The Synthetic & Rayon Textiles Export Promotion Council

MARKET WATCH 27 AUGUST, 2015

NATIONAL

INTERNATIONAL

 

Maharashtra textile mills to hold strike on September 1

All cooperative textile mills in Maharashtra will follow a one-day strike on September 1 citing lack of business and no purchase orders since the past one month. A decision in this regard was taken on Wednesday in Sangli in a meeting of managements of 55 cooperative mills across the states. The mill owners have cited errant government policies and loss of business due to the crash in the China market--a major yarn buyer--as the prime reason leading to this situation. The mill owners demand a reduction in power tariff, subsidy for exports and soft loans for short term so that they can pay wages to workers. Nearly 36,000 workers are employed in these 55 mills-all spinning units.

SB Bauskar, executive director of Textile Federation of Maharashtra, the apex body of all cooperative textile mills in the state, told DNA: "The textile sector is facing huge crisis and most spinning mills have no orders for yarn and have incurred huge cash losses. Shutting the spindles is the only option to prevent more losses." Bauskar said that despite several requests the government neither reduced the power tariff for textile sector nor offered any other monetary help for existing cooperative mills.

It's not only spinning mills, even weaving, seizing and process houses are also having a tough time, say industry experts. Most power-looms in Bhiwandi and Ichalkaranji have been shut for the past 20-30 days. Ashok Swami, chairman of the Textile Federation, said: "Rs 8.5 per unit power tariff and recent revision of minimum wages for workers (which has doubled now) has hurt the weaving and processing mills across the state. Over 14 lakh power-looms in Bhiwandi and 2 lakh in Ichalkaranji-two major textile hubs in the state-are shut since a month. If the government doesn't do anything now to save the industry, the business would shift to other states which offer a more conducive environment." Moreover, a disruption of the business channel, which was earlier routed through Pali, Balotra and Jodhpur—which had a large number of cheap sundry processing units but are now shut due to pollution norms-is another spoiler affecting the state's textile industry, according to Swami.

SOURCE: The DNA

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Looming crisis

The crisis-ridden textile sector, being labour-intensive, should have been an ideal candidate for a push as part of the Prime Minister’s pet ‘Make in India’ initiative, but as the issues it is mired in remain unresolved, and with losses mounting, the situation is grim. Nearly half of India’s power looms are at a standstill: the spinning industry in the northern and southern regions has pressed in shutdowns of as much as 15 to 20 per cent of production capacity. The textile industry as a whole is reeling under high input and transaction costs. The products find it hard to compete in export markets, where India-made yarn, fabrics and garments attract duties respectively at rates of 3.5, 8.5 and 14 per cent. Yet, Pakistan, Vietnam and Cambodia enjoy zero-duty access in some categories in the U.S., EU and China. India’s trade negotiators need to seek expedited results. China is not picking up much from India this year.

Cotton was cheaper in India this year initially. But the Cotton Corporation of India for several months sold the good-quality produce procured in Andhra Pradesh, Telangana and parts of Maharashtra at prices higher than international levels, making Indian cotton uncompetitive. This added to the problems of the industry, especially the spinning segment, before an intervention by the Union Textile Ministry ensured resumption of smooth supplies. Tinkering with the cotton market through Minimum Support Price operations must be avoided. Instead, direct cash subsidy benefit to farmers could help reform the sector. China has also decided to go in for direct subsidies to cotton growers, with its textile industry free to source cotton at international prices. The Technology Upgradation Fund Scheme that was originally brought in by the Atal Bihari Vajpayee government and launched in 1999, is a ready framework available to the Centre to address the needs of the textile sector. The scheme, that is estimated to have so far resulted in investments of over Rs.3,00,000 crore in the whole textile value chain, will expire in March 2017. It should be extended. A comprehensive National Textile Policy must be announced at the earliest to create a level playing field with regard to tariff rates, raw material costs, cost of funding and transaction costs. Each power loom provides work to about 2.5 workers. Closures all across the country could endanger livelihoods on a large scale. Conversely, a healthy textile sector could potentially create millions of jobs. That should be the target.

