citi-news letterthe latest figure signalled strongest improvement in the health of the sector in...
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Cotlook A Index - Cents/lb (Change from previous day)
30-11-2018 86.55 (-0.25)
30-11-2017 83.70
30-11-2016 79.80
New York Cotton Futures (Cents/lb) As on 04.12.2018 (Change from
previous day)
December 2018 77.16 (+0.52)
March 2019 78.84 (+0.16)
May 2019 79.85 (+0.10)
04th December
2018
Govt clears Rs91,149 crore GST refunds to exporters
A.N. Jha appointed new finance secretary
MSME bodies in South form joint panel
Manufacturing PMI jumps to 11-month high of 54 in
November on strong demand
Cotton and Yarn Futures
ZCE - Daily Data (Change from previous day)
MCX (Change from previous day)
Dec 2018 22030 (+510)
Cotton 14755 (+245) Jan 2019 22280 (+570)
Yarn 24055 (+315) Feb 2019 22470 (+550)
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2 CITI-NEWS LETTER
-------------------------------------------------------------------------------------- RBI panel begins 3-day meet on interest rate
Govt clears Rs91,149 crore GST refunds to exporters
A.N. Jha appointed new finance secretary
Manufacturing PMI jumps to 11-month high of 54 in November on
strong demand
Suresh Prabhu felicitates winners of InnoTex 2018
India can play crucial role in reforming WTO: FICCI
MSME bodies in South form joint panel
Jaitley pitches for easing trade barriers
Sebi overhauls settlement rules, introduces confidentiality clause
Revenue secretary says excise duty hike on crude needs 'analysis'
Bengal govt invites 18 LAC countries at ‘Bengal Global Business
Summit’
Gujarat loses top spot in e-way bills in Nov
Four-day textile fair from December 8
------------------------------------------------------------------------------------------------- Graphene unlocks new potential for 'smart textiles'
Chinese investment in Africa good for Africa's development: official
China, France to hold high-level economic, financial dialogue
Qatar to quit OPEC in Jan. 2019, says its energy minister
Karl Mayer to display new textile machinery at Heimtextil
------------------------------------------------------------------------------------------------
NATIONAL
----------------------
GLOBAL
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3 CITI-NEWS LETTER
NATIONAL:
RBI panel begins 3-day meet on interest rate
(Source: The Hindu Business Line, December 03, 2018)
The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel,
began its three-day policy review deliberations on Monday amid expectations of status
quo on interest rate.
Experts are of the view that the RBI may not change the benchmark lending rate (repo)
despite moderation in economic growth and easing inflation.
In its last bi-monthly monetary policy, the RBI had kept the repo rate (at which RBI lends
to other banks) unchanged at 6.5 per cent with warning that volatile and rising oil prices,
and tightening of global financial conditions pose substantial risks to the growth and
inflation.
The MPC meet will continue till December 5. The decision of the MPC will be placed on
the RBI’s website in the afternoon of December 5.
Since the previous policy announcement, the rupee has appreciated against the US dollar
and moved above the psychologically crucial mark of 70.
Global crude oil prices too have softened significantly, slipping below USD 60 per barrel
from USD 86.
However, India’s economic growth slowed to 7.1 per cent in the September quarter after
peaking to an over two-year high in the first three months of this fiscal, as consumption
demand moderated and farm sector displayed signs of weakness.
The growth in Gross Domestic Product (GDP) in July-September is the slowest in three
quarters but better than 6.3 per cent in the same period of the previous year.
The Indian economy grew by 8.2 per cent in the April-June quarter, according to data
released by the Central Statistics Office (CSO).
Retail inflation fell to one-year low of 3.31 per cent in October on the back of cheaper
kitchen staples, fruits and protein-rich items, official data showed.
Home
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4 CITI-NEWS LETTER
Govt clears Rs91,149 crore GST refunds to exporters
(Source: Live Mint, December 03, 2018)
The finance ministry said Rs6,053 crore worth GST refund is still pending with the
government and that is being ‘expeditiously processed’
The finance ministry on Monday said Rs91,149 crore has been issued so far to exporters
as GST refunds, which are 93.77% of total claims with the tax authorities.
In a statement, the ministry said Rs6,053 crore worth GST refund is still pending with the
government and that is being “expeditiously processed”.
“Total GST refunds to the tune of Rs91,149 crore have been disposed by Central Board of
Indirect Taxes and Customs (CBIC) and state authorities out of the total refund claims of
Rs97,202 crore received so far. Thus, the disposal rate of 93.77% has been achieved,” the
ministry said.
Giving break-up for the refund figures, the ministry said that Rs48,455 crore of IGST
refunds have been disposed of as on 28 November, which is 95% of the total such claims.
As much as Rs2,473 crore worth of IGST refund claims are held up on account of “various
deficiencies” which have been communicated to exporters for remedial action.
