Union Minister for Textiles Smriti Zubin Irani launched a comprehensive programme on Thursday for the the development of knitting and knitwear sector in the country under the PowerTex India scheme. The programme, the outlay for which is ₹47.72 crore, would be in operation till the end of March next year. The total outlay for PowerTex India Scheme and the Knitwear Scheme is ₹487.07 crore. Of this, ₹439.35 crore is for powerloom units for three years from April 1, 2017 to March 31, 2020 and ₹47.72 crore for the knitwear scheme, according to a statement from the Textiles Ministry. Almost ₹170 crore were disbursed to the powerloom sector till January 31, 2019. Knitting is a major segment in the textile value chain, constituting 27% of the total fabric produced in the country.
Knitwear clusters
Of the knitted fabric produced, 15% is exported. Some of the major knitwear clusters in the country are Tiruppur, Ludhiana, Kanpur, and Kolkata, said the Textiles Minister. The programme for knitting and knitwear units, catering to domestic and exports markets, has eight components where the industries would get support to install machinery under group work shed scheme, buy yarn, go in for solar energy, have common facilities and create new service centres under public private partnership mode. “Since the scheme is for knitting and knitwear units, stitching machinery can also be installed under the group work shed scheme,” said K. Selvaraju, secretary general, Southern India Mills’ Association (SIMA). Raja N. Shanmugam, president of Tiruppur Exporters’ Association, said the scheme will develop the industry in clusters. Units just coming up will benefit as there is support for joint investment. “We need to wait and watch how the schemes will be taken forward,” he said. According to Sanjay K. Jain, chairman of Confederation of Indian Textile Industry, since the knitting and knitwear industry is pre-dominantly MSME in size and mainly located in decentralised sector, the scheme will help develop this sector.
Source: The Hindu
MUMBAI -Mr. Narain Aggarwal, Chairman, Synthetic & Rayon Textiles Export Promotion Council (SRTEPC)has welcomed the initiative of launching a comprehensive scheme for Development of Knitting and Knitwear Sector under PowerTex India The Scheme of knitting and knitwear which was launched by Union Minister of Textiles, Mrs. Smriti Zubin Irani, would benefit mostly the MSME who are in decentralized sector and it would give a major fillip to employment generation in the kitting sector in the country, Mr. Aggarwal said. The main components of the scheme are:
* Creation of new service centers on Public Private Partnership (PPP) model by industry and association in the knitting and knitwearclusters.
* Modernization and upgradation of existing power loom service Centers (PSCs) and institution run by Textile Research Associations (TRAs) and Export Promotion Councils (EPCs) Association in knitting and knitwear clusters.
* Group work shed scheme.
* Yarn bank scheme.
* Common facility center scheme.
* Pradhan mantra Credit Scheme.
* Solar Energy Scheme.
* Facilitation, IT, awareness, studies, surveys, market development and publicity for knitting and knitwear units. In the country, the present installed capacity of nearly 12,000 knitting machines is under SSI fold and nearly 4600 knitting machines is under non-SSI fold, besides a number of households knitting machines. Some of the major clusters in the knitted garment sector are Tirupur in Tamil Nadu, Ludhiana in Punjab, Kanpur in Uttar Pradesh and Kolkata in West Bengal and Surat in Gujarat. Tirupur is the most important export cluster, followed by Ludhiana. More than 90% of the garment is manufactured in Tirupur are exported. This Scheme is need of the hour and it is expected to boost exports of knitted fabrics and garments from the country significantly, Mr. Aggarwal stated.
