The minister said India is negotiating free trade agreements with several countries, including the UK, UAE and Australia, and young talents from IIFT can help in achieving the transformational agenda for India's trade. Commerce and industry minister Piyush Goyal on Friday said there are several non-tariff barriers that need to be addressed, and wherever India faces an unfair treatment on the trade front, it will take reciprocal action. Non-tariff barriers to trade are restrictive practices which create impediments in smooth flow of imports and exports. "Trade today requires a lot of study, deep diving into what practices other countries follow, Goyal said. "There are a lot of non-tariff barriers that need to be studied. We need to work to resolve those barriers," he said at the 54th convocation of Indian Institute of Foreign Trade (IIFT). "Wherever we find unfair, unjust treatment to India, India will have to take reciprocal action." The minister said India is negotiating free trade agreements with several countries, including the UK, UAE and Australia, and young talents from IIFT can help in achieving the transformational agenda for India's trade. On exports, Goyal expressed confidence that the country will achieve the $400 billion target for this fiscal. "We are confident of achieving this year. We have already done $197 billion in six months. We are aspiring to go up to $1 trillion in the near future, each for goods and services...," he said. "For this, we need thousands of young boys and girls coming out from IIFT." Further, he said that during FTA talks, the subject of dual degrees and collaborations with IIFT come up for discussions. "I would urge you to take the process of dual degrees forward, to fast-track it and identify institutions of excellence across the world."
Source: Economic Times
Earlier, India and the UK, after a virtual summit between Prime Minister Narendra Modi and his British counterpart Boris Johnson, had unveiled an ambitious 10-year roadmap to boost cooperation in key areas, including defence, security and healthcare. Finance Minister Nirmala Sitharaman on Friday held a meeting with UK Foreign Secretary Liz Truss and discussed various areas in which both countries can cooperate with each other. Both leaders discussed investments in green energy, infrastructure, National Monetization Pipeline, FinTech and IFSCA as key areas for further collaboration between the UK and India. "Finance Minister Smt. @nsitharaman cited the close collaboration between the two countries, strengthened through Comprehensive Strategy Partnership adopted by the Prime Ministers of India and UK in May 2021," the Finance Ministry said in a tweet. Earlier in the day, she had a meeting with Executive Vice President, European Commission, Frans Timmermans discussed cooperation on climate action. Both discussed possibility of collaboration on green hydrogen to harness the natural synergies in this area between India and EU. "Finance Minister Smt. @nsitharaman welcomed EU's decision to join Technical Assistance Facility of Coalition for Disaster Resilient Infrastructure(CDRI) for promoting Disaster Resilient Infrastructure in Small Island Developing States," another tweet said.
Source: Economic Times
The GoM decided to benefit from international experiences to improve compliance and reporting of B2C supplies, the official said. It was recognised that in order to improve analytics there is a need to take proper feedback from tax administrations to enable adequate learning by the systems in the place. While misuse of the beneficial provision of ITC under GST regime was the most common mode of evasion under the GST law, the scale if this was worrisome, the government had stated earlier. A group of state finance ministers (GoM) on IT issues within the goods and service tax (GST) system will likely suggest a mechanism to weed out fake registrants and plug input tax credit (ITC) leakages. The GoM, headed by Maharashtra deputy chief minister Ajit Pawar, had its first meeting in a virtual mode on Thursday. “It was decided to put in place mechanisms for better verification at the time of registration and weed out fake registrants using artificial intelligence/machine learning-based analytics focused on network analysis and leads for fraud detection,” an official from the Maharashtra government said. The GoM decided to benefit from international experiences to improve compliance and reporting of B2C supplies, the official said. It was recognised that in order to improve analytics there is a need to take proper feedback from tax administrations to enable adequate learning by the systems in the place. The members of the GoM also agreed to have suitable checks and balances to tackle menace of fake invoicing so as to regulate input tax credit outflows. Central tax authorities had booked about 8,000 cases involving fake ITC of over Rs 35,000 crore in FY21. While misuse of the beneficial provision of ITC under GST regime was the most common mode of evasion under the GST law, the scale if this was worrisome, the government had stated earlier. The GoM also decided to call for inputs and suggestions from states on various GST system-related issues. The group has instructed the officers to examine the suggestions and present its analysis along with recommendations before the GoM within a period of one month, the official added. Among other GST system reforms, the GoM discussed improvement in return filing compliance R-1 (monthly details of all sales) and R-3B (monthly summary of sales and purchases along with tax liability), verification of high risk/high value transactions and creating feedback loop with GST Network (GSTN) to improve analytics. In the meeting, a brief presentation was made by GSTN and Infosys regarding the various recent upgradations made to the GST system and the way ahead. The average monthly gross GST collection for the second quarter of the current financial year has been Rs 1.15 lakh crore, which is 5% higher than the average monthly collection of Rs 1.1 lakh crore in the first quarter of the year. “This clearly indicates that the economy is recovering at a fast pace. Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections. It is expected that the positive trend in the revenues will continue and the second half of the year will post higher revenues,” the ministry of finance said in a recent statement. The GoM on GST systems was set up on September 24, 2021 to give suggestions to the GST Council from time to time.
