Suspension of 7.5 percent duty concession privileged to exporters of cotton yarn has been decided by the Centre under the DEPB (Duty Entitlement Pass Book) scheme, as an important part of measure to moderate commodity price in the domestic market.

At Meeting, headed by Pranab Mukherjee, Finance Minister on 6thApril 8, 2010, decision was given to impose ‘prohibitive duty’ on the exports of cotton yarn and raw cotton. Official Inter-Ministerial Committee would be deciding on the ideal quantum of levy.

It expected that the panel will be coming out with all the recommendations in while. The first meeting of this is scheduled for 8th April 8, 2010 only. This could be in cess form too, sources explained.
Sharad Pawar, Agriculture Minister, Dayanidhi Maran, Minster of Textiles and Anand Sharma, Commerce Minister attended the meeting and decided about the introduction of mechanism for cotton exporter’s registration.

It was also decided that measures will be taken for ensuring a carry forward of not less than 50lakh bales of cotton raw material in the beginning of the next session.

A series of letters have been recently written by Mr. Maran to Mr. Manmohan Singh, Prime Minister and other ministers of commerce, agriculture and finance to urge immediate steps for controlling the cotton yarn prices that had risen steadily within the recent few months.

Problems had already being faced by the garment export industry, followed by global meltdown. Estimates show that around $7.92 billion worth exports were achieved by the sector during April (2008) – January (2009) in comparison to $8.81 billion that was there in same period during the previous year, showing 10.16 percent decline.

Chennai: Dayanidhi Maran, union textile minister expressed his concern about the rising prices for yarn and said that protective measures will be taken by the government for protecting the interest of garment and handloom manufacturers.

Yarn prices have been really high and are affecting the garment and handloom manufacturers. Steps will be taken to ensure that the prices of yarn are available at reasonable levels, said Mr. Maran, but it was not elaborated what the measures are likely to be taken. Announcement is expecting within a week. Prices for yarn have been raised over by approx 30% in previous 3 months time.

While having a word with the media professionals in Chennai on 3rd March 2010, at sidelines of exhibition cum conference on traditional industries, initiated by Ficci, in co-operation with council for Handloom Export Production and Leather exports, the minister expressed that while handlooms were not being promoted by China in a bigger way, industry would prove to be huge strength for the nation, as it provided craftsmen for creating unique designs to be sold around the world. More business prospects can be expecting by better marketing said Maran.

Expressing that handloom sector of Tamil Nadu was one of the best promoted ones; Mr. Maran introduced the establishment of Chennai Haat, just the way of ‘Dilli Haat’ of Delhi. This step would be forwarded for eliminating middlemen and for providing ground to craftsmen from all around the state.

Mumbai: Rupee gets appreciation in comparison to other currencies like euro and US dollar and rising prices of raw material, have resulted in hitting the slow-down of textile sector which is still hanging up with a thread.

More than half of the apparel and textile exports of India are heading towards European and US countries and the raise in rupees has resulted in increasing the targets and profit margins of the exporters.

Rupee kept on ruling high at 61.76 to Euro and 44.97 to dollar on 29th March when foreign currency was on increased flow in the equity market. Domestic currency has been appreciated nearly by 14.5% in comparison to euro and more than 5% in dollar during the previous 5 months.

Adding on to the troubles of textile sector, rates of yarn and cotton have been raised up to 20-25% within the previous 6 months on increase in textile exports to China, Korea and Bangladesh and speculative commodity future trading.

Prices of cotton have been raised to Rs. 27,800, over by 20% a candy or 355.55kgs during March 2010, which was Rs. 23,200 per candy during July 2009. Prices for yarn have been raised by 25% to Rs 174 per kg in comparison to Rs 140 per kg within the same period.

SURAT: Workshop on latest opportunities in textile sector for upcoming women entrepreneur is likely to be held on 26th March 2010 at SGCCI, South Gujarat Chamber of Commerce and Industries.

Joint textile commissioner at the Ministry of Textile, Rashi Singh, will be attending the occasion. The main speaker at the event is the general manager at district industrial center and joint industries commissioner, Mr. Dhaval Parikh.

Workshop is being scheduled by joint efforts of the Federation of Indian Chamber of Commerce and SGCCI, duly supported by Ministry of Textile, central government.