FROM THE EDITOR-IN-CHIEF ’ s DESK …
Once again , the Government is the focus of discussion in the industry . The Recent days have seen some major announcements being made by the Government , and which have received a positive response from the trade associations . Decisions include the refund of accumulated Input Tax Credit ( ITC ) at fabric stage ; rates cut on Chenille fabrics and other fabrics under heading 5801 ; allowing the quarterly filing of return for the small taxpayers having turnover below Rs . 5 crore ; decision to increase import duty on 76 textile and apparel items ( 24 knitted apparel categories , 24 woven apparel categories ) at 6 digits level to protect the domestic manufacturers from rising imports ; and not to forget the announcement of 28 per cent hike in Minimum Support Price ( MSP ) of cotton .
Irrespective of the above decisions , I can see long-term planning and policy formation still missing in the Government ’ vision and action . Just 8 months back , the Government increased basic customs duty on imported polyester fabrics from 10 per cent to 20 per cent owing to threat of cheaper imports … But did the Government ever ponder over India ’ s slow capability to grow its polyester-based garment exports till date before taking this decision ? The reason is simple ! Indian polyester is not of good quality and with the increased customs duty on imported polyester , it is furthermore difficult for the Indian apparel exporters to be competitive . Can Indian polyester ever compete with the quality of polyester made in Indonesia , especially when it comes to prints ? To add on , the cotton price is today costing somewhere around Rs . 51,000 per bale which was somewhere around Rs . 39,000 per bale just a few months back . So , how can the apparel exporters plan for long-term or even survive when there is such a fluctuation in price happening every other day ?
Look at China … It keeps with itself a buffer stock usually of nearly 120-150 lakh tonnes of cotton , which by this August , is expected to drastically go down to barely 25-40 lakh tonnes . So , China is planning to import at least 20 lakh bales from India for the new season to control its market . The question then arises is when will India learn from its neighbours about having a proper stock or system in place to keep the price in control for its exporters ...?
In a similar context relating to advanced measures for its apparel industry , has India prepared itself to be saved from the impact of cotton price globally which might shoot up any time ? The US , which is the third biggest cotton-producing country , has faced significant destruction of cotton crop which will set off a sudden hike any moment .
A close analysis of these circumstances corroborate the fact that the Government is just trying to appease small-time manufacturers of polyester fabric … Whatever profit we might receive at one end will be lost at the other end due to lack of awareness and sufficient foresight . This is not a win-win situation for anyone . All this is happening because our Government still does not believe in long-term planning or policy formation ...!
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6 Apparel Online India | AUGUST 1-15 , 2018 | www . apparelresources . com