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Thursday, 10 August 2017

Cut in textile job work GST a huge relief: Texprocil

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The reduction in Goods and Services Tax (GST) rate for job work for the entire value chain of textiles sector to 5 per cent is a huge relief for the sector, TheCottonTextiles Export Promotion Council (Texprocil) has said. Prior to GST Council’s recent decision, job works related to man-mad..

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Monday, 7 August 2017

GST Council finalises e-way Bill

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The Goods and Services Tax (GST) Council, headed by Union finance minister Arun Jaitley and comprising finance ministers of all states, has finalised the e-way Bill. The Bill mandates pre-registration of all goods worth over Rs 50,000 before they are transported for sale. However, pre-registrati..

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Saturday, 5 August 2017

India's textile exports show 3.2% CAGR rise in 3 years

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India’s export of textiles and garments showed a CAGR increase of 3.2 per cent in the last three years from Rs 2,47,546 crore in fiscal 2014-15 to Rs 2,63,494 crore in 2016-17. The foreign direct investment (FDI) equity inflow in the sector rose by 169 per cent from $230.13 million in 2015..

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Tuesday, 1 August 2017

CBEC issues clarifications on GST for textiles sector

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The Central Board of Excise and Customs (CBEC) and Commercial Taxes Departments of States/Union Territories have jointly issued clarifications on various aspects related to the Goods and Services Tax (GST). This comes in the wake of protests against various clauses and rules under the GST regime..

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Thursday, 27 July 2017

198 exhibitors took part in Heimtextil, Ambiente India

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Courtesy: Heimtextil India Around 198 exhibitors and 7,457 visitors attended India’s leading home fashiontradefair duo Heimtextil India and Ambiente India, held during June 20-22, 2017 in New Delhi. The shows marked the start of the pre-festive retail season in India. One-on-one buyer-..

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Monday, 24 July 2017

TEXTILE SECTOR HIT, EXEMPT IT FROM GST: OPPOSITION

The Opposition in Rajya Sabha raised Thursday the issue of protests by textile manufacturers and traders against GST, saying the new tax would adversely affect the industry, especially the handloom segment. Several Opposition members raised the matter during zero hour, with some demanding that t..

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Saturday, 22 July 2017

No shortage of cotton & yarn in country: Minister

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There is no shortage ofcottonand yarn in thecountry, and the Central Government reviews the cotton availability position from time to time, minister of state for textiles Ajay Tamta has said. Adequate availability of cotton is ensured through domestic production andtextilemills are able to sourc..

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Friday, 21 July 2017

Textile traders end strike following Centre's assurance

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Textilemarkets in Surat, Ahmedabad, Rajkot and other places have opened after textile traders called off their strike against the imposition of five per cent Goods and Services Tax (GST) on fabrics. The strike was called off after Union finance minister assured Surat and Ahmedabad textile market..

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Wednesday, 19 July 2017

Improvement expected in textiles production: FICCI survey

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For the April-June 2017-18 quarter, a little over two-fifths of participants expect their production level to be similar to that of same quarter last year, while a third expect it to be higher as compared to the same over the same period, says the latest FICCI quarterly survey on Indian manufact..

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Tuesday, 18 July 2017

EXPORTS GROWTH SLOWS IN JUNE, TRADE GAP WIDENS

New Delhi: India’s exports growth slowed to a four-month low in June while heavy buying of gold lifted imports, causing a spike in trade deficit from a year earlier, though the gap narrowed from the previous month. Exports grew 4.39% to $23.5 billion, while imports rose fast..

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Monday, 17 July 2017

INDIA'S EXPORTS UP 4.39% IN JUNE, TRADE DEFICIT WIDENS ON IMPORTS OF GOLD AND OIL

India's export grew by 4.39 per cent to $23.56 billion in June as shipments of chemicals, engineering and marine products improved, according to the official data released today. Import too rose by 19 per cent to $36.52 billion in June from $30.68 billion in the year-ago month due to ri..

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Friday, 14 July 2017

Indian govt carrying out 4th census of handloom weavers

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The government is carrying out the fourth national census of handloom weavers and allied workers to get a realistic picture of their presence and tailor policies for their welfare. It has already started collating data for this purpose. The exercise is expected to get completed by December 2017 ..

