Budget-2018 : Nothing to cheer for Surat textile industry Surat's man-made fabric (MMF) sector is unhappy with the Budget-2018 as most of their recommendations have gone unheard. The budget has disappointed the textile industry as the government has not announced implementation of the proposals given by the industry. The industry was expecting big relief in budget on duty rate, GST procedure simplification, exports benefits, special incentives, but none of these found in budget. The textile industry has expressed disappointment over the budget announcements as the major demands have not been met. The industry had been badly affected by demonetisation, Goods and Services Tax (GST) and e-way bill. Southern Gujarat Chamber of Commerce and Industry (SGCCI) president P M Shah said, there is nothing for surat textile and diamond industry in the budget. The industry experts had claimed that due to the hard steps taken by the government, the downfall of the industry had started as large numbers of shuttle machines had been scrapped in Surat. The daily production in the industry has gone down by 40 per cent after GST and e-way bill. The local textile industry has been facing great problems due to input tax credit in GST, e-way…
1.0 Introduction: The EU is considered as the largest T&C market of the world followed by US with an import of about $ 269.99 Bn during 2016. The import consists of trade among the member countries (Intra trade) and from Rest of World (RoW). It is important to note that the EU import of T&C has been growing by 1.38% CAGR during 2012-2016 and by 2.34% in 2016 as compared to previous year. As such, the EU has contributed additional $ 17.87 Bn to T&C market during last five years including $6.18 Bn in 2016 alone. In view of its important import share in the global T&C trade, the EU market plays a crucial role in the overall export performance of the most of the textiles producing & exporting countries like India. Source: Eurostat Being the largest market, the major T&C exporting countries like India, need to study month-wise trend and composition of the export both at aggregate and product levels so as to facilitate proper decision making/business strategy at the level of government and the trade & industry. The major highlights of the Market Report are as follows: 2.0 EU as an export destination (Apr-Jul’ 2017): The EU T&C…
Cotton Cotton prices in India continued to surge in December despite the usual peak marketing season. Spot prices were up INR1,490-5,015 per candy during the month, with benchmark Shankar-6 traded at INR39,925 per candy on an average. Daily arrivals were restricted to around 1.50-2.00lakh bales in a month where they usually touch 3.00 lakh bales. This was pushing millers into panic buying as framers were holding crop back in anticipation of a price boost later. Also crop production is likely to be smaller than expected due to pest attack in major cotton growing state of Maharashtra. Outside India, global spot benchmark, Cotlook A index 8% or US cents 6.50 to notch a seven-month high at US cents 87.20 per pound. US Cotton futures on the ICE also hovered close to seven-month highs as sustained speculative demand helped March contract gain for nine straight weeks. Cotton contracts for March averaged US cents 76.70 per pound after matching all-time high for the contract at US cents 78.07 per pound in the first half of December. The surge was due to combination of spec and trade buying continued to chase values higher, expert stated also adding that the current bull run had little…
Cotton exportsdeclined in December with shipment of 1.4 million bales (170 kg each) as against 1.6 million bales exported a year ago in a situation where marketactivity was disrupted by demonetisation of high currency notes. The slowdown this year appears to have been played by rising prices in domestic market and lower than expected harvest due to pink pest attack in major cotton growing regions. Contracts are cancelled to take advantage of racing domestic prices in a period when prices do not tend to rise generally. Thus, the first three months of 2017-18 cotton marketing year, recorded shipment of 2.11 million bales as against 2.16 million bales in the corresponding months of previous year. It also suggests that the cost of cancellation of contracts is much lower than the returns in selling in domestic market. The price realization averaged INR106 a kg or US cents 75.54 per pound in December as against the Cotlook Index ‘A’ averaging at 88.50 per pound and spot Shankar-6 at US cents 81.02 per pound for the month. November had FOB values average US cents 90.68 per pound US cents 15 higher than local prices. The same reversed in December where FOB values were US…
Surat will get Textile Skill development centre soon !!! Textile city Surat will have new skill development center in near future. Last week, The cabinet committee on economic affairs, has given its approval for Scheme for Capacity Building in Textile Sector (SCBTS), a new skill development scheme covering the textile sector. This scheme will have an outlay of Rs 1,300 crore for 3 years. Industry sourses Said, these center will develop in Surat, Ichalkaranji, Bhilwara, Tirupur, Varanasi, Malegaon, Pali and in Bhiwandi. The scheme will have 'National Skill Qualification Framework (NSQF)' compliant training courses with funding norms as per the common norms notified by Ministry of Skill Development and Entrepreneurship (MSDE). There are 6.5 lakh powerloom machines are installed in surat which produces app. 3 crore meter fabrics per day. Weaving industries in the city is unorganised and most labourers in the city are self-groomed without any proper technical skill orientation or training and this creates an inconsistency in the production and quality parameters. Upskilling and recognition of prior learning is the need of the hour for the Surat powerloom industry, which employs four lakh workers directly. The skilling programmes would be implemented through textile industry to meet trained manpower…
Polyester Chain Ethylene prices in Asian markets inched up in November supported by healthy Chinese demand ahead of the 2018 term discussions and due to rising upstream values.In US, ethylene spot prices fell during the month amid restarting crackers and recently completed downstream capacity.In Europe, spot ethylene prices slipped as buyers had stock, bought earlier in the year.Prices averaged US$1,161.00-1,163.00 a ton CFR SE Asia, up 0.6% from October while European spot fell 6.1% to average Euro969.90-974.90 a ton FD NWE. US spot prices were down2.6% on the month to average US cents 27.45-27.95 per pound FD USG.Paraxylene prices in Asia were upduring the month on strong feedstock values and increasing demand in the region.In Europe, spot paraxylene prices rose to seven-month high in November, reflecting higher prices in Asia. In US, paraxylene prices inched up on tight supply in the region. Asian marker, the CFR China averaged US$896.40 a ton, up 5.4% from last monthwhile European paraxylene rose 5.4% to US$807.20 a ton FOB Rotterdam. In US, spot paraxylene was at US$830 a ton FOB USG, up 2.5% on the month. Mono ethylene glycol prices in Asia gained in November amid high feedstock values and limited supply in the…
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