Former West Bengal Finance Minister Amit Mitra and Telangana Industries Minister K T Rama Rao had earlier urged the Centre to roll back the proposed GST rate hikes in textiles Finance Minister Nirmala Sitharaman will chair the 46th meeting of the Goods and Service Tax (GST) Council in New Delhi on Friday. The agenda of the meeting will be to discuss the recently announced hikes in GST rates for textiles, which comes into effect from January 1. The Council could also deliberate on the reports of the two Groups of Ministers (GoMs) which were set up in the last Council meeting in September. On the sidelines of a separate pre-Budget meeting between Sitharaman, her top officials, and representatives of states and Union Territories, Tamil Nadu Finance Minister P Thiagarajan and Rajasthan Technical Education Minister Subhash Garg confirmed that the main agenda of the meeting will be to discuss the rate hike in textiles to correct inverted duty structure. “Rajasthan does believe the rate hike on textiles should be rolled back especially when countries like Bangladesh are giving us stiff competition in the sector,” Garg told reporters on Thursday. “The states received the agenda just yesterday (Wednesday). So a very short notice, and textile seems to be the main point of discussion,” Thiagarajan said At the 45th meeting in Lucknow on September 17, the GST Council had decided to rectify the inverted duty structure for footwear and textiles. Subsequently, the rate for footwear and textiles for any value was raised to 12 per cent, effective from January 1, 2022. Earlier the GST rate was 5 per cent for sale value up to Rs 1,000 per piece in the case of apparel and per pair in the case of footwear. While experts hailed the move, a section of the clothing industry decried it, saying only a small group of the sector had inverted duty structure. Many trader organisations have also been demanding a rollback of the rate hikes. Former West Bengal Finance Minister Amit Mitra and Telangana Industries Minister K T Rama Rao had earlier urged the Centre to roll back the proposed GST rate hikes in textiles. “Modi govt will commit another blunder on Jan 1st. By raising GST on textiles (from) 5 per cent to 12 per cent, 15 million jobs will be lost and 1 lakh units will close,” Mitra had tweeted. The problem of inverted duty structure arises when the finished product is at a lower tax bracket compared to the input raw materials. However, this usually leads to a rise in the rate of the finished product. There has not been as much opposition to the rate hike in footwear, compared to textiles. At the Lucknow meeting, the Council had set up two GoMs. One group was tasked with suggestions on rationalising rates and correction of inverted duty structure, and is led by Karnataka Chief Minister Basavaraj Bommai. The other group has been tasked with recommending ways to review IT systems, potential sources of evasion, and data analyses in order to expand the tax base and and maximise returns. This GoM is headed by Maharashtra Deputy Chief Minister Ajit Pawar. Both these reports could be taken up in the in-person meeting on Friday.
Source:Business Standard
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired the pre-budget consultations with the Finance Ministers of States and Union Territories (with Legislature) for Union Budget 2022-23 here today. The meeting was attended by Union Minister of State for Finance, Chief Ministers, Deputy Chief Ministers, Finance Ministers, Ministers and Senior Officers from the States and Union Territories (with Legislature) and the Union Government. The Union Finance Secretary welcomed all the participants to the deliberation and informed the importance of this particular consultation meeting. Most of the participants thanked the Union Finance Minister for financially supporting their States/Union Territories during the worst months of pandemic, by enhancing borrowing limits, providing back to back loans to States, and through Special assistance for capital expenditure. The participants also gave numerous suggestions to the Union Finance Minister for inclusion in the Budget Speech. The Finance Minister thanked the participants for their inputs and suggestions towards Union Budget 2022-23 and assured to examine each of the proposals.
