Finance minister Nirmala Sitharaman on Monday said the government is closely monitoring its fiscal deficit, which is estimated to spike to as high as 9.5% of gross domestic product (GDP) in FY21, thanks to the Covid-19 outbreak.
Addressing a virtual event of industry body PHDCCI, the minister said while the rise in fiscal deficit, in a way, was inevitable, “at the same time, it needs to be carefully tackled”, according to an official statement.
The Centre’s fiscal deficit shot up, as it was forced to offer relief packages in the wake of the pandemic despite a plunge in revenue collections. Even though the nominal GDP is expected to reverse a contraction and expand at 14.4% in FY22, the indispensability of continued spending to spur growth has forced the Centre to keep the deficit target elevated at 6.8% for the next fiscal as well.
The government has spent big “in those areas of activities which give a big multiplier effect”. In fact, “multiplier was the key” where the money was chosen to be spent, Sitharaman stressed.
Taking this objective forward, the government has budgeted capital expenditure at Rs 5.45 lakh crore for FY22, which is 26.2% higher than the RE of FY21 and 34.5% larger than the BE level for this fiscal. In contrast, at Rs 29.3 lakh crore, the budget estimate (BE) of revenue expenditure for FY22 is 3% lower than the revised estimate for this fiscal and 11.4% higher than the BE of FY21.
The finance minister said while the government can roll out a stimulus package to revive the economy, the crucial task of funding long-term infrastructure projects will be undertaken by the proposed development finance institution (DFI). However, since one DFI is can’t satiate the huge appetite of the entire infrastructure sector, the government will create an enabling set-up for even private-sector DFIs to come up, she added.
The Budget has proposed a capital infusion of Rs 20,000 crore into the DFI. Using this, it will likely raise resources up to Rs 5 lakh crore over the next few years and help finance infrastructure projects, apart from creating an entire eco-system around it.
Initially, the DFI will be wholly owned by the government, although it’s willing to dilute its stake to 26% once long-term investors come on board.
Source: The Financial Express
India’s leading apparel conglomerate Aditya Birla Fashion and Retail Ltd. (ABFRL) performed well during the third quarter of the current fiscal year ended 31 December 2020.
It reported consolidated net profit of Rs. 58.55 crore for this quarter while it had net loss of Rs. 37.64 crore in the corresponding period of the previous fiscal.
During this period, sales grew more than double of Q2, FY21, recovering to 80 per cent of last year.
The company’s sale during the Q3, FY21 was Rs. 2,076 crore (fall by 20 per cent year on year basis) while the same was Rs. 2,583 crore during the Q3, FY20.
The company said in a release that the third quarter saw a significant acceleration of business recovery along sequential quarters. Consumers started coming back to stores and continued to buy more online due to buoyant festive mood and visibility of a declining infection spread.
The company delivered a consolidated EBITDA (earnings before interest, taxes, depreciation and amortisation) of Rs. 422 crore, almost same as last year levels despite lower sales.
During this quarter, Pantaloons, the large format fashion retail division of the company noticed the business recovering to 75 per cent of pre-COVID levels and reported the highest ever EBITDA margins in the history of the company.
This was driven by improved product mix, superior inventory management leading to lower discounts and stringent control of fixed costs.
The company, which generated nearly Rs. 588 crore cash during this quarter, also announced that its debt projected to be down by 90 per cent by the end of the fiscal from the start of the financial year.
With revenue of Rs. 8,788 crore in FY19-20, ABFRL is India’s first billion-dollar pure-play fashion powerhouse with an elegant bouquet of leading fashion brands and retail formats. It has a network of 3,157 stores across approximately 29,900 multi-brand outlets with 6,835 point of sales in department stores across the country.
Source: Apparel Online
Clothes retailers in Europe and America sit on excess inventory and cut back on spring orders. Sourcing agents face late payments. Garment factories in Bangladesh are on the rack.
The global apparel industry, reeling from a punishing 2020, is seeing its hopes of recovery punctured by a new wave of COVID-19 lockdowns and patchy national vaccine rollouts.
Some major retailers are still nursing last year’s clothes, which would have been sold off in clearance sales in normal times. British chain Primark, for example, told Reuters it was housing around 150 million pounds ($205 million) worth of 2020 spring/summer stock and 200 million pounds from autumn/winter.
In an indication of the scale of the backlog, consultancy McKinsey says the value of unsold clothing worldwide, in stores and warehouses, ranges from 140-160 billion euros ($168-192 billion) – more than double normal levels.
Britain’s Marks & Spencer and Germany’s Hugo Boss said they had placed smaller orders than usual for this year’s spring collection.
Retailers are keeping volumes small and lead times tight, according to Ron Frasch, former president at Saks Fifth Avenue who is now operating partner at private equity firm Castanea Partners, which works with several apparel brands.
“Most of the brands now are pretty tight on shipping and the factors are very tight. I think everyone was very conservative with their purchasing,” he said. “I know many have been slow-paying. That is for sure.”
Indeed, Hong Kong-based sourcing agent Li & Fung, which manages more than 10,000 factories in 50 countries for retailers including global players, told Reuters that some retailers had requested later payment terms, but declined to provide specifics.
Factories feel the pain
The pain is consequently flowing to major garment manufacturing centers like Bangladesh, whose economies rely on textile exports. Factories are struggling to stay open.
Fifty factories surveyed by the Bangladesh Garment Manufacturers and Exporters Association said they had received 30% fewer orders than usual this season, as pre-Christmas lockdowns in much of Europe followed by another clampdown in January hit their businesses hard.
“Orders usually arrive three months in advance. But there are no orders for March,” said Dhaka-based factory owner Shahidullah Azim, whose clients include North American and European retailers.
“We are operating at 25% of capacity. I have some orders to run the factory till February. After that, I don’t know what the future holds for us. It’s difficult to say how we will survive.”
Miran Ali, who represents the Star Network, an alliance of manufacturers in six Asian countries, and himself owns four factories in Bangladesh, faces similar problems.
“At this point, I should have been full until March at least, and looking at a healthy quantity for autumn/winter coming in already. Across the board, that is coming slow,” he told Reuters from the capital Dhaka.
“Brands are buying less from fewer people.”
Asif Ashraf, another factory owner in Dhaka who makes clothes for global retailers, said it was tough to adjust. “We’ve produced the fabric and we’re ready to stitch the garments, but then they say the order is on hold.”
