The Centre is committed to ensuring policy certainty and regulators have a key role in ensuring the same, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said. The government is working with regulators on the issue, she said while interacting with industry captains at a Confederation of Indian Industry meeting here on Tuesday. Expressing the government’s keenness to facilitate trends and sectors that are the future of the Indian economy, she acknowledged that there are seminal changes happening in the financial sector, which the government policy should facilitate, the Press Information Bureau (PIB) said in a release. “The economy is moving gradually from a bank-led lending model to a more market-based finance model,” Ms. Sitharaman said. “Also, once the Development Finance Institution is operational, it will perform the function of long-term lending which has traditionally been done by banks,” Ms. Sitharaman said and added that this would increase the competition for banks and also improve their efficiency. Emphasising on the importance of the government and industry working together to create India’s own equity capital, she said sunrise sectors and start-ups should be identified so that they can contribute to the future of India. Lauding the risk-taking ability of start-ups, she urged the industry also to come forward and take risks and assured industry captains of addressing issues related to competitiveness, including high power tariffs, and cumbersome regulatory compliances. Earlier in the day, the FM held meetings with senior officials of the Income Tax Department, GST and Customs. On Wednesday, she will chair the annual review of performance of public sector banks with the heads of all PSU banks.She will also unveil EASE 4.0 (Enhanced Access and Service Excellence), a common reform agenda for PSBs aimed at institutionalising clean and smart banking. EASE 1.0 was introduced in January 2018.
Source: The Hindu
Union Minister Anupriya Patel on Tuesday invited companies from the Association of Southeast Asian Nations (ASEAN) region to invest in India, particularly in the 13 sectors that are covered under the production linked incentive scheme. The Minister of State for Commerce and Industry said that with a combined economy of about USD 5.8 trillion, there is a significant potential for enhancing trade and investment partnerships between India and ASEAN. The government has announced the Production-Linked Incentive (PLI) scheme worth USD 26 billion for 13 different sectors for enhancing India's manufacturing capabilities and exports. The sectors include Advance Chemistry Cell (ACC) Battery; Electronic/Technology Products; Pharmaceuticals; Telecom & Networking Products; food items; speciality steel and white goods. India -India ASEAN Engineering Partnership Summit. On exports, the minister said as one of the largest destinations of Indian outbound shipments, ASEAN will be an important region for India, with an export target of USD 46 billion, in meeting the global export goal of USD 400 billion The government has set an export target of USD 400 billion for this fiscal and USD one trillion by 2027-28. "ASEAN with over 15 per cent share in India's global engineering shipments, is likely to be a key region of focus...," she added. Speaking at the webinar, Riva Ganguly Das, Secretary (East), Ministry of External Affairs, said that an early review of the free trade pact in goods between India and ASEAN is key to realise the full potential of this pact. The ASEAN-India trade in goods agreement was signed on August 13, 2009, and entered into force on January 1, 2010. ASEAN countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
Source : Economic Times
The Government is committed to working towards ensuring policy certainty said Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman, while interacting with Industry captains at a Confederation of Indian Industries (CII) interaction held at Mumbai today. The regulators also had a key role in ensuring the same and the Government is working with them as well on this important issue, Smt. Sitharaman added. Expressing the Government’s keenness to facilitate trends and sectors that are the future of the Indian economy, the Finance Minister acknowledged that there are seminal changes happening in the financial sector, which the government policy should facilitate. The economy is moving gradually from a bank-led lending model to a more market-based finance model. Also once the Development Finance Institution is operational, it will perform the function of long-term lending which traditionally has been done by banks. Smt. Sitharaman added that this would increase competition for the banks and also improve their efficiency. The finance minister emphasised on the importance of Government and Industry working together to ‘create India’s own equity capital’. Smt. Sitharaman also emphasised on identifying how the sunrise sectors and start-ups can contribute to the future of India and how the Government could facilitate them. The Finance Minister said that this Government believes in listening, working and responding and would extend all possible support. Praising the risk-taking ability of the start-ups, Smt. Sitharaman urged industry to also come forward and take risks and assured Industry captains of addressing issues related to competitiveness including high power tariffs, and the issues related to cumbersome regulatory compliances. Dr T.V. Somanathan, Finance Secretary & Secretary Expenditure, Ministry of Finance, in his address emphasised that the government trusts wealth creators. Responding to suggestions from industry, Dr Somanathan, shared that the Government is exploring on instituting insurance bonds as alternatives to bank guarantees. On the issue of arbitration awards being typically appealed, Dr Somanathan said that a behavioural change is required. On increasing the pace of vaccination, Dr Somanathan expressed that the Government has been very aggressive in procurement, even relaxing procurement guidelines. The constraint was on the supply side which is likely to be addressed soon, as new vaccines become available. Shri Tarun Bajaj, Secretary, Revenue, Ministry of Finance, mentioned that the Department of Revenue was working on the tax related issues of start-ups and sought industry inputs on the same. Earlier, while sharing the CII suggestions for a robust recovery, Mr T. V. Narendran, President, CII, said that for growth to take deep roots, sustained demand is critical, and the immediate source of demand has to be government expenditure. Welcoming the Government’s push to capital expenditure, Mr Narendran recommended frontloading of the committed capital expenditure, especially on infrastructure and added that the revenue buoyancy seen in the first quarter has created fiscal room for this frontloading.
