Browsing: Industry Update

Jakob Müller acquires Benninger AG

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On August 15, JMBT Beteiligungen AG acquired 100 per cent of the share capital of Benninger AG from Benninger Holding AG. With this acquisition Jakob Müller AG is expanding its position in the textile finishing sector.

India seeks new export markets for wool

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India’s wool exports to the US and Europe on the decline, with the result the wool industry is shifting focus to markets such as Kazakhstan, Germany, China and Australia.

Labour caveat for textile sector

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Paving way for the introduction of fixed-term employment in the textile and apparels sector, the Labour Ministry has notified changes in the rules of the Industrial Dispute Act, 1947.

Handicrafts exports rise by over 8%

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India’s handicraft exports have increased by more than 8 per cent during the last fiscal, touching nearly Rs 31,000 crore, revealed Textiles Minister Smriti Irani in the Lok Sabha. “According to the provisional data available, the exports of handicrafts have shown an increase of Rs 2,414.79 crore from Rs 28,524.48 crore to Rs 30,939.27 crore — an increase of 8.46 per cent in rupees term in 2015-16 as compared to previous year,” she said.

Nigeria imports textiles worth $4 bn

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Nigeria currently spends over $4 billion annually on importing textiles and readymade clothing, despite the Nigerian government?s initiatives to revive the textile sector in recent times, according to the Director General (DG) of Nigerian Textile Manufacturers Association (NTMA), Hamma Kwajaffa. Textiles is Nigeria?s second largest employer after the government.

Vietnam’s T&C exports facing crisis

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Vietnam’s local media has reported that textile and garment industries in the country likely to miss their export target for 2016, due to reduced competitive ability and lack of export orders.

Will GST rate at 12% hit textile industry?

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ICRA, an Indian independent and professional investment information and credit rating agency, opines that a 12 per cent (lower rate) recommended by the Dr Arvind Subramanian Committee will have a negative impact on the textile sector, especially the cotton value chain, which is currently attracting zero central excise duty (under optional route); unlike the man-made fibre sector, where the fibre attracts excise duty at the manufacturing stage (unlike cotton).