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Thursday, 13 July 2017

GOVT PROCUREMENT THROUGH GEM HELPS 20-30% CUT IN PRICES: SITHARAMAN

Procurement through the Government e-Market (GeM) platform has led to a 20-30 per cent reduction in prices compared to before, Commerce & Industry Minister Nirmala Sitharaman has said. The Central and State governments procure goods and services worth overRs.5 lakh crore annually, and th..

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Wednesday, 12 July 2017

GARMENT EXPORTS LIKELY TO REGISTER 15-18 PC GROWTH IN FY 18

Mumbai: India's garment exports are expected to register a 15-18 per cent growth in FY 18 as against USD 17 billion registered last year, a senior government official said here."We have clocked 18 per cent growth in garment exports since January 2017 and we hope that similar trend may c..

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Tuesday, 11 July 2017

INDIAN TEXTILE SECTOR TO TOUCH $250 BILLION BY 2019'

The Indian textile industry will grow in size to be a $250 billion market in the next two years from $150 billion now as the sector has tremendous growth potential, according to textile commissioner Kavita Gupta. Currently the domestic market of the country is estimated to be a $110 billion mark..

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Saturday, 8 July 2017

'Indian textile sector to touch $250 billion by 2019'

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The Indiantextileindustry will grow in size to be a $250 billion market in the next two years from $150 billion now as the sector has tremendous growth potential, according to textile commissioner Kavita Gupta. Currently the domestic market of thecountryis estimated to be a $110 billion market, ..

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Thursday, 6 July 2017

INDIA, RUSSIA TEXTILE TRADE LIKELY TO REACH MORE THAN $1BN

The textile trade between India and Russia currently stands at $161 million, but has the potential to reach more than $1 billion with a huge market of winter wears in Russia, said J K Dadu, additional secretary, Union ministry of textiles while speaking at a country session on the second day of ..

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Thursday, 6 July 2017

INDIA INVITES FIRMS FROM ASEAN COUNTRIES TO INVEST

Keen on fast-tracking the negotiations on the Regional Comprehensive Economic Partnership (RCEP), India on Tuesday invited companies from Asean countries to invest in numerous sectors here. Talking at the 9th edition of the Delhi Dialogue, a conference in which policymakers converge to discuss a..

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Wednesday, 5 July 2017

TEXTILES INDIA 2017: INDUSTRY LEADERS RAISE CONCERNS OVER IMPACT OF GST ON EXPORTS

Rakesh Mohan Joshi, faculty at Indian Institute of Foreign Trade, said that GST implementation remained a concern for the industry at large. A day after the goods and services tax (GST) roll-out, concerns regarding its implementation were shared by various industry leaders who took part in confe..

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Tuesday, 27 June 2017

INDIA-AUSTRALIA TO BOOST COLLABORATION IN CLOTHING, FASHION

India and Australia will intensify cooperation in the field of textiles, clothing, handloom and fashion, with the government approving an agreement between the two nations in this regard. The Memorandum of Understanding between the Ministry of Textiles and the Department of Foreign Affairs and T..

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Thursday, 22 June 2017

REDUCE GST ON MMF & YARN FROM 18 TO 12 PC; TEXTILE INDUSTRY

The Textile industry in the region today expressed the hope that the June 18 GST council meeting would consider reducing the GST rate on Man Made Fibres, filaments and yarns from 18 per cent to 12 per cent. There would be huge accumulation of excess credit with 18 per cent GST rate on yarn and o..

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Monday, 19 June 2017

TEXTILES INDIA 2017 TO BOOST EXPORT: MINISTER

Thiruvananthapuram : Over 1,300 exhibitors will showcase their products and services at the three-day 'Textiles India 2017 fair' at Gandhinagar in Gujaratfrom June 30 to July 2. More than 2,500 international buyers from 60 countries are expected to attend the event. Addressing a press co..

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Saturday, 17 June 2017

TEXTILE TRADERS, POWERLOOM UNITS TO OBSERVE BANDH TODAY

Surat: Textile traders Hundreds of traders had assembled at the Goodluck textile market on the Ring Road to attend a public meeting called by the Vyapari Sangarsh Samiti (VSS) on Wednesday. VSS has appealed all the traders in the 165 textile markets on Ring Road, Salabatpura and Sahara ..

