Commerce and industry minister Piyush Goyal, who will also handle the textiles ministry, is set to kick off work on his new portfolio with consultations at textiles hubs across the country. On Saturday, Goyal is due to meet industry representatives in Mumbai to get a first-hand understanding of the issues and challenges confronting them, before he holds similar consultations in Surat, Ahmedabad and Coimbatore. The minister had met his ministry colleagues on Thursday and identified the priority areas with job generation topping the list given that it is a labour-intensive sector. “The Government will try to give a big support to the income of all the people employed in this sector, especially women,” he had said. The minister believes that textiles has crucial links with commerce and industry and with the charge of the two ministries he believes he can tap into the synergies that are on offer, something that PM Narendra Modi has also sought to focus on while realigning the portfolios. Since last year, the commerce and industry has been working with the textiles ministry to work out a plan to scale up domestic production and exports with textiles being among the 24 sectors identified for priority action. From these, production linked incentive schemes have been announced for 13 sectors, with nearly Rs 2 lakh crore to be spent over the next five years.
Source: Times of India
India and the United Kingdom (UK) resolved to deepen financial services cooperation between the two countries during the latest round of India-UK Financial Markets Dialogue which was held virtually late on Thursday. "Financial cooperation is one of the key pillars of the 2030 Roadmap adopted by the two countries during the recent meeting of the two Prime Ministers and the India-UK Financial Market Dialogue is one of the key elements of this Financial Cooperation. As two services driven economies, both sides agreed there is significant scope for strengthened financial services cooperation between India and the UK. They also concurred to continue to engage bilaterally on these areas in the coming months, in the run up to the next EFD and the beginning of negotiations for a future India-UK FTA, both expected to take place later this year," a joint statement released on Friday said. The financial market dialogue was established at the 10th Economic and Financial Dialogue (EFD) in October 2020 to deepen bilateral ties in the financial sector. The dialogue was led by senior financial ministry officials from the Indian side and treasury officials from the UK, with participation from Indian and UK independent regulatory agencies, including the Reserve Bank of India, the Securities and Exchange Board of India, International Financial Services Centre Authority, Insurance Regulatory and Development Authority of India, the Bank of England, and the Financial Conduct Authority. Discussions during the dialogue were focused on four themes: India’s flagship international financial centre, GIFT (Gujarat International Finance Tec-City) City; banking and payments; insurance; and capital markets. Following government-to-government discussion on these issues, private sector partners were invited to the talks. The City of London Corporation’s Capital Markets Working Group presented their work on the Indian corporate bond market, and the India-UK Financial Partnership presented their recommendations on the UK-India financial services relationship, particularly on development of GIFT City as global services hub. Participants provided updates on their respective banking and payments landscapes, with a view to increase cross-border activity in this area. “The Bank of England discussed its work on cyber resilience. Both sides also recognised the key role the banking sector has played in maintaining stability during the Covid-19 pandemic," the joint statement said. Both sides welcomed leaders of the India-UK Financial Partnership (IUKFP), noting the significant progress achieved since the last EFD in contributing to policy development, particularly the partnership’s efforts towards promoting greater links between GIFT City and the UK financial services ecosystem. Both sides look forward to formally collaborating with the Partnership’s FinTech work stream at the next UK-India FinTech Joint Working Group meeting and to the launch of policy papers on GIFT City, FinTech and cross-border trade and investment at the next EFD and beyond," the statement said. The City of London Corporation’s India-UK Capital Markets working group presented its recommendations from its recently published paper on ‘Unleashing the potential of the Indian Debt Capital Markets’. "The report focused on enhancing the Indian Debt Capital markets ecosystem, as well as making it easier for Indian companies to raise capital internationally – to support India’s growth potential, infrastructure needs and enhancing the country’s sustainable energy capacity. The recommendations include areas such as reforms to primary issuances, secondary markets, taxation rules, market ecosystem and ESG (Environmental, social and corporate governance)," the statement added.
