Search Result for : Textiles

The Dollar Business Bureau India’s textiles market is likely to reach $250 billion in the coming two years from the present level of $150 billion, according to a study.  “The market size of India’s textile market is expected to touch $250 billion in the next two years from the current level of $150 billion,” said a joint study conducted by ASSOCHAM-Resurgent on ‘Women in Textiles & Handicrafts Industry'. “The textile sector in India makes up for about 10% of the manufacturing production, 5% of the country’s GDP and 13% of its exports earnings,” the study said. The study observed that the textiles and apparel sector is the 2nd biggest employment provider with around 51 million people directly and more than 68 million people indirectly ...

The Dollar Business Bureau Manohar Lal Khattar, the CM of Haryana said the Goods and Services Tax (GST) is not going to adversely affect the textile business. This comes after several textile traders and unions have gone on a strike against the imposition of GST. "Textile has been placed in the slab of 5% under the GST. Presently, there is an embedded tax of central excise duties of 3.38% and 2.8% of VAT on cotton yarn," he said. Therefore, the 5% tax on fabric is not going to put additional burden on textile, Khattar claimed. "Moreover, the cascading effect would be mitigated with the event of the GST and the net effective tax on fabric would be minimal," he said at a seminar on ...

The Dollar Business Bureau  In order to boost the textile and handloom sector, the Cabinet has approved a memorandum of understanding (MoU) with Australia on cooperation in the field of textiles, fashion and clothing. The Union Cabinet chaired by Prime Minister Narendra Modi has approved the MoU on cooperation in the textiles, clothing and fashion sectors between the Ministry of Textiles and the Department of Foreign Affairs and Trade, Australia, an official statement said on Thursday. “The MoU will enable cooperation with regards to matters within the fashion and textiles sectors which may be of mutual benefit and interest to the participants,” it added. The participants will mutually identify some appropriate measures to link the Indian and Australian fashion and textile sectors; promote partnership and international engagement ...

The Dollar Business Bureau  Federation of Indian Export Organisation (FIEO) on Friday said that the continuous growth in exports gives confidence to the exporters in India on easy sailing with GST. The new regime of Goods and Services Tax (GST), which will subsume most of the indirect taxes, is expected to be rolled out from July 1, 2017. “The exports data for the month of May, 2017 showed yet another consecutive and positive growth depicting the strength and competitiveness of Indian industry,” said Dr A Sakthivel Regional Chairman FIEO Southern Region. India’s exports have surged 8.32% to $24 billion in the month of May, keeping the growth trajectory for straight eight months, according to the latest data released by the Ministry of Commerce. Dr Sakthivel ...

The Dollar Business Bureau  Finance Minister Arun Jaitley will head the 15th meeting of the Goods and Services Tax (GST) Council in New Delhi on Saturday, in which the tax rates and cess on biscuits, gold and some other items are likely to be decided. It is also expected that the GST Council may review the rates of tax for some commodities in view of responses received from the industry. The agenda of the Council meeting is also to approve the amendments in the draft GST Rules and other related forms. “This meeting is important because it is likely to finalise the rates of tax and cess to be levied on the commodities remaining... Approval of amendments to the draft GST rules and related forms are also on the agenda among others,” said a Finance ...

By Ranjeet Mahtani and Sweta Rajan During its meetings on May 18 and 19, 2017, the GST Council declared the placement of goods and services across the fixed GST rate slabs. The GST Council further released the list of goods liable for GST Compensation Cess along with the applicable rate of cess and released a list of services which would be liable to GST under the reverse charge mechanism. While the GST law empowers the Government to specify goods and services on which GST is payable by the recipient, the Council has approved only services that are likely to attract GST on reverse charge basis.  Rate specific issues The release of the GST rates has, as expected, triggered varying responses across industries. Some ...

The Dollar Business The industry body FIEO forecast challenges for the exporters if the rupee continued appreciating in the future. Global trade is expected to grow at 2.4% in 2017, and there is likelihood of extreme instability in currencies. Though the rupee has gained against the dollar, and since competing currencies of other countries could depreciate further, rupee’s appreciation could hurt India’s competitiveness in its labour intensive business units especially sectors such as agro-products industries, handloom, leather, textiles and marine products. The government should support these sectors based on their forex returns so that those companies handling large imports, which will be benefitted with the appreciation are provided less support than those having little or no support. Speaking at a press meet ...

The Dollar Business Bureau Commerce Secretary, Rita Teaotia had led an official and a business delegation to Ecuador and Colombia from 16th to 19th May. The Commerce Secy’s visit to Ecuador could in many ways reveal India’s keenness to further its interests in the country. The Indian side had representatives from Pharma, IT, Auto, Mining & Construction, Bio Fuels, Agro-Chemicals, Iron & Steel and Textiles and representatives from FICCI accompanying the Secretary. Ecuador though a tiny country holds many promises through its natural resources. It has gold reserves of 2,25,000 tons, silver reserves of 12,500 tons and as per an OPEC official release, its total share of OPEC production in crude is 1.7% and as per Jan 2017 stats, has produced 536.00K barrels ...