Source: Financial Express
The Ministry of Textile has set a target of USD 100 billion exports of textiles and garments over next five years. This move comes as a strategic response to the ongoing commotion in the Chinese economy, as they lose their share in the textile market with buyers not depending on China anymore. For India this is a perfect opportunity to tighten its grip in the textile industry. MSMEs constitute majority share of businesses involved in the textile sector, hence the Government should facilitate MSMEs in being a significant part of achieving this goal by further boosting manufacturing units and other key areas. “It’s an ambitious target and to achieve it Government requires to frame a comprehensive plan. This will require massive investment, which also needs equal efficiency from all stakeholders,” opined Dr. Animesh Saxena- Manging Director Neetee Apparels- a leading garment exporter and President of Federation of Indian Micro and Small & Medium Enterprises (FISME). Pressing on the need for a comprehensive plan, Saxena tells KNN that the administration must clear bottlenecks that hamper smooth functioning of the industry which involves infrastructure of fabric making, logistics and custom clearance. “The peak season for textile industry is observed from October to April, however we tend to see a crunch owing factors such as air pollution in North India which impacts the productivity as processing house remain shut down. These issues also needs to be addressed to achieve the 5 year target” pointed out Saxena. The Indian textile and apparel sector, with USD 37 billion exports and USD 85 billion domestic consumption, is one of the largest employers in the country. Every USD 1 billion additional exports in apparel manufacturing can create 1.5 lakh new jobs.
Source: KNN India
There is a slack in the economy, and the RBI governor expected it to exceed the prepandemic level of output only in the third quarter of 2021-22 The monetary policy committee (MPC) members of the Reserve Bank of India (RBI) saw economic recovery happening, but external environment posing a risk to the inflation front, causing a data dependent approach, minutes released on Friday showed. The six-member MPC, after three days of deliberation, kept the policy rate and stance unchanged. The repo rate continues to be at 4 per cent, reverse repo at 4.35 per cent, and the stance at accommodative. RBI governor Shaktikanta Das emphasised that while the central bank remained “laserfocused” to bring back consumer price index (CPI) inflation a 4 per cent, during the last eighteen months, the priority has been to “revive growth and preserve financial stability.” There is a slack in the economy, and the RBI governor expected it to exceed the prepandemic level of output only in the third quarter of 2021-22. “While the recovery is gaining traction and aggregate demand is rebounding, the economy still operates below the pre-pandemic level,” he said. “Durable recovery in manufacturing and services sectors should support revival in the informal economy. The future trajectory of growth, however, is strewn with many challenges, most notably from how the pandemic will evolve. Overall, growth remains critically dependent on policy support and needs nurturing for sustained recovery,” the governor said. In this context, continued monetary support is necessary as the economic recovery process even now is “delicately poised and growth is yet to take firmer roots.” “At this critical juncture, our actions have to be gradual, calibrated, well-timed and welltelegraphed to avoid any undue surprises,” the governor Das said. RBI deputy governor Michael Patra said inflation should soften as food prices ease further, but there are repeated shocks which the central bank must remain guarded against. The transitory shocks should not lead to a more permanent second round character, he warned. “In my view, the biggest risks to India’s macroeconomic prospects are global and they could materialise suddenly,” Patra said. “While the trajectory of inflation may undershoot the projections made in August, it is likely to be uneven, sluggish and prone to interruptions,” the deputy governor said. The sole dissenter in the group, Jayanth R Varma, who favoured a reverse repo hike and voted against the accommodative stance, said the ongoing transition to green energy worldwide “poses a significant risk of creating a series of energy price shocks similar to that in the 1970s.” There are also risks to global growth because of the emerging financial sector issues in China, which is reminiscent of Japan of the late 1980s. “Both of these risks--one to inflation and the other to growth--are well beyond the control of the MPC, but they warrant a heightened degree of flexibility and agility. A pattern of policy making in slow motion that is guided by an excessive desire to avoid surprises is no longer appropriate,” Varma said. RBI executive director and head of monetary policy department, Mridul K Saggar also warned of “significant headwinds” from the shifting global macro-economic conditions. “These (global policies) can