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Related Keywords: Garment manufacturing industry in Ludhiana, imposed two percent excise duty on branded readymade garments, unhappy with third budget of NDA govt

The garment manufacturing industry in Ludhiana unhappy with the third budget of the NDA government as it has imposed a two percent excise duty on branded readymade garments having retail price of over Rs1000, with an aim to bring in readymade garment manufacturers in the excise duty net but this will lead to increase in price of all branded garment by almost 1.8-2 percent.

Related Keywords: Agriculture Ministry of India, inflation in India, minimum support price of raw jute, raw jute cultivation, raw jute in Assam, raw jute in Odisha, raw jute mills in India, raw jute production in India, Textile Industry, The Cabinet Committee on Economic Affairs

In order to boost raw jute production, the government has hiked the minimum support price (MSP) of raw jute by 18.5% to Rs 3,200 per quintal for 2016-17. A decision in this regard was taken in the meeting of the Cabinet, chaired by Prime Minister Narendra Modi in New Delhi.

The Cabinet Committee on Economic Affairs approved the Agriculture Ministry's proposal on raising the MSP of raw jute to Rs 3,200 per quintal for 2016-17 from Rs 2,700 per quintal in the previous year.

Related Keywords: budget beneficial for companies of big brands, did not mention about textile industry, not common entrepreneurs doing business for decades, powerloom modernization programme, rescue the industry from recession, second largest employment provider, seeking incentives from government to boost export, technical textile industry, Union budget

The Union Budget presented by finance ministry Arun Jaitley on 29 February did not mention about the textile industry, which is the second largest employment provider in the country after the agriculture sector, over which experts were surprised and said that the budget is beneficial for companies of big brands instead of the common entrepreneurs who have been doing business for decades.

Related Keywords: hold business to business meetings, Huge delegation of Turkish businessmen, Nigerian businessment, one of the agreements on the agenda, potential Turkish partners, President ecep Tayyip Erdoğan, protection of investments deal, reciprocal promotion, suitcase trading, textile promising sector, Turkish manufacturers, visit Abuja

A huge delegation of Turkish businessmen with President Recep Tayyip Erdoğan will be visiting Abuja to hold business-to-business meetings where Nigerian businessmen will have the opportunity to meet with their potential Turkish partners on Wednesday. The reciprocal promotion and protection of investments deal is among one of the agreements on the agenda.

Tony Ejinkeonye, the chairman of the Abuja Chamber of Commerce and Industry, said that Turkish businessmen should expect a very warm welcome from friendly businessmen from all around Nigeria.

Related Keywords: cost of production relatively high, develop a garment processing zone, enhance competitiveness in readymade garment production, located in Bara district, move expected to bring down the production and export costs, Nepal government, SEZs set up especially to facilitate export-oriented industries, within Simara Special Economic Zone

The Nepal government in order to enhance the competitiveness in production of readymade garment as the cost of production is considered to be relatively high in the region, is all set to develop a garment processing zone (GPZ) within Simara Special Economic Zone (SEZ), located in Bara district.

The government’s move is expected to bring down the production and export costs. SEZs are set up especially to facilitate export-oriented industries.

Related Keywords: buyers made forward deals, consolidated their long positions, cotton bales, focus remained on fine lint, ginning units, Karachi Cotton Association, Mills, monthe period, Pakistan lint market, quality lint, range bound trading activity, slightly higher prices, spot rate, textile group, trading session, unchanged

At the lint market focus remained on fine lint keep trading activity range-bound, and the Karachi Cotton Association (KCA) spot rate remained unchanged at Rs5,3000 per maund. During the trading session, buyers made forward deals for quality lint for a month period on slightly higher prices at around Rs 5,650 per maund, said floor brokers. Around 300 bales changed hands.

In China, semi-dull FDY70D/24F prices rolled over in the third week of February while FDY40D fell US cents 7 a kg on the upper end.

Nylon DTY 70D/24F prices rolled over while 30D/10F prices were stable on the week.

Monofilament 30D prices was unchanged while 1.5D staple fiber slipped US cents 9 a kg.

Weakness stilled lingered over nylon yarn market, although raw material prices were flat to firm that week. However, the markdown was limited as nylon yarn makers operated near the breakeven.

Related Keywords: caprolactum price, nylon chips prices, nylon filament yarn prices, Nylon prices, nylon prices in China

In China, liquid good offers rose to US$1,460-1,505 a ton in the third week of February while solid goods offer increased to US$1,505-1,535 a ton.

Asian markers, the SE and FE markers gained US$20 a ton.

Both, Sinopec and DSM Nanjing announced their February contract nomination at US$1,535 a ton for liquid goods. Sporadic offers for high-end February contract were at US$1,320 a ton CFR China.

Related Keywords: benzene prices, caprolactum price, caprolactum price in China, Nylon prices

Related Keywords: Arun Jaitley, branded readymade garments, hit readymade garment industry, hurt small and medium size industries, made up articles of textiles, manufacturing garments for big brands, propose to change excise duty, retail price of thousand rupees and above, Union Finaance Minister, without input tax credit

In the budget 2016-17, Union Finance Minister Arun Jaitley said that he propose to change the excise duty on branded readymade garments and made up articles of textiles with a retail price of Rs 1,000 and above from ‘Nil without input tax credit or 6 per cent/12.5 per cent with input tax credit’ to ‘2 per cent without input tax credit or 12.5 per cent with input tax credit.

With the Union government levying excise duty on readymade products of Rs1000 or more, the prices of branded garment are set to move up by 2 to 5 percent.

Related Keywords: alude added textile industry, claiming to actively working on a new scheme, committed by finance minister, export has declined by twenty percent, issue bonds for exporters, pending refunds to the taxpayers particularly exporters, PRGMEA, textile industry stakeholders, urge PM to announce, with immediate effect, zero rated regime

The textile industry stakeholders has urged the PM to announce zero rated regime for value added textile industry with immediate effect rather than from July 2016 and issue the bonds for exporters committed by the finance minister with any further delay. They hope the governement will fulfill its commitment this time on time to restore the confidence of the exporters because every passing day is crucial for the industry at a time when export has declined by 20 percent so far.