The synthetic sector is struggling due to factors such as high price, higher cost of manufacturing on account of high input prices and competition from China, South Korea, Indonesia and Thailand.
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Tag: Citi
18% GST on MMF to hit the powerloom sector
Powerloom units will take a hit if the GST on man-made fabric (MMF) is kept at the proposed 18%, industry officials said. Powerloom accounts for more than 86% of the total MMF production in India while the rest comes from other segments like handlooms, hosiery and mills. Incidentally, the GST on …
Lower GST on job work of textile yarn to help SMEs: CITI
Reduction in GST rates on job work of textile yarn and fabric manufacturing to 5 per cent from 18 per cent will give a leg-up to SMEs in power loom, knitting and processing sectors, said CITI. According to Chairman of the Confederation of Indian Textile Industry (CITI) J Thulasidharan, reduction …
Walmart Labs seek Indian tech to drive its e-commerce
Global retail giant Walmart is looking to engage more with Indian startups as it seeks access to innovative technologies for its e-commerce and supply chain operations through collaborative partnerships or even acquiring them. The global retailer operates around 11,000 stores and has 240 million …