SOURCE: The Hindu

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Want GST at Lowest Level for Textile Industry: Union Minister Santosh Gangwar

The textiles ministry is making out a case for keeping the industry in the lowest slab of the proposed Goods and Services Tax (GST) and has made a pitch for the same to the Finance Minister. "GST is important, and we are trying to convince the Finance Minister so that in GST, the textile industry remains at the lowest level," Union Textiles Minister Santosh Gangwar said during the inauguration of an apparel show, Galleria Intima, in New Delhi. Besides, the Minister outlined the ambitious goal of raising India's share in global textile exports to 10 per cent in the next five years, from the five per cent at present.    "We have a share of five per cent of the world's textile exports amounting to $40 billion. With our focus on Make in India, we aspire to aim higher and increase this share to 10 per cent in the next five years," Mr Gangwar said. He is confident that India's textile industry will not lose out to China despite the fact that the country is the largest cotton producer in the world ahead of India. He also highlighted the need for a change in labour laws in the country, especially to ensure flexibility of work timings for female workers.

SOURCE: The NDTV

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Indian rupee may appreciate to 64 a dollar by March: CRISIL

Despite frequent global shocks upsetting the rupee recently, there is a two-thirds probability of it appreciating to 64 per dollar by March 31, 2016 from 66.1 now, if gradual improvement continues in the macro indicators such as low inflation and current account deficit, CRISIL Research said in a report on Wednesday. “On the domestic front, the key underlying assumption is that the gradual improvement in India’s macroeconomic indicators (a low CAD, falling inflation, lower fiscal deficit) will continue,” it said. This would also need to be accompanied by some more credible policy measures to improve ease of doing business, which can improve investor appetite, it added. But Crisil cautioned there is a one-third chance the rupee could fall to 67 a dollar if a status quo remains in domestic policy setting and the ongoing global turbulence continues.

SOURCE: The Financial Express

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Minister of State for Textiles inaugurates India's biggest Intimate Apparel Trade Fair

Taking Prime Minister Narendra Modi’s recently launched “Make in India” forward, Intimate Apparel Association of India (IAAI) organised a 2-day trade fair that focus on intimate wear manufacturing in India. Shri Santosh Kumar Gangwar, Hon’ble Minister of State for Textiles (Independent Charge) inaugurated the exhibition today. The Joint Secretary for Textile Exports Smt. Sunaina Tomar too graced the occasion. A white paper on ‘Make in India, Make for the World: Developing India as a quality intimate supplier for global markets’ was also released by the Textile Minister.

This year, in the fourth edition of India’s biggest intimate apparel trade fair, Galleria Intima, one of the focal points is to be the transformation of the intimate apparel sector of the country to make it emerge as the next major hub of intimate wear manufacturing. The objective of the entire exhibition is to focus on the strengths of the Indian industry that can be leveraged to position India as a leading manufacturing destination for intimate wear. The exhibition showcased everything from fibres to laces, to hooks and packaging. Visitors from a wide variety of sectors including brand owners, manufacturers of intimate wear, designers, export houses, large format retailers, online retailers, buying houses were part of it. More than 1000 brands from India alone along with 80 exhibitors from 10+ Countries and 15 Chinese companies participated, bringing with them their storehouse of raw materials, making Galleria Intima 4.0 an all-encompassing platform for intimate apparel.