‘Public wearing PJs again’
With store closures threatening to carry into summer, some retailers are attempting to sell off as much of their excess stock as possible before placing new orders, textile recycling firm Parker Lane Group told Reuters.
CEO Raffy Kassardjian said his business went from processing an average of 1.5 million items of excess apparel per month to over 4 million in January, its busiest month ever.
Last year was dire for the clothing industry, which saw sales slide by about 17% versus 2019, according to Euromonitor. And the future is uncertain.
Estimates for 2021 range from pessimistic forecasts of a 15% sales drop from McKinsey, to an 11% recovery from Euromonitor.
So are there bright spots? Well, a lockdown pajama boom is offering some minor relief.
“If you want to know what the Great British public is doing – it’s wearing pajamas again,” Marks & Spencer CEO Steve Rowe said last month, while Hugo Boss alluded to the same phenomenon, saying it had “streamlined our range of classic business clothing and expanded the range of casual wear”.
But that’s cold comfort for some factory owners.
“Demand for pajamas is at a life-time high,” Ali in Dhaka acknowledged. “But not everyone can make pajamas!”
Source: Textile Today
The UK has sought flexibility in India’s data norms as part of the talks for a trade and investment treaty, something that the government is unwilling to provide. While data adequacy is another area flagged by British businesses, the Indian government has pointed out that it has limited policy space.
During the deliberations between commerce and industry minister Piyush Goyal and British international trade secretary Liz Truss on Saturday, Indian authorities pointed to their concerns on data security and the proposed legislation in the country that is being debated in Parliament. Besides, Cambridge Analytica episode in the UK was also flagged to indicate the need to be cautious.
Despite the gaps on datarelated issues, sources told TOI, the British government is keen to clinch a trade treaty at the earliest with an announcement for launch of negotiations expected when British Prime Minister Boris Johnson visits India in April and an early harvest scheme, or an initial deal to be worked out soon.
While the UK is keen that India lower the import duty on Scotch whisky, something that India is not averse to, provided its interests are protected. For New Delhi, textiles, leather and footwear are major area of interest, where it wants easy market access and tariff cuts. In fact, as part of the FTA talks with the European Union,. textile tariff cuts were seen to be a major gain as it would help Indian goods compete favourably with exports from Bangladesh and some other countries.
Source: The Times of India
The European Union has said its first high-level dialogue on trade with India saw interest by both sides in resuming negotiations for an ambitious, comprehensive and mutually beneficial trade and investment pact once their respective approaches and positions are "close enough".
It said the two sides had "open and constructive" exchanges on a broad range of issues with an aim of enhancing EU-India bilateral trade and investment relations.
The EU said the dialogue covered issues like impact of the coronavirus pandemic as well as production of vaccines and their distribution.
The decision to establish the high-level dialogue mechanism on trade and investment was taken at the 15th EU-India summit in July last.
The meeting on Friday was co-chaired by Commerce Minister Piyush Goyal and Valdis Dombrovskis, the executive vice-president and commissioner for trade of the EU.
The negotiations between India and the EU on a free trade agreement have been stalled since May 2013, when both sides failed to bridge substantial gaps on crucial issues, including data security status for the IT sector. The negotiations were launched in June 2007.
"Minister Goyal and Executive Vice-President Dombrovskis reiterated their interest in resuming negotiations for ambitious, comprehensive and mutually beneficial trade and investment agreements once their respective approaches and positions are close enough," the EU said in a statement.
"In the meantime, they examined alternative approaches and looked into the possibility of opening new areas of cooperation, for instance in relation to the resilience of global value chains and regulatory cooperation, notably in relation to new technologies," it said.
The statement was released by the EU's office in India on Monday.
"In the run up to the Leaders' Meeting, the co-chairs tasked experts to look into the feasibility of resuming work on trade and investment agreements; new areas of cooperation (regulatory aspects and resilient value chains); as well as enhancing collaboration on WTO reform," the EU said.
"This will be followed by another meeting of the high-level dialogue to take stock of experts' discussions ahead of the Leaders' Meeting," it said.
The EU-India annual summit is expected to be held later this year.
The EU said Dombrovskis and Goyal discussed trade and investment issues with emphasis on the socio-economic impact of the COVID-19 pandemic as well as vaccine production and distribution mechanisms, including value chain linkages.
The two sides exchanged views on "the state of play of EU-India bilateral trade and investment relations, and possible ways forward", it said.
"The two sides recalled their continued attachment to the rules-based multilateral trading system," the EU added.
It said Dombrovskis and Goyal further exchanged views on various key policy developments and market access issues.
"The EU side provided an update on the ongoing review of the Generalised Scheme of Preferences, which expires end of 2023, and on the work towards EU Carbon Border Adjustment Mechanism under the European Green Deal, while the Indian side provided an updated on the 'Make in India' and 'Self-Reliant India' initiatives," the EU said.
Source: The Economic Times
Minister says it will strengthen foundation of the country
Union Textiles Minister Smriti Irani on Monday termed the Union Budget as one which takes care of every section of the society and “will further strengthen the foundation of the country in every field”.
Ms. Irani was speaking at a discussion organised by the Delhi BJP and PHD Chamber of Commerce and Industry.
‘Nobody slept hungry’
State BJP president Adesh Gupta, Leader of Opposition in the Delhi Assembly Ramvir Singh Bidhuri, former State president and MLA Vijender Gupta, PHD Chamber of Commerce and Industry president Sanjay Aggarwal were among those in attendance.
“The Prime Minister ensured nobody slept hungry during the critical time of the pandemic and the government provided free ration to the poor,” she said.
The Minister also took a dig at the Congress and the Aam Aadmi Party, saying that one party was engaged only in promoting the identity of one family, while the other party was busy ensuring it does not honour its own promises.
“Congress is today opposing farm laws while its own government in Punjab has made provision for contract farming there,” she alleged.
Mr. Gupta alleged that work and projects that should have been completed by the Delhi government are now done by the Union government such as construction of a biopark and development of jhuggi jhopri clusters.
Source: The Hindu Business Line
The World Trade Organization has pushed back its dispute panel’s rulings on the US’ tiff with India, the EU and four others nations over higher duties on some steel and aluminium products to the second half of this year on account of the pandemic.
The development gives the Joe Biden-led US government more time to resolve the dispute through consultations.
Russia, Norway, Turkey, Switzerland, and European Union too had dragged the US to the WTO on Washington's move to impose 25% and 10% import duties on certain steel and aluminium products in 2018. The US had said the duties were measures for national security.