With regard to refund of input tax credit claims, the ministry said of the total claims of
Rs46,274 crore, the pendency as on 3 December stood at Rs3,580 crore.
“Provisional/final order has been issued in case of (ITC) refunds amounting to Rs37,406
crore. In claims amounting to Rs5,288 crore, deficiency memos have been issued by
respective GST authorities,” the statement said.
The ministry said pending GST refund claims amounting to Rs6,053 crore are being
expeditiously processed so as to provide relief to eligible claimants.
“Refund claims without any deficiency are being cleared expeditiously,” it added. Efforts
are being made continuously to clear all the pending refund claims, where ever requisite
information is provided and found eligible, it said.
“Co-operation of the exporter community is solicited to ensure that they respond to the
deficiency memos and errors communicated by Centre and State GST as well as Customs
Authorities and also exercise due diligence while filing GSTR 1 and GSTR 3B returns as
well as Shipping Bills,” the statement added.
Home
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5 CITI-NEWS LETTER
A.N. Jha appointed new finance secretary
(Source: Live Mint, December 03, 2018)
PM Narendra Modi led Appointments
Committee of the Cabinet cleared the
appointment of A.N. Jha to the post after
incumbent Hasmukh Adhia retired on 30
November
A N Jha, Secretary, Expenditure, has been
appointed as new Finance Secretary, a
government order said Monday.
Prime Minister Narendra Modi led Appointments Committee of the Cabinet has cleared
Jha’s appointment to the post after incumbent Hasmukh Adhia, a 1981-batch Gujarat
cadre officer of the Indian Administrative Service (IAS), retired on November 30.
Fifty-nine-year old Ajay Narayan Jha, is a 1982-batch IAS officer of Manipur Tripura
cadre.
An alumnus of St Stephens College from where he passed with first class in Graduation
and post graduation in History, Jha is a recipient of World Bank scholarship to pursue
Masters in Economic Policy Management from McGill University in Canada. He is also
an MPhil in public administration from Delhi University.
Home
Manufacturing PMI jumps to 11-month high of 54 in November on strong
demand
(Source: Shishir Sinha, The Hindu Business Line, December 03, 2018)
Robust order inflow boosts companies to lift production, input buying
Factory production accelerated further in November as the manufacturing purchasing
managers’ index (PMI) rose to 54 against 53.1 in October. This index is prepared on the
basis of a survey which is conducted among purchasing executives in over 400 companies.
These companies are divided into 8 broad categories: Basic Metals, Chemicals & Plastics,
Electrical & Optical, Food & Drink, Mechanical Engineering, Textiles & Clothing, Timber
& Paper and Transport. Index over 50 shows expansion while below 50 mean contraction.
The index is prepared by IHS Markit and released along with a detailed report. This index
is widely quoted to explain the latest industrial situation.
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6 CITI-NEWS LETTER
According to the report, manufacturing conditions strengthened for the third successive
month in November, as healthier inflow of new orders encouraged companies to lift
production and input buying to a greater extent than in October. Cost inflation
moderated, but the revival in demand translated into improved pricing power among
producers who raised their charges at a quicker rate. Elsewhere, job creation was
sustained while the sentiment picked up.
The latest figure signalled strongest improvement in the health of the sector in almost one
year. Buoyed by strong demand conditions and higher sales, manufacturers increased
production at the second-fastest pace since October 2016. The rise was led by
intermediate goods firms, although robust growth was also seen in the consumer and
capital goods categories.
Pollyanna De Lima, Principal Economist at IHS Markit, said that the Indian
manufacturing sector continued to recover from the ground lost in August, with
November seeing the headline PMI climb to an 11-month high. Relatively weak demand
environment seen earlier in the year showed signs of abating, with clients unfazed by
another round of increase in output prices and placing more orders regardless.
Correspondingly, goods producers rebuilt raw material stocks to guard against possible
delivery delays and fulfil contracts.
Manufacturers further drew down their finished goods stocks to meet demand. This,
coupled with improved business sentiment, should ensure that production continues to
rise at a robust clip as the country heads towards 2019.
“Signs of rising confidence in the upturn were also provided by the trend for employment,
which continued to grow at one of the quickest rates seen in six years. Supply-chain
pressures remained weak, which, however, supported a softer rise in input prices,” she
said.
The survey highlighted better employment scenario. Job creation was sustained in
November, which panel members linked to strong inflows of new work. Despite easing
slightly from October, the pace of employment expansion was among the strongest
registered in the past six years. The sharpest rise was noted in consumer goods, followed
by capital and then intermediate goods.
The report mentioned that production growth in India jumped to over two-year high.