Source: Livemint
The strengthening of trade exchange between Vietnam and India not only by the traditional method but also in the online format has contributed to promoting the comprehensive strategic partnership between the two countries, said Hoang Minh Chien, deputy head of the Vietnam Trade Promotion Agency (VIETTRADE) under the Ministry of Industry and Trade. The strengthening of trade exchange between Vietnam and India not only by the traditional method but also in the online format has contributed to promoting the comprehensive strategic partnership between the two countries, said Hoang Minh Chien, deputy head of the Vietnam Trade Promotion Agency (VIETTRADE) under the Ministry of Industry and Trade. He made the statement at the Vietnam - India trade exchange conference which was held virtually by VIETTRADE and the Vietnamese Embassy in India on July 9. According to Chien, in the context of the COVID-19 pandemic, the agency has promoted the organisation of a number of online trade promotion programmes with India and has always received the effective coordination and support of Indian trade promotion organisations including Indian Importers Chambers of Commerce and Industries, the Gujarat Chamber of Commerce & Industry, the Vietnamese Embassy in India, the partners and businesses of the two countries. Do Thanh Hai, Counselor at the Vietnamese Embassy in India, said that textiles and garment, pharmaceuticals, supporting industries, renewable energy sector, and agricultural products are the driving force for trade relations, and many other industries have great potential. However, to turn the potential into reality, it was necessary for relevant authorities and the business community to involve in, he said, adding that online trade exchange events are an important channel for enterprises of the two countries to seek find business opportunities. Hiren Gandi, Chairman of the Food Committee of Gujarat Chamber of Commerce & Industry, recommended that Vietnamese enterprises should use legal commercial contracts when exporting to India to avoid disputes and protect themselves from fraud, false commitments and overcome business risks. The right legal contracts can help prevent businesses from up to 80 percent of commercial disputes, he said. Gandi emphasised that Vietnamese enterprises should not use brokers or agents because they have no legal value. He also advised them to check the financial capacity of the buyers and raised the issue of the right to handle logistics-related issues in commercial contracts. At the conference, Atul Kumar. President of the Indian Importers Chamber of Commerce and Industry, Srinivasa Murthy, Honorary Consul of Vietnam in Karnataka, India, and Bui Trung Thuong, Counselor at the Vietnam Trade Affairs Office in India, also introduced business opportunities for Vietnamese businesses in the Indian market as well as sharing experiences for successful business cooperation with Vietnamese enterprises to Indian counterparts. Experts said Vietnamese businesses have many opportunities to export to India. At the same time, Vietnam is also a potential market for Indian investors to do business in the fields of agricultural products, food, automobiles and energy. Virtual exchanges were also be held during the conference to support businesses in introducing their products and learned about the partner’s demand, thereby looking for business cooperation opportunities.
Source: Vietnam Plus
Indore-based Madhya Pradesh Industrial Development Corporation (MPIDC) has identified around 7,000 hectares to create a land bank to attract investment from industries on developed and raw land. The industry department aims to offer land on locations suitable as per the industry type, availability of raw material, workforce and connectivity. MPIDC executive director Rohan Saxena told a top English-language daily that MPIDC has recently observed a spike in demand for raw land from investors and has allotted undeveloped land to over a dozen industries in Ujjain, Mohana and Jetpura. One leading garment manufacturing industry has recently taken a raw land in Ujjain, while another textile giant has also finalised a deal for an undeveloped land in Ujjain. Around 13 investors have taken up undeveloped land at Mohana and two at Ujjain. Several big industrial houses have shown interest in taking up undeveloped land in Ujjain, Mohana, Jetpura and Chirakhan. Industries accepting raw land will have to make arrangements for the basic infrastructure like road, water and electricity at their own cost.
Source: Fibre2fashion
Sitharaman highlighted that in India, fiscal policy options are used for better environmental outcomes and concessional tax rates are in place to promote use of renewables, the finance ministry said in a series of tweets. Finance Minister Nirmala Sitharaman on Friday emphasised on the role of technology in fighting climate change and called for international cooperation to increase supply of alternative sources of energy and technologies. The minister participated virtually in the G20 High-Level Tax Symposium on Tax Policy and climate change, organised by Italy ahead of the 3rd G20 Finance Ministers and Central Bank Governors Meeting. Sitharaman highlighted that in India, fiscal policy options are used for better environmental outcomes and concessional tax rates are in place to promote use of renewables, the finance ministry said in a series of tweets. She also shared India's innovative policy mix for better environmental outcomes, such as the new Energy Map of India; digital innovation and emerging fuels; International Solar Alliance for enabling clean energy; and promotion of energy efficiency and afforestation.