Source: PIB
GST compensation to states for revenue shortfall resulting from subsuming of local taxes such as VAT in the uniform national tax, Goods and Services Tax (GST) will end in June next year. State governments, including Chhattisgarh, Kerala, Delhi and West Bengal on Thursday pressed for continuation of the GST compensation for another five-year period in view of the financial stress created by the outbreak of the pandemic. The demand for extension of the GST cess regime among others was made by several state finance ministers at a prebudget consultation called by Union Finance Minister Nirmala Sitharaman. Besides, many states also demanded raising the share of the Union government in the Centrally Sponsored Schemes (CSS). Currently, the central government and state government share in some CSS is 60:40 while in others it is 75:25. GST compensation to states for revenue shortfall resulting from subsuming of local taxes such as VAT in the uniform national tax, Goods and Services Tax (GST) will end in June next year. There has been a loss of revenue to states due to the GST tax system, the Centre has not made arrangements to compensate the loss of revenue of about Rs 5,000 crore to states in the coming year, so the GST compensation grant should be continued for the next five years after June 2022, Chhattisgarh Chief Minister Bhupesh Baghel said. "Many states have asked for this. We have also asked to extend GST compensation. If it is not extended, the finances of many states will be in a bad shape," Delhi Deputy Chief Minister Manish Sisodia said after the pre-budget consultation. The GST Constitutional Amendment Act provides for the Centre compensating states for five years for loss of revenue arising on account of implementation of GST, and during the transition period, states' revenue is protected at 14 per cent per annum over the base year revenue of 2015-16. GST, which subsumed indirect taxes like excise duty, service tax and VAT, was rolled out on July 1, 2017 and the compensation window ends on June 2022. Pointing out that Chhattisgarh has received less share of central taxes by Rs 13,089 crore in the Union Budget of the last three years, Baghel demanded that the share of central taxes be given to the state completely in the coming year. He also demanded that Rs 4,140 crore deposited with the Centre at the rate of Rs 294 per tonne on coal mining from coal block companies should be transferred to Chhattisgarh soon. Rajasthan Education Minister Subhash Garg said extension of compensation cess window till 2026-27 is a valid demand of states and the Centre should consider it. He also demanded reduction in import duty on gold and silver from 10 per cent to 4 per cent. "Our most significant demand is that the Centre's share in centrally-sponsored scheme has gradually reduced and states share has increased. Earlier share would be 90-10 and now it is 50-50 or 60-40, our request is that it should go back to 90- 10," Garg said. Rajasthan also requested that all irrigation and water work projects should be brought under the Centre's ambit and declared central schemes. West Bengal also pitched for extension of GST compensation for another five years citing two years of difficult time due to COVID-19. COVID crisis was not anticipated when this was fixed, said West Bengal Urban Development & Municipal Affairs Minister Chandrima Bhattacharya. Asked if BJP ruled states too demanded extension, she said, some of them were in favour of extension. For CSS, the Centre should increase its share, she said, adding, there are various areas from where the central government can actually augment finance but it is very difficult for states because the area is very short. With regards to state borrowing, she said that additional borrowing window should be without any condition. Tamil Nadu Finance Minister P Thiaga Rajan said he has demanded extension of GST compensation cess regime for at least two years because of COVID-19. We have said at least two years that we lost due to COVID-19. Many states have asked for five years," he said. He also made a case for raising share of the Centre in the CSS. Kerala has also demanded extending GST compensation period by another five years. The current period will end in June 2022. State's Finance Minister K N Balagopal, who participated in the meeting, said the broad focus of most states was on having packages to boost economic activities. Many states also mentioned about the GST compensation issue, the minister told reporters in the national capital. Kerala has also demanded increasing the allocation under CSS to compensate the "steady decline in the state's interse share of devolution". Besides, it has pitched for allowing state-specific grants as recommended by the Finance Commission. The meeting was also attended by Union Minister of State for Finance Bhagwat K Karad and other senior officials. According to an official statement, Union Finance Secretary T V Somanathan welcomed all the participants to the deliberation and highlighted the importance of the consultation meeting. "Most of the participants thanked the Union Finance Minister for financially supporting their states/Union Territories during the worst months of pandemic, by enhancing borrowing limits, providing back to back loans to states, and through special assistance for capital expenditure," it said. The participants also gave numerous suggestions to the Union Finance Minister for inclusion in the Budget speech, it said, adding, the Finance Minister thanked the participants for their inputs and suggestions towards Union Budget 2022-23 and assured them that each proposal will be examined.
