Textile mills, hamstrung by a cash crunch and poor demand, have been awaiting the release of subsidies worth Rs 2,500-3,000 crore for more than three years now against investments made under the Technology Upgradation Fund Scheme (TUFS). The amount is due because of non-payment of subsidies against investments made by textile units during the so-called black-out period (June 20, 2010 to April 27, 2011) as well as errors in reporting of the dole-out amount by banks to the textile commissioner, sources told FE.
The black-out period refers to the time when the government had halted subsidy payment temporarily, seeking to change the contours of the TUFS from an open-ended scheme to a close-ended one and announced the introduction of the revised scheme only from April 2011. To look into the issue, the government has set up an inter-ministerial steering committee, headed by textile minister Santosh Kumar Gangwar, which will soon finalise a consultant to accurately calculate the subsidy amount to be paid, although mills estimate the subsidy dues to be a maximum of Rs 3,000 crore. Once the consultant submits its report, the panel will consider it before placing a final proposal for the clearance by the Cabinet Committee on Economic Affairs.
The government mainly provides interest subsidy against loans to units, capital subsidy and limited cushion against exchange rate fluctuation for investing in new technology. The TUFS was introduced in 1999 to make available funds to the the textile industry for upgrading technology at existing units as well as to set up new units with state-of-the-art facilities so that its viability and competitiveness in the domestic as well as international markets would enhance. The government targeted to attract investments worth Rs 1,51,000 crore through the scheme during the current Plan period. Budget 2013-14 had announced the continuation of the TUFS during the 12th Plan period through 2017 with a subsidy allocation of Rs 11,952 crore.
After a 33% spurt in the last fiscal, India’s cotton yarn export registration started tumbling below the 100 million-kg mark from April 2014, as Chinese demand faltered. Since the capital-intensive spinning segment accounts for the bulk of investments under TUFS, the non-payment of subsidy amount for earlier investments is taking a toll on the balance sheets of spinning mills.
SOURCE: The Financial Express
Foreign Direct Investment (FDI) inflows to India increased 26 per cent to $35 billion in 2014, despite macroeconomic uncertainties and financial risks, according to a United Nations report on global investments. China became the largest recipient of FDI in the world in 2014 with inflows of $128 billion (3 per cent growth), which was nearly four times more than India. Interestingly, among the top five FDI recipients in the world, four are developing economies which include Hong Kong ($111 billion), Singapore ($81 billion) and Brazil ($62 billion).
The US fell to the third place with FDI inflows of $86 billion, almost a third of their 2013 level, the report said. Global FDI inflows, however, declined 8 per cent to $1.26 trillion due to fragility of the global economy, policy uncertainty and geopolitical risks, according to the latest ‘Global Investment Monitor’ report released by United Nations Conference on Trade and Development (UNCTAD) on Thursday.
“Flows were heavily influenced by economic uncertainty and geopolitical risks including regional conflicts, and by the $130 billion mega-buy-back of shares by Verizon (the US) from Vodafone (the UK) which significantly reduced the equity component of FDI inflows to the US,” the report said. FDI flows to developing countries crossed $700 billion, which was 4 per cent higher than 2013, with a global share of 56 per cent. On the other hand, FDI flows to developed countries dropped 14 per cent to $511 billion, significantly affected by the US, the report said. Although FDI flows to the EU increased 13 per cent to $267 billion, those to Germany and France were negative.
In its forecast for 2015, the report said that trends in global FDI flows were uncertain. “The fragility of the world economy, with growth tempered by hesitant consumer demand, volatility in currency markets and geopolitical instability will act as a deterrent for investors,” it said. On the positive side, the report said that stronger economic growth in the US, the demand boosting effect of lower oil prices and proactive monetary policy in the Euro Zone could support increased FDI.
SOURCE: The Hindu Business Line
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 46.28 per barrel (bbl) on 29.01.2015. This was lower than the price of US$ 46.55 per bbl on previous publishing day of 28.01.2015.
In rupee terms, the price of Indian Basket decreased to Rs 2846.22 per bbl on 29.01.2015 as compared to Rs 2858.64 per bbl on 28.01.2015. Rupee closed weaker at Rs 61.50 per US$ on 29.01.2015 as against Rs 61.41 per US$ on 28.01.2015.
