The tenth edition of Asian Textile Conference (ATEXCON) is all set to be inaugurated on Wednesday by Union minister commerce and industry, consumer affairs, food and public distribution and textiles Piyush Goyal. The one-day event ATEXCON, to be held in New Delhi, will focus on the prospects and challenges of the textile industry in the next decade. The conference, being organised by the Confederation of Indian Textile Industry (CITI), will see more than 35 renowned speakers sharing their thoughts. Over 350 delegates from India and abroad have already registered to participate in the event. Textile industry focused global information portal Fibre2Fashion is supporting the event as Knowledge Partner. Textiles minister will deliver keynote address in the inaugural session of the conference. The session will be addressed by HK Agarwal, managing director, Grasim Industries Ltd; Soundhar Rajhan K, director operations, Lakshmi Machine Works Ltd. (LMW); Neeraj Jain, joint managing director, Vardhman Textiles Limited; Sudhir Sekhri, vice chairman – Apparel Export Promotion Council (AEPC); among others. The theme session on “Reimagining the Textile and Apparel Industry for the Next Decade” will be addressed by minister of state for textiles Darshana Vikram Jardosh. Textiles secretary Upendra Prasad Singh will present a “Roadmap for the Next Decade”. Singh will also chair the first session on ‘Rebuilding India’s Textile & Apparel Industry’. Panellists for the discussion are Arvind Singhal, chairman, Technopark Advisors; Gautam Nair, chairman, Export Promotion Committee of Apparel Export Promotion Council (AEPC), Sunil Patwari, vice chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL), Bhadresh Dodhia, vice chairman of the Synthetic & Rayon Textile Export Promotion Council (SRTEPC) and Sangeeta Vashishth, president of Federation of Buying Agents (FBA). Vijoy Kumar Singh, special secretary of ministry of textiles, will chair the second session on ‘Changing Trends in Asian Textile and Apparel Trade’. International Textile Manufacturers’ Federation (ITMF) director general Dr. Christian Schindler will moderate the session, which will have experts from Taiwan, Sri Lanka and TUV Rheinland as panellists. The third session on ‘Digitization, Automation & Innovation in Textiles and Apparel Industry’ will be chaired by joint secretary, ministry of textiles, Prajakta Verma. This will be followed by two more sessions on themes: ‘India’s Trade Agreements with Major Economies’ and ‘Scaling up Cleaner Production with Sustainable Textile Solutions’. All the five sessions will be followed by a Q&A session and summing up by the moderator.
Source: Fibre2fashion
Synopsis "India's dynamism and innovation offer a large scope of opportunities for collaboration with the other 55 countries in our family. Furthermore, there is an opportunity to explore the natural synergies between India and the rest of the Commonwealth," says Patricia Scotland, secretary-general of the 56-nation club India can play a leadership role in enhancing trade and digital connectivity within the Commonwealth, says Patricia Scotland, secretary-general of the 56- nation club, in an interview to Himani Kothari. Scotland, who visited India last week, says intra-Commonwealth investments have nearly trebled since she took office in 2016 and that she is confident of achieving $2 trillion in annual trade between the member countries by 2030. Whatissues did you focus on during your India visit? I have loved every visit to India, and this visit was no different. This is a remarkable country: a driving force in the Commonwealth and a leader in the wider world. I have enjoyed discussions with ministers, high-level officials and partners in NGOs, international organisations and the private sector on priority issues for India and the Commonwealth, especially how we can work together to implement the clear outcomes from the Commonwealth Heads of Government Meeting in June. It is impossible not to be struck by the mutual significance of the relationship between India and the Commonwealth: India is the largest member of the Commonwealth, and the Commonwealth is committed to working closely with India. India’s dynamism and innovation offers a large scope of opportunities for collaboration with the other 55 countries in our family. Furthermore, there is an opportunity to explore the natural synergies between India and the rest of the Commonwealth. For example, some of India’s islands resemble the size, shape and topography of our Small Island Developing States. We can use these similarities to learn from each other. The Commonwealth was perhaps one ofthe first major multilateral organisations to flag climate change as an existentialthreat-- in 1989. Whatis the biggest achievement ofthe bloc on this front? Climate change is a challenge for the whole Commonwealth and the wider world — and an existential threat to our small states, especially our low-lying island states. It is a