have significant spillovers and spillbacks running through trade, financial and market expectations channels. They can alter the domestic macroeconomic balances and cause spells of volatility clustering over a year or more,” he warned, even as he was confident that the country has enough buffers to see through these headwinds. In a flexible inflation targeting framework, the RBI has to remain conscious about exchange rate dynamics originating from exogenous shocks. “Policies will need to respond with alacrity and should be untangled from any precommitments. If at all some guidance is needed at this stage, it has to be a soft one,” he said. The RBI must prepare the markets about adjustment in liquidity levels even as policy remains accommodative. The central bank has to remain committed to “goal dependence and instrument independence,” he said. If no new disruptions to growth emerge, “output gap will close sometime in 2022-23 and monetary policy should start to gradually reposition to lowering underlying inflation and inflation expectations next year, especially if inflation edges up from the energy and services side amid sticky goods core inflation,” Saggar said. If oil prices average $80/barrel or more in the second half, it can tentatively raise inflation by 15-20 basis points and lower growth by 13-15 basis points. Such oil prices will have negligible effects on fiscal subsidies and widen current account deficit by about 0.25 per cent of the gross domestic product, Saggar said. “Tax cuts on petroleum products are essential to break the upward movement that could impart persistence to domestic inflation,” said external member Ashima Goyal, adding, “with some growth recovery, but more to go, and one year ahead inflation expected at about 5 per cent, a real policy rate of about -1 per cent is appropriate.” The current prices include “large uncertainty” due to speculative element. Therefore, “large sudden falls are therefore possible.” Policy has to be data based, she said, while liquidity has to be kept in sufficient level while reverse repo is raised gradually. While the policy must be supportive, “over-stimulus as after the global financial crisis, with delay resulting in sharp adjustment, has to be avoided,” Goyal said. External member Shashanka Bhide said indicators now point to recovery of economic activity from the severest shock of the second wave of the Covid 19 pandemic in the first two months of the financial year. “While return to the pre-pandemic level of economic activity is to be expected when the restrictions on the supply side are liberalised, pace of this return to normalcy would depend on the factors affecting supply as well as demand,” Bhide said.
Source: Business Standard
WTO chief Ngozi Okonjo-Iweala on Friday said India has a strong voice in the World Trade Organization and she is hopeful of a good outcome at the forthcoming ministerial conference at Geneva. World Trade Organization (WTO) Director General Ngozi Okonjo-Iweala on Friday said India's concerns towards protecting its food security and getting a fair deal at the ongoing negotiations on elimination of fisheries subsidies deserved to be heard and will be heard. She said she's hopeful of a good outcome at the upcoming ministerial conference. Winding up her 3-day visit to New Delhi, she said India's leadership is very important and its voice needs to be heard. "Many people believe that voices of only developed countries are heard in the WTO and not that of developing nations, so "I wanted" to make sure that, it is not like that "during my time" and developing countries' voices will also be heard," the director general said. She said she will ask WTO members to push on the agriculture issues and denied that the various plurilateral negotiations had taken the centre stage at the multilateral trade body. "One or two outcomes, it will be good....I'm hopeful of a good outcome at MC12 (ministerial council meeting) and felt a lot of support from the Indian side," she told reporters after her meetings with Prime Minister Narendra Modi, finance minister Nirmala Sitharaman, external affairs minister S Jaishankar and commerce and industry minister Piyush Goyal. She described her meeting with Modi as positive. "I had a very good meeting with the PM. India is a leader with strong voice at the WTO. We spoke of strengthening the organisation and he said how the multilateral trading system should also work for developing countries," she said. On the upcoming ministerial conference next month, she said: "I don't know what deliverables will be there but there is a spirit of support on fisheries." The WTO aims to finalise disciplines to eliminate subsidies for illegal, unreported and unregulated fishing, and prohibit certain forms of fisheries subsidies that contribute to overcapacity and overfishing, in the ministerial conference in December. On fisheries subsidies agreement negotiations, she said the members have given the proposal "a go" and the countries have to negotiate that amongst themselves, but added that "given it a go, is not that I am guaranteeing that we will get it.
