Prime Minister Narendra Modi on Thursday hard sold his government's latest labour, education and agriculture reforms, saying they will make doing business in India easier as also give farmers the right to choose their market. With its vibrant democracy, political stability and business-friendly policies, India offers an unparalleled investment destination for foreign investors in the field of agriculture, manufacturing and education, he said in his keynote address to the 'Invest India 2020' meeting through video conferencing. The conference is being organised with a special focus on further strengthening business ties between India and Canada. The forum aims to give Canadian business community a first-hand perspective of the opportunities to invest in India and showcase the country as an investment destination. India has undertaken a trinity of reforms in the fields of education, labour and agriculture which together impact almost every Indian, the prime minister said. "If you are looking to partner in the field of education, the place to be is India. If you are looking to invest in manufacturing or services, the place to be is India. If you are looking to collaborate in the field of agriculture, the place to be is India," Modi said. Referring to the coronavirus pandemic, Modi said, "India has adopted a unique approach posed by the COVID-19 pandemic. We have given relief and stimulus package for the poor and the small businesses. We have also used this opportunity to undertake structural reforms. These reforms ensure more productivity and prosperity."India has been playing the role of pharmacy to the world, he said, adding the country has provided medicines to around 150 countries so far.The India story is strong today and will become stronger tomorrow, the prime minister said. The government has significantly liberalised the FDI norms and created a tax friendly regime for sovereign wealth and pension funds, he added. "We are proactively monetising assets across sectors -- airports, railways, highways, power transmission lines, etc. Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) have been fully enabled for monetisation of assets," the prime minister said. He said the continuing confidence of global investor community in India is seen by the fact that FDI into the country went up by 20 per cent in 2019, and this when global FDI inflows fell by 1 per cent. "India has already received over 20 billion USD during the first 6 months of this year from across the globe. This is also the time when COVID-19 has been at peak globally," he pointed out. Modi said India was undergoing a rapid change in mindset as well as markets, adding that the country has embarked on a journey of deregulation and decriminalisation of various offences under the Companies Act. Elaborating on the 'trinity of reforms' in education, labour and agriculture sectors undertaken by the government recently, the prime minister said they will ensure greater participation of the private sector while strengthening the government's safety nets. These reforms will lead to a win-win situation for entrepreneurs as well as hard-working people, Modi said. "The reforms in the labour laws greatly reduce the number of labour codes. They are both employee and employer friendly and will further increase ease of doing business. "The reforms in the field of agriculture are far-reaching. They will not only give more choice to farmers but will boost exports," he said. These reforms will support the efforts to build an 'Aatmanirbhar Bharat' or self-reliant India, he added. "By working towards self-reliance we seek to contribute to global good and prosperity," Modi said. The reforms in the field of education will further harness the talent of the youth and also set the stage for more foreign universities to be able to come to India, the prime minister said. He further said India-Canada bilateral ties are driven by shared democratic values and many common interests, adding that "the trade and investment linkages between us are integral to our multifaceted relationship." Observing that Canada is home to some of the largest and most experienced infrastructure investors, Modi said Canadian pension funds were the first ones to start investing in India and many of them have already discovered great opportunities in a range of areas like highways, airports and logistics. Last month, Parliament approved three key labour bills that remove impediments for winding up of companies and allow firing of staff without government permission in firms with up to 300 workers. The Code on Wages 2019 was passed by Parliament last year. The government has also brought significant reforms in the farm sector in the last six months, including giving freedom to farmers to sell their produce anywhere in the country outside mandis. Canada is the 20th largest foreign investor in India and more than 600 Canadian companies have presence in the country. Canadian pension funds have pledged around USD 50 billion as investment in India till now.
Source: Business Standard
New Delhi: Commerce and industry minister Piyush Goyal on Wednesday said India is giving “high priority” to the proposed Broad-based Trade and Investment Agreement (BTIA) with the European Union. He also said that India is hopeful of working with the EU towards a free trade agreement (FTA), possibly starting with a preferential trade agreement (PTA). The proposed BTIA is stalled since May 2013 and the two sides are yet to iron out their differences. “The BTIA with the EU is India's high priority. We are hopeful also of working with the EU towards a free trade agreement, possibly starting with a preferential trade agreement,” Goyal said at a diplomatic and industry leadership session on EU-India Collaborative Economic Growth. “We believe we have to work towards balanced, ambitious and mutually beneficial trade and investment agreements,” he said. India exported goods worth about $54 billion to the EU in 2019-20, while it imported merchandise worth $52 billion from the block. Goyal said removing barriers to trade between India and Europe is essential to move forward as the EU is India’s largest trading partner block, with about $105 billion trade in goods in 2019. It is also the second largest destination for Indian exports.
