Commerce and Industry Minister Piyush Goyal on Monday said certain sectors have been identified where there is a huge potential for India to cut its import dependence, boost exports and promote domestic manufacturing. He said that on 12 sectors -- food processing; organic farming; iron; aluminium and copper; agrochemicals; electronics; industrial machinery; furniture; leather and shoes; auto parts; textiles; and coveralls, masks, sanitisers and ventilators -- work have been moving at a faster pace. The minister added that COVID-19 pandemic has taught a big lesson that over-dependence on certain geographies can cause a lot of difficulties in the time of stress. "In our own ways, we have identified sectors where import substitution or export potential is there in a big way and I am sure that we can all work together to make this happen. We are looking at more sectors and I would urge all of you to look at new sectors where we can really promote Indian manufacturing," Goyal said while addressing the annual general meeting of Bombay Chamber of Commerce. He also said certain statistics and indicators are reflecting that India''s economy is reviving. Citing some examples, he said freight movement in railways, power consumption, operations in the cement industry, and export numbers are "clearly demonstrating that we are moving very rapidly towards a reasonable level of operation". However, he added that certain sectors like tourism, hospitality, aviation, and public transport will remain a challenge for some more time. "I am very much seized of the fact that we will have to look at the plug and play infrastructure, we will have to look at genuine single-window clearance, we will have to make it affordable finance available to businesses, we will have to look at long term finance being available to businesses for infrastructure and manufacturing," he said. Later speaking at MINDMINENXT event, Goyal said that the government is willing to talk to anybody in the world through missions at his level on India''s interest for sectors of industry as a whole. Goyal mentioned that an issue of a domestic company facing any kind of discrimination in other countries can be taken up. "But we are not, and you will appreciate it for the right reasons, we are not out there to tell you that you must do a deal with Sunil Munjal, or I am here to promote a product of Mr ''X'' or company ''Y''. "I mean in that part, India can be badly misunderstood. But I take (industry chamber) CII with me, I am happy to take the entire industry, all stakeholders, and pitch for India, Indian products, Indian industry. Individual companies unless its a problem of discrimination against an Indian company, which the government is happy to take up at any level," he said. The minister was replying to a question of Sunil Kant Munjal, Chairman, Hero Enterprise, that the government has been hesitant to represent businesses of India. and that has been a legacy issue. "Are we now willing to go and say give orders to this and this company, this sector of India is very good, very strong and come and invest in this and this company and we can also get you partners," Munjal asked the minister.
Source: Outlook India
Covid-19 has changed the world but Indian people, businesses and industries did not succumb to the crisis, and stood out with a unique trait of resilience and constantly evolving the new ways to deal with the situation and turning the crisis into opportunity, said Union Minister for Commerce and Industry & Railways, Piyush Goyal in New Delhi today. Shri Goyal was delivering the keynote address at the 184th AGM of Bombay Chamber of Commerce & Industry via video conferencing with the office bearers and members of one of oldest chambers of the country. Speaking on the occasion, Shri Goyal acknowledged the role of industries and trade bodies of India for coming forward to make India self- sufficient and ready to fight Covid situation in India by producing PPEs, providing infrastructure for ICU beds, isolation facilities and manufacturing masks and other PPEs to the level that India is now capable to export PPEs.As the Unlock has started, Indian economy is improving, as indicated by fright movement , increased electricity consumption. Manufacturing has started with reasonable level of operation. The exports are showing upward trend. He added that before Covid and After Covid worlds will be different and we are preparing moving for the better post-covid world. As a country, Shri Goyal added that, India should focus on Investment, Infrastructure, and Innovation in the post-covid world, by increasing the production, improving quality of products, trying higher economies of scale, smooth logistics channels, competitive pricing and using innovative practices. The government and trade bodies must work together to boost the growth, to bringing more employment, jobs to youth and engaging with the world with strength and not closing the door for the world but being self-sufficient “Aatma Nirbhar Bharat. “Our Indian industries specialised in the specific sectors like auto parts, leather, pharma, footwear, and marine products, have huge potential to promote Indian manufacturing. “I invite Bombay Chamber of Commerce & Industry to help and contribute in the efforts of the Government for improving and simplifying Ease of Doing Business indices and building a robust mechanism for single window clearances and self-regulation structures for industries,”, said Shri Piyush Goyal. Shri Goyal said that for strong and resilient India, trade bodies have an important role to play. He added that 184th AGM of Bombay Chamber of Commerce & Industry marks an important milestone as one of the oldest trade bodies in the country.While concluding, Shri Goyal expressed the faith that India can be the world dominant player, by using immense capabilities of its youth and appreciated resilience of 130 crore Indians in these testing times.
