state and central GST departments are now getting a grip over the new system, loopholes are being plugged aggressively. Already, with the requirement of reporting GST-related procurements in income tax returns (which while now has been deferred till March), there seems to be a clear intention at the government’s end of reconciliation between disclosures made in income tax and GST returns. “With the requirement of reconciliation between company financials and GST returns in the GST annual return (the final return for which forms are still to be released), there seems to be harbouring of some data analytics in the government’s agenda,” said Abhishek Jain, partner, EY. Experts said while there is nothing in writing, there is a general apprehension in the industry of data mining and analytics on amounts reported under transfer pricing provisions and the GST law. The government is already matching the GST paid on imports (under customs) and that disclosed in GST returns. Businesses found to have discrepancies between the two are getting notices. The revenue department is also matching whether sales in relation to imports are duly accounted for or not. Increasingly, data is being shared across revenue departments. “The endeavour of the government is clearly to remove and address the problems which were faced in the transitional phase to the GST regime,” said Abhishek A Rastogi, partner at Khaitan & Co. “With the finance minister (Arun Jaitley, after medical treatment) back to action, many such circulars and notifications filling the gaps would be released to address such problems. The view on budgetary support should be closely watched as well.
Source: The Economic Times
New Delhi: Tax authorities are considering ways, including the levy of interest on tax dues, to ensure that micro, small and medium enterprises (MSME) pay taxes every month, two officials aware of the matter said. Nearly 93% of taxpayers with annual sales up to ₹5 crore need to file only quarterly returns, according to a recent decision of the Goods and Servie Tax Council (GST Council). The government is trying to prevent any cash flow problems for the exchequer from this politically crucial segment, the people cited above said on condition of anonymity. “The law committee of the GST Council is examining how to ensure that taxpayers pay tax every month. The monthly tax payment has to approximate a third of the quarterly tax payments. If the variation is beyond a percentage, the taxpayer may be asked to pay interest on that part,” said one of the two officials. Such safeguards are being introduced to address concerns of states over any potential revenue leakages from easing of compliance burden on firms. “MSMEs may also be asked to give a break-up of monthly sales data to check if the monthly tax payments made are commensurate to sales,” said the second official. The central government is keen to give relief to the MSME sector, which suffered from the November 2016 demonetisation and the July 2017 GST rollout. Small businesses and traders are also politically relevant as they form a key support base for political parties, including the ruling Bharatiya Janata Party. According to data available with the MSME ministry, there are more than 63 million MSMEs engaged in manufacturing, services and trade, more than half of which are in rural areas. These enterprises account for about 110 million jobs and contribute about 29% of the country’s economic output, the ministry said, citing the National Sample Survey 73rd round conducted during 2015-16. The role of SMEs in employment creation makes it a priority for the government to make it easier for them to do business and comply with regulations. Besides quarterly filing of tax returns, the GST Council is also exploring the option of providing partial tax relief to MSMEs from GST. This may be done through a refund mechanism for a certain percentage of the tax payment. The GST Council, in its previous meeting in August, had decided to set up a panel to look into issues faced by MSMEs and come up with suggestions before the next GST Council meeting on 28-29 September in New Delhi.
Source: Livemint
Finance ministry has notified annual tax return forms for businesses registered under the GST, in which details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal have to be provided in a consolidated manner. The ministry has notified annual return form for normal taxpayers (GSTR-9) and for composition taxpayers (GSTR-9A). The last date for filing the annual return forms is 31st of December. With the notification, government has accepted the long pending demand of industry and has notified annual return form for normal taxpayers (GSTR 9) and annual return form for composition taxpayers (GSTR 9A) in which detailed information has to be provided by businesses.
Source: All India Radio
New Delhi: Negotiations for a mega-trade pact among 16 Asia-Pacific countries including India will continue in 2019, commerce and industry minister Suresh Prabhu said as the country claimed substantial gains at the latest round of talks. Parties to the Regional Comprehensive Economic Partnership (RCEP) negotiations also agreed to India’s demand to give tariff concessions to other partners except China over a 20-year period. For China, India would seek a longer period for removal of duties on goods as the domestic industry is apprehensive about the presence of the neighbouring country in the grouping. They will also take binding commitments for easier movement of professionals (called Mode 4 in trade parlance) in the region, a longstanding demand of India. The commitments are part of a ‘package of deliverables’ whose contours will be defined by the end of the year. The trade ministers of 16 RCEP members met last week in Singapore to review the progress of negotiations where Prabhu reiterated the need for providing adequate flexibilities on various elements such as exclusion, reduction, staging and deviations. “The RCEP negotiations will not end in 2018. It has been agreed at the level of leaders... it will go in 2019 as well and we will have opportunity to work on all the issues,” Prabhu said at the sidelines of an event here on Tuesday.
