Finance Minister Nirmala Sitharaman welcomed US companies investment and partnership with India, especially in the manufacturing and infrastructure sectors, during a virtual discussion with US-India Strategic Partnership Forum’s (USISPF) Board of Directors on the sidelines of its 3rd Annual Leadership Summit. According to a statement issued by USISPF, the finance minister's discussion with the Board members focused on ease of doing business in India; digitization & fintech; agriculture (including agricultural infrastructure) and private sector participation across all the sectors of the Indian economy. Skill development; healthcare; CoVID-19 mitigating measures undertaken by the government & possible future course of actions; role of government spending in the infrastructure sector in the coming years; and manufacturing in India (with a special emphasis on the logistics sector in India), we're also discussed. India continues to be a leading investment destination for US companies, having attracted investments over $20 billion in 2020. The United States and India are key strategic partners in various elds including in the economic and financial sphere. The US-India economic and financial partnership is based on the key pillars of development for both the countries that includes robust capital flows, and economic cooperation on issues of global importance, the statement added. Attendees at the meeting included: USISPF Chairman John Chambers; Ajay Banga, CEO, Mastercard; Charles Kaye, CEO, Warburg Pincus; Anish Shah, Deputy Managing Director & Group CFO, Mahindra; Shantanu Narayen, Chairman, President & CEO, Adobe; Robert Moritz, Chairman, PwC; Punit Renjen, CEO, Deloitte Global; Jim Umplebey, Chairman & CEO, Caterpillar among other fortune 500 leaders USISPF President & CEO, Dr. Mukesh Aghi said, “We believe investments from U.S. companies will create new jobs, facilitate financial inclusion, and broad-based economic development for the Indian economy. It is encouraging to hear the Honorable Finance Minister’s commitment to provide a red-carpet welcome for long-term US investments in the Indian market.”
Source: Economic Times
New Delhi: Commerce and industry minister Piyush Goyal on Thursday suggested industry to build a new platform with “like-minded countries” to promote new-age businesses in India such as digital healthcare and asked India Inc to contribute to such businesses through a fund besides providing mentorship to young businesses and entrepreneurs. “India can engage with other countries and build up a platform with trusted partners to promote new-age businesses. It is the youngsters who are going to change the fortune of India, create jobs and bring prosperity to the people," he said at an event organised by the Confederation of Indian Industry (CII). Goyal’s statement comes a day after India’s rank improved from 52 to 48 in the Global Innovation Index. The minister said the industry body can look at countries like Canada, South Africa, Russia and Brazil to give the initiative a global character. “I am not stopping anyone from bringing in technology and R&D but India also has huge potential the only detriment is adequate capital,” he said, adding that though the country has a huge start-up ecosystem, it is more about recognizing capabilities and uplifting entrepreneurs. Goyal also said that industry leaders can provide mentorship to young businesses and entrepreneurs, and asked colleges to look at entrepreneurship or other courses around new-age businesses. “We can also look at more vocational training and assessment processes to see what is in the young person’s mind,” he said. On innovation in railways, he said in the last six years, Indian coach making factories have not only stopped making old coaches but are now making better LHB coaches. Referring to the last few years where India’s economy got impacted by global events such as trade wars and now the ongoing Covid-19 pandemic, he said: “Our objective is to get growth back. 8% is modest growth”.
