Textile mills have started to import cotton from West Africa and the US as the landed costs are on par with the prevailing market price in the country.
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In order to meet the growing demand, the Karnataka Silk Industries Corporation (KSIC) is setting up a second integrated silk weaving unit in Mysuru at a cost of Rs 24 crore, which will begin operations by July 2017.
Textile shop owners in Surat are an unhappy lot today, for they have been asked to pay property tax for the shelf space created inside the shops for storing the grey fabrics and finished stock.
Oban Fashions Private Limited, a wholly-owned subsidiary of Rupa and Company Limited, has entered into a license agreement with Fruit of the Loom, INC, headquartered in Kentucky, a wholly-owned subsidiary of Berkshire Hathaway.
Gokaldas Exports will set up four apparel manufacturing units in Andhra Pradesh. The units, which are likely to be ready in four years, are expected to entail an investment of Rs 200 crore.
The Union Textiles Minister Smriti Irani unveiled a Mudra portal recently that will enable banks to deposit financial assistance to handloom weavers in electronic mode and credit the loan directly to their accounts.
India’s apparel exports to the US rose 4.3 per cent y-o-y in January 2017. Export volumes increased 8.6 per cent but export realisation fell four per cent.