The table below gives details in this regard:
|
Particulars |
Unit |
Price on Jan 29, 2015 (Previous trading day i.e. 28.01.2015) |
Pricing Fortnight for 16.01.2015 (Dec 30, 2014 to Jan 13, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
46.28 (46.55) |
49.42 |
|
(Rs/bbl |
2846.22 (2858.64) |
3115.93 |
|
|
Exchange Rate |
(Rs/$) |
61.50 (61.41) |
63.05 |
MJPS/Rk/Daily Crude oil price- 30.01.2015
SOURCE: PIB
Month-end demand for dollars from oil importers drove the rupee down 46 paise to close at 61.87 against the greenback on Thursday. The Indian unit opened at 61.46 on Thursday against the previous day’s close of 61.41. Suresh Nair, Director, Admisi Forex, said, “Today’s fall came as the dollar strengthened against other global currencies as the Fed said the world’s largest economy was poised for continued expansion.” However, dealers see the rupee strengthening in the near term as there is more likelihood of foreign investors bringing in more dollars to the Indian shores.
SOURCE: The Hindu Business Line
US President Barack Obama's visit has helped forge a new commercial relationship and India appears high on the agenda of American companies flush with funds looking for investment opportunities, finance minister Arun Jaitely has said. The finance minister also said the World Economic Forum meeting in Davos demonstrated that investors were looking at India with greater enthusiasm and the loud and clear message from the meet was that India cannot allow obstructionism or complacency to squander this opportunity.
"India's Prime Minister was being described as a strong, decisive and a pro-reform leader. The four important ordinances relating to land, insurance, coal and mining have demonstrated India's determination towards reforms," the Jaitley wrote in an article. "Government leaders, policy makers, heads of major corporations were engaging with India. Our own industrialists were attending the conferences with a renewed sense of confidence with their heads held high," he said.
India had the second largest contingent after the United States at Davos. Investor perception about India has reversed dramatically after years of stagnation. But he said the optimism was, however, tempered with caution. "Will India be able to deliver what it has promised? Will all these ordinances translate into law? Will the obstructionists be able to derail India's march? Many questions centered around this scepticism," he said. He said the conclave of Indian and American CEOs during President Obama's visit exhibited a strong confidence about India.
"The desire of American businesses to invest in India was great. Their queries related essentially to the ease of doing business in India," he said. The finance minister said both internal and external factors favour India. Decline in global crude oil prices have helped and states are competing with each other for higher growth. Andhra Pradesh chief minister N Chandrababu Naidu and Maharashtra chief minister Devendra Fadnavis were aggressively marketing their their states for investment in Davos. "India needs more resources. Our domestic resources are not adequate. The cost of our capital is high. The world is looking to invest," the finance minister said. "There are not too many options which are more attractive than India. Whereas most competing economies are facing serious challenges, India is promising to accelerate its growth. Hope has revisited us," he said.
SOURCE: The Economic Times
Global Organic Textile Standard (GOTS) will be joining Inkjet India 2015, the fifth Digital Textile Conference being organised by Inkjet Forum India, as a knowledge partner. Mr Sumit Gupta, GOTS representative in India and Bangladesh will shed light on ‘Sustainability Perspective of Digital Textile Printing’ at the conference, to be held at the India Habitat Centre in new Delhi on 26 February 2015.
The conference will discuss digital textile scenario in India, technology trends, business opportunities in digital textile printing, colour management, importance of design in print and successful examples of digitally printed textiles. “The event will provide delegates with valuable opportunities to attend informative presentations, network with experts and learn from industry experiences. This will in turn help the decision makers attending the conference to devise strategies in building a successful digital textile business,” says Aditya Chandavarkar, founder and CEO, Inkjet Forum India.
GOTS is the worldwide leading textile processing standard for organic fibres, including ecological and social criteria, backed up by independent certification of the entire textile supply chain. Inkjet Forum India is a leading knowledge sharing platform for the global digital textile printing industry.
Garment exports to new destinations are increasing substantially though shipments to traditional markets have been on a downward curve. The new markets are promising mainly due to the government's stimulus package, aggressive marketing by exporters and relaxation of the "rules of origin" by some countries.
Rules of origin are the criteria that are used to define where a product was made. The origin of a product is important because it will determine how it is treated at the border of an importing country and the origin may impact the import duty payable and admissibility into the country. Apparel exports to new destinations -- all markets except the EU, the US and Canada -- rose 15.47 percent year-on-year to $1.87 billion in the first six months (July-December) of the current fiscal year, according to Export Promotion Bureau.
