With an aim to connect the youth with more opportunities of on-ground training within corporates and further a chance to get employment , the Ministry of Skill Development and Entrepreneurship will be organising the Pradhan Mantri National Apprenticeship Mela every month now on. On 13th June, 2022, the mela will be organised from 9 AM to 5 PM. The PM National Apprenticeship Mela will take place across 200+ locations in India. More than 1000 companies from across 36+ sectors will be participating in the Mela providing opportunities of being hired as an apprentice within companies. Individuals having a 5th–12th grade pass certificate, a skill training certificate, an ITI Diploma, or a graduate degree can apply for an interview across these trades/opportunities. The candidates will be given a choice of 500+ trades, including welders, electricians, housekeepers, beauticians, mechanics, and others. The primary goal of this programme is to encourage the hiring of apprentices from these cities, as well as to assist employers in identifying and developing their potential through training and practical skillsets bringing value to their workplace. Candidates will also receive Apprenticeship certificates recognised by the National Council for Vocational Education and Training (NCVET) at the end of their training period, which will give them industry recognition. Participating organisations in the Pradhan Mantri National Apprenticeship Melas have the opportunity to meet potential apprentices on a common platform and select candidates on the spot. Furthermore, small-scale industries with at least four employees can hire apprentices at the event. A credit bank concept will also be introduced soon, with a depositary of various credits accumulated by learners that can be used for future academic pathways. Expressing his views on the Pradhan Mantri National Apprenticeship Mela, Shri Rajesh Aggarwal, Secretary, Ministry of Skill Development and Entrepreneurship, said that following the success of the previous apprenticeship mela held in April, we have decided to organize the Pradhan Mantri National Apprenticeship Mela (PMNAM) every month. We hope both the candidate and the establishments will benefit from this model of skill development. We aim to engage over one million youth as apprentices through these melas. This will not only give the candidates hands on experience on the shop floors but also address the challenge of migration at a local level,he added.
Source: PIB
India has made a strong pitch for protecting the interests of the developing and underdeveloped countries at the WTO. Plain speaking, Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal, representing India at the 12thMinisterial Conference of the WTO in Geneva, raised concerns about the “skewed” WTO reforms proposal, imperative need to retain the Special and Differential Treatment (S&DT) provisions for the developing world, global inequities in Covid vaccination and Public Stockholding of foodgrains. Speaking on the ‘Challenges confronting theMinisterial Session’ yesterday, Shri Goyal said the current proposals for WTO Reform couldfundamentally change its institutional architecture,skewing the system against the interests of developingcountries. “We need to move ahead preserving the coreprinciples of consensus and ensuring S&DT, withpeople and development being at the core of WTO’s future agenda,” said Shri Goyal. “Friends, those who question the need for S&DTprovisions are aware that the per capita GDP of thedeveloped countries is 20 to 50 times that of thedeveloping countries. Even India is at the lower end ofthe per capita GDP supporting 1.4 billion people. Ibelieve, the developing world aspires to work for abetter future. Is it humane, fair or even equitablethat the developing world takes the same obligationsas the developed nations?,” he added. Shri Goyal said the COVID Pandemic has exposed the inability of theworld to promptly respond to any crisis, whether onfood security or health, economic well being or opensupply chains. “When the world was desperately lookingfor relief, the WTO was found wanting. As an example,vaccine inequity persists even two years after COVID.When people in LDCs and several developingcountries are yet to be vaccinated, there are somecountries who have already administered the 3rdor 4thdose,” he said, adding, “This is a collective failure of global governance& we need to introspect. Those responsible need toseriously reflect deep within their hearts, it will help uscraft a more equitable, fair and prosperous future forevery citizen of the world and finally achieve theSustainable Development Goals we had all collectivelyagreed upon.” To rebuild trust and credibility, Shri Goyal said, we must first addressmandated issues, like the Permanent Solution toPublic Stockholding agreed nearly a decade ago. “The current global food crisis is a reminder to us thatwe act now! Can we risk the lives of millions of peopledependent on food stocks maintained for the poor andvulnerable?,” Shri Goyal asked. “During the pandemic, India alonedistributed 100 million tonnes of foodgrain free ofcharge to 800 million Indians at a cost of nearly US$50billion. This was over and above the foodgraindistributed as a part of our National Food SecurityProgramme thus ensuring that nobody ever slept hungry,” he said. Shri Goyal argued that while negotiating the Fisheries Subsidies, thelivelihood of traditional fishermen cannot becompromised. “We cannot institutionalize the privilegesof a few countries and take away the right to progressfor those who are working for the vulnerablemarginalized sections of society. Particularly for thosecountries, who are not engaged in harmful deep seafishing, we need to have different views. Otherwise, wemay have a similar situation like the Agreement onAgriculture, where inequities & asymmetries persist,causing several countries to still depend on food aid,” he said. On climate issues, Shri Goyal proposed we need to adoptenvironmentally-conscious lifestyles, more sustainablelifestyles, based on 3Ps of “Pro Planet People”. “The WTO needs to rebuild trust. It is time todemonstrate goodness, concern for people, moresensitivity to the poor & vulnerable sections of societyin the spirit of “Vasudhaiva Kutumbakam”, which webelieve in India as “The World is one Family”,” he said.
