National Institute of Fashion Technology ( NIFT ), India ’ s premium institute for fashion and garment technology is organizing its ‘ campus placement week ’ at its 7 centres from 23rd April to 5th May . Taking into consideration the current market conditions , especially in apparel exports which are on a declining trend , many believe that it may have negative impact on NIFT ’ s placement also . This year , out of 2,750 pass-out students , nearly 2,500 opted to go for placement while rest 250 students are going for other options like higher studies , start-ups or are already selected in preplacement . “ Yes , overall business |
situation is tight and companies are not very enthusiastic to invest in fresh talent , but it is too early to say that this will have an impact on placements . We have invited nearly 2,400 companies including apparel exporters , domestic brands , retailers , interior designers , etc . This year , a company like Zomato ( restaurant search and discovery service ) is also participating in placement ,” informed Amit Kumar Anjanee , Unit Incharge - Industry & Alumni Affairs , NIFT , Chennai .
Some industry watchers and HR Managers of the apparel industry feel that this difficult scenario may not only see less hiring but will also
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In 2017 , apart from top companies from the textile industry , companies like Dorling Kindersley ( publishing ) also participated in the placement process .
have a negative impact on the salary packages . “ Overall in the industry , it is becoming difficult to retain existing talent , so it will obviously have an impact on new hiring . I feel that the packages could be reduced
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by nearly 20 to 25 per cent for fresh talent ,” shared R . Gaur , VP – HR , Radnik Exports , Delhi . Radnik Exports is among the respected apparel export house of Delhi-NCR that participates enthusiastically during the placement process . According to a report of the Ministry of Textiles , the average annual salary during campus placement 2017 for the students from Master ’ s programme was Rs . 4.62 lakh per annum whereas for the Bachelor ’ s programme , the same was Rs . 3.87 lakh per annum . Among the 10 various programmes , placement percentage varied from 25 per cent to 83 per cent . |
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Bangladesh ’ s National Board of Revenue ( NBR ) has hinted of keeping the source tax unchanged for the country ’ s export sector , around 83 % of which is occupied by the apparel industry . NBR Chairman Mosharraf Hossain Bhuiyan indicated this while speaking in a meeting with exportoriented business chambers and Economic Reporters ’ Forum at NBR Auditorium , Dhaka , ahead of the upcoming budget preparation for 2018-19 fiscal .
During the discussion with Exporters ’ Association of Bangladesh ( EAB ), the institution ’ s Senior Vice President Md Hatem said : “ The prices of apparel items have gone down worldwide . Because of the falling prices , now , 80 % of the companies are suffering losses , 10 % are operating on break-even point , and the remaining 10 % are profiting .” “ At such a critical point , the tax at source is proving to be a real handful for business . You ( NBR ) need to fix the tax at source
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for export-oriented industries , including the apparel industry , for the next five years . This will help the entrepreneurs to formulate business policies ,” he said . In response to such remarks , NBR Chairman Bhuiyan said that for the time being , they don ’ t have any plans to raise the tax at source . Since this will be the Government ’ s pre-election budget , there should not be many |
changes . The inflow of revenue from exports is lower than the amount of export . Some money is being kept abroad . Now , NBR is thinking that if it can impose source tax on master LC value . Among those present in the discussion were Rezaul Hassan , member of NBR ’ s VAT policy , Firoz Shah Alam , member of NBR ’ s Tax Policy , and Kanan Kumar , member of NBR ’ s Income Tax Policy . Other |
senior members of export-oriented business forums were also present .
Currently , the tax at source for exports stands at 0.70 %. However , the export-oriented industries , especially the garment manufacturing , have repeatedly urged the Government to withdraw the levy , citing it to be a major obstacle in the growth of the industry .
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