Source : PIB
A committee comprising India Inc's top CEOs have argued that India’s proposed Free Trade Arguments (FTAs) could help increase exports of auto components and textiles. Focussing on cost and ease of doing business, market access via trade treaties, technology and quality issue and supporting Brand India for manufacturing, the Steering Committee for Advancing Local Value-Add and Exports(SCALE committee) suggested that a sustained effort be maintained to reduce disabilities for domestic businesses. Headed by former M&M MD, Pawan Goenka, the committee is working on improving exports of 24 products that have been identified by them. He said that the government must focus on addressing cost issues, related to land, power and capital, and scale, which in turn helps in lowering cost disabilities. He added that businesses can be made more competitive in the global markets by addressing concerns related to infrastructure and logistics, labour flexibility. Strengthening MSMEs could also help in lowering costs for companies. In the meeting, on Monday, the committee suggested a push to the “China plus one” strategy. This would help to pull in foreign investment and would also position India as an export hub. Piyush Goyal agreed with most of the points stated, and said that the government is working towards certain points already. The committee added that with the FTAs in place, auto components could be the biggest gainer across markets like the UK, US and the EU. Besides that, treaties with the UK, EU, Asean, South Asia and the US could benefit textiles. ACs and drones could also gain in four markets each.
Source: Economic Times
India's Ambassador to the US Taranjit Singh Sandhu met the United States Secretary of Commerce Gina Raimondo in Washington to discuss the countries' bilateral relationship and their mutual commitment to growing business relations to support strategic partnership. According to a statement issued by the US Department of Commerce, the meeting also included a discussion on scheduling the US-India CEO Forum and the US-India Commercial Dialogue. Recommended by The countries have also rescheduled the US-India High Technology Cooperation Group meet. Taranjit Sandhu and Gina Raimondo discussed a collaboration of the two countries for improving digital policies, the statement added.
Source : Economic Times
In a relief to the World Economic Forum (WEF), the Authority for Advance Ruling in Maharashtra has said that the forum’s liaison office in India is not liable to goods and services tax (GST) on services received from the head office. As a consequence of the ruling, the India liaison office does not need to be registered locally. “Whether the activities carried by the applicant’s head office located outside India and rendered to the applicant will amount to supply considering that the applicant is not engaged in any business? Answered in the negative,” the authority ruled on August 20. The authority also answered in the negative on the questions of whether activities carried by WEF’s head office overseas and rendered to the liaison office was liable to GST locally and whether the liaison office would need to obtain registration under the Central GST Act. Experts said the ruling will provide relief to liaison offices of various forums but also lead to confusion on taxability since the Central Board of Indirect Taxes and Customs (CBIC) has not taken up the issue for clarity. “Liaison office is an extension of the foreign company that operates in India after permission from RBI (Reserve Bank of India), but tax officers are unable to agree on a common code for taxability of liaison offices in India, which is a significant risk area for the entire industry,” said Rajat Mohan, senior partner at AMRG Associates.
Source: Economic Times
Turkmenistan is on its way to open a textile complex in Kaka etrap of Ahal province, vice premier Chary Gylyjov recently told President Gurbanguly Berdimuhamedov during a cabinet meeting. The modern complex is aimed at producing 3,650 tonnes of yarn, 12 million square metres of fabrics and 1.2 million tonnes of finished products annually, he said. Once commissioned, the enterprise will employ 1,300, and sell in domestic as well as export markets, Gylyjov was quoted as saying by media outlets in the country. President Berdimuhamedov emphasised that Turkmen designers should develop and launch new clothing lines.Turkish company Cotam Enterprises Ltd started the construction of the new textile complex in 2018.
Source : Fibre2fashion
Turkey’s textiles, apparel and home textiles exports are expected to rise in the rest of the year due to consistently rising freight rates and high transport costs on the China-Europe routes. The freight costs for exporting goods from China to Italy are over five times more than the same for Turkey to Europe, thus giving Turkey a competitive advantage. The global demand for clothing and textiles is also rising due to vaccination drives in most countries and implementation of strong measures and business models to deal with the impact of the COVID-19 pandemic. This will also drive Turkey’s textile and apparel exports. Turkey exported textiles, apparel and home textiles worth $2.33 billion in January 2021, which increased by 14.99 per cent in Q1 2021 to reach $2.68 billion in March 2021, according to Fibre2Fashion’s market analysis tool TexPro. Exports further increased to $2.79 billion in June 2021 and are now expected to touch $2.96 billion by December 2021.
Source: Fibre2fashion
TAIPEI, Aug. 25, 2021 /PRNewswire/ -- The 2020 Tokyo Games was postponed to August 2021 due to the impact of the epidemic, and just closed on August 8. The Chinese Taipei (Taiwan) team has performed outstandingly in the 2020 Tokyo Games and has won the most medals in the history of Taiwan's participation in the Games. The gathering of athletes from all over the world once again triggered the Olympic boom, and Taiwan's textile industry has also participated in the Games as a behind-the-scenes event. Taiwan's functional fabrics account for 70% of the global market, and Taiwan's textile industry is backing the internationally renowned brands. Major sports brands sponsor the Games and many national teams whose clothes are made from sustainable, functional fabrics in Taiwan.
