Trident Limited is one of the world’s leading integrated home textiles companies and the world’s largest producer of wheat straw-based paper. Headquartered in Ludhiana, Punjab, the company is one of the leading exporters of home textiles. Trident is the flagship company of Trident Group, a USD 3+ billion Indian conglomerate and a global player. From its humble beginnings in 1990, Trident has evolved to become one of the world’s most integrated home textile manufacturers under the visionary leadership of its founder and Group Chairman Rajinder Gupta. The company produces a wide range of yarns, bed and bath linens, paper, chemicals and captive electricity. Barnala in Punjab and Budhni in Madhya Pradesh are home to Trident’s world-class production facilities. Excellent quality of products and unique growth techniques of the company have resulted in a loyal customer base throughout the world leading to the creation of a sustainable business model. In 2021-22, Trident clocked revenues of Rs 69,415.2 million as against Rs 45,353.1 million in the previous financial year. The company’s existing capacity includes 5.89 lakh spindles, 7, 464 rotors and 160 air jets. The company plans to add another 98, 496 spindles and 3,600 rotors. “Our journey down the decades has been one of transformation and creating differentiation across brands and products. How did we make this possible? My simple answer would be by unlocking our hidden reservoirs of potential. By pushing our limits, walking the road less travelled, reaching new milestones, and moving on to greater glories. That’s who we are and our resilience is also a reflection of our potential to rise above and see beyond challenges towards emerging opportunities that shine on the horizon. We have proved time and again that our vision and strategies can stand the test of time and our empowered teams have the ‘can do’ spirit, which is infectious and indomitable,” says Gupta.

Cotton Yarn

After operating for almost two decades in the industry, Trident today has the largest spinning installation at a single campus in India. It produces high-quality cotton yarn for domestic usage in the home textile industry. Advanced technologies such as Truetzchler’s blow room, Zinser and Murata’s ring frame, Suessen’s compact attachments and Uster 5 testing are all available in the company’s production facilities. It has the large product portfolio that includes a variety of high-quality yarn. Trident holds a unique place in the home textile space as one of the largest vertically integrated companies globally. Its two primary business segments are bath and bed linen. Trident is committed to innovation in all aspects of its operations, including manufacturing infrastructure, fibre utilisation, yarn production and processing. The company has a firm grasp across its value chain. The company’s design studios in the US and the UK keep it close to market trends as well as to its clients. For end-to-end product and print design innovation, it has a specialised staff of trained designers from the most prestigious Indian institutions.

Expansion and Modernisation

Trident’s state-of-the-art production facilities include spinning, wide-width air jet and jacquard weaving, soft flow dyeing and fully automated cutting and sewing for towels. The manufacturing units are equipped with world-class machinery like Karl Mayer, Texpa, Schmale and Thies from Germany; Toyota from Japan; Beninger from Switzerland; Anglada from Spain; ETON from Sweden; Zimmer from Austria; and Picanol from Belgium. Further, Trident has successfully expanded its yarn segment with the addition of 61,440 spindles and 480 rotors including other balancing equipment and commenced its commercial operations with effect from July 27, 2021. The above project has been implemented with capital outlay of Rs 338 crore. This capacity addition shall further strengthen the position of the company in the textile sector. Further, Trident has commissioned 7.6 MW solar power plant at Budhni for captive use. This project is expected to produce 33,500 units per day to be consumed in manufacturing facilities located at Budhni, resulting in considerable savings for the company. Moving towards a greener planet, Trident aims to use renewable and clean energy for reducing carbon emission and further fortify its spirit of sustainable manufacturing. “As we embark on a transformative path to make Trident one of India’s most trusted national brands, we are focusing more on innovation, sustainability, branding and digitisation i.e. e-commerce and Industry 4.0, expanding capacities and moving to premium products which enjoy higher retail price points. Our offerings are diverse and are supported by continuous innovation. In addition, we are expanding our omnichannel presence to widen our customer base and penetrate markets with distinctive portfolio of brands. To supplement our growth, we are also increasing the capacity utilisation of our plants through digitisation of processes and adoption of leaner practices. Our operations are now fast making progress with adoption of Industry 4.0 best practices that will bring greater efficiencies and improve margins,” Gupta says. At the same time, the company is also improving its ESG scorecard and emerging as an environment-friendly business with a strong commitment to social welfare. “During the year gone by, our teams have shown high resilience and displayed strong performance despite challenging circumstances. We will continue to create value and maintain Trident’s excellence-centric mindset to achieve even stronger and better results in the coming years. The way forward is clear to us and we are advancing towards our goals with renewed optimism. It is imperative that the growth we achieve and the value we create must be attained through sustainable measures. We continue to maximise our efforts to leave a positive impact on our stakeholder groups while minimising negative impact on the ecosystem,” Gupta further states.

