Posts Tagged ‘textile sector’

Workshop on latest opportunities in textile sector by SGCCI

Saturday, March 27th, 2010

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.

Textile companies tapped in bailout

Tuesday, March 23rd, 2010

Dealers of Textile Industry were cobbling formal application together during the last week with the wish to avail the P38millions bailout that government is likely to extend for troubling the sector for a period of 2 years.
At the Ministry of Trade and Industry’s Industrial Affairs Department, a committee has been appointed for verifying the anticipated bunch of applications from the industry that is listed among the most affected ones by recession during the previous years.

Thousand numbers of workers lost their jobs as so many companies dealing with the textile industry were shaken last year.

Pressurized by the cheap quality Asian products along with few support of SACU, Southern African Customs Union duty credit certificates, earnings of textile industry lowered down many levels during 2006.

Bailout- designed for improving job retention and competitiveness was basically targeted on the citizen employees and citizen owned companies, by the way of provision kept for financial grant to those organizations that have started taking subsidies for re-employed workers, re-employed citizens otherwise and guarantees of government for loans by CEDA targeted over upgrading of equipments and machinery and working capital.

Guarantee has been raised up to the non-citizen companies that are willing to access it through Venture Capital Fund by CEDA. Alongside, subsidies levied on wages and salaries too will be covering citizen workers that been there in a way helping the organization remain afloat.

Giving confirmation about the raised benefits, Executive Director of BEMA, Botswana Exporter and Manufactures Association, Laogo Raditedu, explained that expectations for the applications are their that are likely to be rolling during the week.

Textile industry of India bets bigger on Latin American market

Monday, March 22nd, 2010

New Delhi: Textile Industry of India, still being in process of recovery from the impact of economic recession is making a move towards grabbing a share in the developing textile market of Latin America.

Brazil and Argentina were major investments in Textile Industry of India, would be playing host to another 22 companies in India likely to participate in Mega Textile and Clothing Exhibitions to be held in Buenos Aires at Argentina on 25th -26th March 2010 and on 29th-30th March 2010 at Sao Paulo in Brazil under flag of SRTEPC, Synthetic & Rayon Textiles Export Promotion Council.

Ambassador of India to Argentina, Paraguay and Uruguay, R Viswanathan said, Focus area is Latin America having huge potential for growth and expansion of textile export as India exporters is still not familiar with all these markets. Among the Latin American Countries, Argentina and Brazil are holding the highest potentials for raising the textile and clothing exports from India.

Though Argentina and Brazil import clothing & textiles worth Rs. 7,290crores and Rs. 17,243crores respectively, share of India in these markets is almost negligible at 6% & 12% respectively. Hence, tremendous scope is there getting an increase in the exports of Indian textiles especially to these markets and the mega events are meant to access this objective, explained Vishwanathan.

Event is a collective effort scheduled by SRTEPC in co-operation with Apparel & Cotton Textile Export Promotion Councils (AEPC & TEXPROCIL), in accordance with the active participation of concerned Missions from India.

Textile machinery and engineering clusters getting assistance for revival by EDI

Saturday, March 20th, 2010

After helping the components cluster and brassparts at Jamnagar along Rajkot’s engineering clusters, EDI, Entrepreneurship Development Institute of India, at Ahmedabad is providing assistance to revive textile machine clusters of Surat, Surendranagar and Ahmedabad and engineering clusters of Vadodara.

Accomplishment of components clusters and bassparts at Jamnagar, Gujarat, is being followed by EDI’s enforcement of strategies to revive the engineering cluster In Baroda and even the textile machine clusters at Surat, Surendranagar and Ahmedabad. Even the handloom and handicrafts clusters are being put on tactical trail all around the nation by the institute, Yogesh Agrawal (IDBI Bank Ltd Chairman and EDI President) said, during the 11th Convocation of PGDMBE, Post Graduate Diploma in Management- Business Entrepreneurship and Post Graduate Diploma in Management of NGO’s.

As Convocation’s chief guest, Chairman at UB Group, Vijay Mallya said,If some bigger companies like Airtel and Reliance would be considered, best entrepreneur spirit can be easily located behind it. Spirit of Entrepreneurship only resulted in the development of Microsoft, a company by college dropouts yet extremely successful.

Assurance about lifting curbs ends strike by spinners

Friday, March 19th, 2010

Lahore: Plans for protests opposing the quantitative restrictions on exports of yarn were called off by spinners when they got the assurance by Governor of Punjab, Salman Taseer that yarn trade would be free of curbs within a week’s time.

