Commerce and Industry Minister Suresh Prabhu is leading a delegation for the meeting for trade ministers of RCEP member countries, which are negotiating a mega trade deal, in Singapore, beginning Monday. The Regional Comprehensive Economic Partnership (RCEP) is a pact that aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights. Trade Ministers of the 16-member RCEP are meeting in Singapore to continue to efforts to resolve the issues which are hindering the conclusion of the negotiations. The chief negotiators had recently concluded the 24th round of meeting in Auckland, New Zealand, last month, the commerce ministry said in a statement. The RCEP members include 10 ASEAN members Brunei Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam and their 6 free trade agreement partners India, China, Japan, South Korea, Australia and New Zealand. India already has a free trade agreement with Association of Southeast Asian Nations (ASEAN), Japan and South Korea and it is negotiating similar pacts with Australia and New Zealand. India is pushing for liberalizing norms to promote services trade as the sector accounts for about 55 per cent of India's GDP. India is looking for a balance trade agreement as it would cover 40 per cent of the global GDP and over 42 per cent of world's population. The ministerial meeting will be followed by the second RCEP Leaders Summit on November 14 in Singapore.
Source: Business Standard
New Delhi: India is pushing for liberalising norms to promote services trade with 15 other countries including China as part of a mega free trade agreement as it looks for a balanced pact with these nations. “India is pushing for liberalizing norms to promote services trade as the sector accounts for about 55% of India’s gross domestic product (GDP),” the commerce and industry ministry said on Monday. The statement comes as trade ministers of 16 members of the Regional Comprehensive Economic Partnership (RCEP) meet in Singapore ahead of RCEP Leaders Summit on November 14 in which Prime Minister Narendra Modi will participate. Commerce and industry minister Suresh Prabhu is meeting his counterparts to “continue to exert all efforts towards meeting the targets set”. “India is looking for a balanced trade agreement as it would co- ver 40% of the global GDP and over 42% of world’s population,” the ministry said amid pressures to conclude the trade pact at the earliest. RCEP is a proposed comprehensive regional economic integration agreement among the 10 ASEAN countries and its six free trade agreements partners – Australia, New Zealand, Japan, China, Korea and India. The grouping comprises 45% of the world’s population, with a combined GDP of about $21 trillion. The RCEP negotiations were launched in November 2012 and the first round of negotiations was held in 2013. In October, the ministers had reaffirmed their “resolve to bring negotiations to a substantial conclusion” and reiterated that the completion of a package by the year-end was “an important milestone”. However, India and a few ASEAN countries have raised concerns about the legal implications of the term ‘substantial conclusion’. The chief negotiators had last month concluded the 24th round of meeting in Auckland. RCEP trade ministers are meeting ahead of Leaders Summit on Nov 14, which PM Narendra Modi will attend
Source: Economic Times
Briefing media ahead of the East Asia summit, Vijay Thakur Singh, secretary (East) MEA, said, “The meeting of the Quad will take place but let’s make it clear it has nothing to do with the East Asia Summit. Besides participating in the most important Regional Comprehensive Economic Partnership (RCEP) meetings, leaders of India, US, Japan, and Australia will be having the third round of Quadrilateral dialogue (the Quad) on the sidelines of the East Asia summit in Singapore. Briefing media ahead of the East Asia summit, Vijay Thakur Singh, secretary (East) MEA, said, “The meeting of the Quad will take place but let’s make it clear it has nothing to do with the East Asia Summit. The Prime Minister will also meet with US Vice President Mike Pence in Singapore.” Other issues that will be discussed by the ASEAN members and its eight key partners, who will also be present at the East Asia Summit, will discuss a wide range of issues concerning regional cooperation including the environment to cyber security. And other issues related to strengthening the trade and economic relations. The leaders of these countries besides sharing their views on the geopolitics of the region, will highlight the importance of the Quad for the ASEAN Centrality, which could also be extended to other countries in the South Asian region in an effort to maintain balance of power in the region. In this year, there have been several rounds of discussions amongst the members of the Quad in an effort to that the `ASEAN Centrality remains’. Indian Prime Minister Narendra Modi will pay a two-day visit to Singapore beginning Nov 14 to attend the 13th East Asia Summit organised by ASEAN and associated meetings on both days. He will also participate in the crucial Regional Comprehensive Economic Partnership (RCEP) meeting. The official spokesperson of the MEA, Raveesh Kumar said that Prime Minister Modi is also expected to participate in a number of other events during the visit. RCEP expected to be the world’s largest regional trading bloc has proposed trade agreement between ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) and their six free trade agreement partners – Australia, China, India, Japan, South Korea and New Zealand. He will also hold bilateral talks with Singapore Prime Minister Lee Hsien Loong and other leaders that day. The East Asia Summit is a premier forum in the Asia-Pacific region. Since its inception in 2005, it has played a significant role in the strategic, geopolitical and economic evolution of East Asia. While the ASEAN summit is already taking place in Singapore, this time this is no India-ASEAN summit. Leaders will be reviewing the progress made so far in the RCEP talks and look for ways of concluding the negotiations which includes ASEAN members and India, Japan, Australia China, South Korea and New Zealand. Modi will meet ASEAN leaders for an informal breakfast summit, while US Vice-President Mike Pence will be at the ASEAN-US Summit. Leaders from the ASEAN countries will gather for the ASEAN-India informal breakfast summit with Modi, before meeting US Vice-President Mike Pence at the ASEAN-US Summit. RCEP is a proposed trade agreement between ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) and their six free trade agreement partners – Australia, China, India, Japan, South Korea and New Zealand. Besides attending the important meetings, PM Modi is also scheduled to deliver a keynote address at the Singapore Fintech Summit. It is the biggest fintech event in the world which is expected to attract more than 30,000 people including influential entrepreneurs, leaders and experts.
