INTERNATIONAL
Union Minister for Textiles (Independent charge) Santosh Gangwar has written to Prime Minister Narendra Modi requesting to connect the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme with the Textile Ministry in order to uplift the livelihood of handloom weavers and artisans. The objective of the proposal is to develop basic amenities in the localities of artisans and weavers to motivate them to continue their traditional work.
Gangwar told The Indian Express: “I have written to the PM to connect MGNREGA with Ministry of Textile to benefit handloom and handicraft sectors. NREGA could be used for bringing development in the villages or provide artisans with amenities like toilets, schools for their children, roads and others. These facilities will help them to continue their work of handloom.” Gangwar said the number of weavers and artisans are on a decline because of lack of financial profits and poor facilities for their families. Gangwar said there had been allegations of misuse of NREGA scheme in the past. He added, “The works which are admissible to be taken up under NREGA in villages may be done for providing the basic amenities to artisans and weavers. Development of schools would ensure education for their children while development of roads, drinking water facility, and toilets at their home as well as schools using NREGA could improve their life.”
Gangwar on Friday reviewed the status of Mega Textile Cluster Project proposed for development in Lucknow. He also said the project would help in the promotion of Chikan (embroidery) work. He also met Chief Minister Akhilesh Yadav regarding land and other issues related to the project. The minister said the mega textile cluster will give a new shape to traditional Chikan work of Lucknow and support artisans in getting raw materials at a reasonable price and sale of their products at appropriate value without involving mediators. He also said a comprehensive study of the condition of Chikan artisans will be done for development of the mega textile clusters.
Gangwar met Chikan artisans at the office of Self Employed Womens’ Association (SEWA) and later visited Dhobhi Ghat in Billauchpura locality in the old city. After inspection of the ghat, where Chikan clothes are washed for the first time by the artisans, he made announcements regarding its development. He also announced to set up an Effluent Treatment Plant at the ghat for treatment of waste water. Gangwar added that another Mega Textile Cluster would be developed in Bareilly for Zardoji artisans.
Gangwar said the UP CM had earlier discussed about development of a textile park in the state. But, the state government did not send any proposal in this regard and the ministry has extended its deadline to February 5. He said each textile park project costs at least Rs 100 crore and the Centre will contribute Rs 40 crore. He said the Centre has already approved 13 textile parks and 15 more are likely to be cleared soon.
SOURCE: The Indian Express
Export price of spun yarns have been falling since June 2014 and continued into December. Close to 135 million kg of spun yarns were exported worth US$398 million or Rs 2,470 crore. Compared to last year, volumes were up 9 per cent while earnings in US$ term fell 4 per cent implying a 12 per cent fall in unit price realization, as the Rupee appreciated 0.6 per cent against the US$ in the comparable months. Overall unit price realization averaged US$2.95 /kg was, down US cents 3 from previous month and US cents 39 from December 2013.
91 countries imported spun yarn from India with China being the largest. It accounted for 37 per cent of India’s total spun yarn exported in December. Shipment ot China increased 28 per cent from last year while value was up 9 per cent YoY to US$148 million. Bangladesh, the second largest importer of Indian yarn, accounted for 10 per cent of all spun yarn exported from India, has reduced imports from India by 10 per cent in value and 3 per cent in terms of volumes.
Egypt emerged as the third largest importer of spun yarns in December, pushing down Turkey and South Korea which have slowed imports from India. Vietnam remains the fast emerging market for Indian spun yarns. In December it was ninth largest yarn importer for India. Its im-port increased 194 per cent by volume and 180 per cent in value. Turkey’s imports increased 22 per cent in November while Vietnam’s imports grew 19 per cent.
Cotton yarn worth US$335 million (Rs.2,075 crore) was exported to 85 countries with volumes totaling 113 million kgs. The unit price realization averaged US$2.96 a kg, down US cents 3 from previous month and US cents 45 down compared to same month a year ago. China and Bangladesh together accounted for 55 per cent with combined volume at 66 million kg worth US$184 million. While exports to China increased 9 per cent from last year, they declined 11 per cent to Bangladesh.
Vietnam continued to be the fast growing major markets for Indian cotton yarn in December. Egypt and South Korea, the third and fourth largest export markets, saw imports declining 10 per cent and 18 per cent respectively in December.