Source: Tecoya Trend
NEW DELHI: Union Minister of Commerce & Industry and Civil Aviation Suresh Prabhu interacted with diplomats of India-Latin America and Caribbean Strategic (LAC) Economic Cooperation in New Delhi yesterday. In his keynote address Suresh Prabhu stressed on the need for a multipronged strategy to enhance our bilateral trade both in merchandise and services.He said that establishing value chain linkages will help to boost trade relations between LAC-India. Patterns of trade have changed dramatically over the past few decades and business activities at different stages of value addition are now located in different countries based on where they are most efficiently produced. Any strategy for enhancing bilateral trade between LAC-India will therefore critically hinge on the scope for value chain integrations in various manufacturing and services segments. The Minister said that there exists substantial scope for further cooperation in a multitude of sectors including agriculture health energy and information technology. India as a fast-growing developing economy is experiencing burgeoning food and energy needs and therefore deeper ties with partners in the LAC region could prove to be mutually beneficial. Several countries in the LAC region are agriculture powerhouses with large exportable surpluses. In fact, the region is often referred as another global breadbasket. The Global Harvest Initiative estimates that if the region maintains a Total Factor Productivity growth rate of 2.67 percent per year food demand within the region can be met and exceeded by 2030 enabling it to vastly increase its contributions to global agricultural markets. The Commerce Minister said that Indian companies could form joint venture projects for cultivation of lentils oil-seeds and food grains which are crucial import items for India providing win-win opportunities for our regions. Indian companies could also invest in in-situ storage to reduce produce wastage. India could also share best practices and conduct joint research in sectors such as dairy farming seeds and pulses. Suresh Prabhu informed that owing to its competitive advantage in the sector pharmaceutical products have also emerged as one of India’s main exports to LAC accounting for nearly 3.3 percent of the region’s imports. Some Indian pharma companies have also set up manufacturing units in the region. Besides supplying to the local markets these units also export to the US and other countries outside the region. Such mutually beneficial arrangements increase revenues for Indian firms help develop cost-competitive healthcare services in the LAC region and also lead to export of low-cost generic drugs from the region to other geographies. The Commerce Minister said with the strength and capability in the Information Technology sector Indian IT firms are also establishing business partnerships in LAC countries. The region has a huge pool of multi-lingual costeffective professionals which Indian companies are leveraging for a near-shore business model. Under this model Indian companies use the units in the region for providing services to their North American clients for 12 hours from the same time zone and the remaining 12 hours from India. Indian companies can work towards leveraging the opportunities arising from the growth in demand for IT products and services within the region. Commerce Secretary Dr. Anup Wadhawan said that LAC is one of the major economic partners for India and trade has witnessed remarkable growth in recent years he said there are tremendous opportunities for development of growth of services sector in the region. The Commerce Secretary also emphasised on reducing the cost of doing business by removing unnecessary obstructions and relying on digital innovations. The LAC region comprises of 43 countries and the most important economic and trading partners of India are Brazil Argentina Peru Chile Colombia Ecuador Guatemala Venezuela Panama and Cuba. The bilateral trade during 2017-18 was $ 29.33 billion with exports at $ 8.61 billion and imports at $ 20.72 billion. Bilateral trade between India- LAC was $ 38.48 billion (2014- 15) $ 25.22 billion (2015-16) $ 24.52 billion (2016-17).
Source: Tecoya Trend
The objective of creation of new service centres (NSCs) on the PPP model is aimed at providing adequate facilities for testing, training, sample development, consultancy, trouble shooting and facilitation services. A comprehensive scheme for the development of the knitting and knitwear sector with various components under PowerTex India scheme was launched on Thursday by the Union textiles ministry, aimed at boosting major clusters in India, including Tirupur (Tamil Nadu), Ludhiana and Kolkata. There are 8 components under this comprehensive scheme which include creation of new service centres through the public-private partnership (PPP) model by industry/associations in the knitting and knitwear clusters modernisation and upgradation of existing powerloom service centres, institutions run by textile research associations/export promotion councils associations group workshed scheme yarn bank scheme common facility centre scheme for the units Pradhan Mantri Credit Scheme solar energy scheme and facilitation, IT, awareness, studies, surveys, market development and publicity, according to a document. The objective of creation of new service centres (NSCs) on the PPP model is aimed at providing adequate facilities for testing, training, sample development, consultancy, trouble shooting and facilitation services. An association will be formed by the units to run the service centres. First-in-first-out rules will be followed in case of testing samples. The recurring expenditure for running the KSCs will be borne by the stakeholders/associations. A financial assistance of Rs 2 crore per centre will be provided towards purchase of testing equipment and machineries for training. Under the modernisation and upgradation of existing PSCs component, the Union government will provide financial assistance towards incurring expenditure to the exsiting powerloom centres run by the textile research associations or any other associations. A financial assistance of Rs 20 lakh per centre will be provided by the textile commissioner to modernise such centres. The group workshed scheme component is aimed at establishing group worksheds for installation of modern knitting and knitwear machines in