Source: Economic Times
West Bengal should focus on affordable electricity tariff for industries, greater availability of institutional credit for MEMEs and manufacturing of value-added products across sectors to boost economic activities in the state, an official of an industry body said. The government must encourage industries to carry on modernisation, he said. “If Bengal wants to be among the top three states in terms of GDP, it will have to focus on affordable power tariff for industries and encourage enterprises involved in valueaddition of products across sectors to set up units. “Bengal is a power-surplus state but the cost of industrial power is not competitive as compared to some other states,” Merchants’ Chamber of Commerce and Industry outgoing president Aakash Shah said. He also stated that the share of value-added products in the GD Shah said greater access to institutional credit for the MSME sector is a key factor. State MSME & Textiles Minister Chandranath Sinha said the micro, small and medium enterprises have done well and are expected to overcome challenges arising out of the COVID-19 pandemic in the coming months.
Source: The Print
Credit outlook largely stable for cotton yarn and readymade garments players The domestic textile industry, which had seen demand slump in fiscal 2021 owing to onset of the Covid-19 pandemic, is firmly on course to recover in fiscal 2022 on the back of reopening of businesses, educational institutions and retail outlets with increase in the vaccinated population. Sanctions on Chinese textiles have boosted Indian textile exports as well. Government announcements such as the Production Linked Incentive scheme, setting up of mega textile parks, and extension of the Rebate of State and Central Taxes and Levies scheme are also supporting the sector.
Source: Business Standard
The pact covers areas such as goods, services, investment, rules of origin, customs facilitation, legal and institutional issues. "India-Australia CECA negotiations are at an advanced stage. Both countries are expected to complete negotiations for the interim agreement soon," it said. India and Australia are expected to complete negotiations for an interim free trade agreement (FTA) soon, a move aimed at boosting economic ties between the two countries, the commerce ministry said on Thursday. It said that the final agreement, which is officially dubbed as Comprehensive Economic Cooperation Agreement (CECA), is expected to be completed by the end of 2022. The pact covers areas such as goods, services, investment, rules of origin, customs facilitation, legal and institutional issues. "India-Australia CECA negotiations are at an advanced stage. Both countries are expected to complete negotiations for the interim agreement soon," it said. The ministry also said that a similar agreement with the UAE is likely to be signed in March 2022. "This new strategic economic agreement is expected to increase bilateral trade in goods to USD 100 billion within five years of the signed agreement and increase trade in services to USD 15 billion," it added. On the export target of USD 400 billion for this fiscal year, it said India's merchandise exports have reached 65.89 per cent of the target till November. "For monthly monitoring of achievement of targets, an Export Monitoring Desk under Statistics Division of DGFT has been set up," it added. It also said the India Pavilion at the Dubai Expo has attracted six lakh visitors in 83 days of its opening. Further, the ministry informed in its year-end review that at the Government e-Marketplace (GeM), total 31.8 lakh vendors have been onboarded. "GeM has created a Unified Procurement System for the country in line with the vision of the government, by bringing the functionalities of the Defence Public Procurement Portal, the Central Public Procurement Portal and its sub-portals onto GeM to provide a single user experience," it said. www.citiindia.org 9 The system will consolidate the scattered vendor bases on publishing portals onto GeM leading to advantages of economies of scale, better price discovery and dissemination of best practices in procurement. On National Logistics Policy, it said that the policy has been developed after wide consultations with all ministries. "A 75-point National Logistics Reform Action Plan has also been prepared with specific actionable items on the policy. Revised policy is in its final stages of approval. It targets to reduce the cost of logistics by about 5 per cent over the next 5 years, achieving a ranking in top 25 of major global logistics-related performance indices," it added. The ministry said that during 2021-22 till December 8, new projects with a total Trade Infrastructure for Export Scheme (TIES) fund of Rs 113 crore have been approved by an empowered committee. About Rubber Board initiatives, it said that board is conducting nationwide census on rubber by using digitised mobile application, 'RUBAC', developed in association with Digital University, Kerala, with a view to ascertaining the area under rubber, new-planted area, re-planted area, the age profile of trees, discarded area over the years, level of adoption of new clones, size of holdings and details of tappers.