Source: PIB
“The ways and means for this additional financing needs to be identified. At the same time, it is crucial to make sure that the budget allocations align with SDG priorities,” the Aayog said. In its second voluntary national review at the United Nations high-level political forum (HLPF) on sustainable development, 2020, the government’s premier think tank called for an improvement of India's monitoring mechanism to achieve 17 SDGs and 169 targets by 2030. India needs to enhance its spending by an additional 6.2 per cent of GDP while doing major upgrade of its statistical system, improve its monitoring mechanism and enhance capacity building of all stakeholders if it wants to achieve sustainable development goals by 2030, NITI Aayog said in its second Voluntary National Review (VNR) at the United Nations high-level political forum (HLPF) on sustainable development, 2020 include indicators for 36 out of the 169 SDG targets. “To ensure that the NIF is a comprehensive tool to monitor the whole of SDGs, the missing indicators will be identified or designed, following a consultative process, and added to the NIF,” the Aayog has suggested.
Source: Economic Times
At a meeting with the Electronics and Computer Software Export Promotion Council (ECS India), Commerce and Industry Minister Piyush Goyal said that while domestic electronics makers would need to ramp up indigenous research in technology, India would also have to invite technology from abroad as investments. Faced with repeated demands for increasing import duties on electronics and increasing export benefits, Goyal stressed that government incentive in the sector, such as the Production-Linked Incentive for Electronics Manufacturing scheme will ultimately have to lead industry to become self-sufficient. While calling upon the electronics hardware sector to use the route of innovation, R&D and disruption to expand its domestic footprint and increase exports, the minister said that industries that are more self-reliant and try to grow without the support of the government have made their mark. The minister said depending exclusively on incentives, such as Merchandise Exports from India Scheme (MEIS), may not add to the competitiveness of the products since such schemes are time bound and export competitiveness should come from inherent strengths. Instead, he flagged the example of the information technology sector which has positioned itself as the only logical provider of software exports. However, Nalin Kohli, past chairman of ESC said that while India has done well in the export of software and BPO segments, performance in software products, in which world trade is going to rise phenomenally, the track record is not trailblazing. There should be focused attention on segments like artificial intelligence, Internet of Things (IoTs) and cloud computing to tap emerging opportunities, he added. ECS has also pointed out that quality and accurate data for software and services exports remains missing with the Commerce Department not tracking the flows. Goyal assured exporters that the Department would take up the issue with the Reserve Bank of India, which currently tracks it, but does not share it with exporters. Hardware demand Goyal also said the government was working on identifying select electronic items that could be made in India on a large scale like television sets, closed-circuit TVs and air-conditioners, and can be exported in large quantities. Vinod Sharma, past chairman, ESC, said while most of the growth in electronics manufacturing has come from the mobile phone industry, traditional industry focussed on components like printed circuit boards and products like inverters and telecom equipment can grow from the current $8 billion to $40 billion if production subsidies are extended to all segments. Sharma also flagged the need to position tariffs so that imported finished products are taxed at 20-30 per cent, parts and components at 10-15 per cent and raw materials at 5-10 per cent after India's existing free trade agreements are reviewed. “We have to move away from the assembling of finished electronics products domestically to a more vibrant backward integration so that a strong electronic component industry along with finished products grows in India,” said ESC Chairman Sandeep Narula.
Source: Business Standard
The National Statistical Office (NSO) released the headline CPI numbers after a gap of two months. Consumer Price Index (CPI)-based inflation for June stood at 6.09 per cent, slightly above the Reserve Bank of India’s target band of 4 per cent (with a margin of +/- 2 per cent), showed the official data released on Monday. This has raised expectations of another rate cut. The National Statistical Office (NSO) released the headline CPI numbers after a gap of two months. It had cited difficulty in data collection (due to the lockdown) for the absence of data for April and May. However, it had released the Consumer Food Price Index-based inflation data for all months. CFPI for June came in at 7.87 per cent, compared to 9.20 per cent in May, after the food and agriculture supply chain opened up following Unlock 1.0. In June 2019, the CPI stood at 3.18 per cent while food inflation came in at 2.25 per cent. The last time headline CPI inflation breached the MPC’s inflation band was in February 2020, when it came in at 6.58 per cent. For March, it stood at 5.84 per cent. The rise in headline CPI figures was mainly on account of the increase in food inflation. It is still above the RBI’s upper band. Any rate cut decision would now depend on growth, which is the bigger concern, rather than inflation. “As Covid-induced restrictions ease and supply crunch reduces, we may see CPI falling below 6 per cent,” said Rahul Gupta, head of research (currency) at Emkay Global Financial Services. Aditi Nayar, principal economist at ICRA, said the high CPI inflation rate was driven by miscellaneous items, clothing and footwear, as well as tobacco and intoxicants. “Today’s print implies higher retail inflation in June 2020 vis-à-vis March 2020, when the lockdown was imposed, thus challenging the view that demand destruction would cool inflation despite supply-side hiccups,” she said. Nayar said with the monsoon exceeding the long-period average, kharif sowing having spread to above half of last year’s total acreage, and demand from hotels and restaurants remaining subdued, the outlook for food inflation was favourable. “The MPC will choose to frontload its assessment of the scope for further rate cuts, to support sentiment and hasten transmission. However, this decision is unlikely to be unanimous. We expect an asymmetric cut of 25 bps in the repo rate and 35 bps in the reverse repo rate in the next policy meeting,” she concluded. While the NSO had released CPI inflation in absolute and not percentage terms for April and May, they were — by its own admission — inferred for sub-groups for which data could not be collected. As a result, these were not comparable with the April and May 2019 figures.
