Asia´s purified terephthalic acid (PTA) industry is expected to come under increasing pressure in 2016 as India adds 2.3 mt to its production capacity in the first half of 2016, industry sources said.
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The devaluation of Chinese currency yuan will have an adverse impact on India´s textiles exports and clothing, which is facing sluggish growth due to recessionary conditions in global markets. The surprise move by China to devalue its currency is a threat to the pace of India´s exports, according to analysts.
The Bureau of Economic Analysis estimates that the US economy grew at a 2.3 per cent annual rate in the second quarter.
Crude oil futures fell to multi-month lows on both sides of the Atlantic in early August, while global oil demand growth is expected to increase by 90,000 bbl/day over previous estimates, the Organisation of Petroleum Exporting countries (OPEC) said recently.
Cotton spinning mills in northern India are planning to shut down one day a week. According to Chandigarh-based Northern India Textile Mills´ Association (NITMA)
The predominantly cotton based textile industry has been producing almost 75 per cent of the spun yarn from cotton and therefore, this industry has been subjected to crisis due to volatility in the prices.
TUF scheme of the Ministry of Textiles, Government of India can be cited as one of the best examples to demonstrate the influence of government fiscal policy and focused financial assistance