Source: Economic Times
The TN finance minister has requested the immediate release of the pending compensation of Rs 16,725 crore to the state. Tamil Nadu finance minister Palanivel Thiaga Rajan on Thursday urged the Union government to merge cesses and surcharges into the basic rates of tax so that states receive their legitimate share in devolution. Speaking at the pre-Budget meeting of state finance ministers called by Union finance minister Nirmala Sitharaman, he said the increased levy of cesses and surcharges, which do not form part of the divisible pool of taxes, has adversely affected the transfer of resources to states. “Cesses and surcharges as a proportion of the gross tax revenue of the Centre have almost tripled from 6.26% in 2010-11 to 19.9% in 2020-21. In effect, states are deprived of a share in approximately 20% of the revenue collected by the Union. If these taxes were added to the divisible pool, the states would have obtained an additional transfer of approximately Rs 1.5 lakh crore as their share from the pool of central taxes in FY 2021-22,” he said. Thiaga Rajan said as a consequence of this realignment, the ratio of grants in-aid to share in central taxes has increased from 62.67% in FY 2010-11 to 130.7% in FY 2020-21 for Tamil Nadu. While the share in taxes is a legitimate right and provides the state the autonomy to cater to local needs and aspirations, the grants-in-aid are discretionary and tied funds. This greatly impinges on the federal structure enshrined in the Constitution. The TN finance minister, while demanding an extension of the period of GST compensation to the states by at least two years beyond June 2022, has requested the immediate release of the pending compensation of Rs 16,725 crore to the state. During the introduction of GST, the state accepted to forego its fiscal autonomy with an assurance from the Union government that the state’s revenue will be protected. In the last five years, there has been a wide gap between the actual revenue realised and the protected revenue guaranteed. This trend was visible even before the pandemic and the gap has been increasingly wide ever since. “The states’ revenues are yet to recover, and considering the huge revenue shortfall that is expected, I urge the Union government to extend the period of compensation by at least two years beyond June 2022,” he said. Thiaga Rajan also demanded a rollback of the Union government’s recent decision to increase GST for the textile and apparel sector from 5% to 12%, saying this move would increase the financial burden on the already stressed MSME textile and handloom sectors which. He has also requested the Union government to release pending dues at the earliest and make appropriate allocation in Budget 2022-23. For schemes shared between the Union government and states, approximately Rs 17,000 crore of the Union government’s share remains to be released, he said. Further, performance grants of Rs 2,029.22 crore from 2017-18 to 2019-20 and basic grant of Rs 548.76 crore for 2019-20 under the 14th Finance Commission are pending, he said.
Source: Financial Express
Bringing some relief to Covid-battered businesses on compliance front, the government on Wednesday extended till February 28 the deadline for them to file GST annual returns for 2020-21 fiscal ended March 2021. "The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022," the Central Board of Indirect Taxes & Customs (CBIC) tweeted on Wednesday. The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C… https://t.co/iHIsK9hbYE — CBIC (@cbic_india) 1640800000000 Tax experts believe that the government's decision would offer some breathing space to resource crunched businesses, particularly MSMEs, that are yet to emerge out of the pandemic's widespread fallouts. Industry reports say Covid has brought havoc to the working capital cycles of a majority of MSMEs in the last two years. With various states now putting in place Omicron curbs, the MSME sector's working capital cycle is set to be severely hit again. This extension would offload the work pressure on millions of MSME taxpayers and tax professionals, who were hardpressed to meet several deadlines during the festivities. Now it is on MSME taxpayers to use this additional time judiciously and make good all the annual compliances without expecting any subsequent leeway," said Rajat Mohan, Senior Partner AMRG & Associates. Vikas Singh Chauhan, Director at MSME dominated Home textile Exporters Welfare Association (HEWA), believes the development would minimize the error chances, reduce the cost factor for MSMEs as they now get more time to reconcile the data before filing. "Any filing done in haste is not advisable for MSMEs. Every MSME exporter was busy till November on fulfilment of Xmas and new year orders. Now as most overseas buyers are taking time off for new year holidays, I think reconciliation of revenue data for GST filing can be planned better, well in time, and systemically too," Chauhan said. Notably, GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement. As per the current GST rules, furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore. The extension of two months provided to furnish the GST annual returns will enable all businesses, especially smaller ones, to complete the process of reconciliations with the accounts and tax returns and thereafter submit the GST annual returns. It may be noted that these returns are to be filed separately in respect of each state where the business operates and is registered, hence for multi-state registrants, it is a complex compliance activity,” said M S Mani, Partner, Deloitte India.
