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US RETAIL SALES RISE MUCH MORE THAN EXPECTED IN MARCH

admin — Mon, 07 May 2012 05:18:56 +0000

Us retail sales remained strong in the month of March, according to figures released by the Commerce Department, although the rate of sales growth slowed somewhat from February levels. Advance estimates put the total level US retail sales at a seasonally adjusted $411.1 bn for March, an increase of 0.8% over February levels. While February’s retail figures were revised down slightly to show 1% growth rather than the 1.1% increase initially reported, the March sales growth came in significantly stronger than 0.3% growth predicted by economists.

HIGH- VALUE FLAT KNITS AN EMERGING NICHE

admin — Mon, 16 Apr 2012 09:58:51 +0000

Considered a seasonal garment have evolved as a full year category with the addition of what is popularly termed as ‘summer cardigans’. As the fashion and utility value of sweaters extends throughout the year, the business prospects for manufactures working I this category has increased manifold. Today, flat knit manufactures and exporters are working in two distinct categories – winter wear, which is predominantly woolen, and fashion wear which is about cotton, polyester and blended yarns. Interestingly, while traditional manufactures in Ludhiana are still mostly working on winter wear, exporters in the Delhi-NCR region are looking to capitalize on the fashion segment.

US ECONOMY RECOVERING BUT EURO CRISIS A CHALLENGE

admin — Sat, 24 Mar 2012 10:07:23 +0000

The United States economy is on the road to recovery with stronger job growth expected this year, but income inequality and Europe’s debt crisis could still pose challenges. “While actions taken to prevent a deeper recession and to strengthen the recovery made a difference, the nation is still recovering from that profound crisis and the problems that led to it,” said the report released by President Obama’s Council of Economic Advisers.The 446-page Economic Report of the President, Which outline a plan to “recover, rebalance and rebuild “, focuses heavily on income inequality, and building an America where “everyone gets a fair shot.’ One way to do that is job creation. While 1.8 million jobs were created last year, the economy still needs to add about 5.6 million jobs to get back to 2008 employment levels and that’s without accounting for population growth. The report calls attention to a “manufacturing revival,’ along with a rise exports.”One major challenge the White House points to is Europe’s debt crisis. Europe buys about a fifth of US goods that are exported and about 40 per cent of US economic performance will depend, in part, on the swift resolution of problems in the euro area,” the report said. The report comes just hours after Congress passed a bipartisan bill extending the payroll tax cut and unemployment benefits.” The payroll tax cut provides some cushion for families in case they see their costs go up, possible because of gasoline prices or for other reasons over the course of the year,” said Alan Krueger, Chairman of the Council of Economic Advisers.

GOVERNMANT OF INDIA REVOKES BAN ON COTTON EXPORTS

admin — Mon, 19 Mar 2012 04:54:58 +0000

Facing pressures from growers & traders India as of 12th March scrapped a one-week-old ban on exports of cotton, “Keeping in view the interests of the farmers, industry, trade, a balanced view has been considered by the Group of Ministers to roll back the ban,” said Commerce & Industries Minister Anand Sharma, who is also handling the Textile Ministry.
Earlier, India had banned cotton exports to conserve supplies for local mills as per the Directorate General of Foreign Trade (DGFT) officials. Over 80 per cent of exports so far have headed to China. The Industry had reacted very positively to the ban describing the Government decision as timely ensuring adequate availability of cotton for the domestic sector till the end of the season. While 1 kg of raw cotton provides a yield of Rs.100, same cotton as trousers provides a yield of Rs .500. The employment level at raw cotton level is 0.5 workers per kg, however, as garments 60 lakhs workers get jobs. Therefore, finished goods production offers maximum potential for employment. But the policy makers for reasons well known to them, do not realize this.
However, yet again the interest of farmers has taken precedent over the interest of the industry to the disappointment of the textile chain. There is a need for a strong integrated policy otherwise such a arbitrary action will continue……….

RAJEEV BANSAL

INDIA –EU IN DIALOGUE REGARDING FTA

admin — Mon, 12 Mar 2012 10:52:38 +0000

The India-European Union Summit, involving Karel De Gucht, European Union Trade Commissioner, and Anand Sharma Commerce, Industry and Textile Minister, is expected to issue a ‘political statement’ on the progress of negotiations on the proposed Free Trade Agreement (FTA). According to Sharma, the India-EU summit will strengthen the two large economics of the world and the proposed BTIA (or broad-based Trade and Investment Agreement – as the FTA would be officially called) will give a boost to expanded and more diversified trade between the two sides, The talks for the FTA began in June 2007.