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Thursday, 15 June 2017

Reduce GST for job work after garmenting to 5%: TEA

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The Tiruppur Exporters' Association (TEA) has appealed to the Goods and Services Tax (GST) Council to reduce the rate for job work operations after garmenting activities to 5 per cent from 18 per cent. While the Council reduced the rate for job work in textiles to 5 per cent, it did not cove..

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Saturday, 10 June 2017

World Bank approves Rs 23 cr for Srinagar silk factory

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The silk factory at Rajbagh in Srinagar, the capital of Jammu & Kashmir, will receive Rs 23 crore by the World Bank for its revival and restoration. The factory was damaged due to the devastating floods of 2014. All the available resources will be pooled together to revive the factory, said ..

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Wednesday, 7 June 2017

India, EAEU to soon begin FTA negotiations: Official

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India-EAEU: A Strategic Partnership' Business Breakfast session at SPIEF 2017. Courtesy: Dmitry Koshcheev/SPIEF The Government of India as well as the governments of the Eurasian Economic Union (EAEU) member countries will shortly begin negotiations for a freetradeagreement (FTA), a seni..

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Tuesday, 6 June 2017

Categorise fabrics of all kinds under 5% GST slab: CAIT

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The Confederation of All India Traders (CAIT) has urged Union finance minister Arun Jaitley to categorise fabrics of all kinds under the 5 per cent tax slab of the Goods and Services Tax (GST). Being a new entrant to the taxation club and given that cloth is an item of mass consumption, 5 per ce..

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Saturday, 3 June 2017

Categorise fabrics of all kinds under 5% GST slab: CAIT

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The Confederation of All India Traders (CAIT) has urged Union finance minister Arun Jaitley to categorise fabrics of all kinds under the 5 per cent tax slab of the Goods and Services Tax (GST). Being a new entrant to the taxation club and given that cloth is an item of mass consumption, 5 per ce..

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Monday, 29 May 2017

Indian exports can touch $325 bn in 2017-18: FIEO

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Indian exports are on upwardtrendin last few months as thecountryended up with export of $275 billion in last fiscal, said GK Gupta, president, Federation of Indian Export Organisation (FIEO). The country could achieve a new milestone of $325 billion in 2017-18 and Gupta has suggested providing ..

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Saturday, 27 May 2017

Indian textiles ministry promotes wool sector

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The ministry of textiles has taken multiple steps to promote thewoolsector in India in the last three years, according to the latest achievementsreportof the ministry. A total grant of Rs 33.98 crore has been released under pashmina Wool Development Scheme (PWDS) and pashmina Promotion Programme..

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Wednesday, 24 May 2017

INDIAN ECONOMY IS GROWING AND THEREFORE WE BELIEVE THAT THE DEMAND WILL BE VERY HEALTHY: RS JALAN, GHCL

ET Now: You have closed Q4 with a strong top line growth of about 27% but the EBITDA growth trails at 10%, is this largely because there was pressure on soda ash realisations and the fact that global capacity is getting added up? RS Jalan: If you look the GHCL as a whole for the entire year, jus..

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Wednesday, 24 May 2017

INDIAN ECONOMY IS GROWING AND THEREFORE WE BELIEVE THAT THE DEMAND WILL BE VERY HEALTHY: RS JALAN, GHCL

ET Now: You have closed Q4 with a strong top line growth of about 27% but the EBITDA growth trails at 10%, is this largely because there was pressure on soda ash realisations and the fact that global capacity is getting added up? RS Jalan: If you look the GHCL as a whole for the entire year, jus..

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Tuesday, 23 May 2017

Grasim's VSF business net revenue up 12% in Q4 FY17

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Theviscosestaplefibre (VSF) business of Grasim Industries has registered 12 per cent increase in net revenue at Rs 1,945 crore for the fourth quarter of fiscal 2016-17. Despite the rise in pulp and energy costs, EBITDA of the VSF division increased by 30 per cent to Rs 345 crore, led by higher r..

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Monday, 22 May 2017

TEXTILE MACHINERY TO ATTRACT 18% TAX UNDER GST

The Goods and Services Tax (GST) rate for textile machinery has been decided at 18 per cent by the GST Council at its two-day meeting, scheduled to conclude today in Srinagar. The Council has broadly approved the GST rates for goods at nil rate and 5, 12, 18 and 28 per cent to be levied..