an existing or new clusters. There will be an additional subsidy for construction of dormitory for workers. The yarn bank scheme is aimed at enabling small units to purchase the yarn at wholesale rate and in large quantities by avoiding middle man/local suppliers’ charges by way of providing interest-free coupons fund to a special purpose vehicle (SPV). The Union government shall provide an interest-free corpus fund, maximum of up to Rs 2 crore, per yarn bank to SPV. The common facility centre (CFC) scheme will enable to establish centres in various clusters and provide pre- and post-knitting infrastructure to the group. These centres will house design centre, studio, testing facilities, training centre, trade centre, common raw material/yarn/sales depot, water treatment plant, among others. An assistance of Rs 4 crore will be made available for for setting up CFCs, including yarn depot. According to the document, the Pradhan Mantri Credit Scheme aims to provide adequate and timely financial assitance to the units to meet their credit requirement, investment needs in a flexible and cost effective manner. The scheme will be implemented in all knitwear clusters across the country. The Solar Energy Scheme’s prime objective is to provide financial assistance/capital subsidy to small sector and allied industry units for installation of solar phto voltaic plant to avoid power cut. Knitting units having upto 6 machines and knitwear units having upto 50 stitching machines are eligible for this scheme. The union government will provide financial assistance varying from 50% to 90% to the applicants of general category, SC & ST respectively. Under ongrid upto 45KW a maximum of Rs 63,000 will be provided and under offgrid upto 45 KW, a maximum sum of Rs 81,000 will be provided. The knitting is a major segment in the entire textile value chain and this sector contributes 27% of the total cloth production and about 15% of knitted fabric is being exported besides export of knitted apparel. Sanjay K Jain, chairman, Confederation of Indian Textile Industry (CITI) while welcoming the scheme and hailed it as a historic step which would create value to the bottom of the pyramid. Since the knitting and knitwear industry is predominantly MSME in size and mainly located in decentralised sector, the scheme will help to promote this sector and thereby achieve the inclusive growth in the country and is a positive step to fulfil our Honourable Prime Minister’s Make in India’ dream. According to him, the scheme will enhance the sector’s contribution to the nation building as knitting and knitwear sector is one of the major segments of the entire textile value chain and contributes about 27% of the total cloth production and about 15% of knitted fabric is being exported besides export of knitted apparel. He further informed that the share of knitted garments in value terms is about 38% in overall export of clothing. Despite knitwear sector growing at a much faster pace than weaving, it had been neglected till date and all schemes were just targeted for handloom and powerloom sector despite this segment being of similar nature and character, he added.
Source: Financial Express
Smriti Zubin Irani said knitting and knitwear sector is predominantly MSME in size and mainly located in the decentralized sector and is one of the major employment generator sectors. Union Minister of Textiles, Smriti Zubin Irani, launched a comprehensive scheme for Development of Knitting and Knitwear Sector under PowerTex India in New Delhi today. The Textiles Minister also interacted with industry associations related to knitting wear sector in three clusters of Kolkata, Tirupur and Ludhiana through a video link. Smriti Zubin Irani said knitting and knitwear sector is predominantly MSME in size and mainly located in the decentralized sector and is one of the major employment generator sectors. It also has a significant contribution to the exports of textiles. Knitting is a major segment in the entire textile value chain. The Minister further said that knitted fabrics contribute to 27% of the total fabric production in India and 15% of knitted fabric is being exported. Textiles Minister assured that to look into the demand for creation of knitwear mark to give quality assurance to the customers. The main components of the scheme are: Creation of new service centres on Public-Private Partnership (PPP) model by industry and association in the knitting and knitwear clusters. Modernization and upgradation of existing power loom service Centers (PSCs) and institution run by Textile Research Associations (TRAs) and Export Promotion Councils (EPCs) Association in knitting and knitwear clusters.
Group work shed scheme.
Yarn bank scheme.
Common facility centre scheme.
Pradhan mantra Credit Scheme.
Solar Energy Scheme.
Facilitation, IT, awareness, studies, surveys, market development and publicity for knitting and knitwear units. There is an installed capacity of nearly 12,000 knitting machines under SSI fold and nearly 4600 knitting machines under the non-SSI fold, besides a number of household knitting machines. Some of the major clusters in the knitted garment sector are Tirupur in Tamil Nadu, Ludhiana in Punjab, Kanpur in Uttar Pradesh and Kolkata in West Bengal. Tirupur is the most important export cluster, followed by Ludhiana. More than 90%mof the garment is manufactured in Tirupur are exported. The Ministry has approved combined SFC of PowerTex India Scheme and Knitwear Scheme with an outlay of Rs. 487.07 crores. Out of this Rs. 439.35 crore is for PowerTexfor 3 years from 1.4.2017 to 31.03.2020 and Rs. 47.72 crores for Knitwear for the remaining period of 2018-19 and for 2019-20.
Source: DevDiscourse
India and countries of the Latin American and the Caribbean region have huge potential to boost economic ties in areas like agriculture, health, energy and information technology, the Commerce Ministry said on Thursday. Quoting Commerce and Industry Minister Suresh Prabhu who addressed diplomats of the Latin America and Caribbean (LAC) Strategic Economic Cooperation here Wednesday, it said there is a need for a multi-pronged strategy to enhance bilateral trade in merchandise and services. The Ministry said Indian companies could form joint venture projects for cultivation of lentils, oil-seeds and food grains, which are crucial import items, besides conducting joint research in dairy farming, seeds and pulses.
