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# Demonetization

India Ratings and Research predicts stable FY ’18 outlook for cotton textiles

Cotton textiles expected to see stable outlook in financial year 2018 after negative 2017. This has been stated by the India Ratings and Research (Ind-Ra). It’s not only cotton, the agency has also revised its outlook for synthetic textiles to stable for FY 2018 from negative for FY 2017. “The stable textile outlook is in view of stable input prices, healthy capacity utilisation and steady domestic demand scenario in FY18 and support emanating through fiscal […]

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Garment workers of Dhir Global (India) to finally get their dues

As many as 300 workers at Dhir Global Industries Pvt. Ltd., Gurugam, India felt a sigh a relief upon the announcement of getting their salary dues in two instalments. Two months’ salary will be paid on 24th February. The salary of the remaining one month will be paid with the salary of March in the month of April. The workers have not been getting their wages since the Centre announced demonetization. They were handed over the […]

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India’s December ’16 apparel exports to US down 4.8%

India’s apparel exports to the US fell by 4.8 per cent year-on-year in December 2016. Decline is claimed to be an outcome of demonetization as well as the rising support for protectionism in Europe and the US owing to the backlash against globalization. Despite a decline in export value, India’s market share expanded by 10 basis points to 4.2 per cent. However, the country maintained its position as the sixth largest apparel exporter to the […]

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Indo Rama Synthetic reports net loss of Rs. 37.95 crore in Q3

Polyester manufacturer Indo Rama Synthetics (India) Limited has announced its unaudited financial results for the third quarter and nine months ended December 31, 2016. During the period under review, the company noted a net loss of Rs. 37.95 crore in this quarter as compared to net loss of Rs. 7.76 crore in the corresponding quarter last year.   The net revenue of the company stood at Rs. 623.92 crore as against Rs. 663.25 crore in […]

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RBI’s unchanged repo rate disappoints apparel exporters

The Tirupur Exporters’ Association (TEA) has said the Reserve Bank of India’s decision to keep the repo rate unchanged at 6.25 per cent has disappointed the apparel export community, which was expecting a reduction in interest rate post demonetization. The reduction in interest rate is the most important at this juncture to increase the competitiveness of apparel sector at a time when the export growth rate is a meagre 3.54 per cent for the nine […]

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Shoppers Stop takes 15.3% plunge in profits

India-based retail chain Shoppers Stop has announced results for its third quarter ended in the month of December last year. In the period under review, the retailer’s revenue declined 15.3 per cent compared to last year and noted standalone net profit of Rs. 19 crore. The company had posted a net profit of Rs. 22.45 crore during the prior year’s October-December period. However, net sales of the retailer were up by 13.56 per cent to […]

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Nandan Denim praises Union Budget 2017-18

Union Budget 2017-18, presented by Financial Minister Arun Jaitely, has a specific focus on MSMEs which the textile and apparel industry of the country has welcomed wholeheartedly. Nandan Denim Ltd., India’s second largest and the world’s fifth largest denim fabric company, has found the Budget a growth-oriented and beneficial one in long term. Deepak Chiripal, CEO of the company commented, “Medium and Small Enterprises (MSMEs) are the backbone of the industry and generate the maximum […]

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Exporters supporting their workers to cope up with demonetization

As every Indian learns to live without cash, post-demonetization, the struggle is mostly for everyday utilities where the use of plastic money, as it is commonly referred to, is still alien. In this scenario, the Indian garment industry which feeds a huge worker base is coming forward in various ways to support these workers for their everyday needs. Be it cash withdrawal, currency exchange or necessary arrangement to buy grocery, Indian apparel exporters are helping […]

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GST, demonetization boon for retail sector: Walmart India CEO

Walmart India CEO Krish Iyer has said that series of measures like demonetization, Goods and Services Tax (GST) announced by the Indian Government will be beneficial for the retail sector of the country. These initiatives will be helpful in getting good amount of foreign investment into Indian market. “Demonetization, structural reforms and GST will propel the retail sector into the modern economy, and help attract significant foreign investment,” he was quoted as saying. Walmart however […]

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Welspun organizes 3-day digitization drive to cope demonetization

Welspun Group, India’s largest textile and steel conglomerate, initiated the country’s biggest ever three-day digitization drive involving 15,000 of its workers at Anjar plant. The programme was attended by Rajesh Mandawewala, Group Managing Director – Welspun Group, SopanNath, Unit Head, along with 500 team leaders and officials from the regional office of the Textile Commissioner, Ahmedabad, India. At a mass event, presided by Dr. Kavita Gupta, IAS, Textile Commissioner, Government of India, 500 workers downloaded […]

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Garment and leather exports to see growth if rupee sustains fall

Due to Demonetization, the fall of rupee against the dollar is seen beneficial for the short-term export-oriented garment and leather industries. For example, a 5 per cent depreciation in the rupee against the dollar would help garment exporters improve profit margins by about 3 per cent. However, experts and top industry officials say that these industries could only reap full benefits if the trend sustains for longer period. Raja M Shanmugham, President, Tirupur Exporters’ Association […]

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TN (India) spinning industry moving towards ‘substantially’ cashless economy

Having solidarity with the demonetization decision of Government of India, spinning industry of Tamil Nadu is working actively to become ‘cashless’. Many of the spinning mills, especially members of Indian Texpreneurs Federation (ITF) have opened bank accounts of their workers, and are carrying out awareness programmes to enlighten the workers about cashless operations, like Unified Payment Interface (UPI). In Tamil Nadu’s spinning industry, almost 60 per cent of workers already have their bank accounts and […]

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Demonetization Impact: SIMA suggests measures to overcome fund shortage

The Southern India Mills’ Association (SIMA) has appealed the Government regarding the effects of demonetization that have led to the shortage of funds for regular operations including purchase of raw material (cotton), purchase of the regular requirements of stores, spares, accessories and sale of finished goods (yarn, fabric, etc.,) in the textile industry. Senthil Kumar, Chairman of SIMA said, “Withdrawal of around 86 per cent of the currency in circulation and issuance of less than […]

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