threat multiplier — amplifying existing social, political and economic inequalities and bringing forward the tipping point for conflict. The Commonwealth consistently advocates for climate action at the highest levels of the international system. We support Commonwealth member countries with technical assistance through our flagship Blue Charter, our groundbreaking Living Lands Charter, the Disaster Risk Finance Portal and our Climate Finance Access Hub, which has unlocked $50 million in climate finance for our countries that most need the support, with another $800 million in the pipeline. What was the intra-Commonwealth trade turnover in 2021 and India's share in that? India’s trade with other Commonwealth members is significant and growing, and India is a key driver of intraCommonwealth trade in goods and services. While not a formal trading bloc, the Commonwealth trade advantage means our members can enjoy bilateral trade costs which are 20% lower than trade with non-Commonwealth countries, with a near-tripling of intra-Commonwealth investment since I took office as Secretary-General. Although India enjoys a healthy share of Commonwealth trade, there are still opportunities to further scale up intraCommonwealth trade, and we are determined that we will reach our goal of $2 trillion in annual intra-Commonwealth trade by 2030. Our trade assistance to Commonwealth members, including India, is comprehensive. We provide policy and technical support, and help countries negotiate with each other and the international trading system, especially through our MoUs with the World Trade Organization, UNCTAD and the International Trade Centre. And last but not least, 60% of the Commonwealth population is under the age of 30. To our youth to reach their full potential we must close the digital divide. This week, I spoke at the Management DevelopmentInstitute in New Delhi about the importance of utilising strategies such as SMART governance to close the digital divide. What are the areas where you would like India to play a larger role? India is already an active, engaged Commonwealth member and leads on a range of issues from Covid-19 vaccine distribution to environmental issues. My visit has enabled us to explore ways in which the Commonwealth Secretariat can provide more assistance to India, and where India can play a leadership role within the Commonwealth in areas such as the Blue Charter and Living Lands agendas, intra-Commonwealth trade and enhancing digital connectivity. There was some innovation in the recently concluded Commonwealth Games, with esports making its debut... The Commonwealth Games has always been innovative — it is the most inclusive multi-sport games in the world. Esports are not the only first at the 2022 Commonwealth Games — it is the first major multi-sport games where there were more medals for women than men. I think the Commonwealth Games were a fantastic illustration of the unity and purpose within the Commonwealth, and a great reflection of the Commonwealth’s breadth and diversity. I’d like to congratulate India on their 61 medals, finishing 4th overall in medals with 22 gold, 16 silver and 23 Bronze. And to Sharath Kamal, a table tennis champion and India's most successful athlete in these games with 4 medals.
Source: Economic Times
Reliance Industries Limited (RIL) has decreased prices of polyester staple fibre (PSF) by ₹4 per kg from today. Earlier, it had increased the price of purified terephthalic acid (PTA), monoethylene glycol (MEG) and MELT for this week. RIL is the largest manufacturer of PSF and raw material PTA, MEG and MELT in India, so the market follows its prices.According to the market sources, RIL decreased the price of polyester spun fibre (PSF) by ₹4 per kg. PSF will be sold by the company at a price of ₹116 per kg. from today onwards. It had earlier fixed the price of PSF at ₹120 per kg. The company revises PSF prices fortnightly.
On last Friday, RIL increased PTA price by ₹1.80 to ₹87.00 per kg. MEG was priced at ₹53.80 per kg with hike of ₹0.10 per kg, while MELT was priced at ₹93.11 per kg with increase of ₹1.58 per kg. The company had revised prices with effective from August 13, 2022.
Source: FIbre2fashion
In South India, during various commercial events, leading personalities can be seen in their traditional attires, while this is almost missing in other parts of India. So having 'connect', proud with not only own state, own culture, but India's products, nation's culture need to incorporate in every human being Har Ghar Tiranga campaign proved a highly successful initiative and one can easily feel the 'connect' with tricolour and love for the nation, respect to our freedom fighters for their contribution. Workers who manufactured these million of tricolours, also had a spirit, proud while making these tricolours. With this, generation Z can realize how almost a century ago the father of our nation created a revolution with the concept of Charkha and Khadi.
