In order to boost raw jute production, the government has hiked the minimum support price (MSP) of raw jute by 18.5% to Rs 3,200 per quintal for 2016-17. A decision in this regard was taken in the meeting of the Cabinet, chaired by Prime Minister Narendra Modi in New Delhi. The Cabinet Committee on Economic Affairs approved the Agriculture Ministry's proposal on raising the MSP of raw jute to Rs 3,200 per quintal for 2016-17 from Rs 2,700 per quintal in the previous year. The decision is i

The garment manufacturing industry in Ludhiana unhappy with the third budget of the NDA government as it has imposed a two percent excise duty on branded readymade garments having retail price of over Rs1000, with an aim to bring in readymade garment manufacturers in the excise duty net but this will lead to increase in price of all branded garment by almost 1.8-2 percent. This move will be a setback to the micro-small and medium garment manufacturers who make branded garments for big garment

The textile industry is set to pass on the two per cent excise duty that was levied on ready-made garments in Budget 2016-17, resulting in a price rise of at least five-six per cent, say players. The duty was levied on garments with retail price over Rs 1,000, which, according to industry sources, forms half of the organised apparel retail industry. The finance minister had announced a levy of two per cent excise on branded garments worth more than Rs 1,000 if input tax credit is not claimed

Easy conditions prevailed on the cotton market on Monday as buyers stayed on the sidelines. Falling cotton prices in the world market and sluggish demand from the local spinning industry kept market devoid of activity. Floor brokers said that cotton prices touching new low in the New York market and reports that China, which is holding around 30 to 40 million bales, is now poised to dispose them of in the world market were taken as negative developments. On the other hand, the United State

Woolmark has featured its 'Cool Wool' for the premium suiting for the upcoming spring and summer seasons at the recent Premiere Vision Paris show, according to information on the company's website. The Woolmark Company's stand presented the latest edition of the Wool Lab, with a particularly eye-catching collection of selvedges in varying colours and graphics to showing the artistic value associated with these venerable labels of quality and historic worth. Some of the leading internationa

Swaziland's textile industry is looking to make the most of an Economic Partnership Agreement (EPA) with the EU that would allow duty free access to the country's products, the Times of Swaziland has reported. Swaziland is in the process of ratifying the EPA with the assistance of the EU. The EU's Southern African Development Community Co-ordinator Gijs Berends disclosed that once the EPA is ratified, the country will benefit through shipping its goods to the union without delay. An EU del

The basic raw materials, MMF and filaments, were costlier by 23 to 30 percent due to 5 per cent import duty, four percent special additional duty, 12.5 percent central excise duty and anti-dumping duty on certain fibres and filaments, according to the Chairman of the Southern Textile Mills Association (SIMA). This has impacted the growth of our nation’s textile sector. The MMF textiles and clothing exports accounted for 80 per cent and cotton textiles for 20 per cent in China, while in case o

The value-added textile industry has asked the government to implement the zero-rated regime announced by the Prime Minister right now rather than from July 2016 and issue the bonds for exporters committed by the finance minister without any further delay. The industry stakeholders said that the value-added textile industry would welcome the PM announcement of zero-rated regime for exporters only when it is implemented. “We hope the govt will fulfill its commitment this time to restore the

Indian finance minister Arun Jaitley has proposed 2 per cent excise duty on branded readymade garments and made-up articles of textiles of retail sale price of Rs 1,000 or more, reports Business Standard. In the Union Budget 2016-17, Jaitley has proposed to bring in high-end readymade garments under excise duty net. However, this duty will be applicable only for those manufacturers who do not claim input tax credit popularly known as central value-added tax paid on various raw materials.

Clothing retailer Esprit Holdings Ltd posted a loss in the first half, hurt by a slowdown in China and a weak euro. Esprit reported a net loss of HK$238 million ($30.7 million) for the six months ended in December, compared with a profit of HK$47 million a year earlier. Turnover fell to HK$9.3 billion from HK$10.7 billion. Esprit has been in the midst of an ambitious revamp over the past year that has included store closures, price adjustments, new return policies, and technology and distrib