Source: Economic Times
The state Micro Small & Medium Enterprises (MSME) department has come out with the 'Powerloom Incentive Policy' with an aim to extend fiscal incentives for installation of new-age shuttleless powerlooms by MSMEs in textile sector with a view to boost production of the improved quality fabrics and to create a sustainable ecosystem for MSMEs in textile sector. "The first 2000 powerlooms which will be set up in the state beginning from January 1, 2022 will get the benefits of the incentive policy. Those who will be interested to produce fabric (cloth) abiding government norms will be provided with thread by Tantuja which will purchase the fabric from the producers," Chandranath Sinha, Minister in charge of state MSME & Textiles department said addressing at the 120th annual general meeting of MCCI on Thursday. The MSMEs in the powerloom sector have to execute a four-party agreement between the enterprise, Tantuja, Directorate of Textiles & Financial institution (bank).The terms and conditions as a part of this agreement will be prescribed by the state MSME in due course of implementation of the scheme. The units may be in the private sector, cooperative sector and joint sector undertaking as also companies/undertakings owned and managed by the state government and the Industrial SHGs. Facilities of bank loans will be available and under the scheme 20 percent financial assistance of the capital amount will be provided by the state government for purchasing the powerloom. Sinha said that in a bid to make the state self-reliant in fabric production, the state government has taken steps to set up some integrated textile parks, one of which is coming up at Kalyani in Nadia on 43 acres of land. The basic infrastructure of roads, water and electricity in these parks will be provided by the government. "The main aim of the government is to produce self dependent garment production, particularly school uniforms for children. A number of powerloom co-operative and readymade garments cooperatives are being set up. Tantuja has already signed an agreement with 20 entrepreneurs regarding fabric production for school uniforms. More such entrepreneurs will be on board in the next few days, " he added. State Industry & IT minister Partha Chatterjee who addressed the meeting virtually said that the government is focused on developing the industrial sector in Bengal and asked for greater cooperation from associations and chambers in this regard.
Source: Millennium Post
• Regional Comprehensive Economic Partnership comes into effect on Saturday for most of its 15 members, which account for nearly a third of the global population • More than 90 per cent of merchandise trade between RCEP members will eventually be subject to zero tariffs under the new trade bloc China is doubling down on the critical role that the world’s largest trade pact will play in helping it buffer the impact of the coronavirus while promoting growth in the face of “unprecedented” trade challenges during the coming year. The Regional Comprehensive Economic Partnership (RCEP), comprising 15 member countries – including China and covering approximately 30 per cent of the world’s population and global gross domestic product – will take effect for most members on Saturday. Tariffs on more than 65 per cent of China’s trade in goods with Asean, Australia and New Zealand are expected to immediately reach zero under the regional agreement. “[Its entry into force] will effectively hedge against the negative economic impacts of Covid-19,” Ren Hongbin, vice-minister of commerce, said at a press conference on Thursday. Beijing also said the deal will serve as “powerful leverage” for keeping trade and foreign investment stable in 2022, as it will expand exports of Chinese products while helping speed up China’s industrial transformation. Ren added that China was ready to fulfil 701 binding obligations under the trade agreement, with its implementation marking a new milestone in China’s opening-up. Although it was the 10-member Association of Southeast Asian Nations that initiated the partnership, Beijing was seen playing an increasingly active role. Chinese decisionmakers ramped up their focus on the