According to panelists, the upturn was supported by improved demand and better market
conditions. Rates of increase accelerated in the consumer and intermediate goods
categories, while a marginal slowdown was noted in capital goods sector. As was the case
for production, new businesses rose at the second-fastest pace since October 2016.
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7 CITI-NEWS LETTER
Anecdotal evidence highlighted successful marketing campaigns and stronger underlying
demand as the key factors boosting sales. For the fifth month in a row, growth was noted
in each of the three monitored sectors and led by intermediate goods makers.
Home
Suresh Prabhu felicitates winners of InnoTex 2018
(Source: Fibre2Fashion, December 03, 2018)
The winners of InnoTex 2018, a competition on innovative ideas/concept devised for best
design, method, process, product and cost reduction in any area from 'ginning to
garment', have been felicitated by the Union minister Suresh Prabhu. A total of ten
innovations were shortlisted after two rounds of the evaluation by the panel of judges.
For the first time in the history of Indian textile and clothing industry, an innovation
contest was organised jointly by Confederation of Indian Textile Industry (CITI) in
association with Northern India Textile Research Association (NITRA). Sanjay K Jain,
chairman CITI, shared his thoughts on how the idea of organising an Innovation Contest
came and in fact it was first time in India that such a contest is organised for innovations
in the textile sector.
R Pothiraj received the first prize for his innovation on '32 per cent Reduction in Energy
Consumption in Running Airjet Looms', Dhivagar got second prize and Raj Kumar got
third prize for their innovations in 'Zero Defect of Spandex Miss Plating in Knitted Fabric'
and 'Computerised Vertical Embroidery Machine', respectively.
InnoTex promoted the ideas of innovators by enabling them to showcase their talent to
the industry leaders and get instant recognition. The contest also bridged the gap between
innovators and the end-user industry and guided the researchers about the actual
demand of the industry in these areas.
Home
India can play crucial role in reforming WTO: FICCI
(Source: The Hindu Business Line, December 03, 2018)
India can play a crucial role in reforming the WTO by drawing nations to the discussion
table for finding a workable solution, as the country is set to host the G20 summit in 2022,
industry body FICCI said on Monday.
Prime Minister Narendra Modi on Saturday highlighted the need for carrying out reforms
in the WTO at the G-20 summit in Argentina.
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8 CITI-NEWS LETTER
He said that reforming the WTO is very important and it is also necessary to carry forward
the dialogue on trade, services and promoting the global value chain in the agricultural
sector.
“With the G-20 nations agreeing for the required reforms in the multilateral trading
platform WTO, India’s role in this exercise will be critical in bringing together all the
countries to the discussion table for finding a workable solution.
“As the country will be hosting the G-20 summit in 2022, it can play an important role in
helping the positive results of the Argentina meeting deliver concrete results,” FICCI
President Rashesh Shah said.
The meeting between US President Donald Trump and Chinese President Xi Jinping in
Argentina has shown positive outcomes. In all probability, it will succeed in defusing the
impending global trade war, which threatened to impact world trade in a major way, he
added.
Escalating tensions between the two major trading nations has been a cause of deepening
concern in terms of its adverse impact on the financial markets and economy across the
world, Shah noted.
“The very fact that no additional tariffs will be imposed by the US and both the two sides
will engage in negotiations, is a big relief for other trading nations, including India,” the
president said.
Home
MSME bodies in South form joint panel
(Source: The Hindu Business Line, December 03, 2018)
Demand to drop move to define MSMEs on turnover criteria
Micro, Small and Medium Enterprises (MSME) associations in South India have come
together to demand relief from the Centre.
“MSMEs have been undergoing severe hardship in recent years, which is turning out to
be an existential crisis for us in the current global market scenario,” said Basavaraj Javali,
Chairman of Southern MSME Committee and President of Kassia.
MSME concerns
“A few amendments being proposed in the MSME Act are also detrimental to our
existence,” he added.
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9 CITI-NEWS LETTER
In this background, the leading southern MSME associations, including Maharashtra and
Goa, have joined hands to raise the various issues and problems facing the sector with the
Centre seeking redress.
The associations that have come under the common umbrella are Karnataka Small Scale
Industries Association (Kassia), Federation of Small & Medium Enterprises of India
(FSMEI), Federation of Andhra Pradesh Small & Medium Industries Association
(FAPSMEA), Kerala State Small Industries Association (KSSIA), Tamil Nadu Small and
Tiny Industries Association (TNSTIA), Coimbatore District Small Scale Industries
Association (CDSSIA), Goa State Industries Association (GSIA) and Chamber of Small
Industry Associations, Maharashtra.
Preliminary meeting
“We met today in Bengaluru at a preliminary meeting to discuss in detail the issues to be
taken up with the government in the forthcoming summit scheduled to be held in January
or February,” said Javali.