Source: The Hindu Business Line
With eight of the 16 high-frequency macroeconomic indicators in the red and only four in green, the Indian economy continues to remain weak, Mint Macro Tracker shows. The Indian economy’s momentum continues to slow, shows the latest update of the Mint Macro Tracker, launched in October last year to provide a state-of-the-economy report each month based on trends across 16 high-frequency economic indicators. The Mint Macro Tracker shows that out of the 16 macroeconomic indicators, only four were in the green (above the five-year average trend) as of January 2019, while eight indicators were in the red (below the five-year average trend). This reading is significantly worse than what it was six months ago, the data shows. January’s score is also a shade worse than that of December 2018—which itself marked a downward slide compared to previous months—when five indicators were in the green, and eight indicators were in the red. The domestic consumer economy remains the weakest spot, with automobile sales falling, air passenger traffic sluggish, and tractor sales anaemic. Data from the consumer confidence surveys of the Reserve Bank of India (RBI) shows that the gap between respondents who claim to have raised non-essential spending and respondents who claim to have lowered non-essential spending has been shrinking in recent months, with 14.3% net positive response in December 2018 compared with 22.3% net positive response in September 2018.
Source: Live Mint
The timely and logical draft e-commerce policy for export promotion by the Indian Government requires many improvements, according to Ganesh Kumar Gupta, president of the Federation of Indian Export Organisations (FIEO) set up by the commerce ministry. The word ‘e-commerce’ should have a common definition in various acts and policies, FIEO feels. The Merchandise Exports from India Scheme (MEIS) benefit is only confined to e-commerce shipment through foreign post offices at New Delhi, Mumbai and Chennai. This list of foreign post offices should be expanded to cover ones near the export clusters, FIEO said in a release. The limitation of ₹25,000 for e-commerce exports or imports through courier, as mentioned in the draft policy, should be either removed or enhanced to ₹5,00,000 so that high value shipments can be exported through courier mode availing fast track facility, the federation said. It is ironical that e-commerce retail exports, which has taken birth because of digitalization, is still in the manual mode in the country and the need of the hour is that the entire e-commerce transaction move to a single online electronic module, FIEO feels. (DS)
Source: Fibre2Fashion
MSME Development Institute, Chennai, a division of Union Micro Small and Medium Enterprises (MSMEs) Ministry, will organise a two-day trade fair, ‘Udyam Samaagam’, at the Institute’s campus here on March 4 and 5. The trade fair, themed ‘General Engineering & Auto component manufacturing sector’ will focus on showcasing the strength of MSMEs in these sectors and will enhance their marketing avenues. The other objective of the two-day event is to bring MSMEs, Central and State public sector undertakings (PSUs), original equipment manufacturers (OEMs) and other stakeholders on a common platform. The event will also create awareness about various State and Central government schemes to the participating units, besides disseminating information on export/import (exim) polices of the government. Over 100 existing micro & small enterprises (MSEs) will exhibit their products and more than 15 Central PSUs and research institutes will participate in the programme. The event will also see a national workshop on exim policy and procedures of the government of India.
Source: The Hindu Business Line
The permanent campus building is under construction and is expected to be completed by June 2020. Union Minister of Textiles, Smriti Zubin Irani, launched five short term courses at NIFT Panchkula, Haryana, through a video link from New Delhi today. The permanent campus building is under construction and is expected to be completed by June 2020. Till the completion of the permanent campus, the Institute will be run from a temporary campus in Polytechnic-cum-Multi Skill Training Centre in Sector 26 Panchkula. The campus is being set up with the support of Department of Technical Education, Government of Haryana. Speaking on the occasion Smriti Zubin Irani urged the NIFT administration to conceive special projects to study the impact of Suraj Kund craft mela and made up industry in Haryana. She expressed hope that the students joining the new campus will not only be able to learn technology but also understand the process of entrepreneurship. The Textile Minister thanked the Haryana Government for providing land and infrastructure support. The Minister also released the brochure of the courses offered in the NIFT Panchkula.
The proposed one-year Certificate Programmes are:
Fashion Clothing & Technology
Design Development for Indian Ethnic Wear
Fashion & Media Communication
Textile for Interiors & Fashion
Fashion Knitwear Production and Technology
Fashion Clothing & Technology
The programme is tailor-made for professionals from the areas of fashion, apparel design, construction and technology. The curriculum is designed with a view to also help aspirants who would like to join the fashion industry.
Design Development for Indian Ethnic Wear
The programme focuses on dressmaking, value addition, pattern making and surface techniques for Indian ethnic wear. It aims to develop entrepreneurial skills for fashion, bridal market and designer market.
Fashion & Media Communication
The course aims at providing knowledge of the fashion industry, fashion editing, styling, fashion ethics and computer-aided designing and animation techniques and will benefit the existing and upcoming business in the vicinity.
Textile for Interiors & Fashion
The programme aims to train professionals and young enthusiasts to pursue careers in interiors and the apparel industry.
Fashion Knitwear Production and Technology
The programme aims to impart intensive training to prepare professionals for the knitwear garment industry, especially in the area of knitwear fashion coordination, merchandising and production. The Continuing Education Programme will enrol students of any age group. A pre-requisite of 10+2 years of schooling is mandatory. The students will be selected based on their performance in the entrance examination and interview conducted by NIFT. The total numbers of students proposed in each programme will be 30. Students will be exposed to experiential learning through laboratory and projects. Industry visits will be arranged to nearby industries which will make the students more prepared to take up jobs locally.