Source: Economic Times
Prime Minister Narendra Modi on Thursday invited US companies to invest in India by taking advantage of its stable tax regime and attractive Foreign Direct Investment (FDI) policies. Addressing the US India Strategic Partnership Forum (USISPF), he said India received over $20 billion FDI flows this year and tech giants such as Google and Amazon have announced long term plans for India. Hinting at the opaque way the Chinese government handled the coronavirus pandemic, Modi made a strong pitch to position India as the only possible alternative for global manufacturing. "This pandemic has also shown the world that the decision to base global supply chains should not only be based on cost but also on trust. Along with affordability of geography, companies are now also looking at reliability and policy stability. India is the location that has all of these qualities. As a result, India is also becoming one of the leading destinations of foreign investment," Modi stressed. FDI into India rose by 20 per cent in 2019 when global flows fell by 1 per cent, Modi said, adding this showed the success of the government's FDI policy. According to official statistics, FDI in 2019-20 grew by 14 per cent, a four-year high, to a record $49.8 billion. The figures had comforted policymakers who were worried about tepid growth in equity investments, which had contracted by 1 per cent in 2018-19 and risen only 3 per cent in the year before that. Now, as the ongoing pandemic devastates the global economy, Modi called for a co-ordinated effort to get back growth. "We should keep our focus on ramping up or capacities, securing the poor, and future proofing our citizens. This is the path India is taking," Modi said. Case in point, there are more than 1600 coronavirus testing labs nationwide as compared to just one in early January, which has led to India having a low fatality rate, he added. Clarifying the Atmanirbhar Bharat policy, he said it merged local with global and showed India's strength in integration with global forces. "Atmanirbhar Bharat will transform India from a passive market to an active manufacturing hub," he said. He said the coal, mining, railways, defence, space and atomic energy sectors had been opened up recently. He added that production linked incentive scheme for mobile phones, electronics, pharma sector had been well received by the world. According to officials, blueprints are being drawn up for such schemes in nearly a dozen sectors with plans being led by the Niti Aayog and the finance ministry. Most of these would be financed from the funds diverted away from the Merchandise Exports of India Scheme (MEIS), currently India's largest scheme for export incentives which cost Rs 43,500 crore in 2019-20. Now, specific incentives designed for individual sectors will be tailor made to secure more manufacturing and exports. On Thursday, Modi added that reforms in agricultural marketing would also bring several opportunities.
Source: Business Standard
Pitching India amongst the best investment destinations worldwide, Prime Minister Narendra Modi on Thursday said the country's political stability and policy continuity makes it the best place for global investors in the aftermath of the Covid-19 pandemic. Addressing the US-India Strategic Partnership Forum through video conference, Modi also cited a slew of reforms undertaken by his government and asserted that India is committed to democracy and diversity and it has undertaken far-reaching reforms in recent months. Noting that the current situation demands a fresh mind-set that is human-centric, Modi said India did the same by scaling up its healthcare facilities in a record time to deal with the Covid-19 pandemic. He also said India was amongst the first globally to advocate masks and face coverings as a public health measure and also amongst those creating a public campaign about social distancing. Modi further said his government has undertaken far-reaching reforms to make the business easier and red-tapism lesser. Modi said his government launched one of the largest support programmes for the poor globally following the Covid-19 outbreak in form of the Pradhan Mantri Garib Kalyan Yojna, under which free food grains have been provided to over 80 crore people.
Source: Business Standard
NEW DELHI: The government on Wednesday approved for signing a pact between India and Japan aimed at increasing India's exports of textile and apparel to the Japanese market, and to boost co-operation in the textiles sector. The MoU, when signed, will help identify areas for optimising the benefit of the Comprehensive Economic Partnership Agreement (CEPA) signed between India and Japan earlier, and improve the quality and testing of Indian textiles and clothing for the Japanese market. "The Union Cabinet chaired by Prime Minister Narendra Modi has approved for signing of a memorandum of understanding (MoU) between textiles committee, India, and M/s Nissenken Quality Evaluation Centre, Japan, for improving quality and testing of Indian textiles and clothing for the Japanese market," an official statement said. In a tweet, textiles minister Smriti Irani said the "MoU approved today (on Wednesday) will facilitate Indian exports to meet the requirements of Japanese importers as per technical regulation imposed by Japan."