Source: Business Standard
Businesses from textiles to sports goods and furniture are shuttered or working at a bare minimum, and cows roam streets that would be normally packed with workers and vehicles. Prime Minister Narendra Modi's programme to help small businesses back on their feet through $40 billion of government-guaranteed loans is too little and may not be enough to save the many companies that form the backbone of India's economy, nearly three dozen entrepreneuers Reuters spoke to across the country said. India re-opened for business in June after months of lockdown but for thousands of small entrepreneurs in the town of Meerut, near Delhi, the blow has been devastating. Businesses from textiles to sports goods and furniture are shuttered or working at a bare minimum, and cows roam streets that would be normally packed with workers and vehicles. Prime Minister Narendra Modi's program to help small businesses back on their feet through $40 billion of government-guaranteed loans is too little and may not be enough to save the many companies that form the backbone of India's economy, nearly three dozen entrepreneurs Reuters spoke to across the country said. Some said their business was so hamstrung by the pandemic that taking on new debt made little sense. They would rather the government had helped them by cutting the goods and service tax or waive off the interest on loans. Others said that despite Modi's promise to open up the credit lines, it was not easy convincing bankers to lend because of the death throes their businesses were in. Ashok, whose near 10 million rupees ($133,000) annual turnover company based in Meerut made steel furniture for hotels and schools, said he had fired eight of his 10 workers and was thinking of shutting down the operation."It would be better for me to close the unit than to run from pillar to post to get a loan," said Ashok, who did not want to give his full name. He said his banker told him his creditworthiness is low as his business is struggling. The Finance Ministry, which has made the loan support scheme the centerpiece of the rescue effort, did not respond to a Reuters request for comment on the problems faced by businessmen. Small businesses that account for nearly one-quarter of India's $2.9 trillion economies and employ more than 500 million workers are the worst affected by the pandemic. Nearly 35% of the 650 million small businesses across the country could shut down soon in the absence of government support, the Consortium of Indian Associations said in a letter to Modi's office seen by Reuters.
DOLE OUT LOANS
Bankers said there is government pressure to dole out loans, but businesses are not coming forward as demand remains tepid. Till now, lenders have paid out 561 billion rupees, barely 19% of the sum earmarked, and approved loans worth 1,145 billion rupees since the third week of May, according to government data. Businesses say that the lenders are either asking for increased paperwork or the ones in desperate needs are being deemed ineligible. "I was asked to provide collateral and also buy insurance for getting this loan whereas it is supposed to be collateral-free," said an entrepreneur in Modi's home state of Gujarat. But two bankers said that securing money from the government even in a fully-backed sovereign guarantee scheme is not easy. "The experience is unpleasant," said the former corporate head of a state-owned bank. "You lend to most of these businesses only because the government has directed but when it comes to getting back the money, one has to spend considerable resources and time which makes little sense," he added. Businesses have been pushed to the wall as their suppliers have not paid and orders have trickled to zero while fixed costs including electricity, wages, installments for earlier bank loans have drained their funds. "We have not got a single rupee relief from the government," said Sanjeev Rastogi, a garment manufacturer in Meerut who is running his factories at 25% of the production capacity. Rastogi has incurred a loss of 3.5 million rupees in the last two months and believes he may have to close down his business in the next three months. About 25% of small factories out of over 10,000 textile units in Meerut could shut down and default on bank loans in the next few months, said Anurag Agarwal, chairman of the Meerut chapter of Indian Industry Association. Rastogi is making last-ditch efforts to remain in business. "Otherwise, I will sell the factory at any price to save some money for my retirement." ($1 = 75.26 rupees)
Source: Reuters
The Mangaluru-based Kanara Industries Association (KIA), previously known as Kanara Small Industries Association, has urged the Dakshina Kannada district administration to exempt MSMEs (micro, small and medium enterprises) in the region from the lockdown restrictions. The district will go for a week-long lockdown from July 16. Ajith Kamath, President of KIA, said MSMEs in the region have slowly resumed their operations after the Centre relaxed lockdown restrictions. Most of the MSMEs are now operating at a bare minimum of 40 per cent of their total capacity and are slowly gaining momentum. Stating that the industrial sector from the region contributes around 26 per cent to the GSDP of Karnataka, he requested the district administration to grant exemption to the industries from the lockdown restrictions. A closure at this stage will not only impact production but also cause loss of jobs. It will also cut the GST collections, hampering the revival of the State economy. He said it will also cause reverse migration of workers who have just started coming back to the district. “In this regard, we are confident that the administration will follow examples from other places such as Chennai, Pune and Delhi where lockdown was imposed but industries were allowed to operate with adequate safeguards, as the imposition of lockdown on the industries will severely impact industrial production and curb attempts to restore normalcy,” he said. Urging the district administration to exempt industries from the lockdown, he requested it to consult the industry stakeholders while formulating guidelines on lockdown.
