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Textile Industry: Locked down
Covid-19 virus that has thrown the economic activity out of gear across the world has also halted the Indian textile industry to a grinding halt.
When will uncertainty end
A survey conducted by International Textile Manufacturers Federation (ITMF) among global textile companies revealed that on average orders are down by 32 per cent and the turnover for 2020 is expected to drop by 29 per cent compared to 2019 due to Covid 19 pandemic.
COVID-19 hurts textile exporters
Textile and clothing exporters have started feeling the impact of Covid-19 because of supply chain disruptions, fall in exports and cancellation of international events
FTAs to boost India’s textile exports: AEPC chairman
Free trade agreements (FTAs) with Australia, Canada, the United Kingdom and the European Union (EU) will help boost India’s textile exports, according to the Apparel Export Promotion Council (AEPC), whose chairman A Sakthivel recently said the government should pursue FTAs with these countries as they hold tremendous potential for India’s exports.
EAEU-Vietnam FTA yields positive results
According to statistics released by Vietnam Customs, trade between Eurasian Economic Union (EAEU)and Vietnam hit $3.9 billion in 2017, up 3 per cent from 2016.
Good in part!
The Budget 2018-19 is good in part for the textile industry thanks to corporate tax cut for MSMEs and higher allocation of ATUFS. The ITJ Cover Story takes stock of the Budget implications and the industry’s reactions.
Boost for textiles exports
Finance Minister Arun Jaitley in the Union Budget 2018-19 raised special package by 19 per cent to Rs 71.48 billion for apparel sector to boost exports. In 2016, the government had announced a special package of Rs 60 billion for the same purpose.
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