Source: PIB
In 2019, before the pandemic hit the nation and the world, Prime Minister Narendra Modi had envisioned to make India a $5-trillion economy by FY25. With its strong fundamentals, the Indian economy is much better placed now than many others, Nageswaran added. India would emerge as a $5-trillion economy by FY27 and a $10-trillion one by FY34, chief economic adviser (CEA) V Anantha Nageswaran said on Tuesday. “We are now at $3.3 trillion, it is not such a difficult target to reach. Then if you simply assume 10% nominal GDP growth in dollar terms, then you get to $10 trillion by FY34 and another doubling with the same rate,” the CEA said at an event by the UNDP India. In 2019, before the pandemic hit the nation and the world, Prime Minister Narendra Modi had envisioned to make India a $5-trillion economy by FY25. With its strong fundamentals, the Indian economy is much better placed now than many others, Nageswaran added. Last week, the CEA had said India had displayed remarkable resilience in recovery after a Covid-induced slump in growth. Key indicators of the economy, he stressed, had crossed their pre-pandemic levels. The latest GDP data showed real growth in FY22 exceeded the pre-pandemic (FY20) level by 1.5%, private consumption by 1.4% and fixed investment by 3.8%. On a year-on-year basis, the economy grew 8.7% in FY22 from -6.6% in the previous year. Quick and decisive policy interventions by the government, duly supported with monetary measures by the central bank, have enabled the economy to stage a smart rebound, the CEA had said.
Source: Financial Express
Inaugurating the 'Lota Shop' at National Crafts Museum, the minister of state for textiles said that museums have huge potential to attract foreign tourists and buyers. The government is working towards 'One District One Product' which will give impetus to the handicraft sector as well as the artisans, Union minister Darshana Jardosh said on Tuesday. Inaugurating the 'Lota Shop' at National Crafts Museum here, the minister of state for textiles said that museums have huge potential to attract foreign tourists and buyers. She added that the Centre is working towards 'One District One Product' which will give impetus to the handicraft sector as well as the artisans. The minister stressed on the importance of artisans and urged not to bargain for their art, which is a priceless gift to the country. Jardosh also said that on the lines of the National Handloom Day, she wants a day dedicated to handicrafts. Central Cottage Industries Corporation of India (CCIC), popularly known as the Central Cottage Industries Emporium, recently opened its new outlet 'Lota Shop' at Crafts Museum at Pragati Maidan with an aim to attract Indian and foreign tourists. Textile secretary U P Singh talked about the facilities provided by the museum and said that in future, he expects encouraging footfall. He said that the museum provides facilities of lodging and also have audio-visual facility for visitors. The ministry plans to further strengthen the infrastructure of the museum. In this regard, a memorandum of understanding has been prepared with ITPO to provide parking facility, Singh said. He said that visitors of the museum, who are charged a nominal entry fee, will be able to visit events and exhibitions at ITPO without paying additional fare.
