Economic Survey 2023: All’s well on growth track
Telangana to train 3000 women for jobs at Textile Parks
West Bengal Government to set up textile park on 200-acre land
Reliance Retail planning foray into value apparel space
The future of fashion grows in a pond
New diversified markets helping India's exports: FIEO
Startup20’s Inaugural meeting concludes with resounding success in Hyderabad
India's nominal GDP to be USD 3.5 trillion by end- March: Economic Survey
Can India be the world leader in the textile & apparel market?
INTERNATIONAL
Texworld Paris and Apparel Sourcing Paris will have 45 Indian companies
Fashion for Good launches Sorting for Circularity USA project
Argentina keen to expand trade relations with Bangladesh
NATIONAL
India’s economic growth in real terms could slow to 6-6.8% (baseline rate of 6.5%), from an estimated 7% in the current fiscal and 8.7% last year, the Economic Survey 2022-23 tabled in Parliament on Tuesday predicted. It said the inflation challenge in FY24 “must be a lot less stiff than it has been this year”, but added that the monetary and fiscal authorities would need to be as proactive and vigilant as they have been this year. Having moved on after its encounter with the pandemic, the Indian economy returned to “the pre-pandemic growth path” in FY23 and is “prepared to grow at its potential in the medium term”, the Survey said, pinning hopes mainly on structural reforms already undertaken. For the medium term, the Survey pegged average growth at 6.5%, and said the potential GDP growth would rise to 7-8%, without a specifying any timeframe. The survey’s view of growth for FY24 is more optimistic compared with that of the IMF (6.1%), S&P (6%), Fitch (6.2%), Goldman Sachs (5.9%) and Nomura (5.2%). The Survey marks a first in years by not making any reforms recommendations and is more an analysis of the government’s achievements on the economic front so far. Lead-authored by chief economic adviser V Anantha Nageswaran, the Survey saw “brisk growth momentum” and a solid revival of private investments, views not shared by many independent analysts. It recommended fiscal consolidation and continued public capex thrust at this juncture, as it will help crowd in private investments. It did cite elevated public debt, and multiple headwinds on the external front that reflect on the country’s current account balance, domestic inflation and the rupee’s strength, but listed several upsides to India’s growth outlook, including a “stable” inflation rate below 6%. With the Union Budget for FY24 to be unveiled on Wednesday, most analysts expect the Centre to meet its fiscal deficit target of 6.4% of the gross domestic product (GDP) for the current fiscal, helped by buoyant tax revenues. Sticking to a linear path of consolidation, the Centre may target to reduce the fiscal deficit to 5.8-6% in FY24 and keep the medium-term fiscal goal of 4.5% for FY26. The sanguine tone in the Survey is not strictly in consonance with assorted facts about the economy, including a recent uptick in the unemployment rate. The debilitation of the economy’s productive capacity is visible. There is an erratic pick-up in capacity utilisation, but that doesn’t bear out an ongoing new private capital formation cycle as the survey suggests. Private consumption is also projected to weaken substantially in the second half of the current year, as per the first advance estimate of national income by the National Statistical Office for FY23. Reorganisation of the economy and removal of market rigidities and concentrations are required to harness the economy’s inherent growth potential. The Survey, however, cited the lagged effect of elevated public capex in recent years, a private-sector capital formation cycle in the making, accelerated credit flows to all sectors of the economy, including the MSMEs, and “a return of capital flows” to India as growth impetuses. It noted that growth drives the fiscal balance in India, but added that “fiscal discipline could turn into fiscal stimulus in future”, as it would bring down the government’s cost of borrowing, lowering the current high share of interest payments in public expenditure and making more money available for economic development and social welfare. The Centre, the Survey said, should continue to incentivise the states for reforms and higher capital spending to ensure “a stronger general government”. The capex-led growth strategy will ensure sustainable debt levels in the medium term, it added. According to the Survey, the economy has started benefiting from the efficiency gains resulting from greater formalisation, higher financial inclusion and new economic opportunities created by digital technology-based economic reforms. In an interview to FE later in the day, Nageswaran said: “While reforms before 2014 addressed product and capital markets, reforms since then have focused on enhancing the ease of living and doing business to improve economic efficiency. This is a continuous theme. Social inclusion and inclusive growth is also a late motif…Making sure the household or business is able to operate in a manner that is as free as possible should remain an enduring theme.” According to the Survey, it is not wishful thinking that 2023 will show less macroeconomic volatility than its preceding