regional trade deal while mired in growing tensions with Washington and its allies, compounded by the shock of the coronavirus. The ministry said that the agreement will gradually lift tariffs for China’s imports of coconut milk, pineapple products and paper products from Asean countries. Under the umbrella of RCEP, China has also reached its first free-trade arrangement with Japan, which is the world’s third-largest economy and China’s fourth-largest trading partner. “The two sides will substantially reduce tariffs on each other in many areas, such as machinery and equipment, electronic information, chemical industry, light industrial textiles, and so on. In particular, 57 per cent of China’s exports to Japan next year will immediately achieve zero tariffs, which will obviously promote trade,” Yu Benlin, head of international economic and trade affairs at the commerce ministry, said on Thursday. He also said the RCEP will boost investment opportunities between China and other member states, as it ushers in wider access for foreign investors and increases policy transparency. But Ren still warned that stabilising trade in the coming year will be harder than ever. Beijing has been ramping up its warnings about the country’s trade prospects in 2022, even as its export machine churned out goods over the past 12 months under the prolonged pandemic. In an interview published on Tuesday by the state-run Economic Daily, Commerce Minister Wang Wentao said that “threefold pressure” – contracting demand, supply shocks and weakening expectation – will be more apparent in the commerce realm during 2022. At a meeting last week, the State Council, China’s cabinet, announced that more policies would be rolled out to help importers and exporters, while warning that “the uncertainties, instability and imbalance facing trade at present are increasing”. Ren expected on Thursday that the total value of China’s exports and imports would exceed US$6 trillion this year – up over 20 per cent from 2020 – further consolidating the country’s status as the world’s largest trader. However, the high base from this year is likely to become a large hurdle in 2022, Ren warned, noting the Omicron coronavirus variant and a widening gap between developed and low-income nations could also have a negative impact on China’s trade. “The supply-chain bottleneck is difficult to completely alleviate … port congestions continue, the risk of partial breakages in the supply chain is rising, raw-material and transport costs remain high, and shortages in chips, containers and labourers persist,” he added. The ministry will help Chinese trade firms continue to develop business in the United States and Europe, while further taping into the Asean market, Ren said. Li Xingqian, head of trade at the commerce ministry, also said Chinese authorities would pay more attention to exchanges and cooperation with trading partners via bilateral and multilateral mechanisms. Imports and exports between China and the other 14 members of the RCEP totalled 10.96 trillion yuan (US$1.72 trillion) in the first 11 months of this year, accounting for 31 per cent of China’s total foreign trade value, Chinese customs data shows. The RCEP will take effect in Australia, Brunei, Cambodia, China, Japan, Laos, Singapore, Thailand, Vietnam and New Zealand on Saturday, but the agreement will not officially take effect in South Korea until February 1. More than 90 per cent of merchandise trade between RCEP members will eventually be subject to zero tariffs.
Source: SCMP
Bilateral trade between Cambodia and the United Sates was valued at about $6.35 billion in the first ten months of 2021, a year-on-year increase of 40 percent. The figures from the Ministry of Commerce showed that from January to October 2021, Cambodia exported $6.08 billion worth of goods to the United States, up 40 percent compared to the same period last year. At the same time, Cambodia’s imports from U.S. were amounted to $278 million, a yearon-year increase of 42 percent, added the same source. Cambodia mostly exported textiles, footwear, travel goods and agricultural products to the U.S. while its imports included vehicles, animal feed and machinery. AKP-Phal Sophanith.