Governor went directly from Islamabad to have a discussion with the protesting spinner over the instructions provided by Asif Zardari, President and assured that ways of dealing with crisis were being found out effectively by the federal government.

He expressed them clearly that curbs levied on yarn export would be lifted very soon and compensation would be provided to all the value added textiles by the government through their own means in order to make yarn easily accessible and affordable too.

Gohar Ejaz, chairman Aptma-Punjab gave an assurance to the government that spinners were all set to provide a period of 2 weeks to the government for working out the formula. And governor expressed an assurance that the issue will be resolved within duration of 48hours, said sources.

It was also told that approx 99% of the spinners had already shut their factories for around 8 hours during the day for expressing the disgust on Ministry of Textile biased behavior towards the curbed yarn exports and spinning industry.
Media visits were arranged by Aptma to variety of areas in Lahore by Aptma having spinning mill clusters for showing the impact of the strike.

Gohar explained that viability of domestic value-added sector was somewhere linked with the local spinning industry and its survival, but it was incorrect to expect subsidy for ancillary sector by the yarn producers. If subsidy is needed by any industry, it should be well handled by the government’s own pocket, he said.

Integrated textile part setting down at Himachal Pradesh sooner

Thursday, March 18th, 2010
Integrated textile part setting down at Himachal Pradesh sooner
An integrated textile part has been approved by government of Himachal Pradesh with the roundabout costing of Rs 107crores, that would be turning up to Una district sooner.
Himachal Textile Park Ltd will be playing role in setting up the proposed part, expressed an official statement released on 17th March 2010.
Approval was given for the project in the meeting supervised by Prem Kumar Dhumal, Chief Minister.
It is expected that employment will be generated for more than 2,200 people through the Textile Park along with an indication for it to get completed by end of 2011-2012.
Incentives are being provided by the government for development of parks that includes subsidy on interest for procurement of latest machine along with grant of 40% for the development of infrastructure.
A proposal for expansion of existing units with an estimated investment of Rs. 73.52crores, along with 14 new ones that are initiated for setting different varieties of industrial units also got clearance in the meeting, it was expressed.  

An integrated textile part has been approved by government of Himachal Pradesh with the roundabout costing of Rs 107crores, that would be turning up to Una district sooner.

Himachal Textile Park Ltd will be playing role in setting up the proposed part, expressed an official statement released on 17th March 2010.

Approval was given for the project in the meeting supervised by Prem Kumar Dhumal, Chief Minister.

It is expected that employment will be generated for more than 2,200 people through the Textile Park along with an indication for it to get completed by end of 2011-2012.

Incentives are being provided by the government for development of parks that includes subsidy on interest for procurement of latest machine along with grant of 40% for the development of infrastructure.

A proposal for expansion of existing units with an estimated investment of Rs. 73.52crores, along with 14 new ones that are initiated for setting different varieties of industrial units also got clearance in the meeting, it was expressed.  

Turnover of Rs 250crore registered at Udyog-2010 in five days

Wednesday, March 17th, 2010

Surat: In the history of SGCCI, Southern Gujarat Chamber of Commerce and Industry, for the very first time, ‘Udyog-2010’, industrial exhibition was arranged at lately constructed SIECC, Surat International Exhibition and Convention Centre. Business turnover of some Rs 250crore has been registered within the previous five days period.

Udyog-2010, biannual mega event of SGCCI, going since seven years, is being regarded as a huge industrial exhibition of the country offering an excellent platform for exploring more business potentials in engineering and textile sectors. The focus position of this year’s exhibition was to promote growth and development of embroidery and manmade textile industries by establishing cutting edge means and technology.

High tech machineries for embroidery were on display especially those from US, Switzerland, China, Korea and Taiwan along with cutting edge technical equipments in contemporary textile ancillary products and machines for water-jet and few more engineering equipments. Huge response has been received for the SIECC’s Udyog-2010 majorly from Surat’s business community. Visitors are there from all around, across the city and from Maharashtra, Punjab and Delhi etc., said the SGCCI President, Nilesh Mandlewala.

Mandlewala, at SIECC’s closing ceremony, said, Success and importance to Udjog-2010 is resulting from the fact that it can be considered a show by the people and of the people. Since previous 5 days time duration, around 65,000 and more people visited the event.