India had complained that the duties were inconsistent with provisions of the WTO's General Agreement on Tariffs and Trade (GATT) 1994, and of the Agreement on Safeguards. New Delhi had listed multiple violations of WTO norms, such as discrimination against its imports, introduction of restrictions in form of quotas and using tariffs to get other countries to agree to "voluntary export restraints”, as the basis for the complaint, after which a panel was established by the Dispute Settlement Body in December 2018.
Source: The Economic Times
India is indigenizing production of special high altitude clothing required for Indian soldiers standing guard in mountainous terrain, the defence ministry said in a written statement to parliament on Monday.
The percentage of imported items has reduced from 43% to 29% in the last five years, Minister of State for Defence Shripad Naik said in response to a question.
“Tenders aligned with ‘Make in India’ initiative for identifying indigenous sources of supply are regularly being published. Wide publicity through Ministry of Textiles, Federation of Indian Chambers of Commerce & Industry (FICCI) and various textile associations is also given for participation by prospective Indian manufacturers," the minister said.
“Further, with a view to encourage Indian industry to manufacture in India, industry outreach programmes are undertaken and long-term contracts have been offered as incentives for assured business," the minister added.
Last year, India procured extreme cold high-altitude clothing from vendors in the US and Western Europe after the deployment of large numbers of troops along India’s borders with China. The deployment came after India in May detected a large number Chinese troops across the Line of Actual Control border and some intrusions into Indian territory in Ladakh.
In response to questions from another MP, Naik said on the “basis of the threat perception and technology available, the armed forces are procuring terrain and weather specific equipment to thwart the likely threat from our northern adversary."
“In the current standoff, emergency procurements for certain arms and equipment have been undertaken by the armed forces to beef up their combat potential," the minister said.
Source: The Mint
The Madhya Pradesh Industrial Development Corporation (MPIDC) has proposed an industrial land in Ratlam to develop a mega integrated textile park after the finance minister announced to launch seven mega textile parks with integrated facilities in three years in the Union budget 2021-22.
MPIDC executive director Rohan Saxena said, “We have proposed a 1,000 acre land in Ratlam to develop a mega integrated textile park under the recently-announced scheme in the Union budget. The selection of the site will be on a competitive basis. Given the location and connectivity of Ratlam to the Delhi-Mumbai Expressway, the location well suits the requirement of the textile park.”
Saxena said setting up of a textile park will help in generating local employment and giving a thrust to economic development of the region.
The industry department is eyeing investments from medium and large-scale industries in Ratlam.
Madhya Pradesh Textile Mills Association chairman Akhilesh Rathi said, “There are many states in the race to grab the park as it will initiate mega economic development. Most important parameters for selection are location and skill available in that geographical location. The government should suggest a location that should be less than an hour from the airport for smooth transit and to attract global buyers and related stakeholders.”
Aimed at boosting the textile sector and developing the country as a manufacturing and export hub, the textile ministry has proposed to develop seven Mega Integrated Textile Region and Apparel (MITRA) Parks on over 1000 acres each. These mega textile parks will have world class infrastructure, research and development laboratories and other common facilities for players. Major competitors of India in textile, China, Vietnam and Ethiopia already have such infrastructure to produce bulk quantities.
Source: The Times of India
Chief Minister Pinarayi Vijayan will lay the foundation for the long-pending petrochemicals park here on Tuesday. Industries Minister E.P. Jayarajan will preside over the event, according to a press release from the minister’s office.
The petrochemicals park will utilise raw materials from the expanded facility of the Bharat Petroleum Corporation’s Kochi Refinery. The park is being set up under the supervision of Kerala Industrial Infrastructure Development Corporation (Kinfra).
The State government had acquired over 481 acres from the public sector Fertilizers and Chemicals Travancore (FACT) for the petrochemicals park. Thirty-three per cent of the land acquired will be utilised to set up a green belt as part of the project. The remaining 229 acres would be allotted for industrial enterprises, the communication added.
A 12-MLD water distribution project, 11/33-kV electricity distribution facility, pollution control establishments, natural gas piped supply from GAIL and a waste treatment facility established by Kerala Enviro Infrastructure Limited (KEIL) will be part of the petrochemicals project. These basic facilities will cost around ₹300 crore and they are to be established in about 30 months.
Propylene, benzene and acrylic acid from the BPCL refinery are the key raw materials that will go into establishing the petrochemical units in the proposed park. Paints, dyes, textiles finishing materials and chemicals for printing are the products expected to come out of the park.
The communication said the process for inviting tenders for building the infrastructure was in its last stages. Kinfra had received 17 enquiries for setting up businesses in the proposed petrochemicals park, the communication added. Letters of intimation will be handed over to the companies concerned at the inauguration.
Source: The Hindu Business Line
The Indian textile industry has been playing a major role in the economic as well as the cultural growth of the country for many years. This growth has generated several million jobs in the previous years and is expected to generate millions more in the coming years as well.
But, there are some crucial skills that one needs to have before applying for a job in any sector, and the same goes for the textile industry as well. So, if you are also planning on getting a job in the same, then here are 5 critical skills that you must master.
1. Adapting to the fashion trends
Fashion industry trends keep on changing. So, one of the most crucial skills that one must have while looking for a career in the fashion industry is adapting to the continuously changing fashion trends.
Be aware of the market, and one of the best ways is to keep track of the popular blogs and magazines on a regular basis, as it will give you all the required knowledge of the current trends as well as the future ones.
2. Fashion forecasting is a must
Fashion forecasting, a skill that requires one to be aware of the upcoming trends. Be, it the type/colour of the fabric, or the graphics that can attract user attention, there is no end to what fashion forecasting can include.
To enhance this skill you must acquire all the information regarding the past trends, which factors caused the fading of these trends and what factors are there that can affect the future trends.
3. Thrive to create something unique
Following the flow of the market is very important in the textile industry, but that doesn’t mean copying every single prospect of the available designs. If you want to create a long-lasting impression then you must create a uniqueness by adding your own elements in the market trendy designs.
You should have accuracy in developing new designs that people can easily connect and adapt to. Enhance your skill in such a way that you can give a unique touch to even the simplest of designs.
4. Gain practical knowledge
To start in any field theoretical knowledge is necessary, but if you are planning on becoming a part of it and make a name then nothing can beat practical knowledge. Spend time in the market, as this will not only help you in finding out the trends but also user behaviour.