At Galleria Intima 2015, one of the central aims would be on how to Make In India and sell the “Made in India” in the international market as well as derive the incidental benefit of enhancing domestic consumption. Inaugurating the gathering Shri Santosh Kumar Gangwar, Hon’ble Minister of State for Textiles said   “Our honourable Prime Minister’s call of Make in India is deeply etched in the soul of the country. Our textile industry is capable of manufacturing products of high global demand. The nation is full of resources such as cotton, polyester and jute and is also well equipped with the necessary facilities to turn them into excellent finished products. There probably are only one or two countries that have been endowed with such strength. One of our USPs is the creation of beautiful traditional motifs by our highly skilled manpower. These ethnic designs and patterns are very popular and have a huge niche market abroad. The intimate wear industry is highly capable of increasing the exports of the nation to European, Japanese and American markets. With domestic demand on the rise, it is also important for good quality products to be manufactured within the country to replace imports. Textile industry has remained in the backgear from past many years and there is lot of scope to flourish this sector. GST is important and we are trying that in GST textile industry remains in the lower level. There is maximum scope of employment in our industry. I would like to convey one thing to all the brands present here that our ministry will always work to support you all. The Intimate Apparel Association of India has made a tremendous effort through Galleria Intima to establish a link between buyers and suppliers of the lingerie sector. Not only that, through the event industry insiders be able to get a glimpse of the global scenario. I assure that our ministry will support you and this intimate apparel industry has a long way to go.”

Mr. Yusuf Dohadwala, the CEO of Intimate Apparel Associations of India points out that, “India has been a sleeping giant in the category of intimate wear for quite a long time. This is the time to wake the giant out of its slumber and show its true potential to the world. The ‘Make in India’ drive initiated by our honourable Prime Minister is sure to help us in commencing the golden age of the Intimate Wear Industry in the country. The next 5-10 years look very promising.”

India’s global trade of apparels for the financial year 2013 stood at US$ 379 billion, out of which only 9% of this total outcome was occupied by the intimate wear category, thus highlighting the immense untapped opportunity this sector represents. The intimate apparel category includes a vast range of clothing items, varying from lingerie, underwear, loungewear and nightwear to shape-wear, swimwear, socks & stockings and more. India has seen a remarkable growth in exports through the years as well, with intimate wear accounting for US$ 1.2 billion in the financial year 2013, a contribution of 4% of total global trade in the intimate apparel category. India has an abundance of raw materials as well as a large pool of inexpensive workforce to provide cost effective solutions to lingerie manufacturing. Not only this, India also presents a growing middle-class, fashion-conscious consumer market that demands top quality products from well-established global brands.     

SOURCE: The India Education Diary

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Techtextil India 2015 to Feature a Host of New Technical Textile Innovations Across Key Application Areas

Techtextil India – The premier business event for the Technical Textile and Nonwovens industry players in India will return to Mumbai this September with a host of new innovations and latest market insight of the technical textiles and nonwovens. The most important business platform of its kind, Techtextil India from its launch edition has been drawing attention to the entire technical textile and nonwoven industry value chain with its 10 product groups and 12 application areas of Agrotech, Buildtech, Clothtech, Geotech, Hometech, Indutech, Medtech, Mobiltech, Oekotech, Packtech, Protech, Sporttech and facilitate exposure of domestic players to the global market. Expectations for the fourth edition are high as the exhibition promises a pure business and learning environment bustling with networking opportunities. The exhibition also comes at an important juncture when as many as six new textiles clusters have been announced in the recent Union budget of the Indian government. Visitors at the show can team up with the right partners for their sector requirements and also analyse the global market in the process.

Amidst reports of the Union textile ministry rolling out schemes to the tune of INR 427 crore (USD 71 million) to promote geotextiles textiles, Coir Board of India has voiced its intention to showcase eco-friendly Coir Geotextiles at this key industry event. Mr C M Unnikrishnan, Development Officer (EM), Coir Board, Ministry of MSME, Government of India said: “It is a great privilege for the Indian coir industry to participate in the Techtextil India 2015 where the Coir Board of India is proudly showcasing a wide range of eco-friendly products like Coir Geotextiles which are accepted worldwide for soil conservation, agricultural and bio-engineering applications.” Coir Geotextiles are permeable fabrics used to prevent soil erosion and for other bio-engineering applications. It protects land surface and promotes quick vegetation. Totally biodegradable and better tensile strength, coir geotextiles help soil stabilisation in varying slopes.

