Prime Minister Narendra Modi, in his Address to the nation on November 8, made a surprise announcement that the currency notes of Rs 500 and Rs 1,000 would not be legal tenders from the midnight of November 9. In a single stroke of his major policy decision, he cancelled 86% of country’s all banknotes, equivalent to $207 billion, the results of which are slowly emerging as people rush to manage their cash. For general public the announcement was a big surprise but those connected with the banking circle and having a watch on monetary policy reports of various banks, there was hardly any reason to get any shock. The State Bank of India in it’s report of March 2016 had talked about the rumors in their circles that these notes might be withdrawn. This was precisely the reason the SBI research team attributed to the unprecedented amount of cash with public in these denominations that, according to them, was not contributing to industrial output or in any positive way to the economy. It was, perhaps, lying idle except, the trend they observed, there was steep rise in the bullion market. However, later we saw increase in the bank deposits, diversion of money in the greenback, real estate and in other routes. Continue reading India’s Currency Demonitization : B&W Or Technicolor?
There is a growing need for the industry to design special testing programs to create awareness of how to properly choose a test method, interpret the results, and use the results in product marketing. It is important for you to know how your textile product will perform for your end users irrespective of where you are in the supply chain. It is necessary that you understand the basics of textile testing so that you can better inform your customers and promote your product. For example, what textile test methods apply to your product, what are the performance specifications that define your product and the difference between standard and non-standard testing.
On August 19, 2016, a sort of earthquake hit India’s largest home textile exporter to the US for the last many years. The intensity of the quake was so high that it has badly shaken the country’s textile industry. Though it will take some time to estimate it’s total impact, the loss is feared to be considerably high as the tremors of the quake were felt, and taken note of, globally.
Yes, we are talking about Welspun India Ltd., a US$3 bn Welspun Group company – one of the top 3 home textile producers in the world. The company has a 20% market share in the US in towels and 11% in bed linen. About 95% of the company’s production is exported and nearly two-thirds of Welspun’s business actually comes from the US. Continue reading High-intensity Tremor Shakes India’s Textile Industry
The global apparel sales for 2016 are likely to exceed $1.4tn with the U.S. accounting for more than $300bn. There is a strong feeling that China’s dominant position – as the largest apparel exporter for the last 10 years – will change in coming years. The South Asian region has a huge and competitive apparel production business accounting for 12% of total global apparel exports. Countries like Bangladesh and Vietnam have mass production, aggressive exports and low production costs. They are doing exceedingly well in the global export market. In fact, they have stolen a march on India in recent years. India would have to boost trade through preferential agreements with key markets to secure greater market share to catch up with them.
In this section we provide profiles of Indian Apparel Exporters for the benefit of who are interested in sourcing from India.
This list is for general information only and we have absolutely no role to play (or have anything to do with) the negotiations or actual transactions carried out based on this information. We take absolutely no responsibility of any kind.
(Washington, D.C.) – The American Apparel & Footwear Association today expressed deep disappointment with President Obama’s decision to proclaim very limited duty-free treatment for travel goods (including luggage, handbags, backpacks, tote bags, etc.) under the Generalized System of Preferences (GSP) program.
Today’s decision means travel goods imported from ‘least-developed beneficiary developing countries’ and African Growth and Opportunity Act (AGOA) countries are able to enter the U.S. duty free effective tomorrow, July 1, 2016. However, the President has delayed indefinitely a decision on granting travel goods benefits to all other GSP beneficiary developing countries. Continue reading The American Apparel & Footwear Association Disappointed With U.S. Government’s GSP Decision
The Union Budget 2016-2017 is a growth-oriented budget that aims to build on India’s strengths and to address the problems and challenges that are faced by the country. Keeping this approach in mind, the Finance Minister introduced Budget 2016-17 with the aim to strengthen and build on the country’s growth drivers through infrastructure and social sector development, deal with challenges of inflation, poverty, fiscal management and other social problems and to promote overall growth of the economy. Though, overall Budget focuses on areas requiring major investments, while seeking to take forward the process of fiscal consolidation, certain changes proposed in Budget, have become topics of much discussion throughout the country. One such proposal is to impose 2 per cent excise duty on branded readymade garments and made-up articles of textiles of retail sale price of Rs 1,000 and above. Continue reading Garment Industry Shaken By Proposed Excise Duty in Union Budget 2016-17
India has a tradition to treat the Union Budget as a big event of February every year. Citizens, at personal level, look forward to increase in income tax exemption limit whereas businesses, through their respective associations, submit what is called ‘pre-budget memorandum’, the format of which has largely remained unchanged since decades. One can find many of the textile trade associations’ suggestions/demands repeating every year, prominent among them being related to removal of hank yarn obligation, labour reforms, reduction in duties, etc. Continue reading “Budget Expectations Are Going To Be Muted in 2016”
The textile industry’s hard realization that it was causing an unbearable health hazard to people’s lives came in February 2011 when the Madras High Court ordered that the 700-odd dyeing units in Tirupur be shut down. The order was the outcome of the legal battle fought by Noyyal River Ayacutdars Protection Association, a farmers’ association led by a social activist A P Kandaswamy, against the polluting industry. The Madras High Court order was the outcome of the contempt petition moved by the farmers’ association. Earlier, in 2006, the court had ordered the industry and the state government to ensure zero liquid discharge (ZLD, meaning no liquid effluent is released in the open). The factory owners’ plea that they should be given more time to implement the order was dismissed by the court on March 25, 2011. Continue reading Is India Ready for Zero Liquid Discharge (ZLD) Effluent?
ITMA 2015, held from 12 – 19 November 2015 at Milan, Italy, saw an unprecedented competition among exhibitors over various features related to what they call “sustainable technology” – also termed as “green technology”. A major requirement for any technology to be sustainable is that it should not irrevocably destroy any resource (except an insignificant amount) that is not renewable and it should be durable enough that any renewable resources it requires can be replenished during its life. Normally, if a technology claims to be energy efficient, less polluting, recyclable, and easy to maintain, then it is termed as “sustainable” but there is a growing concern that it must also be affordable and economically viable. It must create more value than it costs over the long term and contribute to the overall prosperity of all the stakeholders. Continue reading ITMA 2015 : Taken Over By Sustainable Technologies
The textile spinning sector units, especially those engaged in export of cotton yarn, have expressed unhappiness with the Foreign Trade Policy (2015-20) announced by the government saying that there is hardly any concrete step in it for encouraging exports despite the fact that the sector employs over 35 million workers and has the required potential to double this number by 2020.
They find no incentives for export of cotton yarn in the policy. They also complain that the 2 percent incentive provided for MMF yarn and fabrics of all fibres under the Merchandise Exports from India Scheme (MEIS) is only for countries in which these products have very limited market. Overall, they feel that instead of reducing any incentives on textiles export, the government should reduce interest cost on working capital to 7 percent and also the duty burden on MMFs. Continue reading Spinning Units Seek “Level Playing Field”