Around 250 companies from finance, tourism, banking, textile, government, engineering, information technology, corporate, textile ancillary products, instrumentation and electronic sector from states like Mumbai, Navasari, Kohlapur, Surat, Rajkot, Pune, Bangalore, Ludhiana, Bharuch, Silvassa and Vadodara took part.

Chairman of exhibition committee of SGCCI, Paresh Patel said, Udyog-2010 and its success are far beyond what we expected. Even low grade exhibitors have got benefited with an average turnover of Rs 1.5crore of business within the previous 5 days time. SIECC is approx 7kms distant from the city, the result of which can be seen in the form of genuine buyers only at the exhibition from embroidery, engineering and textile sectors.

Indian Textiles Brand Promotion

Friday, March 12th, 2010

Enough support is being provided by government to Textile Export Promotion Councils for variety of segments of clothing and textiles sector, by facilitation and administrative support of Indian Embassy and also through funds support by the Market Development Assistance Scheme, for deepening the penetration of Textile Industry of India and clothing items in International markets, globally and even for the promotion and establishment of Brand India identity in the global markets.

The information was provided by Smt. Panabaaka Lakshmi, Minister of State for Textiles in Lok Sabha, through a written answer against questions out by Shri Varun Gandhi.

It was further stated by the Minister that no such proposal is there for developing PPP, Public-Private Partnership approach in order to create Indian apparel brands that can be accepted globally. Steps are not being considered by the Government towards the development of SPV, Special Purpose Vehicle, with the purpose of brand establishment and promotion.

Textile Export Promotion Councils concerned are those agencies that work under close direction and cooperation of the Government in order to develop brand and promote, and SPV is not contemplated for the purpose, said the Minister.

4 Indian killed in fire at Textile shop-house

Wednesday, March 10th, 2010

JOHOR BAHARU, (Bernama): Demolition of textile shop-house by fire at Jalan Pasar, Masai resulted in the killing of four Indians early on 10th March 2010.

Mr. Syukor Sani Hashim, the Fire and Rescue deputy director at Johor explained that fire shattered 2 shops of textile material and 2 stationary ones also.

Among the victims, two of them were working in the shop of textile material and other 2 were friends. The burnt out remains are still left to be identified, said he to the reporters and other inquirers at the fire location.

Mr. Syukor Sani explained that the 2 victims were located upstairs; one was there over the staircase while the fourth one, at the ground floor in the double story shop-house.

It is being believed that the four of them were asleep while the fire broke over at the front area of the textile shop house.

Two of the fire engines, from Johor Baharu and Pasir Gudang quickly rushed towards the location right when the information about fire stuck up at 3.15am in morning and brought all things under their control within 10mins of time.

Arson is being expected to be involved since a 4 litre container of petrol was located from the fire area. Losses are still left to be determined, he explained.

During this, Muthu Veeraya, the owner of the shop said that he was in Kuala Lumpur when the fire information came at 4am.

Both workers had started working only 2days ago, said the trader of textile who’s in business since 16years.

Impact of Budget Day on textile stocks

Tuesday, March 9th, 2010

With joyous feelings towards Budget 2010, NBFCs, non-banking finance companies have been singled out by the stock market along with public sector banks as leading sector beneficiaries.

During this week, due to the Budget, NBFC’s stocks such as Bajaj Auto Finance, Shriram Transport Finance and Reliance Capital are ahead some 7-12%, as per the prospects of RBI, Reserve Bank of India, dealing with banking licenses.
Price movement study carried after the final four Budgets correctly explains that acquired Budget-day largesse that too in type of favorable policy announcements didn’t hold firmly over the profits in followed year. Even the sectors, battered ones, because of the ‘unfriendly’ budget didn’t continue to exist at the same vein after that.

Moves that didn’t last longer

Few cases should be considered. A sudden cut of excise duty over the small cars reflected a jump of some 12% in the stock of Maruti Suzuki during the following week after Budget February 2008. Within an years time, 30% of value had been lost in the stock. In Budget 2006, companies dealing with textile trade were rewarded on Budget Day with higher allocation to textile up-gradation fund and duty cut. After an year’s time approximately, even while 31% sensex had soard, few stocks still managed to trade at lower percentage, say 25-35%. In fact, textile sector was a regular receiver of flourishing announcements in Budgets 2005, 2005 and 2007. Still, the stocks did not do any good more than anything at sensex during any of these years.

During 2007, on Budget day itself, real estate companies battered 5%, right after the served proposal to impose service tax over commercial/residential property rentals. But the stocks outpaced sensex with some 66% profit during the following year.