Source: The Hindu Business Line
According to the industry body, India currently has a duty disadvantage of 9.6 per cent in the European Union market compared with competitors like Bangladesh, Cambodia, Sri Lanka, and Pakistan. The Apparel Export Promotion Council (AEPC) on Monday urged the central government to thoroughly review India's trade pacts with the EU, UK, US, Australia, and Canada, saying the country's apparel exports can double in three years if 'disadvantages' in the trade agreements are removed. In a letter to Prime Minister Narendra Modi, AEPC Chairman A. Sakthivel thanked the government for taking various measures to help the apparel-exporting industry during the pandemic crisis. He said that the industry has however been very badly impacted in India's principal export markets of the US, UK, and Europe. "An important area that can supplement your efforts in this direction is improving export competitiveness through a comprehensive review of India's trade agreements through a fast-tracked mechanism with EU, UK, US, Australia, and Canada," Sakthivel wrote. According to the industry body, India currently has a duty disadvantage of 9.6 per cent in the European Union market compared with competitors like Bangladesh, Cambodia, Sri Lanka, and Pakistan. Recently, Vietnam has also concluded a Free Trade Agreement (FTA) with the EU and most competitors are leveraging such FTAs in a big way to enhance their cost competitiveness, the letter pointed out. "There is an urgent need to have a level playing field in terms of market access and margin of preference in our biggest global market and to rectify the distortion that we are suffering," the Chairman said on FTA with the EU. He asked for a "similar or even better" FTA with the UK. Sakthivel said that an FTA with the US will have a significant impact on India's apparel exports to that country as the average tariff of USA is 12.5 per cent, while on certain items like MMF-based apparel that India is promoting has a peak tariff of 28 per cent. The USA is India's major destination with over 27 per cent share. The council also pleaded for Comprehensive Economic Partnership Agreements (CEPA) with Canada and Australia. The letter noted that Canada was earlier a very large market for India, but Indian exporters have lost a substantial share of exports because other countries have entered into trade agreements with Canada. "With a CEPA in place we will be able to easily recapture the lost ground," the letter said. Sakthivel said that at present there are huge "positive sentiments" in global sourcing from India and the apparel exporters wish to capitalise on this. "We assure you that our apparel exports will grow significantly through forging ties with strong and robust trade agreements as proposed. We anticipate that we will be able to increase our exports two-fold over the next three years with the support of the government under your dynamic leadership," the AEPC Chairman said. He said that with the initiatives of the government, the sector achieved manufacturing of medical textiles of PPE kits, N-95 and 3-Ply mask to the international standards and there is a huge market especially in the US, which will give us a new opening to export of medical textiles. The AEPC has also sent similar letters to Commerce Minister Piyush Goyal and Textiles Minister Smriti Zubin Irani.
Source: National Herald
The state government has decided to hold sector-wise investors' meets through various web platforms in the run up to the third edition of the Make in Odisha conclave scheduled from November 30 to December 4, 2020, with an aim to attract investments to the state. Despite the expenditure rationalisation initiatives as part of the austerity measures in view of the pandemic, state industries secretary Hemanta Sharma said the plan for the Make in Odisha conclave was intact, adding that there could be certain changes in the format and content of the event. "Our priority is to attract investment to the state in diverse sectors. Even during the lockdown, we have cleared investment proposals worth more than Rs 9,000 crore. Hence, we will go ahead and organise the Make in Odisha conclave," a senior government official said, on condition of anonymity. The state government will decide the format and content of the event depending on the Covid situation at that time. "We have already started organising sector-specific investors meet through videoconferencing as physical meetings are not possible now," the officer added. State industries minister Dibya Shankar Mishra and senior industry department officials recently attended an investors' meet on the textiles and apparel sector organised by Invest India via videoconferencing. Around 300 manufacturers of the sector participated in the meet, where Mishra highlighted the strategic advantages of the state for the growth of textiles and apparel sector; one of the six focus areas. Odisha highlighted its advantages like sector-specific industrial clusters and other infrastructure like road, railways and ports and single window investment facilitation system by using technology. Sources at the industries department said similar sector-wise investors meet have also been planned for the other five sectors - tourism, food, chemicals, plastics and petrochemicals, electronics manufacturing and metal downstream. This apart, investors outreach programmes are being organised virtually with international business communities to attract foreign investment in the state. The aim is to highlight the industrial climate, facilities and the fast track approval systems with the use of technology available here. Chief minister Naveen Patnaik, who had recently held a videoconference with ArcelorMittal Group chairman LN Mittal, is likely to reach out to more captains of such industries ahead of the Make in Odisha conclave. The details are yet to be worked out. The state government had organised similar investment roadshows in Mumbai, New Delhi and Chennai, where the business communities were requested to invest in Odisha before the second edition of the Make in Odisha conclave in 2018. In the annual budget for 2020-21 fiscal, the state government has earmarked Rs 70 crore for the Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL) to organise the third edition of the conclave.