So the basic idea is to feel 'connect' and realize that in a particular task, you are doing something good, for your nation, for your values and belief. The same 'connect' is needed to create in India's traditional textile products be it Gamcha, Dhoti or other such products which may be lesser known out of their region. Concepts like textile tourism, geographical indication (GI), and one district one product (ODOP) do have the power to become a revolution that can bring a massive change in the demand for such products and improve the textile business.But massive efforts are also required for the same and the biggest effort will be to connect the masses and especially generation Z which is the biggest consumer of clothes, have more buying power, they believe in the experiment, they doesn't do only need-based shopping and most importantly, this generation is tech savvy to explore newer products. And if we can do this for India, social media platforms like Instagarm which is also now a leading shopping platform, can spread these efforts across the globe. And supreme influencers like top leadership, and celebrities can do this as their contribution to society. And it will not only increase the demand for traditional products and benefit the textile industry, but it will also connect them to their roots and will help them to be more familiar with the different cultures of our beautiful nation. Indeed it can strengthen the social fabric of our society. In South India, during various commercial events, leading personalities can be seen in their traditional attires, while this is almost missing in other parts of India. So having 'connect', proud with not only own state, own culture but India's products, nation's culture need to incorporate in every human being. There is already strong groundwork there as across India, there are craft villages located at Raghurajpur (Odisha), Naini (Uttar Pradesh), Anegundi (Karnataka), Mahabalipuram (Tamil Nadu), Taj Ganj (Uttar Pradesh), Ajmer (Rajasthan) Tirupati (Andhra Pradesh) and Vadaj (Gujarat). These villages have been taken under the 'linking textile with tourism' programme, benefitting around 1,000 artisans to promote craft and tourism at a single location. These are just a few examples, there are many more products in our interior and they all have the qualities to be used as daily wear or at least get reasonable space in our wardrobe. But as usual, efforts need to go beyond the routine government schemes and traditions like handloom or khadi on just some special occasions. Lakh of Indians proudly buy various expansive textile, and leather products of foreign luxury brands so buying real pashmina or real product which is no less than any world-class product be it product's feel, best quality and usability. Branding is not going to promote much to such Indian products so the missing factor is the 'connect' that they should feel while buying India's traditional strengths. There should be an ecosystem where anyone easily ensures that he or she is buying a genuine product. And this 'connect' will not develop overnight and steps requires for the same at different levels. For example, our schools often have fancy dress completion for kids and ask kids to wear special dresses at festivals. The major object behind this is fun and kids' overall development. This needs to extend in true spirit and beyond kids. There can be regular events to promote traditional garments and even handicraft products. Students of senior classes should realise India's culture and hard work behind these products. The idea should that in long run these students should not only use such products proudly but also become brand ambassadors for these products.
Source : Bizzbuzz
With a price-to-earnings (or "P/E") ratio of 4.7x Loyal Textile Mills Limited (NSE:LOYALTEX) may be sending very bullish signals at the moment, given that almost half of all companies in India have P/E ratios greater than 21x and even P/E's higher than 43x are not unusual. Although, it's not wise to just take the P/E at face value as there may be an explanation why it's so limited. Recent times have been quite advantageous for Loyal Textile Mills as its earnings have been rising very briskly. It might be that many expect the strong earnings performance to degrade substantially, which has repressed the P/E. If that doesn't eventuate, then existing shareholders have reason to be quite optimistic about the future direction of the share price. Want the full picture on earnings, revenue and cash flow for the company? Then our free report on Loyal Textile Mills will help you shine a light on its historical performance.
How Is Loyal Textile Mills' Growth Trending?
Loyal Textile Mills' P/E ratio would be typical for a company that's expected to deliver very poor growth or even falling earnings, and importantly, perform much worse than the market. Retrospectively, the last year delivered an exceptional 105% gain to the company's bottom line. Pleasingly, EPS has also lifted 339% in aggregate from three years ago, thanks to the last 12 months of growth. Therefore, it's fair to say the earnings growth recently has been superb for the company. Comparing that to the market, which is only predicted to deliver 20% growth in the next 12 months, the company's momentum is stronger based on recent medium-term annualised earnings results. With this information, we find it odd that Loyal Textile Mills is trading at a P/E lower than the market. Apparently some shareholders believe the recent performance has exceeded its limits and have been accepting significantly lower selling prices.
The Bottom Line On Loyal Textile Mills' P/E
It's argued the price-to-earnings ratio is an inferior measure of value within certain industries, but it can be a powerful business sentiment indicator. Our examination of Loyal Textile Mills revealed its three-year earnings trends aren't contributing to its P/E anywhere near as much as we would have predicted, given they look better than current market expectations. There could be some major unobserved threats to earnings preventing the P/E ratio from matching this positive performance. At least price risks look to be very low if recent medium-term earnings trends continue, but investors seem to think future earnings could see a lot of volatility.
