CITI news and archive

Industry hails budget and says it will boost sector

Yesterdays Union Budget by FM Arun Jaitley has got positive response from the textile and garments industry. The overall feeling is that a lot of their expectations have been met. As Govind Shrikhande, Customer Care Associate and Managing Director, Shoppers Stop, points out that every new innings requires a steady approach and resolve. “...

Apparel

‘Technology should drive cotton productivity’, says CITI

Confederation of Indian Textile Industry (CITI) has stated that given the importance of cotton for the textiles sector of the country, it is important to use technology as a tool for increasing cotton productivity. In a statement, S V Arumugam, Chairman, CITI said that area under cotton in the country is stagnating between 11 and 12 million...

Fashion

Indian Textile Summit: FDI to boost apparel sector

With the relaxation of FDI norms it is expected to create unprecedented opportunities for the textiles and clothing industry of India said Thomas Varghese of Aditya Birla Group at the recent Indian Textile Summit organised by Confederation of Indian Textile Industry (CITI) in Mumbai. The summit was attended by over 250 participants from various...

Fashion

Indian textile/apparel industry hard times continue...

Even as the economic slowdown in the West continues to impact garment and textile exports from India, the domestic front especially the retail segment continues to worry player as they hope for some positive cheer during the festive season. This, despite the fact, that many of them have been forced to put their expansion plans and investments on...

Apparel

Loans of 300 ailing textile mills to be restructured

An inter-ministerial group has submitted a list of over 300 ailing textile mills to the cabinet, whose loans need to be restructured. The group left it to the Cabinet to extend textile upgradation fund scheme benefits to loans classified as non-performing assets (NPA) after repeated restructuring. Under the existing clause in the Textile...

Apparel

Open access of power market will harm textile industry: CITI

Expressing concern over opening up of power market in India through implementation of the proposed open access (OA) facility, Confederation of Indian Textile Industry (CITI) said it would badly hit the country’s textile industry. In a letter to the Ministry of Power, CITI has said the move would badly hit a number of textile firms, who would be...

Fashion

Garments, textile export companies hit slump season

Owing to high cotton inventory and slump in the overseas markets due to slowdown, major textile and clothing (T&C) companies like Arvind, Alok, Raymond, Century and Gokaldas Exports have witnessed their bottomlines take a hit in varying degree for the first quarter of fiscal 2012-13 on a year-on-year basis. While Arvind suffered due to labour...

Fashion

Eurozone Crisis: India worried but exports remain positive

As the Eurozone wrestles with a debt crisis, confidence level remains desperately low. And it has had a negative impact on India’s economy as well. As finance minister Pranab Mukherjee rightly pointed in recent press conference at Manila after taking over as Chairman of the Board of Governors of the Asian Development Bank (ADB), the crisis in...

Fashion

Indo-Pak Trade Pact: India’s apparel industry not worried

With the decision to open up more trade routes with Pakistan, industry players and strake holder from both countries are looking forward to more opportunities to enhance trade relations. In fact, many Pakistan-based apparel brands at the recently concluded Lifestyle Pakistan exhibition held in New Delhi expressed their desire to launch stores in...

Apparel

Mixed reactions to the Union Budget

FM Pranab Mukherjee’s Budget for the year 2012-13 in Lok Sabha today has had diverse reactions from the textile and apparel industry. While the industry has welcomed it, it has also expressed concerns over increase in excise duty from 10 to 12 per cent. The industry was hoping for a relief from the excise burden. Reacting positively to, Gautam...

Fashion

Indian textile firms battle low demand, high losses

The festive season is here, but textile firms across India are an unhappy lot. Declining export orders, high cotton costs and low demand on the domestic front have all adversely affected the industry, once considered a leader in textile exports to the US. The repercussions of possible double dip recession in the US and the deteriorating debt...

Fashion

Duty-free apparel imports from Bangladesh stirs debate

The Union government’s decision to permit duty-free access for 48 apparel products, including knitwear from Bangladesh under the South Asian Free Trade Agreement (SAFTA) has touched a hornet’s nest in India. While CMAI (The Clothing Manufacturers Association of India) the top industry body has expressed shock and dismay, surprisingly many brands...