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Saturday, 20 May 2017

GOVT MULLS INCREASING SUPPORT PRICE FOR COTTON BY RS 160 PER QUINTAL FOR FY18

New Delhi: As farmers prepare fields for kharif sowing, the government is considering increasing the minimum support price (MSP) of cotton by Rs160 per quintal to Rs4,320 for the 2017-18 crop year beginning July. Reuters It is also planning to promote Bt cotton variety developed by the governmen..

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Friday, 19 May 2017

India & QTEC to sign MoU for quality compliance

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Ajit B Chavan, secretary, textiles committee, Subrata Gupta, joint secretary, ministry of textiles and Kei Funaki, ASEAN and South Asia regional manager, overseas coordination department, QTEC at the The Government of India, through the textiles committee, has decided to sign a memorandum of..

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Thursday, 18 May 2017

FICCI survey pegs India's 2017-18 GDP growth at 7.4%

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Views of participating economists on strengthening domestic economy; Courtesy: FICCI's Economic Outlook Survey, May 2015 A median GDP growth of 7.4 per cent is forecast for the fiscal year 2017-18, with a minimum and maximum level of 7.0 per cent and 7.6 per cent respectively, says the l..

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Wednesday, 17 May 2017

MODI GOVT PROVIDED SELF-EMPLOYMENT TO OVER 7 CR PEOPLE THROUGH MUDRA SCHEME: SMRITI IRANI

Countering criticism over the government’s failure to create enough jobs, the Centre on Monday said that it has provided self-employment to over 7 crore people by providing loans under MUDRA scheme. "Over Rs 7 crore people have been given loan under Prime Minister MUDRA Missi..

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Friday, 12 May 2017

INDIA EXTENDS DUMPING DUTY ON CHINA'S VISCOSE

India has extended the anti-dumping duty on viscose filament yarn from China by one year. The duty will now be valid till May 3, 2018. The decision by the Revenue department was taken after the sunset review investigation initiated by the commerce ministry recently. The duty ranging fro..

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Wednesday, 10 May 2017

INDIA TO GROW AT 7.7% IN 2018-19: IMF

India's growth is expected to rebound to 7.2 per cent in the 2017-18 fiscal and 7.7 per cent in 2018-19 after disruptions caused by demonetisation, the IMF said today, while recommending the removal of long-standing structural bottlenecks to enhance market efficiency. The temporary disruptio..

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Tuesday, 9 May 2017

Revised Foreign Trade Policy to promote SME exports

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Minister of state for commerce and industry Nirmala Sitharaman interacting with the media on mid-term review of Foreign Trade Policy 2015-2020, in New Delhi. Courtesy: PIB The core focus of the revised ForeignTradePolicy (FTP) would be promoting exports from the small and medium enterprises ..

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Monday, 8 May 2017

GOVT MAY REVAMP FTP TO BOOST EXPORTS

New Delhi: India plans to revamp its foreign trade policy and relook at incentives to give a leg-up to the export sector, which is hurt by lower global demand as well as an appreciating rupee. The government proposes to come out with a mid-term review of the foreign trade policy (FTP) 201520 in ..

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Saturday, 6 May 2017

INDIA-UNIFORM GST RATE LIKELY FOR TEXTILE INDUSTRY, SAYS SMRITI IRANI

Hinting that the textile industry is expected to have an uniform GST rate, Union Textile Minister Smriti Irani on Friday said that a conference will be held soon to decide on the issue. Responding to pleas at a meeting of textile industries associations and stakeholders here, for fixing five per..

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Friday, 5 May 2017

Welspun India Q4 FY17 revenue up 8.7% to Rs 17,572 mn

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Welspun India, part of the $2.3 billion Welspun Group, has announced that its revenue increased by 8.7 per cent to Rs 17,572 million in the last quarter of fiscal 2017, as compared to Rs 16,162 million in the same period last year. This growth is due to double digit growth in volumes in terry to..

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Thursday, 4 May 2017

Cover Story to introduce its online platform

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Cover Story of Future Style Lab, a wholly-owned subsidiary of the Future Group, has plans to expand its business with the launch of its own online platform by the end of 2017. Aiming to achieve top line growth of over 200 per cent in the financial year 2017-18, the fashion brand which has comple..

