Textiles-to-chemicals major, GHCL Limited, on Monday announced divestment of its home-textiles business to lndo Count Industries Limited for a consolidated amount of ?596 crore. The development comes after the company’s Board of Directors approved the divestment of home-textiles business along with the identified assets of US-based wholly owned subsidiary, Grace…

Anxiety among garment and textile sector businessmen is increasing by the day, as January 1, 2022 - the date when GST on some of their raw materials and products will be hiked to 12% from 5% - is drawing near. Business associations have written a letter to Union finance minister…

Efforts are on to revive the pandemic-hit economy of the state and create jobs by bringing investments here, Jharkhand Chief Minister Hemant Soren said on Monday while inaugurating four textile units. He also distributed appointment letters to some 2,000 persons who got employment in the industrial units related to textile.…

In a significant verdict, the Supreme Court Monday upheld the validity of certain Guidelines on Merchanting Trade Transactions (MTT) of RBI denying letter of credit for exporting PPE kits during COVID-19 pandemic, saying democratic interests which secure the welfare of masses cannot be "judicially aborted" to preserve "unfettered freedom" to…

India currently has the fourth largest foreign exchange reserves in the world, Minister of State for Finance Pankaj Chaudhary told Lok Sabha on Monday. As on November 19, 2021, he said the forex reserve stood at USD 640.4 billion. Replying to another question, he said the details of the holders…

Indian textile minister Piyush Goyal recently urged Indian industry leaders to set ambitious targets as the economy is poised for a sustained spell of rapid growth. Addressing the 5th meeting of the Confederation of Indian Industry (CII) national council in New Delhi, he said there is huge scope to expand…

The textiles ministry Thursday amended hank yarn packaging norms whereby yarn packed for civil consumption in each quarter commencing from January-March should be less than 30 per cent of total yarn packed in each quarterly period for civil consumption. The move is expected to benefit spinning industry. Previously, this proportion…

In the post-GST implementation period, the exports of garment and made-ups have been struggling due to inadequate export benefits and tariff barriers in the global market. The industry Associations and export promotion councils have been pleading the government to refund the blocked and embedded taxes so as to enable the…

The proposed rates of Rebate on State Levies (RoSL) has come at a right time, which would benefit the garmenting and made-ups segments, Southern India Mill’ Association (SIMA) said Thursday. This would also increase the demand from the downstream sector, thereby strengthening the entire cotton textiles value chain, SIMA Chairman,…

Will help make exports of apparels, made-ups zero-rated The Union Cabinet chaired by Prime Minister Narendra Modi, on Thursday, approved a scheme to rebate State and Central Embedded Taxes for apparels and made-ups exports. “This will enable the Government to take various measures for making exports of apparels and made-ups…