The major new export destinations are Australia, Brazil, Chile, China, India, Japan, South Korea, Mexico, Russia, South Africa and Turkey. During the six-month period, Bangladesh's garment exports to the US declined 5.18 percent, to EU 3.53 percent, and to Canada 14.60 percent. Garment exports to non-traditional markets got a boost when the government offered an incentive package to businesses in fiscal 2008-09 to offset the impact of the global financial crisis on the sector.
Under the scheme, the government gave 5 percent cash incentive to garment exporters in fiscal 2009-10, 4 percent in fiscal 2010-11 and 2 percent in fiscal 2011-12. The exporters are still receiving 2 percent cash incentive for exporting to the new destinations.Generally, Bangladesh's 60 percent garment items are destined to the EU, 23 percent to the US, 6 percent to Canada and the rest to other countries.Reaz-Bin-Mahmood, vice-president of Bangladesh Garment Manufacturers and Exporters Association, said exporters were efficient in exploring new markets. As a result, exports to South American countries such as Brazil, Mexico and Chile are growing at a faster rate, he added.Garment exports to Japan, India and China have been increasing substantially due to the relaxation of the rules of origin by the governments of those countries in recent years, Mahmood said.
SOURCE: The Daily Star
During the first half of 2014, the development of China's textile industry has been stable and trending positively, which is largely due to the transformation and upgrading of apparel fabric industry as well as improved apparel fabric innovations. At the China International Trade Fair for (Autumn & Winter) Apparel Fabrics and Accessories 2014, over 3,800 exhibiting companies from 30 countries brought along their latest products, leading the fashion in apparel fabric industry and broadening the channel for development of textile companies.
Internationalized promotion
As the world factory, China also bears vast market opportunities for overseas apparel fabric enterprises. Woolen sweaters of the same brand, style, label of "Made in China" and material of 100 percent merino woolen fabrics in China are sold at EUR 49.9 in Lafayette of Paris, France, while at around RMB 800 yuan in Lafayette of Beijing. Why?
"Currently, acceptability of domestic customers for pure cashmere and wool products is not as high as that among overseas counterparts. For the former, dresses made of pure wool may not be that necessary, while for the latter, such clothes are just common commodities of greater demand, thus being of lower price." said Huang Shuyuan, chairwoman of China Wool Textile Association.
Despite the relatively lower acceptability and less market demand of domestic customers, as well as the high cost of wool products, China is still a key market for Australian merino wool. "In recent years, consumption of Australian merino wool has been under steady increase among Chinese wool manufacturers and costumers." said Huang Shuyuan.
Innovative products
Functional fabrics and accessories and jean fabrics with innovative technology are becoming increasingly popular with the growth of Chinese groups with medium and high income as well as the popularity of western fashion."Purchasers for jean fabrics reached 15 percent of the total during the exhibition last year. With this great success, the newly designed Enlivening Jeans Pavilion in 2014 has been expanded by 25 percent in area compared with that of last year." stated Xu Yingxin, vice president of the Sub-council of Textile Industry, CCPIT.
This profiting market has brought unlimited business opportunities for overseas companies. According to the principal of exhibition, most local mainstream fabrics and international jean fabric manufacturers, designers as well as marketing companies have gathered in the expanded Enlivening Jeans Pavilion. "We are fully confident in sales of our high-end Spain jean fabric products on Chinese market." said a Spain exhibitor.
Besides jean fabrics, accessories and functional fabrics are also welcomed by customers; various styles of zippers, buttons, laces, embroideries, labels, hang tags, beads and other fashionable accessories can be found in this autumn& winter accessory exhibition.
Functional fabrics and products, reflecting development trend of apparel fabric industry, are becoming increasingly popular. Various functional fabrics, including heat-regulatory, moisture-absorptive, endurable, elastic and wind-proof fabrics are available in this exhibition. "As for domestic market, the demand for functional fabrics is higher in industries of sportswear, women's wear and men's wear. The functional fabrics in this exhibition are also of brand-new functions, especially self-cleaning and safety, which cater for customer demand." said the exhibition principal.
Discovering consumer potential
The slight growth of amount of exports, quantity and average unit price is attributed to the enhancement of innovation capacity and steady transformation and upgrading of Chinese fabric enterprises. The brand-new on-line & off-line integrating development mode is becoming a new transformation trend in fabric industry.