This will give you an insight into the consumer’s mindset and then you can easily plan out the development and marketing strategies that can easily rule over the market.
5. Focus on style and comfort
No matter how beautiful of the designs you develop, if it’s not comfortable then it will be rejected by the people straightaway. Clothing is a part of the day to day life and this is the reason that nobody wants to compromise on comfort.
So, it is very important that while creating a unique and beautiful design you focus highly on the comfort of the products as well. If you master this skill then you can easily lead customers for a long-term engagement, and your success will know no heights.
Mastering these skills will not only help you in grabbing your dream job in the Indian textile industry. Also, if you want to create a big name then never stop learning and polishing your skills, as the way to success is the way of knowledge.
Source: India Today
Stocks of textile companies focused largely on exports has seen a steady rise in the last few days with the revival in global demand.
Demand from all customers
Home textiles used for furnishing residence, towels, bedsheets, pillow covers and table linens are being bought more often in the US as the fear of Covid pandemic subside with the launch of vaccine.
Moreover, consumers, who are working from home, get more time to spend on the aesthetics of their house and spending more on home textiles.
This apart, hotels and motels getting back on their feet after the Covid impact are buying more bed linen as customers have become more picky about the freshness of bed linen in Covid times.
Shares of Indo Court Industries gained six per cent to ₹132 on Monday, while Welspun India, which was trading near its 52-week high of ₹78 in last few trading sessions, closed down by two per cent at ₹68 on profit booking. Arvind was down two per cent at ₹54, but scored handsome gains of almost 60 per cent in last three months; and Trident jumped 87.5 per cent in last three months.
Most of the textile companies have registered a strong recovery in the third quarter of this fiscal and this expected to continue in the March quarter as the demand in the domestic market is also picking slowly.
Import duty may hurt
However, the import duty of 10 per cent on raw cotton imposed in the Union Budget will push up the cost of textile companies and impact their margins. The levy of import duty on cotton will push up cost of extra long staple cotton such as GizaCotton from Egypt and Supima Cotton from the US and makes India lose ground on premium textile exports. The Government has also proposed to set up seven textile parks under the 'Mega Investment Textiles Parks' over three years to make the textile industry become globally competitive, attract large investments and boost employment generation, said Manoj Patodia, Chairman of The Cotton Textiles Export Promotion Council.
The Budget has reduced the customs duty on caprolactam, nylon chips and nylon fibre and yarn to 5 per cent to encourage growth of the man-made fibre sector especially the MSMEs, he said.
Nidhi Marwaha, Vice President, ICRA, said notwithstanding the broader recovery, growth in discretionary spends and aspirational buying is likely to remain lower compared to other essential product categories such as active/lounge wear and affordable-to-medium value casual apparels.
Source: The Hindu Business Line
Odisha Ikat is all set to make its place in the wedding trousseau. With brides and grooms becoming increasingly willing to give up heavily embellished couture for ethnic weaves on their big day, the traditional handloom of Odisha is ready to make a grand entry into the bridal fashion market.
In a move in the direction, the Odisha State Handloom Weavers Cooperative Society Ltd (Boyanika), launched its Odisha Ikat wedding collection on Sunday. The designer collection brings together an amalgamation of perfect wedding silhouettes combined with traditional Odisha Ikat fabrics infused with a new life.
Developed by Boyanika’s empanelled designers – Akanksha Sarkar, Binoy Munda, Manas Deo and Purbi Mishra - the collection comprises lehengas, salwar suits, sarara dresses, kurta pajama, sherwanis, kurtas with jacket and indo-western suits, mostly done in silk.
“For over a year, Boyanika has been marketing designer garments based on Odishan weaves. This is for the first time Ikat garments have been designed for a wedding collection”, said Secretary Handlooms and Textiles department Shubha Sarma, inaugurating the collection at the ongoing National Handloom Expo in the Capital City.
In this juncture of rapid diversification in product and design in fashion clothing, Odisha hand-wovens like Sambalpuri and Nuapatna Ikat sarees and fabric, Sonepuri Bomkai, Kotpad vegetable dyed sarees, scarfs and fabrics, Gopalpur Tassar fabrics have created niche for themselves in the State as well as country, said Sarma. The designers said the wedding collection will be appealing to the sensibilities of modern yet traditional Indian brides and grooms.
They have worked with traditional motifs like ‘sankha’, ‘chakra’, ‘temple’ and flowers that hold prominence in the Ikat vocabulary of the State.Designer Akanksha said the concept of bridal collection in Odisha Ikat – which uses both weft and warp dyeing method - is very new. “We have not used many embellishments in this collection to retain and highlight the beauty of Ikat designs, motifs and patterns having cultural connotations. The collection has been decorated with hand embroidery and exudes elegance” said the 28-year-old designer who is an alumnus of NIFT-Bhubaneswar.
Akanksha has designed two lehengas and sherwanis for the collection based on themes of Mughal art and the ‘red banana leaf’ in Tassar and Khadua silk.The wedding collection will currently be available in Boyanika’s Bhubaneswar outlets and subsequently be rolled out in all other outlets across the State.
Source: The New Indian Express
Himatsingka Seide Ltd. has inked a licensing agreement with The Walt Disney Company for Europe, the Middle East and Africa (EMEA).
The license will give Himatsingka the rights to design, develop and distribute a broad range of home textile products inspired by Disney’s archives and characters from the worlds of Disney, Pixar, Star Wars and Marvel. The collaboration is in line with Himatsingka’s commitment to work with globally-recognized brands.
“Disney is legendary in storytelling and content creation, creating diverse stories and iconic characters. We are immensely pleased to collaborate with Disney and look forward to being able to leverage our capabilities across the value chain to bring best-in-class products to consumers across the EMEA region,” said Akanksha Himatsingka, CEO for EMEA and Asia Pacific.
Himatsingka will manufacture and distribute an expansive range of licensed home textile products across the region, including Germany, UK, France, Italy, Spain, CEE, Nordics and South Africa.
The manufacturer, which employs more than 10,000 people, produces bedding, bath, drapery, upholstery and yarn products. Its liscened portfolio includes Calvin Klein, Tommy Hilfiger, kate spade, Barbara Barry, Royal Velvet, Waverly and Bellora. Its owned brands include Himêya, Pimacott, Organicott, Gizacott and Home Grown Cotton.
