In a first of its kind initiative, the Prime Minister Shri Narendra Modi interacted with Heads of Indian Missions abroad and stakeholders of the trade & commerce sector via video conference. The Union Commerce Minister and External Affairs Minister were also present during the interaction. The interaction also witnessed participation of Secretaries of more than twenty departments, state government officials, members of Export Promotion Councils and Chambers of Commerce. Addressing the gathering, the Prime Minister said that this is the time for Azadi ka Amrit Mahotsav. Along with celebrating the 75th festival of independence, this is an opportunity to build a clear vision and roadmap for future India. In this, our Export Ambitions and all the stakeholders play a major role. He added that today the world is shrinking every day due to physical, technological and financial connectivity. In such an environment, new possibilities are being created around the world for the expansion of our exports. He lauded the stakeholders for this initiative and commended the enthusiasm, optimism and commitment shown by all of them to achieve our ambitious goals regarding exports. He reminded that one of the major reasons, India had the highest share in the global economy in the past was it’s strong trade and exports. He stressed on the importance of strengthening our exports in regaining our old share in the global economy. The Prime Minister urged the stakeholders to put all their efforts to take advantage of the new opportunities created by the changes in the Global Supply Chain in the Post Covid Global World. Considering the size of our economy and potential, our manufacturing and service industry base, there is tremendous potential for export growth. He added that when the country is moving towards the mission of Atmanirbhar Bharat, one of its goals is to increase India's share in exports manifold. He said that to achieve this we have to make sure that we get access to the global supply chain, so that our business can scale and grow. He added that our industry will also have to move towards the best technology, focus on innovation and increase share in R&D. He said our share in the Global Value Chain will grow only by following this path. While encouraging competition and excellence, we have to prepare global champions in every sector, he stressed. The Prime Minister listed four factors that are very important for increasing exports. Manufacturing in the country has increased manifold and that has to be qualitatively competitive. Second, The problems of transport, logistics should be removed for that centre, states and private stakeholders will have to work continuously. Third, The government should walk shoulder to shoulder with the exporters and, finally, the international market for Indian products needs to be expanded . He said only when these four factors are synergized, India will be able to achieve the goal of Make in India for the world in a better way. The Prime Minister said today, the government in the country, in the states is moving forward, understanding the needs of the business world. He listed the initiatives of the Government to boost MSMEs like many relaxations given in compliances under Atmanirbhar Bharat Abhiyan and provision of Emergency Credit Line Guarantee Scheme of Rs 3 lakh crore. He also noted that the Production Linked Incentive Scheme will not only help in increasing the scale of our manufacturing but also increase the level of global quality and efficiency. This will develop a new ecosystem of Atmanirbhar Bharat. The country will get new Global Champions in Manufacturing and Export. He elaborated how Production Linked Incentives helped to strengthen the mobile phone manufacturing sector. The mobile phone sector, we are also experiencing its impact. 7 years ago, we used to import mobile phones worth about $ 8 billion. Now, it has come down to $2 billion. 7 years ago, India used to export mobile phones worth only $ 0.3 billion. Now it has increased to more than 3 billion dollars. The Prime Minister said the government, both at centre and states are also focussing to reduce the time and cost of logistics in the country. For this, work is going on at a rapid pace in every level to create a multimodal connectivity. The Prime Minister said continuous efforts are being made by the government to minimize the impact of Pandemic. It is our best effort to keep the virus infection under control. The work of vaccination is going on at a fast pace in the country today. Every possible step has been taken to solve all the problems of the countrymen and the industry. He added that our industry and business has also innovated during this period, by adapting itself to new challenges. The industry also helped the country deal with the medical emergency and also played a role in reviving growth. This is the reason that today along with drugs and pharmaceuticals, our exports have reached a new level in sectors like agriculture. He said today we are seeing positive signs not only of recovery in the economy but also about high growth. Therefore, this is a good time to set high targets for exports and achieve them. He said the Government is taking necessary steps at every level to achieve this. Recently, he said the Government has taken a major decision for our exporters to get a boost of about Rs 88000 crore rupees in the form of insurance cover. Similarly by rationalizing our export incentives our exports would be WTO compliant and will also get a boost. The Prime Minister