Source: Development Discourse
An increase in exports can lead to higher wages, mostly for educated and urban workers, and speed a move from casual to formal sector jobs. However, it would also lead to greater wage inequalities and would not actually grow the total labour market, the World Bank (WB) and the International Labour Organisation (ILO) said in a report released on Thursday. To ensure that the gains from higher exports benefit a wider population, policy changes were needed, wrote the authors of the report titled ‘Exports to Jobs: Boosting the Gains from Trade in South Asia’. The report assessed the efficacy of increased exports in dealing with the phenomenon of jobless growth, whereby the labour market has not kept pace with the region’s high GDP growth. A fresh econometric analysis proved that higher exports went hand-in-hand with higher wages. “If the value of India’s exports increases by $100 per worker, average annual wages would increase by ₹572 per worker,” they estimated. However, the wage improvement was larger for college graduates and urban workers men benefited slightly more than women and rural workers and less-educated workers did not benefit. Thus, higher exports also led to higher wage inequalities. The report’s authors observed that there were some benefits for lower-skilled workers, in terms of the formalisation of jobs. “Increased exports can explain the conversion of about 8,00,000 jobs from informal to formal between 1999 and 2011, representing 0.8% of the labour force,” they wrote. However, higher exports did not correlate with higher aggregate employment of local labour markets, they cautioned. While an increase in labour demand might change the mix between formal and informal sector populations, it would not increase the actual size of the local labour market, mostly because of the cost of moving and the lack of unemployment insurance or any other form of income support. To spread the gains from exports more widely, the authors suggested policy changes. “An increase in labour-intensive (as opposed to capital-intensive) production is likely to have a broader impact on the wages of workers across all educational backgrounds, even those in rural areas,” they opined. Greater participation of women and youth in export industries by providing targeted skilling opportunities could also help, they added.
Source: The Hindu
The Reserve Bank of India (RBI) has formed a task force on the offshore rupee market. It will be headed by former Deputy Governor Usha Thorat and will recommend steps for ensuring the stability of the currency. “The task force shall examine the issues relating to the offshore rupee markets in depth and recommend appropriate policy measures that also factor in the requirement of ensuring the stability of the external value of the rupee,” the central bank said. The committee would submit its report by the end of June 2019. The task force will assess the causes behind the development of the offshore rupee market, and study the effects on exchange rate and market liquidity in the domestic market. It would also recommend measures to address concerns arising out of offshore rupee trading and propose measures to generate incentives for non-residents to access the domestic market..
Source: The Hindu
Rupee recoups 52 paise to end at 70.72 per dollar
The rupee rebounded by 52 paise to close at 70.72 against the US dollar Thursday as investors wagered on de-escalation of tensions between India and Pakistan. A weaker dollar and slipping oil prices also propped up the local unit, analysts said. In a surprise announcement, Pakistan Prime Minster Imran Khan told a joint session of Parliament that IAF's captured pilot Wing Commander Abhinandan Varthaman will be released on Friday as a gesture of peace. At the Interbank Foreign Exchange (forex) market, the domestic unit opened slightly up at 71.22. It rose to an intra-day high of 70.70, before finally ending at 70.72, showing a gain of 52 paise. The domestic currency had tumbled 17 paise to 71.24 against the US dollar Wednesday. "India rupee gained after two days of weakness against American dollar on chances of de-escalation of tension with Pakistan. Beside dollar weakness, the foreign fund inflows in domestic equity and lower crude oil prices bode well for rupee. "So far this month, overseas investors have bought USD 2.31 billion in domestic equity," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities. The dollar index, which gauges the greenback's strength against a basket of six currencies, dropped 0.22 per cent to 95.94 as US President Donald Trump's summit with North Korean leader Kim Jong Un ended without an agreement. The pound slipped from its highest against the dollar since July and a 21-month high against the euro after opposition Labour Party's alternative plan was rejected. Meanwhile, foreign investors (FIIs) remained net buyers in the capital markets, putting in Rs 423 crore on a net basis Wednesday, as per provisional data. Brent crude futures, the global oil benchmark, slipped 0.92 per cent to USD 65.83 per barrel on rise in US crude oil output and weaker Chinese manufacturing data. The BSE benchmark Sensex ended marginally lower Thursday after investors squared-off positions as February derivative contracts expired. The 30-share index dropped 37.99 points, or 0.11 per cent, to close at 35,867.44. The broader NSE Nifty also fell 15.70 points, or 0.13 per cent, to 10,792.50. Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee against the dollar at 71.1953 and against euro at 80.9790. The reference rate for the rupee against the British pound was fixed at 94.7021 and against 100 Japanese yen at 64.24.