Source: Economic Times
The State government was receptive to the concept of plug-and-play textile parks that the garment industry had mooted, said Raja M. Shanmugham, president of Tiruppur Exporters’ Association. Mr. Shanmugham told The Hindu he met the Tamil Nadu ministers and officials who were related to the garment industry on Friday and suggested the need for more textile parks that offered plug-and-play facility. “We got a call from SIPCOT in a couple of hours about nearly 700 acres acquired by it near Madurai. The government is ready to develop it into a textile park based on the model we had suggested and has sought our views. The ministers and officials were very receptive to our suggestions,” he said. The government was particular about developing the industry, economy, and the southern districts, Mr. Shanmugham added. Members of the Indian Texpreneurs Federation (ITF) also met the ministers and officials and presented their views on the growth opportunities for the textile and clothing industry in the State for large, medium and small-scale units, said Prabhu Dhamodharan, convenor of the Federation. “The officials are looking for our suggestions, want to take measures that will trigger economic growth, and are very responsive,” he said.
Source: The Hindu
The industry in Ludhiana has questioned the move of the PSPCL to exempt the Amritsar textile industry from the ongoing power cuts. The textile industry in Amritsar has been considered as a ‘Continuous Process Industry’ and has been exempted from the mandatory weekly off. The Federation of Industrial & Commercial Organisation (FICO) has opposed this ‘partial behaviour’ of the government and PSPCL. They demanded that the PSPCL waive off the mandatory weekly off for the city textile industry. KK Seth, chairman, and Rajeev Jain, general secretary of FICO, said, “Why is the industry in Amritsar being exempted? We fail to understand such biased approach,” said Jain. Gurmeet Singh Kular, president of FICO, said “There are thousands of industrial units in Ludhiana belonging to various sectors. All are neglected, whereas the textile industry in Amritsar is allowed to operate. ”
Source: Tribune India
Siyaram Silk Mills jumped 6 per cent to hit a fresh 52-week high of Rs 344 on the BSE Shares of textiles companies were in demand in an otherwise subdued market, with Vardhman Textiles, Siyaram Silk Mills, RSWM and Dollar Industries hitting their respective 52-week highs on the BSE in intra-day trade on Friday amid expectations of earnings improvement. The Union Budget 2020-21 had set the momentum to give the ailing textile sector a new lease of life by announcing the setting up of mega textile parks, increasing duties on import of textile products, and rationalising the custom duty rates on imports of raw materials, allowing 100 per cent foreign direct investments (FDI) for the sector under the automatic route, assisting in the development of import substitution products and continuing of other schemes for the industry. All this will provide the required impetus to the textile sector and help on the path of speedy recovery. “Global apparel market shrunk by 22 per cent, coming down from $ 1,635 billion in 2019 to $ 1,280 billion in 2020. The consumption is expected to reach to pre-Covid levels over the next couple of years and then retrace its growth path to reach $2,007 billion by 2025,” Wazir Advisors said in Indian Textile and Apparel Industry annual report 2021. Among individual stocks, Siyaram Silk Mills rose 6 per cent to hit a fresh 52-week high of Rs 344, up 11 per cent in the past two trading days. In financial year 2020-21 (FY21), Siyaram re-engineered its cost structure with significant rationalisation of overheads including marketing spends. Operating overheads declined 42 per cent yearon-year (YoY) in FY21. Going forward, the management expects 25 per cent of cost savings to be sustainable in nature. "Though we expect working capital debt to increase in FY22E on account of recovery in sales, it would still be at reasonable levels (D/E: 0.3x in FY22E vs. 0.9x in FY18). Enhanced capital efficiency (low leverage and controlled working capital cycle) and better profitability would result in Siyaram reporting healthy RoCE of around 17 per cent by FY23E," analysts at ICICI Securities had said in the March quarter results update. Vardhman Textiles (VTL) too hit a fresh 52-week high of Rs 1,495.65, up 4.4 per cent today. The scrip has rallied 10 per cent in the past two sessions. Sustained improvement in yarn spreads and consequent improvement in margins would enable VTL to improve its financial performance, going ahead, said ICICI Securities. It further expects VTL to capitalise on the emerging demand scenario owing to its strong balance sheet and longstanding relationship with marquee clients.