MOU approved today will facilitate Indian exports to meet the requirements of Japanese importers as per technical r… https://t.co/CkarhOG41i
— Smriti Z Irani (@smritiirani) 1599034028000
She added that this will help exporters expand their market in Japan and boost Indian textiles and apparel exports, including technical textiles to Japan. India had signed a CEPA with Japan to facilitate Japan to import garments from India at zero duty. This gives India's textile industry a huge opportunity as Japan is the third-largest apparel importer in the world. However, India's share in the Japanese market for the export of garment is still negligible, the textiles ministry said in a note. The MoU would enable the Nissenken Quality Evaluation Centre, Japan, to assign the textile committee as their cooperative testing and inspection service providers in India for textiles and apparel products. These include technical textiles and any other products mutually agreed upon at a later date for both domestic and overseas clients. Irani also tweeted that she was "thankful to PM @narendramodi Ji and Union Cabinet for approving MoU between Textiles Committee of @TexMinIndia and M/s. Nissenken Quality Evaluation Centre, Japan for strengthening the network of quality and compliance services to ensure growth of trade in textile and apparel segment".
Thankful to PM @narendramodi Ji & Union Cabinet for approving MoU between Textiles Committee of @TexMinIndia & M/s.… https://t.co/oImg0VLqW2
— Smriti Z Irani (@smritiirani) 1599033905000
The textiles committee is a statutory body set up by an Act of Parliament in 1963 working under the Ministry of Textiles, Government of India with a mandate to ensure quality of all textiles and textile products for domestic and export markets. Nissenken Quality Evaluation Centre, Japan, is the country's leading quality evaluation institute established in 1948 as a testing and research institute in the field of textiles. Technical textiles are material and products made primarily for their technical properties and functional requirements. They have wide usage such as agro-textiles, medical textiles, geo-textiles, protection-textiles, industrial-textiles, sports-textiles and many other usages.
Source: Times of India
The Northern Indian Textiles Mills Association (NITMA) recently welcomed the government’s decision to significantly reduce the anti-dumping duty (ADD) on imports of acrylic fibre originating in or exported from Thailand. The Directorate General of Trade Remedies (DGTR) recommended that the continuation of the duty is required on imports of acrylic fibre from Thailand. Three Indian producers—Indian Acrylic Limited, Pasupati Acrylon Limited and Vardhaman Acrylics Limited—had filed an application with the DGTR to review the ADD decision. The DGTR concluded that imports are likely to enter the Indian market at dumped prices in the event of expiry of duty and the domestic industry’s performance remains vulnerable due to dumping of acrylic fibre from Thailand. As there is a likelihood of continued dumping, the domestic industry will be harmed in case the ADD in force is allowed to cease at this stage, it said. The DGTR recommended imposing a definitive ADD of $15.87 per metric tonne (MT) of acrylic fibre exported from Thailand by Thai Acrylic Fibre Co. Ltd. for five years. This is a huge relief for the domestic user industry as the earlier duty charged was $162 per MT, NITMA president Sanjay Garg said in a press release. “Higher rate of ADD has increased cost of yarn which made our downstream value added Industries uncompetitive leading to a grave situation that now we are unable to compete not only in the exports market but even our domestic market have been suffering due large scale imports of sweaters into India by competing countries, loosing many employment opportunities and livelihoods of millions in many regions in the country,” Garg said. Sweater manufacturing is an important segment of the man-made fibre industry, and India’s share in the world sweater market was a negligible $0.07 billion compared to $10.3 billion of China and $2.5 billion of Bangladesh as per 2018 data.
