News Tags

Related Keywords: compared to cotton sector, consumer market, demand to consider level-playing field, GST Council, man-made fabric sector, Pandesara Textile Association, sectoral co-convener of goods and services tax, SGTPA, South Gujarat Textile Processors Association

The South Gujarat Textile Processors Association (SGTPA) leader recently met the sectoral co-convener of goods and services tax (GST) council Yogendra Garg on Wednesday demanding the council to seriously consider providing a level-playing field for the man-made fabric (MMF) sector compared to cotton sector. GST on MMF yarn is 18 percent whereas on fabric is 5 percent while for cotton yarn and fabric both, the GST rate is uniform at 5 percent.

Related Keywords: chiffon, focus on designing and manufacturing palazzo pants, gaining popularity, increase sale of MMF, knitted polyester fabrics, largest MMF hub textile traders, manufactured from crepe, powerloom weavers, SGCCI, South Gujarat Textile Processors Association, Surat, Surat Jacquard Weavers Association, women trousers

Surat textile traders and powerloom weavers seeing that around 10 percent of the daily 3 crore metre of fabrics manufactured in Surat, the country’s largest man made fabric hub going into designing and manufacturing of palazzo pants - women’s trousers cut with a loose, extremely wide leg that flares out from the waist manufactured from crepe, chiffon and knitted polyester fabrics is gaining popularity across the country are now planning to focus on increasing the sale of man-made fabric (MMF).

Related Keywords: Arun Jaitley, do away with anti dumping, excise duty, gujarat textile manufacturers, polyester, present full year budget, president Jitendra Vakharia, price relaxation in acquiring land, rise in raw material prices, simplify taxe, South Gujarat Textile Processors Association, tax cut in budget, Union Finance Minister

Union Finance Minister Arun Jaitley, who will present his first full year budget on February 28, seeking to put Asia's third-largest economy on a path of 7-8 percent growth over the next two years, earlier this month Jaitley had said that the overall economic situation in the country is looking better and added that basic parameters of the Indian economy are moving in the right direction.

The Gujarat textile manufacturers are looking ahead to tax cuts in the Union Budget which will help the industry come out of its current crisis.

Related Keywords: crude oil price, Indian yarn makers, MEG, polyester raw material, PTA, Reliance Industries Limited, rise in raw material price, South Gujarat Textile Processors Association, synthetic yarn, yarn price

The two key raw materials Purified terephthalic acid (PTA) and mono-ethylene glycol (MEG) used in making synthetic yarn although have remained low globally but in India the same have risen by Rs 10-15 per kg in recent past and have remained at high levels putting Indian yarn makers' margins under pressure.

Related Keywords: anti-dumping duty, festive season, liquidity crunch, low market response, manmade textile players, raw material prices, South Gujarat Textile Exporters' Association, South Gujarat Textile Processors Association, Surat textile industry

Dull business since past 4-5 months has created liquidity crunch among the man-made textile players, especially in the processing, dyeing and weaving value chain. This has led to reduced ability among the textile players to process orders for the festive season this month.