“We play an extremely important role by providing employment to unskilled and semi-
skilled persons who would otherwise remain unemployed and may add to the social
problems,” he added. The committee flagged many issues at today’s meet.
“We are urging the Central government to drop the proposal for redefining the MSMEs
using the turnover criteria and to maintain status quo,” said V Gnanasekaran, President
of Coimbatore District Small Scale Industries Association.
Explaining the rate of loan interest charged on SME borrowers, A Padmanabha, co-
ordinator of the southern committee, said, “It should be on par with the interest charged
on agricultural loans. Banks should do away with the cumbersome procedures and delays
in sanction of loans, do away with the processing fee for annual renewals of SME
borrowers and quick and online processing of loan applications in a time-bound manner.”
Other demands
Other issues that figure prominently in the charter of demands are: mandatory display of
CGTMSE information, including status by the banks. Upfront guarantee fee must be
reduced to 0.5 per cent, so also annual service fee.
Revival of CLCSS to benefit technology upgradation, withdrawal of present NPA norms,
making it 180 days for SME borrowers with a holiday/moratorium of two years for new
units, are the other demands.
The government should withdraw the SARFAESI Act or at least exempt the units up to a
borrowing limit of ₹2 crore as this will help the micro and small industries to survive in
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10 CITI-NEWS LETTER
the face of grave crises. Purchase preference of 25 per cent for SMEs by the PSUs should
be strictly implemented, it said.
Payment due from medium and large industries and PSUs must be cleared within 45 days
as per the provisions of the MSMED Act 2006 to help SMEs to stay away from legal
entanglements. Eliminate red tape and create a common regulatory body for SMEs.
Create an exclusive category for SMEs in order to bring in better focus on the problems
and remove GST on labour charges.
Home
Jaitley pitches for easing trade barriers
(Source: The Hindu, December 03, 2018)
‘Consumers globally can get the best products and services at a competitive cost’
Union Finance and Corporate Affairs Minister Arun Jaitley on Monday made a strong
pitch for free global trade, stressing it was in the larger interests of consumers around the
world, and enabled them to get the best products and services at a competitive cost.
“India remains committed to improving all hindrances in trade facilitation and easing
trade across barriers. We are investing in our infrastructure and using technology to the
best possible level and are willing to inculcate and implement best practices from the
world,” he underlined.
The Minister’s remarks during his opening address at a meeting of the World Customs
Organisation’s policy commission here, assume significance at a time when protectionist
tendencies in the developed world have triggered trade wars and built barriers to free
movement of goods and services.
“From the point of view of consumers, they are entitled to goods and services that are
indeed the best and most cost-competitive… No nation can manufacture all products or
specialise in all forms of services. And therefore, trading across the barriers of nations is
an economic imperative of the time,” Mr. Jaitley said.
Initial resistance
Recalling the initial resistance from some countries to trade facilitation measures when
they came up on the World Trade Organisation’s agenda in 1996, the Minister said that
over time, every country realised the importance of the subject and its implications for
domestic reforms as well as the performance of individual economies.
“Nations across the world have realised that increase in trade itself gives an impetus to
the global economy (and their own),” Mr. Jaitley said.
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11 CITI-NEWS LETTER
It is this recognition that has led countries to invest a lot in airports, ports, railways and
other infrastructure to support trade in both goods and services.
“India has, of course, been at the forefront of increasing its capacity. And this is evident
from the fact that in the last three years, India has moved from 140 to 77 in the World
Bank’s ease of doing business rankings. On trading across barriers, we were ranked 140th
out of 190 countries just a few years ago. And within a year of all the reforms made within
our country, we have come to 80th position – that’s a great movement upward of 60
positions,” the Minister said.
Revenue Secretary Ajay Bhushan Pandey said that India’s focus in improving customs
clearances is on the reduction in dwell time of cargo, transaction costs and bringing
transparency in rules and regulations with simpler procedures. This, he said, is in sync
with the WCO’s current focus theme of creating smart borders for seamless trade, travel
and transport.
However, Mr. Pandey said that the Customs department also needs to be effective and
lethal when required, even as it seeks to facilitate seamless movement at the borders.
“While all assistance is to be given for legitimate cross-border trade, dangers posed by
illicit trade are too damaging to be ignored. The key challenge for the Customs today is to
arrive at a convergence of facilitation and enforcement. The economic frauds cut at the
very roots of our nation and must be dealt with severely,” he said, stressing that the
solution lies in collaborative and co-operative management of borders, within a country’s
official machinery as well as between countries.
Home
Sebi overhauls settlement rules, introduces confidentiality clause
(Source: Economic Times, December 03, 2018)
Markets regulator Sebi has made the settlement rules more attractive to help fast-track
cases, by including confidentiality and lenient terms for approvers, but not to settle cases
of defaulters and fugitive economic offenders.
