The special package was raised considering the fact that there were blockages of funds in previous year as very few GST refunds were cleared between July and December, says Avinash Mayekar.
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GV Aras is the Director of Textile Engineering Group/A.T.E Group, the biggest textile machinery supplier across the textile value chain in India and has in all over 30 years of experience in textile and textile engineering industry. He has been with A.T.E. since more than 25 years.
The CAI has lowered its estimate of the cotton crop for the ongoing season by 8 lakh bales. The reason for this reduction is severe infestation of the cotton crop by pink bollworm.
Cotton imports by Southeast Asian nation of Vietnam have surged by around 50 per cent in January 2018, compared to the same month of the previous year, according to data from the country?s ministry of industry and trade. The US, followed by India, Australia, Brazil and Ivory Coast were the major suppliers of white fibre to Vietnam during the month.
The Pakistan Cotton Ginners Association (PCGA) has opposed the recommendation of the Economic Coordination Committee (ECC) to withdraw 4 per cent customs duty and 5 per cent sales tax on the import of cotton from India and other countries, especially when the country had already suffered a loss of Rs 500 billion due to reduced cotton production.
There has been an increase in Textile & Apparel (T&A) exports in November 2017 after witnessing decline since May last year.
Indian spinners are likely to see a gradual performance recovery beginning 2017-18 last quarter after facing multiple problems over the last several quarters that resulted in their profitability touching six-year lows in the previous two quarters, according to a report by credit rating agency ICRA. Cotton yarn demand is also expected to gather strength.