Source: Economic Times
New Delhi : In a significant breakthrough in the ongoing negotiations of the Regional Comprehensive Economic Partnership (RCEP), India has convinced the 15 partner countries, including the 10-member ASEAN, to agree to binding commitments in the area of easing movement of workers and professionals in the region. India, however, agreed to take on commitments to reduce or eliminate tariffs on a larger number of goods than what it had earlier proposed. This, however, is subject to the condition that it is given the flexibility to get around its sensitivities (by taking on less onerous commitments to be implemented over a longer period) with countries with which it does not have bilateral free trade pacts, including China, Australia and New Zealand. “We have said that the RCEP is not a goods partnership alone. It is an economic partnership...(that) envisages that services should be an integral part of trade,” Commerce Minister Suresh Prabhu told a media gathering here on Tuesday. Once concluded, the RCEP is likely to result in the largest free trade bloc in the world covering about 3.5 billion people and 30 per cent of the world’s GDP. Last week, Prabhu attended a Trade Ministers’ meeting of RCEP countries in Bangkok, where a number of crucial decisions were taken. He said that while there will be substantial negotiations in the next couple of months, the talks will not conclude in 2018 but continue in 2019. The 16 Trade Ministers, however, agreed on reaching a package of deliverables by the end of 2018 which could have a number of elements including goods, services and rules of origin. “There is no agreement yet on what the package of deliverables will include but there is an overwhelming feeling amongst RCEP members that there should be some sort of an agreement by the RCEP Summit in November in areas where there has been a progress in negotiations,” an official told BusinessLine. In services, so far, RCEP members have not agreed to taking on binding agreements on Mode 4, which includes rules guiding movement of natural persons or workers. There was, especially, major reluctance from small countries such as Singapore, New Zealand and Brunei. However, with India sticking to its argument that it doesn’t make sense to have an agreement in goods without anything substantial in services, things changed for the better at the Bangkok meeting on August 30-31. “All RCEP members have agreed to give their binding offers on easing movement of workers by October 10. These will be evaluated and further requests would be made till an agreement is reached,” the official said. What remains to be seen though is the quality of offers in services made by member countries in the area. In the area of goods, India agreed to move beyond its offer made at the meeting in Cebu (in 2016) where it had proposed to eliminate tariffs on 86 per cent of items for the ASEAN, Japan and South Korea and 74 per cent for China, New Zealand and Australia. It, however, impressed upon RCEP members of its need to hold bilateral discussions with China, New Zealand and Australia so that it could protect a larger number of items from tariff cuts and elimination depending on the negotiations. “RCEP members have now agreed to bilaterals with certain countries. We can have carve-outs to protect sensitive commodities and have longer implementation periods for tariff elimination for certain items from certain countries. This can be as long as twenty years or even more,” the official said.
Source: The Business Line
Mumbai : The Shipping Ministry has cleared a bail-out plan for stressed public-private partnership (PPP) projects at major port trusts along with a criteria to classify/identify stressed projects. To save PPP projects that have become stressed due to “abnormally high storage charges”, the Ministry has framed a three-point formula that includes extending the free storage period comparable to what nearby private ports are offering users “to optimise capacity utilisation of the berth”. Accordingly, if the cargo is cleared within the free period as per the concession agreement signed with the port trust, no storage charge will be levied and hence no royalty need be shared with the port trust. If the cargo is cleared after the expiry of the free period as per the executed concession agreement, but within the extended free period, the PPP operator will not collect storage charges from the users of the facility. But the PPP operator will have to pay royalty equal to 1 per cent of the annual revenue requirement (ARR) to the port trust. If the cargo is cleared after the extended free period, the PPP operator will have to pay the contractually mandated royalty on the actual storage charges collected from users or 1 per cent of the ARR, whichever is higher, for the period beyond the extended free days. A PPP project will be classified as “stressed” if it is sub-optimally utilised — if the actual cargo handled by the operator during two preceding financial years is less than 70 per cent of the projection as per the detailed project report/feasibility report that formed part of the bid document. The project special purpose vehicle (SPV) should have incurred cash losses continuously for two preceding financial years thereby eroding its peak net worth during the operation period by at least 50 per cent. Four projects at Visakhapatnam Port Trust and three at Deendayal Port Trust are expected to benefit. “This will give substantial relief to PPP operators,” said a ministry official. Currently, importers get five free days for storing cargo and exporters 15 days at major ports. “The grievance of PPP operators was that private ports were offering longer free storage days, up to 120 days for clearing cargo. The government has now allowed them to increase the free days depending upon competition. It will work out,” the official said. But the CEO of a private port firm said that main issue of cargo handling and berth hire charges compared to private ports has not been resolved, making the rationalisation of storage charges to save stressed projects “irrelevant”. “Some of the PPP projects are either being operated under stress or have been abandoned/terminated, leading to avoidable litigations and if this continues, major port trusts may not be in a position to attract private investments which would have an adverse impact on the growth of port infrastructure,” the Ministry official said. “Re-negotiation of contract should be to the extent required for survival of the project – it should be a sort of course correction activity,” the official said.