Source: Economic Times
“A regional approach to energy security will help manage its supply and demand m crucial requirement of these high-growth economies,” CII said in its report titled “ASEAN-India: Identifying emerging opportunities together”. Ahead of the India-ASEAN Summit next week, industry has pushed to prioritise the expansion of the scope of the Bilateral Air Services Agreement to enable easier cargo movement, and suggested collaboration between the startups of both sides in digital payments, e-commerce and cybersecurity, home healthcare, e-pharmacy, and fitness and wellness apps. The Confederation of Indian Industry (CII) has also said that India’s pharmaceutical industry can become a key supplier of generic drugs, medical devices and vaccines to the ASEAN nations. ASEAN, or Association of Southeast Asian Nations, comprises 10 countries— Indonesia, Thailand, Singapore, Malaysia, the Philippines, Vietnam, Myanmar, Cambodia, Brunei and Laos. “A regional approach to energy security will help manage its supply and demand m crucial requirement of these highgrowth economies,” CII said in its report titled “ASEAN-India: Identifying emerging opportunities together”. It added that India has begun collaboration with a few ASEAN countries such as Vietnam and Myanmar in areas such as renewable energy, and development of refineries. With the success of CO-WIN app, India can support other countries who may want to use CO-WIN or design a similar digital vaccination management system, according to the industry chamber. An ASEAN Visa and cross-country exchanges related to cultural and leisure programmes will go a long way in increasing people-to-people connectivity and potentially boosting SME trade,” CII said in its report. ASEAN-India trade witnessed a decline of 9.2% in FY21 owing to the pandemic and ASEAN’s trade expansion with US and China. The decline in trade and India’s increasing trade deficit in the last few years have led to a call for a review of free trade agreements (FTA) with ASEAN, as India targets better trade balance. “The review will be aimed at issues such as removal of non-tariff measures, especially in the auto and agriculture sectors, and rules of origin,” CII said. This is crucial as since the FTA finalisation, India’s imports from ASEAN continued to increase sharply, in comparison with exports. As a result, India’s trade deficit increased to $15.9 billion in FY21 from $4.9 billion in FY11.
Source: Economic Times
FCAs rose by $950 million to $577.951 billion, as per weekly data by the Reserve Bank of India. The country's foreign exchange reserves rose by $1.492 billion to reach $641.008 billion in the week ended October 15, RBI data showed on Friday. In the previous week ended October 8, the reserves had increased by $2.039 billion to $639.516 billion. The reserves had touched a lifetime high of $642.453 billion in the week ended September 3, 2021. In the reporting week ended October 15, the rise in the forex kitty was mainly on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves FCAs rose by $950 million to $577.951 billion, as per weekly data by the Reserve Bank of India (RBI). Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves climbed by $557 million to $38.579 billion in the reporting week, the data showed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by $21 million to $19.247 billion. The country's reserve position with the IMF rose by $6 million to $5.231 billion.
Source: Business Standard
The Maharashtra government on Friday ordered a probe into complaints that some textile units were indulging in electricity theft and illegal practices like obtaining subsidized power and using it to manufacture non-textile products, an official said. As per the order of the state Cooperation and Textile department, these units have been asked to submit power bills of the last six months, details of meters as well as a list of items manufactured. "The state cooperation and textile department received several complaints about some units using subsidized electricity for the production of non-textile products. Once the scrutiny is complete, offending units will have to pay the difference," the order said.