Source: Business Today
Israel's Economy Ministry said a senior team from India's Industry and Trade would meet with their Israeli counterparts to discuss the ground rules but did not say when actual trade negotiations would resume. Israel and India are preparing to resume talks on a free trade agreement, Israel's Economy Ministry said on Monday, adding that an Indian delegation had arrived in Jerusalem to discuss framework rules and coordinate expectations for negotiations. Last October, India and Israel agreed to resume free trade talks with an aim of signing a deal by mid2022. Israel's Economy Ministry said a senior team from India's Industry and Trade would meet with their Israeli counterparts to discuss the ground rules but did not say when actual trade negotiations would resume. Ties between Israel and India have grown closer in the eight years since Indian Prime Minister Narendra Modi has been in power, and the two countries have formed a number of strategic, military and technology partnerships during that time. Bilateral trade between Israel and India totalled $6.3 billion in 2021 up from $200 million in 1992 when the two countries opened diplomatic relations and Israel has emerged as one of India's biggest suppliers of weapons alongside the United States and long-term partner Russia. "We share similar challenges in a wide range of fields, from agriculture, climate and water to homeland security, fintech and cyber," Israeli Economy Minister Orna Barbivai said in a statement. She called the relationship between the two countries "strategic" and said a free trade deal would significantly boost existing collaboration. Ron Malka, the ministry's director general and former Israeli ambassador to India, said in the statement that a deal would ease trade barriers for Israeli companies operating in India, strengthen trade and economic cooperation and help the government in its efforts to lower the cost of living. Last month Israel signed a free trade agreement with the United Arab Emirates (UAE). India aims to sign new trade deals with several countries including Australia, the UAE, Britain and Canada, to boost exports and help the country recover faster from its coronavirus-induced slowdown.
Source: Economic Times
According to Drewry’s composite World Container Index, the rate for a 40-foot container declined to $7,579 as of June 9 from $9,477 as of February 24, but it’s still up 13% from a year before. Global freight rates have dropped 20% since the Ukraine war started on February 24, in signs that a supply-chain disruption is easing, although the rates are still 13% higher than a year earlier. Trade sources told FE that while container availability has improved for Indian exporters in recent weeks, small and medium players are still facing this issue. Nevertheless, the easing rates have brightened India’s export prospects at a time when it is eyeing a second straight year of robust growth. According to Drewry’s composite World Container Index, the rate for a 40-foot container declined to $7,579 as of June 9 from $9,477 as of February 24, but it’s still up 13% from a year before. Freight costs had spiked in 2022, as demand for goods surged following an industrial resurgence in advanced economies. But a lockdown in select cities of China in recent months to contain a fresh surge in Covid cases has put a leash on Chinese demand for containers. Similarly, global growth has come under strain after the Ukraine conflict caused international commodity prices — especially of oil — to surge. These factors have resulted in the drop in shipping costs. However, given the spike in global oil prices and uncertainties around the Ukraine war, shipping costs may not go down considerably from the current level. Moreover, once Chinese demand starts rising again, freight costs may inch up. Mahesh Desai, chairman of the engineering exporters’ body EEPC India, said the situation has improved, both in terms of shipping costs and container availability. Global freight rates started surging at a fast pace in the aftermath of the Covid outbreak in 2020 and hit a peak of $10,377 per 40-ft container in late September 2021, according to Drewry’s index. The rates started easing thereafter to $9,051 as of December 2, before inching up again to $9,180 by March 10. Of course, exporters concede the shipping costs have spiralled across the globe and India isn’t an outlier. Sunil Sawla, former president of Indian Oilseeds and Produce Export Promotion Council, said the situation is still far from the normal (pre-Covid scenario). “But it’s better than the worst exporters have faced in terms of post-Covid freight costs,” Sawla said. Trade sources said large exporters have benefited more than the MSME ones in securing containers, as most of them get preference in bookings. Typically, large exporters do the bookings through established brokers, so they get better access to containers. Ensuring reasonable shipping costs remains crucial to realising India’s lofty merchandise export target of $1 trillion by FY28. Exorbitant shipping costs hurt mainly small and medium exporters. The country’s exports rebounded strongly in FY22 and hit a record $422 billion, compared with the previous peak of $330 billion.
Source: Financial Express
The country's total merchandise exports are likely to be at USD 117.2 billion in the first quarter of FY23, according to India Exim Bank. The total merchandise exports stood at USD 95.5 billion in the corresponding quarter of the previous year, the bank said on Monday. Non-oil exports continue to witness a double-digit growth of 12.6 per cent, amounting to USD 93 billion, during the first quarter (April-June) of 2022-23, compared to USD 82.6 billion in the year-ago period. The rise in the country's exports could be attributed largely to the continued increase in global commodity prices, driven by supply shocks, enhanced price competitiveness owing to exchange rate movements, and benefits from possible trade diversion, as per the bank. The growth forecast may be subject to commodity price volatility and uncertainties in the global economy, mainly driven by the current geopolitical tension, it said.