stressed on the importance of stability in doing business. He said the decision taken by India to get rid of retrospective taxation shows our commitment, shows consistency in policies and gives a clear message to all the investors that India is not only opening the doors of new possibilities but the decisive Government of India, has the will to fulfill its promises. The Prime Minister stressed on the role of states in achieving the export targets and implementing reforms, attracting investment, easing of doing business and creating last mile infrastructure. He said the central government is working closely with the states to minimize the regulatory burden so as to increase export and investment. He said a healthy competition is being promoted between the states to make export hubs in the states. States are being encouraged to focus on one product in each district. The Prime Minister said our ambitious target regarding exports can be achieved only through a holistic and detailed action plan. He urged the stakeholders to accelerate our existing exports and also work to create markets, new destinations for new products. At present, almost half of our exports are to only 4 major destinations. Similarly, about 60 percent of our exports are related to Engineering Goods, Gems and Jewellery, Petroleum and Chemical Products and Pharmaceuticals. He urged them to find new destinations and also take our new products to the world. He added that with the opening of sectors like Mining, Coal, Defense, Railways, our entrepreneurs are also getting new opportunities to increase exports. The Prime Minister said to the Ambassadors, officials from the Ministry of External Affairs that in whichever country they are representing India, they understand the needs of that country very well. He asked them to act as a bridge for the commerce industry here. He urged that India Houses present in different countries should also be representative of the manufacturing power of India. He requested the Ministry of Commerce to put in place such a system so that there is a constant communication between our exporters and our missions. The Prime Minister said for maximum benefit to our economy from our exports, we have to build a seamless and high quality supply chain within the country as well. For this we need to build a new relationship and a new partnership. He requested all Exporters to strengthen partnership with our MSMEs, farmers and our fishermen, promote our Startups and support them. The Prime Minister gave a call to establish a new identity of Quality and Reliability. He said it is our endeavor to create a natural demand for high value-added products of India in every nook and corner of the world. He assured the industry, all the exporters that the government will support them in every way. He urged the industry to prove the resolve of Atmanirbhar Bharat and a prosperous India! Union External Affairs Minister Shri S. Jaishankar highlighted the unique character of the event. He said that while the theme of the event is local goes global, the Indian Missions also need to be globally local to help connect our producers with the demand in specific countries. Union Commerce Minister Shri Piyush Goyal said that the global environment is favourable and we should look at leveraging comparative and competitive advantages with respect to other countries for increasing our exports. Heads of Indian Missions gave their inputs and suggestions to increase India’s exports. They talked about setting sector and region specific trade targets, the need to focus on value addition, quality standards of products, supply chain diversification, ensuring reliability in supplies and improving connectivity. They said that there is a need to focus on new markets and region specific products, while at the same time, maintaining our competitive edge in the regions and products where we are doing well currently.
Source: PIB
Modi urged the industry and exporters to take advantage of opportunities created in the post-Covid world, explore new destinations and expand India’s export basket to achieve the $400 billion target. India’s economy is not only showing signs of recovery but also positive indicators of high growth rate, Prime Minister Narendra Modi said on Friday. Modi urged the industry and exporters to take advantage of opportunities created in the post-Covid world, explore new destinations and expand India’s export basket to achieve the $400 billion target.
Source: Economic Times
As per Government FDI Policy for Textiles Sector, Textiles is open to FDI under automatic route. Nearly 80% of textiles units in India are MSME resulting in fragmented nature of industry. FDI inflows serve to augment domestic capital and help to promote industrial development thereby increase its production capacity, export competitiveness, employment opportunities across textiles sector. Such investments bring international best practices and latest technologies in various sectors leading to overall economic growth and development in the country. A statement on Financial Year wise overall FDI equity inflows and Country-wise FDI equity inflows from April 2016 to March’2021 of Textiles sector(including dyed, printed).Japan has invested the maximum amount US$ 381.47 million as FDI in textiles sector. There are no FDI specific incentives for artisans, weavers and labourers provided by the Government, however, a statement on overall efforts made by the Government to protect interest of Artisans, Weavers and Labourers in textiles sector is at Annexure-II.