Source Money Control
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1304.96 |
USD/Ton |
-0.29% |
2/28/2019 |
|
VSF |
2001.54 |
USD/Ton |
-0.07% |
2/28/2019 |
|
ASF |
2408.12 |
USD/Ton |
0% |
2/28/2019 |
|
Polyester POY |
1232.46 |
USD/Ton |
-0.36% |
2/28/2019 |
|
Nylon FDY |
2899.91 |
USD/Ton |
0.52% |
2/28/2019 |
|
40D Spandex |
4738.52 |
USD/Ton |
0% |
2/28/2019 |
|
Nylon POY |
2556.11 |
USD/Ton |
0% |
2/28/2019 |
|
Acrylic Top 3D |
1457.43 |
USD/Ton |
-0.51% |
2/28/2019 |
|
Polyester FDY |
3139.08 |
USD/Ton |
0% |
2/28/2019 |
|
Nylon DTY |
5650.34 |
USD/Ton |
0% |
2/28/2019 |
|
Viscose Long Filament |
1532.17 |
USD/Ton |
-0.49% |
2/28/2019 |
|
Polyester DTY |
2690.64 |
USD/Ton |
0% |
2/28/2019 |
|
30S Spun Rayon Yarn |
2750.43 |
USD/Ton |
0% |
2/28/2019 |
|
32S Polyester Yarn |
2025.45 |
USD/Ton |
0% |
2/28/2019 |
|
45S T/C Yarn |
2884.96 |
USD/Ton |
0% |
2/28/2019 |
|
40S Rayon Yarn |
3049.39 |
USD/Ton |
40.69% |
2/28/2019 |
|
T/R Yarn 65/35 32S |
2556.11 |
USD/Ton |
0% |
2/28/2019 |
|
45S Polyester Yarn |
3049.39 |
USD/Ton |
0% |
2/28/2019 |
|
T/C Yarn 65/35 32S |
2541.16 |
USD/Ton |
0% |
2/28/2019 |
|
10S Denim Fabric |
1.38 |
USD/Meter |
0% |
2/28/2019 |
|
32S Twill Fabric |
0.84 |
USD/Meter |
0% |
2/28/2019 |
|
40S Combed Poplin |
1.12 |
USD/Meter |
0% |
2/28/2019 |
|
30S Rayon Fabric |
0.66 |
USD/Meter |
0% |
2/28/2019 |
|
45S T/C Fabric |
0.71 |
USD/Meter |
0% |
2/28/2019 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14948 USD dtd. 28/02/2019). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
There were recent signals of Mexico taking steps to protect its textile industry as President Andres Manuel Lopez Obrador said producers had been left ‘defenceless’ by earlier governments. The government earlier reduced tariffs for textile and footwear imports from nations with which Mexico has no trade agreements. Obrador indicated a U-turn on those moves. “We’ll review this case, always thinking about protecting national industry,” global newswires quoted Obrador as saying. Obrador dubs the administrations that ruled Mexico from the early 1980s onwards as “neo-liberal.” The National Footwear Industry Association welcomed the president’s statements. The government is reviewing ‘alternative measures’ to support the industries following meetings with representatives from the steel, textile and footwear sectors, the Mexican economy ministry twitted.
Source: Fibre2Fashion
India's first semi high-speed rail, the Vande Bharat, has become the focus of attention over the past few days, as various "accidents" reported by the Indian media have once again triggered discussion and even mockery of India's manufacturing initiatives. Some people seem to be ballyhooing the idea of a "dragon-elephant rivalry" by claiming that "Made in India" labels will replace those that say "Made in China," which is not consistent with the actual situation. In September 2014, Indian Prime Minister Narendra Modi launched the ambitious "Make in India" initiative, aimed at turning the country into a global manufacturing hub and raising manufacturing's proportion of the GDP to 25 percent within 10 years. Based on the experience of countries that have undergone economic transition, a mature manufacturing sector is the key to maintaining high economic growth. The 2008 global financial crisis and the subsequent anti-globalization sentiments further highlighted the importance of manufacturing in economic development. However, India's manufacturing sector generally accounts for 15 to 17 percent of GDP, far below the 25 to 40 percent shares reported by developed countries and other emerging economies. The reason is mainly that India has chosen a different industrialization path from the West and China, focusing on its technology-intensive, service-oriented industrial model. As the country gave priority to the development of a technology-intensive sector, its IT and software services have reached an advanced level globally, earning it the nickname "the world's back-office." Yet, as the Indian economy has developed, its imbalanced industrial structure and high unemployment rate have become increasingly serious, as the services industry is limited in creating jobs. Despite the rapid development and high output value, the software, financial, telecommunications and other services industries contribute very little to employment, while traditional services such as wholesale, retail and transportation may create a large number of jobs, but contribute little to GDP. Therefore, to make use of its demographic dividend, adjust industrial structure and increase jobs, the Modi government has decided to promote the "Make in India" initiative. While the "Make in India" initiative has indeed achieved certain progress over the years, there is still a gap between the policy's effectiveness and the original intention of the Modi government. Some Chinese have mocked "Made in India," while others believe Indian manufacturing could pose a threat to China's manufacturing sector. In our opinion, "Made in India" is now facing a similar situation as "Made in China" in some respects, which is why we should take an objective view toward it. First of all, the export volume of China's manufacturing sector has been ranked first in the world for years, while exports of India's manufacturing are still far behind China, despite its rising trend. Second, China has been moving up the global value chain to shift from input- and market-driven industrialization to a technology-driven