Source: Times of India
Vogue Institute of Art and Design, Bengaluru, and Atal Incubation Centre (AIC) of NIFT- TEA, Tiruppur, have entered into an agreement to create entrepreneurship and skill development programmes, integrate joint efforts for research and development in the field of textiles and apparels, and support graduates in building successful start-ups. With a strong commitment for Make in India, AIC NIFT- TEA is supported by Atal Innovation Mission, NITI Aayog, and Government of India. The agreement is signed with an aim to enhance entrepreneurship knowledge and skills among the student community, develop sustainable products, and encourage students to build a circular economy. The agreement will provide an opportunity for graduates from the Vouge Institute to develop business potential concepts and ideas, build innovative solutions, and transform their ideas into reality. s pet the memorandum of understanding (MoU), the two institutions will jointly work towards designing a curriculum that can equip students to undertake the role of an entrepreneur, launch forums that can prepare students to have a smooth transition from academics to the startup world, and execute joint research and development activities. The initiative aims to build a strong eco-system for the students to nurture the skills of entrepreneurship through guest lectures, industry interactions, workshops, faculty training programmes, and access to incubation facilities. “The agreement with AIC NIFT-TEA is a boon for aspiring entrepreneurs as it provides an opportunity for our students to learn the startup practices and gain entrepreneurship skills. Our integrated approach widens the horizon of the curriculum offerings for the student community and aims to identify and encourage new technology and sustainable ventures, promote entrepreneurship, and build the right skill set for budding entrepreneurs. We plan to take this initiative further by creating Karnataka’s first incubation centre on our campus in the future,” said Vogue institute director Dr. Vijaya Kumar. “It has been an encouraging response from Vogue Institute of Art and Design. Our main objective is to support incubates, and make a positive impact on social, environmental, and economic prospects. We are focusing on sustainable textiles, as the industry finds a strong need for bio-degradable products, reused, and recycled products. We took this initiative to encourage students to develop innovative products that can fulfill the sustainable needs and build a circular economy. We are also attempting to seek product solutions for the conservation of water and energy, and enhance automation in the industry,” said S Periasamy, chief executive officer, AIC NIFT-TEA.
Source: Fibre2Fashion
After a weak March quarter (Q4), apparel retailers are expected to face the brunt of the lockdown in the June quarter, with revenues falling over 80 per cent as compared to the year-ago quarter.Unlike retailers, such as Avenue Supermarts, which get a majority of sales from groceries, apparel retailers have been operating with a minimal number of stores and are held back by ongoing restrictions. With just one month of sales in the quarter, analysts at Antique Stock Broking believe that general trade and e-commerce gained market share at the expense of modern trade, as consumers avoided ...
Source: Business Standard
A group of researchers from the Indiana Center for Regenerative Medicine and Engineering at Indiana University has unveiled an electroceutical material that can produce electric field across the surface of the fabric to inactivate or repeal viral particles wirelessly. Since the world is gearing up for new normal, wearing a mask has become a part of our daily life. With the alarming rise in the number of people getting infected, there isn’t much relief. Therefore, researchers are working to develop functional clothing that either could inactivate or repeal coronavirus including COVID-19 and other pathogens. “People can transfer infectious particles to their hands if they touch the front of a mask during use or when they remove gowns or other PPE. I and my colleagues have been developing a way to render those particles and other infectious agents harmless,” says Chandan Sen, Director of the Indiana Center for Regenerative Medicine and Engineering at Indiana University. The design of the technology is quite simple. The masks made of polyester material are printed with alternate dots of silver and zinc just like small polka dots. The size of these dots is 2 mm wide and is spaced 1 mm apart. These electroceutical materials are inactive when they are dry. However, if they are activated when dampened with saliva, vapour, cough droplets or other bodily fluids, ions in the liquid will trigger an electrochemical reaction. The silver and zinc generate a weak electric field that kills the pathogen on the surface. The material was originally developed in 2012 in collaboration with Vomaris, a biotechnology company. Its application was to treat bacterial biofilms in wounds. However, in response to the pandemic the team tested the material for different COVID-19 strains that cause respiratory illness in pigs and on an unrelated type of pathogen called a lentivirus. The study proved that the electroceutical fabric destabilised both viruses, leaving them unable to infect cells. The researchers plan to submit the results to a peer-reviewed journal as well. However, the effectiveness has not been tested specifically for the SARS-CoV-2 that causes the COVID-19.
