India cotton textiles export down 10 percent in three years: Government

NEW DELHI: India's cotton textiles export fell 10 per cent over the last three fiscals, Parliament was informed today.  

"The overall export of cotton textiles has declined by 10 per cent over the past three years," Minister of State for Textiles Ajay Tamta said in a written reply to the Rajya Sabha.  

According to data shared by the minister, the shipments of cotton textiles from India stood at Rs 70,936 crore during 2016-17, as against Rs 72,994 crore in the previous financial year and Rs 71,913 crore in 2014-15.  

The cotton textiles export comprises cotton yarn, other textile yarn, fabric, madeups articles, cotton raw waste and cotton fabrics and madeups, which include products like bedsheets, blankets and curtains.  

The export of cotton at present is under Open General Licence. The Directorate General of Foreign Trade, Ministry of Commerce and Industry, is the facilitator for the import and export of cotton.

India cotton textiles export down 10 percent

Cotton Textiles Exports of India

India Soybean crushing declines on cheap Oil imports

India is likely to see around a fifth of its Soybean output going uncrushed this season, thanks to a sharp fall in prices and cheap oil imports from Indonesia and Malaysia.

The data compiled by the Solvent Extractors’ Association of India (SEA), showed 15% increase in import of vegetable (edible and non-edible) oil at 1.34 million tonnes in June 2017 compared to 1.17 million tonnes in the corresponding month last year.
The apex industry, Soybean Processors Association of India (SOPA), has estimated India’s Soybean output at 11.49 million tonnes for the year 2016-17. With a carryover stock of 441,000 tonnes, overall availability of Soybean for crushing and direct consumption stood at 11.93 million tonnes. Around 8.5 million tonnes  of the overall availibility is estimated to be used for crushing.

Farmers are likely to use 1.2 million tonnes of sowing for the ongoing kharif season. Apart from that, SOPA estimates 150,000 tonnes for direct consumption and 250,000 tonnes for exports.

The Ministry of Agriculture, however, has on July 14 reported a sharp decline in sowing area under Oilseeds including Soybean with total acreage at 10.39 million in this kharif sowing season, compared to 11.58 million by the same time last year.


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India resumes Ginger imports from Nepal after two weeks halt

The Ginger imports to India from Nepal was affected by the Goods and Service Tax (GST) implementation, imports remained halted for about two weeks and now the imports to India has resumed.
With the exports to India stopped, the Ginger which were ready to be transported was decaying in the warehouse. Earlier the imports of Ginger from Nepal was not charged any tax and now the imports are charged with 5 percent GST.
Now it is feared that the imported Nepal Ginger will be competitive in the Indian Market because of the halt. And during the two weeks time of the import halt, the Ginger that was ready to transport has rotted and will not be in such a good condition.

Ginger imports to India from Nepal 

India has informed the traders that the halt was due to the GST code and server error and now the problem is solved and there is nothing to fear. Last year India halted imports of Nepal Ginger during the main harvesting season for two months stating high pesticide residue in Nepal Ginger. India had resumed export after lab tests showed that Nepali Ginger do not have pesticide residue.

Resources: commodityonline.com

GST rates not to be revised unless there is anomaly: CBEC

NEW DELHI: GST rates will not be revised unless there is an anomaly or the rates are unjustified, CBEC Chairperson Vanaja Sarna said today.

Her comments came in the wake of textile traders' demand of lowering five per cent GST on textiles.

"It is an issue that has snowballed but it is not something which cannot be settled... The issue is that textile sector is taxed for the first time. So anybody who comes into the net would feel the pinch," Sarna said at a CII event here.
Yesterday, the traders in Surat called off their two- week-long strike against five per cent GST following the Centre's assurance to look into their demand of rollback.

She further said: "Unless there is something not fully justified. ..unless there is an anomaly, I don't think there is a reason to look at any rates at the moment."

The Central Board of Excise and Customs (CBEC) has received representations from textile traders and is looking into their demands, Sarna said.

She said industry will have issues relating to GST rates, laws and rules and there is still time for industry to present its wish list as July one was not the end date.

But, it would not be possible to meet the demand for GST rate reduction unless there is an anomaly, or there is a need for correction, or something has been left out.

"July one doesn't close everything and the kind of fitment of commodities that has taken place is kind of doing five budgets in one," she said.

GST was rolled out on July one and has four tier tax slab of 5, 12, 18 and 28 per cent.
Over 1,200 goods and 500 services have been fit into these tax slabs. 