SOURCE: YarnsandFibers
Manufacturing readymade garment units of Putthanatham village in Manapparai Taluk in Tiruchirappalli District of Tamil Nadu have been coming up with new designs and marketing techniques to stay relevant in the market against the stiff competition The new design initiative covers materials both for men and women. The village till a few decades ago had more than 100 tailors working on any given day. Apart from producing readymade garments based on the suggestions from their in-house designers, they also produce bulk goods, particularly uniforms for students of educational institutions.
Abdul Razak, a tailor said that they keep a close watch on the change in taste and needs of customers and keep introducing new designs. He has been catering to the customers from Tiruchi and adjoining districts. Each tailoring unit has about four of five tailors who work all through the year. They work even on Sundays to cater to the customers who place bulk orders. Each tailoring unit also has a showroom where customers can purchase garments of their choice. The readymade garment manufacturing industry has been gaining good patronage these days, as most people find tailoring charges unaffordable. In fact few of the village’s residents are run textile showrooms at various towns in the central region through these shops they are able to keep track of the consumers’ changing preferences.
SOURCE: YarnsandFibers
Euro Zone accounts for about 18.5 percent of India’s exports and traditional sectors. The sharp and deep depreciation of the Euro would affect India’s exports to Euro Zone significantly According to Federation of Indian Export Organizations (FIEO). Sectors of exports that are heavily concentrated in the Euro Zone are apparel (USD 6.4 billion), other textiles (USD 5.6 billion), leather and leather products (USD 3.2 billion), gems and jewellery (USD 4.0 billion) and machinery (USD 5.5 billion).
President of FIEO, M Rafeeque Ahmed said that weakening of the Euro which is at a 14-year low against the US dollar will greatly affect India’s traditional exports such as leather, apparel, textiles and gems and jewellery among others. Euro has already exhibited a decline of 0.18 percent in April-Nov, 2014 when it touched USD 33.27 billion as against USD 33.33 billion recorded in the same period in 2013. While most of the economies were contracting and deflation was being witnessed, the Greek verdict has added economic uncertainties in Europe, he said. According to an official release, the FIEO president added that the downward movement of Euro assumes greater significance from India’s exports and traditional sectors.
SOURCE: YarnsandFibers
The Indian economy recorded 6.9 per cent growth in 2013-14, almost 50 per cent higher than the 4.7 per cent estimated earlier, TCA Anant, Chief Statistician, Central Statistics Office (CSO), said on Friday.The growth estimate was revised on account of the CSO’s move to adopt 2011-12 as the base year for computation of national incomes.In January 2010, the base year had been fixed as 2004-05. The move to alter the base year, along with changes in the conceptual framework for GDP calculations, could also have a salutary effect on the 2014-15 fiscal deficit situation.
New framework for GDP stats
The CSO has decided to adopt the international practice of presenting industry-wise estimates as ‘Gross value added at basic prices’ (GVA).With this move, ‘GDP at market prices’ will be the basis for ascertaining GDP.The earlier concept, which relied on ‘GDP at factor cost’ has been done away with.
The latest base-year revision and conceptual change to ‘GDP at market prices’ has prompted the CSO to peg the GDP growth for 2012-13 at 5.1 per cent, higher than the 4.5 per cent estimated under the earlier system. The CSO, however, said that the level of revision in the latest instance is not large enough to affect ratios such as trends in public expenditure, taxes and public sector debt, which are conventionally analysed in terms of their ratios to nominal GDP.
Impact on fiscal deficit
The Centre had set a fiscal deficit target of 4.1 per cent of GDP for 2014-15.Achieving this target will not be much of a challenge now that the GDP computation concept has been changed and also given that global oil prices have plummeted, say economists.The advance GDP growth estimate for 2014-15 — to be released on February 9 — will be released under the new base year.
The quarterly estimates for the first, second and third quarters of this fiscal year will also be revised accordingly, official sources said.Reacting to the CSO move, Anis Chakravarty, Senior Director, Deloitte in India, said it is heartening to see the Indian statistical machinery bringing the estimates closer to reality.“These latest numbers are likely to give more elbow room to the Finance Minister in the upcoming Budget and we can expect infra spending to go up without the government dithering from its fiscal target.
