Indias apparel exports decline 17.78% in March
The Dollar Business Bureau Apparel exports from India has dropped by 17.78% in the month of March this year to $1.49 billion as compared to $1.81 billion in the same month last year, according to the industry body Apparel Export Promotion Council (AEPC). “India’s apparel exports has shown a decline of 17.78% for the month of March 2018 against the corresponding month of March 2017 as per the latest trade data,” AEPC said in a statement. “The Indian readymade garments (RMG) exports were to the tune of $1.49 billion in March this year against the $1.81 billion, in the corresponding month last year,” the statement said. In rupee terms, exports were Rs.9694.68 crore in the given month as against Rs.11946.37 crore in March 2017, ...
FIEO asks for reduced GST rates for job-work in garment making
The Dollar Business Bureau In an open letter to the Finance Minister Arun Jaitley, A. Sakthivel, Regional Chairman, Southern Region, Federation of Indian Export Organisations (FIEO) today made an appeal that, ‘there are a number of activities, which are undertaken by the job-workers in the garment making industry which have been left out of the GST rate of 5%!’ In its recent meeting held on June 11, the GST Council had provided a major relief to the textiles and apparels manufacturers by announcing a sharp reduction in GST rates on certain merchant services from 18% to 5%. Industry leaders had welcomed the move saying that the massive reduction would help job workers to survive and compete with those in the captive manufacturing ...
Indian denim industry may touch Rs 54,600 cr by 2023
The Dollar Business Bureau India, which is one of the largest producers of denim in the world, is expected to touch a market of Rs 54,600 crore by 2023, according to experts. The denim industry in India is currently worth Rs 30,000-crore and has been expanding at an annual rate of 15 per cent for the last five years. The conclusion was drawn during the 32nd International Apparel Fashion (IAF) Convention held in Mumbai, which was jointly organised by the Clothing Manufacturers' Association of India (CMAI) with support fromthe Union Ministry of Textiles and Union Ministry of Commerce. The two-day event also underlined that Bangladesh being a huge consumer of Indian-imported denims has paved way for Indian businesses to double their installed capacity denim ...
Tirupur garment exports surge by 16.3% in FY16
The Dollar Business Bureau India’s garment exports from Tirupur, grew by 16.3% to Rs.23,050 crore in 2016. Tirupur is the main hub for knitwear in the country. It contributes nearly 90% of total cotton knitwear exported from the country. India’s total apparel exports were $7.78 billion in 2015, and its top five markets were the US, UAE, the UK, Germany, and France. “Exports from Tirupur would sustain growth in the current fiscal too following good demand from EU and this can be doubled if the Free Trade agreement (FTA) is finalised,” A Sakthivel, President of Tirupur exporters association opined. “We have seen growth in Europe, we are getting new buyers. Exports can jump to Rs.50,000 crore if the FTA with EU is in place,” ...
Apparel industry can create 1.2 m new jobs: WB
The Dollar Business Bureau The export-oriented apparel production in India and other South Asian countries has the capacity to generate more superior jobs, as around one million people are likely to come into the workforce every month for the next three decades, said a new report by the World Bank. The report titled, “Stitches to Riches? Apparel Employment, Trade and Economic Development,” was launched on Thursday in New Delhi. “As wages surge, China, the largest manufacturer of apparels for the past 10 years, is expected to gradually relinquish its top position in the worldwide apparel market, creating opportunities for other competitors,” the report said. This could be a great opportunity for countries like India and others in the South Asian region. A simple 10 percent ...
US court fines Indian textile firm $100,000
The Dollar Business Bureau Pratibha Syntex was sued on the basis that it did not pay licensing fees for software manufactured by Adobe, Microsoft, and others, gaining cost advantage in the low-margin business of apparel manufacturing A US court has asked an Indian textile company to pay $100,000 as fine for using pirated software in the production of clothing items to be sold in California. As part of the settlement, which was filed in Los Angeles Superior Court and has been approved by a judge, Indore-based textile company Pratibha Syntex has been asked to pay $100,000 in restitution within 30 days. “A settlement resolving allegations that Pratibha Syntex Ltd., a company based in India, gained an unfair competitive advantage over America-based ...