Source: Economic Times
Bihar govt has to work more aggressively to attract investors and make the new textile policy a success The large population of the State can be target for the factories and having manufacturing within the State can create an emotional connect with local consumers, it is likely to provide quality and fashion product at low price. The State should also explore to develop its traditional strength of Bhagalpur silk which will benefits its grass route weavers. Across India there are many States having their textile policies and a new name in the list is of Bihar, the State has a large pool of skilled tailors who often work in the factories of Gujarat, Tamil Nadu, Karnataka and Delhi-NCR, etc. It took almost a year for Bihar to come out with its policy after the initial announcement that it is working on the policy. The policy has nearly all the lucrative subsidies which other States are already offering from years and they were also able to get good investment, few projects are also running successfully after some initial challenges. The State has given time of one year to the industry to apply under this policy. But to attract investors and make policy successful, Bihar have to work more aggressively compared to other States. Bihar can involve international buyers as well as their Indian suppliers to attract investment in textile and garment industry as these buyers are the driving forces. If buyers support and assure its Indian suppliers regarding continuous business, these suppliers will not have any major issue to have factories in Bihar. Why would any international buyer will have any interest in Bihar, reason is simple- less cost. There should be no doubt that along with policies, Bihar has advantage of overall low cost, and imagine a situation that a factory is close to nearby area of workers' village. Secondly, how happy and motivated will be that workforce those used to work thousands miles away from home, but if Bihar have few factories, these tailors will be able to work locally. The buyers' and suppliers both have priority to get low cost product and happy workforce. Though to push the large brand and big textile companies will create buzz, but it can start with medium level companies also. Jharkhand is one such example as it followed the same way. The State now has some good factories and like Bihar, Jharkhand does not have any raw material production base and its only major strength of is also availability of workforce. Jharkhand was able to attract investment from a global garment manufacturing group. But, Bihar has to be consistent in terms of support, even if government change, there should be no major change in policy or its proper execution. Secondly, Bihar has to be aggressive to tap the opportunities, and perfect example of the same is Telangana. It has also successfully attracted foreign player to set up a factory and most recently it showed unprecedented aggressiveness to attract a major player from Kerala. There is another example of its neighbouring State Uttar Pradesh as the UP is supporting its local firms with flatted factory scheme, easy excess to the industry be it higher official or the top leadership of the State. The Uttar Pradesh has worked a lot on its basic infrastructure. All this not only attracts industry but also make operations easy. There is one more reason that Bihar government should act swiftly. India's textile industry is in full swing and is in investment mode so to approach the industry at this juncture is a good idea. Few of the factories have shown interest to set up unit in Bihar, but it is not easy at all as the State doesn't have an organized industry. Any beginning is major challenge but it doesn't mean that the State can't have a good industry. Bihar also has another few things in its favour, like it has National Institute of Fashion Technology which can be instrumental to support the industry in many forms. It will be also added advantage for this international level institute. The large population of the State can be target for the factories and having manufacturing within the State can create an emotional connect with local consumers, it is likely to provide quality and fashion product at low price. The State should also explore to develop its traditional strength of Bhagalpur silk which will benefits its grass route weavers. So, we should hope that the State will have some good progress in near future and this will be only possible with hand holding of the industry by the government. Once factories start there, it may have cascading effect too.
Source: The Hans India
Overall sales have seen an 18 per cent y-o-y growth since FY20 The Indian textile industry has recorded significant growth in sales and EBITDA in FY22 over pre-Covid levels, according to the latest Wazir Textile Index, which is based on a detailed financial analysis of the top ten textile companies, compiled by Wazir Advisors, a management consulting firm. In FY22, overall sales have seen an 18 per cent y-o-y growth since FY20. The overall EBITDA in FY22 improved significantly by 85 per cent when compared with the one reported in FY20. Raw material costs and manpower costs have seen a rise of 36 per cent and 19 per cent when compared to FY20 levels. Vardhman Textiles posted the highest sales (standalone operating income) at ₹9,277 crore in FY22 (₹5,956 crore in FY21), followed by Arvind, which recorded sales of ₹7,460 crore (₹4,529 crore in FY21). Trident occupied the third position with sales of ₹6,944 crore (₹4,519 crore). Welspun India, which recorded the highest sales in FY21 moved to fourth position with sales of ₹6,703 crore (₹5,956 crore). KPR Mills and Indorama took the fifth and sixth positions with sales close to ₹4,000 crore in FY22, it said. In terms of EBITDA margin, KPR Mills reported the highest margin at 25 per cent in FY22, up from 23 per cent in FY21, followed by Vardhman at 24 per cent (up from 13 per cent ), Trident at 22 per cent (18 per cent ) and Nagar Spinning Mills at 22 per cent(9 per cent). Welspun reported a decline to 13 per cent in FY22 from 18 per cent in FY21. Arvind’s margin was flat at 10 per cent. Average IIP (index of industrial production) for textiles has increased by 32% in FY22 over FY21 and for the Apparel has increased by 29% in the same period.
