Textiles Ministry is eyeing niche overseas markets to boost domestic handloom and handicraft exports as many global companies are willing to tie up with Indian weavers and artisans, a top official said today. “There is a huge scope for promoting Indian handloom and handicraft products in th…
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Tamil Nadu’s handloom industry weaves its way around demonetisation to stay in business
For the first time in his 50 years as a silk handloom weaver in Kancheepuram, D Parthasarathy collected his wages from the bank. Last week, he took his friend along with him to help him withdraw money from the ATM. “I don’t know how to use the ATM, so I need to ask someone to […]
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Textile sector second largest job provider, says Make in India report
Textiles sector has emerged as the second largest job provider in the country, employing nearly 51 million people directly and 68 million indirectly in 2015-16, the Commerce Ministry report on Make in India achievement said. The textile sector accounts for 10 per cent of the country’s manuf…
Demonetisation Effect | Small entrepreneurs and retailers rush to sell online
Vimal Jain, a jewellery store owner, was desperate. The sales at his store, Shubham Jewellery, located in Bengaluru’s commercial hub Chickpet, had dropped by almost 70% since the government scrapped the Rs 500 and Rs 1,000 notes. Most of his transactions, which used to take place in cash, h…
Loan concentration in some states creating NPAs among SMEs: Cibil
Banks concentrating on a few states has led to rising loan defaults and non-payments in the micro and SME commercial sector, a report by TransUnion Cibil said. “Focusing on a few states deprive the lenders of an opportunity to exhibit calibrated loan growth. Currently, some banks tend to ha…
GST will drive up compliance costs: AIMO
The All India Manufacturers’ Organisation has expressed concern that the proposed GST will drive up compliance costs and time because of involvement of multiple agencies and complicated paper work. The 75-year-old organisation with a countrywide network finds that the manufacturing units will hav…
Demonetisation Effect | Cash crunch hits cycle hub; No sales, production slashed
It’s been nearly three weeks since Rs 500 and Rs 1,000 notes were withdrawn from circulation, and the cash crunch has severely hit the supply chain of India’s Rs 7,000-crore cycle hub in Ludhiana. Ludhiana produces 1.45 crore bicycles a year, with almost 60 different parts manufactured by around …
Smriti Irani to inaugurate apparel & garment making centre in Imphal
Union Textiles Minister Smriti Irani will inaugurate an apparel and garment making centre here to be used for skill development, market linkages and management support. “The salient objectives of the project are promotion of entrepreneurship in apparel manufacturing; provision of state of t…
Paytm rolls back small business app on security concerns
Mobile wallet company Paytm has suspended its app that allowed small shopkeepers to accept payment through cards amid ongoing cash crunch, citing risks to customer data and privacy. The new feature was designed to eliminate the need for a physical point-of-sale (PoS) terminal or a card swipe mach…
Gujarat beckons K’taka bizmen to seek opportunities
Gujarat Minister of State for Industries, Mines & Minerals and Finance Department Rohitbhai Patel on November 25 invited businesses and startups from Karnataka to be a part of Vibrant Gujarat 2017, and seek opportunities in the Western Indian state. Addressing delegates at the Vibrant Gujarat…