The gift to the Wilson College of Textiles will have a significant and long-term impact by connecting students with new opportunities, allowing for investment in award-winning faculty and life-saving research, and enhancing campus facilities used by students, faculty and industry partners.
The CEC apprehended that the imposition of import duty on cotton would erode the viability and competitiveness of industry and nullify the gains in exports during the last one year.
The CEC also rejected the imposition of 11 percent duty on import of cotton from July 15, as the domestic cotton production in the coming season is expected to be even less than 10 million bales and the industry will have to import more than five million bales to meet the shortage. The CEC also criticised reduction in rebate and exclusion of yarn and fabric from the list.
The Goods and Services Tax seems all set for its July 1 rollout, with finance minister Arun Jaitley confident of keeping this launch date despite doubts by the lone dissenter, West Bengal's chief minister, who sought more time.
As the Union Minister Arun Jaitely announced an imposition of 5 percent tax on cotton fibre, yarn and fabric from the erstwhile zero percent tax. Textile industry buckled up to face the brunt of GST. However, some states used to levy a value added tax of 2-4 percent on the cotton yarns and fabrics.
A four-day international exhibition consisting of three expositions—the 17th Textech Bangladesh International Expo, the 10th Dhaka International Yarn & Fabric Show and the 25th Dye+Chem Bangladesh 2016 Expo opens in Dhaka showcasing the latest developments and emerging technologies of textile and garment industries.
Some 1,050 companies from 23 countries are participating in the fair that will run until September 3.
Industries Minister Amir Hossain Amu inaugurated the exhibition, CEMS Global, the organizer, said in a statement.
The manmade yarn and fabric industry likely to see growth rate from five to seven percent in 2015-16, with stability in crude oil prices. However, as Indian synthetic yarn and fabric performance has not been one of the best internationally, the domestic market will see the larger growth.