Source: Economic Times
New Delhi: The Goods and Services Tax (GST) Council could consider setting up a group of ministers (GoM) to resolve the row over states having to borrow from the market in order to meet the shortfall in compensation. Apart from the two options that the Centre has offered to the states, a third has emerged, which proposes that they make such borrowings jointly, rather than states taking on the entire burden. Punjab has written to the Centre, asking for a GoM to resolve the issue. Kerala and Chhattisgarh have backed the demand. “Why not set up a GoM to decide?” said Kerala finance minister Thomas Isaac. The issue of borrowing in lieu of GST compensation can be resolved within the GoM, as in the past, he said, adding that the council can also discuss the option of the Centre offering something additional to states, such as agreeing to take on some part of the total borrowing. The council is scheduled to meet next on October 12 to deliberate on the matter. The government has offered two options to the states to meet the GST compensation deficit – borrow Rs 1.1 lakh crore to partially meet shortfall or borrow the entire Rs 2.35 crore deficit. The GST Council meeting on October 5 could not decide on these options, with 10 states and UTs strongly opposing them. A top official from an opposition-ruled state also backed the third option, with both Centre and states sharing some burden of the borrowing. “This (borrowing) could be in proportion to the vote share of states and the Centre (in the council),” the official said. Chhattisgarh commercial taxes minister TS Singh Deo asked why a GoM couldn’t be set up, rather than forcing states to choose. “These suggestions could be looked at,” he said. Deo also dismissed the view that the council is not mandated to vote on borrowing proposals. If the proposal has been put to the council by the Centre in lieu of compensation due to states, how can it not be decided by that forum, he asked. Some states such as Uttar Pradesh have suggested revenue augmentation measures, including raising cess on gutka, he said.
Source: Economic Times
The government has brought reforms in several areas and plans to expand its production-linked incentive (PLI) scheme to more sectors for boosting domestic manufacturing, Niti Aayog CEO Amitabh Kant said on Thursday. Addressing virtual ‘Invest India 2020’ conference organised by the Canada-India Business Councul, Kant said India has always welcomed Canadian investments. Recently, the government announced the PLI scheme for the pharmaceutical sector, mobile and electronic manufacturing companies. “We have made radical reforms in several areas. One of the key major changes that we brought is PLI scheme for mobile, pharmaceutical, medical devices and industrial parks. “This has led to all manufacturers such as Apple, Foxconn Hon Hai, Wistron and Samsung invest in India. We will do this same strategy across many other sectors,” Kant said. The Niti Aayog CEO said Canadian pension funds were the first ones to invest in India and they will continue to get good returns on their investments in India. The 1991 economic reforms of India were essentially industrial licencing reforms, Kant said adding that recent reforms cut across technology, innovation, foreign direct investment, governance and touched several unreformed sectors. “I believe these reforms will take India to sustained high growth over the three-decade period,” he said. Kant said India has slashed corporate tax rates, and the country’s new corporate tax rates are on par with other emerging market economies.
Source: Financial Express
Asserting that the "worst is behind us", veteran banker Deepak Parekh on Thursday said India's GDP growth will be in positive territory in the fourth quarter as demand is picking up across sectors. "Based on a series of high frequency data, there is a distinct trend of sequential month-on-month improvement. There is a lot of catch up required but suffice to say that worst is behind us," he said at a virtual conference organised by the Canada-India Business Council. Citing an example, he said toll collections are back to 88 per cent of pre-Covid-19 levels, e-way bills are increasing and electricity consumption has stabilised. Parekh, the non-executive chairman of mortgage lender HDFC, said residential housing sales for this quarter have gone up by 34 per cent as people are buying ready-to-move-in apartments. Agriculture too has been a very promising story and the country is expected to have record foodgrain production of 300 million tonnes this year, he added. On the growth outlook, Parekh said "for the first quarter we had contraction of 24 per cent but I am not too worried about that because India was in complete lockdown for most part of the quarter." "For this (second) quarter which ended in September, we are expecting minus 5 per cent and last quarter we will be in positive territory. So I remain reasonably optimistic about India's potential," he added. He said India is a domestic consumption-based economy and demand is set to rise in the coming months. "We are consuming what we are producing, so demand has to increase...I am very optimistic about India story in short to medium term," he added.