Source: Fibre2fashion
MUMBAI: Large ta payers and experts have reached out to the government to say that `faceless assessment’ of Income tax must be combined with ‘virtual hearings’ in tackling one of the most complex laws in the country. They have identified areas like transfer pricing, capital gains, related party deals, and mergers and acquisitions --- which are prone to disputes and often lend themselves to multiple interpretations --- where tax payers should have a chance to put across their points over web conference with officials of the tax department. The apex body, Central Board of Direct Taxes (CBDT), under the ministry of finance, has agreed to examine the suggestion made in the course of meetings in the past few weeks, two persons who participated in the discussions told ET. Such concerns can be addressed through virtual hearings which would also reduce the scope of corruption. “The faceless scheme envisages that personal hearings will be granted only in exceptional circumstances to be notified by CBDT. It is a legitimate expectation of industry that such hearings will be liberally granted in complex matters like transfer pricing, M&As, high stake additions, issues involving invocation of GAAR, matters which are referred to Technical Unit, etc,” said Sudhir Kapadia, Partner & National tax Leader at Ernst & Young. What are the kinds of transactions where assessees may feel the need to verbally explain their case? For instance, in related party transactions -- which could be sale of a division, payment of interest or rent to a group company or parent --- it would be easier, over a meeting, to convince the taxman why the rate or valuation of a transaction varies from the market or arm’s length price. Similarly, in tax liabilities on capital gains arising out of indirect transfers, the department may decide that the controlling interest has changed hands even though in reality the seller in question may be having a lesser holding. Also, there could be grey areas related to General Anti-avoidance rule (GAAR), where the parties concerned may be better placed to clear the fog through virtual interactions. “Why not x thresholds for personal and businesses assesses beyond which, if required, assesses can participate in virtual hearing. A rise in litigation will defeat the government’s purpose. Tax laws are complicated and a deep dive into facts may be required. There are practical problems. For example, in a faceless regime, the assessee will try to upload a mountain of material to defend itself and this can be a pain for the department as well,” said senior chartered accountant Dilip Lakhani. Another area where differences have cropped up between assessees and the department relates to computing capital gains following a merger. While the law says that a share bought before January 2018 (say at Rs100), and sold after January 31, 2018 (say at Rs 180), the capital gain would be Rs 40 -- the difference between the price on January 31 (say Rs 140) and Rs 100 -- and not Rs 80 (the difference between Rs 180 and Rs 100). But when this company is merged with another entity and ceases to exist, disputes arise over whether to consider January 31, 2018 price of the rst company or the entity to which it is merged. According to Rajesh P. Shah, Chairman of Research and Publication Committee of the Chamber of Tax Consultants, ”Under the Faceless Assessment Scheme, the draft assessment order (happens) in one city, review in another city and finalisation in a third city. Unless all facts uploaded at the time of assessment proceedings are not readily available on the tax portal, it could be a challenge for officers carrying out review and finalization.” The new system -- which was introduced through an amendment in the Finance Act 2020 – entails absence of human interface, issuance of notices by a central cell, allocation of cases to assessment units in a random manner, and a central cell serving as the single point of contact between the taxpayer and I-T Department. While the move is being largely perceived as a paradigm shift in tax administration, professionals, urging the need for virtual hearing, point out that involvement of multiple officials often ends up with the matter going in favour of the department due to the absence of unanimity among the officers. “The history of performance of the dispute resolution panel (DRP) supports this,” said Lakhani.
Source: Financial Express
Bihar has joined ranks of Karnataka and Assam in rooting for the first option proposed by the Centre to compensate states for the goods and services tax (GST) shortfall amid inadequate cess collection. This indicates there could be a sharp divide between the Bharatiya Janata Party (BJP) and non-BJP ruled states at the upcoming GST Council meeting to settle the thorny issue. Rejecting both options on the table, state chief ministers (CMs) from West Bengal, Tamil Nadu, Kerala, Chhattisgarh, and Telangana have reached out to Prime Minister (PM) Narendra Modi to intervene, urging the Centre to take a loan instead. Delhi, Puducherry, and Punjab have also summarily rejected the two options. The Union finance and expenditure secretaries had met state CMs on Tuesday, clarifying the minutiae of the two options. The first option is to only borrow up to Rs 97,000 crore, which is a shortfall arising out of the GST implementation via a special window by the Reserve Bank of India, or the entire Rs 2.35 trillion through the issue of market debt. Karnataka has said it has decided to opt for the first option proposed by the Centre for borrowing, under which the state will be eligible for a total compensation of Rs 18,289 crore, of which Rs 6,965 crore will come from the cess collected. For the balance Rs 11,324 crore, the state will be able to borrow through a special window, with the burden of principal and interest repayment being met out of the compensation cess fund. With divergent views on the issue emerging, the dissenting states will likely press for operationalising the dispute resolution mechanism in the Constitution. The Constitution Amendment Act for GST provides that “the GST Council may decide on the modalities to resolve disputes arising out of its recommendation”. Telangana CM K Chandrashekhar Rao has written to the PM, saying the Centre had violated the provisions of the GST Compensation Act by parking the surplus compensation fund in its consolidated fund. Tamil Nadu CM Edappadi K Palaniswami wrote to the PM, arguing that the Centre had a moral and legal obligation to compensate states for the shortfall. Meanwhile, Punjab and Chhattisgarh CMs wrote to Union Finance Minister Nirmala Sitharaman, contesting the growth assumptions and the concept of bifurcating revenue loss figures into Covid and non-Covid.
