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Dry-Tex opens its Innovation Lab
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GST Reduction on Carpets & Handicrafts
Mumbai : FICCI Textile Committee said that the Increase in import duty on 76 textile items from 10 % to 20 % and GST reduction on carpets and handicraft items have given a big relief to domestic textile , carpet and handicraft manufacturers .
FICCI Textile Committee thank Prime Minister Mr . Narendra Modi , Finance Minister Mr . Piyush Goel and Textiles Minister Ms . Smriti Irani for the muchneeded timely support for the industry .
The garment & carpet industry was under immense pressure after implementation of GST .
After GST , substantial drop in import duty was observed which has encouraged cheaper imports . It is also worth noting that total imports of textiles and garments increased in 2017-18 ( USD 7 billion ) by 16 % in comparison to 2016-17 ( USD 6 billion ). Total import of garment alone increased by 30 % in 2017-18 in comparison to 2016-17 .
The imports from Bangladesh is an area of concern for the industry . Due to full exemption of basic custom duty from Bangladesh and also due to lack of regional cumulation clause under the treaty , third countries ' raw material and fabrics are getting benefitted indirectly . Imports from Bangladesh has increased by 44 % in 2017- 18 in comparison to 2016-17 .
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AEPC welcomed GST Council ' s decision
Mumbai : The Apparel Export Promotion Council ( AEPC ) had welcomed the GST Council ' s decision to allow input tax credit refund , a long-pending demand of the textile industry , and thanked Union Textiles Minister Smriti Irani for taking up the issue . In a letter to Irani , AEPC had thanked her on behalf of the apparel industry for her " splendid support " toward reviving the industry .
The minister had successfully taken up the issue of ITC Refund with GST Council , which has now agreed for the long standing demand . These initiatives would help revival of the apparel sector and to become competitive globally .
Dry-Tex opens its Innovation Lab
China : Dry-Tex has had launched its new Innovation Lab . The Shanghai-based textile mill has established the lab as a response to the outdoor market ’ s demand for exciting fabrics . The Innovation Lab develops and tests n ew textiles , all while meeting the sustainability requirements of the bluesign ® system as well as requirements from the industry ’ s global leaders . Dry-Tex is highly regarded for its textile advancements , most notably with regard to laminates , wovens , and stretch fabrics .
Drawing from its extensive expertise and wide range of existing products , Dry-Tex can develop and test neverbefore-seen fabrics with a variety of high-performance , in-demand features such as breathability , moisture wicking , waterproofing , and many more . Dry-Tex will be present at Outdoor Retailer in Denver .
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Associations & Company affairs
04
CAIT plans to move court against Walmart-Flipkart
Mumbai : Upset over Walmart-Flipkart deal , the Confederation of All India Traders ( CAIT ) has been planning to approach the Supreme Court if the government gives its nod to the deal .
The CAIT has been raising its voice against USD 16 billion Walmart-Flipkart deal in order to save traditional retailers in India .
Earlier it claimed that the deal would take a toll on jobs , lead to uneven playing field and turn out to be a nightmare for the retail businesses in India .
According to CAIT , the Government should take measures to stop Competition Commission of India ( CCI ) from approving the deal .
Indian Cotton Textile Sector Update
By : Seshadri Ramkumar , Texas Tech University , USA
Bengaluru : Indian cotton textile sector is at an important stage , given the trade situation between the two other leading cotton producing and trading countries .
In addition to the above global picture , Indian government has recently hiked its support price for cotton by about 28 percent .
The unsettling trade situation between the world ’ s leading cotton exporter , United States of America and a leading user , China , should place India ’ s cotton and textile sector in a better situation .
Indian currency has been weakening against dollar , which should benefit textile exports . However , this positive sense is not felt by the textile industry in India .
Recently , earlier this month , Indian government announced minimum support price ( MSP ) increase for important crops such as paddy and cotton to support farmers .
While providing support to India ’ s farm sector is welcomed by agriculture , textile and allied sectors , there is some feeling in the textile sector that the support to the farm sector should have been provided by some other mechanism and not by market intervention schemes such as MSP , as this will increase the price of domestic cotton .
Will the spinners be in a position to absorb this price hike questioned Mr . S . Velmurugan , general manager of a large cotton spinning mill in Aruppukottai , India .
The mill in the South Indian town of Aruppukottai has about 70,000 ring spindles and produces fine count yarns catering to home textiles sector .
While the industry benefited due to established presence as a leading yarn exporter and relatively cheaper skilled labor force , Velmurugan stated that those advantages have been slowly eroding due to countries like Vietnam , Indonesia , etc .
The MSP increase would make the raw material relatively expensive , which will impact the sector .
These current situations are making it clear that the Indian cotton sector should focus on increasing its productivity , improving its quality , working on its contamination levels and diversifying its strength .
Enhancing its product basket , strengthening its downstream processing and developing value-added textile sectors such as technical textiles could offer near to long term benefits for India ’ s textile industry .
This scribe has been promoting the growth of nonwovens and technical textiles in India for over 15 years .
However , economically feasible and suitable projects that can attract both domestic and export markets are needed .