Source: Home Textiles Today
Amid domestic traders complaining alleged violations of FDI norms by foreign online players, Commerce and Industry Minister Piyush Goyal on Tuesday said the government is considering to come out with certain clarifications to ensure that the e-commerce sector works in the “true spirit” of the law and rules.
He said the current FDI policy for the e-commerce sector is robust and well-designed. However, there are certain complaints from consumers and small retailers about certain practices of the e-commerce companies, which are under investigation, he added.
“We have sought several information, they are being looked into. We are also considering certain clarifications to ensure that the e-commerce sector works in the true spirit of the law, of the rules that have been laid down for e-commerce,” Goyal told reporters.
He added that the e-commerce companies are supposed to provide an agnostic platform so that buyers and sellers can trade with each other.
The online platform should not become part of the trading transaction, “should neither be funding it, should neither be having algorithms which give preference to one or the other, should neither be promoting their own products.” But, it should provide all data that is required for a rational choice, and the choice should be a free choice of the consumer, Goyal added.
The buyers and sellers should be given an opportunity to trade with each other as the platform only is a service provider, he said.
“Those who break that law will certainly have to respond to our concerns and correct their business practices at the earliest,” the minister added.
Recently, the ministry has forwarded representations by the Confederation of All India Traders (CAIT) of alleged violations by Amazon and Flipkart to the Enforcement Directorate and the Reserve Bank of India for “necessary action”.
CAIT has time and again alleged that the e-commerce players violated the Foreign Exchange Management Act and FDI rules.
Source: The Financial Express
After the apparel segment witnessed a challenging year due to the pandemic, Benetton India is banking on stronger recovery trends in urban regions to get its business back to pre-Covid levels. The global brand is also gearing up to strengthen its presence in the fashion footwear and inner-wear segments in the next three years in the country.
Sundeep Chugh, CEO and MD, Benetton India said: “With the government’s focus on steering India towards the growth path and the vaccines coming in, this year we will look to returning 2019 levels of business performance. In the festival season, we saw business recovering by nearly 80-85 per cent compared with the corresponding period in the previous year.”
Recovery trends
For consumer product companies across segments, recovery trends have been stronger in smaller towns and cities compared with tier-1 and urban markets in the past few months. But Chugh pointed out that sales rebound in urban markets is also now visible.
“Since January, we are seeing a rebound in business in tier-1 markets and metros, too. We believe by February-end or early March, walk-ins in stores in these regions will be at par with tier-2 and tier-3 markets as consumers gain more confidence to move out and shop,” Chugh added.
In the next three years, Chugh said the company expects the footwear and innerwear segments to contribute nearly 15-20 per cent of its overall business.
“The footwear line has been completely developed in India and nearly 90 per cent of the business is driven from the online channel currently. We see a huge scope for growth from the fashion footwear perspective and we are ramping up the presence of this product portfolio at our stores. Even in the innerwear segment, we are seeing good growth,” Chugh said.
Going digital
The Italian fashion major is also looking to add 30-40 new stores this year. At the same time, with accelerated adoption of digital platforms for purchases, especially during the pandemic, it is also looking to launch its online store in the second half of the year.
“In a heterogeneous market like India, the consumer-buying pattern traverses through all the channels and so we will continue to focus on expanding our presence across all the channels. The e-commerce channel is growing at a high double-digit CAGR due to low penetration and so we will also continue to leverage on this opportunity in the right manner. For us, e-commerce currently contributes about 21 per cent to our overall sales,” he added.
Earlier this month, the government announced plans to set up seven textile parks in the country in the next three years to position India as a fully integrated manufacturing and exporting hub. Chugh said this was a step in the right direction and will enable the country in strengthening its presence in the global supply chain. Nearly 90-95 per cent of production of Benetton India is done domestically and the Italian major also sources products from India for its global supply chain.
Source: The Hindu Business Line
The current lockdown saw footfall decline by 78 per cent year on year (YoY) in the United Kingdom compared with a 76 per cent decline during the second lockdown (5 November–2 December), and 82 per cent decline during the first lockdown (23 March–15 June), according to BRC-ShopperTrak data, which revealed footfall on high streets declined by 73.3 per cent YoY.
YoY UK footfall decreased by 76.9 per cent in January, a 30.8 percentage point worsening from December. This is the largest drop in the UK footfall since May 2020 (minus 81.6 per cent).
The 77.8 per cent decline in footfall on high streets was the deepest since May 2020. This is worse than both the 3- and 12-month average declines of 59.8 per cent and 51.3 per cent respectively, according to a press release from the British Retail Consortium (BRC).
Retail parks saw footfall reduce by 40.9 per cent YoY, the deepest decline since May 2020 (minus 55 per cent). This is worse than both the 3- and 12-month average declines of 26.9 per cent and 26.3 per cent respectively.
Shopping centre footfall declined by 78.2 per cent year on year, the deepest decline since May 2020 (minus 84.9 per cent). This is below the 3- and 12-month average declines of 59.9 per cent and 52.6 per cent respectively.
Northern Ireland saw the shallowest footfall decline of all regions at minus 66.4 per cent, followed by Scotland at minus 72.5 per cent. Wales saw the deepest decline at minus 79.1 per cent.
“Footfall went from bad to worse in January, dropping by over three quarters. So far, retail locations in England are being hit harder than in the previous lockdown. Under tight restrictions for the whole month, shopping centres saw the biggest decline in footfall of all retail locations, overtaking high streets for the first time since July 2020,” BRC chief executive Helen Dickinson said.
Source:
The biggest apparel importer USA has witnessed a dip in its apparel imports during 2020 – both value-wise and volume-wise, according to the latest data of OTEXA.
US imported 2.31 billion SME of apparels in 2020 valuing the US $ 64.07 billion down by 16.37% and 23.46%, respectively.
|
Y-o-Y % Change in Volume-wise Apparel Exports to the USA from Top 10 Countries: |
|||
|
Countries |
2019 |
2020 |
% Change |
|
World |
27,660.75 |
23,132.80 |
(-) 16.37 |
|
China |
11,049.94 |
8,466.40 |
(-) 23.38 |
|
Vietnam |
3,947.56 |
3,787.71 |
(-) 4.05 |
|
Bangladesh |
2,009.79 |
1,889.63 |
(-) 5.98 |
|
Cambodia |
1,042.88 |
1,127.38 |
8.10 |
|
Indonesia |
1,129.18 |
922.12 |
(-) 18.34 |
|
India |
1,118.56 |
904.73 |
(-) 19.12 |
|
Honduras |
1,004.40 |
681.19 |
(-) 32.18 |
|
Mexico |
789 |
679.95 |
(-) 13.82 |
|
Pakistan |
598.51 |
630.91 |
5.42 |
|
El Salvador |
745.16 |
492.03 |
(-) 33.97 |
In consequence, all top apparel exporter countries saw a fall in their respective exports to the US due to the COVID-19 pandemic outbreak.