Source: Business Standard
Depleted demand and uncertainty over return of some form of normalcy will continue to dent the capacity-expansion investment projects initiated by the private sector, the Centre for Monitoring Indian Economy said. This is contrary to many economic indicators which have shown a substantial albeit incomplete recovery in the second quarter, it said. Data from CMIE’s CapEx service that tracks the initiation, implementation and completion of capacity-expanding projects shows the completion rates for projects in India has fallen to precipitously low levels ranging between 0.2-0.28% in the rst two quarters of the current scal compared to average rate of completion of over 1% in the recent past. Data shows projects worth Rs 326 billion were completed during the quarter ended September 2020 while projects worth Rs 240 billion were completed in the June 2020 quarter. “This is precipitously low compared to average project completion at Rs.1.3 trillion per quarter in 2019-20 and Rs.1.6 trillion per quarter in 2018-19. “Private sector projects could take much longer to revert to aggressive completion of projects. While the logistical reasons for slowing down of the project completions may be getting over, the problem of depleted demand will linger and will remain a hindrance to project completions,” CMIE said in its weekly analysis. CMIE is of the view that given the prolonged lockdown and continued uncertainties regarding a return to some form of normalcy, Indian enterprise is not expected to enthusiastically complete capacity-expansion investment projects they had initiated in the past. Initially, in April and May, the lockdown froze implementation of projects by a diktat. Then disruption of labour made it difficult for enterprises to undertake project implementation activities. And finally, uncertainties about a revival have slowed down project completions, it said, forecasting that the lingering uncertainties about a revival in demand will continue to inict delays in project completion schedules.
Source : Economic Times
MUMBAI: India's incremental earnings from overseas trade, anchored in potential investments from the likes of Apple Inc. and Foxconn, could surge to $160 billion by 2024, with New Delhi emerging as a feasible alternative to Beijing for manufacturing and other capital-intensive industries in a global de-risking of supply chains. An internal Citi report on India's Atmanirbhar plan notes opportunities in industries as diverse as manufacturing, services, solar, and chemical industries. The Atmanirbhar plan focuses on enhancing self-reliance in industries that hitherto depended on China for crucial supplies. Taiwan-based Foxconn, iPhone maker Apple, Sanmina Corporation, Pegatron and Hewlett Packard are among those in discussions with banks studying the feasibility of setting up shop in India. Individual companies could not be contacted immediately. "Many global manufacturers look interested in an additional base to China to diversify risk," said K. Balasubramanian, head of corporate banking, Citi South Asia. "When you look at an investment, you aren't looking at it with a few quarters in mind, you are taking an investment decision on a country across multiple themes.” Citi is making a case for fresh investments into India to global investors. India's share in global exports can go up to 3.4% in 2025 and 6% by 2030, showed a Citi presentation shared with the authorities. The bank has identified areas in which India has the potential to become a base for global manufacturing, or part of an MNC’s "China plus one" strategy. Export opportunities can arise out of textile and apparel, electrical and mobility, telecom and heavy engineering over the next three years, generating annual ows of over $100 billion. "Electronics and fabrication manufacturers could well be the rst comers through this window," said Balasubramanian. Heavy engineering and electronics could each account for $50 billion of the potential ows. Telecom, the sector fraught in regulatory tangles, cans oer an investment opportunity of up to $20 billion. "Global corporates would be encouraged by the recent reforms in areas where India was earlier perceived as weak," said Balasubramanian. New Delhi has been pursuing a series of reforms spanning corporate tax breaks to labour laws, legal system, credit access. Proposals have been made to streamline 44 labour laws into just four labour codes. A relaxation of state labour laws is also under consideration. The government is also looking into land acquisition policy, a key factor for any institutional investor. The authorities are dealing with proposals to oer tax breaks to foreign investors, including sovereign funds, simplified GST returns, pre-ling tax returns, abolition of dividend distribution tax. Balasubramanian said the 'China plus one' strategy can draw in investments of $5 billion in solar, and $10 billion in chemicals. FDI inows could increase 16% annually to $25 billion in the next three years and 5.4 million in additional workforce, the presentation showed. "This is an opportune time for MNCs to set up base in India," Balasubramanian said.