Concerns about environment and sustainable development offer immense opportunities for growth in technical textiles, helping environment friendly production processes and material. With woven and non-woven geotextiles being completely eco-friendly and ideal for a number of bio-engineering applications, there is consistent demand for Indian Coir Geotextiles from more than 25 countries of which major buyers are from USA, Japan, France, Australia, Belgium, Austria, Germany, Italy, etc. These globally accepted biodegradable products of Coir Geotextiles will be on display from 24 – 26 September at the Bombay Exhibition Centre, Mumbai.

An all-encompassing range of technical textiles and nonwoven products along with a seminal Symposium with numerous product-focused and market-relevant topics makes it the most anticipated event of the year for sector professionals. Around 150 technology-leading companies such as ATE Enterprises, Batliboi Ltd, CHT India Pvt Ltd, CTF 2000, Deeco Mechatron, Fil man made group Srl, Glanzstoff Industries GmbH, Rabatex Industries, Reliance Industries are expected to showcase their latest technical textile solutions at the fair. The exhibiting companies include 50 Indian companies and foreign contingents from Austria, Belgium, England, Italy, India and the USA. With dedicated pavilions, China and Germany will present their competitiveness in technical textiles to the Indian market. Alongside the exhibition, Techtextil India Symposium will bring subject experts in spheres of machinery, raw material, nonwoven and technical textile for an annual forum on 25th September, 2015 at the fairgrounds. Covering innovations for manufacturing sector, raw material application and developments and future market outlook, the symposium will provide an interactive platform for exchange of views on the opportunities & challenges in the industry. The event is being organised by Messe Frankfurt Trade Fairs India Pvt Ltd and is part of the company’s international portfolio of 45 fairs that highlight innovations and show what is driving the global textile industry.

SOURCE: The Financial Express

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Textiles Minister to inaugurate workshop on skill development

The Ministry of Textiles, Government of India is organizing a National Workshop on Integrated Skill Development Scheme (ISDS) at the national capital today. The workshop aims to showcase the successes under ISDS, share experiences and obtain feedback from concerned stakeholders on how the scheme can better contribute to a skilled India. The workshop will be inaugurated by the Union Minister of State for Textiles (I/C), Santosh Kumar Gangwar. The Textiles Minister will also inaugurate an Exhibition at the venue, namely India Habitat Centre. A brochure and a booklet on ISDS shall also be released by the Minister.

Secretary, Textiles, Dr. Sanjay Kumar Panda will launch the facility of online certificate generation through the centralized Management Information System (MIS) portal of ISDS. This innovative facility provides for easy, fast and seamless generation of certificates, promising to be a boon to both trainees as well as training agencies. Awards shall be given on the occasion, to best performing implementing agencies and employers under the scheme.  After the inaugural session, a presentation shall be given on the journey of ISDS so far. This shall be followed by sessions on the convergence of ISDS with the 'Skill India' initiative; the role of state Governments in catalysing skill initiatives; standardization of courses, assessment and certification, and employment opportunities and challenges under ISDS.  The workshop thus aims to identify, disseminate, evolve and institutionalize best practices to improve the effectiveness of the scheme in building the skill capital of India's textile sector.

Integrated Skilled Development Scheme (ISDS) was introduced by Ministry of Textiles as a pilot in the last two years of the 11th Five Year Plan year 2010 -11, in order to address the manpower requirement of the diverse textile and related segments. The scheme has subsequently been scaled up during the 12th plan with a target of skilling 15 lakhs persons by the end of March 2017. As of now a total of 11.3 lakh training targets has been sanctioned under 76 projects to around 58 implementing agencies spread across India. The scheme has experienced significant progress over the last 5 years and around 4.20 lakh candidates have been successfully trained across diverse sectors like Apparel and Garments, Textiles, Handlooms, Handicrafts, Sericulture, technical textiles, Jute etc., informed ministry in a press release.  During the year 2010, around six projects were sanctioned under the scheme which has increased progressively to 57 in the year 2014 and 76 in the year 2015-16, it said.