As far as volume-wise import of US is concerned, China Indonesia and India’s apparel shipment fell in double digits, while Vietnam and Bangladesh declined in single digits.
What’s notable is that Cambodia grew both in volumes and values in its apparel shipment to the US in 2020 over 2019.
In volume terms, Cambodia even surpassed Indonesia and India to climb to the 4th spot after China, Vietnam and Bangladesh from 6th rank in the 2019 tally.
|
Y-o-Y % Change in Value-wise Apparel Exports to the USA from Top 10 Countries: |
|||
|
Countries |
2019 |
2020 |
% Change |
|
World |
83,704.74 |
64,070.48 |
(-) 23.46 |
|
China |
24,911.09 |
15,154.79 |
(-) 39.16 |
|
Vietnam |
13,552.22 |
12,570.07 |
(-) 7.25 |
|
Bangladesh |
5,924.32 |
5,229.16 |
(-) 11.73 |
|
Indonesia |
4,398.90 |
3,514.98 |
(-) 20.09 |
|
India |
4,058.36 |
3,020.07 |
(-) 25.58 |
|
Cambodia |
2,677.79 |
2,823.80 |
5.45 |
|
Mexico |
3,124.43 |
2,203.19 |
(-) 29.49 |
|
Honduras |
2,792.86 |
1,826.46 |
(-) 34.60 |
|
Jordan |
1,781.19 |
1,527.33 |
(-) 14.25 |
|
Sri Lanka |
1,796.37 |
1,463.23 |
(-) 18.55 |
Source: Textile Today
Gucci retained its position as the hottest brand in the world, having honed a pandemic-era playbook of reaching consumers across multiple channels with a strong emphasis on digital, according to The Lyst Index, a quarterly ranking of fashion’s hottest brands and products. Italy’s Moncler is the quarter’s biggest rising brand, moving up 10 places into 3rd place.
In the second place was Spanish brand Balenciaga, and Off-White and Prada took the fourth and fifth positions respectively in the 2020 fourth quarter (Q4) index.
Gucci excelled at capturing imaginations and generating conversation. From running an online fashion and film festival, promoted not just on social media but also on billboards in key cities, to outfitting Harry Styles for his American Vogue cover, Gucci generated a drumbeat of moments to keep shoppers engaged, at a time with most physical events still off, and some stores shuttered, The Lyst Index said on its website.
Throughout a tumultuous year, ecommerce has been one of the bright spots for the fashion industry, with the pandemic accelerating the adoption of online shopping. During the final quarter, brands continued to invest in digital-first initiatives, from Balenciaga’s video game launch of its Fall/Winter ‘21 collection, to Valentino’s virtual and shoppable Insights villa.
At the same time, flagship store openings continued in major cities—Loewe, Moncler and Versace all opened new doors in Paris—suggesting that brands see a multi-channel future, albeit one where digital occupies a larger space than pre-pandemic.
During the quarter, Kering announced its results for the preceding one: e-commerce grew by 102 per cent overall, making up just under a quarter of direct sales in North America for its brands, including Balenciaga and Saint Laurent.
Moncler was boosted partly by seasonality and the growth of puffer jackets as a category, but also by the launch of a collection with Rick Owens and the news that the firm would acquire Stone Island in a deal worth €1.15 billion.
With eight of the 20 hottest brands belonging to the Kering or LVMH conglomerates, and several others forming part of smaller luxury groups, The Lyst Index supports the theory that scale helps brands to succeed today.
Coronavirus is likely to accelerate further consolidation. As the industry looks ahead to 2021, normalcy may not be on the cards straight away, but there is much to be optimistic about.
In the final quarter of 2020, shoppers sought comfort and protection. Puffer jackets are a breakout category, with searches increasing by 174 per cent, driven by an increase in walking and outdoor socialising.
For the first time, the same product topped the women’s and men’s rankings: The North Face’s 1996 retro Nuptse jacket, with its distinctive colour-block design, is the hottest product in the world. Combining technical performance with a more accessible price than styles by Moncler and Canada Goose—both of which also appear in the rankings—the Nuptse jacket fits with the trend for ‘90s nostalgia, and took social media by storm.
Source: Fibre2Fashion
Première Vision Paris is set to host a 100 per cent digital show, to continue to support the creative fashion industry and set the stage for the recovery expected to get underway in 2021. The digital show, to be held from February 15-19, 2021, will be launching new industry-targeted services, and reflects the marked acceleration of the group’s digitisation.
At this time, Première Vision will also be launching its new, single and integrated website, which will be rolled out in several stages over the course of 2021, bringing together all of its shows and its marketplace. Throughout the last few months, Première Vision has been engaged in supporting the international fashion industry as it faces the difficult challenges posed by the COVID-19 health crisis, introducing new and innovative e-commerce features to its Marketplace, and speeding the development of its digital system. Since September, Première Vision has helped to maintain the industry’s business activity and motivate its community by successfully organising two digital events and two shows, thus allowing creative fashion brands and manufacturers to continue to work and support their businesses, according to a press release by Premiere Vision.
The international, creative and complementary offer of 1,500+ exhibitors to be presented on the Première Vision Marketplace includes yarns, fibres, fabrics, accessories and components, designs, leathers and garments, with a more effective interactive digital catalogue to facilitate products’ presentation, and buyers’ sourcing. Exhibitors will have the option of quick and easy uploading of their collections of materials to their e-shops, including an unlimited number of products, and the ability to create private catalogues for their privileged customers. Buyers will have the option to easily select, pin, sample, and order products, according to Premiere Vision.
The show will host exclusive fashion decodings and comprehensive online fashion information to inspire, guide, and assist in the design of the Spring Summer 22 collections; a unique colour range, to order or download online; virtual forums to showcase the exhibitors’ new products; and inspiring fashion webinars from Première Vision’s fashion team, according to Premiere Vision.
