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Related Keywords: basic customs duty, brings diverse reaction from textile sector, certian fabrics for export of garment, CITI, duty free import, excise duty, Indian Texpreneurs Federation, manufacture of garments for exports, SIMA, TEA, Technology Upgradation Fund Scheme, Texprocil, Union budget for textile industry

The Union budget 2016 for the textile industry brings diverse reaction from the textile sector. According to Tirupur Exporters’ Association, president A. Sakthivel, the budget have brought cheer to textile manufacturers in the State as funds have been allocated for Technology Upgradation Fund Scheme and basic customs duty has been exempted for import of specified fabrics (for manufacture of garments for exports) of value equivalent to one percent of FOB value of exports in the preceding financial year, which will give a boost to garment manufacturers in the State.

Related Keywords: announced policy of Maharashtra, Chandrakant Patil, encouraging investors with self financing, extend capital subsidy, MIDC, projects financed by banks, revive ailing textiles units, self financed textile unit, Texprocil, textile sector, textiles minister

Textiles minister Chandrakant Patil announced the policy of the Maharashtra Government to extend a capital subsidy to those textile units which are self-financed. Initially, Capital subsidy was allowed only for those projects that were financed by banks.

Related Keywords: cotton, Demand for cheaper prices, domestic output, exportable goods becoming uncompetitive, exporters of cotton textile products, Fabrics and Home Textiles, FTAs, international market, Texprocil, textile raw material, yarns

The largest producer of cotton in the world finds that its exportable goods are becoming uncompetitive in the face of the raw materials in India available for the manufacturing of these goods turning out to be costly.

Currently, the raw materials are available at marginally higher prices in local markets than the prevailing prices in the international markets.

Hence, the textile industry has urged the government to make cotton available for textile mills at prices cheaper than the prevailing prices in the international markets.

Related Keywords: all industry, blend of cotton and MMF, Boiler Suits, boost exports, both grey and dyed, Centre notifies certain changes in DBK rates, created for cotton yarns, drawback caps, export products, high-valued items, import duties on Indian textiles, mixed with Man Made Fibre, New entries in drawback schedule, Protective wear, Texprocil

The Centre has notified certain changes in the all industry rates of duty drawback effective from 11th Feb 2016. These changes announced by the Centre in DBK scheme will help boost exports.

New entries in the drawback schedule have been created for cotton yarns mixed with Man Made Fibre (MMF) - both grey and dyed. It has also increased the drawback caps in the case of certain MMF fabrics. This change was welcomed by the Cotton Textiles Export Promotion Council (Texprocil).

Related Keywords: betterment of textile sector, boost investment into textile sector, compensated by the government, Government to reintroduce TUFS, Minister of state for textiles, Santosh Kumar Gangwar, Technology upgradation funds scheme, Texprocil

Prime Minister Narendra Modi in the last Cabinet meeting evinced keen interest and talked about technology upgradation funds scheme (Tufs). Tufs was launched in early 1990s to boost investment into the textiles sector. Under the scheme, five percent of the total investment for technology upgradation is compensated by the government.

The Tufs scheme was touted to be a great success, attracting massive investment and helping revive the textiles sector was discontinued two years ago due to lack of initiatives of the previous government.

Related Keywords: Australia and Canada, biased import duties on Indian textiles, conclusion of FTAs with EU, decline in export of cotton textile, export target, gain market access, MEIS, negative growth registered, preferential access, remove trade barriers, Texprocil, urgent action from government, world market

The export target for 2015-2016 is USD 13.67 billion. The continuing decline in exports of cotton textiles is a matter of deep disappointment and concern requiring urgent action from the government, Cotton Textiles Export Promotion Council (Texprocil) chairman RK Dalmia said in a statement.

Exports of cotton textiles in August 2015 registered a negative growth of 7.39 percent as exports touched USD 863.18 million as against USD 932.02 million in August 2014. Texprocil sought government's support to boost exports

Related Keywords: all knitted fabrics, cotton dyed and printed fabrics and made-ups to African countries, DGFT, excluded certain knitted fabrics, extension of export sops, including those with lycra, khangas and khatangas, Knitted fabrics with HS code 6006, new list for export sops, Texprocil, under Merchandise Exports from Indian Scheme

The Director General of Foreign Trade announced a new list of textile items eligible for export sops, last week which excluded certain knitted fabrics for concession under the Merchandise Exports from India Scheme. This came as a big surprise for the Cotton Textiles Exports Promotion Council (Texprocil).

Knitted fabrics with HS (Harmonized System) Code 6006, which covers most of the knitted fabrics including those with lycra are value added products that are used widely in garments were left out in the list of items covered for export benefit.

Related Keywords: affect shipments of value added products, benefits on exports, conclude FTA, cotton dyed, Cotton Textile Export Promotion Council, free on board, gain market acces, granted duty credit scrips, Made ups, new foreign trade policy, printed fabrics, put exporters into a huge dilemma, remove trade barriers, Texprocil, to African countires removed

In the new Foreign Trade Policy 2015-20 all benefits on exports to African countries has been removed. According to the Cotton Textiles Export Promotion Council (TEXPROCIL) a textile industry body, removal of benefits on exports to African countries will affect shipments of value added products like cotton dyed and printed fabrics and made-ups to African countries.

Related Keywords: acceptability of buyers, all time high cotton inventory, CITI, cotton corporation of India, facing shortage, float global tender, Indian textile industry, India’a perennial buyers, procured cotton, test market tenders, Texprocil, under MSP

Cotton Corporation of India (CCI) has procured cotton of around 9.1 million bales under the MSP (minimum support price) operation, all time high cotton inventory this year, surpassing previous record level of 8.9 million bales in 2008-09. CCI is planning to float a global tender. Initially to test the market tenders will be for 5000 - 10,000 bales (1 bale = 170 kgs) by the current month end.

Related Keywords: export of cotton yarn, export-import policy, face high tariff barriers, handloom and coir products, high capital costs, international face of cotton textile, not in accord, tariffs on fabrics exported, Texprocil, textile sector

Texprocil (The Cotton Textile Promotion Council of India), which has been the international face of cotton textiles from India facilitating exports worldwide are not in accordance with the export-import policy.

According to them ,the textile sector ,the second largest employment provider in the country has been totally ignored, especially the cotton yarn sector, that too at a time when its facing high logistics costs when exported to markets like Latin America. Also, the exports of cotton yarn have declined sharply.