Source: Business Standard
Esquel Group, a Hong Kong-based textile and apparel manufacturer, sued the US government after losing a number of high-profile customers following the placement of a subsidiary in China's Xinjiang region on the US "entity list," The Wall Street Journal reported on Wednesday. In its lawsuit, the Chinese firm asked a federal judge to remove the cotton mill from the US Commerce Department export blacklist of "businesses that pose a national security threat," said the report. US officials listed the mill in Changji city of Xinjiang last July, accusing it of using forced labor, which the company denies. "The Department of Commerce provided no evidence to support its erroneous decision and acted far beyond its limited legal authority," Esquel's attorney James Tysse said Tuesday in a statement. The listing "contradicts the facts including audits by multiple world-class, thrid-party independent auditors using internationally recognized industry standards," and causes economic and reputational harm, the company said in the statement.
Source: Xinhua
The Ministry of Commerce has notified the National Export Development Board (NEDB), which would provide strategic guidance to increase export competitiveness by continuously improving the enabling environment for exports and increasing firms’ exports capabilities. The ministry issued a notification, which stated that with the approval of the federal government, the NEDB and its Terms of Reference (ToRs) are notified. The composition of the board is, Prime Minister of Pakistan (chairman), while other members include Advisor to PM/Minister for Commerce and Investment, Minister for Planning, Development and Special Initiatives, Minister for Industries and Production, Minister for Finance and Revenue, Minister for Energy/Power Division, Minister for National Food Security and Research, Governor State Bank of Pakistan, Secretary Commerce (Member/Secretary), Secretary Finance, Chairman Board of Investment, Chairman Federal Board of Revenue (FBR), President Federation of Pakistan Chamber of Commerce and Industry (Ex-Officio Member), Chairman Pakistan Business Council (ExOfficio Member), and President Overseas Investors Chamber of Commerce and Industry (Ex-Officio member). Additional public sector representatives/members to be invited in the NEDB on agenda basis; Following private sector representatives/members are required to be invited by special invitation to represent their respective sectors on agenda basis. These members include Minister for Foreign Affairs, Minister for Economic Affairs/Secretary, Special Assistant to the Prime Minister on Petroleum/Secretary Petroleum Division, Minister for Maritime Affairs/Secretary Ministry of Maritime Affairs and chief ministers of respective provincial government/respective chief secretaries. Private sector representatives/members to be invited in the NEDB on agenda basis: following private sector representatives/members are required to be invited by special invitation to represent their respective sectors on agenda basis: Bashir Ali Mohammad M/s Gul Ahmed Karachi, Ahsan Bashir M/s Suraj Cotton Mills, Lahore, ljaz Khokhar M/s Ashraf Industries, Sialkot, Khurram Mukhtar M/s Sadaqat Textiles, Faisalabad, Shahzad Asghar M/s Style Textile, Lahore (textile and apparel), S Anjum Zafar M/s Eastern Group, Lahore and Irfan Iqbal M/s Nova Leathers (leather), Khalid Mahmood M/s Getz Pharma Karachi (pharmaceutical), Almas Hyder M/s Synthetic Products Enterprises Ltd Lahore, Faisal Afridi M/s Haier Group, Lahore (engineering goods), chairman Rice Exporters Association of Pakistan (REAP), Lahore (rice), Waheed Ahmed M/s Iftikhar Ahmed & Co Karachi (fruits and vegetables), Mahmood Nawaz Shah M/s Sindh Mango Growers & Exporters Hyderabad (agriculture), Shakir Iqbal M/s Hilbro International, Sialkot (surgical instruments), chairman Pakistan Software Houses Association, Karachi, Ammara Masood M/s NDC TECH, Karachi (Information Technology), and Muneeb Maayr M/s Bykea, Karachi (e-Commerce). More sectors and their representatives will be added by the Ministry of Commerce in due course of time. The NEDB may co-opt local and overseas Pakistani experts, women and young entrepreneurs on any specific sectorwise issues. According to the ToRs of the Board, (i) to provide strategic guidance to increase Pakistan exports competitiveness in continuously improving the enabling environment for exports and increasing firms’ exports capabilities; (ii) to provide oversee the alignment, progress and implementation of Strategic Trade Policy Framework (STPF) and various sectorspecific policy initiatives; (iii) to serve as monitoring and evaluation platform for the government’s various export enhancement policies/initiates; and (iv) to provide guidance and support to the relevant institutions mandated with the role to promote exportoriented foreign and local investment in the country. Meeting of the NEDB will be held at least bimonthly and the Ministry of Commerce will serve as Secretariat of the NEDB.