financial year. It noted that the Reserve Bank of India has projected headline inflation at 6.8%in FY23, which is outside its target range, but said: “At the same time, it is not high enough to deter private consumption and also not so low as to weaken the inducement to invest.” The upside to India’s FY24 growth, the Survey believes, will arise from the following: continued normalisation of global supply chains; inflationary impulses from the opening up of Chinese economy being neither significant, nor persistent; recessionary tendencies in the advanced economies triggering a cessation of monetary tightening and return of capital flows to India; a “stable” domestic inflation rate below 6% and a resultant revival of animal spirits and private investments. The Survey did acknowledge downside risks from a ‘higher for longer’ stance by global central banks to counter high inflation. While export growth will inevitably ease in a slowing global economy, a likely easing of crude oil prices, resilience of net services exports and buoyancy in inward remittances will prop up the current account, it said. India’s current account deficit, which stood at a 10-year high of 4.4% in Q2FY23, is expected to ease in the second half of this fiscal and remain within “sustainable limits”, with further moderation expected in FY24, the Survey said.
Source: Financial express
The onus to take advantage of the free trade agreements (FTA) that India is signing with other countries, is on the private sector, the Economic Survey said, even as it emphasised on product basket and destination diversification for export growth amid slowing global economy, “Governments can try and open markets through FTAs. But, to take advantage of that is in the hands of private sector participants,” the survey said, highlighting that the export outlook may remain flat in the coming year if global growth does not pick up in 2023. New Delhi has inked trade pacts with the UAE and Australia recently, and is in talks with the UK, EU and Canada for similar agreements. "At times when the base (global growth and globaltrade) is not growing, export growth will have to come predominantly through market share gains," it said. India achieved an all-time high annual merchandise export of $422 billion in FY22. The Netherlands has displaced China from the third spot as India's exporting partner in April-December FY23 and India has diversified its export destinations over time with the share of South Africa, Brazil and Saudi Arabia rising while those of China and the US fell. “The new diversified markets including those of Brazil, South Africa and Saudi Arabia have led to the increase in exports by up to two times… The ongoing trade negotiations with UK, EU, Canada, Israel etc, will also add further impetus to our exports,” said A Sakthivel, President, Federation ofIndian Export Organisations. “However, the global economy has started facing formidable headwinds and the ripple effect of the global trade slowdown has started reflecting in India’s merchandise export growth, wherein moderation in pace is observed in 2022,” it said. Insisting on efficiency, productivity, technology, and innovation to drive exports, the Survey said: "That game has to be lifted". As per the Survey, “significant strides” in exports were registered in drugs and pharmaceutical, electronic goods, engineering goods and organic and inorganic chemicals sectors in FY22. These sectors have sustained their growth momentum despite global headwinds in the first half of FY23. India’s pharma exports grew even though Covid impacted disruptions in the supply chain. Non-oil, non-gold imports, which are growth-sensitive, may not witness a significant slowdown as Indian growth continues to be resilient, according to the Survey. It also noted that the limited progress in the multilateral trade negotiations at the World Trade Organization is one of the reasons responsible for the increase in FTAs as they are viewed “favourably” by trading countries for being easy to negotiate and provide flexibility to factor in geopolitical considerations. For services exports, external exogenous factors and bleak economic outlook in advanced economies are the downside risks.
Source: Economic times
Giving major importance to growth of women in Telangana, the state government has started a scheme to train over 3000 women in tailoring. Minister for Panchayat Raj and Rural Development Errabelli Dayakar Rao said that this will provide them with essential skills required for getting jobs at the upcoming Kakatiya Mega Textile Park in Sangem Mandal in Warangal district and Mini Textile Park at Kodakandla in Jangaon district. He said this while inaugurating tailoring classes at Thorrur, further adding that this tailoring scheme is the first-of-its-kind to be taken up in Palakurthi constituency. This scheme is jointly funded by the Society for Elimination of Rural Poverty (SERP) and Stree Nidhi, said the Minister. The training classes at Thorrur is the third such endeavour, with classes in Palakurthi and Kodakandla preceding this one. Apart from this, these trained women will also be given all the orders relating to the Government, he said. Those women who are above the age of 35 will also be trained in the next batch; however they will have to find jobs on their own.
