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22 Sep 2018, Edition - 1166, Saturday

FLASH NEWS:

  • Prasad said that the Congress has forgotten Bofors, 2G, and 3G and now he has the audacity of questioning the PM
  • Former Bishop Franco Mulakkal’s lawyer did not oppose custody
  • ‘Now this fertilizer plant will be symbolic of our success’, says PM Modi
  • PM Narendramodi lays foundation stone of Talcher Fertilizer Plant, addresses public meeting
  • 3 SPOs killed in Valley, India calls off talks with Pakistan
  • India third worst hit in world by terror, after Iraq and Afghanistan: US data
  • CBI chief Alok Verma, special director Rakesh Asthana in ugly public spat
  • Franco Mulakkal has been discharged from medical college
  • Sources suggest that Bishop Franco Mulakkal is likely to be arrested today
  • Terrorists abduct, kill three policemen in Kashmir

Coimbatore

Rise in import duty to have short-term impact on watch industry

Covai Post Network

Coimbatore : The watch industry, which started picking up after demonetisation and initial hiccups of GST, now had to witness the impact of import duty increase, a top official in leading watch manufacturer SEIKO said today.

The industry, which witnessed a slowdown in the initial period of demonetisation and also implementation of GST, had started picking up. But the Government increased import duty from 10 per cent to 20, SEIKO Watch IndiaPresident and COO Niladri Mazumder told reporters here.

The industry was still looking at how the increase in duty, coming to around 22.5 per cent, would impact its performance, he said adding there could be a short-term impact, which had to be deliberated upon.

Asked whether the company proposed to hike the watch price in view of this, Majumder said it was too early to decide and yet to be deliberated upon and would depend on the overall impact on the industry. Majumder, here to launch the company’s product Presage, a collection of nine watches at Zimson showroom, said the company with a compounded annual growth rate of 20 per cent for the last 11 years, was growing at 15 per cent.

He said South India contributed significantly in the company turnover and was expected to grow further.Stating that Presage, the latest fine mechanical watch collection would be a trend setter in India for another five years, he said the company would launch a collection for women by March.

COIMBATORE WEATHER