Business & Economy
Quotas go, 'spot audits' by
US textile buyers begin
What is India News Service, Monday, 3 January 2005, 2000 hrs IST
Textile exporters better be on their guard. Big US retailers such as Wal-Mart and JC Penney have started conducting `spot audits' on their Indian suppliers to check instances of child labour and ensure that labour standards being used conform to stipulated norms.
According to industry sources, these checks are, over and above, the mandatory social audits conducted annually by the bigger retailers on their supplier base in India and other countries such as Pakistan and Bangladesh.
Inspection teams representing the US retailers in the country, or their respective agents stationed here, are conducting checks on the facilities of their suppliers and the inspections are expected to gather momentum as the decades-old quotas get phased out, industry representatives said.
"Bigger retailers in the US and the EU are extremely conscious of any adverse publicity, especially with quotas having been phased out," a KSA Technopak executive said.
According to an industry expert, the `sweat shop' issue has always been a sensitive subject in developed markets and retailers in the developed countries are taking a safe approach, since outsourcing has been raised as a big issue by domestic industry lobbies in the developed markets.
"With concerns that swelling textile imports from China and India are going to destroy whatever is left of the US textile industries, a number of industry bodies and non-governmental organisations (NGOs) in the US are expected to be on high alert to check issues such as labour conditions at suppliers' facilities," an industry player said.
Anil quits IPCL board: Anil Ambani resigned as Vice Chairman and Director of the Reliance group company IPCL. He is engaged in a battle with elder brother Mukesh over control of the Reliance empire.
Tata Steel to acquire more steel plants abroad: Tata Steel is planning to become a company with a 15 million tonne production capacity by 2010, according to its Managing Director B Muthuraman.
Mills blame speculators for spurt in sugar prices: Even as cola majors, mithai makers, ice-cream manufacturers and other bulk consumers are crying foul over spiralling sugar prices, the domestic sugar industry has blamed speculators, who, they say, are making a killing.
HPCL, ICICI bank launch credit fleet card: HPCL and ICICI bank on Monday launched "drivesmart", a co-branded credit fleet card designed especially for companies in the transportation business.
India Inc upbeat on economy: A SNAP poll of CEOs conducted by the Confederation of Indian Industry (CII) suggests that 57.5 per cent of them felt the current fiscal would end with a GDP growth rate of 6-6.5 per cent.
BSNL objects to TRAI's niche operator agenda: Strongly objecting to the "niche operator" agenda of the Government, Bharat Sanchar Nigam Limited (BSNL) has told the telecom regulator that the concept is not commercially viable.
2005 will see a car launch every month: Civic, Panda, and born-again Matiz are among the wheels gearing up for India this year.
India Cements focus on ruin repair: India Cements Ltd, the beleagured Chennai-based cement manufacturing company, is expecting a surge in demand.
MRPL ships out first delivery of Euro-III: Mangalore refinery and Petrochemicals Ltd (MRPL) has despatched the first consignment of 10,000 kilolitres (KL) of Euro-III high speed diesel (HSD) making it the first refinery to produce Euro-III fuel.
Corporate India expects 6-6.5% GDP growth in 2005: In contrast to the Government's expectation of 7 per cent growth this fiscal, the majority of the corporates expect the economy to grow between 6-6.5 per cent and the fiscal deficit to remain less than 4.4 per cent, said a recently conducted CII survey.
Indian textile set to double share by 2010.
Part-time hiring, full time job: 3,000 open positions every day attract global agencies to India.
Revenue collection up 20% till November: The central government’s gross tax collection grew by about 20 per cent to Rs 1,54,866 crore in the April to November period.
IT spending worldwide to be lukewarm: It spending worldwide will continue the moderate growth in 2005 which is expected to be 6.1 per cent, based on assumptions of a slightly cooler world economy, a mild rebound in Western Europe, continued high oil prices, and the same general level of unrest in the world.
Business papers
Business Standard
Economic Times
Business Line
Financial Express
|