Source: The Indian textile magazine

Yarn prices up in north India; cotton prices down as ICE cotton drops

Cotton yarn prices gained ₹3-5 per kg in Ludhiana and Delhi as spinning mills stop selling their products. Mills are facing disparity of ₹20-25 per kg due to recent rise in cotton prices. Buyers, who were trying to buy the raw material, need to fulfil their exports commitment. However, cotton prices eased today after rising continuously in the previous week. Ludhiana market’s cotton yarn prices rose by ₹3 per kg. “Cotton yarn prices rose as mills have stopped selling due to price disparity. Lower supply will not only limit mills losses but also support yarn prices. Mostly mills are running on half capacity due to poor demand and market uncertainty,” a trader from Ludhiana market told Fibre2Fashion.n Ludhiana, 30 count cotton combed yarn was sold at ₹282-292 per kg (GST inclusive), according to Fibre2Fashion’s market insight tool TexPro. 20 and 25 count combed yarn were traded at ₹275-285 per kg and ₹280-290 per kg, respectively. Carded yarn of 30 count was at ₹260-270 per kg. In Delhi, yarn prices were slightly higher due to costlier cotton. The prices were quoted higher by ₹5 per kg by stockists and traders. Mills were not interested in selling cotton yarn here as well. A trader from Delhi market told Fibre2Fashion, “Cotton prices gained as farmers are selling their crop at current prices. But poor buying from the downstream industry is not supporting the higher prices of cotton yarn. Therefore, mills have come into disparity. It has pushed up yarn prices by ₹5 per kg.” In the Delhi market, 30 count combed yarn was traded at ₹300-305 per kg (GST extra), 40 count combed at ₹330-335 per kg, 30 count carded at ₹280-285 per kg and 40 count carded at ₹315-320 per kg, as per TexPro. Panipat’s recycled yarn market was stable but with limited trade. Sluggish demand from end users weakened sentiments in the entire value chain. 10s recycled yarn (white) was traded at ₹95-100 per kg (GST Extra). 10s recycled yarn (coloured - high quality) was traded at ₹105-110 per kg, 10s recycled yarn (coloured - low quality) at ₹80-85 per kg and 20s recycled PC coloured (high quality) at ₹110-115 per kg. 30 recycled PC coloured (high quality) was at ₹150-155 per kg. 10s optical yarn was priced at ₹100-110 per kg in the market. Comber prices were ruling at ₹125-130 per kg. Recycled polyester fibre (PET bottle fibre) was at ₹85-87 per kg. North India’s cotton prices eased today by ₹50-75 per maund of 37.2 kg as ICE cotton dropped. According to local traders, there was some respite in cotton prices after a continued rise of around ₹350-450 per maund in the last week. Mills were buying cotton in certain quantities with utmost caution. Cotton was traded at ₹6,700-6,725 in Punjab, ₹6,650-6,725 in Haryana and ₹6,875-6,925 per maund in upper Rajasthan, and at ₹65,500-67,000 per candy of 356 kg in lower Rajasthan. The arrival was noted at 21,000 bales of 170 kg in the north Indian region which was slightly high.

Source: The Fibre2Fashion

Chatroom: 'Export incentives available on payments received through SVAs'

First, export invoicing in INR is already allowed but the payment must come through Vostro Accounts maintained by foreign banks with a bank in India. Second, trade with Nepal, Bhutan and Myanmar in INR is covered by special arrangements. Third, settlements of trade transactions with some neighbouring countries are made through the Asian Currency Union. Fourth, as far as my knowledge goes, no foreign bank has yet opened SVAs with any bank in India. However, this may happen soon, especially to facilitate transactions with Russia. When that happens, you will be able to invoice in INR for exports to Russia with a specific provision in the contract that the payment must be made through the SVA of a particular Russian bank with a particular Indian bank. It also says that where you make any import against payment through SVAs, receipt of payment for re-export of the same goods must be received through SVAs. DGFT Public Notice no.35 dated November 9, 2022, allows payments received through SVAs to be counted towards discharge of export obligation against EPCG authorisations. says that duty credit allowed under the RoDTEP scheme is subject to realisation of sales proceeds within the period allowed by the RBI. It makes no mention of how the sales proceeds must be realised. Similarly, Section 75 of the Customs Act, 1962, and the Customs and Central Excise Duties Drawback Rules, 2017, only say that the sales proceeds must be realised. So, the entitlements of RoDTEP and Drawback will be available against payments received through SVAs also. The refunds due to zero-rated exports under GST laws will not be affected if you get the payments through SVAs, because Rule 96B of the CGST Rules 2017 only requires you to realise the sales proceeds, and Rule 96A (ii) of the said Rules allows payments in Indian rupees, wherever permitted by RBI. Rule 53 of the SEZ Rules, 2006, requires realisation in freely convertible currency against exports for calculating NFE. Para 6.10(a) of the HBP talks only about FOB value of exports for calculating NFE. So, payments received through SVA will enter the NFE calculations for EOUs, but not for SEZs. For supplies to SEZ units or developers, deemed exports and exports to Nepal, Bhutan and Myanmar, the present position will continue.