Source: Business Line
The Indian rupee fell further on Tuesday and took bond prices down with it, as investors worried about the inflationary impact of a weaker currency. The rupee closed at a record low of Rs 71.57 against the dollar, down 0.5 percent compared to Monday’s close. The rupee has fallen 2 percent in the last five days alone. This is, however, not out of line with peer currencies like the Indonesian rupiah, which has also seen a 2 percent depreciation. The rupee fall, which was first seen as a healthy correction, is now leading to a fear of higher interest rates. Reflecting that concern, the 10-year benchmark bond yield rose to a four year high of 8.042 percent on Tuesday afternoon compared with Monday’s close of 7.999 percent. Bond yields and bond prices move inversely. The risk of imported inflation is keeping bond investors edgy, said Tushar Arora, senior economist at HDFC Bank Ltd. “We have a year-end call on the 10-year bond yield around 8.1-8.2 percent, and I think the trend seems to be moving in that direction,” he added. India’s Monetary Policy Committee has hiked rates twice this year to 6.5 percent. Most economists were expecting a pause after the two consecutive rate hikes. However, with the currency continuing to weaken, some see the risk of another rate hike rising. The rupee has depreciated nearly 10 percent since March, owing to rising crude oil prices and the fear of a widening current account deficit. It is the worst performing currency in the Asian region so far this year. What has added to the weakness is the perception that the RBI is intervening less to support the currency. A series of comments from government officials, suggesting that a weaker currency is beneficial for the economy have also led to a change in expectations in the currency. Many now expect the rupee to trade in a band closer to 70-72 against the U.S. dollar. R Sivakumar, head of fixed income at Axis Mutual Fund, said that over the last few weeks, the market has witnessed the RBI allowing the rupee to depreciate beyond what some would consider normal. “If the RBI has changed its stance with respect to the rupee’s value, then that is bad news for the bond market,” Sivakumar said. To be sure, should the RBI choose to intervene and curb the fall in the rupee, it has a number of tools at its disposal. Forex reserves, at above $400 billion, are still adequate to cover more than nine months of imports. The RBI could also consider hiking interest rates to defend the currency - an option used by economies like Indonesia, said Arora of HDFC Bank. Sivakumar pointed out that while the rate defence has not helped in supporting the rupee in the past, higher rates may be needed purely from an inflation standpoint if the currency continues to depreciate. In extreme circumstances, the RBI and the government could look at options like schemes to draw in foreign currency deposits or open a special window to sell dollars directly to oil companies. “Having said that, this is a very tricky situation for the central bank. On one end, if they intervene, it brings rupee liquidity in to the market and at the same time they have to maintain liquidity at the neutral level, being an inflation targeting bank,” Arora said.