Source: Economic Times
India needs a paradigm shift in personal data management that will promote greater user control on data sharing, according to a new discussion paper by Niti Aayog. The draft for discussion paper titled 'Data Empowerment and Protection Architecture (DEPA)' further said it is designed as an evolvable and agile framework for good data governance, given the rapid pace of change in this arena. In a nutshell, it said, DEPA empowers people to seamlessly and securely access their data and share it with third-party institutions. The draft paper further said that opening up an Application Programming Interfaces (APIs) based data sharing framework would bring significant innovation by new fintech entities. APIs enable seamless encrypted data flow between data providers and data users through a consent manager, it added. "India needs a paradigm shift in personal data management that transforms the current organisation-centric data sharing system to an individual centric approach that promotes user control on data sharing for empowerment," the discussion paper said. It noted that DEPA is predicated on the notion that individuals should have control over how their personal data is used and shared. The draft for discussion paper also pointed out that a well-designed data governance framework for the Indian context would enable, not just secure data protection, but also grant users control over data through a safe and seamless protocol to share data across institutions, leading to individual empowerment and well-being. According to the discussion paper, other countries have responded to data protection challenges by implementing efforts to improve data protection and consent-based sharing (such as Open Banking in the UK or General Data Protection Regulation (GDPR) in the EU), which India can learn from. "However, these approaches have not addressed the issue in a manner that is fully relevant to India's scale and diversity, and to our objectives around accelerating financial inclusion, economic growth, and data democracy," it said. In his foreword, Niti Aayog CEO Amitabh Kant wrote thatin an evolving and fast paced digital landscape, headlines world-over have squarely placed data protection, privacy, and unauthorised data sharing or misuse in the limelight. "In India, we not only need stronger data protection, but also data empowerment: everyday Indians need control over their own personal data to improve their lives."They should be able to leverage their digital history to access growth opportunities offered by different institutions," Kant wrote. He further said that with DEPA, India will be taking a historic step towards empowering individuals with control over their personal data, by operationalising an evolvable regulatory, institutional, and technology design for secure data sharing. Stating that beyond the financial sector, DEPA also presents opportunities in health, jobs and urban data, Kant said this has become more exigent in a post-COVID world. "DEPA builds the right infrastructure. It inverts the traditional Western model where data is simply used to advertise and sell products, to one where data can be used to empower a billion Indians," the Niti Aayog CEO noted.
Source: Business Standard
Expressing concern over the state of economy, former Rajasthan deputy chief minister Sachin Pilot claimed on Thursday that the Centre does not have a roadmap to revive the country's economy. He said several months have passed but so far, only announcements of incentives have been made by the Union finance minister. "Small industrialists have not got any financial support. I am very worried. Everyone knows that the economy is going down, but I worry that the central government does not have any roadmap ready to revive an economy after the decline," Pilot told reporters here. He said the government should call an all-party meeting and take everyone's suggestions on reviving the economy. "The GDP figures are shocking but the central government does not have any roadmap nor it has prepared any concrete policy to deal with the issue," Pilot alleged. Speaking about "Question Hour" being removed during the upcoming Parliament session, the former deputy chief minister said the biggest right of an MP is to ask a question. "If you are snatching him of his rights, then what is the meaning of running Parliament? It is a wrong decision of the government not to have the Question Hour in the session of Parliament and the government should reconsider," he said. Replying to a question, he said the Centre should clearly tell the public what has happened so far in the India-China border dispute.
