Connect with us

Business

Garment exporters of North rush to Centre for help

Agencies

Published

on

IST


Chandigarh: With readymade garment exporters losing competitiveness due to lower rates of export incentive scheme, the exporters in the northern region fear the new rates will significantly bring down the apparel sector’s ability to export. They also apprehend that it will disrupt the entire value chain, including loss of employment.

Expressing concern, they have requested the Centre to immediately review the new rates of export incentive scheme to boost the exports. Last week, the Central Board of Indirect Taxes and Customs (CBIC) had slashed duty drawback rates on cotton, man-made and blended garments. The new drawback rates are effective December 19. The move came as a surprise for the apparel industry of Punjab and Haryana.

The scheme called duty drawback rates for apparel industry has decreased for most of the garment categories such as cotton, man-made and blended. In a letter written to the Finance Ministry, the Apparel Export Promotion Council (AEPC) has said the move has come as a setback for the industry which is already losing global market share due to reduced competitiveness after the implementation of GST. “The policy support for the industry after GST has significantly declined by around 5.5%,” it said.

 

Barring few months, apparel exports are continuously declining since October 2017, mainly due to stiff competition, slowdown and discontinuation of certain export incentive.

“The capacity utilisation of the readymade garments has touched a new low of 70% because of dwindling export orders. The situation is alarming as textile sector is one of the biggest employers,” said Lalit Thukral, MD, Twenty Second Miles.

“The council in its letter pointed out that the new drawback rates have a gap of 2.20% to 2.52% from the proposed rates,” said Harish Dua, a garment exporter. The Council has sought the enhancement of rates as has been done for the other important segments such as yarn, fabric and made-ups so that the entire value chain can benefit. To boost the exports, the Council has provided detailed cost analysis for enhancing the drawback rates.

Thukral said many of the exporters have started shifting focus to the domestic market.

According to industry, around 30-40% of exporters have already started utilising their capacity to cater to the domestic demand. The domestic market is pegged at around Rs 3.25 lakh crore and is almost three times more than the exports market. However, manufacturers having deep pockets can sustain in the domestic market.


Comments

Business

WPI inflation at 8-month low of 3.80 pc in Dec on softening fuel, food prices

Agencies

Published

on

New Delhi: Inflation based on wholesale prices fell to a 8-month low of 3.80 per cent in December, 2018, on softening prices of fuel and some food items.

The Wholesale Price Index (WPI)-based inflation stood at 4.64 per cent in November, 2018, and 3.58 per cent in December 2017. According to the government data released on Monday, deflation in food articles stood at 0.07 per cent in December, against 3.31 per cent in November.

Vegetables, too, saw deflation at 17.55 per cent in December, compared to 26.98 per cent in the previous month. Inflation in the ‘fuel and power’ basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent in November.

 

This was on account of lowering of prices of petrol and diesel through December. Individually, in petrol and diesel inflation was 1.57 per cent and 8.61 per cent, respectively, and for liquified petroleum gas (LPG) it was 6.87 per cent during December.

Among food articles, potato prices became cheaper substantially with inflation at 48.68 per cent in December, as against 86.45 per cent in November.

Inflation in pulses stood at 2.11 per cent, while in ‘egg, meat and fish’ it was 4.55 per cent. Onion witnessed deflation of 63.83 per cent in December, compared to 47.60 per cent in November.

The 3.80 per cent inflation is the lowest in 8 months, and a lower inflation than this was last seen in April at 3.62 per cent. Data for retail or consumer price index-based inflation would be released later in the day.

The Reserve Bank of India (RBI) mainly takes into account retail inflation data while formulating monetary policy. In its fifth monetary policy review for the fiscal, last month, the Reserve Bank kept interest rates unchanged, but held out a promise to cut them if the upside risks to inflation do not materialise.

The central bank lowered retail inflation projection to 2.7-3.2 per cent for the second half of the current fiscal, citing normal monsoon and moderate food prices.

Continue Reading

Business

Air tickets, identity cards to become redundant; flyers can use facial recognition to enter airport

Agencies

Published

on

New Delhi: The hassle to show air tickets and identity cards at Airport will be over as air travellers can soon enter airport with facial recognition biometric facility.

GMR Hyderabad International Airport Ltd (GHIAL) that operates the Rajiv Gandhi International Airport (RGIA), has successfully conducted the trial of facial recognition technology. During the first phase of the trial, employees of GHIAL were included. The second phase of the trial is expected to be launched by the end of this month, in which GHIAL will include common air fliers. And if the second phase of the trial is successful, GHIAL will implement facial recognition technology in Hyderabad airport from March onwards.

Three phases of facial recognition technology

 

First phase: GHIAL has installed facial recognition cameras in the Hyderabad. In the first phase, the imaging of passengers will be done through these cameras which will recognise the faces of the flyers.

Second phase: There would be a centralised registration system for passengers. Each passenger’s face will be attached with his/her photo identity like passport, Aadhaar, voting id, driving licence etc. The details of passengers along with his facial mapping will be scanned and stored by GHIAL through the centralised registration system at the Airport.

Third phase: The ID proof of the passengers along with their facial mapping will be stored at the e-boarding gate of the Airport.The data centres at Airlines will also have similar information. Whenever such passengers book tickets, the data system will alert the Hyderabad Airport authorities.

The moment you book a flight ticket originating from Hyderabad airport, your details will be shared by the data centre and the information will be given to all the concerned authorities.

When you reach the Hyderabad terminal gate, face recognition technology will identify you and all your details will be shared on the screen. The security personnel at the gate will access all your information via the system.

Similarly, your details can be accessed by the security personnel at the check-in counter, security check-in. Once the formalities are done, passengers will get an online boarding pass on their mobile phone.

Continue Reading

Business

Maruti all-new WagonR 2019 available for booking at Rs 11,000

Agencies

Published

on

New Delhi: Country’s largest car manufacturer Maruti Suzuki India on Monday said that its all-new WagonR is available for booking starting.

Customers can book the 3rd generation WagonR at authorized dealer network across the country by paying Rs 11,000. They can also book the car online.

The New WagonR is powered by the advanced K-series engine offering high fuel efficiency and an unmatched driving experience, Maruti said. The car now comes with a new 1.2 L engine option that delivers powerful and impressive performance coupled with great fuel economy. Customers will also have the choice of 1.0 L engine for the all-new WagonR.

 

Maruti Suzuki’s acclaimed two pedal technology will also be offered in the new WagonR. The Auto Gear Shift (AGS) offers. Maruti said that for the first it is going to offer the most innovative SmartPlay Studio infotainment experience in the Big New WagonR.

The car will be available in Pearl Poolside Blue, Pearl Nutmeg Brown, Magma Grey, Pearl Autumn Orange, Silky Silver and Superior White Range of variants. The Petrol: 1.0 L engine will be available in Lxi, Vxi / Vxi AGS variants while the Petrol: 1.2 L will be available in Vxi, Vxi AGS, Zxi / Zxi AGS variants.

“The new WagonR gets bigger with enhanced comfort. The car’s sturdy and masculine look with true tall boy design makes for a strong road presence. The Big New WagonR not only embodies strong looks but is also stronger inside out,” Maruti said in a release.

Continue Reading

Subscribe to The Kashmir Monitor via Email

Enter your email address to subscribe to The Kashmir Monitor and receive notifications of new stories by email.

Join 980,109 other subscribers

Archives

January 2019
M T W T F S S
« Dec    
 123456
78910111213
14151617181920
21222324252627
28293031  
Advertisement