Further, given the correct policy framework and a stable global growth environment, we could see the economy growing closer to the aspirational double-digit figure over the next few years,” Chakravarty said.
SOURCE: The Hindu Business Line
The Central government’s fiscal deficit has exceeded the Budget estimate for the full financial year in the first nine months (April-December) of the current fiscal year. The fiscal deficit is the difference between the government’s income and expenditure. Data released by the Controller General of Accounts show that the deficit during the April-December period was over Rs. 5.32-lakh crore as against the Budget estimate of Rs. 5.31-lakh crore. This is 100.2 per cent of the estimate as against 95.2 per cent during the corresponding period of the previous fiscal year.
The Government has repeatedly said that it will be able to contain the deficit within the Budget target of 4.1 per cent of GDP. Experts feel that with the change in calculation of Gross Domestic Product (GDP), the deficit number as a percentage of GDP will be lower than the Budget projection. Aditi Nayar, Senior Economist with ICRA, said that tax revenue is expected to see a shortfall of Rs. 80,000 crore. While the stake sale in Coal India is encouraging, if the full-year target for disinvestment is missed, the impact of the anticipated shortfall in tax revenue will be exacerbated. “The contraction in capital spending in the first nine months of fiscal year 2015, as compared to the same months of 2014, raises concerns regarding the quality of the fiscal outcome, even if the fiscal deficit is eventually restricted to the target of Rs. 5.3 trillion,” Nayar said.
SOURCE: The Hindu Business Line
For the week ended January 23, India’s foreign exchange reserves fell by $97.9 million to $322 billion. Foreign currency assets, which form a bulk of the forex reserves, fell $19.7 million in the reporting week to $297.51 billion. Gold reserves remained unchanged at $19.37 billion. The country’s special drawing rights and reserve position in the International Monetary Fund fell by $61.4 million and $16.8 million to $4.04 billion and $1.10 billion, respectively.
SOURCE: The Hindu Business Line
Paraxylene (PX) prices declined in Asian markets. PX prices went down in SE Asia, where they ranged between US$ 765 to 770 per ton. In the FE Asian market, PX prices went down to US$ 745 per ton. Prices of PX imported from the Taiwanese market were stable in a range of US$ 775 to 780 per ton.
PTA prices decreased in Asia. SE Asian market witnessed a decrease in PTA prices, which ranged between US$ 595 and 600 per ton. In the FE Asian market, PTA prices went down to US$ 575 per ton. Prices of PTA imported from the Taiwanese market increased to a range of US$ 575 to 580 per ton. In the Chinese domestic market, PTA prices were stable in a range of RMB 4345 to 4395 per ton.
Ethylene prices remained unaffected in Asian markets. In the SE Asian market, Ethylene prices were stable ranging between US$ 875 and 880 per ton. In the FE Asian market, Ethylene prices were stable at US$ 860 per ton. In the US market, Ethylene prices were stable ranging between 35.00 to 35.50 cents per pound. Ethylene prices increased in the European international as well as in the domestic market to US$ 775 per ton and € 715 per ton, respectively.
MEG prices remained unaffected in Asia. In SE Asia, MEG prices were stable at US$ 760 per ton. In the Chinese international market, MEG prices increased and they ranged between US$ 750 and 755 per ton. In the Chinese domestic market, MEG prices were stable in a range of RMB 5765 to 5815 per ton.
In SE Asia, prices of BG PET Chips remained unaffected ranging between US$ 870 and 910 per ton, and some deals were concluded in the range of US$ 880 to 920 per ton. In the FE Asian market, selling offers remained stable in the range of US$ 890 to 930 per ton, while talked prices hovered in the range of US$ 900 to 940 per ton. In the Chinese market, BG PET Chips’ prices declined and they ranged between RMB 6275 and 6325 per ton.
In the Korean market, prices of FG PET Chips remained unaffected in the range between US$ 785 and 815 per ton. In the Indian market, FOB based prices hovered in the range of US$ 795 to 825 per ton. In the Chinese market, FG PET Chips’ prices were stable ranging between RMB 6125 and 6175 per ton.
