The taxation of goods and services in India has hitherto been characterised by multiplicity of rates and this has left the industry and service providers at a disadvantageous position in the global market.
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According to the 2012 International Textile Machinery Shipment Statistics report of the Switzerland-based International Textile Manufacturers Federation (ITMF), Indonesia was the third-largest importer globally in 2012 of short-staple spindles, with 594,288 or 5.7 per cent of the total; the third-largest importer of shuttleless looms, with 3,727 or 4.3 per cent; and also the third-largest importer of large circular knitting machines, with 1,350 or 3.7 per cent.
EURATEX welcomes Serge Piolat as its President taking the office in January 2015 for a two year term. Piolat, succeeding Alberto Paccanelli who headed EURATEX during the last four years, pointed out: ´Alberto Paccanelli achieved impressive results in consolidating the voice of the European textile and apparel companies.
Coimbatore district, known as the textile hub of Tamil Nadu or is called as the ´Manchester of South India´, has over 900 textile mills, 7 million spindles, 1 lakh rotors, 2 lakh powerlooms, 99,000 automatic shuttle looms, 59,000 plain looms, 39,000 semi-automatic looms, and over 70 per cent of machinery, spares & accessories, rotors, etc.
In the global economy, diverging confidence indicators point to uneven expansion and producer confidence in manufacturing, says Edwin De Boeck, Chief Economist, KBC Group (a leading Belgian bank), while presenting his views in a Euratex convention in Brussels.
The new government under the able leadership of Prime Minister Narendra Modi has stressed a revolutionary economic vision based on increasing production, export and generating employment, giving particular attention to productive employment opportunity for the youth, inclusive and participative growth, skill, scale and speed, ´Make in India´ brand, zero defect – zero effect, Adarsh Gram, to name a few.
The ITJ, in an exclusive report, presents the pulse of the industry in summarised statements about prospects in 2015 from a cross-section of industry leaders, experts and concerned authorities.