Exports grow India’s textile and apparel exports have grown at a CAGR of 13 per cent during FY20- FY22 and stood at $43.4 billion in FY22. Fibre witnessed the highest export growth rate of 46 per cent (at $4 billion in FY22), followed by yarn with a growth rate of 36 per cent ($6.5 billion). Home textiles grew by 16 per cent (at $7.1 billion), while apparel recorded a marginal growth of 2 per cent and stood at $16 billion. In FY22, exports of fibre have been on the higher side due to the increase in cotton exports amid the US’ ban on the purchase of cotton products from Xinjiang, China. The share of India’s exports to Bangladesh has increased from 7 per cent in FY21 to 12 per cent in FY22. The US and European Union are the largest export markets with a value share of 26 per cent and 15 per cent respectively, the report said. The overall textile and apparel imports have also grown since FY20. Filament yarn has witnessed a maximum increase at a CAGR of 26 per cent since FY20. On the contrary, imports of fibre and home textiles have witnessed a decline in FY22. China continues to be the largest import partner for India with a share of 41 per cent in FY22 which has decreased by 2.0 percentage points when compared to FY21.
Source: The Hindu Business Line
In order to give them a new identity across the world, the Delhi government has decided to organise a "Wholesale Shopping Festival" for iconic wholesale markets of Delhi. The decision was taken in a stakeholder consultation meeting chaired by Deputy Minister Manish Sisodia said on Monday.. Addressing the stakeholders from the national Capital, Sisodia said, "This is a unique feature of Delhi that it has wholesale markets for almost everything including textiles, electronics, spices, and books etc. Our aim is to promote the business of these wholesale markets and increase employment opportunities in these markets." This was the first meeting with the representatives of the wholesale market in which 30 people from the wholesale market association gave their suggestions. Sisodia added that the wholesale markets of Delhi are a major contributor in Delhi's economy and are a brand in itself. The festival will enable access to global consumers and will also help in the branding and marketing which will boost the businesses of these markets. Sisodia said, "In the age of e-commerce, these markets have suffered great losses and they need to be revamped with a new vision that will uplift them and boost their income. During the implementation phase of the project, the Kejriwal government also plans to provide training to the workers in the markets along with infrastructural development." Paramjeet Singh Pamma, Chairman Federation of Sadar Bazar Trades Association (FESTA) thanked the Deputy CM and appreciated the unique initiative of the government. He promised full support from his market and suggested the wholesale shopping festival be extended to the night timings as well.