The regulator said it will not settle proceeding in case the alleged default has market wide
impact, caused losses to a large number of investors, or affected integrity of the market.
The new norms will become effective from January 1, 2019, the Securities and Exchange
Board of India (Sebi) said in a notification.
The guidelines are based on suggestions made by a panel headed by retired judge A R
Dave.
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12 CITI-NEWS LETTER
Under the new settlement rules, the regulator has introduced a confidentiality clause and
lesser settlement amount for those offering information about an ongoing or possible
violation.
Besides, the Sebi will give an opportunity to an entity facing possible charges and
enforcement actions in certain cases to file a settlement application within 15 days of such
a notice.
If an entity fails to file a plea after Sebi's settlement notice, any further settlement attempt
will be permitted only after the proceedings are completed at the regulator's end and the
matter is pending before a court or a tribunal.
Also, the settlement fees and charges have been increased, while the amount will be even
higher in cases of delayed filing of application.
There has been an increase in the number of cases being settled over the past few years
and the regulator is keen to further encourage this route to close cases that are not very
serious in nature.
As many as 200 cases were settled for a total amount of over Rs 30 crore in 2017-18, up
from 103 cases for Rs 13.5 crore in 2016-17 and 34 cases in 2015-16 for Rs 4.42 crore.
Under the rules, an applicant will need to make one application for settlement of all
proceedings that have been initiated or may be initiated and make full and true
disclosures about the alleged defaults.
A settlement plea will not be considered if an earlier application for the same alleged
default has been rejected or in cases involving outstanding funds for recovery under
securities laws.
In case of withdrawal of a settlement plea, a second chance would be given only if the
applicant agrees to pay at least 50 per cent more settlement amount.
Besides, the Sebi will not entertain settlement pleas for alleged defaults having
marketwide impact, loss to a large number of investors and those impacting integrity of
the market.
Also, the regulator will not settle cases involving wilful defaulters, fugitive economic
offenders and those having defaulted in payment of fees or penalty imposed under
securities laws.
A settlement application will need to be filed within 60 days of a show-cause notice and
within 120 days in exceptional cases having sufficient cause for delay, in which case the
amount would increase by 25 per cent.
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13 CITI-NEWS LETTER
It also provide for non-monetary settlement terms, besides a settlement amount and
these would include suspension of business activities, exit from management,
disgorgement of losses incurred by investors, restraint from being an officer or director,
cancellation, reduction or lock-in of shareholding, enhanced audit and procedures etc.
An applicant can seek benefits of confidentiality and lenient terms (in form of lower
settlement amount) by agreeing to help in investigation, provided he or she ceases to
participate in violation of securities laws, provides continued and true disclosure of
information and evidence and doesn't conceal, destroy, manipulate or remove relevant
documents required to prove the alleged violation.
This will be applicable if the information provided relates to a securities law violation that
has occurred, is ongoing or is about to occur.
In case such an applicant fails to comply with necessary conditions, Sebi will be be able to
rely upon the information and evidence submitted to it in any proceeding.
Besides, the confidentiality will not apply if a disclosure is required by law or if the
applicant has made a public disclosure or agreed for disclosure in writing.
Home
Revenue secretary says excise duty hike on crude needs 'analysis'
(Source: Economic Times, December 03, 2018)
Revenue secretary Ajay Bhushan Pandey Monday declined to comment on reports of
government planning an excise duty hike on petroleum products following fall in crude
prices, saying an "analysis" is required on it.
In face of mounting public pressure, the Centre had in October cut excise duty by Rs 1.50
per litre on both petrol and diesel after a rally in global crude prices and also asked oil
NSE 1.42 % marketing companies to lower the retail prices by Re 1 each. It was emulated
by some states, mostly BJP-ruled states.
However, crude prices have corrected by over 30 per cent since then to under USD 60 a
barrel levels, which has lowered fuel prices correspondingly and technically made space
for a review. But retail price can still come down by over Rs 4 a liter, according to many
analysts.
"At this point in time I will not be able to say anything. These things require certain
analysis. Off the cuff it will not be appropriate to say anything," Pandey told reporters
when asked if government is planning such a move.
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14 CITI-NEWS LETTER
Last week media reports said every Re 1 cut in the excise duty results in a Rs 14,000 crore
hit on the government coffers and that given the falling crude prices it revert to the duty
structure to pre-October levels.
It can be noted government has already fiscal deficit target by October at 103.9 percent
and many analysts have warned of fiscal slippages beyond the committed 3.3 per cent.
According to the report the Centre is looking at a hike of Rs 1-2 on excise on oil product.
Meanwhile, when asked about a shortfall in GST collection, Pandey acknowledged that
there has been a Rs 4,000-crore decline in November, but stressed that it cannot be
extrapolated into a trend.