Source: The Business Standard

Shri Piyush Goyal inaugurates the 41st edition of India International Trade Fair (IITF) at Pragati Maidan

·Minister calls for more trade fairs at national and state levels to promote industry, entrepreneurship as well as local arts and crafts: Shri Piyush Goyal

·Minister suggests that two editions of the trade fair be held annually; One to focus on swadeshi strength and atmanirbhartha
IITF must focus on quality and professionalism: Shri Piyush Goyal
Efforts must be made to drive all financial transactions at IITF to digital platforms: Shri Piyush Goyal

·Local editions of the Trade Fair must be organized across the country to give an impetus to traditions crafts: Shri Piyush Goyal

·IITF 2022 to see participation from 29 Indian States and Union Territories and 12 foreign nations; Leh Ladakh to participate for the first time

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today called for more trade fairs at national and state levels to strengthen the trade fair ecosystem and to promote industry, entrepreneurship as well as local arts and crafts. He was addressing the gathering after inaugurating the 41st Edition of India International Trade Fair (IITF) in New Delhi today. The Minister suggested that the Trade Fair could be held twice in a year with the second one focussing on the theme of 'Athmanitbhar Bharat', showcasing India's swadeshi capabilities and its emerging strength. “This swadeshi fair must encourage participation of women, MSMEs, small entrepreneurs, exhibitors from the service sector and new exhibitors. It must also be affordable to ensure wider participation”, he said. Shri Goyal opined that local fairs must also be organized all over the country, especially in connection with festivals and tourist seasons so that traditional and local handicrafts and handlooms receive a boost. These local fairs must also focus on improving packaging and design elements, he added. Minister of State for Commerce and Industry, Shri Som Parkash, Minister of State for Commerce, Ms. Anupriya Patel, Ministers from Focus states, senior officials and other dignitaries were present on the occasion.The Minister said that quality and professionalism had to be areas of focus at the IITF. He observed that IIFT was not only a matter of pride for Indians but had successfully made a name for itself all over the world. To further strengthen the fair, we must ensure that only high-quality products are sold and that exhibitors must compulsorily be quality certified, he addedShri Goyal opined that IITF had been successful in taking the endless the possibilities that India has to offer to the world. It is a powerful platform to showcase the diversity of the nation, he observed. The Minister suggested that efforts could be made to drive all financial transactions at the fair to digital platforms and said that India's fintech sector was one of the strongest in the world. Around 600 crore digital transactions took place in India last month, the Minister mentioned. He also said that conducting virtual fairs could be considered. Quoting Prime Minister Shri Narendra Modi, the Minister said that "speed is an ambition and scale is our strength. The new India that we are envisaging will engage with speed and scale". Scale, the Minister said, had a bearing on the impact and the importance of such fairs. Shri Goyal proposed that ITPO and IIFT consider jointly developing some courses in the physical, hybrid or virtual mode, to prepare professionals who will help us make such fairs cutting edge, post-modern and much more attractive to businesses and common people. The Minister said that the ecosystem of trade fairs needs to be given both ‘gati’ and ‘shakti’. He said that the PM GatiShakti Master Plan may be utilised to plan fairs and exhibitions throughout the country. Shri Goyal asked that the centre and states work together in the spirit of cooperative and competitive federalism and compete and collaborate to conceive and implement initiatives like the IITF to take India forward on the road to becoming a developed nation. India will be the growth engine of the world in the time to come, he added. IITF offers an ideal platform to showcase Indian products under the ‘Vocal for Local’ campaign, and infuse renewed confidence and vigour in the Indian economy. The 41st edition of IITF will see the participation of nearly 2500 exhibitors from India and abroad. It is being held over a total area of 73,000 sq.mtr. This year, Bihar, Jharkhand and Maharashtra are Partner States and Uttar Pradesh and Kerala are the Focus States. Exhibitors from 29 States & Union Territories will participate in IITF. It may be noted that Leh Ladakh would be participating for the first time this year. The 41st IITF will also see overseas exhibitors from 12 countries including Afghanistan, Bangladesh, Bahrain, Belarus, Iran, Nepal, Thailand, Turkey, UAE, UK. As in the past, State Day celebrations, seminars and cultural programmes are among the added attractions to the visitors.At the exhibition, Central Ministries/Commodity Boards/PSUs namely KVIC, Department of Income Tax, DGTS (Customs & Excise), Ministry of Ayush, Security Printing & Minting Corporation of India Ltd., National Jute Board, Ministry of Rural Development, RBI, MSME, NHDC, APEDA, LIC, DC Handicraft, Spices Board of India, Ministry of Railways, SBI, TRIFED, will display the achievements of their respective sectors. The timings of the fair are 10.00 AM to 7.30 PM from 14th to 26th November, 2022 and 10.00 AM to 4.30 PM on 27th November, 2022. The expected footfall during 14 days shall be 10,00,000 +. The tickets are available both online and offline at selected metro stations. The tickets will not be available from Supreme Court Metro Station.It may be noted that ITPO has made extensive efforts to improve the overall experience for exhibitors and visitors alike. It has introduced transparent online system for booking of stalls and other services, online registration for business dignitaries during first five days, mobile application for the fair and LED screens for display of information. The venue will also include a dedicated post office, banks and ATMs, and other facilities including a Media Centre. During IITF and other events, ITPO encourages proactive steps by exhibitors to make the venue plastic-free and replacing the same with environment friendly substitutes.

