Any government support or incentive to help exporters deal with high freight and insurance costs is unlikely.
Having created businesses ranging from world's largest single-location oil refining complex to nation's largest mobile network operators in just few years, billionaire Mukesh Ambani says his group Reliance Industries Ltd will never be complacent and will grow to be among the top 10 business conglomerates of the world. Addressing employees on Reliance Family Day - the birthday of the group's founder Dhirubhai Ambani, he said Reliance is now aiming to consolidate a place among global leaders in digital data platforms and AI adoption. "Today, the domestic and global environments for business are changing very fast.
The government targets textile exports of $ 30 billion in 2011-12, as demand is on the rise in the western markets, Textiles Secretary Rita Menon said on Thursday.
Union Textiles Minister Dayanidhi Maran has hailed the Budget proposals-2010-11 presented in Parliament on Friday. The minister said that these initiative for the textiles sector as a growth spurring initiatives , which dovetail with economic revival, infrastructure development, agriculture development, inclusive growth and restoring export growth.
pero by Aneeth Arora is a label dedicated to utilising the textiling skills and traditions of ancient India.
The government on Tuesday said that the textile exports from India will double from the current levels within a year of the Multi Fibre Agreement coming to an end.
In a big push to the production-linked incentive (PLI) scheme, the government has nearly doubled (increase of 81 per cent) the allocation in five key industry segments from Rs 8,405 crore in the Revised Estimate of FY24 to Rs 15,198 crore in the Interim Budget for FY25. The segments cover over eight PLI schemes, including mobile phones, IT hardware, pharma (PLIs for medical devices, intermediates and pharmaceuticals), food processing, telecom hardware and, auto and auto components. In FY24, DPIIT officials, however, said that the disbursements would be much higher at around Rs 11,000 crore than what has been budgeted for the year.
The wholesale price index-based inflation remained in the negative territory for the sixth straight month in September at (-)0.26 per cent, on easing prices of food articles. The WPI-based inflation rate has been in the negative since April and was (-)0.52 per cent in August. In September last year, it was 10.55 per cent.
From steel tycoon Lakshmi Mittal to billionaire Sunil Bharti Mittal's Airtel, Anil Agarwal's Vedanta, ITC, Mahindra and Mahindra, and a lesser-known Future Gaming and Hotel Services were among the prominent buyers of the now-scrapped electoral bonds for making political donations.
The industry has requested the Reserve Bank of India for restructuring of loans, the chairman said. According to estimates, the sector has a loan burden of about Rs 1 lakh crore (Rs 1 trillion).
In a move that could improve the weakening sentiment in the Indian textile industry, the government is set to sign a free trade agreement (FTA) with the European Union (EU) by the end of the current calendar year.
Mum Sunita Kapoor encouraged Sonam's passion for style which has led her to become the fashion icon that she is today.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
The government on Wednesday said the technical textiles segment, which is engaged in production of the specialised variant of the commodity used by industries, may become a Rs 66,441 crore (Rs 664.41 billion) industry employing an additional three lakh workers by 2012.
Extension of 2% interest subvention for textile sector will reduce the interest burden on the P&L of textile companies this fiscal.
Prime Minister Narendra Modi has gifted a sandalwood replica of the sitar to French President Emanuel Macron and Pochampally silk ikat in a sandalwood box to his wife Brigitte Macron, officials said on Friday.
Ahead of the Budget 2009-10, Textiles Minister Dayanidhi Maran on Friday said efforts will be made to provide fiscal relief, including service tax exemption, to textile exporters reeling under waning global demand.
All textile items, currently exempted from value added tax, will attract 4 per cent VAT from the next fiscal, the empowered committee said on Thursday.
India's manufacturing sector growth fell to 18-month low in December amid softer increase in factory orders and output, despite minimal inflation, a monthly survey said on Wednesday. The HSBC India Manufacturing PMI survey, conducted by S&P Global, showed that there were softer, albeit sharp, increase in factory orders and output, while business confidence towards the year-ahead outlook strengthened. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) fell from 56 in November to an 18-month low of 54.9 in December.
The UPA government will work on creating one crore (10 million) new jobs in the textiles sector and attract an investment of Rs 1.55 lakh crore in the next five years, Textiles Minister Dayanidhi Maran said after taking charge.
The government on Tuesday indicated that forthcoming Foreign Trade Policy may grant some sops for the ailing textile sector especially exporters, who were disappointed over the Budget proposals.
Buoyed by the success of e-commerce players like Jabongand Myntra, textile companies like Arvind Ltd, TT Ltd and Creative Lifestyles, among others are exploring the online market through their own e-commerce platforms.
The government is likely to come up with export sops for the domestic textiles industry in the upcoming Budget, including a rise in duty drawback rates.
Low wage costs would not be the sole factor in the battle of supremacy of world textile trade post-MFA and countries that aspire to maintain export-led strategy must also develop their expertise in value-added services, according to a OECD report.
In a bid to give a leg-up to the textiles industry in the post-quota regime, the government on Monday rolled out a slew of measures for the sector, including a 10 per cent capital subsidy scheme, de-reservation of 30 items from SSI and reduction in d
Undeterred by the poor showing of textile exports after the dismantling of the quota system in January, the government has set a high target of 20 per cent growth to touch $50 billion annual exports by 2010.
High interest rates, lack of credit, high raw material prices and recession in the US and Europe have hurt the country's cotton textile industry, the Economic Survey said.
The Centre, in a stimulus package on December 7, provided an interest subvention of two per cent up to March 2009 for pre and post-shipment export credit for labour-intensive exports (textiles, leather, marine products) and SME sector.
The board of directors of textile company S Kumars Nationwide will meet on November 9 to consider a proposal to acquire a home textiles company in the United States.
This comes in the background of claims by the Confederation of Indian Textile Industry, an industry body, that about 700,000 jobs have been cut in the last six months. The industry lobby group has also forecast a further loss of half a million jobs in the next five months.
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