"In November we got Rs 4,000 crore less, but you have to see a long-term trend. Like in
the previous month, we had collected over Rs 1,00,000 crore. This month we have
collected Rs 97,000 crore," he said
Addressing the 80th World Customs Organisation (WCO) Policy Commissionerate
meeting, Pandey said India is at the cusp of a transformation following GST rollout
Chairman of the Central Board of Indirect Taxes and Customs S Ramesh said the country
has committed Rs 5 crore to enhance the expertise of WCO, making it the maiden
contribution.
He said economic frauds need to be dealt with severely but admitted that enforcement is
a challenge.
Pranab Kumar Das, member (customs) at the CBIC, said the directorate of revenue
intelligence (DRI) is active on curbing smuggling and signing pacts with countries to get
hold of passengers' list in advance so as to have a better profile of the travelers.
Home
Bengal govt invites 18 LAC countries at ‘Bengal Global Business Summit’
(Source: K N N India, December 03, 2018)
Eighteen Latin American and Caribbean (LAC) countries have been invited to the fifth
edition of the Bengal Global Business Summit (BGBS) to be held in February 2019.
The invitation to the LAC countries, which is a first for the BGBS, was announced by Amit
Mitra, State Finance & Commerce and Industries Minister, while speaking at the
conference, ‘India-LAC Business Cooperation: Special focus on West Bengal’, organized
by Indian Chamber of Commerce (ICC) in Kolkata.
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15 CITI-NEWS LETTER
Mitra said that there are a number of core competency areas that Bengal and the LAC
countries have in common, like leather, textiles manufacturing, information technology
(IT) and a few others, and so, in these, there is potential for investment which will be
beneficial for both sides.
The minister said “One company in Bangla has recently invested in Chile for the
manufacturing of mining machinery. And now it is time for the LAC countries to come
and invest big in Bangla.
About the foreign collaborations, Mitra said that six countries have already agreed to
partner Bangla in BGBS 2019, including Germany and Italy which Chief Minister Mamata
Banerjee visited in September this year.
The ambassadors from eighteen Latin American countries namely, Venezuela, Brazil,
Paraguay, Cuba, Colombia, Mexico, Guatemala, Trinidad and Tobago, Guyana, Ecuador,
Argentina, Panama, Dominican Republic, El Salvador, Peru, Suriname, Bolivia and
Uruguay were present at the meeting.
Home
Gujarat loses top spot in e-way bills in Nov
(Source: Niyati Parikh, Times of India, December 04, 2018)
Soon after generation of e-way bills was made mandatory in April this year, Gujarat
generated the highest number of e-way bills for interstate movement of goods and
remained the top state on this count in the country. However, in November, Gujarat lost
its top spot to Maharashtra and experts claim it is thanks to Diwali holidays and a subdued
movement of goods.
According to data provided by state commercial tax department, some 26.08 lakh e-way
bills were generated in Gujarat in November, which was marginally lower than some 26.13
lakh e-way bills generated in Maharashtra in the same month. The data further suggests
that the movement of goods dropped by an estimated 37.4% in November, against some
41.63 lakh e-way bills generated in the state in October.
Pointing at reasons for the decline in number of e-way bills, R R Patel, joint commissioner
– checkposts, commercial tax department – Gujarat, said, “Gujarat has retained the top
spot since the beginning in e-way bill implementation. However, in the month of
November, due to Diwali season, businesses were closed for nearly a week and therefore,
the movement of goods was limited.” Transporters have put the blame on the recessionary
trend which may have dented movement of goods. “Apart from the Diwali holidays, there
is an overall slow movement of goods due to a recessionary trend. This is visible across all
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16 CITI-NEWS LETTER
the sectors including fast moving consumer goods (FMCG), chemical and textile sectors,
among others. Festive season sales were dull this time and this was clearly visible with
limited movement of goods,” said Mukesh Dave, president, Akhil Gujarat Truck
Transporters’ Association (AGTTA).
During the initial two months i.e. in April and May, Gujarat retained top spot with the
highest number of total e-way bills generated including those for inter-state and intra-
state movement of goods. “The norms for intra-state movement of goods differ from state
to state. After e-way bills were made compulsory for intra-state movement of goods,
Gujarat has slipped to the second spot as more intra-state e-way bills are generated in
Maharashtra, due to which it has been taking the lead,” Patel said.
Home Four-day textile fair from December 8
(Source: The New Indian Express, December 04, 2018)
The event named ‘WEAVES’ will kick off from December 5 and conclude on December 8.
With an aim to promote the handloom industry of the State and to create a better market
for the weavers community, the Confederation of Indian Industry (CII) and Texvalley, the
largest wholesale textiles market at Erode, are jointly organizing a four day-long textile
fair at Erode.
The event named ‘WEAVES’ will kick off from December 5 and conclude on December 8.