Source: Economic Times
Smriti Zubin Irani, Union Minister of Textiles and Women & Child Development launched the 1st ever brand and logo for Indian Cotton on 2nd World Cotton Day through Video Conferencing. Now India’s premium Cotton would be known as ‘Kasturi Cotton’ in the world cotton Trade. The Kasturi Cotton brand will represent Whiteness, Brightness, Softness, Purity, Luster, Uniqueness and Indianness. Speaking on this occasion, the Hon’ble Minister said, this is a much awaited moment that TODAY the Indian Cotton has been endowed with a Brand & Logo. This event becomes more important as the 2nd World Cotton Day is being celebrated world over today. The Minister recounted the importance of Cotton in Indian economy. She said, ‘Cotton is one of the principal commercial crops of India and it provides livelihood to about 6.00 million cotton farmers. India is the 2nd largest cotton producer and the largest consumer of cotton in the world. India produces about 6.00 Million tons of cotton every year which is about 23% of the world cotton. India produces about 51% of the total organic cotton production of the world, which demonstrates India’s effort towards sustainability.Irani said that to ensure sustainability, integrity and end-to-end traceability of the organic products, a certification system based on comparable international standards verified through internationally acceptable institutional system is required to be put in place. Accordingly, Ministry of Textiles through APEDA under Ministry of Commerce and Industry has prescribed a certification system for organic Cotton which will be introduced in phases in the entire textile value chain. Similarly, prescribing a certification system for non-organic Cotton has also been taken up with APEDA so that usages of cotton can be suitably augmented. The Minister stated that Cotton Corporation of India (CCI) made ever highest Minimum Support Price (MSP) operation of cotton and hopeful that during the new cotton season, the procurement under MSP will be increased. CCI has opened 430 procurement centres in all cotton growing states and payments are being made digitally to farmers’ account within 72 hours. Further, leveraging the technology, a mobile app, “Cott-Ally" has been developed by CCI for providing latest news regarding weather condition, Crop situation and best farm practices. Discount of Rs.300/- per candy is being offered by CCI in its regular sale to MSME mills, Khadi and Village industry, Cooperative sector mills to enhance their competitiveness and efficiency. It was also stated that cotton may be used across all dimension of Technical Textiles. Further, Hon’ble Minister has intimated that Government has passed bills for the welfare of the farmers, which also be beneficial to the industries.
Source: Live Mint
The US withhold release order (WRO) on cotton and apparel imports from specific producers in Xinjiang Uygur Autonomous Region (XUAR) may escalate global trade tensions and thus have negative implications for the Indian textile sector in the short run, according to India Ratings and Research (Ind-Ra), which believes it could, however, be beneficial in the medium term. There is a risk of further sanctions by the US government on curbing imports of the products originating from or having linkages with XUAR, Ind-Ra said. This action may have spooked China and it could resort to retaliatory measures. Cotton procurement from the United States could be delayed by Chinese mills, leading to favourable supplies from Brazil and India, both of which are likely to have high inventories. China’s total apparel exports declined by 31 per cent year on year (YoY) in the first quarter of fiscal 2020-21 compared to a significantly higher decline for nations like Bangladesh and India. India’s cotton yarn exports declined by 28 per cent YoY in the last fiscal to ₹196 billion on account of a 53 per cent YoY decline in demand from China due to the US-China trade war. While India’s exports to China increased by 1.8 times YoY during June this year due to pent-up demand and restocking by Chinese players, the overall exports reduced by 29 per cent YoY during 1QFY21. India’s yarn exports over the past three years have been around 1.2 million tonnes; it reduced drastically in FY20 to less than 1 million tonnes over the geo-political tensions and higher competition from ASEAN countries. While demand from the United States could impact overall cotton demanded by China, the value-addition could gradually move out of China to other geographies. However, this is more of a medium term-phenomenon., said Ind-Ra in a press release. Indian yarn players have high export dependence on China, which reduced to around 20 per cent for the three months ended June this year on account of a lower demand and growing