Efforts made by the Government to protect interest of Artisans, Weavers and Labourers in textiles sector National Handloom Development Programme and National Handicrafts Development Programmeaim at holistic development of artisans/weavers through integrated approach. Under various schematic interventions for handloom workers, financial assistance is provided to the eligible handloom agencies/weavers for raw materials, purchase of upgraded looms & accessories, design innovation & product diversification, infrastructure development, marketing of handloom products in domestic as well as overseas markets, Mudra loans at concessional rates, etc. Further, to overcome the challenges being faced by the workers, the Government has taken following steps for their welfare and to promote handlooms across the country: i. To support the handloom sector and to enable wider market for handloom weavers, steps have been taken to on-board weavers on Government e-Market place (GeM) to enable them to sell their products directly to various Government Departments and organizations. So far about 1.50 Lakh weavers have been onboarded on the GeM portal. ii. To enhance productivity, marketing capabilities and ensure better incomes, 125 Handloom Producer companies have been formed in different States. iii. Under Concessional Credit/Weaver MUDRA Scheme, margin money assistance at 20% of the loan amount subject to a maximum of Rs. 10,000/- per weaver, interest subvention upto 7% and credit guarantee fees on loans for a period of three (3) years are given. iv. Design Resource Centres (DRCs) have been set up in Weavers’ Service Centres (WSCs) at Delhi, Mumbai, Varanasi, Ahmedabad, Jaipur, Bhubaneswar and Guwahati, through NIFT with the objective to build and create design-oriented excellence in the Handloom Sector and to facilitate weavers, exporters, manufacturers and designers access design repositories for sample/product improvisation and development. v. To promote marketing of handloom products, Handloom Export Promotion Council (HEPC) has been organizing International Fairs in virtual mode. During the year 2020-21, 12 handloom fairs were organized in virtual mode. Besides, domestic marketing events were also organized in different parts of the country for the weavers to market and sell their products. Under “National Handicraft Development Programme [NHDP]” and Handicrafts Cluster Development Scheme [CHCDS], artisans of handicraft sector are provided sustainable livelihood opportunities. to the artisans throughout the country
NHDP has following components:
The CHCDS has following components:
This information was given in a written reply by the Minister of State for Textiles Smt. DarshanaJardosh in Lok Sabha today.
Source: PIB
“The proposed scheme of setting up MITRAs by the Ministry of Textiles is in the process of obtaining approval of the Cabinet. Once the scheme is approved and modalities are decided, the location of MITRAs in different states will be evaluated,” Minister of State for textiles Darshana Jardosh told Rajya Sabha. The government informed Parliament on Thursday that the proposed scheme to launch seven mega investment textile parks (MITRA) is awaiting approval of the Cabinet. The proposed scheme of setting up MITRAs by the Ministry of Textiles is in the process of obtaining approval of the Cabinet. Once the scheme is approved and modalities are decided, the location of MITRAs in different states will be evaluated,” Minister of State.
Source: Economic Times
Finance Minister Nirmala Sitharaman on August 5 tabled the Taxation Laws Amendment Bill in Lok Sabha, which seeks to withdraw the contentious retrospective tax more than nine years after it came into force “The Bill proposes to amend the Income-tax Act, 1961 so as to provide that no tax demand shall be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012,” Sitharaman said in a written statement along with the bill. May 28, 2012, was the date when the 2012 Finance Act, which gave legal backing to retrospective taxation, was assented to by then President Pratibha Patil, after being announced by then Finance Minister, the late Pranab Mukherjee. ”This is a bold move that addresses the concerns of many foreign investors. It also puts to an end many of the past arbitration cases pending which have created great embarrassment for India in international circles,” said Rohinton Sidhwa, Partner, Deloitte India. Sitharaman said that the demand raised for indirect transfer of Indian assets made before May 28, 2012, shall be nullified on fulfilment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., shall be filed. This means that apart from withdrawing cases, companies like Vodafone, Cairn and others will have to give an undertaking that they will not seek legal damages, recoup legal costs or file cases related to restrospective taxes against the government in the future. The official clarified that upon fulfilling such conditions, the Centre will pay back the principal amount.
Intent was clear from top political leadership
After Prime Minister Narendra Modi came to power in 2014, there was a demand from many stakeholders for the government to repeal the retrospective tax. However, former finance minister Arun Jaitley had assured that it would be used to pursue only pending assessments. No new cases of retrospective taxes were raised under the Modi government. However, the need to finally repeal the controversial tax became relevant after the latest setbacks in Cairn’s international arbitration against the Centre. “The intent was clear from the top political leadership, that retrospective taxes had to go. The amount sought paled in comparison to the hit that India’s reputation as an attractive investment destination took,” according to officials. Sitharaman said in that the past few years, major reforms have been initiated which has created a positive environment for investment in the country. “However, retrospective taxation and consequent demand created in a few cases continue to be a sore point with potential investors,” she said. “The country today stands at a juncture when quick recovery of the economy after the Covid-19 pandemic is the need of the hour and foreign investment has an important role to play in promoting faster economic growth and employment,” the finance minister said. The government says that retrospective tax demand has been raised in seventeen cases. In two cases assessments are pending due to stay granted by the High Court. Out of the said seventeen cases, arbitration under Bilateral Investment Protection Treaty with the United Kingdom and the Netherlands had been invoked in four cases. These include Vodafone and Cairn. In two cases, the Arbitration Tribunal ruled in favour of taxpayers and against the Income Tax Department.