Source: Financial Express
The revenue department has decided to extend the facility of uploading digitally signed documents for all types of exports under Indian Customs EDI System (ICES) with a view to improve ease of doing business and promote paperless processing. The ICES is operational at 134 major customs locations handling nearly 98 per cent of India's international trade in terms of import and export consignments. The customs department had introduced paperless processing under Single Window Interface for Facilitation of Trade on pilot basis on e-SANCHIT in exports at air cargo complex, New Delhi and Chennai Customs House"On successful implementation of the pilot, it has been decided to extend this facility to all ICES locations on pan India basis for all types of exports under ICES," the Central Board of Indirect Taxes and Customs (CBIC) said in a circular. The Shipping Bill (Electronic Integrated Declaration) Regulation, 2011, provides for authorised person to submit digitally signed electronic integrated declarations and supporting documents and dispenses with the need for trade to submit the corresponding hardcopies. The circular further said that once a shipping bill has been filed, Customs officers will be able to access the uploaded electronic versions of supporting documents while viewing or assessing the bill on ICES. ICES is designed to exchange/transact customs clearance related information electronically using Electronic Data Interchange (EDI). A large number of documents that trade, transport and regulatory agencies are required to submit/ receive in the process of live customs clearance are now processed online. e-SANCHIT is a facility of the revenue department for paperless processing and to facilitate the trading across borders with "ease"
Source: Economic Times
The government on Friday issued an advisory flagging common mistakes made by consulates, embassies and UN organizations while filing for refund of Goods and Services Tax (GST) paid, resulting in delay or rejection of claims. "There are common discrepancies which have been noticed by the GST authorities while processing refund applications," the Ministry of Finance said in a statement. The GST Act provides for allotting a Unique Identification Number (UIN) to consulates, embassies and UN organizations for claiming GST refunds. For claiming refunds, they have to file Invoice Level Data in their Form GSTR-11 on the common portal. The Ministry said Form GSTR-11 under Rule 82 of the CGST Rules, 2017 mandates reporting "Place of Supply" for every invoice on which refund is applied for. "Many UIN entities while filling invoice data have been reporting their place of supply as the state where they are registered instead of the place of supply as reflected in the invoice," it said and cited an example of the common mistake that was observed. "Embassies registered in Delhi have been consistently declaring their place of supply as 'New Delhi' even on hotel service consumed in the state of Maharashtra for which the place of supply is Maharashtra," it explained. In GST law, place of supply determines the chargeability of central and state GST (CGST/SGST) or integrated GST (IGST) tax on an invoice, the statement said. Generally, except a few exceptions, if the location of the supplier and the place of supply are in the same state, then CGST and SGST are charged on an invoice and if the location of the supplier and the place of supply are in separate states then IGST is charged. The Ministry advised that while reporting the "place of supply" and charging of CGST/SGST or IGST on an invoice, the details should be exactly as per the details mentioned in the invoice issued by the supplier of goods or services. "Wrong reporting of invoice level data in Form GSTR-11 or in the statement of invoice submitted may lead to delay in processing or rejection of refund claims," it added.