competition from Vietnam and Pakistan. The trade war extension and labour-related issues could lead to the creation of additional yarn and cotton demand from neighbouring countries to the tune of 0.5 million tonnes and 8-10 million bales (480lb) in India, Ind-Ra said. The agency believes countries like Pakistan and Brazil have a pole position compared to India due to their preferential status. However, India can get a share of the pie, given the low-cost raw material availability and established presence of Indian textile players in the United States. Ind-Ra believes the shift in demand could lead to a healthy recovery in credit metrics and ease of liquidity stress for exporters in fiscal 2020-21. Given Vietnam’s textile industry has strong dependency on China, it is equally vulnerable to have supply chain linkages with the tainted XUAR region. Vietnam may cater additional cotton yarn production of around 0.4 million tonnes to meet Chinese demand. However, incremental cotton/yarn sourcing could be from India, given the logistics and cost advantage. During cotton year 2020, India exported 8 per cent of its total cotton produce to Vietnam. Any impact on the Chinese textile industry would flow down to Vietnam directly, impacting capacity utilisations, Ind-Ra said. Vietnam had a total yarn production capacity of 2.5 million tonnes as of 2019, of which about 45 per cent is controlled by China and Taiwan. Vietnam imports 55 per cent of its cotton requirements from the United States and exports 80-85 per cent of its total cotton yarn production to China. Also, it buys 55 per cent of its synthetic yarn requirement from China for its weaving and knitting industry, which leads to domicile linkages with China. China’s annual cotton consumption exceeds its domestic production and hence it depends on imports from countries such as the United States, Brazil, Australia and India. While the United States and Brazil share 60-65 per cent of the cotton imported by China, the share of India is below 10 per cent. China imports cotton yarn majorly from Vietnam (30-35 per cent) and India (7-10 per cent) of its total import of around 2 million MT annually. The agency estimates the annual cotton yarn requirement for China at around 4.5-5 million tonnes for CY2201 with usage of cotton to man-made around 35:65 in fabrics and apparels. Furthermore, US importers are likely to be concerned about any economic, legal or reputational concerns on any of their supply chains linked to XUAR. The United States imported $7.35 billion of apparel products from China during January-July 2020, while China exported around 20 per cent of its overall apparel exports to the United States in the first quarter of fiscal 2020-21. China also depends on the United States for raw cotton. XUAR produces lion’s share of the China’s annual cotton production at 85 per cent and under 20 per cent of world’s total. Also, 70 per cent of total cotton spun into yarn produced in China is originated from XUAR. While Vietnam has risen significantly to the occasion by increasing the US apparel market share to 20.1 per cent in the first quarter of fiscal 2020-21 on account of China’s loss of market share by 800 basis points (bp) year on year (YoY), India’s market share dropped by 400 bp in the first quarter of fiscal 2020-21 due to lower shipments and tighter lockdowns in the country.
Source: Fibre2fashion
The stalemate over the implementation of the Paris accord due to the US withdrawal needs to be sorted out soon to achieve the climate goals, India’s Sherpa to G20 2022 Suresh Prabhu has said. Addressing a virtual conference titled ‘B20 Global Dialogue in India’ on Wednesday, he also stressed on the need to achieve carbon neutrality by 2050 (net-zero greenhouse gas emissions) and the UN Sustainable Development Goals by 2030. The former Union minister referred to India hosting the G20 Summit in 2022 and said the country will set its own priorities for the summit even while carrying forward the work done by other countries that held G20 Presidency. “The business community needs to focus on not just the bottom line, but also lifting the people at the bottom of the pyramid,” Prabhu said. The conference was organised by Research and Information System for Developing Countries (RIS), in collaboration with CII and the Indian National Science Academy. Rahul Chhabra, secretary (economic relations), ministry of external affairs, referred to the recent B20 report to the G20 and said the immediate need was to revive the international economy by making the global supply chains resilient as well as by reviving productive sectors. He said despite the need to fulfil the huge domestic demand, India has kept its medical supply chains open and provided generic drugs and medical equipment to several countries.