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Tuesday, 2 May 2017

Government revamping tech mission on cotton

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Indian Government is working to revamp the technology mission oncotton. There already have been a series of meetings with stakeholders and researchers in this connection. The revamped cotton mission is expected to have four parts - two to deal with cotton productivity under the agriculture minis..

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Monday, 1 May 2017

EXPORTS MAY TOUCH $325 BILLION IN 2017-18: PHD CHAMBER

India's exports are expected to touch $325 billion in 2017-18 on account of rising competitiveness of Indian products and revival in global demand conditions, industry chamberPHDCCItoday said. "Our merchandise exports are expected to touch $325 billion mark in 2017-18,"PHD Cham..

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Saturday, 29 April 2017

Indian Textiles Minister visits Apparel Park in Tirupur

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India’s Union Minister of Textiles Smriti Zubin Irani recently paid a visit to Netaji Apparel Park (NAP), New Tirupur in Tamil Nadu and observed activities in one of the exporting units there. Thereafter, she participated in a meeting with the select exporters and Office Bearers of Tirupur..

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Friday, 28 April 2017

UNION MINISTER TO VISIT TEXTILE CLUSTERS IN REGION

Sources claimed the Minister, upon arrival, would head to Tirupur to inspect Netaji Apparel Park and Palladam Weaving Park. Union Textile Minister Smriti Irani will review the functioning of textile clusters in the region during her two-day visit, beginning tomorrow. The Minister, after ..

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Wednesday, 26 April 2017

INDIA, KAZAKHSTAN TO INCREASE COOPERATION IN TEXTILES

Indian and Kazakhstan are deliberating upon increasing cooperation in textiles sector and exploring export of raw cotton from South Kazakhstan to India for processing in Indian enterprises. The issues were discussed by the Kazakh-Indian Joint Working Group for cooperation in textiles during Apri..

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Tuesday, 25 April 2017

GST reflects 'One nation, One aspiration' spirit: Modi

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Prime Minister Narendra Modi has said that the Goods and Services Tax (GST) shows the strength and resolve of the federal structure. Consensus on GST will go down in history as a great illustration of cooperative federalism and the tax reform reflects the spirit of 'One nation, One aspiratio..

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Monday, 24 April 2017

MINISTRY OF TEXTILES PRESENTS A CURTAIN RAISER TO ‘TEXTILES INDIA 2017’

Celebrating the diverse crafts and textiles of India, the Crafts Museum in national capital was a vibrant place on Tuesday evening. The Ministry of Textiles presented a curtain raiser to 'Textiles India 2017', the first ever global B2B Textile and handicrafts event in India. The event br..

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Saturday, 22 April 2017

Strong rupee & weak trade to affect textile exporters

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Textileand apparel exporters' earnings and EBITDA margins will be impacted in the near term due to the Indian rupee's 5 per cent appreciation against the dollar in 2017 year to date and weak apparel imports from markets such as US and UK, says a recentreport. The on-going strength of the..

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Friday, 21 April 2017

Indian handmade carpets may get govt trademark

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India’s handmade carpets may get a government trademark which will help ensure that products comply with standards and quality benchmarks. The move is important since India is a lading exporter of handmade carpets with 40 per cent share of world’s handmade rug market at around Rs 9,0..

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Thursday, 20 April 2017

Textiles India 2017 to be India's 1st global B2B event

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Textiles minister Smriti Irani at the curtain raiser event of Textiles India 2017, in New Delhi. Minister of state for textiles Ajay Tamta and other dignitaries are also seen. Courtesy: PIB The ministry of textiles has presented a curtain raiser to ‘Textiles India 2017’, position..

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Wednesday, 19 April 2017

Government to aid scheduled caste handloom weavers

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Textiles minister Smriti Irani and minister of social justice & empowerment, Thaawar Chand Gehlot, and other dignitaries presenting tool kits to SC handicrafts artisans. Courtesy: PIB The National Scheduled Castes Finance and Development Corporation (NSFDC) and Development Commissioner (..

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Tuesday, 18 April 2017

GST: GOVERNMENT LOOKING TO KEEP SINGLE RATE FOR EACH PRODUCT GROUP TO AVOID COMPLEXITY

NEW DELHI: After having opted for multiple rates under the upcoming goods and services tax (GST) regime, India is now looking to keep variations in rates on the same types of products at a minimum to ensure that the tax structure does not get any more complicated. For example, all types of footw..

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