Source: The Pib

Over-dependence on govt purchases hurting jute industry: Union minister Darshana Jardosh

There is a need to modernize and diversify the jute products range to reduce reliance on government purchases of gunny bags, Union minister Darshana Vikram Jardosh said on Saturday. Speaking on the side-lines of a Bharat Chamber of Commerce’s event, the minister of state for textiles and railways said, "A lot has to be done for the jute industry. There is negligible value addition and the sector is dependent on government procurement. Modernization and diversification of products are essential for the sector to become sustainable." A major portion of the Rs 10,000 crore sector is dependent on jute bags procured by the government for the storage of food grains and other essential items. The jute sector is responsible for the livelihood of around 30 lakh jute growers. The sector employs nearly 2.5 lakh workers. Jardosh at the event also pointed out that the Railways is supporting the handloom sector by opening kiosks under the 'one station one product' policy. Eastern Railways Additional General Manager Jaideep Gupta said that 57 stations under the zone have been identified and the scheme is operational for the last three months. Under the scheme, a handicraft artist or a vendor can reserve a kiosk for a small amount of fee for 15 days.

Source: The Knnindia

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From apparels to durables, entry segment products take a hit due to inflation

Leading Titan, Aditya Birla Fashion, Whirlpool and other top retail and electronic brands said demand for mass-priced merchandise is under pressure due to inflation and growth is largely being driven by premium products. "I think consumers of the premium market are less affected by everything that's happening around," Ashish Dikshit, managing director of Aditya Birla Fashion and Retail (ABFRL), told investors during an earnings call. "We continue to see continued buoyancy around the better-to-do, well-to-do customers, more urban markets, and more on premium parts of the business. Pantaloons, on the other hand, has operated in an environment where consumers have been probably more affected in this current inflationary environment." The companies said consumers with more disposable income are better insulated from inflation and rising prices across segments than those with less. Titan Watches' chief executive officer Suparna Mitra said in an earnings call earlier this month that economy-oriented price points are not doing well and there are some pressures in terms of demand. The slowdown is visible mostly in sales of discretionary products, especially higher-ticket items such as durable and electronic goods. The premium products segment continues to perform well, with its contribution to the overall industry pie improving year-on-year. As per industry estimates, the number of refrigerators and washing machines sold (volume sales) between Navratri and Diwali was down by 10-15% from the 2019 festive season level, mainly due to slower demand for mass-segment products, even though premium-end sales went up by over 35%. Whirlpool reported flat revenue growth last quarter, which managing director Vishal Bhola attributed to "muted performance in the entry-level segment". Jitender Verma, the chief financial officer of Tata-owned Voltas recently told analysts that the consumable durable industry saw weakness due to incessant rains and consequent dipping consumer sentiment towards discretionary spending, given the high inflation rate. "The silver lining in the overall lower secondary sales was a reference of the consumers towards higher star-rated products, which has shown a good amount of increase over the previous year," said Verma. "The adoption of the inverter technology has also seen traction, with consumers taking the share of the split inverter air conditioner to 77% from 66% in the corresponding quarter." Havells India chairman Anil Rai Gupta said consumers are not down-trading or opting for lower quality and lower spec products, as was feared. "Mass premium or the premium category continues to do well," he said. Even in the case of smartphones, there is stress in demand in the value segment or handsets priced below ₹10,000. According to a report by Counterpoint Research, India's smartphone shipments declined by 11% year-on-year in the July-September quarter - a first ever for this quarter - due to both a high base of last year when pent-up demand was strong, and lower consumer demand for budget handsets.

Source: The Economic times

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India's apparel index down 21.7 per cent & textiles 12 per cent in Sep

India’s growth of Industrial Index of Production (IIP) rebounded in September 2022 to 3.1 per cent which could have been higher had the textile sector performed even at an average rate. Textiles and clothing sector (T&C) performed poorly on IIPs. In September, index declined 12 per cent for textile manufacturing and 21.7 per cent for apparel manufacturing. Textile sector is facing a slowdown in India and the world at large due to economic adversities. Therefore, India’s domestic and export demand for apparel has declined in the previous months. According to an analysis of Confederation of Indian Textile Industries (CITI), the index for manufacturing of textiles declined to 106.8 (-12 per cent) in September 2022 from 121.4 during the same period of last year. Manufacturing of weaving apparel went down from 158.7 to 124.7 (-21.7 per cent). Cumulative index for April-September 2022 fell 108.8 (-5.5 per cent) for manufacturing of textiles. The index was noted at 115.1 in April-September 2021. The index of wearing apparel increased from 116.1 to 134.2 in April-September 2022. IIP for September 2022 rose to 3.1 per cent from August’s contraction of 0.7 per cent. Growth in September 2021 was 4.4 per cent. For the April-September period, IIP grew by 7 per cent compared with a 23.8 per cent rise in the previous year’s same period.