GST: Surat textile traders call off 2-week long strike

The traders in Surat have called off their two-week long strike against the imposition of five per cent GST on textiles following the Centre's assurance to look into their demand for its rollback.
Ahmedabad: The traders in Surat have called off their two-week long strike against the imposition of five percent GST on textiles following the Centre's assurance to look into their demand for its rollback.
Thousands of textile merchants in Surat had shut their shops since the last two weeks to protest the new tax structure.

The announcement to withdraw the protest was made yesterday by the traders who met Finance Minister Arun Jaitley in Delhi on July 17.
"During the meeting, Jaitley assured us that the issue of the Goods and Services Tax on cloth will be taken up in the next GST Council meeting to be held on August 5. Thus, we have decided to call off the strike till that date," said Manoj Agrawal, a textile trader.
"If no favourable decision comes in that GST Council meeting, we will think of going on strike again to raise our demand for abolishing the five per cent GST," he said.
Surat has one of the biggest textile markets in the country.

On July 3, thousands of protesting traders had gathered near the Ring Road in Surat, where the main market is situated, demanding scrapping of GST on textiles.

Police then wielded batons to disperse the agitators who allegedly engaged in stone-pelting, an official earlier said.

On July 8, the textile traders organised a silent march here to protest against five per cent GST imposed on the sector.

GST win-win deal for all, will bring down prices: Arun Jaitley

NEW DELHI: Finance Minister Arun Jaitley today described the Goods and Services Tax (GST) as a "win- win" deal for all as it will expand the tax net, end "inspector raj" and bring down prices of goods.
Pitching the GST as a measure beneficial for the country at a meeting of the BJP parliamentary party attended by Prime Minister Narendra Modi, senior leaders and party MPs, Jaitley said prices of goods has come down between four to eight per cent since its roll-out on July 1.
Parliamentary Affairs Minister Ananth Kumar briefed reporters about the meeting in which External Affairs Minister Sushma Swaraj also informed parliamentarians about Modi's recent foreign visits, especially to the US and Israel.
The GST was in the interest of people and states as well as the latter will get 80 per cent of the revenue leading to more development, Jaitley said. There was no longer tax on tax and the transport of goods across the country was going unhindered now, he said.
More than one crore firms will be migrating to the new tax regime against around 80 lakh companies earlier, he said, Kumar quoted him as saying.
"Tax net has expanded. The country's market has been integrated. Inspector raj is over. The tax burden on the masses has gone down. It is a win-win situation for all," the finance minister said.

India's June oil imports down 1.4 pct yr/yr - govt

July 18 (Reuters) - India's oil imports dropped in June to 17.38 million tonnes, down 1.4 percent from a year ago, while exports of oil products decreased by nearly 5 percent, government data showed on Tuesday. Imports of oil products fell about 6 percent, the data showed. NOTE: The data for imports and exports is preliminary because private refiners share numbers at their discretion.
All figures are in million tonnes: 2017 2017 2017 2017 2016 2016 2016 2016 CRUDE OIL JUNE MAY APRIL MARCH JUNE MAY APRIL MARCH IMPORTS 17.38 17.90 18.13 18.21 17.63 17.53 17.96 18.55 REFINED PRODUCT IMPORTS: 2017 2017 2017 2017 2016 2016 2016 2016 PRODUCTS JUNE MAY APRIL MARCH JUNE MAY APRIL MARCH LPG 0.60 0.75 0.91 1.23 0.80 0.85 0.80 0.75 Petrol 0.04 0 0 0 0.04 0.16 0.07 0.02 Naphtha 0.20 0.22 0.07 0.29 0.24 0.22 0.24 0.25 Kerosene 0 0 0 0 0 0 0 0 Diesel 0.46 0.44 0.01 0.03 0.01 0.22 0.50 0.06 Fuel Oil 0.08 0.09 0.09 0.10 0.09 0.07 0.08 0.11 All 2.97 3.15 2.63 3.20 3.17 3.10 3.08 2.71 EXPORTS: 2017 2017 2017 2017 2016 2016 2016 2016 PRODUCTS JUNE MAY APRIL MARCH JUNE MAY APRIL MARCH Petrol 1.18 1.39 1.10 1.62 1.49 1.56 1.37 1.52 Naphtha 0.71 0.70 0.75 0.95 0.60 0.59 0.49 0.65 Diesel 2.26 1.96 2.24 2.63 2.25 1.44 2.06 2.07 Fuel Oil 0.08 0.13 0.11 0.19 0.18 0.12 0.09 0.13 Jet Fuel 0.50 0.48 0.56 0.74 0.64 0.60 0.67 0.72 All 5.12 5.00 5.17 6.62 5.37 4.60 4.88 5.37