Source: Financial Express
India’s economy has shown a remarkable resilience in the last few months, braving the impact of the coronavirus pandemic with lead indicators such as manufacturing PMI and exports returning to growth trajectory, Assocham said on Thursday. The chamber’s Assessment on State of Economy (AASE) report pointed towards a further pick up in the coming months. “Be it India’s Purchasing Managers’ Index (PMI – Manufacturing) or PMI for Services, robust recovery is visible. The PMI for Manufacturing expanded to 56.8 in September 2020, the highest since January 2012. The PMI for Services expanded for the fifth straight month in September to 49.8 from 41.8 in August,” AASE noted. In other words, according to the outlook measured by the best-tracked global gauge, about 57 per cent of purchase managers for manufacturing and about 50 per cent for services expect the two vital pillars of the economy to expand, the assessment found. “As a nation, we are giving a solid fight to COVID-19 pandemic. With the unlocking of the economy almost complete, people are returning to work, wearing masks and maintaining social distancing. However, a continuous campaign by the Centre, states and the local governments would be required to reinforce these habits further,” Assocham secretary general Deepak Sood said. He also stated that undaunted by the health emergency, the government under the leadership of Prime Minister Narendra Modi, has pressed the accelerator for reforms in labour laws, agriculture, defence production and incentives to domestic manufacturing. As more and more services reopen and the consumers learn more about dealing with the pandemic, the GST collections are expected to pick up further, the assessment revealed. The country’s Goods and Services Tax (GST) collections grew 4 per cent to Rs 95,480 crore in September. The rail freight, yet another critical indicator, showed a 15 per cent growth YoY in September. Similarly, annualised power consumption was up 4.6 per cent for the month at 113.5 billion units. Exports too, have returned to the positive territory, logging in 5.27 per cent annualised growth at USD 27.4 billion for September. “As we have been pointing out, there would be a marked improvement in the third and fourth quarter. With the festival season kicking in, the consumer spending has started showing positive signals. A cautious optimism should soon replace the entire cash conservation mind-set,” Sood said, adding once the vaccine is in place, the optimism would be pronounced.
Source: Financial Express
Madurai: Matching masks with saris is the trend these days as it is in demand among women this festive season. Shops in the city are crowded with shoppers as the festival is round the corner while Covid-19 precautions have been thrown to the winds without physical distancing or wearing masks. Many of the sari shops are showcasing sarees in hue of colours and matching masks. “Women are lured by the masks more than the sarees, because they see ordinary mask as a fashion spoiler while a beautiful mask would definitely stand out,” said K Senthil, a shopkeeper. Tamil Nadu Textile Merchants Association secretary Ashraf Tayub said, “Not only with sarees, but masks with shirts and churidhar sets is the innovation this season, which has helped the sales to some extent.” “People are becoming tired of ordinary masks, while a colourful matching mask would definitely make them wear it and also check the spread of the disease in a stylish manner,” he added. K Rubini of K K Nagar said she is now looking for the saree that has the best mask. “Since we are wearing it on our face, people will see the mask first and then the saree. It is an added attraction for the saree,” she said. A Hussain of Kabba Women’s Wear, said that they have eager customers who would like to try on the masks when they try thesaree. “We tell them that trying the mask is out of the question as it is a safety wear and only worn by its owner.” “Sarees with matching blouses range from Rs 300 to Rs 1,000 or more. Designer sarees with designer masks are also being sought after. As only 30 % to 40% production is happening in the production centres of Surat and Mumbai, we expect newer varieties, when the festival comes closer,” the merchants added.