Source: Bloomberg Quint
Mumbai : The decline in the rupee, which closed at yet another all-time low on Tuesday, may continue further, cautioned State Bank of India in its research report, Ecowrap. The Indian unit depreciated to close at 71.57 to the dollar on Tuesday against the previous close of 71.18, down 39 paise. The rupee is weakening amid foreign portfolio investors selling in the Indian financial markets, rising oil prices and widening current account deficit. “Continued volatile depreciation, we strongly believe, may result in orthodox monetary policy measures such as rate hikes in future, thus slowing down consumption significantly as in 2014,” said Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI. The rupee has depreciated 6.2 per cent since June 2018 when the RBI started hiking rates. “The rupee is one of the worst-performing among its Asian peers. One of the reasons could be the spike in current account deficit on the back of crude oil price increase. After appreciating marginally in January 2018, the rupee has witnessed depreciation every month,” said the report. Since the beginning of the year, emerging market currencies have also witnessed volatility and have depreciated considerably on the back of US policies on free trade and a strengthening US economy. The US recovery has made the possibility of rate hikes imminent, and akin to the time of the taper tantrum, the emerging market currencies have tumbled, the report observed. To stabilise the exchange rate, the RBI has spent nearly $14 billion in Q1 FY19, which has further dented the overall stock of foreign exchange reserves, the report said. In this regard, the report pointed to the detailed discussion on the cost of continued RBI intervention in the foreign exchange market in the central bank’s August monthly bulletin. The bulletin said intervention in the foreign exchange market through purchase or sale of US dollars, however, could pose other challenges by altering domestic liquidity conditions. While purchases lead to injection, sales result in withdrawal of primary rupee liquidity from the system. This requires proactive management of liquidity consistent with the stance of monetary policy. Given the inefficacy of sterilised intervention, the RBI may be following a relatively hands-off policy in the forex market for now and, hence, the recent penchant for the rupee to depreciate at a much faster rate, the report said. For example, it took only one trading day for the rupee to travel 100 paisa on August 13, against a historical average of 17 days beginning April 18 (27 days in 2015), it added.
Costs of sterilisation
Sterilisation by the RBI comes with associated costs...There are other costs of sterilisation as well, which are, however, difficult to estimate. “For example, sterilised intervention raises interest payments and subsequently revenue expenditure, squeezing out capital expenditure in the process. We estimate such costs per annum could be around ₹10,000 crore,” the report said. SBI’s economic research team recommended that the government and the RBI should implement the Standing Deposit Facility (SDF) without any further delay as it has no sterilisation cost. In the interregnum till the SDF is implemented, the RBI must continue with durable liquidity injections through regular open market operation (OMO) purchases to offset the current spate of liquidity withdrawals.
Source: Business Line
THE WATER in Rajasthan’s Bandi river is strikingly blue in the stretch along the Pali district. But the blue is not natural and the water cannot be used. The colour is due to the presence of effluents discharged from over 500 textile dyeing units on its banks.
In May 2018, while hearing a 2012 public interest petition filed by Mahavir Singh Sukarlai of Pali non-profit Kisan Paryavaran Sangharsh Samiti, the National Green Tribunal (NGT) declared the water of the river unfit for irrigation on the basis of an inspection report submitted by the tribunal’s monitoring committee. The report said that the level of total dissolved solids in the groundwater in the area was 9,000 mg/l, when the levels in the surrounding areas were 400-1,600 mg/l, and blamed the textile dyeing units for polluting the groundwater as well as the river. The contamination is taking place despite a 2012 Rajasthan High Court order that bans discharge of treated or untreated water in the Bandi. The problem is not limited to Rajasthan. “There are over 140 textile clusters in India. Of these, dyeing units are concentrated in Tamil Nadu, Rajasthan, Uttar Pradesh, Punjab, Gujarat and Maharashtra, and the problem of river water pollution is equally widespread,” says M Madhu-sudanan, additional director, Central Pollution Control Board. In 2015, the Union Ministry of Environment, Forest and Climate Change (MoEF&CC) proposed a countrywide zero liquid discharge (ZLD) regime for dyeing units that discharge more than 25 kilolitres of wastewater a day and all common effluent treatment plants (CETPS). Under this, all such units and CETPs had to recycle and reuse their wastewater instead of releasing it into rivers. But the draft was never implemented due to opposition from the industry which said that the technology was too expensive. ZLD system uses technologies, such as three-stage reverse osmosis, evaporators and crystallisers that recycle salts and over 95 per cent of water for reuse. “The cost of ZLD wastewater treatment is more than R150/m3, because the process of recovering salts is energy-intensive. In states like Punjab, Haryana and Uttar Pradesh, it is cheaper to just extract groundwater,” says Sajid Hussain, CEO of Chennai-based Tamil Nadu Water Investment Company. In Ludhiana district of Punjab, for instance, groundwater extraction costs just 20 paise/m3. Though there is no nationwide policy on the implementation of ZLD, the technology is being used in two districts of the country due to court intervention. The Madras High Court in 2006 and the Rajasthan High Court in 2012 banned discharge of treated or untreated effluents in the Noyyal and Luni rivers. As a result, the units in Tiruppur and Barmer districts were forced to adopt ZLD systems. “Residents, especially farmers, had filed numerous petitions over the years due to which the courts intervened in these districts,” says Hussain.
