Financial Daily from THE HINDU group of publications
Monday, Dec 15, 2003
Financial Daily from THE HINDU group of publications Monday, Dec 15, 2003 |
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Industry & Economy
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Standards & Benchmarks Synthetic textile export body gets ISO 9001-2000 Our Bureau
Mumbai , Dec. 14 THE Synthetic and Rayon Textile Export Promotion Council (SRTEPC) has announced that it has been given ISO 9001-2000 status. The announcement was made by SRTEPC Chairman, Mr Rakesh Mehra, at its annual award function to felicitate export achievers. Reliance Industries, Indo Rama Synthetics (India) Ltd, Rajasthan Spinning & Weaving Mills Ltd, Banswara Syntex Ltd and Sutlej Industries received special awards from the Union Minister of Textiles, Mr Syed Shahnawaz Hussain. The Union Minister of State for Textiles, Mr G.N. Ramachandran, also attended the ceremony. According to Mr Mehra, in 1954, synthetic and rayon exports were barely a crore rupees, and have grown to Rs 7,812 crore in 2002-03, at a compounded annual growth rate (CAGR) of 22 per cent. In 2002-03, it achieved 32 per cent growth compared to the previous year and the export performance surpassed the target by Rs 562 crore. He added that the US had become the second largest market for the segment, with exports of Rs 542 crore. The share of synthetics in the total US textile (non-apparel) imports is $7.88 billion or 52 per cent. Of this, India's share is 1.31 per cent of the total US import of synthetic textiles. This year, Mr Mehra said, the segment achieved 90 per cent growth in its exports to the US. He said the segment had been maintaining market share in traditional markets and lodging unprecedented growth in new ones. The Council's aim was to expose exporters to the global market in a focused and conducive atmosphere and it had already drawn up a three-year programme to this effect. He added that some issues still had to be resolved, such as the issue of brand rate fixation and deductions under Section 80 HHC of the Income-Tax Act.
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