Source: Business Standard
While most of the medium and large companies have survived the brunt of demonetisation, micro and small industries are yet to recover from the losses they incurred. “Micro and small industries had a tough time for almost a year. We had been losing over 50% of our turnover. Even though the loss percentage has come down over a period of time, we are yet to recover from it. The pain is still there,” a city-based industrialist told TOI. “Though there was domestic demand for products including garments, pumps and spare parts, the industries could not make them due to cash crunch and could not adopt digital transaction methods. As a result, only one third of the industrialists have managed to survive.” Most of the small and micro industries that were selling garments were used to cash transaction, K Selvaraj of the South India Mills Association (SIMA) said. “How could they be expected to migrate to digital transaction immediately? It will take them at least a few more years to make the shift.” Over 40% of the industries have migrated to digital transaction, said K Maniraj, president of the Kovai Power Driven Pumps and Spares Manufacturers Association (KOPMA). “Even now, many buyers are purchasing products only with cash. Cashless transactions are made rarely. In the present situation, achieving cent per cent digitalization is impossible. The skilled labourers, who turn into micro entrepreneurs, would not have much of IT skills. Also there is a lack of awareness about digitization,” he said. Also, setting up the infrastructure to digitize the entire business is costly and difficult for most of the industries, said R Ramamurthy, president of the Coimbatore District Small Industries Association. He urged the government to provide subsidy to the industries, apart from providing training. The loss could not be tagged just to demonetisation as the Central government had introduced another big reform – Goods and Service Tax – shortly after it, an industrialist said. “As two major reforms were introduced within a short period of time, we had no time to adopt them. Instead of introducing new schemes, the government should come up with a solution to solve the pending issues, Selvaraj added
Source: Times of India
The State can reach the mark by 2030, says Sajjan Jindal, CMD, JSW Group. Fast economic growth, business potential and industry-friendly policy can make Odisha a $1 trillion economy by 2030, Sajjan Jindal, chairman and managing director, JSW Group, said. Addressing the second ‘Make in Odisha Conclave 2018’ here, Mr. Jindal said: “If India will become a $10 trillion economy by 2035, Odisha has to play a vital role. After Maharashtra and Tamil Nadu by then, Odisha could be the third State to be a $1 trillion economy.” He said JSW would set up a modern steel plant in Odisha. Reliance Industries Ltd., which has already invested ₹6,000 crore, has committed to invest an additional ₹3,000 crore in the next three years in Odisha. “Today, Odisha has been growing at 8% per annum, higher than the national average, and the State is fast becoming an ideal investment destination,” Mukesh Ambani, CMD, RIL, said. For Reliance, Jio was not just another business, he said. “It is a mission to transform India — to transform Odisha. We have created sustained new employment opportunities — both direct and indirect — to over 30,000 people in the State,” he added. The per capita data consumption in Odisha is among the highest in the country, he said. Stating that the Tatas had an over-a-century-old association with Odisha, Tata Group chairman N. Chandrasekaran said, “Our experience has been very satisfying and enriching. We will further invest in Odisha.”
Tata expansion
Tata Steel had announced a ₹23,500-crore expansion plan at Kalinganagar, and with this, the Tata Group’s total investment in the State would exceed ₹1,00,000 crore, he said. Aditya Birla Group, which has invested in textile business in the State, has committed to invest additional $2 billion in Odisha. “The long-standing relationship of the Aditya Birla Group with Odisha goes beyond the investments we have made here,” Kumar Mangalam Birla, chairman, Aditya Birla Group, said. Sanjiv Puri, MD, ITC, said: “Investment-friendly policies, good governance, robust infrastructure, mineral resources and agriculture resources and access to the market has made Odisha a complete investment destination.” While Steel Authority of India has announced an investment plan of ₹41,000 crore, Vedanta Resources said it would invest ₹6,483 crore in capacity enhancement of its aluminium smelter. Chief Minister Naveen Patnaik said that the first edition of the conclave had invited investment of ₹2,00,000 crore.
Source: The Hindu
A Global Meet “Knowledge in Handloom Weaving in India” featuring many eminent speakers and experts from Oxford University, NALSAR, Columbia University, IIT Delhi, Netherlands, Germany and Italy began today at one of India’s largest weaving-focused towns, Chirala in Andhra Pradesh informed Ravi Kumar Reddy of REEDS, a city based NGO in a press note issued today in Hyderabad. The theme of the meet is “Rethinking Indian Industrialisation of Crafts”. It is organised in collaboration with Mr Mohan Rao of National Federation of Handlooms and Handicrafts, Prof Bijker of Maastricht University and Ineke Sluiter of Universiteit Leiden. During the inaugural speech today, Padmabhushan Sri Rajiv Sethi, Asian Heritage Foundation, a not for profit organization servicing creative and cultural industries since 1996, expressed his concern over the shrinking creative spaces in formal pedagogy pertaining to handlooms industry. He outlined the importance of life skills in handloom industry which cannot be measured by an y economic indices. He emphasized on textiles of making, doing and being as a living form of the art which converges as the true essence of handlooms. The Padmabhushan Awardee Sri Rajiv Sethi called upon every person in the society to collectively revive India’s handlooms as they carry the tangible and intangible heritage of the nation. Sri Sethi made to the young artisans in the handlooms to create a pressure group and collectively bargain for their stronger textile policy to keep the industry and art alive. The 8 day Conference Cum Workshop called Chenetha Chethikala Sambaralu lined up many eminent speakers and experts like Uzramma of Malkha, Jaya Jaitly; Jagada Rajagopalan, Consultant; Amita Dhanda, NALSAR; Anique Hamelin, Classics and Ancient History, University of Amsterdam; Ashoke