Source: Apparel Resources
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
772.93 |
USD/Ton |
0% |
15-07-2020 |
|
VSF |
1234.40 |
USD/Ton |
0% |
15-07-2020 |
|
ASF |
1687.29 |
USD/Ton |
0% |
15-07-2020 |
|
Polyester POY |
694.35 |
USD/Ton |
-0.82% |
15-07-2020 |
|
Nylon FDY |
2021.61 |
USD/Ton |
0% |
15-07-2020 |
|
40D Spandex |
4000.36 |
USD/Ton |
0% |
15-07-2020 |
|
Nylon POY |
5143.32 |
USD/Ton |
0% |
15-07-2020 |
|
Acrylic Top 3D |
942.94 |
USD/Ton |
0% |
15-07-2020 |
|
Polyester FDY |
1871.60 |
USD/Ton |
-0.38% |
15-07-2020 |
|
Nylon DTY |
1857.31 |
USD/Ton |
0% |
15-07-2020 |
|
Viscose Long Filament |
885.79 |
USD/Ton |
0.81% |
15-07-2020 |
|
Polyester DTY |
2257.35 |
USD/Ton |
-1.25% |
15-07-2020 |
|
30S Spun Rayon Yarn |
1718.73 |
USD/Ton |
-0.17% |
15-07-2020 |
|
32S Polyester Yarn |
1371.55 |
USD/Ton |
0% |
15-07-2020 |
|
45S T/C Yarn |
2171.62 |
USD/Ton |
0% |
15-07-2020 |
|
40S Rayon Yarn |
1571.57 |
USD/Ton |
0% |
15-07-2020 |
|
T/R Yarn 65/35 32S |
2043.04 |
USD/Ton |
0% |
15-07-2020 |
|
45S Polyester Yarn |
1885.88 |
USD/Ton |
0% |
15-07-2020 |
|
T/C Yarn 65/35 32S |
1671.58 |
USD/Ton |
0% |
15-07-2020 |
|
10S Denim Fabric |
1.13 |
USD/Meter |
0% |
15-07-2020 |
|
32S Twill Fabric |
0.64 |
USD/Meter |
0% |
15-07-2020 |
|
40S Combed Poplin |
0.93 |
USD/Meter |
0% |
15-07-2020 |
|
30S Rayon Fabric |
0.48 |
USD/Meter |
0% |
15-07-2020 |
|
45S T/C Fabric |
0.65 |
USD/Meter |
0% |
15-07-2020 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14287 USD dtd. 15/07/2020). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
UK foreign secretary Dominic Raab meets his Turkish counterpart Mevlut Cavusoglu in London on Wednesday, •Mevlut Cavusoglu told the Financial Times that in principle there were no differences over the deal but added that some technical issues needed to be finalised. •UK’s Brexit transition period ends at the end of 2020. UK government is pursuing several trade agreements with its key allies — including the US, Australia, New Zealand and Japan as well as Turkey. •The UK is Turkey’s second-largest trade partner after Germany.
•Total UK-Turkish trade hit a high of £18.8bn last year.
•Securing an FTA with Britain is deemed critical for Turkish manufacturers, particularly carmakers, textile factories and white goods producers.
•There are more than 2,500 UK companies operating in Turkey including BP, Shell, Vodafone, Unilever, BAE Systems, HSBC, Aviva and Diageo.
•Turkey is a member of the EU customs union, meaning securing an agreement with the European bloc for Britain is very important with regards to the FTA with the UK.
•If the two sides are unable to secure a deal by the end of the year, Ankara could face a dilemma over whether to push ahead with the agreement with Britain and risk breaching EU rules.