PSF prices remained unaffected in Asia. In the FE Asian market, PSF prices were stable at US$ 975 per ton. In the SE Asian market, PSF selling prices were stable at US$ 875 per ton. In the Chinese domestic market, PSF prices were stable ranging between RMB 6900 and 6925 per ton.
In the Chinese domestic market, prices of Polyester POY declined to RMB 7200 per ton, while DTY and FDY prices were stable at RMB 9000 per ton and RMB 7300 per ton, respectively. In the export market, offers for POY declined to US$ 935 per ton, while DTY and FDY prices were stable at US$ 1180 per ton and US$ 935 per ton, respectively.
SOURCE: Fibre2fashion
Paraxylene (PX) prices showed mixed trend in Asian markets. PX prices were stable in SE Asia, where they ranged between US$ 775 and 780 per ton. In the FE Asian market, PX prices went up to US$ 760 per ton. Prices of PX imported from the Taiwanese market decreased to a range of US$ 775 to 780 per ton. PTA prices increased in Asia. SE Asian market witnessed an increase in PTA prices, which ranged between US$ 600 and 605 per ton. In the FE Asian market, PTA prices went up to US$ 580 per ton. Prices of PTA imported from the Taiwanese market were stable in a range of US$ 570 to 575 per ton. In the Chinese domestic market, PTA prices decreased to a range of RMB 4345 to 4395 per ton.
Ethylene prices remained unaffected in Asian markets. In the SE Asian market, Ethylene prices were stable ranging between US$ 875 and 880 per ton. In the FE Asian market, Ethylene prices were stable at US$ 860 per ton. In the US market, Ethylene prices declined and they ranged between 35.00 and 35.50 cents per pound. Ethylene prices increased in the European international as well as in domestic markets to US$ 755 per ton and € 695 per ton, respectively. MEG prices increased in Asia. In SE Asia, MEG prices went up to US$ 760 per ton. In the Chinese international market, MEG prices increased and they ranged between US$ 730 to 735 per ton. In the Chinese domestic market, MEG prices increased to a range of RMB 5765 to 5815 per ton.
In SE Asia, prices of BG PET Chips increased and they ranged between US$ 870 and 910 per ton, and some deals were concluded in the range of US$ 880 to 920 per ton. In the FE Asian market, selling offers went up in the range of US$ 890 to 930 per ton, while talked prices were assessed in the range of US$ 900 to 940 per ton. In the Chinese market, BG PET Chips’ prices were stable ranging between RMB 6300 and 6350 per ton.
In the Korean market, prices of FG PET Chips increased in the range between US$ 785 to 815 per ton. In the Indian market, FOB based prices hovered in the range of US$ 795 to 825 per ton. In the Chinese market, FG PET Chips’ prices declined and they ranged between RMB 6125 and 6175 per ton. PSF prices decreased in Asia. In the FE Asian market, PSF prices went down to US$ 975 per ton. In the SE Asian market, PSF selling prices declined to US$ 875 per ton. In the Chinese domestic market, PSF prices plunged and they ranged between RMB 6900 and 6925 per ton.
In the Chinese domestic market, prices of Polyester POY and FDY declined to RMB 7300 per ton and RMB 7300 per ton, respectively, while DTY prices were stable at RMB 9000 per ton. In the export market, offers for POY and FDY declined to US$ 950 per ton and US$ 935 per ton, respectively, while DTY prices were stable at US$ 1180 per ton.
SOURCE: Fibre2fashion
In S E Asian countries, Propylene prices stayed steady at US$ 770/ton. In Korea and Japan, prices remained stable at US$ 800/ton and US$ 770/ton, respectively. In the Chinese market, prices were quoted at US$ 860/ton. In Western markets, Propylene prices were steady. In the N W European domestic market, prices were offered at € 720/ton, and deals were mainly offered in the range of € 710/ton to € 730/ton. In the US market, selling offers were stable at 39.15 cents/pound.
Acrylonitrile prices were unchanged in Asian markets. In S E and F E Asian countries, prices were assessed at US$ 1710/ton and US$ 1740/ton, respectively. In the Chinese domestic market, prices of ASF and Acrylic Tops maintained a stable trend at RMB 16050/ton and RMB 17300/ton, respectively.
