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SIMA hails marginal increase in duty drawback rates
Ashwin Chandran, Chairman, The Southern India Mills’ Association (SIMA) has thanked the Duty Drawback Committee and the Government for considering the inputs given by the textiles and clothing industry and enhancing the rates marginally across the value chain.
Automation Fair to boost manufacturing industry
More than 200 CXOs representing 22 leading corporate vowed to contribute towards India’s GDP target from 17.1 per cent to 25 per cent at the India’s largest automation fair RAOTM 2018 held in Gurugram.
Telangana incentives to boost handloom
The Telangana Government recently announced a host of measures, including a Rs 10.5-crore loan waiver, setting up of handloom and powerloom corporations for implementation of subsidy for yarn, chemicals and dyes, and administrative sanction for a handlooom park in Gadwal city, to boost the handloom sector in the State.
5% fall in India’s textile exports
India's textile export declined in 2016 for a consecutive year, due to weak global demand and the country's competitiveness getting blunt
GST: Bane or boon?
The politics of Goods and Services Tax (GST) may take some more time to sort out, but its basic impact on textile industry can be analysed beforehand. ITJ sought opinions on GST’s impact on the textile industry. Current exemptions on certain goods to continue: Multiple exemptions exist under the present tax system – the Centre has ~300 items exempted from central excise duty, while the States (together) have ~90 items exempted from VAT. These will be merged into a Final synchronised exemption list under the GST regime.
Clothing export to Iran in for a boost
Apparel Export Promotion Council (AEPC) has signed an MoU with the Tehran Garment Union (TGU), an influential manufacturers and retailers association with legislative power in terms of garment commercial affairs in Iran. The MoU signed during the recently-concluded 57th India International Garment Fair (IIGF) in New Delhi by Ashok G Rajani, Chairman, AEPC, and Mohamad Javad Sedghamiz, VP, TGU, will fuel efforts to promote bilateral trade and industrial cooperation in the textile and fashion sectors among Indian and Iranian partners.
TPP to boost Malaysian textiles
Malaysia’s textile division will grow by at least 30 per cent, thanks to a surge of investment when the Trans-Pacific Partnership (TPP) agreement comes into force, according to Rebecca Chiang, executive director, Malaysian Knitting Manufacturers Association (MKMA). The trade deal’s ‘yarn forward’ rule makes it mandatory to use TPP member-country produced yarn for TPP-made textiles in order to be covered by the agreement’s market access benefits
Teijin to boost Technora output
Teijin Limited has announced it will expand Technora para-aramid fibre production by 10 per cent through increasing capacity in Teijin’s Matsuyama Factory. Construction begins this June at a cost of 1.5 billion JPY, with operation slated to begin from October 2017. Teijin and the group’s core aramid-fibres business Teijin Aramid B.V. will jointly expand the worldwide sales of Technora in response to increasing market demand worldwide.