Indian textile mills hope for stable Q4 | Textile News India
Home » News » Textile Mills News » Indian Textile Mills Hope For Stable Q4

Indian textile mills hope for stable Q4

Share: 
      Newsletter

READ MORE ON CCIDemonetisationSIMATextile News India

Textile Mill

Image Courtesy: newjobgroup.com

Indian textile mills are pinning their hopes on the fourth quarter to overshadow the impact of demonetization over the third quarter. The new terms and conditions of fully pressed bales of CCI (Cotton Corporation of India) facilitates the registered MSME textile units to procure cotton by paying only 10 per cent deposit money as against 20 per cent which is applicable only for the sale quantity of 30,000 bales and above. The industry has welcomed the move.

Also ReadCCI resorts to commercial purchase of cotton

Earlier there was a difference in the free period ranging from 30 to 75 days and 75 days free period was available for the procurement of 15,000 bales and above, which led to MSME textile units’ inability to derive much benefit out of CCI. “However, now the free period has been made uniform and fixed at 45 days which would again help the actual users and the MSME units,” said M Senthilkumar, Chairman, Southern India Mills’ Association (SIMA).

It may be noted that more than 75 per cent of the cotton arrives the market during December to March period and around Rs. 60,000 crore is required to procure the seed cotton during this period. Since the ginning and spinning mills do not have such funds, the farmers invariably get lower price.

 

Have some news? Let us know on news@apparelresources.com

Comments are closed.

Recommended by Apparel Resources

India’s textile hub Tirupur to become ‘smart city’

Good news came in for India’s textile hub Tirupur (Tamil Nadu) when it found itself on the list of 30 new cities that...

Noman Group to shorten ‘lead time’ with new setups

‘Lead time’ is a major factor upon which a buyer decides to work with any apparel manufacturer, and a shorter lead time is...

APTMA to hold convention of textile associations

The All Pakistan Textile Mills Association (APTMA) has announced to hold a convention of all textile industry associations in Islamabad after Eid. "We...

Textile traders in Gujarat (India) threaten strike against GST

Angry over the Indian Government’s decision to levy Goods and Service Tax (GST) on fabrics, textile traders in Gujarat have threatened to go...

Pakistan textile mill owners, workers hold protest

Upset over Pakistan’s Federal Government’s failure to meet demands aimed at reviving the viability of the industry, textile mill owners and workers observed...

Noman Group to expand its yarn capacity

The first textile and garment manufacturing company of Bangladesh to cross the US $ 1 billion mark in exports in FY ’12-13, Noman...

Indian Textiles Ministry reviews industry’s preparation for GST

India’s Textiles Minister Smriti Irani chaired a high-level workshop in New Delhi to review the industry’s readiness for GST, set to be rolled...

Jute can be used for road construction: IRC

Indian Roads Congress (IRC) – the apex body of highway engineers in the country, has recognized certain patterns of jute as geo-textile which...

ICCI wants early redressal of issues in Pakistan’s textile industry

The Islamabad Chamber of Commerce and Industry (ICCI) has urged Pakistan Government to pay attention for early redressal of issues being faced by...

GST won’t affect textile industry: ICRA

Textile industry is likely to remain unaffected post GST implementation compared to the current tax regime. This has been stated in a report...