Founded in 1963, CHTC Fong’s Industries Co Ltd has principally focused on the business of designing, developing, manufacturing and selling of textile dyeing and finishing machinery.
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TUV Rheinland India, a subsidiary of the TUV Rheinland Group, Germany, a worldwide leader in testing, training, inspection, consulting and certification, has expanded its footprint in India with a new 2.5 million Euro facility located at Electronic City in Bengaluru.
Misfortunes have come in battalions for textile exporters ? firstly GST dilemma, then, hardening of rupee and now the axe on duty drawback rates. An exclusive ITJ Report throws some light on the issue.
The State Industries Department of Bihar has signed an MoU with the National Handloom Development Corporation (NHDC) to provide yarn on credit to weavers for 45 days. Bihar, in fact, became the first State in the country to sign such an agreement with NHDC and the State Industries Department has created a corpus of Rs 1 crore for this scheme.
The man-made fibres (MMF) and yarns were slotted under 18 per cent GST rate while the fabrics were slotted under 5 per cent GST slab with a condition that no refund of Input Tax Credit would be allowed at fabric stage.
Technical textiles sector is one of the most innovative industries around the world, being used in almost all modern industries including automotive, healthcare, aeronautics, sports, etc.
The production of the textile engineering industry (TEI) during 2016-17 recorded a nominal increase of 1 per cent to `6,650 crore as against `6,580 crore achieved during the previous year, mainly due the substantial increase in production of spinning machinery. Spinning machinery sector is expected to raise their production further during 2017-18.