Source: The Week
Das wrote that the outlook on inflation had improved and the inflation projection for FY22 had been revised downwards by 40 basis points (bps) to 5.3%. While observing that lower food prices may take the headline inflation numbers down in Q3, RBI deputy governor Michael Patra observed that fuel inflation being at an all-time high posed risks to the upside. With the outlook on inflation improving and projections for the same easing, there is a need for continued monetary support to a still-recovering economy, Reserve Bank of India (RBI) governor Shaktikanta Das wrote in the minutes to the October meeting of the Monetary Policy Committee. However, other RBI executives on the rate-setting panel flagged risks emanating from high fuel prices and stressed the need to remain focused on inflation-targeting. Das wrote that the outlook on inflation had improved and the inflation projection for FY22 had been revised downwards by 40 basis points (bps) to 5.3%. The medium-term focus of the MPC has successfully moderated undue expectations of a possible reversal of the monetary policy stance and is helping anchor expectations in the right direction, while navigating the economic recovery from the crisis. “At this critical juncture, our actions have to be gradual, calibrated, well-timed and well-telegraphed to avoid any undue surprises,” he said. While observing that lower food prices may take the headline inflation numbers down in Q3, RBI deputy governor Michael Patra observed that fuel inflation being at an all-time high posed risks to the upside. It was, therefore, important to remain on guard about second=order effects from these transitory disturbances that could make some components of inflation more persistent. However, pressures from wages and rentals remain muted and staff costs in the organised sector are rising again as hiring and normal work processes resume. “There is also some evidence forming that cost pressures may not be able to be absorbed any longer and selling prices may turn up. Thus, while the trajectory of inflation may undershoot the projections made in August, it is likely to be uneven, sluggish and prone to interruptions,” Patra wrote. The RBI executive director Mridul Saggar stressed on the need to remain data-dependent. Capital flows can turn volatile in either direction if taper paths come with surprises. “Amid these uncertainties, policies will need to respond with alacrity and should be untangled from any pre-commitments,” Saggar said, adding, “If at all some guidance is needed at this stage, it has to be a soft one; with the Reserve Bank preparing markets that while policy stance is likely to remain accommodative till growth is revived on a durable basis, liquidity levels will be adjusted dynamically to appropriate lower levels that are still consistent with accommodative stance.” Further, Saggar said that the MPC needs to reinforce its commitment to the assigned inflation target guided by data inflows on growth, inflation and other parameters. It also needs to now focus more on risks to both inflation and growth and calibrate policies as the situation evolves. “…in my judgement, if no new disruptions to growth emerge, output gap will close sometime in 2022-23 and monetary policy should start to gradually reposition to lowering underlying inflation and inflation expectations next year,” Saggar said.
Source: Financial Express
Envoy underlines need for business linkages between private sectors of two sides South Africa considers Pakistan as an important country for trade cooperation and is keen to enhance bilateral trade by tapping its true potential, said South Africa High Commissioner Methuthuzeli Madikiza. Visiting the Rawalpindi Chamber of Commerce and Industry (RCCI) on Thursday, he emphasised the need for strengthening business linkages between private sectors and chambers of commerce of the two sides. He highlighted that the current bilateral trade between the two countries stood below $1 billion, which could be increased to $2 billion in the next few years. He was of the view that joint ventures could be established in different sectors including mining, construction, tourism, agriculture, pharmaceutical and services. South Africa’s High Commission would facilitate the business community of Pakistan in forging linkages with their counterparts to promote collaboration in areas of mutual interest, he said. On the occasion, RCCI President Nadeem Rauf spoke about the ongoing activities and future programmes of the chamber. He suggested sharing trade-related information at the delegation level in order to boost trade with South Africa. He apprised the high commissioner of investment opportunities in Pakistan. Moreover, a memorandum of understanding had been signed with South Africa to promote chamber-to-chamber relations, he added. He highlighted those joint ventures could be formed in the fields of information technology, construction, pharmaceutical, marble, engineering, poultry and textile.
