A US buyer has dealt a serious blow to 11 Bangladeshi garment exporters as it refused to accept goods worth $2.6 million (more than Tk 22 crore) although the shipment reached the port on time.
One hundred and five readymade garment factories inspected under ILO-supported national initiative are going to face closure as the units have failed to make any progress in fixing safety faults.
Indian textile manufacturers and exporters last week again cautioned the government against opening up the domestic market to China under the proposed Regional Comprehensive Economic Partnership (RCEP) agreement.
The rupee on Thursday opened seven paise higher at 70.97 against the US dollar. The domestic unit on Wednesday dipped three paise to close at 71.04 amid rising demand for the greenback vis-a-vis other currencies overseas, even as crude oil prices eased.
Tirupur: K Vijayakarthikeyan took charge as the new Tirupur collector on Wednesday. He was earlier working as the director of the Tamil Nadu Institute of Urban Affairs. Before that, he was the Coimbatore corporation commissioner.
India’s textile and apparel industry is facing strong headwinds as key competitors such as Bangladesh and Vietnam are given preferred access in India’s biggest textile market — the European Union.