Source: Times of India
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
785.42 |
USD/Ton |
-0.19% |
08-10-2020 |
|
VSF |
1313.20 |
USD/Ton |
0.11% |
08-10-2020 |
|
ASF |
1766.64 |
USD/Ton |
0% |
08-10-2020 |
|
Polyester POY |
747.88 |
USD/Ton |
0% |
08-10-2020 |
|
Nylon FDY |
1950.67 |
USD/Ton |
-0.38% |
08-10-2020 |
|
40D Spandex |
4269.38 |
USD/Ton |
0% |
08-10-2020 |
|
Nylon POY |
956.93 |
USD/Ton |
0% |
08-10-2020 |
|
Acrylic Top 3D |
1825.53 |
USD/Ton |
0% |
08-10-2020 |
|
Polyester FDY |
1972.75 |
USD/Ton |
0% |
08-10-2020 |
|
Nylon DTY |
898.04 |
USD/Ton |
0% |
08-10-2020 |
|
Viscose Long Filament |
2215.66 |
USD/Ton |
0.33% |
08-10-2020 |
|
Polyester DTY |
5299.92 |
USD/Ton |
0% |
08-10-2020 |
|
30S Spun Rayon Yarn |
1803.45 |
USD/Ton |
0.41% |
08-10-2020 |
|
32S Polyester Yarn |
1383.87 |
USD/Ton |
0% |
08-10-2020 |
|
45S T/C Yarn |
2230.38 |
USD/Ton |
0% |
08-10-2020 |
|
40S Rayon Yarn |
1943.30 |
USD/Ton |
0% |
08-10-2020 |
|
T/R Yarn 65/35 32S |
1715.11 |
USD/Ton |
0% |
08-10-2020 |
|
45S Polyester Yarn |
1567.89 |
USD/Ton |
0% |
08-10-2020 |
|
T/C Yarn 65/35 32S |
2090.52 |
USD/Ton |
0% |
08-10-2020 |
|
10S Denim Fabric |
1.16 |
USD/Meter |
0% |
08-10-2020 |
|
32S Twill Fabric |
0.65 |
USD/Meter |
0% |
08-10-2020 |
|
40S Combed Poplin |
0.95 |
USD/Meter |
0% |
08-10-2020 |
|
30S Rayon Fabric |
0.48 |
USD/Meter |
0.31% |
08-10-2020 |
|
45S T/C Fabric |
0.66 |
USD/Meter |
0% |
08-10-2020 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14723 USD dtd. 08/10/2020). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Taiwan is eyeing to double the investments made by its companies in Tamil Nadu and is looking at generating one million new jobs in the Indian state, a top official of Taipei Economic and Cultural Centre said on Thursday. The move to further strengthen the ties between the two nations is the Taiwan's new South-bound policy which encourages more of its companies to invest in South India, director-general of Taipei Economic and Cultural Central Ben Wang said here."It makes sense to further develop and strengthen the mutually beneficial relationship between Taiwan and India in the post-pandemic era. We are looking to double Taiwan's investment in Tamil Nadu and create one million jobs," he said. Wang said the theme of Taiwan's National Day celebration was 'Recover and Prosper Together.' By August-end, Taiwan had donated 54.4 million medical masks and other critical supplies to over eight countries, including India with one million masks, he said in a press release. Taiwan has more than 20 companies which have invested an estimated USD 1.7 billion in Tamil Nadu, he said. Principal Secretary of Tamil Nadu industries department N Muruganandham said Taiwan companies have shown keen interest for plug and play facilities, information technology, blockchain and cyber security. Taiwan would like to engage with like-minded partners to develop new supply chains based on shared values reinforcing its new South-bound policy, Wang said. The economic cooperation between the two countries is to be continued and cherished, he added. The Taipei Economic and Cultural Centre in Chennai represents the interests of Taiwan in the southern states of India.
Source: Business Standard
The exports of Uzbek apparel fabric rose by 112 percent from January to July to $1 billion with new markets opening up and the production of new goods. During that time , the country exported to 57 countries and regions textile clothing items. Russia (39%), China (18%), Kyrgyzstan (13%), and Turkey (12%) were the major destinations. Uzbekistan also exports to Hungary, Slovakia and Greece in addition to conventional markets. It exported to that country for the first time this year with the assistance of the Uzbek embassy in Kuwait. According to an article in an Uzbek media agency, Uzbekistan optimized its industry’s export commodity structure by increasing the proportion to 51% of finished goods, including knitwear and readymade clothing.It has also begun manufacturing new items such as garments and safety masks. Uzbek Textiles reportedly manufacture and ship 6 million masks and 10,000 sets of defensive clothing daily to Russia, Kuwait, Ukraine, Belarus , Georgia and other countries. The government has also made a promise to simplify the mechanism by which manufacturers can earn value-added tax discounts following shipments of their products.