Source: Knn India
According to a senior official, the West Bengal Government has decided to set up a Textile Park on 200-acre land. The said land is being identified in Salboni, within Paschim Medinipur district and at Durgapur and Asansol in Paschim Bardhaman district, the official added. This decision is being seen as an outcome of a workshop on ‘Expanding opportunities in the Textiles sector of West Bengal’ organised by the MSME and Textiles department of the state. The MSME and Textiles department has further decided to set up dyeing facilities and design centres at Phulia and Shantipur in Nadia district. This is being done to support weavers and exporters in the state. A statement released by the State Government following the workshop also stated that the MSME and Textiles department would, in collaboration with the Indian Institute of Foreign Trade (IIFT), conduct export facilitation for handloom exporters in Nadia and Burdwan districts. The said workshop was chaired by Chief Secretary HK Dwivedi. Also in attendance were Principal Secretary of the MSME and Textiles department and various representatives from the chambers and associations representing the textile industry as well as industry representatives. The Chief Secretary also suggested forming a task force and coming up with a time-bound action plan to boost and get more investment in the textile sector, while assuring the gathering that the Government would take all necessary steps for the sector’s growth.
Source: Apparel resources
Reliance Retail is planning to launch a value apparel format to compete directly with Tata's Zudio, Landmark group-owned Max and Shoppers Stop's new mass-priced brand InTune. The company is in talks to lease 6,000- 9,000 sq ft space across malls and high street for the new brand, name for which has not been disclosed yet. "While Tata has Westside and Zudio in the mass and low-priced segment, Reliance has Trends and recently launched premium fashion and lifestyle store AZORTE, to compete directly with fast fashion brands Zara and H&M in India. It had nothing to offer which can compete with Zudio and Max and the new brand, which will sell clothing within ₹1,000 range, will help it to expand its offering," officials privy with the launch said. Experts said India's consumption structure has been skewed in the past over a narrow base of richer consumers accounting for a large chunk of the overall market. However, as the economy is broadening across many more cities and the impact is reaching further down the income ladder, the opportunity for valueformats and value-brands is expanding. Reliance did not respond to the email query till press time Tuesday. "In the next few months, we will see multiple stores coming up in this segment as big brands want to tap this segment. After the consumption has increased in metro cities as well as tier-2 cities, retailers are eyeing growth in 2023," said a retail expert. Reliance Retail opened 789 new stores, totalling an area of 6 million square feet in Q3 FY 23. As consumers returned to stores, it also recorded the highest ever footfalls at 201 million across formats and geographies, a growth of 25.6% during the same period.
