Quick update: Centre to modernise powerlooms, set up bank for weavers

Updated: Jan 3 2014, 08:34am hrs
Centre to modernise powerlooms, set up bank for weavers

The Centre has set a target of modernising 23 lakh powerlooms and also establishing a separate bank to meet the financial needs of weavers. Nearly 23 lakh powerlooms would be modernised nationwide in the next few years, Union minister for textiles Kavuri Sambasiva Rao said. A Yarn Bank will be established soon to meet financial needs of weavers, he said.

Engineering exports to US dips 10% in April-Nov: EEPC

Indias engineering exports to its one of the biggest destinationthe UShas dipped by about 10% to $3.90 billion during April-November this fiscal due to slowdown in global demand. "The shipments to the US dropped by 9.19% to 3.90 bn during April-November this fiscal from $4.3 bn and the country is among India's largest destination," Engineering Export Promotion Council (EEPC) said. Similarly, the exports to Germany fell by about 6% to $1.3 bn during the period. The signs of recovery in some of the countries like the US are hazy. This way, there was a drop in the overall engineering exports by over 14% in November, EEPC India chairman Anupam Shah said.

Coir exports stay high despite sluggish demand in West

Coir exports during the first seven months of the fiscal were relatively higher in value and volume despite sluggish demand from most of the developed markets. India is the largest exporter of coir products such as mats, matting and rugs, and estimates say that coir exports would touch the R1,200-crore mark in the current fiscal. According to data provided by the Coir Board, exports have increased in volume by 13.43% and value by 12.33% between April and October to touch 292,741 tonne, valued at R760.96 crore. During the same period last fiscal, coir exports stood at 258,082 tonne, valued at R677.41 crore. Coir exports from the nation during the last fiscal touched a record high of R1,116.02 crore.

IFCs $150m financing to Yes Bank to boost lending to women

IFC, a member of the World Bank Group, is providing a $150 million financing package to Yes Bank to expand access to finance for women-owned small businesses and create jobs in India. In South Asia, this is IFCs first credit line with a gender component that will help Yes Bank increase its lending to small businesses in Indias low income states, including in the north-east region. The financing package includes a loan from IFCs own account of $60 million, a $45 million syndicated loan from Doha Bank, Intesa Sanpaolo, Bank Muscat, and AKA Frankfurt, and an additional $45 million through the IFC Managed Co-lending Portfolio Programme, a new syndications platform that offers institutional investors the ability to passively participate in IFCs future senior loan portfolio. "IFCs funding will add much-needed resources to Yes Banks lending programme for MSMEs, said Rana Kapoor, MD and CEO, Yes Bank.

Surging pellet exports force industry bodies to knock on FM door

A high export duty of 30% on iron ore has had a pitfallit has led to a surge in the exports of pellets that attract 0% export dutyleading various industry bodies to take the matter to in various ministries to clamp down on the burgeoning exports. The Indian Chamber of Commerce (ICC) has written to the finance ministry, commerce ministry and the steel ministry, urging the government to levy an export duty of 30% similar to that on iron ore to bring down the outflow of pellets from India. This is the

third association to have written to the three ministries in a month after the Bangalore Chamber of Commerce and Industry and Assocham sent similar requests. The association said that while iron ore attracts a duty of 30%, another form of iron orepelletsdoesnt attract any and this is leading to a massive surge in exports of the material while the domestic market is facing a shortage.