The reform era of fabric has come into being under the broad environment of full involvement of internet and new media in people's life. The brand-new on-line & off-line integrating development mode is becoming a new transformation trend in fabric industry.
"Xinshen products are now seen in both Taobao and Tmall," said Li Jianfeng, general manager of Flax Department of Xinshen Group, "as a flax fabric manufacturer, Xinshen has been engaged in on-line terminal sales since two years ago. The terminal products are lower in price and favorable in originality, thus being welcomed by customers." Despite this, Li also stated that further exploration and creation are needed for on-line & off-line integration, to make up the weakness of Xinshen in finished product design. "Previously, 80 percent of Xinshen products were targeted at overseas customers, while the scale of domestic sale is expanding currently."
Many foreign trade enterprises are almost blind to domestic marketing, such as mall entry, exclusive store setting and market expansion through E-business platforms. "Some foreign trade enterprises, which have been engaged in domestic market development through E-business and physical stores, found that domestic market is not so mature and regulated that brings great obstruction thereby." a principal of Zibo Lanyan Group Co., Ltd. stated.
In this sense, the domestic market is not as large as expected. For export enterprises, their own experience and channel, besides the maturity and regulation of the whole domestic market, are keys to success in the transformation phase.
SOURCE: The China Economic Net
Colombia’s National Police on Wednesday warned that the Mexican Sinaloa Cartel and other drug trafficking organizations are using the local fabric and textile industry to launder money. Last year alone, Colombia’s customs police seized more than $30 million in textile contraband, mainly in the form of fabric and garments.
Customs Police director General Gustavo Moreno told local press that the smuggling of textiles is linked to the money laundering activities of the Sinaloa Cartel and other internationally operating drug trafficking organizations.
Moreno stated that “a total of more than two million meters of fabric and more than nine million units of clothing were seized.” Colombian authorities arrested 219 people for crimes linked to the smuggling of textiles in 2014, said the official. Most of the suspects were either charged with bringing contraband goods into the country or for their involvement in facade construction companies to launder money.
The Sinaloa Cartel has had ties with Colombian drug traffickers since the 1990s. The Mexican criminal organization is currently alleged to be working with the neo-paramilitary Urabeños drug trafficking organization and leftist rebel group FARC.
SOURCE: The Colombia Reports
Botswana companies have failed to take full advantage of AGOA because of lack of raw materials and complications arising from US rules of origin despite of that according to the statistics from US Department of Commerce, Botswana exports to US under the African Growth Opportunity Act (AGOA) increased by 53 percent from $5.5 million (P52 million) to $8.5 million (P80 million) in the first 11 months (Jan-Nov) of the year, mainly on the back of increase in textile and apparel. While Botswana is empowered to export 6,500 products under AGOA, textiles have benefited the most, being easy to establish with a relatively low cost of labour.
USAID Southern Africa Trade Hub, Trade and Investment Specialist, Cosmas Mamhunze said that Botswana’s textile exports in the nine months to September amounted to $7.4 million constituting 87 percent of total AGOA eligible exports. In the period, Botswana was the seventh largest textile exporter to the US under AGOA in sub-Saharan Africa. Mamhunze said that textiles/apparel exports under AGOA constitute 87 percent of the total exports from Botswana in 2014, even though the total exports are up to November 2014 yet textile/apparel figures are up to September 2014.
In the first three quarters of 2014, the top-rated African textile exporter was Kenya with exports valued at more than $283 million, followed by Lesotho at $226.4 million with Mauritius in third place at $162 million worth of exports. AGOA was signed into law in May 2000 and it offers tangible incentives for African countries to benefit from opportunities in the US market to continue their efforts to open their economies and build free markets.
The only Botswana textile firm exporting under AGOA is Carapparel that manufactures knitted and woven garments for men, women and children for local consumption and export to USA market. The rest of the textile exporters are servicing the South African market as studies have also revealed that Botswana companies have limited production capacities and have not adequately diversified their products.
SOURCE: YarnsandFibers
The weaving industry of Pakistan has come to standstill by fifty percent due to the flooding of imported as well as smuggled cloth from regional countries. Moreover, the Pakistan textile policy 2014-19 has not seen daylight despite eight months of current fiscal, reflecting lack of interest of the federal government in promoting and protecting textile industry. Group Leader of All Pakistan Textile Mills Association (APTMA) Gohar Ejaz has admonished the government that overloaded textile-specific subsidies in India have made Pakistan's textile industry uncompetitive. The textile industry has failed to create jobs during last five year due to circumstances beyond industry control. The textile industry is unable to wrangle with the government policies in the region. He has urged the government of Pakistan to enable the industry to compete regionally.