Source: Textile Excellence
Imports from China during 2018-19, 2019-20 and 2020-21 were worth USD 70.32 billion, USD 65.26 billion and USD 65.21 billion, respectively. India's trade deficit with China has declined from USD 53.57 billion in 2018-19 to USD 44.02 billion in 2020-21, Minister of State for Commerce and Industry Anupriya Patel said on Friday. Exports to China has increased to USD 21.19 billion in 2020-21 from USD 16.61 billion in 2019-20, Patel said in a written reply to the Rajya Sabha. Exports were USD 16.75 billion in 2018-19. Imports from China during 2018-19, 2019-20 and 2020-21 were worth USD 70.32 billion, USD 65.26 billion and USD 65.21 billion, respectively. In a separate reply, she said the decline in India's export of automobiles, including cars, is largely due to global economic slowdown and supply chain disruptions due to Covid-19 pandemic. "With a view to create a conducive manufacturing ecosystem and to enable integration with global supply chains, the Union Cabinet on 11th November, 2020 has given approval to introduce the Production-Linked Incentive (PLI) Scheme for Automobiles and Auto components, with a financial outlay of Rs 57,042 crore over a five-year period, to make the Indian Automotive Industry more competitive," she added.
Source: Economic Times
On February 19, 2019, the DPIIT amended the definition, as per which an entity will be considered a ‘start-up’ up to a period of 10 years from the date of incorporation/registration and if its turnover for any of the financial years since incorporation/registration does not exceed Rs 100 crore. The government has incorporated the definition of ‘start-up’ in its procurement process for consultancy and other services. “The Department for Promotion of Industry and Internal Trade (DPIIT) has amended the definition of ‘start-up’. It has, therefore, been decided to partially modify… the Manual for Procurement of Consultancy & Other Services, 2017,” the expenditure department said in an office memorandum (OM). On February 19, 2019, the DPIIT amended the definition, as per which an entity will be considered a ‘start-up’ up to a period of 10 years from the date of incorporation/registration and if its turnover for any of the financial years since incorporation/registration does not exceed Rs 100 crore. In the OM, the expenditure department said the condition of prior turnover and prior experience may be relaxed for start-ups (as defined by DPIIT) subject to meeting of the quality and technical specifications. “The quality and technical parameters are not to be diluted,” the finance ministry said. An entity will be recognised as a startup for up to 10 years of existence and up to Rs 100 crore of turnover. Earlier, the existence period was five years and the turnover limit was Rs 25 crore. Another change is that a start-up should be “working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation”. The earlier requirement was that it should be “working towards innovation, deployment of commercialisation of new products, processes or services driven by technology or intellectual property”.
Source: Economic Times
Unveiling the bi-monthly monetary policy, the RBI panel however raised the projection for retail inflation to 5.7 per cent in the financial year 2021-22 from 5.1 per cent earlier, quite close to its upper tolerance limit in the 2-6 per cent band. The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Friday left the key policy rate, the repo rate, unchanged for the seventh time in a row while retaining its accommodative stance to “revive and sustain growth on a durable basis and continue to mitigate the impact of Covid-19 on the economy”. Unveiling the bi-monthly monetary policy, the RBI panel however raised the projection for retail inflation to 5.7 per cent in the financial year 2021-22 from 5.1 per cent earlier, quite close to its upper tolerance limit in the 2-6 per cent band. It also underlined that the recovery “remains uneven across sectors and needs to be supported by all policymakers”. The panel has “prioritised revival of growth” to mitigate the impact of the pandemic, and has retained its projection for real gross domestic product (GDP) growth for FY22 at 9.5 per cent, the same as two months ago. It has also upgraded its forecast for the April-June quarter of the current financial year to 21.4 per cent. “At this juncture, our overarching priority is that growth impulses are nurtured to ensure a durable recovery,” RBI Governor Shaktikanta Das said. The central bank also announced measures to reduce the excess liquidity in the banking system, paving the way for the imminent exit from unconventional monetary easing. It increased the amount of money it will absorb from the financial system through the socalled variable rate reverse repos from Rs 2 lakh crore to Rs 4 lakh crore every two weeks from September 24. It also extended the liquidity support to banks to lend to stressed businesses by another three months to December 31. The repo rate — the rate at which the RBI lends to banks — stands at 4 per cent. The reverse repo rate — at which it borrows from banks — remains unchanged at 3.35 per cent. While five members of the MPC voted to keep the repo rate intact, one, Jayanth Varma, dissented against retaining the accommodative policy stance. The monetary policy statement said that with the ebbing of the second wave of infections, domestic economic activity had started to recover. It expected agricultural production and rural demand to remain resilient — and said that urban demand was likely to mend with a lag as manufacturing and non-contact intensive services resumed at a stronger pace, and the release of pent-up demand acquired a durable character with accelerated vaccination.