Source: The Fibre2Fashion

Adityanath govt to nurture 'UP Khadi' start-ups and e-commerce

Looking to boost ethnic Indian textile and apparels, the Uttar Pradesh government has crafted a road map to nurture start-ups and e-commerce dedicated to ‘UP Khadi’. Under the new UP Textile and Garment Policy 2022, the state has announced a host of incentives and subsidies for aggressive offline and online marketing and promotion of Khadi apparels in India and abroad. “Apart from promoting UP Khadi, especially among the youth, the new policy focuses on the economic prosperity of the state weavers,” a senior state government official noted. The Yogi Adityanath government 2.0 will provide financial assistance of up to Rs 12 crore to entrepreneurs opening exclusive khadi retail chains beyond the geographies of UP, including foreign countries. Under the new policy, the promised subsidy will increase to Rs 8 crore for 200 or more outlets, and Rs 10 crore for opening 500 outlets. Moreover, organised groups of young entrepreneurs will also be eligible for financial support for online marketing of UP khadi apparels. Besides, the government will provide up to Rs 2 crore subsidy to those launching 50 khadi outlets outside the state or the country. However, such outlets must clock annual sales of Rs 4 crore for three years to avail of the subsidy. For opening 100 outlets outside the state or India, the entrepreneur/enterprise will get a subsidy of up to Rs 4 crore. However, such stores should clock Rs 8 crore in annual sales for three years. In case 80 per cent of these outlets are outside the state or 25 per cent outside the country, the government will provide an additional subsidy of Rs 2 crore to the enterprise. The children of state weavers will be given priority under the new scheme. Meanwhile, the government will provide a 75 per cent subsidy on registration of a new export house for khadi products. Similarly, if youngsters open an online marketing company to sell khadi products, the government will provide 75 per cent subsidy on the registration of the firm. This support will be subject to a ceiling of Rs 50 lakh per company. Additionally, the government will provide 75 per cent subsidy (up to Rs 20 lakh) on setting up of infrastructure for the purpose. The One District One Product (ODOP) scheme, launched by the Adityanath government in 2018, also promotes traditional and indigenous handicrafts through different forms of state support.

Source: The Business Standard

Global economic outlook gloomier than projected last month: IMF

Citing a steady worsening in purchasing manager surveys in recent months, the International Monetary Fund (IMF) on Sunday said the global economic outlook is even gloomier than the last month’s projection.Global economic growth prospects are confronting a unique mix of headwinds, including Russia’s invasion of Ukraine, interest rate increases to contain inflation and lingering pandemic effects such as China’s lockdowns and disruptions in supply chains, according to a blog prepared for G20 leaders’ Summit in Indonesia. IMF’s latest World Economic Outlook, released last month, lowered the global growth forecast for next year to 2.7% from the 2.9% estimated earlier. It expected countries accounting for more than a third of global output to contract during part of this year or next. “Moreover, as we discuss in our latest report prepared for the Group of Twenty, recent high-frequency indicators confirm that the outlook is gloomier,” the IMF blog cautioned.Despite growing evidence of a global slowdown, policymakers should continue to prioritise containing inflation, which is contributing to a cost-of-living crisis, hurting low-income and vulnerable groups the most. “As our G20 report emphasises, the macroeconomic policy environment is unusually uncertain,” it said.“However, continued fiscal and monetary tightening is likely needed in many countries to bring down inflation and address debt vulnerabilities — and we do expect further tightening in many G20 economies in the months ahead. Nonetheless, these actions will continue to weigh on economic activity, especially in interest-sensitive sectors such as housing,” it said.

