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Textile Industry

India’s 2018-19 forward cotton export contract 100%



India's 2018-19 forward cotton export contract 100%

Increase in the demand from China, drop in domestic prices and depreciation in the rupee has direct to India’s forward export contract of cotton more than doubled from the 7 lakh bales in September 2017. Even though the expected projections of tight supplies and a rise in the minimum support price (MSP) by the government, traders are expecting that the exports will increase in this financial year.

Atul Ganatra, president of Cotton Association of India said, “We have signed export contracts for 14-16 lakh bales (of 170 kg each). About 75% of these contracts are for export to China.” He added, “The 25% duty imposed by China on cotton imports from the USA will make Indian cotton more affordable to Chinese buyers.”

In the financial year 2017-18, India was not able to sign more contract due to unavailability of cotton. But, this year traders are excited because Indian cotton is cheapest in the global market and demand from China is increasing.

Ganatra anticipates that total exports of China to go up by 30-40 lakh bales this year, which is 3-4 times more than 8-9 bales in the last fiscal year.

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Bangladesh and Vietnam are the two other countries, who have signed agreements for Indian cotton. In November and December, Indian traders export maximum amount of cotton because it is the sole country where cotton is available at that time.

“In 2017-18, we had exported 10 lakh bales every month from November to January,” Manish Daga, director of CAI said.

Issues about the unreliability of yield due to late sowing in Gujarat, pest incidence in Maharashtra and Telangana, 2% decrease in the area sown under kharif crops and rise in the domestic consumption of cotton may limit exports. But, trades stated that the factors supporting in cotton exports are also more.

In India, cotton is presently priced at around Rs 48,000 per candy of 356kg each. The central government has raised the MSP for raw cotton seeds for 2018-19 by 28.1% year-on-year to Rs 5,150 per quintal.

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India has to give competition to Brazil, to get a huge share of Chinese demand. The US Agricultural department also hopes for Indian exports to increase in this fiscal year.

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Textile Industry

SRTEPC requests govt to include yarns & fabrics in RoSL




SRTEPC requests govt to include yarns & fabrics in RoSL

The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) has asked the Union minister of commerce and industry Suresh Prabhu for integration of yarns and fabrics segment under Rebate of State Levies (RoSL) scheme. Talking about the numbers, the council has also asked for 6% RoSL rate to be calculated for reduction of yarns and fabrics exports.

The state taxes and duties are neither included in the slab of GST nor deducted, said SRTEPC stating that these charges included particularly for yarns and fabrics exports about 6% of FOB value of exports.

In the assembly with the minister, the council has talked about various problems which are faced by the MMF textile segment about export promotion incentives, GST, MEIS Scheme, etc.

Narain Aggarwal, who is the chairman of the MMF textile segment said to the minister that it has been very tough for the industry to cop up with GST rules. As is following the reversed duty structure, the MMF textile trade and industry has been getting a great look after as compared to other fiber segments. “Over 14 months have passed since the new tax regime was implemented in India, but unfortunately, there are various anomalies in the GST system that has been affecting the MMF textile segment.”

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Firstly, the government should study various problems along with refund of Input tax credit availed on input services, addition of MMF textile products falling under equal or lower rate of GST, refund of IGST on capital goods, replacement of double taxation on ocean freight, quick refund of accumulated Input Tax credit and insertion of MMF textile products falling under equal or lower rate of GST. Apart from this, neglect the import of capital goods from GST is highly affecting investment in GST sector and vanishing the goal of ‘Make in India’ movement started by the government.

Ronak Rughani, Vice-chairman of SRTEPC, stressed the problem of ITC lapse said by the government. The lapse of unused credit will be a massive setback for the textile exporters as this preparation is against the primary settlement principle that the right validity earned can’t be destroyed. He reported to the minister that the lapsed amount is directing towards great losses in the books of accounts.

Rughani said to the minister that, “MEIS scheme gives much-needed cushion for increasing competitive edge of the MMF textiles that have been facing tough price competition from countries like China, Taiwan, Korea, Indonesia, Vietnam, etc. The governments of the South Asian countries incentivise exports through a refund of duties as high as 17-21 percent apart from giving multi-layer subsidies.” All the rewards falling under MEIS Scheme required to be extended to all MMF textiles along with fibre, yarns, fabrics and made-ups and MEIS reward rates should be increased to 5% for all the MMF textile tariff lines. (RR)

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Textile Industry

RIL collaborates with Vardhaman to develop R|Elan fabric




RIL collaborates with Vardhaman to develop R-Elan fabric

Reliance Industries Ltd (RIL) has made a collaboration with Vardhaman Textiles Ltd, one of the biggest textile companies in India. Both the firms are going to manufacture innovation R|Elan fabric.