Concern over inflation The MPC described the rise in inflation as the “gorilla in the room”, but said it believes this to be a temporary phenomenon brought about by supply-side disruptions owing to the pandemic. But the panel appealed to the Centre and states to reduce taxes on fuels to curb inflationary pressures. This optimism notwithstanding, the recovery remains uneven across sectors, and needs to be supported by all policymakers, Das said. “The Reserve Bank remains in ‘whatever it takes’ mode, with a readiness to deploy all its policy levers — monetary, prudential, or regulatory,” he said. The RBI’s task has been made more difficult by the rise in inflation. Consumer price inflation rose to 6.3 per cent in June because of the rise in food and fuel prices. “Now we are looking at average inflation of 5.7 per cent, an improvement over 2021. The path of inflation is being calibrated downwards on the way to reach 4 per cent,” RBI Deputy Governor Michael Patra said. “The outlook for aggregate demand is improving, but is still weak and overcast by the pandemic. There is a large amount of slack in the economy, with output below its prepandemic level,” the MPC said. The current assessment is that the inflationary pressures during the first quarter of 2021-22 were largely driven by adverse supply shocks, which are expected to be transitory. This expectation has emboldened the MPC to retain the monetary policy stance as accommodative. “A pre-emptive monetary policy response at this stage may kill the nascent and hesitant recovery that is trying to secure a foothold in extremely difficult conditions,” Das said. On the growth target, the State Bank of India said: “It seems that the RBI growth projections being retained at 9.5 per cent is more of a statistical artefact as Q1 growth numbers have been revised upwards, while Q2-Q4 growth numbers have been significantly downgraded.” It is clear that the RBI sees the recovery as incipient, which could lose steam as pandemic uncertainties persist. This provides a clear justification for the central bank to continue supporting growth till the economy revives. “Of greater concern is the inflation projection that has been substantially revised upwards at 5.7 per cent for FY22. Even though the RBI has clearly emphasized the inflation trajectory in upward direction to be transitory, we believe inflation management could pose a serious challenge when the elevated fuel price pass through starts to occur and thus inflation shock is unlikely to be transitory even by definition,” SBI said.
Source: Indian Express
The revenue of Delhi government is all set to rise exponentially, all thanks to its new excise policy through which liquor retail licences in 32 zones have been auctioned since Thursday. The initial bidding of 20 zones has brought in Rs 5,300 crore in excise revenue and about Rs 8,800 crore is estimated to be earned in the overall bidding process. Delhi government had collected Rs 6,358 crore in financial year 2019-20 under the previous regime by collecting excise on Indian and foreign liquor, VAT from wholesale and retail sales, HCR and retail licensing fees. With the new policy and demarcation of zones for bidding, the amount would reach around Rs 9,500 crore this fiscal. According to the new policy, the priority of Delhi government is to promote consumer choice and availability of popular as well as niche brands. It also aims to curb bootlegging and ensure that there is adequate spread of retail vends across Delhi, so that there are no unserved and underserved areas. To ensure this, a new licence — L-7Z — would be allotted to the highest bidder for a zone. The 272 wards in 68 assembly constituencies are divided into 30 zones. There would be 9-10 wards in each zone and a maximum of 27 retail vends (an average of three) in each ward. The reserve price was set at Rs 221 crore and the tenders were awarded at a premium of 20% with the average bid price being Rs 265 crore. The highest bid was auctioned for the New Delhi zone at a 45% premium for Rs 315 crore. The government has already earned around Rs 5,300 crore in the initial rounds where licences in 20 zones were awarded. The average zone-wise revenue was around Rs 265 crore. If a similar average revenue is received from the remaining 12 zones, around Rs 8,800 crore would be earned. Apart from this, revenue earned from auctions, excise, VAT, import fees, CSDN, HCR licences, wholesale licences and HCR VAT would be approximately Rs 650 crore. This would take the total projected revenue close to Rs 9,500 crore, sources said. Excise Policy 2021-22 is aimed at minimising corruption and providing fair competition in the liquor trade. The tender process forbids an applicant from bidding in more than two zones. The government believes this will bring in more players into the market and prevent monopoly. Under the previous excise regime, the yearly revenue growth rate was 5% to 7%, but under the new policy a growth of around 35% was expected, sources said.