Source: The Financial express

WPI inflation falls to 8.39% in Oct versus 10.7% in Sept

Wholesale Price Inflation (WPI) stood at 8.39 per cent in October against 10.7 per cent in September this year, a decline of over 2 per cent. The decline in WPI inflation in the month of October can be attributed to a drop in the price of mineral oils, basic metals, fabricated metal products (except machinery and equipment), textiles, other non-metallic products, minerals, etc., according to the Commerce and Industry Ministry release. The release stated, "Decline in the rate of inflation in October 2022 is primarily contributed by fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products; minerals, etc." Food-based inflation stood at 6.48 per cent in the same period versus 8.08 per cent in September. This comprises commodities like cereals (12.03 per cent), paddy (6.63 per cent), wheat (16.25 per cent), pulses (0.45 per cent), vegetables (17.61 per cent), potato (44.97 per cent), onion (-30.02 per cent), fruits (0.23 per cent), milk (5.53 per cent) and eggs, meat, and fish (3.97 per cent). The release read, "The Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from manufactured products group have increased from 175.2 in September 2022 to 177.5 in October. The rate of inflation based on the WPI food index decreased from 8.08 per cent in September 2022 to 6.48 per cent in October 2022." Some other groups that saw a decline in prices in October are other non-metallic mineral products, motor vehicles, trailers, and semi-trailers. Meanwhile, the index of industrial production (IIP) saw a growth of 3.1 per cent in September, according to official data released by the National Statistical Office (NSO) on Friday. As per this data, the manufacturing sector’s output grew by 1.8 per cent in the same period. Mining output and power generation saw a rise of 4.6 per cent and 11.6 per cent during the month. NSE Nifty stands below 18,350 whereas BSE Sensex is at 61,613.43 at the time of writing this story.

Source: The Business today

India ITME 2022 - Revolutionizing South East Asian Textile Industry

The prestigious and most-awaited mega technology and engineering B2B exhibition for textiles, is hosted every four years in India to cater to the machinery and technology requirements of the textile industry in India and neighboring South East Asian and Middle Eastern countries. The 11th edition of India ITME 2022 will take place from December 8–13, 2022, and will be the first mega-event following the pandemic. Showcasing 1600 + machines, 68 countries, 1000 + Exhibitors geared up to creating a high voltage goal-oriented interaction at this B2B Event to attract business leads, new opportunities in a vibrant and large sized market – India! "Slow and Steady” has been the growth story of the Indian textile industry. India’s textile industry has strived to build modern capabilities alongside nurturing age-old tradition and skills to stay strong and proud, facing challenges from speed, cutthroat price competition, and a youthful/instant fashion industry brought on by the advent of modern technology. The India ITME Society has played a significant role in facilitating technology access to the nation's textile industry from across the globe, enabling textile segments to upgrade their manufacturing technology and export capabilities. ITME exhibitions from 1980 onwards were a special boon for small companies who could view and access engineering advancements in textile machinery from across the globe without bearing a high cost. Over time, India ITME events became a must-attend event for South-East Asian countries looking to develop their own textile industry.

Source: The Hindustantimes

INTERNATIONAL:

President for utilising online platforms to promote art, fashion, textile products internationally

President Dr Arif Alvi has urged the need for utilising online and virtual platforms to promote and market Pakistan’s arts and crafts, fashion, designs, and textile products at the international level, adding that increasing the presence of goods on virtual and online platforms could help popularise innovative Pakistani fashion products.The president expressed these views during his visit to the Pakistan Institute of Fashion Design (PIFD), Lahore on Monday. First Lady Begum Samina Arif Alvi also accompanied him during the visit. He was briefed by the Institute’s administration about the role, performance, educational facilities, and the future plans of the institute. During the briefing, Arif Alvi said that to make students a productive part of society in a short time, they should be equipped with skills through short term courses. He added that the world was already imparting education and skills to fulfill market’s needs through short term courses. He further said that associate degree holders and specialised certificate holders were being given employment in different sectors of the economy in different parts of the globe. President Alvi said that universities must adopt innovative and out of the box solutions to enhance the number of graduates and skilled professionals. He added that in western countries, especially the USA, universities had already started imparting education at a massive scale using online courses. He further said that online education could help reduce the educational costs, besides training a greater number of students within a short time. He urged the need to increase the number of graduates using online and virtual modes of learning. The president also appreciated PIFD, Lahore for its academia-industry linkages and its collaboration with national and international universities and organizations for the promotion of research and innovation in the field of Fashion and Design.He also visited the thesis display and appreciated different fashion and design products prepared by the institute’s students.

Source: The Bolnews

ASEAN, China launch talks to upgrade ACFTA

The Association of Southeast Asian Nations (ASEAN) and China officially launched negotiations for the upgrade of the ASEAN-China Free Trade Area (ACFTA) at the 25th ASEAN-China Summit at Phnom Penh recently. The upgrade negotiations are aimed at ensuring that ACFTA further deepens and broadens ASEAN-China economic ties and to post-pandemic economic recovery. The ACFTA is ASEAN’s oldest FTA among its dialogue partners.The upgraded ACFTA will cover digital economy, green economy, supply chain connectivity, competition, consumer protection and micro, small and medium enterprises, an official release said. China is ASEAN’s largest trading partner and the second largest source of foreign direct investment (FDI). In 2021, the total merchandise trade between ASEAN and China reached $669 billion, registering a year-on-year increase of 29 per cent despite the lingering impact of the COVID-19 pandemic. During the same period, FDI flows from China to ASEAN amounted to $13.6 billion, almost double the $7 billion in 2020, and equivalent to 7.8 per cent of total FDI flows to ASEAN.