Source: Tribune
The country’s imports surged to $7.5 billion in the first quarter of (July-September) of the ongoing fiscal year 2021-22 — which is 66 percent more than the corresponding period of FY 2020-21. The situation seems alarming as two-thirds of the $7.5 billion increase - $5 billion - is on account of global commodity cost inflation which is outside Pakistan’s direct control and includes more expensive medicines necessitated by the pandemic. “The remaining $2.5 billion is accounted for by higher import of machinery, transport goods and textile inputs. Much of machinery is funded by Temporary Economic Refinance Facility (TERF) and will lead to exports, whilst textiles include cotton and synthetic yarn necessary for exports,” the Pakistan Business Council says in response to the import figures issued by the Pakistan Bureau of Statistics (PBS). The council in a brief report says that the largest components of the increase in import within transportation are buses, trucks, ships, boats and cars in CKD/SKD form. However, the increase in import of cars in CBU form amounted to $56 million only. It says that domestic shortages of food and agricultural commodities - unavoidable for reasons of food security, controlling domestic inflation and securing inputs for textile exports - is one of the major reasons behind surge in the imports. “Global demand escalation and supply chain disruptions caused by container shortages appear to be responsible for escalation in costs”, the PBC report said, recommending right pricing of imported energy, a start on which was made last week, may help curb consumption. “Higher tariffs on imports of essential items however, will further acerbate inflation must be discouraged”. It says that fundamental reforms should promote indigenous and renewable energy and agricultural productivity to make the country more self-reliant. It should also broaden the basket and diversify the reach of exports to put some of the opportunistic shift of orders away from pandemic affected countries to Pakistan on a sustainable footing.
Source: Dawn
Characterised by rapid market recovery combined with regional shift in demand, Swiss supplier of systems for short-staple fibre spinning, Rieter has reported a 294 per cent year-on-year (YoY) growth in order intake to CHF 1,673.9 million (Swiss currency) in the third quarter (Q3) of FY21, over the same period of 2020. Furthermore, the company anticipates its sales to reach CHF 900 million during the year with demand for new systems expected to gradually return to normal in the coming months. “Rieter believes that a major reason for this regional shift in demand is the development of costs in China. This is leading to increased investments outside the Chinese market. The orders came primarily from Turkey, Latin America, India, Pakistan and China,” according to the textile machinery firm. The machines and systems business achieved a 447 per cent jump in its order intake of CHF 1,281.6 million during the first nine months of 2021, ended on September 30, 2021, attributed to the regional shift in demand. While components business recorded a jump of 95 per cent to CHF 227.0 million, and after sales were up 123 per cent to CHF 165.3 million. “The realisation of sales from the order backlog continues to be associated with risks, in light of bottlenecks in material deliveries and freight capacities as well as the ongoing pandemic in countries that are important for Rieter,” the company said.
Source: Fibre 2 Fashion
The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic The U.S. budget deficit totaled USD2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of USD3.13 trillion reached in 2020. The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic. The Biden administration said Friday that the 2021 deficit, for the budget year that ended Sept. 30 was USD360 billion lower than 2020 as a recovering economy boosted revenues, helping to offset government spending from pandemic relief efforts. Before the pandemic deficits of the past two years, the biggest deficit the federal government recorded was a shortfall of USD1.4 trillion in 2009 during the Obama administration as the government spent heavily to lift the country out of a severe recession following the 2008 financial crisis.
Source: Business Standard
In a position paper published today, the companies organised in the VDMA Textile Machinery Association welcome the ambitions of the EU to promote climate protection, in particular the approach of combining the goals for the EU textile and clothing industry into a sector-specific strategy. Up to now, the increasing textile consumption around the world, due to growing population and purchasing power has been accompanied by a rising use of resources. “The textile machinery companies organised in the VDMA are geared towards a functioning circular economy. With our highly efficient technologies we are an indispensable partner in this transition process”, explained Regina Brückner, Chairwoman of the VDMA Textile Machinery Association and Managing Associate of Brückner Trockentechnik. In the new position paper, the executive board of the VDMA Textile Machinery Association emphasises that the new framework must be practicable. Ms Brückner said: “The EU must strike the right balance between necessary, yet also minimal, legislative regulation. A successful transition requires a level playing field which sets out fair rules for sustainability, thereby enabling European companies to nonetheless increase their international competitiveness.”
Source: Textile World