SOURCE: The SME Times

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Long way to go for India to replace China as a growth engine: Raghuram Rajan

RBI Governor Raghuram Rajan has said it will be “a long time” before India can replace China as a growth engine for the global economy, even if it grows at a faster rate. The comments assume significance in the wake of a China-led slowdown hurting the markets worldwide in the recent days, which has led to calls in India for taking this crisis situation as an “opportunity” as the global economy may need alternative growth engines. Asked whether India can replace China as a new growth engine, Rajan said in an interview to BBC, “India is one-fourth to one-fifth of China’s size. Even if we can overtake China in terms of growth rates, the magnitude of the effect will be far smaller for a long time to come.” As per the latest data available with the World Bank, GDP of the US is over USD 17 trillion. This compares with China at over USD 10 trillion and India USD 2 trillion.

After Monday’s market crash, Prime Minister Narendra Modi had stressed on the need to further strengthen the Indian economy and said that the present global crisis should be converted into an opportunity for India. Yesterday, Finance Minister Arun Jaitley also asserted that the global market turmoil was not a cause of “worry” and rather presents an opportunity for India to grow further by speeding up the reforms. Stating that the world was being shouldered by a powerful engine that did not seem to be running fast enough, Jaitley said the global economy now “requires alternative engines”. Stating that China was responsible for almost half of the global growth in the last few years, the Finance Minister said India is now the only major economy to grow at 7-8 per cent and “everybody else is far below”.

Rajan, on his part, said that China was a big country that has “become very important to the global economy”, and every adverse development anywhere in the world would certainly impact the rest as well. He, however, said that it was wrong to attribute the problems for global markets entirely to China, as there were a number of other concerns too. Rajan, who is credited to have seen the global financial crisis of 2007-08 coming, allayed fears of any major crisis being round the corner. Based on what I have seen so far there is no strong reason to believe that we are on the verge of another crisis… But we have to be vigilant about kinds of those fragilities that have built up in the last few years,” Rajan said. Rajan also warned against central bankers being overburdened to fix the struggling economies globally and said the consequences may be “more bad than good” if they actually act. He, however, added that situation was different in India where he was still faced with problems like high inflation.

SOURCE: The Financial Express

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India, UAE launch forum to evaluate business opportunities

India and the UAE have launched a forum to discuss strategies and solutions to investor challenges in India due to taxation and policy related issues and evaluate business opportunities in infrastructure, alternative energy, tourism and finance sectors. The Arab-India Economic Forum (AIEF), in partnership with the Consulate General of India in Dubai, has been launched to bring together political and business leaders from UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, Oman, Jordan, Egypt and India. The AIEF shall be focusing on opportunities in infrastructure, alternative energy, digital India, tourism and finance, the forum said in a statement. They will discuss strategies and solutions to investor challenges in India due to taxation and policy related issues in India and how the government can assist in creating a conducive business environment for investors, the statement added.

Focusing on the growth sectors, it will address the policy framework and guidelines required to attract Arab investors and industrialists. It will be a strong platform for Indian businesses aiming to explore the Middle East market, the statement said yesterday. The recent visit of Prime Minister Narendra Modi to the UAE heralds a new era in bilateral relations and opens up new opportunities for trade and commerce, it said noting that the UAE-India Infrastructure Investment Fund is an indicator of the true potential this relationship holds.

SOURCE: The Economic Times

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India, Scotland explore trade opportunities under Make in India

India has held a first-of-its-kind business summit in Scotland to strengthen bilateral trade ties and generate awareness among Scottish companies for doing business in the country under the 'Make in India' initiative.  "The India-Scotland Business Summit is being organised at an opportune time when the economies of both India and UK are witnessing high levels of growth and diversification. Scotland plays a very vital role in the UK economy," Indian High Commissioner to the UK Ranjan Mathai said.

