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Textile (137)
To promote the technical textile sector, India plans to increase fund outlay for various schemes to over Rs 700 crores during the 12th Five-Year Plan.The market size of technical textiles in India is estimated to have grown to Rs 91,236 crores in 2013-14 from about Rs 42,000 crores in 2007-08, with an annual growth rate of 11 per cent. It’s estimated that with proper policy support, promotional efforts and standardisation and regulation, the sector has the potential to reach Rs 1.58 lakh crores by 2016-17. Employment in the technical textiles industry is estimated to grow at 13 per cent annually…
Indore is all set to get its proposed textile park after textile minister K S Rao announced a total investment of Rs 4,000 crores for it. The minister also promised that the project would get a central assistance of Rs 40 crores. Welcoming the plan for proposed textile park, MP Textiles Mill Association (MPTMA) chairman S Pal said, "Skill development of the workforce associated with the industry in the state must be accorded top priority. I'm happy that the centre has agreed to our demand of providing a sum of Rs 5,000 per month per textile worker for skill upgradation,…
Lakshmi Machine Works has reported a drop in its net profit by Rs 8.37 crore 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 utilisation has dropped to around 65 per cent. While the profit (before interest and tax) of…
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 per cent. As D K Nair, 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.…
Techtextil India 2013 to be held in Mumbai from October 3 to 5 will be 50 per cent bigger and more interactive compared to previous editions. Along with an increase in floor space, international participation in is expected to go up by more than 20 per cent. Over 130 exhibitors from India, Italy, Japan, Sweden, the UK and the US, in addition to national pavilions from Belgium, China, France and Germany, will present the latest products, services and technologies in technical textiles and nonwovens. National Jute Board (NJB), Indian Technical Textiles Association (ITTA) and Texprocil, the three official supporters of…
Uttarkhand 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, part of the $3.5 billion Welspun Group announced Q1 FY14 results, showing strong growth in profitability compared to the same period last year. In spite of an increase in raw material costs by five per cent, increased operational efficiency and lower power costs contributed to an improvement in EBITDA margin to 23.6 per cent as compared to 17.5 per cent in Q1 FY13. 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…
Century Textiles is expecting a 10 percent rise in exports in this fiscal, aided by the falling rupee. This hope is based on favorable raw material prices in global markets and also the recovery in Western economies. Total exports stood at Rs 415 crores in FY '13 against Rs 367 crores in FY '12. The company is taking steps towards increasing its cement capacity. After expansion, its total cement capacity will increase to 12.8 mtpa. The textile sector is on a recovery path mainly due to favorable raw material prices as well as improved demand from the US and recovery in…
Farmers in India, the world’s second-largest cotton grower, may plant more of the crop than estimated after monsoon rains covered the main growing regions early, easing a drought that cut production the previous year.Prospects for better yields and a jump in inventories may boost India’s exportable surplus, potentially pressuring prices in New York that climbed 13 percent this year, the biggest gain among the 24 commodities tracked by a source. Global output will drop 4.8 percent in the season starting Aug. 1, while demand climbs 2.3 percent, the International Cotton Advisory Committee estimates. Dry weather is hampering crops in…
Following the continuous rupee depreciation and strong industry performance, the Indian government has raised the annual export target for textiles from 36 billion dollars to 43 billion dollars for the current fiscal. The minister of state for textiles Panabaaka Lakshmi reported this in a written reply to the Rajya Sabha. Following the discussions with textiles export promotion councils, the ministry has taken the decision, said Lakshmi. Replying to another question, the minister further informed that the ministry has sanctioned the details of 61 Textile parks, which is available online. “The details of 61 sanctioned Textile parks (40 parks sanctioned earlier…
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