Chairman APTMA at the joint press conference held at the APTMA Punjab office said that the delay in announcement of textile policy 2014-19 further suggests that the present government is not different from the previous one, which had allocated Rs 180 billion in Textile Policy 2009-14 whereas it disbursed only Rs 28 billion which is 15% lower of the allocation. He said that both India and Bangladesh announced their Textile Policies and registered 2008-2013 a growth of 94% and 160% respectively in exports against merely 22% of Pakistan during 2009-14. The World textile exports also grew by 45% on an average during the same period. The undue delay in announcement of textile policy 2014-19 has already left Pakistan far behind against the region counterparts. According to him, the proposed textile policy for 2014-19 speaks about allocation of Rs 60 billion, which is a drop in the ocean and government should enhance it to Rs 200 billion at least.
The goals set in the proposed textile policy 2014-19, double textile exports, $1 billion investment per annum, employment creation, raw material availability of both cotton and man-made fiber were not possible to meet with such a meager allocation. Already the textile industry was facing constraints including energy availability and affordability, high financial costs, raw material shortages, industrial structural imbalances and stagnant textile industry investment, policy and implementation divide, country perception and limited market access, high cost of doing business and pending refunds of textile industry swelled to Rs 20 billion each under sales tax and income tax.
Proposals for much-awaited textile policy 2014-19 APTMA has sought guaranteed uninterrupted electricity and gas supply, Technology Up-gradation Fund Scheme (TUFS) for BMR and greenfield projects, cotton production target of 20 million bales, MMF availability on competitive price, new investment, incentives on domestic consumption of textiles and clothing and immediate liquidation of pending refunds of textile industry.The government needs to focus on the growth of textile industry and the textile policy has today 30% of the industry capacity is non-operational, exports are stagnant and no new investment has taken place since 2006. The textile policy, which expired on June 30, last year, failed to reach the predicted textile exports target of $25 billion, and the exports merely remained at a level of around $13.5 billion only.
SOURCE: YarnsandFibers
The Clean Clothes Campaign has welcomed EU proposals for a new 'flagship' initiative on responsible management of the supply chain in the global garment sector – but warned that such an initiative must have genuine legislative teeth because voluntary initiatives led by brands do not work. "The 25 years of experience of the CCC, tackling violations of human rights in the global garment supply chain has shown that voluntary initiatives driven by buyers and companies have failed to fight the systemic abuses of human rights in this industry," said the Dutch-based NGO, responding to the proposed EU initiative.
The European Commission met stakeholders from the global apparel industry this month to explore the idea of launching a new initiative on responsible management of the supply chain in the garment sector. Among other things, the proposed initiative would seek to provide better information and understanding for European consumers of garment manufacture, and improve communication on the work the EU is doing to improve sustainable development in the global supply chain.
The CCC said that to be effective, such an initiative would require the clear setup of a legal framework in order to enforce activities. "This framework should establish clear responsibilities of member states and of European companies, in line with the UN guiding principles on Business and Human Rights, and should ensure coherence within EU policies and actions," said the CCC. "With an effective initiative, the EU has the ability, and the duty, to be a global champion of supply chain responsibility at this key moment."
The CCC has called for new EU legislation that would requires due diligence of EU companies covering their operations outside of Europe, including binding traceability and transparency mechanisms, immediate compensation for Rana Plaza victims and better access to justice for victims of workers' and human rights abuses in the garment sector.
"The Clean Clothes Campaign would welcome an EU Flagship initiative on responsible management of the supply chain in the garment sector, if it creates supply chain responsibility in the garment sector in practice," added the CCC. "Numerous companies have escaped their responsibility by outsourcing production to foreign suppliers, with the disastrous consequences."
SOURCE: Ecotextile
The final negotiation between Vietnam and the Customs Union of Russia, Belarus and Kazakhstan on their free trade agreement (FTA) concluded last month is expected to sign the agreement early this year granting Vietnam preferential export tariffs on textiles and garments, agricultural produce, seafood, footwear and furniture. With the effect of FTA, many of those products are expected to enjoy zero-percent tariffs.