Scottish Enterprise's global arm Scottish Development International (SDI) organised the summit with the collaboration of the Confederation of Indian Industry (CII) and the Royal Edinburgh Tattoo this week in Edinburgh which was aimed at strengthening business links between Indian and Scottish companies within the larger India-UK relationship."Through the India-Scotland Business Summit, we aim to generate awareness among Scottish companies on doing business in India, particularly under the 'Make in India' campaign. At the same time, the huge interest we are seeing from Indian companies to explore Scotland is also remarkable," CII Director of the UK Shuchita Sonalika said.

Scottish exports to India were worth $379 million in last year, and IT and BPO, education, biotechnology and energy were identified as further growth sectors."The Scottish economy's strengths in the key sectors of energy, life sciences, ICT, education and food and drink provide immense prospects for collaboration with India under its 'Make in India' flagship initiative."Interaction between the Indian and Scottish companies during the summit would help to build linkages across sectors, thereby strengthening the strong bilateral economic relationship between India and Scotland," Mathai said."India offers significant opportunities for Scottish exporters, thanks to an expected economic growth rate of 7.5 per cent and a fast growing consumer market predicted to be world's largest by 2030. India can also be leveraged as a hub for serving the region and global supply chain," SDI Managing Director Paul Lewis said."We need more companies to look at the opportunities India offers and how these can support their plans for international growth. This event is a great showcase for both markets and how we can grow our trading partnerships," Lewis said.

Scottish Enterprise recently set up an High Growth Market Unit in recognition of the potential of the market. The unit offers extra support both in Scotland and India for companies with the potential and desire to high opportunity market.As part of CII's Business Roadtrip initiative in the UK, a delegation of senior officials of Air India, Rolta, State Bank of India, Tata Group and Wipro among others went to Edinburgh.

SOURCE: The Economic Times

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Global crude oil price of Indian Basket was US$ 42.63 per bbl on 26.08.2015 

The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 42.63 per barrel (bbl) on 26.08.2015. This was higher than the price of US$ 42.59 per bbl on previous publishing day of 25.08.2015.

In rupee terms, the price of Indian Basket decreased to Rs 2820.40 per bbl on 26.08.2015 as compared to Rs 2841.18 per bbl on 25.08.2015. Rupee closed stronger at Rs 66.16 per US$ on 26.08.2015 as against Rs 66.71 per US$ on 25.08.2015. The table below gives details in this regard:

 Particulars

Unit

Price on August 26, 2015(Previous trading day i.e. 25.08.2015)

Pricing Fortnight for 16.08.2015

(July 30 to Aug 12, 2015)

Crude Oil (Indian Basket)

($/bbl)

42.63              (42.59)

50.68

(Rs/bbl

2820.40          (2841.18)

3243.52

Exchange Rate

(Rs/$)

66.16              (66.71)

64.00

SOURCE: PIB

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Thai firms eye Vietnam textiles

A delegation of more than 400 Thai garment, textile and footwear firms are visiting Viet Nam to check out the domestic market. The businesses have already spoken to hundreds of local firms in HCM City. Malinee Harnboonsong, director of the Thai Trade Centre in the city, said Thai businesses hoped to understand Vietnamese consumption demands and explore market potential. She said Thai trade and investment agencies had funded their participation in fairs and exhibitions, and encouraged exchanges between enterprises in both countries. The Thais will also visit garment-textile and footwear plants in Binh Duong and Dong Nai provinces. Nguyen The Hung, deputy director of the Viet Nam Chamber of Commerce and Industry's HCM City branch, said Thai products were popular in Viet Nam and that more Vietnamese goods were present in the Thai market. Trade turnover between Viet Nam and Thailand reached $10.6 billion in 2014, a year-on-year rise of 12.5 per cent. In the first half of this year, the figure stood at about $5.2 billion , up 8 per cent against the same time last year. The two countries are striving to raise bilateral trade value to $20 billion by 2020.