WEAVES will be the first-of-its-kind event focusing on promoting the handloom industry
and would feature more than 250 plus exhibitors from across the State showcasing their
products.
Speaking about the event, M Ponnuswami, Chairman, CII Tamil Nadu, and Chairman and
Managing Director, Pon Pure Chemicals India Private Limited, said, “WEAVES will bring
together reputed personalities of the powerloom sector to interact and deliberate on
taking this industry forward.”
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17 CITI-NEWS LETTER
GLOBAL:
Graphene unlocks new potential for 'smart textiles'
(Source: Eureka Alert, December 03, 2018)
The quest to create affordable, durable and mass-produced 'smart textiles' has been given
fresh impetus through the use of the wonder material Graphene.
An international team of scientists, led by Professor Monica Craciun from the University
of Exeter Engineering department, has pioneered a new technique to create fully
electronic fibres that can be incorporated into the production of everyday clothing.
Currently, wearable electronics are achieved by essentially gluing devices to fabrics, which
can mean they are too rigid and susceptible to malfunctioning.
The new research instead integrates the electronic devices into the fabric of the material,
by coating electronic fibres with light-weight, durable components that will allow images
to be shown directly on the fabric.
The research team believe that the discovery could revolutionise the creation of wearable
electronic devices for use in a range of every day applications, as well as health
monitoring, such as heart rates and blood pressure, and medical diagnostics.
The international collaborative research, which includes experts from the Centre for
Graphene Science at the University of Exeter, the Universities of Aveiro and Lisbon in
Portugal, and CenTexBel in Belgium, is published in the scientific journal Flexible
Electronics.
Professor Craciun, co-author of the research said: "For truly wearable electronic devices
to be achieved, it is vital that the components are able to be incorporated within the
material, and not simply added to it.
Dr Elias Torres Alonso, Research Scientist at Graphenea and former PhD student in
Professor Craciun's team at Exeter added "This new research opens up the gateway for
smart textiles to play a pivotal role in so many fields in the not-too-distant future. By
weaving the graphene fibres into the fabric, we have created a new technique to all the full
integration of electronics into textiles. The only limits from now are really within our own
imagination."
At just one atom thick, graphene is the thinnest substance capable of conducting
electricity. It is very flexible and is one of the strongest known materials. The race has
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18 CITI-NEWS LETTER
been on for scientists and engineers to adapt graphene for the use in wearable electronic
devices in recent years.
This new research used existing polypropylene fibres - typically used in a host of
commercial applications in the textile industry - to attach the new, graphene-based
electronic fibres to create touch-sensor and light-emitting devices.
The new technique means that the fabrics can incorporate truly wearable displays without
the need for electrodes, wires of additional materials.
Professor Saverio Russo, co-author and from the University of Exeter Physics
department, added: "The incorporation of electronic devices on fabrics is something that
scientists have tried to produce for a number of years, and is a truly game-changing
advancement for modern technology."
Dr Ana Neves, co-author and also from Exeter's Engineering department added "The key
to this new technique is that the textile fibres are flexible, comfortable and light, while
being durable enough to cope with the demands of modern life."
In 2015, an international team of scientists, including Professor Craciun, Professor Russo
and Dr Ana Neves from the University of Exeter, have pioneered a new technique to
embed transparent, flexible graphene electrodes into fibres commonly associated with the
textile industry.
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Chinese investment in Africa good for Africa's development: official
(Source: Global Times/ Xinhua, December 04, 2018)
The current Chinese investment in Africa, most especially in infrastructure
development, is good for the continent to achieve economic and social transformation
on the continent, an official of African Development Bank (AfDB) said Monday.
"Chinese investments are highly welcome to Africa," Gabriel Negatu, director general of
AfDB East Africa regional development and business delivery office, told Xinhua in an
interview on the sidelines of the ongoing African Economic Conference that opened on
Monday.
Private investment from China, especially in transport, energy and industrial
development, would help Africa to speed up the implementation of a continental free
trade area, said Negatu.
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19 CITI-NEWS LETTER
"China has become Africa's great development partner, because the Chinese government
has been able to support heavy infrastructure projects like the Kenya Standard Gauge
Railway, among others," he said.
"It is us Africans who need to decide what it is that we want China to invest in. Today
the west is not able to support that kind of big infrastructure developments in Africa," he
added.
The 13th edition of the annual conference, organized by the United Nations
Development Program and the United Nations Economic Commission for Africa is held
under the theme "Regional and Continental Integration for Africa's Development."
The conference that runs to Wednesday, focuses, among others, on initiatives for
accelerating progress in infrastructure integration, including the removal of barriers for
movement of people and goods and services across borders.
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China, France to hold high-level economic, financial dialogue
(Source: Global Times, December 04, 2018)
The sixth China-France High-Level Economic and Financial Dialogue will be held in
France on Friday, a Chinese Foreign Ministry spokesperson announced Monday.
