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Govt officials visiting textile hubs to help adopt digital transaction

Related Keywords: complaints from workers, demonetization, deprived of wages, facilitate opening of bank accounts, Government sending officials, help adopt digital transactions, unified payment interface, various textile and garment clusters, workers including casual ones

The government has started sending officials to various textile and garment clusters across the country to facilitate the opening of bank accounts for workers, including the casual ones, and help them adopt digital transactions on receiving complaints from many workers having deprived of wages, following demonetization announced a month ago, official sources said.

Steep decline yarn prices affecting powerlooms sector

Related Keywords: affecting powerloom sector, cotton price, declining slowly, demonetization, Erode Powerloom Owners Association, fix price, high production cost, huge quantity of cloth, of All Traders and Industries Association, power looms in Erode closed down, powerloom owners, stability of cotton and yarn prices, Textile Ministry

Cotton price that stood at Rs 52,000 a bale (172 kg) some months back has started declining slowly which is now available at Rs 46,000 to Rs 48,000 a bale. A steep decline in yarn prices is affecting the powerloom sector. About 2,000 of the about 10,000 power looms in Erode and surrounding areas closed down in the last three days, with the danger of many more following suit, according to a senior official of Erode Powerloom Owners Association.

Taiwan explores business in South Asian markets with Buyer-Seller Meet 2016

Related Keywords: apparel and textile manufacturers, apparel exporters, demonetization, fashion brands and labels, fashion garment exporters’, Indian textile industry, organized textile sector, overseas textile traders, Taiwanese textile companies, textile business in india, textile exports of India, textile importers, textile innovation, textile retailers, Worldex India Exhibition & Promotion, yarns and fabric sourcing

Ms. Arti Bhagat, Director, Worldex India Exhibition & Promotion Pvt. Ltd. said “The organized textile sector has welcomed the decision of demonetization as it would streamline the transaction system which will result in transparent business transaction with overseas traders. The demonetization will affect Indian textile industry in India in terms of purchase of new yarns and fabric from cash payment and is also expected to reduce textile related export orders for a short duration.

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