Chatterjee, Prabhat Education Foundation, Ahmedabad; BuYun Chen, Professor, Swarthmore College; Dorothy Ko, Professor of History and Women’s Studies, Barnard College, Columbia University; Ellen Harlizius-Kluck, Research Institute for the History of Technology and Science Deutches Museum, Munich; Rajeev Sethi, Asian Heritage Foundation; Sampat Mukhopadhyay, IIT Delhi; Subir Kumar Saha, IIT Delhi; Ulinka Rublack, Facujty of History, Cambridge University and othersIt is organsied by Hyderabad based, NGO, REEDS–Rural Economic and Educational Development Society. It is a Not-for-Profit organization involved in formulating and implementing programs relating to various spheres of rural life. REEDS is a registered Society under the Societies Registration Act XXI of 1860.. The purpose of the conference is knowledge sharing, standardization and innovation of techniques, designs, motifs and repertoires. The Workshop is led by scholars, academicians, weavers of outstanding expertise like Sri Mohan Rao, Sri Ravikumar Reddy from Reeds, Uzramma from Malkha, Mr. Bijker from Maastricht University, Padmabhushan Sri Rajiv Sethi, Smt. Anuradha Reddy from Dr. Reddy’s Foundation, Smt. Annapurna and Sri Mamidipudi Ravindra Vikram. The Focus of the workshop is to exhibit the various types of looms, demonstrate the weaving techniques from various regions across the nation. Another objective of the workshop, according to the organsiers is to exhibit the technology sharing through sessions where weavers interact with each other with scholars and designers to discuss the various techniques used across India in the knowledge sharing demonstrations. The workshop is also aimed at activists and writers to document the history and also share the innovation techniques that have been developed for uplifting the industry. The meet is the convergence of various experts, artisans, tradespersons who are involved in the handloom industry such as the spinners, dyers, sizers, warpers, embroiderers, tailors. The handlooms provide livelihoods for 4.3 million families, making it the 2nd largest employer sector after Agriculture. The meet will provide a roadmap to transform the future of handloom weavers through innovations and network building. The meet is organized by REEDs, a Hyderabad based NGO involved in formulating and implementing programs to various spheres of rural life. The industry has the potential to create over one million jobs with the lowest per capita investment for creation of such jobs, through building on existing skills and social capital. The handloom industry employs thousands of people across the state. However, due to certain perceptions regarding handloom cloth, and the necessity of competing with power loom imitations, growth in the sector is severely hindered. For example, power loom designers can easily copy popular handloom designs and produce them in a cheaper fashion, as designs are not protected by copyright, eating into the demand for handloom cloth. In order to improve the situation of handloom weavers, it is crucial to improve market and production infrastructure, capacitate weavers and designers to innovate deep craft skills, and provide access to credit and financial support. Designs have to be protected under the intellectual property regime. The system of production can be re-engineered such that the creativity of the weaver can co-exist with the demands of production to the designers taste. Handloom currently services many growing market niches; luxury, ethnic, semi-urban markets for sarees as well as green markets for sustainable goods. The meet is organised against this backdrop. Many Scholars, artisans and other professionals involved in the textile industry are participating in order to better understand and promote futures and livelihoods in handloom weaving informed Ravi.
The meet will go on till 19th November.
Source: APN News
India-US trade in goods and services stands at $126 billion with a $27 billion trade balance in favour of India. While trade negotiations are ongoing, both countries' sustained investments in the other indicate a valuable and resilient economic relationship. Indian investments and job creation in the US continue to rise and the US has also been a significant contributor to the Indian economy. The ambitious $500 billion trade target, while achievable, will need steadfast commitment and reform on both sides. The US is India's largest export destination and second largest source for imports and the two countries can achieve $500 billion trade by widening the trade basket and resolving impediments. In recent months, the US has raised tariffs on its global imports of steel and aluminium, imposed higher duties on $250 billion worth of Chinese goods and renegotiated the North American trade agreement. The US has a broad strategic agenda with India and has recently accorded it the Strategic Trade Authorization Tier 1 (STA-1) status. However, India is impacted by the metal tariffs, and the US has recently withdrawn GSP benefits to 50 products totalling $70 million of imports. A high-profile CEOs delegation led by Mr. Rakesh Bharti Mittal, President, CII and Vice Chairman, Bharti Enterprises will be visiting the US from 14 - 16 November 2018, to reinforce Indian Industry's commitment to US - India business ties. The Business leaders will meet with diverse stakeholders - including senior government representatives, industry bodies and think tanks - in a bid to fortify the bilateral India-US strategic and economic relationship at this critical time. With the US midterm elections just concluded, the delegation will aim to strengthen US Government, Congressional and US corporate ties with Indian industry and highlight trade and investment concerns at a time when the two Governments are working on negotiations on various issues. The delegation will hold several engagements through which the CII CEOs will deliberate on some of the most pressing economic issues in the bilateral agenda in areas such as commerce, defence equipment, agriculture, energy and high-tech goods. Engaging key stakeholders driving these discussions in Washington, D. C., the delegation aims to deliver future engagement strategies for both countries as well as opportunities for increased business collaboration.
Source: Business Standard
The Centre’s plan for 14 mega national employment zones moved a step forward with the project appraisal and management division of Niti Aayog giving its go-ahead to the .₹ 1-lakh-crore proposal. It will now be taken up by the Cabinet.