As a part of this engagement, RIL’s “R|Elan” technical team will work effectively with Vardhaman to develop a kind of new manufacturing processes to manufacture uniquely engineered R|Elan fabrics.

R|Elan is the modern-age fabric brand from Reliance, is constantly improving step by step after its partnership with Vardhman. The unique high-quality fabric collection will offer both performance and a wide range of themes for formals, casuals and women wear segments. R|Elan team will provide all the technical details, specifications and parameters to make sure that the best quality of fabric is being built.

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Suchita Jain, who is the joint managing director at Vardhaman said, “We see many exciting possibilities with R|Elan to create new fabric developments. Our strengths have always been rapid innovation and creating strong product ranges that are acceptable to brands, and Reliance is the perfect partner for our developments. The technical team at R|Elan is very supportive in enhancing our manufacturing prowess.”

Gunjan Sharma, Chief Marketing Officer – Polyester Division, RIL stated, “We are proud to be associated with the leading player Vardhman for R|Elan. We will work together to ensure the consumer’s growing demand for high-quality performance and sustainable apparel is met with R|Elan. This partnership further emphasises our focus on creating opportunities for entire textile value chain, including brands and apparel manufactures.”

RIL has also made a collaboration with 30+ firms which are already set to generate new-age fabrics using R|Elan technologies. The solid network of Hub Excellence Partners (HEP) will provide confidence to brands/ retailers for smooth production, timelines, and standard quality. All the partners will also get support for technical, commands and new product development needs, RIL stated in a press release.

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R|Elan items will provide users with next-generation fabrics which are aligned with the latest fashion trends along with satisfying their lifestyle needs. RIL main purpose is to provide consumers the kind of fabric in which they look wonderful not only outside but also inside.

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Textile Industry

Swedish Group Atlas Copco completed 60 years at India




Swedish Group Atlas Copco competed 60 years at India

Atlas Copco is the leading provider of sustainable productivity solutions worldwide has completed 60 years in India. Atlas Copco produces innovative compressors, vacuum solutions, generators, pumps, power tools, and assembly systems. The firm offers its services to customers in India as well as other countries.

The Executive Committee of Atlas Copco (ECM) meets in India today as a part of its worldwide visit. The conferences in India showcase the collaborative steps taken by the company in sync along with the government’s ‘Make in India‘ move. India is a vital market for the company and it has continuously grown as well as invested in India.

In 2013, Atlas Copco declared an investment of Rs 100 crore on the manufacturing of industrial and portable compressors at Chakan the state-of-art green factory. Factory’s name is IGBC (Indian Green Building Gold Council) which is developed in agreement with LEED (Leadership in Environmental Energy and Design) best practices. Apart from this, the factory consists of ISO 50001 certificate for energy management since 2016, including three other certificates ISO 14001, OHSAS 18001, and ISO 9001.

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Atlas Copco Product Company is a leader in continuous manufacturing, offering constant improvements, similar to the establishment of solar cells on its rooftop in the beginning of this year. The plant is currently fully autonomous in electricity, powered at 80% with renewable energy. As per the details, the factory will now have 600 tons of carbon dioxide emissions yearly.

In order to initiate its Industry 4.0 vision, the firm has released Smart Connected Assembly Solutions. The firm produces a wide number of industrial products which are created on state-of-art technology. All the products provides a perfect solution for various factors such as flexible productivity, highest quality and safety standards, and efficiency.

Back in 2002, Atlas Copco developed an R&D centre at Global Engineering Center India Airpower (GECIA), Pune. The centre provides employment to 650+ highly-trained engineers which possess great knowledge of software tools, competency training, and extensive product knowledge.

Read More: Andhra Bank to shift its focus on retail, agriculture, MSME sectors

Before few months, Mats Rahmstorm met with PM Narendra Modi and also the Maharashtra CM Devendra Fadnavis in Stockholm to talk over the firm’s future plans in India.


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