Forced to act
But in both the districts the units and CETPs kept flouting the order till the courts threatened them with closure. In 2011, the Madras High Court ordered closure of 743 units and CETPs in Tiruppur unless they opted ZLD technologies. After the order, about 450 units set up ZLD system in their 20 CETPs, while about 150 units adopted ZLD technologies in their individual treatment plants. “The units in Tiruppur have strictly followed ZLD in the past seven years and no water is being discharged into the Noyyal river. Moreover, the demand for freshwater has reduced remarkably in the district while the water table has swelled,” says T R Vijaya Kumar, managing director of CBC Fashions (Asia) Pvt Ltd, a textile dyeing company based in Tiruppur. These results are also substantiated by 2030 Water Scarcity Group, a public- private-civil society collaboration, which says that the municipal water demand of the units has reduced by over 0.87 million cubic metres a year since they adopted ZLD. “Similarly, in Barmer, the units have installed ZLD systems in all six CETPs. Since the drive to adopt ZLD started only about six years ago it is too soon to gauge the results,” says Digvijay Singh Jasol, advocate at the Rajasthan High Court, who filed the petition against discharges in the Luni river. NGT too is ensuring that the units follow the rules on discharge by conducting regular inspection. The last inspection was conducted in May. “A national level policy is required for large-scale implementation of ZLD,” says Madhusudanan. “The primary reason the units are disinclined to opt ZLD is cost. But that can be offset by framing right policies” says Hussain.
Cohesive plan is key
“Currently, the difference in running ZLD units and non-ZLD units is just 15 per cent, which can be further reduced ,” says S Nagarajan, president, Dyers Association of Tiruppur. “Implementation of ZLD across the country would also level the playing field because currently ZLD adds about R4 per garment. If everyone had to use the technology, the cost difference would be negated,” Kumar explains. Moreover, when the court made ZLD compulsory in Tiruppur, many units shifted to the neighbouring state of Karnataka, where there was no such order. This would not have happened had ZLD been compulsory across the country. “Currently, there is a lack of monitoring by regulatory authorities, the price of water for industries is quite low in many states and industries are free to exploit groundwater. This needs to change,” says Hussain. “The government should also encourage adoption of cleaner technologies by providing financial assistance and subsidies,” he adds.
Source: Down to Earth
India’s apparel exports are likely to remain subdued in the near term, even as the worst appears to be over, according to an Icra note released on Tuesday. With the base effect setting in, ICRA expects India’s apparel exports to grow at a modest pace of 1%-2% Y-o-Y for the rest of FY2019, vis-a-vis a sharp de-growth of 14% Y-o-Y in first four months of FY2019. As this would still mean a 4% Y-o-Y decline in the country’s apparel exports in FY2019, it is expected to be the fourth consecutive weak year for India’s apparel exports, following the 4% de-growth in FY2018 and modest growth rates of 1% and 3% in FY2016 and FY2017 respectively. India’s apparel exports have exhibited an unencouraging trend, with a marginal de-growth of 1% in FY2018 as well as in the period April -July of FY2019, even after adjusting for apparel exports to the UAE, which have declined inexplicably and sharply over the past one year. Commenting on the subdued industry trend, Mr. Jayanta Roy, Senior Vice-President and Group Head, ICRA, says, “With several internal as well as external headwinds, the past year turned out to be rather challenging for India’s apparel exporters. Transition to the new taxation regime, besides posing liquidity challenges for the industry, added to uncertainties because of alternating stances on export incentives during the year. Further, a stronger rupee heightened the challenges in the international market by affecting competitiveness of players in an intensely competitive international apparel market.” ICRA note says that country’s apparel sector’s performance is worrying as it is contrary to the global trends. The global apparel trade is back on the growth trajectory with an estimated growth of 4%-5% year-on-year (Y-o-Y) in H1 CY2018 and 2% in CY2017 in US dollar terms. The positive trend in the global apparel market is being led by the strong recovery in apparel imports by the European Union (EU), which accounts for two-fifth of the global apparel trade (including the trade within EU). With faster GST refunds, improved clarity on the rate of export incentives and the sharp rupee depreciation witnessed over the past few months, most of the industry’s concerns stand addressed to a large extent. Having said that, the industry is now facing mounting concerns on the continuance of export subsidy schemes in India, after being challenged by the US at the World Trade Organisation (WTO), which seems to be constraining the growth momentum of India’s apparel export sector. “Going forward, steps taken by the Government to address these concerns, will remain crucial for apparel exporters to capitalise on the revived global apparel trade as well as the continuing loss of market share by China, which opens up a lucrative opportunity for key players such as India, Vietnam and Bangladesh,” adds Roy. ICRA notes that Bangladesh and Vietnam have been the key gainers from China’s loss of share of export market over the past couple of years. Vietnam is maintaining a healthy growth in its stronghold market of the US, with its position likely to strengthen further if the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the EU-Vietnam Free Trade Agreement are successfully consummated. Meanwhile, Bangladesh continues to gain share in Europe, even as concerns on withdrawal of its duty-free access to the EU market have surfaced, given the improvement in its economic indicators.