Source: Khmer times
Consul General of Sri Lanka Jagath Abeywarna has said that Sri Lankan Trade Minister will be bringing a delegation comprising representatives of around 40 to 50 companies to Karachi and Islamabad on January 23, 2022 to explore more avenues of cooperation and collaboration with the business community of Pakistan. “The Sri Lankan delegation will explore possibility of enhancing trade and investment ties with Pakistani counterparts, besides exploring tourism opportunities available in Pakistan. Most of the Sri Lankan tourists, who have been regularly visiting India and Nepal, were not much aware of the historical Buddhist sites in Pakistan,” he added while exchanging views at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI). Sri Lankan CG sought KCCI’s cooperation in arranging business-to-business (B2B) meetings during the visit of Sri Lankan delegation. “It is going to be a main activity as we haven’t received such a big delegation to Pakistan since long.” He also advised KCCI to arrange a similar delegation to Sri Lanka as exchange of trade delegations was the only way to improve trade and investment ties. He was of the view that there was a lot of potential to two-way trade and investment ties between the two friendly countries. “As Pakistan has very strong pharmaceutical and textiles industries, these can be exported to Sri Lanka as we import almost all types of pharmaceutical products and fabrics.” He said that Pakistan and Sri Lanka were friendly nations who have been supporting each other in difficult situations. During civil war in Sri Lanka, Pakistan was one of the main countries which provided assistance to Sri Lanka. Referring to President KCCI’s remarks, Sri Lankan CG assured that they will look into the possibility of inviting maximum number of Sri Lankan companies to participate in My Karachi Exhibition which was scheduled at Karachi Expo Centre from Feb 11 to Feb 13, 2022. President KCCI Muhammad Idrees, in his remarks, assured that the Karachi Chamber would warmly welcome and fully facilitate Sri Lankan delegation during their forthcoming visit to Karachi by organizing B2B meetings. He pointed out that Pakistan and Sri Lanka have been enjoying very cordial relations since many years. “Pakistan was the 2nd largest trading partner of Sri Lanka in South Asia and we hope to become the largest.” He noted that during 2020, goods exported by Pakistan to Sri Lanka totalled $324.7 million while goods imported by Pakistan from Sri Lanka were recorded at $78.9 million. “The real trade potential was much higher than what the current statistics reveal and we are determined to unlock this potential through combined efforts and close coordination with Sri Lankan side.” He urged businessmen and investors to capitalize on the opportunities in the agriculture, textile, tourism, real estate, energy and IT sectors which were attractive investment sectors in both countries. “Moreover, Sri Lanka has good skills to cut, polish and shape gemstones into world class jewellery. Jewellers in Pakistan can avail this opportunity by entering into joint ventures which would enable them to make world class jewellery. He also stressed the need to boost air and maritime linkages between both countries so that cooperation in business and industry could be strengthened. Pakistani products including pharmaceuticals, rice, fruits & vegetables, cement and garments have huge potential in Sri Lankan market while Sri Lankan tea, wall tiles, floor tiles etc. have great scope in Pakistan. He also invited Sri Lankan business community to participate in My Karachi Exhibition which was scheduled from 11th to 13th February 2022. This mega event provides an excellent opportunity to businessmen for B2B meetings and it provides one window facility for promotion of trade. It also provides local and foreign exhibitors a platform to display their products and services at more than 300 stalls in all 6 halls of Karachi Expo Centre. Vice President KCCI Qazi Zahid Hussain, Chairman of KCCI’s Diplomatic Missions & Embassies Liaison Subcommittee Ziaul Arfeen, Former President KCCI Majyd Aziz, Former VP Shamsul Islam Khan and KCCI Managing Committee Members also attended the meeting.