Source: Economic Times
The Apparel Export Promotion Council (AEPC) expects apparel exports from India to grow by about 40 per cent this fiscal, supported by new medical textiles. Addressing the 41st AGM of the Council through video conference, Sakthivel, Chairman, AEPC, said: “We are working with a target to achieve a 40 per cent increase in apparel exports this financial year with a major focus on new medical textiles. This will take our total apparel exports to about $22 billion in 2020-21 from $15.4 billion in 2019-20.” He highlighted Union Textile Minister Smriti Irani’s several bold and pragmatic initiatives, including facilitation of the apparel industry’s foray into the production of Personal Protective Equipment (PPE), making India the second largest producer of medical textiles within a short span of a few months since the outbreak of coronavirus. While recognising medical textiles as a new source of business for the apparel industry and forex earner for India, now that the government has lifted the export ban on many of the PPE items, Sakthivel urged members to get into Man Made Fibre (MMF) based garments in a big way, going by the global demand pattern. “The need of the hour is to quickly engage in product diversification into MMF. We plan to sign MoUs with a number of MMF manufacturers, including Reliance Industries Ltd, to improve the sector. MMF is the key to increasing India’s textile exports to the global market,” he said
R&D centre
As there is a need to improve design and processing, AEPC is setting up a dedicated R&D centre at its head office in Apparel House, Gurugram for facilitating R&D activities into the various fibre base, technologies, processing and sample development. Lauding Union Minister of Commerce and Industry Piyush Goyal’s announcement on India’s readiness to sign the initial limited trade package with America, Sakthivel said the trading atmosphere in the US is looking good and there are positive sentiments for engaging with India as a reliable partner in the global value chain. AEPC has already requested the government for a Free Trade Agreement (FTA) with the US and this initial limited trade package could be a precursor for the much-desired bilateral FTA. Besides, the AEPC has requested the government to thoroughly review all the existing trade pacts with the EU, UK, US, Australia and Canada to remove the disadvantages. FTA with the US, the UK and EU along with CEPA with Australia and Canada can help double apparel exports in three years, Sakthivel said.
Source: The Hindu
Chief Minister Ashok Gehlot has been keen on inviting various industries to Rajasthan. Rs 4,000 crore MoU is the culmination of his efforts towards industrial development in Rajasthan. Jaipur: Rajasthan would soon host several development projects in the textile, defence and aviation sectors. For this, the state government has entered into an understanding with SVP International Group for an investment of Rs 4,000 crore for development of facilities related to these sectors. In presence of Chief Minister Ashok Gehlot, an MoU was signed to this effect on Wednesday at the CM residence. As per the agreement, SVP Group would develop a project for defence and aerospace including aircraft maintenance, repair and overhaul (MRO) facilities, an aviation academy and another project related to textile. These projects would generate employment for more than 4000 people. During the MoU signing, Industries Minister Prasadi Lal Meena, Minister of State for Industries, Arjun Singh Bamaniya, Chief Secretary Rajeev Swarup, Additional Chief Secretary Finance Niranjan Arya, SVP Group Chairman Vallabh Pittie and other officials were present. Principal Secretary Industries Naresh Pal Gangwar and SVP Group Executive Director Praveen Shelley signed the document. Prior to this, the CM chaired a meeting in which SVP Group representatives gave a presentation and shared the details of projects proposed by the company. For the time-bound implementation of these investment projects, the state government has constituted a committee chaired by Principal Secretary Industries. Commissioner Investment and NRIs will be the Member Secretary, Managing Director RIICO, concerned District Collectors, Director Civil Aviation and representatives of SVP group will also be the members of this committee. Chief Minister Ashok Gehlot said on this occasion that state government is committed to providing a conductive environment for industry to come to Rajasthan and grow together.