SOURCE: Fibre2fashion
The new ‘Terasil TC’ range comprises a complete set of intelligent mixes for dyeing medium to dark shades, with six colours currently available: yellow, orange, rubine red, blue, turquoise and black. The dyes fulfill Oeko-Tex 100 requirements, are bluesign-certified, and satisfy the Restricted Substances List (RSL) requirements of the major brands and the Zero Discharge of Hazardous Chemicals (ZDHC) Group. “Since the highest performance, most wash-fast dyes are uneconomical for many end uses of polyester and its blends, mills require high-quality disperse dyes that are fit-for-purpose for intended applications,” noted Lee Howarth, Global Marketing Manager of Huntsman Textile Effects. “The economical Terasil TC range has been engineered to deliver optimal fastness and reliable operating performance at competitive cost.” Huntsman claims these dyes provide minimum sensitivity to reduction, good fastness to dry heat, good pH stability, good coverage of barriness and minimum staining on adjacent cotton fibre.
SOURCE: EcoTextile
Online website has launched has an initiative to strengthen the Leicestershire textiles industry by Skills Support for the Workforce (SSW), the European Social Fund (ESF), and Pera Training. Called the Leicestershire Textiles Hub, it aims to support local textile manufacturers, promote the sector to new entrants and highlight manufacturers to retailers and designers. The website will also provide useful, practical support and information to help businesses, such as financial guidance and information on the latest manufacturing technologies. Melton-based Pera Technology has joined forces with employers and education providers for the site which has been funded by the European Social Fund.
Pera Training chief executive Richard Grice said that the Leicestershire Textiles Hub will serve as an invaluable information resource to local businesses and individuals working in the textile industry. Its aim is to reinvigorate the textiles industry and encourage more people to join while helping businesses to grow and take advantage of new ideas, skills and technology. Leicestershire has a proud history in the textiles industry.
The sector is still substantial locally, with over 400 companies responsible for 20 percent of the UK's clothing manufacturing and an annual turnover of around £560 million. Over the last few years, the sector has witnessed a shift in attitudes from consumers and retailers towards a preference for British-made goods. The key trends have led to a higher awareness of business ethics including a retreat from cheap, poorly made, imported clothes, often manufactured in ethically questionable conditions. As a result, the industry has observed a trend of reshoring. This is a return to Britain to manufacture textiles by major retailers while maintaining their competitiveness and quality. Whether you’re a manufacturer, retailer, designer or someone looking to forge a career in textile, Leicestershire textile hub is there to help make the most of the available opportunities.
The Skills Support for the Workforce (SSW) programme has been developed to help improve the skills of employees in small or medium-sized businesses. Fully funded by the European Social Fund (ESF), this is an opportunity for individuals to update their skills and knowledge and for employers to plug their skills gap at no extra cost.ESF aims to improve employment opportunities in the EU, raise standards of living, and help people acquire the skills needed by business in a competitive global economy. Pera Training is one of the UK’s largest providers of government-funded and commercially tailored training programmes, helping to fuel business capability and economic growth.
SOURCE: YarnsandFibers
The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has said that the value-added textile sector is facing a serious financial crisis because more than Rs20 billion is stuck with the government. PRGMEA Central Chairman Ijaz Khokhar in a statement said that the Federal Board of Revenue (FBR) still withholds more than Rs13 billion under the Drawback on Local Taxes and Levies (DLTL) claims and about Rs17 billion general sales tax under the refund claims, causing immense problems to the cash-starved industry.
“Billions of rupees of GST refunds and customs rebate payable to exporters have been held up despite assurances of the government that refunds will be cleared by September 2014,” said Khokhar. He appealed to the government to issue instructions to the FBR for releasing cheques against all the pending refund claims in order to enable the industry to continue earning through exports.
He suggested a ‘no-payment no-refund’ system for the value-added textile sector, through which payments should not be made in the first place, saving the time and effort of the FBR. He urged the government to allocate the Export Development Fund (EDF) to the textile ministry so that it could be utilised for the development of exports, as the textile sector’s contribution to the EDF stands at Rs11.5 billion.