Source: Business Recorder
Smart textiles may not be gaining ground with fitness gurus, but they are helping patients manage chronic conditions and preventatively monitor their health from home. Electronics that track our heart rate, sleep cycles, and workouts are everywhere these days. But what if instead of strapping on a FitBit or Apple Watch every day, you could pull on a T-shirt or pair of pants that instantly tracks health metrics as you move? That’s the future that designers of E-textiles, or smart textiles, want to build. Fashion trial and error: Smart textiles embed flexible electronics into clothing to give them similar tracking and monitoring capabilities as smartwatches. Today’s market, however, doesn’t have the same kind of demand as it has for the devices we wear on our wrists. In November, the CTO of fashion brand H&M announced that the company will be exploring ways that their products can monitor heart rate, hydration levels, and even connect to cellular networks. Earlier the company had designed a concept for a smart jacket that could mimic a hug, and invited customers to vote on whether or not it would go to production. It didn’t garner enough interest from potential buyers. Another high-profile release came in 2017 from Levi’s, when the company partnered with Google’s Jacquard Project to make a smart jacket with an embedded dongle in one of the sleeves. Wearers can control their phones remotely thanks to a conductive type of fabric; The sleeve responds to touches and swipes to do things like answer calls and play music. At the time of launch, the jacket cost $350, with a new release in 2019 bringing the price point down to $198-$248. Follow the trends: As the fashion industry sorts out its kinks, another sector is seeing increased interest in e-textiles: healthcare. Some startups already have products on the market for patients with chronic conditions like diabetes. And clothing with built-in detection systems for things like heart irregularities can provide people with information to avoid future illness. IEEE Pulse reports that there’s an industry-wide shift towards crafting e-garments that can be used for healthcare purposes. Wearing clothes is an everyday part of life, and designers see a real opportunity to amp up current garments with technology that can seamlessly monitor health. “Because we’re so used to the ubiquity, the comfort, and the practicality of traditional textile products, the idea is we can take that ubiquity and those interface properties, and apply them alongside the extra functional advantages of electronics,” e-textiles expert James Hayward told IEEE Pulse. Why it matters: E-garments that monitor a wearer’s health could be a gamechanger for people with chronic health conditions. The clothing, in theory, would be more comfortable to wear than most medical devices, which could prompt some patients to track their conditions more regularly. This could lead to earlier detection of health risks. A traditional heart monitor, for example, requires a patient to attach sensors directly to the skin. But with smart clothing, you could just pull on a T-shirt in the morning and all of the sensing technology you need is right there. “That’s the big-picture selling point of the whole e-textile movement at the moment,” Hayward told IEEE Pulse. Current savvy solutions: It’s not uncommon for diabetics to develop circulation issues and nerve damage over time. And with that can come higher risks of things like foot ulcers, which if left untreated, can lead to infection and even amputation. That’s because patients lose feeling in their extremities, raising the risk that foot injuries go undetected and untreated for too long. But a San Francisco-based startup called Siren created a sock with embedded electronics that can measure foot temperature and send information to a smartphone app. If one area seems to be gaining heat, it could be a sign of inflammation – signaling that an injury may have taken place. The patient can also send information to their doctor, who can help determine a course of treatment. Another startup that aims to provide early detection of health ailments is Neopenda. The company created a wearable infant vital signs monitor called the neoGuard to combat high infant mortality rates around the globe. Doctors can receive alerts from monitors when a baby needs care, as noted by heart rate, temperature, and respiratory data. This is particularly helpful in emerging countries where access to traditional healthcare is limited because the device is bluetooth-enabled, so it doesn’t require internet access. Though the device itself looks a bit like a smartwatch that straps around a baby’s head, it’s small enough to fit inside a cloth hat that looks a bit more unassuming. On the horizon: Creating any kind of medical device means going through lots of regulatory hurdles, which in part explains why there aren’t more solutions on the market yet. Some devices, too, aren’t yet washable – which is a big aspect of creating clothing that can be worn on a regular basis. But universities and companies around the globe are investing in research into smart textiles that can monitor certain conditions. For example, researchers from Taiwan’s Industrial Technology Research Institute debuted a textile called iSmartWear at the 2021 Consumer Electronics Show that can detect heart activity without directly touching the wearer. The goal would be to track abnormal heart rhythms in patients from home or in the hospital. A similar project was announced in 2018 when e-textile company Myant, Inc. partnered with Mayo Clinic to make smart wearables to detect atrial fibrillation. Spotting those irregularities early could help prevent strokes or heart failure. While they’re still in their beginning stages, smart textiles provide a glimpse into the future where preventative care is put directly into the patient’s hands – or, on their bodies, to be more specific.
Source: Free Think
