Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
The textile industry has voiced alarm over the consistent fall in cotton yarn exports in the last three months due to sharp decline in demand in importing countries such as China, Bangladesh and South Korea, besides duty-free access given by China to competing Pakistan.
Cotton yarn export in June has more than halved to 59 million kg (mkg) in June from 120 mkg in the same period last year. In fact, the level of 59 mkg of exports logged in June was the lowest monthly export in the last five years.
In May, yarn export was down 30 per cent to 77 mkg (111 mkg) while in April it dipped 16 per cent to 90 mkg.
Overall, export of cotton yarn from India in the first quarter of the financial year ended June was down 33 per cent to 226 mkg (338 mkg).
Considering the large-scale investment in the spinning sector and sluggish demand in the domestic markets, exports are the only avenue to ensure uninterrupted production and capacity utilisation, it said.
The cotton yarn sector has been one of the pillars of the Indian textile industry and is also highly modernised. Driven by technology, it provides sustainable income to farmers.
KV Srinivasan, Chairman, Texprocil, said even though cotton yarn is a value-added product, it has been excluded from the export benefits such as interest subvention, MEIS (Merchandise Exports from India Scheme) and the ROSCTL (Rebate of State and central taxes and levies) schemes.
If the current trends of declining exports continue into the next quarter, it will lead to closure of several spinning units in the near future, resulting in layoffs, he said.
Texprocil has appealed to the government to include cotton yarn in the interest subvention scheme and also rebate the embedded taxes such as agricultural cess, mandi tax, power and fuel surcharge which incurred in the production process.
The ROSCTL scheme which rebates these levies should be extended to cotton yarn sector at the earliest, it said. This move will ensure that the industry exports only products and not the taxes, it added.
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
Ensure that the investment thesis based on which you bought the IPO still holds good
Digital money-lending platforms may be hassle-free and convenient, but look before you leap
Both the Nifty 50 and the Sensex continue to record new highs, but stay alert
Care Health Insurance’s new rider offers no great benefit. We review its pros and cons
India is ready with two vaccines to beat the deadliest virus of recent times. The immunisation drive, however, ...
Sopan Deb’s journey towards personal catharsis is perhaps the most honest and straightforward look a man can ...
A crackling fire, a tusker and a family scandal bring together a group of fellow travellers in Kerala
Although they match their Gujarati, South Indian and North Indian counterparts bite for bite, Maharashtrian ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor