Apparel Online India Magazine November 1st Issue 2018 | Page 41

INDUSTRY LIVE
Apparel and textile sector shows encouraging
trend in Index of Industrial Production
The apparel and textile sector
has shown an encouraging trend
in the quick estimates of Index
of Industrial Production (IIP) for
August 2018, says a statement
released by the Ministry of
Statistics and Programme
Implementation.
The monthly index for
apparel has increased from 121.4
during August 2017 to 144.3
during August 2018, showing
a robust increase of 18.9 per
cent. However, the cumulative
index has increased from
142.6 during April-August 2017 to
144.2 during April-August 2018,
showing a marginal increase
of 1.1 per cent. The monthly
index for textiles has increased
from 116.0 during August 2017
to 125.1 during August 2018,
showing an increase of 7.8 per
cent. However, the cumulative
index has increased from 116.3
during April-August 2017 to
119.7 during April-August 2018,
showing an increase of 2.9 per
cent. The general index for the
month of August 2018 is 4.3 per
cent higher as compared to the
level in the month of August
2017. The cumulative growth
for the period April- August
2018 over the corresponding
period of the previous year
stands at 5.2 per cent. Happy
with the figures, the industry
has reacted enthusiastically on
this positive indication. Sanjay
Jain, Chairman, CITI called it
a positive development that has
brought cheers for the overall
textile industry. “Industry hopes
that the trend will continue and
motivate the industry to attract
fresh investments. It will also
encourage the industry to promote
‘Make In India’ initiative,” he
added.
‘Tussle' resolved between hosiery industry players
and Income Tax department in Ludhiana
Almost a weeklong tussle finally
seems to have got resolved
between the Ludhiana’s
hosiery industry players and
Income Tax (IT) department.
Representatives from industry
and few prominent persons of the
city had a meeting with BK Jha,
Chief Commissioner of Income
Tax and regretted for the recent
unfortunate developments.
The issue started on 10th October
when IT team conducted a
survey at Veer Enterprises (a
manufacturer of baby suits), but
dozens of workers and nearby
fellow entrepreneurs showed
their anger against the survey
and disturbed the IT team’s
working before the police had
to intervene. The IT department
made the firm surrender Rs. 64
lakh as ‘undisclosed income’
and FIRs were lodged against
three industrialists by the
department. IT department
has also lodged an FIR against
and decided to protest against
the IT department as the industry
was not happy with the way of
working of the department.
Industry delegation submitting letter to Income Tax officials
Ajit Lakra, MD, Super
Fine Knitters Limited,
Ludhiana, who played an
important role in solving
the matter said, “We
have come up with a very
amicable and honourable
settlement with the IT
department. FIR will
be withdrawn by the
department as per rules.”
Tarun Bawa, President of
Bahadurke Road Textile and
Knitwear association, Amarjit
Singh Dua and Amanpreet
Singh Dua of Dua Enterprises.
Later it was said by the
protesting entrepreneurs that IT
officials came unannounced and
the owner was unavailable in the
office, so the situation went out
of control.
After this development, few
associations and knitting
industry players had a meeting
But later on, a delegation of
industry representatives met the
senior official of IT department
and submitted a letter, signed
by many industrialists, which
read, “We, on behalf of the
entire industry of Ludhiana,
particularly Bahadurke Road
Industry Association, highly
regret the said incident and
subsequent statements and
allegations made thereafter
which was triggered due
to misunderstanding of the
situation. We assure that in
future, the industry will work
in close cooperation with
the Income Tax department
as per law. We also expect
the department to deal
with the industry and tax
payers in an honourable and
respectful manner.”
www.apparelresources.com | NOVEMBER 1-15, 2018 | Apparel Online India
41