Networking via the Première Vision Marketplace will help fashion brands and suppliers strengthen their interactions and develop their business thanks to optimised and additional functions and features. There will be more efficient customer/supplier link-up tools to improve direct contact and remote business interactions, including the launch of video conferencing appointments via the video-call features of WhatsApp and Facebook Messenger, to personalise meetings and facilitate the presentation of material collections. More immersive multimedia company profiles will be provided to energise the presentation of exhibitors’ business activity, with information about the company like contacts, know-hows, specificities, and so on, illustrated by images, texts, and videos, and the ability to highlight specific product information via photos or videos, Premiere Vision said.
A programme of 13 digital talks and webinars will help explore the fashion industry’s coming challenges through the eyes of industry pros and experts. The Digital Talks, each lasting 30 minutes, will premiere during the Digital Show, and subsequently be made available for replay on the Premiere Vision website. In some cases, live chats will allow viewers to interact with participants.
The Première Vision Paris Digital Show will welcome to its Marketplace the latest product developments and manufacturing solutions from over 1,500 exhibitors. A selective and creative offer of materials and services to assist fashion, accessories and footwear brands create and design their spring-summer 22 collections will be presented. Over 1,500 active online boutiques in six activity sectors will be displayed which includes 50+ spinners and fibre producers, 820+ weavers, 170+ tanners, 285+ accessory and component manufacturers, 90+ design studios, and 75+ fashion manufacturers. Nearly 32,000 products will be available which includes 300+ yarns and fibres, 21,000+ fabrics, 1,400+ leathers, 7,000+ accessories and components, 1,100+ designs and decorations, 1,600+ manufactured items.
Source: Fibre2Fashion
Los Angeles-based start-up Finesse has raised $4.5 million in seed funding for artificially designed clothing. Algorithms create fashion by listening to young people on social media. However, there is no collection yet: the company has only sold articles via a few ‘drops’, where customers could vote for designs and pre-order the limited editions.
Finesse leverages artificial intelligence (AI) on big data and community feedback to predict trends and optimise distribution.
The start-up, which does not believe in fixed designer collections, wants to create unique pieces, purely based on the data analysis of consumers, according to reports in technology-centred portals.
There is a wealth of information available, from what influencers are wearing to daily posts on TikTok. Cief executive officer Ramin Ahmari reportedly says thanks to AI, he can predict trends even before they go viral.
Another advantage is that new-found trends can go from design to a product ready for sale in less than 25 days. Finesse works with a very short supply chain and does not use physical fitting models but 3D modelling software. This way, even low-volume items can still be affordable: the products currently on sale range from $8 to $116.
However, with his computer-driven forecasting and small batches, Ahmari primarily wants to solve the problem of overstocks and waste in the fashion industry.
Source: Fibre2Fashion
Apparel items manufactured in Vietnam with fabrics made in South Korea will now enjoy lower tariffs in the European Union (EU), Vietnam’s ministry of trade, industry and energy recently said. Clothes needed to be made with locally-produced fabrics earlier to enjoy benefits of the Vietnam-EU Free Trade Agreement. Vietnam relies on imports for four-fifths of its textile demand.
"With South Korea being the second-largest supplier of fabric in Vietnam, the latest policy will lead to stronger demand for South Korean products, compared with other rivals such as China and Taiwan," the ministry said in a statement.
In 2019, China accounted for 55 per cent of Vietnam's imports of fabrics, trailed by South Korea and Taiwan with 16 per cent and 12 per cent respectively. Japan accounted for 6 per cent, a news agency reported.
Last year, South Korea's shipments of fabrics to Vietnam were worth $2.35 billion, down by 18.4 per cent year on year.
Source: Fibre2Fashion
Bilateral trade between the Kingdom and the US amounted to US$6.9213 billion in 2020, up 17.89 per cent from 2019, data from the US Census Bureau show.
The export value of Cambodian goods was US$6.5777 billion, up 22.79 per cent from the US$5.3568 billion posted in 2019, while goods imported from the US were worth US$343.6 million, down 33.15 per cent from US$514 million.
Cambodian mainly exported garments, footwear, bags and electronic components to the US, while automobiles, electronics and other finished products made up the bulk of imports.
Ministry of Commerce spokesman Pen Sovicheat chalked up the uptick in export figures to continued booming demand from the US market for Cambodian consumer goods such as clothes, bicycles, electrical equipment, bags and luggage, now seemingly unfazed by the ongoing pandemic.
As a member of the World Trade Organisation (WTO), Cambodia pays customs duty to the US at the Most Favoured Nation (MFN) rate under the organisation’s rules, he said.
Moreover, he said the Kingdom is also a recipient of Generalised System of Preferences (GSP) benefits on certain items – such as travel bags – which he said buoyed last year’s trade statistics.
“We are optimistic that the GSP will continue. Our country is still a least developed country [LDC] and maintains strong diplomatic and economic relations with the US,” Sovicheat said.
Hong Vanak, director of Royal Academy of Cambodia’s International Economics Department, told The Post on February 7 that revenue from exports to the US has seen a steady climb, even last year as the world battled an international trade crisis set on by the Covid-19 pandemic.
He noted that the tariff breaks provided through the US’ GSP has reeled in copious amounts of investors to set up factories in Cambodia and manufacture a range of goods for export to the US market.
“Despite being submerged in the Covid-19 crisis, Cambodia’s exports to the US market have remained positive. The US is an important market for Cambodian exports, especially travel and textile products,” Vanak said.
On the other hand, he pointed out that many factories in the US remain shuttered or suspended, resulting in Cambodian imports from the US to contract by nearly one-third.
Even as GSP awaits congressional reauthorisation after it lapsed on December 31 prior to the presidential inauguration, Vanak said trade with the US was likely to extend into this year on the back of strong confidence in investment in Cambodia.
In 2018, Cambodian exports to the US were to the tune of just US$3.8065 billion, and imports clocked in at US$445.9 million, according to the US Census Bureau.
Source: The Star News
Kenya annually imports apparel worth 30 billion shillings ($272 million) due to high cost of domestic products, according to Lawrence Karanja, chief administrative secretary of the ministry of industrialisation, trade and enterprise development, who recently said that the country is importing over 70 per cent of its retail and fashion needs, both new and second hand.
"There is thus a need for local manufacturers and designers to find the right product and value match to meet the affordability element," Karanja said during a forum on Kenya's textile and apparel sector.