Source: Business Recorder
Beijing has been reluctant to open the only land route for trade activities between China and Pakistan due to the Covid-19 pandemic despite the agreement between two governments to allow trade through the Khunjerab border China had agreed to open the Khunjerab border for trade by May 1, 2021. It was earlier shut down due to the Covid-19 pandemic. However, China has failed to implement the agreement, Pakistan Today reported. "We have been informed that China may allow goods cross the border by July 10, 2021, but we are still uncertain about the development," said Javed Hussain, head of Gilgit Baltistan Exporters, Importers Association, who had held a meeting with Chinese officials at the ministry of commerce here in Islamabad on June 30. According to him, it was agreed in the meeting that the border would be opened on July 3, but that date also passed without any development. "Now we are given another date (July 10, 2021)," he said. "Unfortunately the border would be opened for only imports as Pakistani goods are not allowed to be exported to China through this route. As per Chinese officials, only cargo containers would cross the border leaving the goods near the border from where the same would be lifted by Pakistani importers," he said while replying to a query. "We do not see any chance of export to China via the land route in near future. The Chinese side is very cautious about the Corona pandemic," the businessman said. At 5,000 metres above sea level, Khunjerab Pass in Pakistan occupied Kashmir is a major trade route between China and Pakistan, and an important gateway to South Asia and Europe. China mainly imports textiles, agricultural products, daily commodities and exports plants and herbs. Earlier, Islamabad had asked China to reopen the border to facilitate cross-border trade and people-to-people exchanges. In a letter sent to the Embassy of China in Pakistan, Pakistan foreign ministry had stated that the border was closed on December 1, 2019 as per schedule due to the winter season, while it's opening on April 1, 2020 was postponed due to the outbreak of the Covid-19 pandemic. "To support the lives and livelihood of the local population on both sides of the border, it is imperative that regular cross-border trade and P2P exchanges may be resumed. Therefore, the border may be opened from April 1," the ministry stated. "The esteemed embassy is requested to take up the matter with relevant quarters to open the border on the said date for smooth and regular cross-border movement." It may be recalled here that China had earlier agreed to open the Khunjerab border for trade but with stiff conditions in view of the Covid-19 situation. Under the conditions set by the Chinese government, Pakistani exporters and importers would not be allowed to enter China and would instead load and unload goods on Pakistan's side of the border for inspection and sterilization, reported Pakistan Today. It was agreed that Chinese exporters would leave the goods on a specific location of Pakistan's side of the border from where importers may receive them after following the SOPs. Similarly, exporters would also leave their goods at the same location which buyers from China would receive after completion of the same process on their side of the border. As per documents available with Pakistan Today Profit, personnel and the vehicles of both parties were directed to work in different time frames to avoid direct contact. In this regard, loading and unloading, dropping and hanging up the trailer is to be done separately when the cargo inspection channel is opened. However, the border has remained closed for bilateral trade despite assurances from both countries.
Source: Times of India
The University of Technology Sydney (UTS) and TAFE NSW, which offers education and training courses, will set up a new Centre for Fashion and Textiles Sustainability in Sydney with a $200,000 grant from the New South Wales (NSW) government, NSW minister for skills and tertiary education Geoff Lee announced recently. The centre will also impart training in advanced manufacturing. The aim is to fast-track the Australian fashion industry’s post COVID-19 recovery and usher in a new era of sustainable fashion using cutting-edge design technology. Other collaboration possibilities in fashion, design and textiles being explored under the new agreement include a precinct fashion roundtable that brings together TAFE NSW teachers, UTS academics and local fashion businesses to collaborate and share ideas. The NSW government’s recently-announced plans to invest an additional $480-$500 million to transform the nearby Powerhouse Museum into a fashion and design hub further solidifies the precinct as an emerging epicentre of Australian fashion excellence, according to an UTS press release. The two institutions already have collaborations in engineering qualifications.
Source: Fibre2Fashion