Source: Economic Times
A quick check of the numbers show that all Indian products satisfy the Competitive Need Limitations criteria. On October 30, US President Donald Trump signed Proclamation 9813 “to modify the list of products eligible for duty-free treatment under the Generalized System of Preferences”. This proclamation announced the list of products from the developing countries that would not receive duty-free access to the US market from November 1, which they had hitherto received under the Generalized System of Preferences (GSP). The GSP has been in place since 1971 after it was adopted unanimously in the second session of the United Nations Conference on Trade and Development (UNCTAD) in 1968. Under the GSP, products exported by the developing countries were granted duty-free access in the markets of developed countries. In other words, developed countries granted unilateral grant of trade concessions to the developing countries for increasing their exports. While most developed countries introduced the GSP in 1971, the US accepted this system of trade preferences in 1976, after the Trade Act of 1974 authorised the US President “to extend duty-free treatment to certain eligible products imported into the United States from beneficiary developing countries”. The benefits were extended for an initial period of 10 years, which was subsequently extended. This Act also outlined a set of conditions for determining whether any country should be designated as a beneficiary developing country. These are: (i) a request by the country to be so designated; (ii) the level of economic development of such country; (iii) whether or not the other major developed countries extend their GSP scheme to the country; and (iv) the extent to which the country has assured the US of equitable and reasonable access to its market and basic commodity resources. These conditions gave the trade administration discretionary powers with which they could discriminate against the developing countries while implementing the GSP. Alongside, the Act also introduced a mechanism that was to be used to review whether specific products originating in the beneficiary developing countries could continue to enjoy the GSP benefits. One of the key mechanisms is the Competitive Need Limitations (CNL). This states that a beneficiary developing country could lose its GSP eligibility with respect to any product if the CNLs are exceeded. There are two measures for CNLs: (i) when, during any calendar year, import of a particular product into the US from a beneficiary developing country account for 50 percent or more of the value of total imports of that product into the US; or (ii) exceed a certain dollar value. As per the GSP rules, the dollar-value limit is increased by $5 million annually. The limit set in 2017 was $180 million. Enforcement of CNLs is, however, subject to the application of waivers, the more important of which is the de minimis waiver. This waiver is important for it sets a floor for the value of imported products below which the CNLs cannot be enforced. The de-minimis level is adjusted upwards each year, in increments of $500,000. In 2017, the floor was set at $23.5 million. The current year’s review of the US’ GSP is particularly significant as it identified a much longer list of products to be excluded from the coverage of the system based on the observed CNLs. Ninety-four products were identified from 16 countries — the largest number of products included in this list in recent years. Of these 94 products, 50 were imports from India — by far the largest number for any GSP beneficiary. A quick check of the numbers show that all the products satisfy the CNL criteria, namely that the imports of these products into the US from India accounted for well over 50 percent or more of the value of total imports of that product into the US in 2017. In case of 12 of these products, India accounted for more than 99 percent of the total imports to the US. However, none of the other identified products imported from India meet the other criteria, i.e. exceeded $180 million in 2017. The list of products targeting imports from India are relatively low-value products; more than half of the 50 identified products had import values of less than $1 million. In fact, the product having the highest import value in 2017, hand-loomed carpet and other textile floor coverings, was just $10.3 million — way below the $180 million threshold. These calculations show that the entire list of products for which the GSP benefits have been withdrawn, should have been given the benefit of de minimis waiver, where the threshold was $23.5 million in 2017. Commentators have often argued that the US’ trade administration implements the GSP using a set of objective criteria, and is, therefore, non-discriminatory. The latest round of the GSP review and the application of the rules in the case of India, does not support this argument. Biswajit Dhar is Professor, Centre for Economic Studies and Planning, School of Social Sciences, Jawaharlal Nehru University, Delhi.
Source: Money Control
Ahmedabad Textile Industry’s Research Association (ATIRA) is organising a training programme on “Laboratory Quality Management System and Internal Audit as per ISO/IEC 17025:2017” in December 2018. The training would be conducted by ATIRA, Ahmedabad—the lead assessor of National Accreditation Board for Testing and Calibration Laboratories (NABL). As per new standard, quality managers need to undergo an extensive training for ISO. The four-day workshop-cum- training programme will be an interactive one and hence will accommodate not more than 40 participants per batch who shall also be given certificates at the end of the programme. Due to limited seats, interested participants will have to confirm their participation on or before November 30, 2018. ATIRA, an autonomous non-profit association for textile research, is the largest of its kind in India for textile and allied industries. Established in December 1947, ATIRA started functioning in 1949 after due recognition by the Council of Scientific and Industrial Research under the Ministry of Science and Technology, Government of India. Later it was linked to the Ministry of Textiles. ATIRA, being the Centre of Excellence for Composites also offers consultancy, training as well as testing services across the textile value chain including technical textiles.