Source: Times Of India
Timely issuance of e-pass helped the MSME sector to continue its operations uninterruptedly during the Covid-19 lockdown period, said Chandranath Sinha, state minister for department of micro, small and medium enterprise (MSME) and textiles. Speaking at a semi-virtual session organised by the Bengal National Chamber of Commerce & Industry (BNCCI), the minister added that during the first and second wave of the Covid-19 pandemic, the MSME department left no stone unturned to boost the supply of PPE Kits, masks, gloves, sanitisers and oxygen cylinders. He highlighted a number of strategic initiatives undertaken by the state government to facilitate ease of doing business amid a challenging environment. In an attempt to protect the health and livelihood of labourers who work day and night to ensure the continuous operations of industrial units, the MSME department has made efforts to provide free vaccination to both permanent and contractual workers and other stakeholders in the sector, said Swaroop Udayakumar, director, Directorate of MSME and textiles. The process issuing of pollution licence for MSMEs in West Bengal has been made online and the time period for the issuance of this licence has been reduced from 14 days to 72 hours to facilitate ease of doing business. Moreover, a quasi-judicial forum called MSME Facilitation and Arbitration Council has been formed to allow MSMEs to file complaints if they fail to get payment from a buyer within 45 days, thereby helping them clear a backlog of payments. “In a matter of two hours, we settled almost 8-10 crores of arbitration claims,” Udayakumar added.
Source: Times Of India
(Prime Minister Shri Narendra Modi on August 2nd launched digital payment solution e-RUPI, a cashless and contactless instrument for digital payment. Prime Minister said that the eRUPI voucher is going to play a huge role in making Direct Benefit Transfer (DBT) more effective in digital transactions in the country and will give a new dimension to digital governance. He said e-RUPI is a symbol of how India is progressing by connecting people’s lives with technology.)
What is e-RUPI and how it works ? e-RUPI is basically a digital voucher which a beneficiary gets on his phone in the form of an SMS or QR code. It is a pre-paid voucher, which he/she can go and redeem it at any centre that accepts its. For example, if the Government wants to cover a particular treatment of an employee in a specified hospital, it can issue an e-RUPI voucher for the determined amount through a partner bank. The employee will receive an SMS or a QR Code on his feature phone / smart phone. He/she can go to the specified hospital, avail of the services and pay through the e-RUPI voucher received on his phone. Thus e-RUPI is a onetime contactless, cashless voucher-based mode of payment that helps users redeem the voucher without a card, digital payments app, or internet banking access. e-RUPI should not be confused with Digital Currency which the Reserve Bank of India is contemplating. Instead e-RUPI is a person specific, even purpose specific digital voucher.
How is e-RUPI advantageous to the Consumer ?
e-RUPI does not require the beneficiary to have a bank account, a major distinguishing feature as compared to other digital payment forms. It ensures an easy, contactless twostep redemption process that does not require sharing of personal details either. Another advantage is that e-RUPI is operable on basic phones also, and hence it can be used by persons who do not own smart-phones or in places that lack internet connection.
What are the benefits of e-RUPI for the sponsors. e-RUPI is expected to play a major role in strengthening Direct-Benefit Transfer and making it more transparent. Since, there is no need for physical issuance of vouchers, it will also lead to some cost savings as well. What benefits accrue to the Service Providers. Being a prepaid voucher, e-RUPI would assure real time payments to the service provider.
Who has developed the e-RUPI ? The National Payments Corporation of India (NPCI), which oversees the digital payments ecosystem in India, has launched e-RUPI, a voucher-based payments system to promote cashless transactions. It has been developed in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.
Which Banks issue e-RUPI ? NPCI has partnered with 11 banks for e-RUPI transactions. They are Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Union Bank of India. The acquiring Apps are Bharat Pe, BHIM Baroda Merchant Pay, Pine Labs, PNB Merchant Pay and YoNo SBI Merchant Pay. More banks and acquiring Apps are expected to join the e-RUPI initiative soon.