Source: Economic times
Nutritious and fast-growing, algae already has a following as an alternative protein among health fanatics. A new generation of sustainable fashion startups want us to wear it too. The fashion industry produces more than 100 billion garments annually, about 14 for every person on Earth. Most end up in landfills or clogging rivers and beaches in developing countries. Only a fraction are ever recycled. Fashion is responsible for up to 10% of humanity’s emissions of planet-warming carbon dioxide, more than international air travel and shipping combined. For Charlotte McCurdy, a researcher, designer and assistant professor at Arizona State University, tackling the problem means thinking not just about where castoffs end up, but about how clothes are made. Synthetic textiles like polyester, the cheapest and most disposable of all, are made from fossil fuels. The dyes used to imbue fabrics with that inky black? They’re derived from crude oil. So in 2018, McCurdy set about designing a raincoat made from marine macroalgae, a.k.a. seaweed, which absorbs carbon instead. The choice of garment was a deliberate comment on what we wear to protect ourselves against a climate that’s going haywire because of human activity. The translucent mac went on display in New York’s Cooper Hewitt Smithsonian Design Museum in 2019. McCurdy also teamed up with New York-based fashion designer Phillip Lim on a dress covered in green sequins fabricated from the same material. “What I’m trying to emphasise is it doesn’t just matter where they go but where they come from — 60% of clothes are fossil fuels,” she says. “So I did tons of experiments and pulled together tons of technologies and had hundreds of beautiful failures before I was able to create this clear, very consistent plastic that is entirely free of synthetics and chemicals and is made only of algae.” McCurdy isn’t commercialising her creations; her prime motivation is to show that, with some imagination, it’s possible to do for fashion what electrification is doing for automobiles. From hemp to fungus, eucalyptus to bamboo, a growing number of startups are looking to nature for just those kinds of solutions. And they’re getting noticed by global retailers like Sweden’s Hennes & Mauritz AB (H&M), which wants to make all its products from recycled or sustainably sourced materials by 2030. Already used in biofuels and bioplastics, it’s attracting particular attention because it’s fast and cheap to grow, doesn’t need much water and sucks carbon dioxide from the air. Photosynthesising aquatic organisms produce about 70% of the oxygen in our atmosphere, more than all forests combined. That means algae is not just less bad for the climate, it’s potentially positive. Renana Krebs founded Algaeing in 2016, two years after quitting a career in fashion. Working with her father, a biofuels engineer, Krebs developed an algae-based alternative to the chemical and petroleum-based dyes ubiquitous in the clothing industry. After a slow start, interest in Algaeing’s dyes and inks exploded last year. The Israeli startup is now working around the clock to fill the first commercial orders from makers of loungewear, sportswear and home textiles. It’s also developing algae-based yarn, which it expects to begin manufacturing commercially next year. Krebs declined to name her customers but says they include global consumer brands. “When we started in 2016 this was something that was ‘nice to have,’ but now we have demand and a long waiting list,” says Krebs. “They literally say ‘give us whatever you have.’” The surge in demand is driven by economic realities. Younger consumers are more environmentally-aware than ever and that’s changing spending habits. The secondhand clothing market is now growing faster globally than the overall apparel market. And the rise of ESG investing is putting pressure on manufacturers and retailers to clean up their acts. Algaeing has raised about $5 million from investors so far. Krebs is aiming to secure $15 million in another funding round early next year to scale up. The idea is to sell a range of dyes, inks and yarn compatible with existing manufacturing equipment. “Our partners don’t have to change their machinery, but in the end they’re not harming the environment,” says Krebs. “They use less water, less energy, less transportation and even less lead time. It takes about 180 days to grow cotton; algae takes only three weeks.” Algaeing’s algae is grown vertically in a closed loop, solar-powered system in southern Israel on land that can’t be used for conventional agriculture. It requires 80% less water than cotton, and no pesticides, to grow. And it avoids the chemicals used to process wool or make commercial dyes. For context, the United Nations Environment Program says it takes around 2,000 gallons of water to make one pair of jeans. Textile dyeing alone is the second biggest polluter of water globally. And in contrast with polyester, which doesn’t decompose and ends up in the food chain as microplastics, Algaeing’s products are biodegradable and non-toxic. Ofer Gomeh, CEO of Capital Nature, a Tel Aviv-based venture capital fund that’s invested in Algaeing, says his motivation is purely economic: “Sustainable clothing will be a growing sector.” British startup Vollebak is all about designing clothes for a more sustainable future. Started in 2015 by twin brothers who are both extreme runners and creative designers, it sells t-shirts woven from hemp and coloured with algae that can eventually be tossed on the household compost heap or buried in the garden, decomposing within weeks. Vollebak has experimented with materials including ceramic particles and the carbon fiber found in jet engines to come up with its range of highperformance adventure wear for a more extreme climate. Among its investors, it counts Airbnb co-founder Joe Gebbia and Sean Brecker, the chief financial officer of Headspace Health. “Other industries are always creating the future of this and that, but I don’t think anyone else is building the future of clothing,” says co-founder and CEO Steve Tidball. “We look at what is the least amount of energy you can use at the beginning of the process and, at the end, the least amount of energy needed to get rid of it.” The biggest challenge for algae fashions isn’t practicality, quality or even feel; it’s cost. Making the hemp and algae t-shirt costs about $110, says Tidball. Vollebak has deliberately sold to celebrities to help spread the word and there’s that growing segment of consumers who’ll spend more on sustainable clothes. But it’s still “too expensive” for the mass market, he says. McCurdy’s not as worried about cost. Synthetic fibres are artificially cheap because they’re a co-product of oil, which is abundant and used in everything from plastic to power, she says. That advantage will dissipate as the world transitions to cleaner energy. And any new technology — think solar panels, biodegradable cups, electric cars — is expensive until it reaches scale. The trick is to build that demand For McCurdy, that means making sustainable fashions desirable, not just ethical. That’s the point of her one-off statement pieces and it’s what Vollebak is trying to achieve with its focus on futuristic apparel. “Part of my vision would be something like the Tesla model in design,” says McCurdy. “Making people want the more sustainable thing — even if it is for the wrong reason.”