model. With the diminishing advantage of labor-intensive manufacturing in China, it is essential for its manufacturing sector to transform. Meanwhile, India's industrialization path is just the opposite of China, shifting from a technology-driven model to a market- and input-driven one to create more jobs and give play to its demographic dividend. The difference between China's and India's manufacturing development stages indicates room for cooperation for the two countries in matching their manufacturing strategies. By using India's labor cost advantage and China's capital and technology advantages, both sides can jointly improve their manufacturing levels to achieve mutual benefit and common development. Third, industrial competition is weak, while there are many complementarities between manufacturing industries in China and India. They mainly compete in industries like food processing and manufacturing, beverages, textiles and other primary products, oil processing, coking, and nonferrous metal, while they are complementary in medical equipment manufacturing, transportation equipment manufacturing, special equipment manufacturing and other capital- and technology-intensive industries. In terms of trade, China has maintained a relatively high surplus against India. But if the two countries can adjust their trade structure based on their own advantages and disadvantages, bilateral trade may see greater improvement, releasing their trade potential accordingly. In this sense, we are not against the idea of the smooth development of the "Make in India" initiative, which could help form a large regional manufacturing cluster to cover East Asia, Southeast Asia and South Asia. Its success will not only be conducive to the development of China-India relations and facilitate the building of the "Asian Century," but will also help enhance the global industrial chain and push forward progress in globalization. Li Tao is executive director of the Institute of South Asian Studies at Sichuan University. Qin Weina is a PhD student at the Center for Security and Development of Western Frontier China of Sichuan University. bizopinion@globaltimes.com.cn
Source: Global Times
Bangladesh has exclusively reserved three special economic zones (SEZs) for Indian firms to set up businesses, high commissioner of Bangladesh to India Syed Muazzem Ali recently said at a meeting organised by the Southern India Chamber of Commerce and Industry (SICCI) in Chennai. India has recently invested $5 billion there for economic and technical development. Though factors like non-availability of soft loans and a cumbersome process to select developers slowed down the progress of Bangladesh setting up country specific economic zones, a considerable increase in foreign investment in the past year will boost this initiative now, a report in a top South Indian newspaper quoted the ambassador as saying. Setting up a deputy high commission in Chennai is getting delayed as Bangladesh is awaiting clearance from the Indian ministry of external affairs, added Ali. (DS)
Source: Fibre2fashion
The rate of global manufacturing growth has slowed, mainly as a consequence of trade and tariff barriers, according to the International Yearbook of Industrial Statistics 2019 published by the United Nations Industrial Development Organization (UNIDO). World manufacturing value added rose by 3.6 per cent in 2018, slightly lower than the 3.8 per cent recorded in the previous year. The slowdown is mainly attributed to emerging trade and tariff barriers involving the USA and China, as well as the USA and the European Union (EU), which has exposed markets to a significant amount of uncertainty, limiting investment and future growth. China, the EU and the USA account for over half of global manufacturing production. The slowdown in production in 2018 was observed in industrialized economies as well as developing and emerging industrial economies. The manufacturing value added (MVA) growth rate for industrialized countries rose by 2.3 per cent in 2018, compared to 2.6 per cent in 2017. For the group of developing and emerging industrial economies, the MVA growth rate in 2018 was 3.8 per cent, down from 4.1 per cent in 2017. In North America, manufacturing production maintained relatively higher growth, mainly thanks to the USA where manufacturing production rose at the higher pace of 3.1 per cent in 2018, compared to 1.8 in 2017. However, in the European Union and East Asian countries, the annual manufacturing growth rate decreased, from 3.5 per cent to 2.6 per cent, and from 3.1 per cent to 1.9 per cent, respectively. The International Yearbook of Industrial Statistics 2019 also presents data at manufacturing sector level by country. For example, if China is excluded from a global ranking of developing countries, Indonesia ranked top among food manufacturing and rubber and plastic products, while India took first position in production of textiles, pharmaceuticals and basic metals. Similarly, Bangladesh stood as the largest producer of wearing apparel. Overall structural change in manufacturing was characterized by the increasing share of high-tech sectors in manufacturing output. For example, the medium-high and high-technology sectors accounted for more than 75 per cent of manufacturing of Singapore. Japan and the Republic of Korea were among other leading manufacturers in high-tech sectors. African countries continue to struggle in their efforts to catch up with the industrial