News Tags

Related Keywords: an event for textile machinery, Chairman and Managing Director, changing trends, Farm to Finish Expo, four day event, inaugurated by Sanjay Jayavarthanavelu, Lakshmi Machine Works, organised by Southern India Mills’ Association, SIMA, spares and accessories, Texfair 2017, Textile Industry, work towards addressing challenges

At the Texfair 2017 and Farm to Finish Expo, a four-day event organised by Southern India Mills’ Association (SIMA), an event for textile machinery, spares and accessories was inaugurated by Sanjay Jayavarthanavelu, Chairman and Managing Director of Lakshmi Machine Works, here on Friday.

At the inaugural, he said that the textile industry should work towards addressing the challenges that come with changing trends and it should invest in technology, especially post spinning technology, to grow further.

Related Keywords: 300 stalls, accessories, coming up soon, Eleventh edition of textile machinery, organized by Southern India Mills’ Association, organizers expecting business enquiries, participation this year is nearly 20 percent more, plan their investment, platform for textile mills, previous edition, SIMA, spares exhibition, tune of Rs. 500 crore

The 11th edition of textile machinery, accessories and spares exhibition, organized by Southern India Mills’ Association (SIMA) will be coming up soon. According to the organizers, the participation this year is nearly 20 percent more than the previous edition and they are expecting business enquiries to the tune of Rs. 500 crore.

Related Keywords: After implementation of GST, cheaper imports, CITI, effective from October 27, from 10 percent to 20 percent, from countries like China, Global Textile Hub, Government of India, imported polyester fabrics, increased basic Customs duty, significant drop in import duty, SIMA, threatened domestic manufacturing industry

After implementation of the GST, there was a significant drop in the import duty that threatened the survival of the domestic manufacturing industry due to cheaper imports from countries like China. The government of India has increased the basic Customs duty on imported polyester fabrics from 10 percent to 20 percent with effect from October 27, 2017.

Related Keywords: chairman, export of garments, impact Indian textile exports, lack of clarity on DBK, made up textile articles, P Nataraj, Rebate of State Levies, ROSL, SIMA, Southern India Mills Association, Textile Industry, unable to book orders

The textile industry are unable to book orders due to lack of clarity on the duty drawback rate and Rebate of State Levies (ROSL) on export of garments and made up textile articles, and this could impact India’s textile exports, said P Nataraj, Chairman, the Southern India Mills Association (SIMA).

For the textile industry second half of September could be a crucial period as the government is yet to give a mandate to the duty drawback committee on the revised duty drawback rate and Rebate of State Levies (ROSL).

Related Keywords: 370 to 380-lakh bales of 170 kg each, confirmed jump in area under cotton, during cotton season, estimate cotton crop at comfortable position, facing heavy cash crunch, good number of mills, huge accumulation of yarn, ministry of agriculture, not working at optimal capacity, SIMA, Southern India Mills Association

The Southern India Mills Association (SIMA) is estimating the cotton crop at 370 to 380-lakh bales of 170 kg each at a very comfortable position during the 2017-18 cotton season.

Meanwhile, the Ministry of Agriculture has also confirmed that the area under cotton in 2017-18 season has jumped to 119.88-lakh hectares from 101.72-lakh hectares in the earlier season. The crop has continued to draw significant rainfall in areas that were deficient, and this in turn could improve the crop position.

Related Keywords: central excise benefit, lowest slab on all textile and apparel product, presently enjoys zero percent, SIMA, South Indian textile industry, support sector proposed uniform five percent GST, textile chain, under the optional Cenvat provisions, upcoming GST regime

The textile chain under the optional Cenvat provisions presently enjoys zero percent central excise benefit. The South Indian textile industry to support the sector proposed that a uniform 5 percent GST or lowest slab on all textile and apparel product.

This will help facilitate the migration to the GST ensuring better compliance under the upcoming GST regime that is expected to be implemented from July 1, 2017.

Related Keywords: absence of immediate policy intervention, advocating bringing back the TMC in a revised format, after closure of the Technology Mission on Cotton, CICR, cotton, cultivation of cotton, focus on short duration varieties, lost its sheen, Production might slide below three hundred lakh bales, SIMA, Textile Industry, the golden fibre, TMC

Cotton, the golden fibre has lost its sheen after the closure of the Technology Mission on Cotton (TMC). Production might slide below 300 lakh bales in the absence of immediate policy intervention by the government, said M Senthilkumar, Chairman of the Southern India Mills’ Association (SIMA).

The association has drawn the attention of Union Textile Minister Smriti Irani to the present situation, besides advocating bringing back the TMC in a revised format. A few States have already started advising farmers to avoid cultivation of cotton due to uncertainty in production.

Related Keywords: drastically cut back cotton procurement, Gujarat, in the wake of increased adulteration, long been a hub for premium cotton, other cotton waste by Gujarat ginners, seek Union government intervention, SIMA, textile mills in Tamil Nadu, with substances like comber noil

Gujarat, which has long been a hub for premium cotton for textile mills in Tamil Nadu, in the wake of increased adulteration with substances like comber noil and other cotton waste by Gujarat’s ginners, they has drastically cut back their cotton procurement.

The Southern India Mills’ Association (SIMA) seeks the Union textile ministry intervention in this regard. Till the year before last, Tamil Nadu’s mills used to procure about 50-60 lakh bales from Gujarat alone.

Related Keywords: CII Coimbatore Zone, Coimbatore, Experts throw light on tax structure, Good and Service Tax, GST, Indian Chamber of Commerce and Industry, industries gearing up for change, know in details about GST impact, major tax reform, on business, plans series of programmes, SIMA, Textile mills, working capital requirement likely to go up

The Indian Chamber of Commerce and Industry, Coimbatore, plans to have a series of programmes on Good and Service Tax (GST) so that entrepreneurs in each sector will know in details about its impact on their business with the Lok Sabha and the Rajya Sabha passing the GST Bill and the country at the cusp of a major tax reform, industries are gearing up for the change.

Textile Industrial associations are inviting experts to speak to their members on the impact of GST on the respective sectors.

Related Keywords: cotton cone yarn, cotton prices starting soaring, domestic cotton prices, help industry tide over current crisis, long-term and short-term measures, raising prices of hosiery yarn, reduce VAT, reducing production, SIMA, taking desperate measures, Textile mills in the Manchester of South India, unlikely to come down until next season

Textile mills in the Manchester of South India are taking desperate measures like reducing production and raising prices of hosiery yarn as the cotton prices that starting soaring in October are unlikely to come down until the next season according to India Ratings and Research. As a result, textile mills in the state, which account for 46% of the spinning capacity in the country, preferred to bring down production by 15% to 20%, to at least cut their losses.