SOURCE: The Vietnam News

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'Global Textile Asia expo will boost value-added exports'

Central Chairman of Pakistan Readymade Garments Manufacturers and Exporters Association Ijaz Khokhar has said a three-day 14th International Textile Asia Exhibition will boost value-added exports by bringing latest garment technology to local readymade garment manufacturers from Faisalabad, Multan and Sialkot.  He said Punjab Chief Minister Shahbaz Sharif and Federal Commerce Minister Khurram Dastgir would inaugurate the event at the Lahore Expo Centre on August 29, where more than 35,000 trade and corporate visitors are expected to visit. He claimed that the exhibition is aimed at focusing the immense buying and selling potential of textile and garment machinery, accessories, raw material supplies, chemicals and allied services under one roof.  He said, "This event will provide an effective podium for joint ventures and collaborations to the textile sector's SMEs, 80 percent of which are located in Punjab, having no financial capacity to attend international exhibition. So, the mega fair is going to provide them a best opportunity where more than 350 international brands from around 29 countries will display their products in more than 500 stalls. 210 foreign delegates will also visit the event."  He said the exhibiting countries included Austria, China, Czech Republic, France, Germany, India, Italy, Korea, Taiwan, Turkey, Britain and the United States. The Management of Apparel has also been invited to participate in the fair.

SOURCE: The Business Recorder

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UK minister Desmond Swayne calls for closer partnership with India

Noting that UK-India ties are undergoing a major transformation amid flourishing trade and business, Britain today sought concrete steps to further strengthen bonds with states like Odisha in their journey towards poverty reduction and prosperity. "Since 2010 UK-India relationship has undergone an important transformation. Trade links have been strengthened, business and innovation flourishes, extreme poverty continues to fall," said UK Minister Desmond Swayne at the opening of 'Celebrating Partnerships - UK in Odisha' campaign.

Stating that Prime Minister Narendra Modi has set out a visionary agenda, he said the UK wants to be India's partner of choice on its journey. There exists several opportunities for UK and Indian companies to hit the 'triple bottom line' of profit, environmental and social impact, Swayne said adding growth in a low income state will mean more market opportunities and partnerships for companies. A better skilled and productive workforce will mean more efficient manufacturing, he said. Calling for closer Odisha-UK partnership, Swayne said, "Odisha is one of the most vibrant and dynamic states in India. The state government is committed to poverty reduction and we will continue to work together, sharing skills and expertise." Stating that the UK wants to be Odisha's partner of choice on its development journey towards increased prosperity, he said in November 2012 the UK government announced it would end its programme of financial grant aid to India by the end of 2015.

The new UK-India development partnership will instead be based on technical assistance programmes, focused on sharing skills and expertise, investments in private sector projects focused on helping the poor, and working in partnership with India on global development issues like food security and climate change, the UK minister said. Inaugurating the three-day event, Odisha Chief Minister Naveen Patnaik said there are six ongoing programmes supported by UK government with a total commitment of over 150 million pounds. Current programmes involve strengthening of governance and administration and urban infrastructure, he added. Both the UK and Odisha have strengthened partnership in areas like industry, finance, health, tourism and infrastructrue, Patnaik said adding the present campaign would explore new possibilities for alliances in other sectors too, besides strengthening the existing ties.

British Deputy High Commissioner, Scott Furssedonn-Wood said: "We are celebrating a new era in relationship with Odisha. We want to be a partner for the state as it builds that future. We want more talented young Odishans to study at the UK's world class universities." "We want more British companies - and I've brought 10 Great British companies with me this week - to bring their world class products and services to Odisha. We want to share more UK ideas and expertise as Odisha rises to the challenges of urbanisation and of climate change. We want stronger, deeper connections between our people," he said. The event, being organised by the British Deputy High Commission and British Council Kolkata, includes several programmes to highlight UK expertise and take forward the Odisha-UK partnership especially in areas of education, urbanisation and tackling climate change.

SOURCE: The Economic Times

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