Source: Millennium Post
Italy has become billion dollar export market for Pakistan for the first time ever. As per the details, Italy is among the countries where Pakistan’s exports have been rising phenomenally despite the tough market conditions caused by the COVID health emergency. Italy has become billion dollar export market for Pakistan for the first time ever and in the first 11 months of this year, our exports to Italy increased 46% which is highest growth rate among all of our export destinations in Europe. In this period, Pakistan`s trade surplus with Italy has increased 84% whereas Just three years ago, Pakistan actually had a trade deficit of $148 million with Italy. In the last three years, despite the pandemic driven market disruptions, Pakistani trade with Italy not only recovered from the deficit but has turned around to post a trade surplus of half a billion dollar. This remarkable achievement owes much to the resilience and dynamism of Pakistani entrepreneurs in the export sector, ably supported by Pakistan embassy in Italy. Ambassador to Italy, Jauhar Saleem, has been regularly briefing media about the Embassy’s initiatives for trade, investment and remittances enhancement, including engagement with the host government, industry associations, business leaders, chambers of commerce and SMEs. Pakistan’s exports to Italy have crossed $1,002 million during the first 11 months of this financial year with the value added sectors becoming the main driver of growth that has produced a trade surplus of around half a billion dollar. That too at a crunch time for the country reeling from record trade deficits. From an increasingly diversified export basket, home textiles, leather, rice, plastic products, surgical instruments, general fitness equipment and auto parts have been the top performing product lines. In the wake of the pandemic led health consciousness, Pakistan`s exports of articles of general fitness have also increased by over 100%, while export of plastic products has increased 356%, making Italy Pakistan`s 4th largest export destination for plastic products. Pakistan also further improved its position as the market leader in rice sector with its exports increasing by another 31%. The embassy has been specially engaging with sourcing firms and investors so as to leverage the pandemic hit conditions to Pakistan`s advantage in terms of enhanced focus of Italian importers on Pakistan, which has helped promote greater B2B interaction as well as exchange of delegations. Recently, a 10 member buying mission from Italian leather sector visited Pakistan, and another delegation will be visiting TEXPO Pakistan in August 2022. On the other side. a 22 member delegation of PFMA is visiting Italy from 11-15 June 2022 and a 35 member delegation from leather sector will be visiting Italy in September 2022. Chairman Pakistan Footwear Manufacturers Association (PFMA), Zahid Hussain has, in a press statement, recognized the support of Pakistan Embassy Rome for footwear exporters in recovering from the challenging conditions and getting back on growth trajectory in the Italian market. He appreciated the role of the Embassy in establishing Pak-Italy Footwear Technology Institute at Lahore that is playing a vital role in inducing competitiveness and modernization of Pakistan`s footwear sector. There has also been an unprecedented inflow of workers remittances from Italy to Pakistan in the last couple of years. The overall growth in workers remittances from Italy has been almost 50% in the first 10 months of this year, making Italy Pakistan`s biggest source of remittances in the EU and the 7th largest in the world . Workers remittances are expected to cross 850 million by the end of the current financial year. Both countries are also working on a Labour Agreement which would open new opportunities for Pakistani skilled and semi-skilled workers in the Italian market The FDI from Italy has also witnessed promising growth during the current year. As health concerns and travel restrictions relating to COVID abate, corporate travelling from Italian businesses to Pakistan is picking up fast. Many Italian investors are currently negotiating and finalizing investment deals; especially in the areas of food processing, construction, chemicals, energy, textile, leather, and IT. Italy`s largest player in the energy sector ENEL is also exploring Pakistani market for investment. The embassy is providing all required support to facilitate the growing investments, particularly in a JV mode so to promote the flow of technology and know how as well. The overall Pakistan-Italy commercial cooperation in the three main sectors of economic engagement is now worth $2.5 billion, which is the second highest in the European Union after Germany.
Source: Pakistan Today
Both financial and sustainability performance have never been more important for the textiles industry. Traceability can bring huge benefits to both, report emphasises. Textile and apparel companies could be missing out on billions of dollars in net profit enhancement from a lack of supply chain traceability, according to London-based Planet Tracker’s latest report, Lifting the Rug. Traceability – the ability to gain detailed insight into the supply chain – enables companies to better measure and improve their environmental and social impact. The latest research by Planet Tracker has found that companies without systems to do this are missing out on a net profit enhancement of 3 to 7% – the equivalent to between $3-6 billion per year for the brand and retail apparel sector. Despite this, only 37% of 52 publicly-listed retail companies analysed show traceability by publishing a supplier list, of which only 21% have published suppliers beyond Tier 1. “The textile and apparel sector is facing heat from all sides regarding its environmental impact, with toxic production practices, degradation of natural resources, massive and growing waste as well as labour injustice,” says John Willis, director of research at Planet Tracker. “New regulations are on the horizon and consumers are expressing increasing dissent at unethical practices, but still not enough is being done, because not enough is being said about the potential economic benefits. Planet Tracker collaborated with Segura, a leading supply chain mapping software company on the report and its findings prove that the cost of implementation would be more than offset by the enhanced productivity resulting from traceability. And this is in tandem with the sustainability, social and risk mitigation benefits. Even companies who are fully confident they are doing it right need traceability to protect against accusations of greenwashing, which are rife at the moment. “Financial institutions funding textile and apparel companies should be taking note,” Willis adds. “The push towards better traceability is a trend that will continue despite reluctance from suppliers and retailers, with new traceability laws coming into effect in the next five years in key markets around the world. Those left exposed to companies without robust traceability systems will ultimately suffer. “Now that the technological tools for companies to have full traceability through their supply chain exist, any lack of disclosure is wilful. This means that, for institutions investing in textile and apparel companies, traceability must be a non-negotiable.” The report calls on textile companies to: -Make traceability a core pillar of their sustainability strategy moving forward. -Implement full traceability in their supply chains to capture cost savings and better monitor and reduce environmental impacts. -Utilise the knock-on effects of better traceability to invest in better measuring and monitoring of environmental metrics throughout the supply chain. -Be willing to dig deeper on suppliers unwilling to introduce traceability systems. -Provide proof of full traceability before promoting sustainability credentials. Investors in turn, should demand full implementation of traceability through company supply chains to capture cost savings and reduce environmental impacts and full transparency from brands and their suppliers. They should also pressure brands to reinvest a portion of cost savings from better traceability to improve other environmental areas and encourage thought leadership, investments in traceability and decarbonization, which have longer paybacks beyond hitting next quarter or end of year sales targets.