Chinese Vice Premier Hu Chunhua and French Minister of Economy and Finance Bruno
Le Maire will co-chair the dialogue, spokesperson Geng Shuang said at a routine press
briefing.
"As agreed by the two sides, the issues to be discussed include the macro-economic
situation and global economic governance, trade and financial cooperation, as well as
connectivity and cooperation on agriculture, advanced manufacturing and major
projects," Geng said.
The dialogue was put in place in 2013.
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20 CITI-NEWS LETTER
Qatar to quit OPEC in Jan. 2019, says its energy minister
(Source: The Hindu, December 03, 2018)
“We don’t have great potential (in oil), we are very realistic,” Energy Minister Saad al-
Kaabi, who described himself as “Mr. Gas”, told reporters here. “Our potential is gas.”
Qatar will leave the Organization of the Petroleum Exporting Countries (OPEC) next
month in order to focus on gas production, the Gulf state’s new Energy Minister Saad al-
Kaabi announced on Monday.
It has been a member of OPEC since 1961, and the decision to pull out after all these
decades comes at a turbulent time in Gulf politics, with Doha under a boycott by former
neighbouring allies, including Saudi Arabia for 18 months.
“Qatar has decided to withdraw its membership from OPEC effective January 2019 and
this decision was communicated to OPEC this morning,” he said at a press meet here.
Gas remains our top priority
Qatar said gas production would remain its top priority. “We don’t have great potential
(in oil), we are very realistic,” Energy Minister Saad al-Kaabi, who described himself as
“Mr. Gas”, told reporters here. “Our potential is gas.”
“I think it’s inefficient to focus on something that’s not your core business and something
that’s not going to benefit you long-term,” he added.
‘A political decision’
Some analysts saw Qatar’s withdrawal as a “political decision to oppose Saudi Arabia”,
which alongside the U.S. and Russia is the biggest producer in OPEC.
Saudi Arabia and allies have also imposed a blockade on Qatar.
In September, Qatar announced its plans to boost gas production to 110 million tonnes a
year by 2024. Its oil production is around 6,00,000 barrels a day, making it the world’s
17th largest producer of crude, according to WorldData.info. It also only holds around 2%
of the world’s global oil reserves, according to the CIA World Factbook.
Mr. Kaabi said that he would still attend OPEC’s Vienna meeting later this week, his “first
and last” as Energy Minister. That meeting is expected to set a policy for 2019 and despite
Qatar’s announcement, oil prices soared on Monday after Russia and Saudi Arabia
renewed a pact to cap output. The pact was cheered by oil traders. Although Qatar’s move
came out of the blue, analysts say it will have limited impact on the global market.
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21 CITI-NEWS LETTER
Karl Mayer to display new textile machinery at Heimtextil
(Source: Fibre2Fashion, December 03, 2018)
Karl Mayer, the innovative textile machinery manufacturer headquartered in Germany,
is set to display worldwide novelties around the topics of terry fabrics and curtains, at
Heimtextil exhibition, in stand K 65, hall 3.0. The international trade fair for home and
contract textiles will be held from January 8-11, 2019, in Frankfurt/Main, Germany.
The company has received from the organisers a stand located in the exhibition’s Trend
Forum. At the same time, an in-house show will take place at the company’s
headquarters in Obertshausen, which can easily be reached by shuttle bus, Karl Mayer
said.
Machines and new textile developments will be shown there. Karl Mayer will pool its
new activities in the field of weft warp knits for Heimtextil under the Weft.Fashion
brand. For this purpose, a new weft curtain article will be produced for the in-house
show. The trendy pattern is captivating due to an extravagant design in the currently
fashionable woven-like look. Sophisticated fancy yarn gives the warp-knitted weft
curtain a completely new face. For this article, Karl Mayer announces a new weft-
insertion warp knitting machine with an extremely attractive price-performance ratio –
entirely in line with Weft.Fashion: New home textiles manufactured with the benefits of
warp knitting efficiency.
Moreover, there will be a machine premiere for the terry segment: for the first time, Karl
Mayer will be showing its TM 4 TS-EL in a working width of 193” and in a gauge of E 28
in Germany. This efficient machine will reveal its high performance in Obertshausen by
producing a revolutionary textile novelty: a double-face warp-knitted terry fabric with a
soft velour layer made from microfibers on the outer face, and an absorbent surface
made from cotton on the inner side. This article for bathrobes is not only functional and
stylish, it also shows advantages in terms of environmental protection compared to
woven counterparts, and this is due to the machine technology used for its
manufacture. Karl Mayer’s solutions for a sustainable production of terry articles can be
found under Terry.Eco, and the company’s entire commitment to a clean production
stands under the heading Cleaner.Productions.
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