Source: The Fibre2Fashion

ASEAN-US Comprehensive Strategic Partnership to be set up

The United States and the members of the Association of Southeast Asian Nations (ASEAN) recently declared to establish the ASEAN-US Comprehensive Strategic Partnership to reflect the ambitious outcomes of the 9^th ASEAN-US Summit and the 2022 ASEAN-US Special Summit. Representatives from both sides were attending the 10th annual US-ASEAN Summit in Phnom Penh. Both sides declared to enhance partnerships in economic and technological cooperation, catalyse investments in high-standard, transparent and climate-resilient infrastructure, including projects under the Master Plan on ASEAN Connectivity (MPAC) 2025, as part of the regional transformation to net zero emissions. They will facilitate trade and investment between the two sides to promote resilient global supply chains and seamless regional connectivity, and promote stronger, more equitable and more inclusive economic growth, the White House said. Both sides will promote maritime cooperation through ASEAN-led mechanisms by upholding freedom of navigation and overflight and through peaceful resolution of disputes. Both sides declared to reaffirm support for an open, transparent, resilient, inclusive and rules-based ASEAN-centered regional architecture at the heart of the Indo-Pacific region that promotes ASEAN’s strong, unified and constructive role in addressing regional issues of common concern. President Joe Biden has announced the establishment of a US-ASEAN Platform for Infrastructure and Connectivity, a demand-driven co-development mechanism through which the United States will support ASEAN initiatives that enhance connectivity across Southeast Asia and facilitate high-quality investment in regional infrastructure projects, under the auspices of the Partnership for Global Infrastructure and Investment (PGII). Based in Jakarta to facilitate partnershipwith the ASEAN Secretariat and the ASEAN Committee of Permanent Representatives, this mechanism will support implementation of the Master Plan on ASEAN Connectivity 2025, the ASEAN Interconnection Masterplan Study III, and other high-priority ASEAN infrastructure initiatives.

Source: The Fibre2Fashion

Collaboration between global RMG makers and buyers needed

Global and local business experts on Monday urged for an effective collaboration between the global apparel manufacturers and buyers for a successful transformation of the industry towards sustainability. At the 37th World Fashion Convention 2022 organised by the International Apparel Federation at the Radisson Blu Dhaka, they said that without adopting sustainable technology apparel exports to the European Union would be affected after 2030 due to the EU Green Deal. Dirk Vantyghem, director general of EURATEX, the European Apparel and Textile Confederation, said that the new strategy of the EU had set out the vision and concrete actions to ensure that by 2030 textile products placed on the EU market would be long-lived and recyclable, made as much as possible of recycled fibres, free of hazardous substances and produced in respect of social rights and the environment.Dirk urged all to work together to build a global sustainable textile and fashion industry.International Apparel Federation president Cem Atlan said that a true collaboration between the apparel buyers and manufacturers could address the major challenges the global clothing industry was facing and bring successful transformation in its supply chain. The IAF president said that apparel makers felt the squeeze from higher costs and lower demands while new rounds of order cancellation, full warehouses and big discounts show the ineffectiveness of the global textile and clothing industry. ‘We realise we need to come together as an industry to solve our problems. The major challenges of our industry today can only be realistically met when there is true collaboration between buyers and manufacturers,’ Atlan said. ‘To deal with the sustainability issue, we need to take several strategies where one of the crucial strategies is improving efficiency through technological innovation. For that, we need to focus on skills development and adoption with the 4IR.’ Bangladesh Garment Manufacturers and Exporters Association president Faruque Hassain said. He said that the industry had undergone a massive transformation to ensure workplace safety, workers well-being and sustainability in the past one decade. Abdullah Al Maher, chief executive officer of Asrotex Group, said that the supply chain situation had been immense and harder than the Covid period. He said that manufacturers were being requested to delay shipments, accommodate the changes and so on. Roger Hubert, managing director of the RMG Sustainability Council, said that the way of doing business should be changed for creating better supply chains.

Source: The Newagebd

G20's Batik Fashion: Elon Musk Wearing It, Leaders Not Behind | A Dive Into the Indonesian Tie-dye Print

Indonesian fashion is on the G20 frontlines as world leaders meet for the 14th summit of the world body in Bali. Many nations’ representatives, including Sherpas, have been seen wearing the traditional ‘Batik’ shirts popular in Indonesia as they attend the summit being held at the upmarket Nusa Dua area of the resort Island. Tesla CEO Elon Musk, who addressed the B20 Summit in Bali virtually on Monday, was seen wearing a green Bomba Batik shirt. Anindya Bakrie, CEO of Bakrie & Brothers, informed the session’s moderator that the Batik was created in a small village in Central Sulawesi.