Source: Business Line
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
792.24 |
USD/Ton |
0.18% |
04-09-2020 |
|
VSF |
1257.06 |
USD/Ton |
1.18% |
04-09-2020 |
|
ASF |
1726.27 |
USD/Ton |
0% |
04-09-2020 |
|
Polyester POY |
749.12 |
USD/Ton |
0.49% |
04-09-2020 |
|
Nylon FDY |
1973.30 |
USD/Ton |
0.37% |
04-09-2020 |
|
40D Spandex |
4092.76 |
USD/Ton |
0% |
04-09-2020 |
|
Nylon POY |
5262.12 |
USD/Ton |
0% |
04-09-2020 |
|
Acrylic Top 3D |
950.11 |
USD/Ton |
0% |
04-09-2020 |
|
Polyester FDY |
1863.67 |
USD/Ton |
0% |
04-09-2020 |
|
Nylon DTY |
1900.21 |
USD/Ton |
0% |
04-09-2020 |
|
Viscose Long Filament |
928.18 |
USD/Ton |
0% |
04-09-2020 |
|
Polyester DTY |
2236.40 |
USD/Ton |
0% |
04-09-2020 |
|
30S Spun Rayon Yarn |
1749.65 |
USD/Ton |
0.17% |
04-09-2020 |
|
32S Polyester Yarn |
1381.31 |
USD/Ton |
1.07% |
04-09-2020 |
|
45S T/C Yarn |
2199.86 |
USD/Ton |
0% |
04-09-2020 |
|
40S Rayon Yarn |
1900.21 |
USD/Ton |
0% |
04-09-2020 |
|
T/R Yarn 65/35 32S |
1702.88 |
USD/Ton |
0% |
04-09-2020 |
|
45S Polyester Yarn |
1549.40 |
USD/Ton |
0% |
04-09-2020 |
|
T/C Yarn 65/35 32S |
2075.61 |
USD/Ton |
0% |
04-09-2020 |
|
10S Denim Fabric |
1.15 |
USD/Meter |
0% |
04-09-2020 |
|
32S Twill Fabric |
0.64 |
USD/Meter |
0% |
04-09-2020 |
|
40S Combed Poplin |
0.94 |
USD/Meter |
0% |
04-09-2020 |
|
30S Rayon Fabric |
0.48 |
USD/Meter |
0% |
04-09-2020 |
|
45S T/C Fabric |
0.66 |
USD/Meter |
0% |
04-09-2020 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14617 USD dtd. 04/09/2020). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The export turnover of Vietnam’s textiles and apparel sector in the first seven months of this year is estimated at $16.18 billion—a fall of 12.1 per cent over the same period in 2019, according to the ministry of industry and trade, which said as of July, many businesses had almost no orders for the last two quarters, especially in high-value products. Meanwhile, the price of masks and protective goods has fallen sharply due to oversupply globally. The Vietnam Textile and Apparel Association (VITAS) recorded an average rate of cancellation of orders at businesses in the industry at about 30-70 per cent. A strong drop in orders led to a rise in inventory along with the pressure to pay wages, which increased difficulties faced by businesses. However, some positive developments in sector include Vietnam surpassing Bangladesh to become the second rank holder in global garment and textile exports during the first half of 2020. Data from the General Statistics Office of Vietnam and the Bangladesh Export Promotion Bureau show that Vietnam earned $13.18 billion in the first six months of the year, while Bangladesh earned only $11.92 billion, according to a press release from Dony Garments.
Source: Fibre2fashion
Raw materials key to sustainability - survey
LENZING - The majority of consumers want to shop for fashion and textiles more sustainably with the choice of raw materials ranking as a key factor in purchasing decisions, according to new survey by textile manufacturer Lenzing. The study of 9,000 consumers, aged 18-64, across nine countries - the US, UK, China, Japan, Korea, India, Indonesia, Turkey and Germany - found that material type was seen as a bigger factor than even price or brand reputation. Entitled 'Global Consumer Perception Survey on Sustainable Raw Materials in Fashion and Home Textiles', it offers insights on consumer interest in sustainability, knowledge of the raw materials, perception of brands and preferred product descriptions.
Source: Eco Textile
