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Textile (300)

India wants greater access to the South Korean market in the field of textiles and garments, information technology and generic medicine. And Korea has agreed to consider providing better market access to Indian products. There has been a 70 per cent growth in trade in the first two years of implementation of the Comprehensive Economic Partnership Agreement with Korea. The pact reduces tariffs on goods and facilitates services and investments between the two nations. It has helped about 480 Korean firms operating in India. Following the implementation of the agreement, duties were either reduced or eliminated on about 90 per cent…
Lakshmi Machine Works has reported a drop in its net profit by Rs 8.37 croreS to Rs 25.37 crores during the first quarter of the current fiscal compared to the corresponding quarter of last fiscal.The Coimbatore-headquartered textile machinery manufacturing major’s profitability is said to have been impacted due to the recession in the automobile industry.  The textile machinery division has shown signs of improvement, but the machine tools and foundry divisions were hit because the economy itself was passing through a difficult phase. Capacity utilisationhas dropped to around 65 per cent. While the profit (before interest and tax) of the textile…
The textile and clothing industry that has been struggling to maintain exports growth and facing tough competition from neighboring countries,is heaving a sigh of relief as the government has increased interest subvention rates from 2 to 3 percent. As D KNair, Secretary General, Confederation of Indian Textile Industry (CITI) points out "The enhancement of interest subvention is a welcome measure. High interest cost is one major factor that has been affecting the cost competitiveness of our textile products in global markets. The 50 per cent increase in interest subvention will be a great help," Nair told media.He mentioned that since…
Uttarakhand is all set to have its first modern and integrated textile park. The state government is going to develop an integrated textile park at Jaspsur in Udham Singh Nagar in a public private partnership. The SIIDCUL in association with a private sector will set up a joint venture and will hold a 49 per cent stake in it. The integrated textile park will be developed in 75 acres land at Jaspsur. The objective of the JV is to create basic infrastructure for entrepreneurs like providing interested companies land at subsidized rates to set up textile industries in the state.…
Welspun India’s vertical integration project to increase spinning and weaving capacity is on schedule and expected to be completed by the end of financial year ’14. In April, 2013, the company’s subsidiary, Welspun Captive Power Generation, commissioned a thermal power plant at Anjar. Apart from ensuring quality, and availability of key intermediate products such as yarn and fabric, the backward integration will contribute to improve the profitability of Welspun significantly. The vertical integration project, once completed, will lead to further improvement in profitability. The captive power plant is ramping up generation, thus lowering power costs further and contributing to better…
The Union Budget 2013-14 presented by finance minister P Chidambaram today, have cheered the textiles and garments industry immensely. The reason: the government has finally agreed to unanimously remove the excise duty on readymade garments imposed two years ago.    As A Sakthivel, Chairman, AEPC opines, “We thank the FM for accepting the demand of the industry to restore ‘zero excise duty route’ for cotton and manmade sector (spun yarn) at the yarn, fabric and garment stage. We also thank him for accepting the demand of the industry, for which lakhs of workers, entrepreneurs extend their compliments.” Sakthivel also appreciated…
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