According to Nguyen Binh Giang of the Export-Import Department of the Ministry of Industry and Trade, many of Russia's standards are even higher than those imposed by the EU. Moreover, the devaluation of the ruble against the dollar and euro is becoming a challenge for local exporters, since it raised the price of Vietnamese products shipped to Russia. The country will likely reduce imports from foreign countries to decrease spending. Economist Nguyen Van Nam remains skeptical about the benefits the agreements will bring, describing the situation as something of a stacked deck. Future FTAs are unlikely to be of much benefit due to non-tariff barriers that Vietnamese enterprises find it hard to overcome. Technical barriers, including criteria on product quality, safety, and intellectual property protection, could limit their exports.
If enterprises do not meet the requirements, Vietnam will fail to increase exports to the market despite the tax cuts. It is very difficult for local firms, given their limited financial capacity and poor production technology, to overcome the barriers. Late last year, Vietnam and South Korea signed a statement that concluded their negotiations of an FTA. Vietnam also expects to finalize negotiations for the EU-Vietnam Free Trade Agreement and the Trans-Pacific Partnership (TPP) this year. Economist Nguyen Van Nam expects this same problem will arise in relation to the TPP.
The garment sector, Vietnam's key exporter, hopes to enjoy great benefits from the country's participation in the TPP as tariffs on local garment exports to the United States could be reduced to zero percent from the current average of 17.2 percent after the agreement comes into effect.To penetrate the US market further under the TPP's preferential tariffs, local products would also need to meet requirements on material origins. Most of the materials used in Vietnam's garment production are imported from non-TPP members, mainly China, so it would be very difficult for local garment exporters to meet the requirements for tariff cuts, said Le Tien Truong, vice chairman of the Vietnam Garment and Textile Group.
Vietnam has the capacity to produce some 500,000-600,000 tons of textiles annually, but much of that output is of such poor quality that it falls short of export requirements. They will not be able to make use of the opportunities if they don't speed up their restructuring to become more competitive. They are likely to fail to compete with foreign competitors pouring into the local market. The agreements place huge pressure on local enterprises to reform.
SOURCE: YarnsandFibers
The Bangladeshi government is in consultation with the International Labor Organisation about the introduction of a national worker injury insurance scheme, especially for those working in the main export-earning ready-made garments (RMG) sector. The proposed employment injury insurance programme (EIIP) will be established with contributions from employers and be managed by an agency attached to the Ministry of Labour. Officials said that the managing body would comprise government, workers and employers' representatives, reported the Financial Express.
The ILO along with other development partners will conduct a feasibility study, the findings of which would serve to develop the agency to operate the scheme under government supervision. A stakeholders' workshop on an employment injury insurance programme (EIIP) was organised by the ILO country office in Bangladesh last week to create dialogue for a better understanding of what employment injury insurance can do for the RMG sector and the Bangladesh economy as a whole, reported the Financial Express. "As a first step, it makes sense to develop an EII scheme for the RMG sector. This would send a strong signal to brands and buyers that workers are being taken care of and that labour rights in Bangladesh are being taken seriously. "Once the scheme is established and operational, it could be scaled up to cover workers in all industries in the formal sector," said Mr Srinivas Reddy, ILO Country Director for Bangladesh.
In the RMG sector of Bangladesh, recent fatal disasters – like the collapse of the Rana Plaza in 2013 that killed more than 1,000 people and the 2012 Tajreen Fashions fire in which more than 100 fatalities were reported – have seriously tainted the country's image. The existing compensation scheme in Bangladesh is considered inadequate. It provides compensation of BDT100,000 (US$1,275) in the event of the death of a worker at the workplace and BDT125,000 for permanent disability. The payouts for temporary disability and illness are usually far below the actual medical expenses incurred.
The EIIP being considered would provide benefits for income protection covering temporary and permanent disablement of the workers, and cash benefits for dependents and funeral expenses for the deceased workers. Furthermore, it also includes in-kind health care for treatment and rehabilitation of injured workers. "Bangladesh needs a national EII scheme to provide reliable, low-cost and no-fault accident-compensation insurance for workers. This will be less costly to employers than private insurance and will deliver better protection to ensure that no worker is left behind," Mr Reddy added.