Source: Fibre2Fashion
In a move that could benefit lakhs of employees in the formal job sector, government may accept proposal to reduce the tenure of services to claim Gratuity by the end of this year. The proposal to make amendments to the Payment of Gratuity Act of 1972 seeks to lower the five-year service period for Gratuity eligibility to three years. As per Zee Media sources, the Labour ministry has sought comments and views from the industry on the impact of reduction in Gratuity tenure. Sources said that after holding consultations with industry and experts, a proposal regarding this will be placed before the central board of trustees. Sources also said that workers hired under fixed-term contracts will also be entitled to Gratuity. Till now, contractual employee was not entitled to any Gratuity. However, sources said that Gratuity component for these workers will be proportional to the number of years they have served. The Payment of Gratuity Act 1972 was enacted to provide for gratuity payment to employees engaged in factories, mines, oilfields, plantations, ports, railway companies, shops or other establishments. It is applicable to employees who have completed at least five years of continuous service in an establishment that has ten or more persons. Sources have said that although labour ministry may agree with the industry demand on lowering the gratuity tenure to three years, labour unions have been demanding a further decrease in the tenure. The Payment of Gratuity Act, 1972 says that Gratuity shall be payable to an employee on the termination of his employment after he has rendered continuous service for not less than five years under: (a) on his superannuation, or (b) on his retirement or resignation, or (c) on his death or disablement due to accident or disease: Currently establishment employing ten or more persons fall under the Gratuity Act. It may be recalled that the government had in March decided to double the limit of tax-free gratuity to Rs 20 lakh in private sector. The notification follows changes in the Payment of Gratuity Act which had empowered the government to fix the ceiling of the retirement benefit through an executive order. After implementation of the 7th Central Pay Commission, the ceiling of tax-free gratuity amount for the central government employees was increased from Rs 10 lakh to Rs 20 lakh. The unions have been demanding for inclusion of the change in the Payment of Gratuity Act.
Source: Zee News India
Mumbai: The rupee Monday dropped by 39 paise to settle at 72.89 against the US currency as oil prices rebounded after Saudi Arabia announced plans to cut production and the dollarNSE -1.38 % strengthened in global markets. The rupee opened lower at 72.74 and fell further by 57 paise to the day's low of 73.07 as crude oil prices surged over 1 per cent to reclaim USD 71 per barrel level, cutting short its 10-day selling trend. The rupee finally settled at 72.89 per dollar, showing a loss of 39 paise or 0.54 per cent over the last close. Increased dollar demand from importers amid firming global crude oil prices and a strong dollar weighed on the rupee sentiment, a currency dealer said. International benchmark Brent crude was trading higher by 2.04 per cent at USD 71.61 per barrel. Saudi Arabia announced plans to cut production by 500,000 barrels per day from December and called for a global output cut of one million barrels per day to support oil. The dollar also rose to an 18-month high against its global peers after the British pound tumbled nearly 1 per cent due to growing worries about the Brexit deal with EU. Domestic stock markets also tumbled on worries about resurging oil prices and caution ahead of the release of key macroeconomic data.
Source: Economic Times
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1340.10 |
USD/Ton |
0% |
11/12/2018 |
|
VSF |
2069.42 |
USD/Ton |
-1.37% |
11/12/2018 |
|
ASF |
3010.72 |
USD/Ton |
0% |
11/12/2018 |
|
Polyester POY |
1300.58 |
USD/Ton |
0% |
11/12/2018 |
|
Nylon FDY |
3305.33 |
USD/Ton |
0% |
11/12/2018 |
|
40D Spandex |
4799.91 |
USD/Ton |
0% |
11/12/2018 |
|
Nylon POY |
1465.84 |
USD/Ton |
0% |
11/12/2018 |
|
Acrylic Top 3D |
3492.15 |
USD/Ton |
0% |
11/12/2018 |
|
Polyester FDY |
5432.24 |
USD/Ton |
0% |
11/12/2018 |
|
Nylon DTY |
1580.81 |
USD/Ton |
0% |
11/12/2018 |
|
Viscose Long Filament |
3068.21 |
USD/Ton |
0% |
11/12/2018 |
|
Polyester DTY |
3161.62 |
USD/Ton |
0% |
11/12/2018 |
|
30S Spun Rayon Yarn |
2802.35 |
USD/Ton |
0% |
11/12/2018 |
|
32S Polyester Yarn |
2040.68 |
USD/Ton |
0% |
11/12/2018 |
|
45S T/C Yarn |
2931.68 |
USD/Ton |
-0.49% |
11/12/2018 |
|
40S Rayon Yarn |
2198.76 |
USD/Ton |
-0.65% |
11/12/2018 |
|
T/R Yarn 65/35 32S |
2514.93 |
USD/Ton |
0% |
11/12/2018 |
|
45S Polyester Yarn |
3104.14 |
USD/Ton |
-0.46% |
11/12/2018 |
|
T/C Yarn 65/35 32S |
2658.64 |
USD/Ton |
0% |
11/12/2018 |
|
10S Denim Fabric |
1.34 |
USD/Meter |
0% |
11/12/2018 |
|
32S Twill Fabric |
0.82 |
USD/Meter |
0% |
11/12/2018 |
|
40S Combed Poplin |
1.14 |
USD/Meter |
0% |
11/12/2018 |
|
30S Rayon Fabric |
0.65 |
USD/Meter |
0% |
11/12/2018 |
|
45S T/C Fabric |
0.70 |
USD/Meter |
0% |
11/12/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14371 USD dtd. 12/11/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Vietnam's National Assembly on Monday ratified a Pacific Rim trade deal abandoned by U.S. President Donald Trump, but still being pushed forward by 11 other members. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership or CPTPP will take effect at the year's end after Australia became the sixth nation to ratify it last month. Trump pulled out of the pact just days after taking office last year, saying multilateral trade agreements cost American jobs and that he would prefer bilateral trade agreements. The remaining 11-members account for more than 13 percent of the world's GDP. Vietnam is expected to be one of the members that would most benefit from it with its strong base of exports of cellphones, garments, shoes, seafood and agricultural products. A government study says the pact will boost Vietnam's GDP by 1.3 percentage points, while exports will also increase by 4 percentage points by 2035. State-run online newspaper VnExpress reported the legislators unanimously approved a resolution to ratify the pact Monday. It said the resolution asked government to prepare to take advantage of the trade pact while minimizing the negative impact it poses. "The government should pay attention to training of human resources to take advantage and sustain opportunities and benefits created by CPTPP and build measures to prevent and handle negative impacts which could occur while implementing it," the paper quoted the resolution as saying. New Zealand, Canada, Japan, Mexico, Singapore, Australia and Vietnam have ratified the pact. Malaysia, Brunei, Peru and Chile have yet to ratify it.