TEXTILE COMPANIES RELOCATING TO BANGLADESH

admin — Mon, 12 Mar 2012 10:50:55 +0000

In a bid to survive, the Textiles companies are fats shifting base to Bangladesh, to reap the benefits of the country’s low costs of production. The process has already begun with units in West Bengal finding it easier to relocate to the neighboring country. Recently, the Indian Government decided to allow duty free import of 48 textiles items from Bangladesh. According to Dr A.sakthivel, the new AEPC Chairman, said some of the textile companies, especially from kolkata, have already started setting up units in Bangladesh to take advantage of duty concessions, cheap labour and other low overhead costs.

INDIA PERMITS 100 PER CENT FDI IN SINGLE-BRAND RETAIL

admin — Wed, 15 Feb 2012 06:28:54 +0000

The Indian Government has formally issued a notification permitting 100 per cent foreign direct investment (FDI) in single-brand retail, from the earlier policy of 51 per cent. Until now, global retailers owning a single-brand had to partner with an Indian entity, as the cap on foreign equity was 51 per cent.However a clause which makes it mandatory for retailers to source 30 per cent of their products sold from the Indian small/village /cottage industries may not go down well with those global retailers either planning to hike or mulling new investments.According to the government, this move will help attract investment in production and marketing and encourage sourcing of goods from India. This decision however, has paved the path for 100 percent FDI in multi- brand retail in the near future.

FTA WITH EU WILL PUSH FORWARD INDIA’S TEXTILE APPAREL EXPORTS

admin — Wed, 15 Feb 2012 06:25:19 +0000

India – EU free trade agreements (FTA) which are under negotiation atthemoment will help to increase the countries exports, opined experts. The India–EU FTA, to be known as the Bilateral Trade and Investment Agreement (BTIA), proposes slashing and eventual removal of duties on about 90 percent pf bilaterally traded goods during the next ten year period. The textile industry is one with the government over reduction and moving towards zero-duty on European imports as it is expected to enhance exports and thus benefit the domestic firms.

INDIA EXTENDS ANTI-DUMPING TARIFFS FOR NYLON YARN PRODUCT

admin — Fri, 27 Jan 2012 11:48:19 +0000

India extended the imposition of antidumping duties against the products of nylon filament yarn from Indonesia to them because of administrative problems. Ministry of Commerce released the antidumping duty (BMAD) was for USS0.46 per kg to US $1.1 per kg, Besides Indonesia, other countries are also affected by BMAD of India on these products are China, Taiwan, Malaysia and Thailand.

The product was first imposed in 2006 BMAD and now extended to 2016. Since the imposed rules, the export volume of nylon filament yarn from Indonesia to India has decreased drastically, The investigation regarding the continuation of textile products iiudimulai BMAD on August 27, 2010 base request of the Association of Synthetic Fibre Industry, India. The investigation was announced by the directorate General of Anti-Dumping Alied Duties (DGAD) India on November 9 2011.

The new investigation results documents acceptable Embassy of the republic of Indonesia (Embassy) New Delhi on November 15 2011, So that the government rate is not enough time to respond, The Government of Indonesia since the early initation of the company’s continued support for co-operative and ask DGAD to grant an extension of time.” according to the ministry of Trade’s press release.

Ministry of Trade opportunities exporters from Indonesia who objected to the extension decision to bring a legal imposition of BMAD by filling an objection to that decision. The institution that could accommodate such objection is Customs Excise and Service Tax Tribunal Apellate. India is a market eksporurutan 11 for lilamen nylon yarn products from Indonesia, The period January –August 2011 total exports to India reached 4.5 mn tonne. As for the last year of 9.5 mn tonne.

GOVT. GRANTS 1,400 CR FOR 40 TEXTILE PARKS

admin — Fri, 27 Jan 2012 10:48:55 +0000

Textiles Minister Anand Sharma informed that Rajya Sabha that centre has allocated 1,400 crore to set up 40 integrated textile parks in the 11th Five- Year Plan, In a written reply to the Rajya Sabha recently, Sharma added that out of the 40 parks sanctioned, seven have been completed and 14 have drawn 90 per cent of grants and 15 parks are in the progress.

The Mewar Integrated Textile Park, to be established at bilwara in Rajasthan, has been sanctioned on October 28 2011, with a total project cost of 112 crore,’ Sharma added. Looking to the successful implementation of the scheme and investor demand, the government has also sanctioned 21 new textile parks in the country. Out of these, 17 parks would commence implementation in December 2011.