development of the rest of the world. The average share of manufacturing in GDP of African least developed countries (LDCs) has further dropped to 8.3 per cent compared to the 19.6 per cent average of the developing countries and emerging industrial economies group. This represents a serious challenge to the Sustainable Development Goal 9 target of doubling the MVA share in GDP in LDCs by 2030. UNIDO’s Yearbook presents detailed, country-specific, business structure statistics, which provide empirical evidence for formulating industrial policy and carrying out comparative analysis of structural change and productivity. An analysis of global manufacturing’s current growth trends is provided by quarterly reports. UNIDO maintains an international industrial statistics database covering mining and quarrying, manufacturing, electricity gas and water supply and the international trade of manufactured goods. UNIDO data can be accessed online or obtained in CD products. The International Yearbook of Industrial Statistics 2019 is a joint publication of UNIDO and Edward Elgar Publishing Limited. ISBN 978-1-78897-788 3 (cased) 978-1-78897-789 0 (e-book)
Source: Africa News
A long-awaited trade deal between Indonesia and Australia will be signed next week, Jakarta said Thursday, after months of diplomatic tension over Canberra's contentious plan to move its embassy to Jerusalem. Indonesian trade minister Enggartiasto Lukita and his Australian counterpart Simon Birmingham are set to sign the multibillion dollar agreement in Jakarta on Monday, according to a trade ministry invitation sent to journalists. The pact includes better access for Australian cattle and sheep farmers to Indonesia's 260 million people, while Australian universities, health providers and miners also benefit from easier entry to Southeast Asia's biggest economy. Bilateral trade was worth $11.7 billion in 2017. Greater access to the Australian market is expected to spur Indonesia's automotive and textile industries, boosting exports of timber, electronics and medicinal goods. The deal has been in negotiations since 2010 and was expected to be signed last year, but it stalled when Prime Minister Scott Morrison proposed the relocation of Australia's Embassy to Jerusalem. Morrison first floated the shift in October, ahead of a critical by-election in a Sydney suburb with a sizeable Jewish population. Indonesia was angered by the proposal. Most nations have avoided moving embassies to Jerusalem to prevent inflaming peace talks on the city's final status - until Trump unilaterally moved the US Embassy early last year.
Source: Global Times
CuRe Polyester Recycling Technology, a new investment in low energy polyester recycling has been launched, treating any type of used polyester, removing colour and turning it back into clear pellets with the same properties. The goal is to recycle used polyester waste streams in polyester suitable for high demanding applications like carpets and textiles. The recycling process is developed by Cumapol, DuFor and two Universities of Applied Science (NHL Stenden and Windesheim). Other partners working together with CuRe are Morssinkhof Plastics and DSM-Niaga. CuRe is a pilot plant that enables a continuous polyester recycling process for various contaminated polyester waste streams - including packaging materials and textile products - and cleans the original plastic material from contaminants and colour. The CuRe project aims to test the technical financial and sustainability of the new solution. This line is expected to be operational by summer 2019. "Realising low energy recycling for different polyester product waste streams is a major step towards a fully circular polyester chain. The partnership kicks-off with a pilot plant, to prove the technical and financial sustainability of a new technology for thermoplastic polyester recycling," Cumapols said on its website. "Using this new CuRe Technology, we can use different sources of polyester waste streams. Food safety regulations mean we have to use 95 per cent PET from food packaging for mechanical recycling. However, with our CuRe Technology we can use every kind of polyester starting material including colored polyester. And there is another option: during this CuRe recycling process, bio based monomers could be incorporated into the polymer chain to make it even more sustainable," Marco Brons, technical director. "The optimum utilisation of raw materials is an increasingly large challenge being faced by today’s society," said Mark Ruesink, innovation director of Morssinkhof Plastics. "We are proud to announce that additional to our already successful Mopet process we now take our next step with CuRe. This will allow us to reduce the polyester waste mountain even more than today possible." "This partnership fits our strategy to take responsibility beyond the product design for recyclability," said Kelly Hall, managing director of DSM-Niaga. "DSM-Niaga is dedicated to contributing in key technology developments that further enhances the opportunities of local polyester recycling on a global scale." "We are very excited to have other companies invest in our expertise and co-develop the future of polyester upcycling. Since the plant will be installed in the Cumapol premises in Emmen, we will increase our capacity by another 25 kilotons. With that we also want to prove to the world the possibilities of large scale production of our CuRe technology," Brons added.
Source: Fibre2Fashion
