The government on Wednesday said it is confident that textiles exports target of USD 33 billion for 2011-12 will be achieved as there is a good demand from markets like Japan and Latin America.
The government's estimate that 300,000 to 500,000 people will lose their jobs -- is well below the projections of industry lobby groups, which put the number at around 1 million. The textiles and garments industry is the second-largest employer in India after agriculture. It directly employs 35 million people and indirectly provides livelihood to about 88 million people.
The wholesale price-based inflation rate declined to (-) 4.12 per cent in June on easing prices of food, fuel and manufactured items. The wholesale price index (WPI) based inflation in May was (-) 3.48 per cent. In June last year, it was 16.23 per cent.
The industry's estimated losses stand at Rs 5-6 crore per day.
With eight of the nine apparel parks failing to take off, the government proposes to review the scheme and come out with a new one by March end.
A yuan stress test conducted by the government in March this year, showed profit margins of labour-intensive textile companies would drop by one percentage points if the it appreciates by one per cent.
Having already witnessed a job cut of around seven lakhs so far in the year, the textile industry may see a further reduction in manpower by five lakhs, given in a decline in business by 1.5 per cent.
The chemicals sector's recovery could be delayed until FY25 if the current trends of weak demand and flat pricing continue. Following a subdued September quarter, the revenue and profit performance of listed chemicals companies are anticipated to fall short of initial expectations of an improvement. Despite some price stability, the demand trajectory remains uncertain.
With the termination of multi-fibre agreement set for January 1 2005, India is poised to double its share in the global textiles and garment market to eight per cent and become a $50 billion sector by 2010, says a PHD Chamber of Commerce and Industry
The National Research Centre for Banana is working out a technology by which textiles can be made with fine quality fibres drawn out of banana stems and plants.
The Rajasthan State Industrial Development & Investment Corporation (RIICO) is going all out to woo textile firms to set up shop at its proposed garment zone in Bhilwara.
In a move, which could impact Indian textiles exporters, European Union is considering modelling its 'Rules of Origin' for imports on the lines of that present in the United States.
The central government has revised its guidelines for the textiles centre infrastructure development scheme by hiking the central assistance component to 100 per cent from 50 per cent to widen its scope and speed up implementation of the scheme.
The US textile industry is deeply worried by competitors from India and China as the end of the quota system on December 30 approaches, a media report has said.
A decline in exports, which is a distinct possibility at the moment, would affect employment in the sector and even lead to a loss of existing jobs.
The government has decided to hold off introducing the production-linked incentive (PLI) scheme for additional sectors until it verifies the efficacy of existing initiatives. Top government officials have received mixed feedback on the scheme, including insights from the Economic Advisory Council to the Prime Minister, people aware of the matter said. "There are no new PLI schemes in the offing.
'The temple's construction is the result of collective wisdom of some of the best brains in the country. Water and sacred soil from almost all pilgrimage sites in India, including Gangotri, Yamunotri, Kailash Mansarovar, Prayags (there are seven Prayags) and all 'puris' (seven holy towns in India, besides Ayodhya) have been used in the making of the temple'
The radical nature of the trade package is sure to take everyone's breath away when Manmohan Singh meets Bangladeshi Prime Minister Sheikh Hasina.
Confederation of Indian Industry has suggested levying of basic excise duty at uniform rate of eight per cent across the value chain in textiles stating "it will make the sector competitive in the global market."
Japan's Sumitomo Realty & Development Company will buy a 22-acre land parcel in central Mumbai from Bombay Dyeing for Rs 5,200 crore, the Wadias-run company said on Wednesday. The sale of the land parcel in Worli is one of the biggest land sale transactions in the history of the financial capital.
Making the best of the boom in the stock market, five leading textile companies are set to raise about Rs 1000 crore (Rs 10 billion) through IPOs.
More than two lakh workers have been affected with the closure of 379 sick textile mills during the past decade, the Lok Sabha was informed on Wednesday.
Aryaman Financial Services Ltd has informed BSE that Vaibhav Textiles Pvt Ltd (the Acquirer) has revised the Open Offer made to the Shareholders of Raisaheb Rekhchand Mohota Spinning & Weaving Ltd (Target Company)
Recovery seen in Q4, companies continue to focus on enhancing cash flow
One of India's leading industry bodies - the Associated Chambers of Commerce and Industry - on Friday urged the government to bring sugar, textiles and tobacco products under value added tax.
Seeking intervention of the Prime Minister Manmohan Singh for a moratorium on loan repayment, the crisis-ridden textile industry has said immediate government measures can help it save 10 lakh (1 million) jobs and create additional 25 lakh (2.5 million) employment opportunities.
The Atlas said the growth of the industry had accelerated to 10 per cent per annum and was expected to reach 16 per cent in the near future. The textile trade had been contributing about 17 per cent of country's overall export, growing at a compounded average of 10.24 per cent per annum over the last decade.
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