Falling cotton prices attracted some buying from needy spinners on Wednesday, but overall sentiment remained devoid of enthusiasm due to uncertain global and domestic market situation. Floor brokers said that spinners were agitating against unbridled imports of heavily subsidised cotton yarn and fabric and were seeking a ban to save the domestic industry. However, the government, bogged down in other issues, seemed to have its own priorities with regard to economic development and growth,

Developer of spider silk based fibres Kraig Biocraft Laboratories has signed a cooperative agreement with a governmental entity in Vietnam to develop and produce its advanced silk technologies. “Under the terms of the agreement Kraig Labs has agreed to form a subsidiary company in Vietnam and to open an advanced hybrid silk research and pilot production operation,” Kraig informed in a press release. Kraig Labs has created an efficient method of producing high strength silks using its innov

The National Union of Textiles Garment and Tailoring Workers of Nigeria (NUTGTWN) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture ( NACCIMA) have rejected the lifting of import ban on textile products by the government, saying it was illegal and did not follow due process, the Nigerian media has reported. Earlier this week, the government through the Comptroller-General of the Nigeria Customs Service, (NCS), Alhaji Abdullahi Dikko had announced at the off

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