The decline in jute demand has led to closure of some mills in India while affecting production and has rendered over 1 lakh workers jobless. Reeling under the impact of severe demand crisis, jute manufacturers have urged the government to take immediate measures to revive the industry.
The cotton farmers want the state government to mount pressure on the central government seeking a hike in the MSP for cotton. They want to be given at least Rs 7,000-Rs 8,000 per quintal in the open market to bail them out of debts.
The textile industry of Panipat strongly opposing the VAT of 13.25 percent levied on products like bedsheets, cushion covers, teri towels, curtains and other items stating that it would collide the local textile industry which is currently facing tough competition from the Chinese imports.
Roshan Lal Gupta, vice-president of Haryana Veopar Mandal, said that the entrepreneurs had already made an appeal to the state government to take back the new levy as the VAT would ruin local textile industry.
Silk and wool manufacture are the oldest industry of Jammu and Kashmir government, in a bid to restore the past glory of the traditional silk factory and wool mills in Jammu and Kashmir, government has devised a Rs 50 crore revival plan for modernisation of a silk factory and a woolen mill here.
The meeting, chaired by Minister of State for Industries and Commerce, Sajjad Ahmad Kichloo, was informed that over Rs 50 crore revival plan has been put together for modernisation and upgrading of the government Silk Factory Rajbagh and Woolen Mills Bemina.
Idemitsu Kosan, Japan's major petrochemical producer has scheduled to shut its Tokuyama-based No. 2 aromatics unit in mid-September for 50-60 days for maintenance. The unit is designed to produce 210 kilo ton a year of paraxylene, 274 kilo ton a year of benzene and 317 kilo ton a year of isomer-grade mixed xylene.
Meanwhile, it will restart its Chiba-based No. 1 aromatics unit in mid-September. This unit can produce 270 kilo ton a year of paraxylene, 577 kilo ton a year of benzene and 353 kilo ton of isomer-grade mixed xylene.
Breaking the tradition of keeping business information secret even with their peers in similar business, a group of young, like-minded textile entrepreneurs have started using WhatsApp aggressively for exchange of information.
Texpreneurs Forum, comprising the second generation entrepreneurs in the textile business, is no longer averse to discussing company-related issues, which their forefathers or elders never indulged in, even just a year ago. The group has grown from 20 members when it was initiated about 15 months ago to 170 now.
A combination of short-covering and frenzy mill buying fuelled cotton futures to a highest daily gain since March as the benchmark December cotton contract on ICE Futures US closed up US cents 1.35 cents, or 2.1 per cent, to US cents 64.72 per pound on 13 August.
The handloom industry in Palakkad is going through a downturn, which is a major source of revenue for many people in Palakkad district. Due to low wage coupled with lack of support from the government, the weavers are struggling to make both ends meet. The handloom workers are now forced to shift to other professions.
The Punjab government had been defaulting on jute bag orders for the past three months, the biggest buyer of jute bags have pointed out that jute mills were supplying poor quality, inferior and second hand bags at almost double the original price resulting in a loss to the tune of Rs 2000 crore every year. The complaint has been forward to Prime Minister Narendra Modi.
The decision of the Punjab government to blacklist seven jute mills of West Bengal and unexpectedly stop supplies from seven other mills has landed the jute industry in the soup.
The Chinese government, in a bid to reduce pollution levels in the smog-hit capital Beijing has restricted the expansion of industries such as textiles, chemicals and paper and oil refining, according to a new list of controls published by the government.
The Ministry of Environmental Protection showed that Beijing’s average readings of tiny airborne particles that are hazardous to health, known as PM2.5 has touched 91.6 micrograms per cubic metre in the first half of 2014, down 11.2 percent year on year,