Karanja said that one of the challenges facing the domestic clothing sector is that the Kenyan market remains cost driven, due to the low economic status of most of the population. He noted that the government is keen to discuss with the domestic manufacturers to agree on policy support that will increase the competitiveness of the locally manufactured products, according to a news agency report.
"The aim is to increase the market penetration of locally produced textile and apparel products in both fashion retail mass market and the uniformed markets," he observed.
He stressed the need for manufacturers and designers to have more linkages with the physical and virtual retail spaces.
Source: Fibre2Fashion
Pakistan’s trade deficit - the gap between imports and exports - widened 21% to $2.6 billion in January 2021 mainly due to acceleration in imports to support industrial and agricultural activities which were a must to expand overall economic activities in the country.
The trade deficit stood at $2.15 billion in January 2020, the Pakistan Bureau of Statistics (PBS) reported on Monday.
Imports increased 15% to $4.73 billion in January 2021 compared to $4.12 billion in the same month of last year.
Exports also rose in the month under review but not as strongly as imports, that’s why the trade deficit widened in the month. Exports picked up 8% to $2.13 billion in January compared to $1.97 billion in the same month of last year.
“Trade deficit may remain wide going forward (in the remaining five months of current fiscal year 2021),” Pak-Kuwait Investment Company (PKIC) Head of Research Samiullah Tariq said while talking to The Express Tribune.
“Imports will remain accelerated in the wake of opening of local and global economies (Pakistan’s export destinations) from lockdowns,” he said.
Imports of machinery and food commodities may remain high. “Imports of machinery are bound to pick up following support of concessionary loans for setting up new industrial projects and expansion of existing ones under the Temporary Economic Refinance Facility (TERF),” he said.
Banks have approved financing worth over Rs300 billion since March 2020. The temporary financing facility is scheduled to end in March 2021.
Besides, the government will continue to import food commodities like wheat and sugar, as per recent announcements, to stabilise food prices in the country.
“Exports are likely to drop after February-March,” he said.
Yarn, a raw material for textile manufacturing, has become costlier. Besides, regional competitors including India and Bangladesh are reopening.
The two developments may cause a drop in exports of textiles, which are around 60% of total export earnings of Pakistan, he said.
“Imports are projected to surpass their annual target ($42.4 billion),” Pakistan’s central bank said last month. “The increase in food imports and domestic economic activity is mainly expected to drive import growth.”
Cumulatively, in the first seven months (July-January) of current fiscal year 2021, the trade deficit widened over 8% to $14.96 billion compared to $13.82 billion in the same period of the last year, according to PBS.
The State Bank of Pakistan (SBP) projected the deficit to remain stagnant this full fiscal year at around the previous year’s level of $20 billion.
On a month-on-month basis, the deficit dropped 1.5% in January compared to December as import and export both decreased by around 10% and 5.5%, respectively.
“It is a must for Pakistan to sustain receipt of strong workers’ remittances in January and onwards…to keep the current account balance in surplus in the couple of months ahead and record a small deficit in full fiscal year 2021,” said BMA Capital Executive Director Saad Hashmi.
To recall, Pakistan has continued to receive over $2 billion a month for the past seven consecutive months (June-December 2020).
“Latest recovery in value of rupee against the US dollar - below Rs160 a dollar - suggests the inflows on account of workers’ remittances and export earnings have remained higher than outflows (on account of import and foreign debt repayments),” he said.
Up till December, major growth in imports has come from import of foods (wheat, sugar and cooking oil), cotton, fertiliser and automobile.
Import of such commodities and goods would maintain uptrend to control food inflation and support textile exports and revival of large scale manufacturing industries like automobiles.
Experts said a meaningful growth in export earnings is a must to efficiently manage international payment pressure. Traditionally, Pakistan’s export stands at less than half of annual import. The contraction of trade gap through increase in exports would make the economy sustainable in the long-run.
Source: The Express Tribune
The Bangladesh Textiles Mills Association has demanded that the government should withdraw the Bangladesh Bank provision that makes the bonded warehouse licence mandatory for opening back-to-back letters of credit to encourage exports of local textiles.
Textile makers said that many small and medium mills in the country were exporting locally produced fabrics and yarn but they were not getting the facility of backtoback LCs due to the Foreign Exchange Transaction Guidelines of the Bangladesh Bank.
BTMA president Mohammad Ali Khokon on January 23 sent a letter to BB governor Fazle Kabir demanding withdrawal of Section III of the guidelines that states ‘only recognised export-oriented industrial units operating under bonded warehouse system will be allowed the back to back LC facility’.
The BTMA said that Section III of the BB’s Foreign Exchange Transaction Guidelines obstructed the opening of back-to-back LCs for the textiles mills which have no bond licence and the rules should be waived or relaxed for the textile mills for expansion of the local industry and boosting exports.
The letter said that many textile makers were reluctant to obtain bond licences as they received duty benefits for importing raw materials as per the government’s decision.
Procedural cumbersomeness also discourages the textile mills owners from obtaining and maintaining the bond licences, the letter read.
The BB should waive the mandatory bond licence requisite for the local textiles manufacturers in opening back-to-back LCs to encourage the local industry as the government was working towards gradually phasing out the bonded warehouse system.
Source: The New Age Business
Agus P. Saptono, Consul General of Indonesia said that his country is keen on enhancing trade and investment ties with India in the areas of information technology, health and pharmaceuticals, agro products, automotive components and tourism related projects.
Speaking to BusinessLine on the sidelines of a meeting with officials of Kerala Chamber of Commerce and Industry here on Monday, he said Indonesia is looking at increasing the spices trade from India that included cloves, nutmeg, pepper, vanilla etc. Indonesia sees India as a good investment destination and looking at a comprehensive economic partnership for the mutual benefit of the two countries.
Kerala also offers good opportunities to build trade ties with Indonesia especially in the sectors of tourism promotion, spices production, furniture exports which is having a huge growth potential.
According to him, Indonesian exports to India consists of textiles, electronic goods, footwear, and sawn timber, while chemicals, pharmaceuticals, machines and motor vehicles, automotives are the major imports from India to Indonesia. Besides, Indonesian companies have significantly invested in the food processing sector in India.
To a question on the issues connected with copra imports from Indonesia due to higher price, container shortage and rise in freight rates, Saptono said they are aware of the situation being faced by coconut exporters in India and is trying to sort out the issues for the benefit of both the parties.
Asked on the impact of Covid on the business, he said the economy in that country has slowly started recovering and things would be better this year.
Source: The Hindu Business Line