Source: Economic Times
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1673.92 |
USD/Ton |
0% |
9/4/2018 |
|
VSF |
2204.07 |
USD/Ton |
0.67% |
9/4/2018 |
|
ASF |
3046.16 |
USD/Ton |
0% |
9/4/2018 |
|
Polyester POY |
1801.34 |
USD/Ton |
0.41% |
9/4/2018 |
|
Nylon FDY |
3470.87 |
USD/Ton |
0.64% |
9/4/2018 |
|
40D Spandex |
5052.53 |
USD/Ton |
0% |
9/4/2018 |
|
Nylon POY |
5532.88 |
USD/Ton |
0.08% |
9/4/2018 |
|
Acrylic Top 3D |
1991.72 |
USD/Ton |
0% |
9/4/2018 |
|
Polyester FDY |
3177.97 |
USD/Ton |
0% |
9/4/2018 |
|
Nylon DTY |
3221.90 |
USD/Ton |
0% |
9/4/2018 |
|
Viscose Long Filament |
1991.72 |
USD/Ton |
0% |
9/4/2018 |
|
Polyester DTY |
3602.67 |
USD/Ton |
0% |
9/4/2018 |
|
30S Spun Rayon Yarn |
2870.42 |
USD/Ton |
0% |
9/4/2018 |
|
32S Polyester Yarn |
2409.10 |
USD/Ton |
0% |
9/4/2018 |
|
45S T/C Yarn |
3046.16 |
USD/Ton |
0% |
9/4/2018 |
|
40S Rayon Yarn |
3031.52 |
USD/Ton |
0% |
9/4/2018 |
|
T/R Yarn 65/35 32S |
2592.17 |
USD/Ton |
0% |
9/4/2018 |
|
45S Polyester Yarn |
2577.52 |
USD/Ton |
0% |
9/4/2018 |
|
T/C Yarn 65/35 32S |
2592.17 |
USD/Ton |
0% |
9/4/2018 |
|
10S Denim Fabric |
1.37 |
USD/Meter |
0% |
9/4/2018 |
|
32S Twill Fabric |
0.84 |
USD/Meter |
0% |
9/4/2018 |
|
40S Combed Poplin |
1.17 |
USD/Meter |
0.12% |
9/4/2018 |
|
30S Rayon Fabric |
0.67 |
USD/Meter |
0.44% |
9/4/2018 |
|
45S T/C Fabric |
0.71 |
USD/Meter |
0% |
9/4/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14645 USD dtd. 4/9/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Dubai, UAE: Textile printing industry has come of age and is rapidly growing across the globe and the Middle East region. UAE houses thousands of retail destinations, including several high end furniture brands and these numbers are on the rise. According to Smithers Pira, the UK based market intelligence, testing and consulting firm, this industry is slated to grow to US$2.66 billion by 2021. The key objective of textile printing is to produce fabric with an attractive design and defined pattern. This lucrative market expansion can be attributed to several factors such as the rise in customer demands, faster go-to-market strategy by companies and also the rapid expansion of the healthcare, real-estate, hospitality, education and retail sectors. “We have seen a growth in demand from across various vertical industries and we foresee this growth due to the rapid expansion of retail malls and hospitality industries. Our trade show SGI Dubai witnesses new exhibitors each year and that is a key indicator for us,” stated Sharif Rahman, CEO, International Expo Consults. Currently the Asia Pacific region has the largest market share for textile printing, followed by Europe and North America. Within Asia, China and India alone hold the largest market share for textile printing globally. Asia-Pacific region is expected to witness highest growth and maintain its dominance in the forecasted period. “It is important for the players within the UAE to closely look at their markets and its potential and capitalise on the same by leveraging innovative cutting edge technologies. This will further help their own industry and thereby significantly contribute towards the economy. With the fast growing population not only in Middle East but across the globe would further increase the demand and should plan ahead to capitalise on this opportunity. Progress in technology paired with increasing method of printing is driving the global textile printing market,” added Mr. Rahman. SGI Dubai 2019, is one such destination, a unique trade show that actually addresses the needs of the textile printing industry stakeholders and will bring the best players in the industry from across the globe. From among all the other forms of printing digital printing is expected to garner highest growth in the coming years. On the bases of technology the global market for textile printing can be split into direct printing, white/ color discharge and resist printing. Other forms of printing include block printing, roller printing, duplex printing, screen printing, stencil printing, transfer printing, blotch printing, jet spray printing and electrostatic printing. SGI 2018 was a huge success with close to 330 international and regional exhibitors showcasing the latest in UV printing, textile printing, retail, LED and various signage technologies. Thousands of visitors graced the show from across the globe including the Middle East, Africa, Asia and Europe. SGI Dubai is an ideal converging point where visitors and exhibitors can reach out with architects, sign makers, print and production manufacturers, media agencies, real-estate developers, brand and image consultants among others. The event is a well-established business forum, which is recognised globally and constitutes workshops and seminars held by industry experts. It is one of the most eagerly awaited events of the year in the region to cater to the needs of exhibitors and visitors in the signage, outdoor media, screen and digital printing, LED and textile printing industries.
