Bigger, Better, Bolder: India-ITME Society, organisers of the ITMEs, by their own words, has struck the keynote for the 10th India-ITME 2016 edition, which is poised to scale a new peak of achievement by the sheer number of exhibitors, visitors and the space. The biggest achievements are the new exhibitors and the number of roadshows India-ITME Society has done to promote ‘Make in India’ – a dream project of the Modi-led Government. There were a total of 23 roadshows, including in some important Asian countries like Vietnam, Indonesia and Thailand.
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The politics of Goods and Services Tax (GST) Bill may take some more time to sort out, but its basic impact on various industries can be analysed beforehand. GST and its impact on the textile sector was the hot topic of discussion at the recently-concluded 58th Annual General Meeting of Confederation of Indian Textile Industry (CITI), held at Hotel ITC Maratha, Mumbai on September 28, 2016. Speaking on GST were: Sachin Menon and Santosh Dalvi from KPMG, and Sanjeev Saraf and Dilip Dixit from BSR & Associates.
The 10th edition of India-ITME is opening on a note of high expectations! The Indian Government’s recent `6,000-cr package & amended TUFS have rekindled exhibitor interest while high-tech wares promise to ignite buyer zest. A cross-section of the textile industry players shares their moods & opinions.
The Government hinted at lowering excise duty on man-made fibre (MMF) in the new Textile Policy in order to boost investment to meet growing demand from the synthetic textiles industry. While cotton fibre attracts no duty, the Government levies 10 per cent excise duty on MMF. The industry has sought excise exemption on MMF on the grounds that the garments produced through MMF are primarily used by the economically weaker sections of society. Kavita Gupta, Textile Commissioner, Ministry of Textiles, confirmed it on the sidelines of FICCI TAG 2016  the 8th Annual Conference on Textile and Apparel Industry organised by industry body FICCI on September 2 at Hotel Lalit, Mumbai.
Can India take its share of 4.5% in global textile trade to 9-10% by 2020? An ITJ Exclusive explores the dreams and realities. India is No. 2 in the global textile trade, next only to China. But the country?s share is a measly 4.5 per cent against the 45 per cent of China?s. The Indian textile and apparel industry was estimated to be worth Rs 6,25,930 crore in 2015 and is projected to grow at a CAGR of 9 per cent to reach Rs 9,35,123 crore, by 2020.
India has great textile tradition dating back to centuries with stories of the famous ‘Dacca muslin’ getting around the world in older times. India’s textile sector is one of the oldest also dating back to centuries. Today also the textile sector is one of the largest contributors to India’s exports. After the agriculture sector it is the second largest employer giving employment to nearly 45 million people. It contributes to nearly 14 per cent of the industrial production and 4 per cent share of the GDP of the country. These figures are enough to highlight the importance of this sector to the nation.
Britain’s decision to exit from the European Union is likely to heighten the uncertainty in garments and other sectors in India. Karthik Muthuveeran analyses its impact on textiles. The Brexit impact is not only limited to Britain, but also European countries. London has always acted as a financial hub, which gives access to capital markets of the world to Europe. But with Brexit, European Union will end up having a limited access to capital markets. In all likelihood, access to this market will form a key part of trade negotiations. There are as many pros as cons in Britain exiting the Europe.