The Textiles and Ports Minister Baburao Chinchansur on Tuesday announced that the Textile Investors Meet will be held in Bangalore on August 30, the event would be a platform for entrepreneurs to invest in the proposed textile park of international standards in Yadgir district.
Indian cotton yarn producers facing a tough time as the demand for cotton yarn from China, the largest importer of Indian yarn has slowed down since April due to which exports have dropped and subsidies under technology upgradation fund scheme (TUFS) have been overdue for the past few months.
Mills have also not received interest subsidies under TUFS since December. For investments to the tune of Rs 65,000 crore made by over 1,000 units since 2010, interest subsidy of around Rs 3,000 crore is pending. This has put further pressure on the working capital of the mills
Textile companies have started to increasingly make use of their own websites for e-commerce platform with online business becoming inevitable these days. Many textile players are looking to build up consumer loyalty by selling on their websites and establish a direct connect with their consumers.
The Kerala Institute for Entrepreneurship Development (KIED) will be organizing an industry interaction and brainstorming session on Friday to showcase the artisan’s skills and explore business opportunities at Kalamassery.
Surat textile, India's biggest man-made fabric (MMF) sector has set their eyes on Nepal as a large number of textile factories in Nepal have either closed down or are on the verge of closure due to labour unrest, high taxes, and unclear government policies etc.
The office-bearers of the Federation of Surat Textile Traders Association (FOSTTA) are planning to visit Nepal, their neighbouring SAARC country to explore opportunities to increase the textile trade.
Pakistan eyeing bigger share of global textile market, the Federal Board of Revenue (FBR) has notified new rates of duty drawback on export of textile and allied products. According to notification (SRO754 of 2014) issued on Tuesday, the new rates will be effective from Aug 21.
The FBR has also issued another notification to allow new rates of duty drawback to exporters retrospectively from Jan 1 as well.
In the current budget, the Pakistan government announced textile package to be effective from July 1 to provide relief for the textile exporters.
Mafatlal Industries is a pioneer for quality textiles in India since 1905 recently organized an mega exhibition cum booking conference at its Nadiad unit. First time in the history of MIL that such a mega event was held in the Manufacturing Unit, over 25,000 Sq. Ft. of display area, over 1000 participants on both days, the widest range of fabric display under one roof and over 3000 fabric feelers and products.
The company hosted more than 200 dealers from Mumbai, Gujarat, Rajasthan and Tamilnadu during the exhibition cum booking event.
The Debt Recovery Tribunal ( DRT) has final taken the decision of putting the Hukumchand Textile Mill land for auction on October 10 and fixed minimum base price ( MBP) for the auction of mill land at Rs 400 crore. The mill was closed down in 1991 leaving its 6,000- odd employees red- faced.
According to Hukumchand Mill Employee Agitation Committee ( HMEAC) president Naresh Srivansh MBP fixed was unfair. The official liquidator of DRT ( MP& CG), UK Sahu should have assessed the value of the mill land in a better way and put a higher value as it is a commercial land.
Technical Textile sector is one of the most innovative branch of the industry in the world, ranking as one the five high tech sectors with the greatest potential for development. In India also technical textiles is one of the fastest growing segment of the Indian economy registering compounded annual rate of growth of 11% during 11th five year plan and the working group.
The Ministry of Textiles to provide marketing support has taken initiatives such as organisation of domestic marketing events, participation in international fairs and buyer-seller meets etc. But, in the present scenario of online marketing and net savvy consumers, there is a need to provide an online marketing platform to handloom industry so that exquisite handloom products from remote villages are made available to discerning buyers.
