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The month of January 2019 ended amidst widespread expectations from the interim Budget 2018-19 against a mixed economic backdrop. While retail inflation has reigned substantially lower from the double digits that prevailed five years ago, the investment cycle has yet to recover owing to various factors. Considering these factors, the Interim Budget 2019 announced by the Government is both pragmatic and growth oriented.
On the trade promotion side the Council participated in the Colombiatex Fair held in Medellin City, Colombia from 22nd-24th January and “Ind-Texpo 2019” RBSM event jointly organized by TEXPROCIL and PDEXCIL from 27th-29th January in Coimbatore, Chennai. Though the Council organised the RBSM event for the first time, it was successful in attracting quite a few quality buyers from over 26 countries apart from local Indian buyers.
The Budget has increased the standard deduction from the earlier Rs 40,000 to Rs 50,000. The Budget 2019 has also announced that all individuals with net taxable income upto Rs.5 lakhs need not pay any tax. These measures will lead to an increase in the disposable income of the salaried class which will lead to more consumption including an increase in the per capita consumption of textiles, which in turn will have a positive impact on the overall economy of the our country.
The Budget has also increased the revised estimate for the ROSL (Remission of State Levies) scheme from Rs.2164 crores to Rs. 3664 crores for 2018-19. The Budget has also allocated Rs.1000 crores for the scheme for the fiscal year 2019-20. The increase in the budget allocation for the ROSL scheme during the fiscal year 2018-19 is a step in the right direction, and we hope that not only the existing rates for Madeups are revised upwards but also the coverage is extended to Cotton Yarn and Fabrics.
Participation at Colombiatex 2019
The Council organised a group participation of its members in COLOMBIATEX, during 22-24 January, 2019 at Medellin City, Colombia. In the present edition, 22 Indian exhibitors participated through TEXPROCIL and 19 companies through SRTEPC.
Colombiatex is the largest fair in Latin America for the entire textile value chain, attracting buyers from all over LAC region to source their requirement of textiles. Colombiatex is a B2B event for textile producers and distributors for textile, clothing, textile machinery, equipment and textile designs.
The 2019 edition at Medellin attracted approximately 18,500 visitors from all over Colombia and other Latin American countries during the three day event. Visitors to India pavilion included direct importers of textiles, agents representing sourcing requirement of weaving, knitting and garmenting companies. Apart from Colombian companies, a large number of visitors from Guatemala, Ecuador, Venezuela, Brazil, Portugal, Spain, USA, Canada and Peru also met the Indian exhibitors. There is an increasing demand for cotton yarns, synthetic yarns, shirting fabrics and denims.
IND-TEXPO 2019 - RBSM at Coimbatore
Amidst an august gathering of Textile & Clothing fraternity IND-TEXPO 2019 – A Reverse Buyer Seller Meet jointly organised by TEXPROCIL & PDEXCIL under the auspices of Ministry of Textiles and Ministry of Commerce and Industry, Govt. of India was inaugurated by Hon’ble Union Minister of Textiles, Smt. Smriti Zubin Irani on January 27, 2019.
The inaugural stage at the event saw the presence of Shri O. S. Manian, Hon’ble Minister for Handlooms and Textiles, Govt. of Tamil Nadu; Shri S. P. Velumani, Hon’ble Minister for Municipal Administration, Rural Development & Implementation of Special Programmes, Govt. of Tamil Nadu; Shri Pollachi V. Jayaraman, Hon’ble Deputy Speaker, Tamil Nadu Legislative Assembly; Shri Kumar Jayant, Principal Secretary to Govt., Handlooms, Handicraft, Textiles & Khadi Dept., Govt. of Tamil Nadu apart from leading captains of Textile industry.
Shri Suresh Prabhu, Hon’ble Minister of Commerce & Industry and Civil Aviation extended his best wishes to the event through a video message that was played during the inaugural ceremony as the Minister was unable to attend the inaugural event on account of his travel elsewhere.
For IND-TEXPO event, TEXPROCIL and PDEXCIL had invited the attention of Buyers across the world, who also attended the inauguration ceremony and were extremely delighted to hear out the dignitaries on the dais. Over the 3 days, the event offered B2B meetings, Fringe Programs like Seminars & workshops and a Fashion Show for the benefit of international buyers and Indian participants.
Friends, in fact there is a need to seriously consider scaling up this event and expanding it’s reach & scope as the Council is receiving a number enquiries regarding Fairs/ Exhibitions in India from overseas buyers which they can visit. It will, therefore be very useful, if all of us get together & lend our support to such an endeavour by strengthening our participation in the “Ind-Texpo” event in the coming years. With a large number of exporters agreeing to participate in future edition of this event, business match making can be scaled up with many overseas buyers keen to visit India.
Friends, the Council has been following up on all the issues relating to Exim policy regularly with the concerned departments. Many of the issues may get resolved considering the Government’s resolve to simplify procedures & facilitate ease of doing business. What is required is to further step up the growth in our exports in the coming months in order to maintain our competitive position inspite of the many challenges in our path.