Source: Asia & Japan Watch
A dozen nations including the U.S. and China demanded the European Union provide a mechanism for "appropriate compensation" to ensure its split with the U.K. doesn’t leave them worse off after Brexit, according to a World Trade Organization document. The document marks another snag in the EU and U.K.’s plan to unwind their WTO commitments and increases the likelihood of a showdown at the global trade body. "We urge the EU to provide further assurances to members that it will provide clarity on how it intends to account for U.K.-EU trade; that it will provide for negotiated outcomes that maintain the quality and level of access currently enjoyed to the EU; and that appropriate compensation will be offered where this access is not maintained," according to the document, which was obtained by Bloomberg. The document, which was to be discussed at a WTO meeting in Geneva on Monday, was signed by Argentina, Australia, Brazil, Canada, China, Mexico, New Zealand, Paraguay, Taiwan, Thailand, the U.S. and Uruguay. "Given their considerable, unprecedented scale and scope, these changes are of general and systemic interest to the WTO membership," according to the paper. The countries said they were dissatisfied with the EU’s plan to divide its joint WTO tariff rate quota, or TRQ, obligations with Britain and said the bloc has not made any new WTO commitments regarding the future of the EU-U.K. trade relationship, according to the document. The issue centers on the most important part of the EU and the U.K.’s membership in the WTO -- their schedules of concessions, which outline tariff rates and other trade rules by which other countries may sell goods and services to the European marketplace.
TRQ Commitments
Since the U.K. does not possess an independent schedule, it has offered to replicate the EU schedule and split their joint TRQ commitments -- which set import limits on hundreds of sensitive goods such as beef, lamb, and sugar. But the signatory countries said the joint TRQ proposal "amounts to a reduction in the quality and level of access provided by the EU to WTO members" that could "affect a globally-significant volume of trade," according to the document. "Given their considerable, unprecedented scale and scope, these changes are of general and systemic interest to the WTO membership," according to the paper. Though WTO members cannot force the EU and the U.K. to provide market concessions they can block certification of their schedule of concessions and launch WTO dispute settlement proceedings into the matter. The EU can -- and already does -- trade on uncertified WTO schedules. However, a negative dispute settlement judgment could require the EU to offer new market-access commitments to any, and potentially all, of the WTO’s other 135 members.
Source: Bloomberg
John Lewis, Marks and Spencer and Next are among firms to sign up to work with the Government to ‘root out criminality’ in the textiles trade. Some of the biggest names in high street and online shopping have agreed to support moves to stop modern slavery in the textiles industry, Downing Street has announced. John Lewis, Marks and Spencer, New Look, Next, River Island and Shop Direct have all signed up to work with organisations like the Gangmasters and Labour Abuse Authority (GLAA) to “root out criminality and shine a light on hidden victims”. It comes a month after the Home Office wrote to 17,000 chief executives telling them to “open up” about modern slavery in companies which supply them with goods and services, to mark Anti-Slavery Day. Downing Street said that anti-slavery operations were at an “all-time high” with more than 920 live investigations being conducted by police in September, involving in excess of 2,000 victims. Theresa May hosted a meeting of the Modern Slavery Taskforce on Monday, which brings together Cabinet ministers including Home Secretary Sajid Javid, the National Crime Agency and the Metropolitan Police, amongst others. Announcing the new agreement after the meeting, the Prime Minister said: “Modern slavery is an abhorrent crime that denies its victims of liberty, and it is disturbing to think that some of the products we buy could have been produced by someone exploited into forced labour. “As global leaders in the fight against modern slavery, I am clear that this will not be tolerated in the UK – and our consumers won’t stand for it either. “I welcome the action being taken by businesses which are leading the way in being open and transparent about the modern slavery risks they face, and have pledged to raise awareness to prevent slavery, protect vulnerable workers and help bring more criminals to justice. “But with modern slavery police operations at an all-time high, clearly there is more to do to stamp out this vile crime and prevent criminal groups from operating in the shadows of supply chains to exploit people for commercial gain.” In October the Government warned thousands of businesses they face action if they fail to meet legal obligations. Businesses with a turnover of more than £36 million have to publish annual statements setting out what they are doing to stop modern slavery, but fewer than two in three have complied and some were said to be of poor quality.