Where can e-RUPI be used now? To begin with NPCI has tied up with more than 1,600 hospitals where e-RUPI can be redeemed. Experts say, in the days to come the user base of e-RUPI is expected to widen, with even private sector using it to deliver employee benefits and MSMEs adopting it for Business To Business (B2B) transactions.
Source : PIB
First-quarter (Q1) revenue skyrocketed 140 per cent at Arvind Limited, one of largest textile companies in India, reaching ₹1,439 crore compared to revenue of ₹599 crore in Q1 FY21. For the period ended on June 30, 2021, textiles business which includes denim, wovens and garments reported 170 per cent jump in revenues to ₹1,176 crore (₹436 crore). EBIDTA for the quarter escalated 460 per cent to ₹104 crore (loss: ₹29 crore), while net loss shrinked to ₹8 crore (loss: ₹95 crore). Robust export demand for denim category whose volume grew 2.8x in Q1 FY22 neutralised the reduction in domestic orders, while woven category recorded volume growth to 3.3x. Moreover, garments volume improved 1.8x YoY. On the other hand, Advanced Material segment sales expanded to ₹193 crore (₹106 crore). For Q2 FY22, Arvind Limited predicts exports demand to remain strong along with domestic revival to gain traction from August. The company expects to reduce its debt to near Q4 FY20 levels in the upcoming quarter.
Source: Fibre2Fashion
Pak-Maldives Business Council of FPCCI organized virtual Dialogue in collaboration with State Trading Organization of Maldives to discuss untapped opportunities to boost bilateral trade Pak-Maldives Business Council of FPCCI organized virtual Dialogue in collaboration with State Trading Organization of Maldives to discuss untapped opportunities to boost bilateral trade. The event was facilitated by the Trade Development Authority of Pakistan and High Commission of Pakistan in Mal, Maldives, said FPCCI statement here on Friday. President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Mian Nasser Hayat Maggo said FPCCI could play an active role in connecting Maldives businessmen with exporters in Pakistan to meet their import requirements. He highlighted the potential to enhance the volumes of bilateral trade mainly in construction materials, pharmaceuticals, textiles and food items. Mian Nasser Hyatt Maggo said FPCCI was ready to host a trade delegation from Maldives to Pakistan to facilitate the Maldivian importers to have firsthand knowledge of Pakistani products from varied industries and sectors. He also offered his full support to establish B2B linkages. Vice Admiral (Retd) Ather Mukhtar shared his vision for Pak-Maldives relations and encouraged both sides to make the best use of the business potential on both sides. Acting High Commissioner of Maldives in Pakistan, Ali Rilwan also underlined the need for to work together in very organized way to explore business opportunities. Chairman Pak-Maldives Business Council of FPCCI, Imran Khalil Nasser apprised the audience of the enormous potential to enhance bilateral trade and economic cooperation. He said Pakistan and Maldives should explore investment including joint venture opportunities through regular B2B contacts. Pakistan's Trade and Investment Attach in Maldives, Asmma Kamal, gave a detailed presentation on existing trade figures between the two countries. She also highlighted potential industries and sectors for Maldives to source goods from Pakistan. Director Pak Maldives Business Council Altaf Hashwani enquired about the potential of STO Maldives to enhance imports of textiles and hosiery products from Pakistan. Participants raised their queries with STO on product registration requirements and procedures in Maldives and the appetite to import Pakistan's world-famous fruits like mangoes and oranges.
Source: Urdu point
US Commercial Counsellor John Coronado on Friday said there was strong potential for increasing up bilateral trade between Pakistan and the US through business to business matchmaking. He expressed these views while talking to the All Pakistan Textile Mills Association (APTMA leadership during his visit to the association office. He said there was huge potential of mutual economic cooperation between the business communities of both the countries in the fields of textile in particular and other areas like agriculture, energy and information technology etc in general. He urged APTMA members to explore the avenues to enhance bilateral trade and offered full assistance and cooperation of the US Embassy in exploring potential partners and harnessing opportunities in the shortest possible time In response to a query regarding inordinate delays in issuance of US Visas, he informed that visa facility was presently restricted to the humanitarian, education and medical needs due to the Covid-19 pandemic. Earlier, APTMA Chairman Adil Bashir gave a detailed presentation on the textile sector of Pakistan. “Pakistan has set an ambitious export target of $39 billion for the current year as against the actual exports of $25.30 billion during 2020-21,” he said, adding that the target for export of textiles was aimed at $20-21 for the year, which was about 30 percent higher than textile exports of the preceding year.