Ms Anne Drouin of ILO's Social Protection Department, said that the scheme would cost less than BDT3 (4 US cents) per workday per worker at the minimum wage. Mr Roy Ramesh Chandra, secretary-general of Industrial Bangladesh Council, recommended involving global apparel buyers in premium payment arrangements for the programme. Although group insurance coverage has been made mandatory in Bangladesh, about 38% of readymade garment factories had yet to acquire such insurance by last September, according to the Bangladesh Garment Manufacturers and Exporters Association.
SOURCE: The Asia Insurance Review
Billion-dollar investments in basic transport and electricity in developing nations are among the best ways to curb hunger by 2030 since a quarter of all food is now wasted after harvest, according to a report issued on Thursday. A total of $239 billion invested over the next 15 years, in road and railway connections to connect farms to markets and in electricity supplies to improve cold storage, would yield benefits of $3.1 trillion by safeguarding food, it said.
Mark Rosegrant, lead author and a director of the International Food Policy Research Institute in Washington, said that rural infrastructure was often overlooked by governments and investors as a way to cut food waste from rice to beef. "The hope is to bring it (infrastructure) to the forefront," he told Reuters of the study, part of efforts to help the United Nations set targets for 2030 to succeed Millennium Development Goals for 2000-15 that included halving rates of poverty.
Food losses, ranging from poor harvesting techniques in fields to rotting vegetables in consumers' kitchens, wipe out a quarter of all food produced, according to one 2012 study. Halving such losses could feed a billion people. Past national studies had shown that improved roads, such as in India, help curb food waste. Rosegrant said Thursday's study was an attempt to estimate benefits for developing nations in Africa, Latin America and Asia.
Bjorn Lomborg, head of the Copenhagen Consensus Center which commissioned the study, said debate about waste in rich nations was usually about how to discourage consumers from buying too much food and then throwing away large amounts uneaten. In developing nations, waste is linked to a lack of basic infrastructure before it reaches markets, he said. Among problems, "it can get eaten by rats in the fields, or spoils because there's not enough cold storage," he said. The study also recommended a 160 percent rise in research to improve crop yields, estimating that an extra $88 billion spent over the next 15 years would give benefits of $2.96 trillion. Christopher Barrett, a reviewer at Cornell University, called Rosegrant's study the "most serious attempt to date" to estimate how cuts in post-harvest losses could feed a rising population.
SOURCE: The Daily Star
According to the organisers, Textile Forum which runs from March 4-5, 2015 at One Marylebone, London will be a riot of colour. They say the March edition will throw up more choices than ever for designers sourcing top end luxury fabrics for both their autumn/winter 2015-16 and spring/summer 2016 collections. More than 50 collections will be on show at Textile Forum where exhibitors will offer fabrics for womenswear, menswear, childrenswear, lingerie, bridalwear and accessories.
“Many of our exhibitors have increased the colour options within their staple collections so that buyers can rely on continuity of shade across many seasons,” Linda Laderman, co founder of Textile Forum says. She adds, “Alongside, they will as well be introducing the new season’s must have tones such as bright blues, pinks and lilacs.”
Among exhibitors offering expanded colour ranges is Pongees, which now has 160 shades in one of its of douppion collections and there are also enhanced colour selections in its crepe, organza, velvet and taffeta collections. Chrisanne is offering around 40 shades, specially dyed and lab dipped so that they work across different fabric qualities within its extensive collection of fabrics and trimmings.
At Alan Litman, navy and red have been added to the black, white and ivory options available in many of its staple collections. In addition to its extensive collection of laces, there are now plain fabrics, including seersucker and a range of 60 trimmings, including beaded and sequined designs for the bridal market. As well as more colour, there will be new collections from first time exhibitor Nunoya, which distributes the Kokka range of Japanese fabrics. These include traditional Japanese floral prints, abstract, geometric and quirky fun prints for children.
Textile Forum informs that the winning shirt in the Ringhart Fabrics Cycle Chic design project with the Fashion Retail Academy will be on show at the stand with the support of HSBC. Also, at the show will be Holland & Sherry, A W Hainsworth, Bennett Silk, G H Leathers, Bernstein & Banleys, which is sponsoring the Textile Forum bag, button supplier Jones & Co, and National Weaving Co. Among the exhibitors celebrating anniversaries this year is Acorn. Among its strong sellers is Kendal, a wool/cotton shirting that is selling as well today as it did when the business was launched 40 years ago.
SOURCE: YarnsandFibers