Taiwan Textiles - Sustainable innovation for a better world to live in
Don't just "Think Taiwan for Textiles", go there. Taiwan is leading the world in earth friendly Textile innovation, sustainability, and continuous quality improvement. Best in class polymer development led by many large vertical companies keep Taiwan ahead of the curve. The world's leading Brands come to Taiwan first when looking for the latest and best innovation, including The North Face in outerwear, Under Armour in sport apparel, Jack Wolfskin rugged wear in Europe and the world's finest and fastest growing yoga apparel producers such as Lululemon. If you are looking for variety in bluesign manufacturing, Taiwan has the best and most available in the world.
Sportswear innovation
The Tokyo Games ended after overcoming hardship of global pandemic and show the athlete's passion and honor to the world. Stylish athletes and fashion designer also make the Games more glamorous and fashionable. Beyond stylish, innovative functional textiles are still an indispensable element of sportswear. Taiwan led by the finest knitting and woven facilities and is the leading supplier of sportswear fabrics. Functional fabrics provide high stretch with great fit the body shape, super lightweight, breathability, wicking, anti-bacteria and odor management properties in order to offering maximum comfort and boost performance. Taiwan has met the challenge and is the most reliable supplier of internationally renowned sports brands as Asics, On Running. Shinkong textile sponsored the Chinese Taipei team's formal uniform, and the sports outfit co-sponsored by VICTOR and Men-Chuen Fibre Industry which is made by local recycled fiber and dyed with environmental-friendly pigment, while focuses on functionality involving comfort and breathe. Most of Taiwan fabric manufacturers have a collection of recycled polyester products in multiple categories in woven and knits. Many even are hard to find recycled Nylon. The mandate in this direction comes from its teams dedicated textile engineers driven both internally and by their core of leading-edge customers. Companies like Patagonia, dedicating to improving our environment, make Taiwan a primary source for textiles and development initiatives. The dedication to constant improvement has carved relationships that have now lasted many years. If comfortable apparel, yoga apparel, outdoor apparel, or just great workout clothing is your business, Taiwan's suppliers are must-see vendors. Please follow TEPP Project's website, Facebook, Linkedin as well as on YouTube. Don't forget to check out the latest video released by Taiwan Textile Federation "Textile Silicon Valley in Taiwan" at https://youtu.be/KfdJF-Qp2zA
Source: PR Newswire
Investment by the United Arab Emirates (UAE) in India’s textiles sector was worth $23.09 million in the last five years and is growing as the latter steps up efforts to quadruple exports of handloom textiles in the next three years, the Indian textiles ministry said in a statement on foreign direct investments covering the period up to March 31, 2021. The UAE topped the list of investors from the Gulf Coordination Council in the textile sector with Oman and Qatar in second and third places respectively, according to a news agency. The ministry recently set up a high-level, eight-member experts committee to double the production of handlooms and boost exports. Simultaneously, the government has released funds worth ₹1.25 billion for eight Centres of Excellence in textile research across India, the ministry said.
Source: Fibre2fashion
Bangladesh’s DBLGroup will invest $650 million in three years to set up 10 manufacturing units for textiles, ceramics and sanitary ware at the Sreehatta Economic Zone in Moulvibazar, the company announced recently at the foundation stone laying ceremony of the DBL Industrial Park. The state-run zone has received $1.5 billion in investment proposals till now. Set up in 1991, the group has stakes in apparel, textiles, tiles, pharmaceuticals, dredging, semiconductor design, information and communication technology and telecommunications sectors. It has also invested in Ethiopia, where it has an apparel and textile factory. DBL would begin the construction of a spinning mill this month, the group’s managing director MA Jabbar told the event. Twenty eight economic zones, including 14 state-owned, are operational. The industrial park of the group is expected to generate $500 million in revenues annually. The park will also have a polyester recycling unit as well to produce staple fibre as a raw material for spinning factories with a targeted production capacity of 18 tonnes per day, according to media reports in the country.
Source : Fibre2fashion
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has called upon Spain to invest in the non-cotton and technical textile sectors of Bangladesh. BGMEA President Faruque Hassan made the call during a view exchange meeting with Spanish Ambassador Francisco de Asis Benitez Salas at BGMEA office on Tuesday, says a press release.During the meeting, they discussed different issues on the garment industry, including creating safe working atmosphere for the industry. "It's a matter of pride for Bangladesh that we have the highest number of green factories in the country. Many factories will get Leed certificate from US Green Building Council (USGBC) soon," BGMEA President Faruque Hassan said. The BGMEA chief sought Spanish ambassador's cooperation so that Bangldesh get Spanish investment. He also requested the Spanish government to extend LDC transition period for Bangladesh. Meanwhile, the Spanish ambassador appreciated the progress of Bangladesh's garment industry.
Source: Business Standard