He added that the sector’s production could grow by over 80% provided funds were released immediately. Khokhar said that the country has failed to improve its textile exports despite getting the status of GSP plus. Textile exports fell by 6% last month. On the other hand, India had provided full support to its textile sector, giving financial incentives and discount on the import of machinery so that the country could compete with Pakistani goods in the international markets, he concluded.
SOURCE: The Tribune
The annual report of Human Rights Watch claims Myanmar's human rights situation was a "car crash" in 2014, and experienced a marked deterioration following two years of progress after the country's returned to civilian government in 2011. The NGO says Myanmar's reform progress experienced significant slowdowns and even reversals of basic freedoms and democratic progress, as the government passed laws with significant human rights limitations and increased arrests of peaceful critics, including land protesters and journalists. The report, perhaps ironically, coincides with comments by U Myint Soe, chairman of the Myanmar Garment Manufacturers Association, that the garment manufacturing industry is booming in Myanmar and could employ as many as one million workers within the next few years. A dozen leading brands are now sourcing garments from Myanmar, among them H&M, Gap and Mango.
Human Rights Watch's World Report 2015 claims donors and governments have done little to pressure the army and government in Myanmar to keep reforms on track. Brad Adams, Asia director of Human Rights Watch, says: "The army is still calling the shots on major issues, while the government seems confident it has satisfied other countries to keep the aid and investment dollars flowing." Adams claims Myanmar authorities and donors are, "sleepwalking arm-in-arm into an electoral disaster in 2015.” The report outlines government backtracking on media reform in Myanmar, and also cites the continued problem of political prisoners, as well as concern over bills introduced in 2014 that seek to promote Buddhism over other religions, including state control over religious conversion, inter-faith marriage, polygamy and family planning.
It claims that protests over land rights intensified in 2014 as farmers faced evictions, at times receiving inadequate compensation or relocation terms. It also suggests that soldiers committed violence against farmers who had returned to symbolically work their land and call for its return, while military members of the national parliament shut down parliamentary debates on the extent of land-taking over previous decades by the armed forces. The report claims that in July 2014, a court sentenced four journalists and the editor of the weekly Myanmar journal Unity to ten years in prison, later reduced to seven years, for breaches of the Official Secrets Act over a story alleging a suspected Burmese military chemical weapons plant had been built on seized land.
One of the clearest markers of progress on human rights improvements in Myanmar has been the release of hundreds of political prisoners by the government of President Thein Sein since 2011. That progress has reversed starkly over the past year, claims the report, as dozens of activists and protesters have been imprisoned. "Unless constitutional changes are made, the donors will wake up after election day to a government still controlled by the military. They need to press now for real human rights and democratic reforms," Mr Adams says.
SOURCE: EcoTextile
US economic growth slowed sharply in the fourth quarter as weak business spending and a wider trade deficit offset the fastest pace of consumer spending since 2006. Gross domestic product expanded at a 2.6 per cent annual pace after the third quarter's spectacular 5 per cent rate, the Commerce Department said in its first fourth-quarter GDP snapshot on Friday. The slowdown, which follows two back-to-back quarters of bullish growth, is likely to be short-lived given the enormous tailwind from lower gasoline prices. Most economists believe fundamentals in the United States are strong enough to cushion the blow on growth from weakening overseas economies.
"We look for strong domestic consumption to continue supporting growth momentum in the coming quarters even as investment suffers due to falling oil prices," said Gennadiy Goldberg, an economist at TD Securities in New York. Even with the moderation in the fourth quarter, growth remained above the 2.5 per cent pace, which is considered to be the economy's potential. Economists had expected GDP to expand at a 3 per cent rate in the fourth quarter. US stock index futures extended losses and prices for US Treasuries rose further after the data. The dollar weakened against a basket of currencies.
For all of 2014, the economy grew 2.4 per cent compared to 2.2 per cent in 2013. The report came two days after the Federal Reserve said the economy was growing at a "solid pace," an upgraded assessment that keeps it on track to start raising interest rates this year. The US central bank has kept its short-term interest rate near zero since December 2008 and most economists expect a mid-year lift-off. Consumer spending, which accounts for more than two-thirds of US economic activity, advanced at a 4.3 per cent pace in the fourth quarter - the fastest since the first quarter of 2006 and an acceleration from the third quarter's 3.2 per cent pace.