Source: U K News
Adviser to Prime Minister on Commerce, Textile and Investment Abdul Razak Dawood Monday vowed for implementing the decision of Economic Coordination Committee (ECC) of the cabinet to reduce the power prices for industrial sector. The Adviser said that the decision would be implemented in true letter and spirit. Razak Dawood said that it was agreed in the ECC meeting that Captive Power was included in $ 6.5 /MMBTU pricing for all gas supply to zero rated industry, said a statement issued by All Pakistan Textiles Mills Association (APTMA) here. He said this in a meeting with APTMA and other textile Industry representatives. The Adviser said that it was decided that Secretary Textile Muhammad Younus Dhaga would approach the Ministry of Petroleum and the Ministry of Finance to devise a new mechanism for implementing the ECC decision. He said the main purpose of the decision was to reduce the trade deficit. In addition to this, the gas supply would continue in the winter season without any interruption to export industry in in the country,he added. The adviser said the Cabinet and ECC had also regarded the reservations of export industry. As agreed in the meeting, Ministry of Petroleum would be advised to instruct Sui Northern Gas Pipelines Limited (SNGPL) to receive payment of the Re-Gasified Liquefied Natural Gas (RLNG) bills for the October at $ 6.5/MMBTU and the balance be deferred and obtained directly from the Ministry of Finance. He said the due bills would be paid soon and the industry did not have the liquidity to pay the full amounts.
Source: Pakistan Observer
An article written by Senior Editor Cary Sherburne on the digital transformation underway in the textiles industry was published in the latest newsletter from the American Association of Textile Chemists and Colorists (AATCC). Sherburne has become a regular contributor to the Association’s publication since WhatTheyThink’s Textiles section was launched in January of this year. The article explains some of the drivers for increased adoption of digital solutions within the textiles and apparel supply chain—drivers that are not that different from other industries that have undergone, or are undergoing, a similar transformation. Shorter runs. Faster time to market. Reduced costs. Increased customization. Sound familiar? It should! The book industry was experiencing 40% waste in the supply chain, and publishers have employed digital technologies to reduce that number. Supply chain waste in textiles is also at 40%, including inventory obsolescence and the amount of inventory that ends up on sale racks at reduced prices, or worse, must be disposed of. Textiles also have a huge negative impact on the environment, which can be somewhat alleviated by employing digital technologies, from fabric finishes to online ordering, digital printing, and automated cut-and-sew. There are even developments in the dyeing of thread on demand. Thread may seem inconsequential, but there is a great deal of waste and environmental contamination associated with conventional thread manufacturing. Sherburne cites Israeli company Twine Solutions as one example. Not only are there environmental benefits to this digital on-demand technology, but it enables production of complex patterns in embroidery and knitting that were not possible before. She also mentions Unmade, a UK-based company dedicated to providing solutions and tools to enable widespread adoption of on-demand personalization and customization of apparel and other soft goods. Unmade started by developing software to enable custom knitted items, but is now expanding into direct-to-textile printing and more. Unmade not only lets manufacturers use existing equipment for custom items, but also works with companies to help them build the necessary infrastructure to make one-off production and logistics profitable. Arguably, the transformation is almost complete in commercial print—there will always be analog product (offset, flexo, etc.), but digital printing and automated digital workflows are mainstream. Also arguably, it took 30 years to get to this point. One would hope the textiles and apparel industry will learn from experiences in other industries and progress much faster. Today, only about 6% of textiles are printed digitally…but that’s up 2% in just a couple of years.
Source: Whattheythink.com
Under the commission of the Bureau of Foreign Trade (BOFT), Taiwan Textile Federation will be promoting Taiwan’s innovative textiles at the forthcoming INTEX SOUTH ASIA 2018 exhibition, which takes from 14-16 November at the BMICH (Sirimavo Bandaranaike Exhibition Centre) in Colombo, Sri Lanka. INTEX SOUTH ASIA invites international buyers and suppliers to take advantage of the shift in garmenting manufacturing from China and South East Asia to South Asia. The exhibition is South Asia’s only international sourcing fair, showcasing the best in yarns, fabrics (apparel and denim), clothing accessories and allied services from across Asia and the world. Taiwan’s textile industry is renowned for its integral supply chain and as a leader in chemical fibres, has developed and introduced various functional and eco-friendly textiles to the global market. In doing so, it has now become recognized as a ‘sourcing hub’ by major buyers around the world. Taiwan Textile Federation will implement the ‘Textile Export Promotion Project’ (TEPP) and will create an ‘image area’ to promote innovative, functional and eco-friendly textile products from Taiwan, including fabrics, garments and trimmings. “Think Taiwan for Textiles is our slogan that has taken on many meanings, whether you are looking for textile innovation, fashion, sustainability or just reliable consistent communication, Taiwan is the place to start and finish,” the organisation says.
Source: Innovation in Textiles