Source: Economic times
Increasing exports to markets such as Brazil, South Africa and Saudi Arabia are boosting the growth of the country's outbound shipments, FIEO said on Tuesday. Federation ofIndian Export Organisations (FIEO) President A Sakthivel said the Economic Survey has rightly highlighted India's growing and diversifying merchandise trade. "The new diversified markets, including those of Brazil, South Africa and Saudi Arabia, have led to the increase in exports by up to 2 times," he said. The ongoing trade negotiations with the UK, EU, Canada, and Israel will also add further impetus to our exports, he added. "Reducing the cost of logistics in the country, which now to the tune of 14-15 per cent, comparable to the global benchmark, will help in making our exports more competitive worldwide," Sakthivel said. Yogesh Gupta, Regional Chairman, FIEO (Eastern Region), said the exporter fraternity is expecting fiscal support and affordable credit, from the upcoming budget. "A need of the hour is to support exports by reducing lending rates and to restore interest equalisation rates in view of the rising cost of credit will be of great help," Gupta said. Additional financial support to units generating additional employment in the export sector will also be an incentive for exporters. "Special schemes for goods exported by MSME will act as a catalyst in increasing the MSME contribution to exports. Also, initiatives for ease of doing business would be a big facilitator, India should consider having its own shipping lines," he said.
Source: Economic times
The highly anticipated inception meeting of Startup20, a new engagement group initiated under the India’s G20 presidency, concluded with resounding success at the Taj Krishna in Hyderabad. Startup20 India Chair Dr. Chintan Vaishnav, opened the session by welcoming dignitaries and delegates. Keynote addresses were given by esteemed guests during the session, with a focus on the theme "Innovation Leading the Path for Solving Global Challenges." In a virtual address, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal emphasized the significance of a platform like Startup20, saying "I envision the Startup20 group as a powerful body that can bring recognition and respect to startups around the world. With discussions over the next few days, I am confident that we will create a strong agenda for global leaders and ignite a startup revolution." Quoting the Father of nation, Mahatma Gandhi, he said “A small group of determined and like-minded people can change the course of history.” “I am confident discussions in next couple of days, would give a strong agenda for global leaders and create a startup revolution, he further added. Minister of Culture Shri. G. Kishan Reddy in his address stated that India ranks 3rd globally for startups, with innovative ideas driving transformation for the future. He believes startups will boost India's GDP in the next 20 years. "Today, India has the third highest number of Startups globally. Indian startups are invading, with groundbreaking new ideas, investing their time and energies in transforming the future. We believe startups will drive India's GDP growth in the next 20 years, “he said. Minister of State for Commerce and Industry Shri Som Prakash spoke on startups being the drivers of the global economy, with a focus on creating a collaborative network among stakeholders, including accelerators, incubators, startups, and government agencies, to support startup growth and formulate actionable insights. “Our goal here today is to deliberate on a vision for the startup policy frameworks like building intersystem of all the stakeholders like accelerators, incubators, startup founders, government agencies, etc to enable better collaboration. We plan to debate on key topics to orchestrate the golden age of startups and create actionable insights,” He said. Addressing the gathering India’s G20 Sherpa Shri Amitabh Kant, focused on the importance of startups in proving solutions to global issues, “Despite many challenges there is an opportunity and I think in the midst of crisis the biggest challenge is to do technological disruption and to do innovation. The startup engagement group is India's innovation to the G20 movement, it's the first engagement group which drives technology, innovation, and the start of movement. This is borne out of India's conviction that the world needs more and more of technology, the world needs more disruption, and the world needs young entrepreneurs to drive the world out of the present recessionary trend.” CEO NITI Aayog, Shri Parameswaran Iyer in his address emphasised on India’s position as a key innovator through his speech “The zero logo has been India’s contribution as Innovation has been at the heart of Indian civilization and culture. The explosion of startups has