Source: simply wall
The United Kingdom launched the Developing Countries Trading Scheme (DCTS), which will extend tariff cuts to hundreds of more products exported from developing countries, going further than the European Union’s (EU) Generalised Scheme of Preferences (GSP). This is on top of the thousands of products that developing countries can already export to the country duty-free. This will mean 99 per cent of goods imported from Africa under the scheme will enter the United Kingdom duty free, an official press release said.
DCTS covers 65 countries across Africa, Asia, Oceania and the Americas, including some of the poorest countries in the world.
“As an independent trading nation, we are taking back control of our trade policy and making decisions that back UK businesses, help with the cost of living, and support the economies of developing countries around the world,” UK international trade secretary Anne-Marie Trevelyan said launching the scheme. A wide variety of products—from clothes and shoes to foods that aren’t widely produced in the United Kingdom—will benefit from lower or zero tariffs under the new scheme. It will ensure that British businesses can benefit from more than £750 million per year of reduced import costs, leading to more choice and lower costs for UK consumers to help with the cost of living. “UK businesses can look forward to less red-tape and lower costs, incentivising firms to import goods from developing countries,” Trevelyan said. The scheme removes some seasonal tariffs, meaning more options for British supermarkets and shops all year round. The scheme also simplifies complex trade rules such as rules of origin, making it easier for many businesses in developing countries to export and play a larger role in the global trade community, the release added. This drive includes a new initiative called Platinum Partnerships, designed to grow trade between the United Kingdom and selected lower and middle-income Commonwealth countries and reduce dependency on aid. The partnerships will strengthen two-way green trade and investment, helping countries’ adaptation to climate change.
Source: Fibre2fashion
ISLAMABAD – The exports of textile commodities increased by 0.67 percent during the first month of the current fiscal year as compared to the corresponding month of last year. The textile exports were recorded at $1,481.021 million in July 2022 against the exports of $1,471.185 million in July 2021, showing growth of 0.67 percent, according to the latest data released by Pakistan Bureau of Statistics (PBS) on Tuesday. The textile commodities that contributed in trade growth included cotton cloth the exports of which increased by 1.42 percent to $181.984 million during the July 2022 as compared to the exports of $179.443 million last July year. The other commodities that witnessed growth in trade included raw cotton year, the exports of which grew by 100 percent to $1.094 million and yarn other than cotton yarn by 17.78 percent, from $2.863 million to $3.372 million. Likewise, the exports knitwear increased by 10.75, from $.392.711 million to $434.926 million, tents, canvas and tarpaulin by 32.10 percent, from $6.613 million to $8.736 million, readymade garments by 1.14 percent, from $301.153 million to $304.575 million and other textile materials by 4.45 percent, from $57.516 million to $60.076 million. The textile commodities that witnessed negative growth in trade included cotton yarn, the exports of which declined by 20.59 percent, from $89.871 million to $71.364 million. The exports of bedwear also went down by 3.35 percent from $263.345 million to $253.991 million, towels by 3.67 percent, from $77.818 million to $74.965 million, art, silk and synthetic textile by 3.54 percent, from $32.360 million to $31.216 million whereas the exports of made up article (excluding towels and bedwear) decreased by 18.45 percent from $67.104 million to $54.722 million. Meanwhile, on month-on-month basis the textile exports from the country declined by 13.21 percent during the month of July 2022 as compared to the exports of $1706.350 million recorded in June 2022, the PBS data revealed. It is pertinent to mention here that the country’s overall merchandise exports declined by 5.17 percent in July 2022 as compared to exports of July 2021. The exports during the month were recorded at US$2,219 million against the exports of US$2,340 million in last July. The imports also declined by 12.81 percent to US$4,861 million in July 2022 compared to exports of US$5,575 million in July 2021. Based on the figures, the merchandize trade deficit declined by 18.33 percent by going down form the deficit of US$3,235 million last July to US$2,642 million in July 2022, according to PBS data.