Source: Innovation in Textiles
Gross domestic product fell 0.3% from March when output declined 0.1%, the Office for National Statistics said Monday The UK economy shrank in April at the sharpest pace in more than a year as the government wound down Covid testing, highlighting risks that a broader contraction is under way. Gross domestic product fell 0.3% from March when output declined 0.1%, the Office for National Statistics said Monday. A gain of 0.1% was predicted by economists. The figures underscore a dimming outlook for the UK economy, with manufacturing, services and construction all contracting together for the first time since January 2021. That may persuade the Bank of England to move cautiously in fighting inflation. It’s expected to deliver a quarter-point rate rise on Thursday. “The fall in output is unlikely to be short-lived,” said Yael Selfin, chief economist at KPMG UK. “The overall outlook remains downbeat as the squeeze on consumer income is expected to weaken demand.” What Bloomberg Economics Says ... “We expect momentum to remain subdued in the following months, with output to decline by a marked 0.4% in the second quarter as the real income squeeze starts to bite. Still, with inflation remaining stubbornly high and a red-hot labor market showing no signs of easing, it won’t be enough to prevent the Bank of England from hiking rates. Given the risks to the economy, a 50 basis point move this week looks highly unlikely -- we expect a 25-bp hike, with rates climbing to 2% by November.” The pound slid as much as 0.6% to $1.2238, reaching the lowest level in about a month. Some investors reined in bets the BOE will announce a half-point rate increase this week. The GDP report showed services dropped sharply due to a 5.6% decline in health spending. Test and trace activity fell almost 70% in April. Excluding test and trace and vaccines, the economy would have grown 0.1% in the month, the ONS said. Households showed signs of resilience in April, the month when energy bills jumped 54% and payroll taxes went up. Consumer-facing industries expanded 2.6%, led by a strong rise in retail sales and personal services such as hairdressing. However, more recent data show households cutting back on non-essentials items in response to the cost of living squeeze. Manufacturing fell 1%, with businesses reporting the impact of price increases and supply shortages. Construction fell by 0.4%. An extra bank holiday for the Queen’s Diamond Jubilee means Britain may dodge a technical recession -- two consecutive quarter of falling output -- but it could come close. April marks the third month in which GDP hasn’t grown, a clear sign that the economy is weakening rapidly in the face of inflationary pressures. Separate figures showed the UK trade deficit excluding previous metals narrowed marginally in April to £20.6 billion as exports rose 7.4%, significantly outpacing a 0.7% rise in imports. Exports to the EU rose for a third straight month to their highest level on record. Political Impact The precarious state of the economy presents a headache for both Bank of England Governor Andrew Bailey and Prime Minister Boris Johnson. The CBI, Britain’s biggest business lobby group, downgraded its growth forecast for next year to just 1%. It called on the government to boost business investment “to spare the country from dipping into recession.” With inflation set to peak in double digits in October when energy bills are due to surge again, Bailey and his colleagues have little option but to keep raising interest rates, even if means making the cost of living crisis worse in the short run. They are worried about the risk of a 1970s wage-price spiral unless inflation is brought under control. Not Immune “Countries around the world are seeing slowing growth, and the UK is not immune from these challenges,” Chancellor of the Exchequer Rishi Sunak said. “I want to reassure people, we’re fully focused on growing the economy to address the cost of living in the longer term, while supporting families and businesses with the immediate pressures they’re facing.” For the BOE, a quarter-point move, as forecast, would take the benchmark rate to 1.25%, the highest since 2009. Money markets are now pricing in rates climbing above 3% next year. For Johnson, who came close to being ousted by his own Conservative Party in a confidence vote on Monday, rescuing the economy is vital if he’s survive much longer. A new £15 billion support package to subsidize energy bills will only go so far to help households, who had been on course for the biggest fall in disposable incomes since the 1950s. Figures this week are expected to confirm surveys showing that retail sales fell in May. Even the housing market, which defied the economic slump during the pandemic, is showing signs of cooling. However, the labor market remains tight and a potent source of inflation, data tomorrow is predicted to show.