Source: Lexology
THOUSANDS of workers in the private and informal sectors have so far lost their jobs since the COVID-19 outbreak reduced economic activities in the country. According to an Industrial Police data, 29,369 workers, mostly from the readymade garment sector, have lost their jobs only in the past two months as owners have largely adopted cost-cutting measures citing lack of work orders due to the COVID-19 pandemic. The data, which is based on 165 industrial units under six industrial zones, shows that out of the total 29,369 retrenched workers, 21,557 are from factories listed with three garment and textile trade bodies — 18,916 are from 104 factories listed with the Bangladesh Garment Manufacturers and Exporters Association, 2,377 from 20 factories under the Bangladesh Knitwear Manufacturers and Exporters Association and 264 from five mills under the Bangladesh Textile Mills Association. Besides, 5,719 workers have been terminated from 18 factories under the Bangladesh Export Processing Zones Authority and 2,093 workers from 18 non-RMG units. The number of retrenched workers, labour rights organisations say, is at least three to five times higher than the figure shown in the Industrial Police data as there are many factories out of the jurisdiction of the Industrial Police and that many workers have been forced to leave their jobs on their own. Even though the government warned as early as mid-April that factories would not receive facilities from the financial package of Tk 5,000 crore that the government announced in the last week of March mostly for the payment of workers’ wages if they go for layoffs, factories are reported to have continued mass layoffs pushing the lives of workers on the edge of uncertainty. Moreover, most factories that have made layoffs are reported to have deprived the workers of their lawful benefits violating the labour law. In a difficult time like this, when economic activities have largely slowed down diminishing alternative ways of income, such layoffs amount to a structural strangulation of the lives and livelihoods of workers, hundreds of whom, having found themselves without any support to fall back on, have left the capital and the city centres. According to different estimates, over one lakh workers from the capital and other industrial areas have taken recourse to reverse migration and have ended up in rural areas, wherefrom they migrated earlier following economic, environmental and climate-related challenges. Experts rightly fear and warn that the mass layoffs and the reverse migration, if not addressed immediately, will usher in a crisis and might lead to social instability. The government must, in such a situation, stand by the workers who have lost their jobs and bring them under social protection net. The government must also ensure that the retrenched workers receive their lawful benefits and that the private sector, for which it has announced different incentives, stop any further retrenchment. Leaders in the apparel industry and of the trade bodies must also realise that the growth the industry has made is workers’ contribution and that they must not be discarded inhumanly in a time of crisis.
Source: New Age Business
Secretary Ministry of Commerce, Muhammad Sualeh Ahmed Faruqui on Monday appreciated the Trade Development Authority of Pakistan (TDAP) prominent role, as direct interface with the trade, in providing policy input to Ministry of Commerce. He said TDAP is prime institution of the country ,which was not only providing policy input to Ministry of Commerce but other ministries in addition to trade facilitation and trade promotion work, said in press release issued by Ministry of Commerce here. The Secretary Commerce said this while visiting the TDAP today, where he was received by Chief Executive and Acting Secretary TDAP. Secretary Commerce assured his full support to resolve the issues raised by the exporters. He said that Ministry of Commerce would take up the matters with other relevant federal ministries as well as respective provincial governments on priority to facilitate the exporters and boost exports of the country. He advised the exporters to maintain liaison with Ministry of Commerce and TDAP for better implementation of policies. During the visit, Secretary Commerce was briefed about the TDAP's ongoing initiatives. He advised to focus especially on virtual exhibitions, B2B marketplace, research and data analytic, as the participation in physical exhibitions has reduced drastically, because of ongoing Covid-19 pandemic. The Secretary Commerce also held meetings with leading exporters of textile and rice sector. He was apprised of hurdles faced by the exporters including shortage of gas and other utilities, clearance of DLTL dues, refund of taxes, role of other government departments in promotion of exports, regulatory issues, market access issues with some specific countries and role of the Federal Government in resolving the problems faced by the exporters at provincial and local levels.
Source: Urdu Point
Canada, one of the emerging apparel markets in the world which has over US $ 28 billion worth of apparel market size, has been failing to cope with the low consumer spending and closed retail stores amidst COVID-19, resulting in declining apparel imports. The country’s apparel import shrunk to US $ 333.68 billion in May ’20 as against US $ 724.26 in May ’19, falling massively by 53.93 per cent on Y-o-Y basis. All major Asian exporting destinations continued declining in their respective apparel exports to Canada including China, Bangladesh, Vietnam, India, Indonesia, Sri Lanka and Cambodia. China, the largest apparel exporter to Canada, fell 46.35 per cent in May ’20 over May ’19 to ship US $ 125.64 million worth of garments to the North American country. Bangladesh, which was the second top exporter to Canada last year in May, has been surpassed by Vietnam and Cambodia in May ’20 due to drastic fall of 74.16 per cent and export valued at US $ 26.76 million. Vietnam clocked US $ 42.92 million in its apparel exports to Canada in May ’20, noting 41.84 per cent yearly fall. Cambodia, on the other hand, tapped US $ 36.20 million in May ’20 and fell 37.93 per cent over May ’19. India’s dismal performance continued even in the Canadian market as the country declined significantly by 80.82 per cent to ship just US $ 6.19 million worth of garments in May ’20 as compared to US $ 32.26 million in May ’19.