Source: Nation
Indonesian industry minister Agus Gumiwang Kartasasmita recently expressed optimism about the textile and textile products (TPT) industry expanding its export market to meet the target of $13-14 billion this year. ‘Making Indonesia 4.0’ will encourage the transformation of the textile industry to make it more competitive and innovative, he said. "We hope the textile industry continues to give good performance, mostly driven by the rapid growth of sales through e-commerce platforms as well as consumer awareness of the sustainability principle in the textile production process, in line with the commitment to reduce carbon and water consumption in the production process," Kartasasmita said in a statement. Use of sustainable and environment-friendly raw materials and the application of the circular economy principle are also being encouraged, he said. The industry ministry has started a 35-per cent import substitution programme this year to encourage more utilisation of existing industries and boost investment in the country. A machine and equipment restructuring programme is also being carried out in the fabric refinement and fabric printing industries. "This effort has been proven to increase production capacity by 21.75 per cent, increase production realization by 21.22 per cent, energy efficiency by 11.86 per cent, and increase sales volume, both domestically and (via) export, by 6.65 per cent," Kartasasmita was quoted as saying by a news agency. He also lauded the international integrated Textile and Textile Products (TPT) Industry Exhibition, or 2022 Indo Intertex & Inatex exhibition, which was themed “Making Indonesia Textile 4.0.” The minister added he is open to the possibility of building an integrated textile industry ecosystem in Indonesia.
Source: Fibre2fashion
SINGAPORE/TOKYO/HONG KONG (Reuters) -The safe-haven U.S. dollar hovered near a one-week high on Tuesday while the Aussie, euro and Chinese yuan remained under pressure as weak global economic data regnited recession fears. The dollar index, which measures the greenback against six major peers, held steady at 106.51, just below the previous session's peak of 106.55, the strongest since Monday of last week. The euro, the most heavily weighted currency in the dollar index, was little changed at $1.0158 after earlier dipping to the weakest since Aug. 5 at 1.0154. Sterling was 0.1% down at $1.2040, the lowest since Aug. 5. Against the yen, a much sought after haven currency, the dollar eased 0.09% to 133.19. The global safety bid was driven by a raft of weak world economic indicators. On Monday, data showed U.S. single-family homebuilders' confidence and New York state factory activity fell in August to their lowest levels since near the start of the COVID-19 pandemic. That followed surprisingly weak Chinese activity data spanning industrial output, retail sales and fixed-asset investment as a nascent recovery from draconian COVID-19 lockdowns faltered. Against the offshore yuan, the dollar rose 0.07% to 6.8174, heading back toward Monday's high of 6.8200, a level last since in mid-May. The Australian dollar sank as low as $0.70005, threatening to drop below the psychological 70 cent mark for the first time since Wednesday. New Zealand's kiwi dipped to $0.6349, also the lowest since Wednesday. The Reserve Bank of New Zealand is widely expected to raise rates by half a point again on Wednesday, with the focus on whether policymakers follow the Federal Reserve and Reserve Bank of Australia in shifting to a more data-driven approach. "The weakness in the U.S. and Chinese economies is typically a bad sign for commodity currencies," including Aussie and kiwi, Commonwealth Bank of Australia strategist Joseph Capurso wrote in a note to clients. "The path of least resistance for NZD is lower until the Reserve Bank of New Zealand's policy meeting tomorrow."
Source: Business Standard
Coats Digital has announced that Colombian fashion textile group Manufacturas Eliot SAS has selected FastReactPlan to digitally transform its supply chain. The implementation of FastReactPlan will enable the textile group – which was established in 1957 – to respond in an agile and integrated way to growing market requirements, reduce its manufacturing lead times and manage its complex network of sewing manufacturers effectively. Carlos Mario Pérez, Production Manager of Manufacturas Eliot, commented “The current market conditions require an increasingly agile response to changes in consumer demand and the traditional approach of producing garments, based on a projection and sell strategy, is no longer sustainable. We required a flexible and efficient supply chain capable of producing ever shorter runs as well as more complex products in a shorter lead time. FastReactPlan’s simulation tools will make this possible, so that we can adjust our plan accordingly and respond quickly to demand changes, without sacrificing efficiency – whilst ensuring the workload of our sewing suppliers is always guaranteed.” The implementation of FastReactPlan is part of Manufacturas Eliot digitisation strategy to re-engineer its entire supply chain. The project will include automatic planning of sewing and embellishment processes, as well as provide greater visibility to over 200 workshop teams across the company. The expansion of the project to the denim factory will be factored in as a second project phase, later in the year. Oscar González, Coats Digital, LATAM, stated “The implementation of FastReactPlan at Manufacturas Eliot is a significant milestone for Coats Digital in the region. The Colombian market is strategic for us and we are proud to have a company like Manufacturas Eliot amongst our clients.” It’s worth noting here that Manufacturas Eliot designs and produces fashion goods for its Patprimo, Seven Seven and Facol brands. The vertically integrated manufacturer produces more than 20 million garments per year and employs over 4,500 workers across Colombia.
Source: Nation
