Home / Knowledge / News / Textiles / Don't fret, good times ahead, assures Textile Minister Vaghela
Don't fret, good times ahead, assures Textile Minister Vaghela
17
Nov '08
The 8th India International Textile Machinery Exhibition that opened in Bangalore, was inaugurated by Union Minister of Textiles Shankersinh Vaghela, on November 15.

During the event, the textile Minister said that the sector needs to keep its cool during this hard time of global meltdown.

“There are major challenges being witnessed by our country's textile sector. These gloomy prospects would not continue forever and things will change. One has to bide time,” said Minister.

Mr Vaghela said that even other major competitors like China and bangladesh are also coping this ongoing recession.

Mr Vaghela supported the textile mills importing cotton from Pakistan. He reasoned, “We have never done anything anti-industry. We reduced import duty when there was acute domestic scarcity of cotton in the country.”

As domestic prices of long staple cotton surged from Rs2,030 to Rs3,000 per quintal, and for medium staple cotton from Rs1,800 to Rs2,500 per quintal, mills started importing cotton to meet their demand.

Although Union Government's move to hike MSP was aimed at helping the farmers, input cost for spinning mills spiked up, leaving them at loss.

With over 400 participants, Mr Sanjay Jayavarthanavelu, President, Textile Machinery Exhibition along with other office bearers, were present at the inauguration function.


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Global growth to pick up in 2017 and 2018: IMF

The pickup in global growth anticipated in the April World Economic...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X