been driven by the vision of the Prime Minister, Shri Narendra Modi to put the story of startups in India on the G20 presidency and global map.” Secretary Department of promotion of industry and Internal Trade Shri Anurag Jain while delivering his address, mentioned India’s vision behind the G20 Presidency and the inception of Startup20. “We have chosen our theme based on our ancient Indian philosophy of Vasudeva Kutumbakam, which basically means the world is one family and we imbibe that philosophy. We understand that all of us have come together to work as one family. Startup 20 is a new entitlement and at DPIIT, we are coordinating with both the groups to provide a link between G20 and the startup ecosystem,” He said. The inaugural session of the Startup20 Engagement Group was culminated by closing remarks from Joint Secretary of the Department of Promotion of Industry and Internal Trade Smt Shruti Singh. Following the, Dr. Vaishnav, then introduced and contextualized the task forces of Startup20, as well as outlining the expected outcomes from the Council Chairs. Subsequently, the Global Startup Revolution Session was held, during which international delegates discussed the startup ecosystems in their respective countries. Excursions were organized to T-Hub and the Telangana Innovation and Startup Immersion, with a keynote address delivered by the Principal Secretary of the Government of Telangana, Shri. Jayesh Ranjan. The first day was concluded with a grand Gala Dinner at the Taj Falaknuma Palace, featuring performances of India's heritage and culture, including Perini Natyam, Bharatnatyam, Bhangra, and others Similarly, the second day of the inception meeting started at Taj Krishna with Dr. Vaishnav giving a recap of Day 1. This was followed by addresses of Vijay Shekhar Sharma, the founder of PAYTM, and Shradha Sharma, the founder and CEO of YourStory, which focused on personal stories and their journey through the startup ecosystem in India. Following this, the Dr. Vaishnav invited Actor Suniel Shetty to launch Startup20X, which has also been incorporated under the Startup20 Engagement Group. Startup20X has been launched to bring together leaders, entrepreneurs, innovators, visionaries, educators, incubation professionals, women, youth, artisans, artists, activists, and others, to discuss experiences and best practices. The conferences and series of talks will enable efficient policy formulation throughout Startup20 Engagement Group and taskforce discussions. Highlighting the importance and uniqueness of Startup20X, Dr. Vaishnav said "We have a very firm conviction that Startup20X has to be a platform that puts the policy making for Startups in the hands of Startups themselves. It is here to democratize what goes on in the innovation ecosystem and put it on the global map." The delegates then proceeded to round table discussions on the objectives and deliverables of each of the taskforces where each participant recorded their opinions and discussion through an online form. This was followed by nominations for the international and national delegations to the three taskforces. The session concluded with closing remarks from Dr. Vaishnav, before proceeding for lunch. Post the networking lunch, the country representatives proceeded to a closed-door session on Startup20 at the Garden Room in Taj Krishna. This was followed by a cultural excursion tour to Hussain Sagar Lake and Golkonda Fort for the Incredible India light and sound show. The second day of the inception meeting concluded with a delegation dinner at Taj Krishna, Hyderabad. Meanwhile, the Startup20 Engagement Group has been initiated under India’s G20 Presidency in 2023. The group aims to create a global narrative for supporting startups and enabling synergies between startups, corporates, investors, innovation agencies and other key ecosystem stakeholders. The engagement group comprises of three taskforces, namely Foundation & Alliance, Finance, and Inclusion & Sustainability, where delegates will come together to discuss efficient policy frameworks to promote scaling up of startups in the G20 nations. The Startup20 inception meeting aspires to kickstart a series of events to create a global narrative for supporting startups and enabling synergies between startups, corporates, investors, innovation agencies and other key ecosystem stakeholders. The primary objective is to harmonize the global startup ecosystem through a collaborative and forward-looking approach. The purpose of this group is to provide a common platform for startups from G20 member countries to come together to develop actionable guidance in the form of building of enabler’s capacities, identification of funding gaps, enhancement of employment opportunities, achievement of SDG targets & climate resilience, and growth of an inclusive ecosystem.