Source: The News18

Fashion giants agree on forest-positive textile fiber collaboration

Leading fashion brands including H&M, Inditex, Kering and Stella McCartney have joined a new collaborative initiative to reduce deforestation and emissions by purchasing low-carbon alternative fibers for textile production and packaging. The fashion firms, supported by Ben & Jerry’s and HH Global, have signed up to source “Next Generation Solutions” to fashion fibers through an initiative led by environmental nonprofit Canopy. The companies have agreed to purchase more than half a million tonnes of next-generation fibers, which Canopy claims has a lower carbon footprint and a reduced biodiversity impact compared to traditional textile and packaging materials. Canopy believes the announcement, made to coincide with COP27, will help the transition to nature-positive business models. “We are thrilled to advance this commitment with forward-looking partners who are willing to challenge the status quo and in doing so provide a breakthrough for these game-changing technologies,” Canopy’s executive director and founder Nicole Rycroft said.“This commitment will allow us to take a historic leap closer to the $64bn of investments in sustainable alternatives needed to ensure forest conservation for our planet’s climate and biodiversity stability.” The investment will help build up to 20 new pulp mills for Next Generation materials, as well as providing farm communities with new markets to replace the common practices of burning straw residue and landfilling materials. Canopy claims it will prevent an estimated 2.2 million tonnes of CO2 emissions compared to the production of virgin forest fiber. Canopy notes that less than one-third of the world’s largest companies have yet to make forest-based commitments. However, research suggests that at least 50% of the world’s forests need to be conserved by 2030 to meet the Paris Agreement’s 1.5C ambition. The signatories have also committed to ensuring their respective supply chains are free of Ancient and Endangered Forests “At H&M Group, we are committed to becoming a circular business, in which moving towards more sustainable alternatives for our materials is crucial. Canopy has showed true leadership by bringing the fashion and regenerated cellulosic industries together with the purpose of reducing fashion’s dependency on forests,” H&M’s environmental sustainability business expert Madelene Ericsson said. “Innovative low-carbon solutions, such as regenerated cellulosic fibers from waste textiles, microbial cellulose or agricultural residues, will play a vital role to help us reduce our impact on climate and protect forests, so no ancient and endangered forests are put at risk to make fashion. These next generation solutions and collaborations like Canopy’s help us taking strong steps towards our goal for all our materials to be either recycled or sourced in a more sustainable way by 2030.”

Source: The Edie.net

ASEAN-Australia-New Zealand Free Trade Area upgraded

Leaders of Cambodia, the 2022 chair of the Association of Southeast Asian Nations (ASEAN), Brunei Darussalam, the ASEAN country coordinator for ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), Australia and New Zealand, recently announced the substantial conclusion of the negotiations for the AANZFTA upgrade at the 40th and 41st ASEAN Summit in Phnom Penh. In 2021, the total merchandise trade between ASEAN and Australia reached $81.6 billion, registering a year on-year increase by 49 per cent that is higher than pre-COVID-19 rates. Meanwhile, merchandise trade between ASEAN and New Zealand in 2021 reached $11 billion, growing by 22.5 per cent year on year. In 2021, foreign direct investment (FDI) flows from Australia and New Zealand to ASEAN amounted to $589 million. The agreement establishing the ASEAN-Australia-New Zealand Free Trade Area, signed in Thailand on February 27, 2009, is being upgraded to ensure that it is fit-for-purpose and is future-proofed against emerging challenges, an official press release said. Businesses will benefit from the AANZFTA upgrade through improved transparency measures; lower costs and time for exports and imports; use of technological solutions for trade; cooperation in digital technology, sustainable development and education services; increased participation of micro, small, and medium enterprises in economic activities, including government procurement; and smoother flow of essential goods during periods of crises.

Source: The Fibre2Fashion

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·Minister calls for more trade fairs at national and state levels to promote industry, entrepreneurship as well as local arts and crafts: Shri Piyush Goyal

·Minister suggests that two editions of the trade fair be held annually; One to focus on swadeshi strength and atmanirbhartha IITF must focus on quality and professionalism: Shri Piyush Goyal Efforts must be made to drive all financial transactions at IITF to digital platforms: Shri Piyush Goyal

·Local editions of the Trade Fair must be organized across the country to give an impetus to traditions crafts: Shri Piyush Goyal

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India ITME 2022 - Revolutionizing South East Asian Textile Industry

INTERNATIONAL:

President for utilising online platforms to promote art, fashion, textile products internationally

ASEAN, China launch talks to upgrade ACFTA

ASEAN-US Comprehensive Strategic Partnership to be set up

Collaboration between global RMG makers and buyers needed

G20's Batik Fashion: Elon Musk Wearing It, Leaders Not Behind | A Dive Into the Indonesian Tie-dye Print

Fashion giants agree on forest-positive textile fiber collaboration

ASEAN-Australia-New Zealand Free Trade Area upgraded

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·Minister suggests that two editions of the trade fair be held annually; One to focus on swadeshi strength and atmanirbhartha
IITF must focus on quality and professionalism: Shri Piyush Goyal
Efforts must be made to drive all financial transactions at IITF to digital platforms: Shri Piyush Goyal