Source: The News
Oman Chamber chief speaks about long-term visa for Pakistan investors, tax incentives. Pakistan and Oman should cooperate in diverse sectors to enhance the bilateral economic and trade relations, said Oman Chamber of Commerce and Industry Chairman Redha bin Juma Al Saleh. At a webinar organised by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday, he stressed the need for collaboration in the fields of chemicals, plastics, metals, minerals and electric equipment at the economic zones of Oman. He also discussed the availability of long-term Omani visa for Pakistan investors and tax incentives for them. Ambassador of Pakistan to Oman Ahsan Wagan appreciated the uptrend in exports of Pakistan despite the trouble caused by the Covid-19 pandemic. “Gwadar Port and Salalah Port can be used to create efficient communication channels between the two countries because both ports possess excellent infrastructure and other facilities,” he said. Highlighting the potential of meat exports, he underlined the need for creating linkages between Pakistani exporters and Al Bashayer Meat Company of Oman. Ambassador of Oman to Pakistan Sheikh Mohammed Omer Ahmed Al Marhoon discussed the trade opportunities between the two nations through Gwadar and Salalah ports and market access for Pakistan to Oman, the Middle East, African nations and the Central Asian Republics. FPCCI Vice President Hanif Lakhany highlighted that massive potential existed for both countries to collaborate in the fields of agriculture, textile and food. He was of the view that frequent interactions, exchange of trade delegations and trade exhibitions were a must to deepen relations. Lakhany added that the Pakistani diaspora was making valuable contribution to the development of Oman and stressed the need for enhancing employment opportunities for the local workers in banking, healthcare, education, petroleum and food sectors of the Gulf nation. “Pakistan and Oman are strategic allies and friendly neighbours,” said FPCCI Convener for International Forums Amjad Rafi. “Both countries have always enjoyed warm and cordial relations.” He outlined the scope of bilateral cooperation in the fields of agriculture, rice, seafood, meat, vegetables, fruits, dairy products, pharmaceuticals, textiles, cotton yarn, construction and petrochemicals. Rafi invited Omani businessmen to pour investment into CPEC-related Special Economic Zones. Speaking to The Express Tribune, Sustainable Development Policy Institute Executive Director Abid Qaiyum Suleri said that deepening of Pakistan-Oman economic relations, especially through Gwadar and Salalah ports, could turn out to be a low hanging fruit under CPEC.
Source: Tribune
Japanese brand Avex Entertainment Inc has unveiled a T-shirt made entirely from hemp. Avex Entertainment has launched the T-shirt which uses hemp fabric from Japanese fabric brand Majotae on its website. Avex describes Majotae is a brand that “utilises modern technology to resurrect the true texture of the hemp cloth that Japanese people have used since ancient times.” Avex began the joint project in 2011 together with Shinichiro Yoshida, a leading expert in hemp cloth and an advisor to Avex, and Genbei Yamaguchi, tenth-generation Kondaya obi (kimono sash) artisan. After thoroughly researching the Edo-era production process of hemp cloth, and improving spinning efficiency by replacing the various manual processing methods with the latest technology in order to mechanise them, in 2014 the company released softer, high-quality hemp cloth that fits the body and becomes more supple in texture the longer it is used. “Until now, only woven textile could be produced which was limited in use due to the characteristics of hemp fibres,” says Avex. “Now, by developing a thread that is more resistant than the previous one which would break when it is spun, not only plain weaving, but the production of knitted fabric made from 100% hemp fibre became possible. Due to this, Avex is able to expand the use of hemp cloth not just for shirts and kimono, but also knitted fabric products such as T-shirts and sweatshirts that until now are commonly made from cotton and synthetic fibres. “In 2018, the company acquired international patents for the production and manufacturing processes of hemp cloth, and we will continue research and development. In order to achieve the increasingly important goal of realising a sustainable society, we will position hemp cloth as an ecological material of the future and continue to release “Majotae” products in the lifestyle field.” Hemp use in apparel is quickly gaining traction with many looking at ways to scale supply of the fibre to meet demand. At the end of July, Delta Agriculture said it was rolling out a hemp fibre line in a bid to become a full-scale industrial hemp supplier, while Panda Biotech and Oritain said recently they are developing “the world’s first fully traceable hemp fibre.”
Source: Just-Style
