The year 2018 is set to bring a smile on the faces of workers involved in the textile, apparel and garment industry across South Asian countries, as a rise in their wages is on the cards. The news is obviously not so heartening for the industry as well as for buyers, simply because it is set to increase production costs, resulting in soaring prices of readymade garments.
The first phrase that comes to mind when you enter the well planned and highly secure area of Aerocity, where New Zealand-based The Warehouse Group (TWG) has recently opened its Sourcing office is Wow They are here in India and it is definitely good news for suppliers.read more
The after-effects of GST have still not calmed down as, even after a lot of confusion, anger, curiosity and anguish over the new taxation scheme, matters remain in a state of chaos. The industry welcomed GST after a few hiccups and filed all GST returns as required; however, the problem now is getting the IGST refunds, which have been pending for almost a year as of date. While big exporters are still able to handle the situation, the medium and smaller ones are the worst affected. The cash crunch is hitting them hard and they are now anxiously waiting for these refunds to bankroll their business. The industry, as a whole, has been subjected to unprecedented hardship. As per an internal estimate, only 30 percent of the claims for refunds have been met so far. Also, there is a fear that as much as Rs. 1,85,000 cr could get stuck with the Government.more
What changes you have seen in the demand pattern ever since GST has been implemented? Is the impact positive for the industry and how much has the increase in cost for machines/ imported parts been noticed post GST? What is your opinion about GST in the apparel industry?more