About International Expo-Consults (IEC):
International Expo-Consults (IEC) is an internationally recognized trade show management company with an impressive track record of 25 years of operations in the Middle East and Asia Pacific region. The Exhibition arm of the Dubai-based conglomerate, the Falak Holding; IEC is the organiser of key exhibitions including Sign and Graphics Imaging (SGI Dubai) and the Dubai, Entertainment, Amusement and Leisure (DEAL). Dubai-based conglomerate, Falak Holding has been an industry pioneer for over three decades having diversified business interests including real estate development; retail - sports, fashion, home furnishings; exhibitions, medical diagnostics, trading and many more as part of its portfolio. Falak Holding is also a key stakeholder and investor in the prestigious Dubai Sports City project.
Source: Zawya
Textile Innovation Fund (Netherlands), Social Impact Ventures (Netherlands) and Bestbase Group (China) invest EUR 3 million and their active involvement in Swedish fashion-tech company We aRe SpinDye. We aRe SpinDye has developed a sustainable colouring method for synthetic textiles in the fashion and apparel industry. With the SpinDye-colouring process, water usage is reduced by 75%, the use of chemicals by 90%, energy consumption by 25% and the carbon dioxide emissions footprint is cut by 30 percent compared to traditional dyeing, according to the manufacturer. “We aRe SpinDye is exactly the kind of solution that the industry needs to become more sustainable, as evidenced by their impressive traction with fashion and apparel brands,” said Warner Philips, partner at Social Impact Ventures and Board Chair of the Cradle to Cradle Products Innovations Institute. The three investors say they are showing their mutual commitment to drive change in the fashion and apparel industry towards a more sustainable and circular production that can be used by all textile companies concerned with resource efficiency. “We aRe SpinDye is a business ready to scale up its proven sustainable method for colouring synthetic textiles. With the quality and dedication of the We aRe SpinDye team and our partner investors, we are pleased to be on board, creating the impact that is perfectly in sync with the kind of investments the Textile Innovation Fund is aiming for,” commented TIF fundmanager Susan van Koeveringe. The standardised production process leads the highly analogue industry towards a much-needed digital shift, enabling the colour consistency of the fabrics to be precise and replicable and minimizing the risk of recalls and cancelled orders. Eske Scavenius from Social Impact Ventures, who will be joining SpinDye’s Board of Directors, said: “We are very excited to be investing in We aRe SpinDye. We have been on the lookout for scalable innovations that combine business with impact and accelerate the transition towards a clean and healthy textile industry: We aRe SpinDye fits the bill perfectly, and we look forward to supporting the company’s growth.” This year We aRe SpinDye got its breakthrough, and brands like Bergans of Norway, Quiksilver, Fjällräven and Odd Molly are using the SpinDye-colouring method. The products are labelled with the SpinDye-sustainability KPIs and logo indicating the fabric is coloured with the SpinDye-colouring method. During fall 2018, We aRe SpinDye will continue to strengthen its position in the fashion- and sports/outdoor industry by exhibiting and be part of activities at tradeshows like Premiere Vision in Paris, Performance Days and ISPO in Munich. “We aRe SpinDye was one of the innovators in the second batch of our Fashion for Good-Plug and Play Accelerator Programme. We believe their method is highly relevant to meet the fashion industry’s demand. It is great to see that this is already tangible and possible now,” said Katrin Ley, Managing Director of Fashion For Good. The investments will grow We aRe SpinDye´s commercial reach and the impact of the brand, scale production capabilities and leverage the digital opportunities. “With our three new partners on board we will further fuel the revolution the fashion and apparel industry is going through. The global fashion industry is accountable for massive environmental impact and is one of the least digitalized industries on the globe. We are thrilled to have formed this partnership that will enable us to drive change faster and more effectively,” concluded Micke Magnusson, CEO at We aRe SpinDye.