Source: Bloomberg
Teams with country music star Miranda Lambert The latest addition to Walmart’s portfolio of celebrity brands for home marries retro farmhouse style with a dash of sassy humor. The newest Walmart-exclusive home line, Wanda June Home, was created collaboration with reigning ACM Entertainer of the Year, three-time Grammy winner and one of Time magazine’s 100 Most Influential People of 2022, Miranda Lambert. The debut collection includes more than 80 affordable kitchen, bar, tabletop and home décor items, with most priced under $30. Textiles include an array of dec pillows and rugs. Available on Walmart.com, the brand is named after Lambert’s mother, Beverly June Lambert, and grandmother, Wanda Louise Coker, “They both taught me everything I know about being a woman and how to make a warm home full of laughter, love and memories. That’s really the heart of my Wanda June Home brand,” said Lambert. “The products are a physical representation of a long line of beautiful memories with amazing women.” Wanda June Home joins Walmart’s portfolio of exclusive product lines, including Beautiful by Drew Barrymore, Gap Home, The Home Edit, The Pioneer Woman, Queer Eye and My Texas House. Following the inaugural collection, new Wanda June Home items and collections will drop seasonally.
Source: Home Textiles Today
Fast fashion etailer Shein has committed US$50m over the next five years to tackle textile waste after partnering Ghanaian not-for-profit, the Or Foundation. Shein and The Or Foundation say the agreement is the “first of its kind” and establishes an annual commitment from the brand to support waste management efforts in communities deeply impacted by textile waste. The multi-year agreement with The Or Foundation launches Shein’s Extended Producer Responsibility Fund which will help advance the design and implementation of ecological and social sustainability strategies focused on clothing that has entered the global secondhand clothing trade and often leaves the secondhand trade as waste. The funds will go toward global causes aligned with Shein’s commitment to addressing global textile waste management and furthering the development of a circular economy, as well as any other EPR obligations. As the initial grant recipient, receiving $5m annually for three years from the overall Fund, The Or Foundation will utilise the resources to expand their Mabilgu (sisterhood) Apprenticeship Program for young women carrying bales of secondhand clothing on their heads, incubate community businesses transforming textile waste into new products, pilot fibre-to-fibre initiatives with Ghanaian textile manufacturers and to uplift Kantamanto Market through a community-based vision to ensure that the world’s largest secondhand clothing market is a safe and dignified place to work. The Or Foundation will also redistribute a portion of the initial grant to allied organisations in Ghana. Shein will work with The Or Foundation to identify additional grant recipients in other countries impacted by fashion’s waste problem this year and in coming years. Liz Ricketts, co-founder and executive director of The Or Foundation, says: “We have been calling on brands to pay the bill that is due to the communities who have been managing their waste, and this is a significant step toward accountability. What we see as truly revolutionary is Shein’s acknowledgement that their clothing may be ending up here in Kantamanto, a simple fact that no other major fashion brand has been willing to state as yet.” Adam Whinston, global head of ESG at Shein, said: “Shein has set an ambitious impact agenda, and we are thrilled to be partnering with The Or Foundation, the initial recipient of Shein’s trailblazing fund, for the next step in our journey. Addressing secondhand waste is an important part of the fashion ecosystem that is often overlooked. We have an opportunity to make change in this space and we look forward to working with The Or Foundation on this first-of-its-kind effort.” At the end of April, Shein launched Evolushein – its first positive impact collection using recycled polyester.
Source: Just-Style