Source: Apparel Resources
LONDON: Britain's coronavirus-ravaged economy slumped almost one-fifth during the country's lockdown and remained set for its sharpest decline in annual output for 300 years, official data showed Tuesday. The Office for National Statistics (ONS) said gross domestic product plunged 19.1 per cent in the three months to May "as government restrictions on movement dramatically reduced economic activity". The Office for Budget Responsibility, in charge of the government's economic forecasts, said the "UK is on track to record the largest decline in annual GDP for 300 years", estimating that the economy could shrink by as much as 14.3 per cent in 2020. The Bank of England had already forecast that the UK economy could have its sharpest annual contraction in centuries.
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GDP output grew 1.8 per cent in May from April as the government began to ease restrictions, particularly boosting construction and manufacturing. Yet the economy remains about 24.5 per cent below its size in February before the pandemic spread. "Manufacturing and house-building showed signs of recovery as some businesses saw staff returns to work," said Jonathan Athow, deputy national statistician at the ONS, in reference to the May data. "Despite this, the economy was still a quarter smaller in May than in February, before the full effects of the pandemic struck. "In the important services sector we saw some pick-up in retail, which saw record online sales. "However, with lockdown restrictions remaining in place, many other services remained in the doldrums, with a number of areas seeing further declines," Athow added. Britain has been one of the country’s worst hit by the virus, with nearly 45,000 deaths from positive coronavirus cases, according to an official government tally. Broader statistics taking into account suspected cases puts the death toll at more than 50,000. Britain is in the final stages of rolling back nationwide coronavirus restrictions imposed on March 23. Meanwhile, facemasks are to become compulsory in shops and supermarkets in England from next week, the government said on Tuesday, in a U-turn on previous policy.
Source: Times of India
China’s imports in June rose for the first time since the coronavirus crisis paralysed the economy, as government stimulus stoked demand for commodities, while exports, fuelled by medical goods, also rose in a sign the recovery is gaining traction. Beijing has doled out aggressive stimulus to support domestic demand even as a resurgence in coronavirus infections around the world has raised questions about the strength of a rebound in global economic activity. China’s imports in June rose 2.7 per cent from a year earlier, Customs data showed on Tuesday, confounding market expectations for a 10 per cent drop. They had fallen 16.7 per cent the previous month. Exports also rose unexpectedly, up 0.5 per cent, suggesting global demand is starting to pick up again as many countries begin to ease tough antivirus measures that have pushed the world's economy into its biggest slump in almost 90 years. Analyst had estimated a 1.5 per cent drop, following a 3.3 per cent decline in May.
Source: Business Standard
New Delhi: Mexico, a key multilateral player globally and one of India’s principal partners in Latin America, has innovative plans to reinvigorate WTO to strengthen multilateralism in partnership with Delhi amid unitary practices followed by some countries. As part of these efforts Mexico last month nominated Dr Jesús Seade Kuri for the post of WTO Director-General to succeed the current Director-General, Roberto Azevêdo, who has announced he will step down on August 31. “Mexico has reaffirmed its multilateralist conviction by proposing and supporting Jesús Seade candidacy for Director General of the WTO, a trade professional with a global view whose international and academic experience will contribute to building a strong and open multilateral trading system for the world,” Federico Salas, Ambassador of Mexico to India, told ET. Referring to India-Mexico partnership in shaping multilateral order, Salas said, “Proposing Seade’s candidacy builds upon Mexico’s well-known commitment to multilateral solutions to our global problems. This commitment is shared with India and both countries will have a chance to reinforce it during their simultaneous participation as non-permanent members of the United Nations Security Council during 2021-2022. Both India and Mexico are like-minded partners due to their adherence to international order, global governance and democracy. As regional leaders, they work towards a stronger and reformed multilateralism.” On the trade field, Seade has identified that many challenges lay ahead as the WTO needs to reaffirm its relevance given the limited progress made in recent negotiations, the paralysis of its Appellate Body, the urgent need to modernize the administration of existing agreements, and to promote the traditional issues of trade negotiation -such as fisheries and agriculture, but also technology-based trade opportunities such as e-commerce, according to the Mexican envoy. A revitalized, strong, and functional WTO is needed to meet the global challenges of the pandemic, bring economic recovery for all and provide the stability needed to face other world endeavours. “…Three main reasons make Seade’s candidacy an outstanding one. First, as a key player in the complicated negotiations that gave birth to the WTO, he has in-depth understanding of the Organization architecture. Second, he is a high-level negotiator and consensus promoter, possessing technical expertise, strong political leadership, and creative thinking to find global coverage solutions. And, third, throughout his professional career, he has demonstrated a successful capacity to promote dialogue both with public and private actors…,”claimed the Mexican envoy.
Source: Economic Times