Source: Textile Focus
STOCKHOLM - Swedish start-up Material Exchange Ventures has announced a new partnership with the Hong Kong testing service, Eurofins Softlines and Leather, to provide greater transparency in fashion supply chains. The partnership combines the Material Exchange digital material platform with Eurofins' robust testing capabilities to provide a direct link for material suppliers to apply for testing while streamlining the supplier selection process for buyers. Suppliers within the Material Exchange digital library will be able to easily and efficiently access Eurofins' material compliance testing protocol, which was developed with the Footwear Distributors and Retailers of America (FDRA) trade body, as part of a reduced cost program.
Source: Eco Textile
The International Labour Organization (ILO), in partnership with the Bangladesh Garment Manufacturers and Exporters’ Association (BGMEA) and the Bangladesh Knitwear Manufacturers and Exporters’ Association (BKMEA) has launched a comprehensive safety and training package to help the RMG industry better protect and monitor workers and working conditions during COVID-19. As more and more workers return to work, the RMG ‘Learning Hub’ will focus on three core areas: raising COVID-19 prevention awareness among workers and factory management; ensuring COVID-19 Occupational Safety and Health (OSH) preparedness guidelines are being followed, and continuing to promote strong social dialogue in the workplace. Developed by the ILO, the ‘learning hub’ will serve as a one-stop virtual platform and has been made possible through $750,000 of financial support from Sweden and Denmark. To launch the innovation, the ILO organised a ‘virtual’ webinar featuring the Swedish Ambassador in Bangladesh H.E CharlottaSchlyter; SørenAsbjørnAlbertsen, Sector Counsellor of the Danish Embassy in Bangladesh; TuomoPoutiainen, ILO Country Director, Bangladesh; BGMEA President RubanaHuqand BKMEA Vice-President Mohammad Hatem. The first phase of the one-year initiative (July 2020 – June 2021) will start with the ‘virtual’ training of 150 BGMEA and BKMEA-nominated ‘master trainers’ followed by a ‘training of the trainers’ rollout. Once the current situation permits, the safety training sessions will be physically rolled out to BGMEA and BKMEA factories. The ILO will also offer the same package of COVID-19 safety training for ‘master trainers’ from the Bangladesh Employers’ Federation (BEF) as well as the Government (MoLE, DoL, IRI and DIFE) and leading workers’ organisations (Workers Resource Centre (WRC), National Coordination Committee for Worker’s Education (NCCWE) and IndustriALL Bangladesh Council (IBC). “I want to reiterate Sweden’s strong commitment to supporting Bangladesh and the RMG industry in its quest to strengthen labour rights and social dialogue,” Swedish Ambassador H E CharlottaSchlyter said. “This is really a time when cooperation between the ILO and key stakeholders is more important than ever.” “Social dialogue is more important than ever in Bangladesh,” said SørenAsbjørnAlbertsen, Sector Counsellor of the Danish Embassy in Bangladesh. “With a common understanding between workers , employers and the Government, COVID-19 can be tackled and harmonious conditions can be maintained in the workplace.” “Our joint response is focused on providing ‘best practices’ to RMG factories to support a safe and stable return for their workers,” said TuomoPoutiainen, ILO Country Director. “The ILO is also working with other sectors, as well as the Government and workers’ representatives to ensure that this critical and timely information reaches as many workers as possible.” This joint COVID-19 industry response between the employers’ and the ILO sets a significant landmark in our efforts to protect workers’ lives and livelihoods,” said BGMEA President, Dr. RubanaHuq. “The BGMEA is wholly committed to facilitating and scaling up this project and applauds the ILO for steering this timely and important initiative.” “The safety of our workers and supervisors is the utmost priority during this pandemic. I hope the virtual trainings will be an effective tool to enhance the capacity of the trainees and help the RMG industry overcome the ongoing crisis,” BKMEA President A.K.M Salim Osman MP said in a statement, conveyed by BKMEA Vice-President Mohammad Hatem during the virtual launching.
Source: Textile Focus
