Home textiles major Welspun Group will invest Rs 4,000 crore in three large textile projects in Gujarat. An integrated textile manufacturing zone will be developed in Kutch at a cost of Rs 2,000 crore, as a part of Indian government’s Sagarmala project. The group will also invest in its technical textile business and in the advanced textile arm of Welspun. All the three memoranda of understandings (MoUs) are being signed during the ongoing Vibrant Gujarat Summit 2017 in Gandhinagar. Welspun

Benzene prices soared across regions in December but showed moderation later amid weaker demand in China. In US, spot benzene moved up to 16-month highs due to rising Asian numbers, a strong derivative styrene market and low benzene fixtures to the US. In Europe, benzene spot moved up during the month. Asian marker, FOB Korea surged 18% in December and declined 5.9% YoY. US spot prices rose 16.7% while it fell 7.3% YoY as compared to previous year’s average. European spot was up 22.6% on the mon

Prime Minister Nawaz Sharif announced a package of incentives worth 180 billion rupees ($1.72 billion) after a meeting with top exporters on Tuesday aimed at reviving the struggling textile industry. However, it would take some time like four to six months before the favourable impact started reflecting in the country’s exports. Textiles make up more than half of Pakistan's exports, but it has lost ground to South Asian neighbours in recent years, hurt by chronic energy shortages and underinv

At a meeting held with textile minister Smriti Irani in New Delhi, the Tirupur Exporters’ Association president Raja M Shanmugham said that because of its MSME dominant nature and the slender margins in which the textile industry was operating, the entire textile sector may be placed in the lowest slab of the GST so that industry can absorb the levy without any significant impact on the business. TEA apart from keeping the industry under lowest slab of GST, has placed a number of measures, in

Although Vietnam’s economy had no major breakthroughs in 2016, it managed to maintain a stable growth thanks to careful government management. Vietnam’s GDP grew 6.21% for the year, short of the 6.7% target set by the National Assembly, mainly due to natural disasters, drought, and saline intrusion in the Mekong River Delta crippling agricultural production. Another reason was falling exports and falling prices of crude oil in the global market. In that context, service, industry, processi

Garment and textile enterprises have received enough orders to keep them busy through the first quarter of this year, said Le Tien Truong, General Director of the Vietnam National Textile and Garment Group (VINATEX). At a press conference on January 9, Truong said that in 2017, the group targets a rise of 11 percent in export turnover, 14 percent in production value, and 12 percent in revenue. He predicted that this year, Vietnam’s garment and textile sector will face numerous challenges,

Trade with China supports some 2.6 million jobs in the United States, including jobs that Chinese firm have created directly in the US, according to a report released on Tuesday by the US-China Business Council. And as the Chinese middle class grows rapidly over the next decade, likely exceeding the entire US population by 2026, US companies will have opportunities to tap into a new and lucrative customer base that can further boost employment and economic growth, said the report, entitled Un

CHINA’S economy is expected to grow about 6.7 percent in 2016, the country’s top economic planner said yesterday. The economy is predicted to exceed 70 trillion yuan (US$10.1 trillion) for 2016, an increase of 5 trillion yuan, Xu Shaoshi, director of the National Development and Reform Commission, said at a news briefing. The estimate falls within the government target of between 6.5 and 7 percent for the year. In the first three quarters of 2016, the economy expanded 6.7 percent year on y

A modest trade activity was witnessed on the cotton market on Wednesday, dealers said. The official spot rate was unchanged at Rs 6350, dealers said. In Sindh, seed cotton prices were unmoved at Rs 2800 and Rs 3350, they said. In Punjab, phutti rates held the overnight levels at Rs 2800 and Rs 3550, as per 40 kg, they added. Nearly 5,000 bales of cotton changed hands between Rs 6000 and Rs 6600, they said. According to market sources, the ginners were active but the spinners took little in

President-elect Donald Trump and China's billionaire founder of e-commerce giant Alibaba held "great" talks in New York on Monday focused on creating US jobs and enabling trade with Asia. The incoming Republican president, who will be sworn in as commander-in-chief in less than two weeks' time having never previously held elected office, has made job creation a key promise of his incoming administration. His team said the meeting between the 70-year-old real estate tycoon and China' rich