Source: Innovations in Textiles
Meherun N Islam, president and group managing director of CEMS Global, speaks at a press conference at National Press Club in Dhaka yesterday to announce the commencement of three concurrent exhibitions on textile and garments in the capital's International Convention City Bashundhara from September 12 to 15. CEMS Global. Three concurrent exhibitions in the capital's International Convention City Bashundhara will showcase the latest sophisticated and emerging technologies for textile and garment industries from September 12 to 15. “Around 1,250 companies from 25 countries will take part in the events occupying 1,500 stalls,” said Meherun N Islam, president and group managing director of the fairs organising company, Conference and Exhibition Management Services Ltd (CEMS) Global. The events would be the biggest meeting place for manufacturers, buyers, suppliers and consumers while providing exhibitors an interactive platform to generate business, she said while addressing a press conference at the National Press Club yesterday. The doors of the exhibitions will remain open from 10:30am to 7:30pm. Of the events, the 19th Textech Bangladesh Int'l Expo 2018 is scheduled to display machines for textile, apparel and accessory manufacturing; embroidery, circular knitting, digital printing and related services. The 14th Dhaka International Yarn & Fabric Show 2018 is expected to bring international manufacturers of fabric, yarn and special chemicals. Similarly the 33rd Dye+Chem Bangladesh 2018 International Expo is meant to highlight the latest global additions in dyestuff and chemicals focusing on Bangladesh's exports, especially the textile and garment industry. The exhibitions' broadcast partner is Independent TV, radio partner Radio Today, media partners The Daily Star and The Daily Samakal; magazine partners Textile Today, Textile Focus and Apparel View; creative partner Market Edge limited, IT partner Amar Tech, media monitoring partner Ryans Archive Limited and hospitality partner At Earth.
Source: The Daily Star
Bräcker is set to show the latest textile applications at ITMA Asia, in hall 1, booth D01. The leading textile machinery exhibition will be held in Shanghai from October 15-19, 2018 at the National Exhibition and Convention Centre in Shanghai, China. Bräckeris a leading manufacturer of key components for ring spinning machines based in Switzerland. Bräcker’s products enable spinning mills to increase their production output at an efficient price-performance ratio. The company will demonstrate the ability to generate additional customer value, by utilising its expertise in ring spinning. The company will display the ONYX travellers at the expo. The surface treatment of the ONYX travellers facilitates a higher efficiency. The improved gliding characteristic allow for an increase of the spindle speed by up to +1000 rpm and prolongs the life of the traveller by up to +50 per cent. Also, the running-in period is considerably reduced, Bräcker said in a press release. Bräcker will also present the SFB traveller and ORBIT ring at ITMA Asia. The large contact surface between SFB traveller and ORBIT ring allows for increased spindle speeds even with fibres like viscose or with fibres, tending to thermal damage, for example, polyester. Higher traveller speeds of 10-20 per cent are achieved compared to the T-flange ring / C-shaped traveller system. To cover the new demands, the SFB traveller portfolio was substantially expanded in regards of traveller profiles and weights. Bräcker will display the Berkol multigrinder MGL and MGL1. The entire range of top rollers and long cots used in a spinning mill can be processed on only ONE single machine. Any execution of centre guided top roller is ground fully automatically on the Berkol multigrinder. The multigrinder MGL/ MGLQ is a very flexible grinding machine for smaller and medium sized spinning mills with up to 50,000 spindles. Operating the machine is done only from the front side of the machine. The optimal ergonomics of the multigrinder allow for its efficient operation. (GK)
Source: Fibre2Fashion