Source: PIB
India has already become the world's fifth largest economy in the 75th year of Independence and will reach the USD 3.5 trillion mark by end-March, said the Economic Survey tabled in Parliament on Tuesday. In real terms, the economy is expected to grow at 7 per cent for the year ending March 2023. This follows an 8.7 per cent growth in the previous financial year. "For India, 2022 was special. It marked the 75th year of India's Independence. India became the world's fifth largest economy, measured in current dollars. Come March, the nominal GDP of India will be around USD 3.5 trillion," the Survey said. India's economy crossed the USD 3 trillion mark last year. It further said the fundamentals of the Indian economy are sound as it enters its Amrit Kaal, the 25-year journey towards its centenary as a modern, independent nation. "It is befitting that during India's Amrit Kaal, it assumed the Presidency of G20 nations in December 2022," the survey said. Global problems need global solutions, and global solutions require collaboration and cooperation. Based on the theme of 'Vasudhaiva Kutumbakam: One Earth, One Family, One Future', India's G20 Presidency aims to achieve co-ordinated solutions to key issues of global concern. As per the survey, economic growth is expected to be brisk in 2023-24 as a vigorous credit disbursal and capital investment cycle are expected to unfold in India with the strengthening of the balance sheets of the corporate and banking sectors. Further support to economic growth will come from the expansion of public digital platforms and path-breaking measures such as PM GatiShakti, the National Logistics Policy and the Production-Linked Incentive schemes to boost manufacturing output, it said.
Source: Economic times
The Journey of textile industry in India so far.
India had been the textile exporter for perpetuity. From the Indus Valley Civilization, where cotton was first cultivated and woven into textiles, to the Mughal era, the industry flourished, developing sophisticated weaving techniques and introducing new designs and patterns. In the colonial period, British rule led to the modernization of industry and the establishment of textile mills. After independence, the Indian government implemented policies to promote the growth of the domestic textile industry, resulting in the development of a solid and diverse textile industry. Today, India is one of the world’s largest producers and exporters of textiles, with a wide range of products, including cotton, silk, wool, and synthetic fabrics.
The market size of the textile industry in India
The textile market in India is one of the oldest and most diverse in the world. It is also one of the largest, with a market size of around 223$ billion in 2020. The industry is the largest producer of cotton and jute, 2nd largest in silk, and 95% of hand-woven fabrics globally are from India. The textile industry in India employs around 45 million people directly and 60 million indirectly. The Indian textile market is segmented into several sub-segments, including cotton textiles, silk textiles, woolen textiles, synthetic textiles, and technical textiles. Cotton textiles are the largest segment, accounting for around 45% of the total textile market.
The global textile Market & growth aspect of Industry
The global apparel market has recovered and is developing rapidly after the pandemic. It is expected to grow at a CAGR of 4% and reach $2 trillion by 2025. The US is currently the largest market, worth $257 billion, with a CAGR of 5%, while the EU-27 market has declined by 11% post-Covid and is worth $211 billion. However, Asian countries are catching up fast. According to a report titled “Building a Roadmap for $250 Billion Sustainable Textile Industry,” developing economies like China and India are growing at higher rates than developed regions due to increasing domestic markets and disposable income. Together, these markets make up 59% of the total apparel market, with the rest of the world making up the remaining 41%. China, the third largest market, is expected to grow at a CAGR of 11% and become the largest market, worth $340 billion by 2025. Other significant markets, including Japan, India, Brazil, and Canada, are also trying to be essential players in this growing market.
The biggest opportunities & challenges for India in the coming days.
India scaled its highest-ever exports tally at $ 44.4 Bn in Textiles and Apparel (T&A), including Handicrafts in FY 2021-22, indicating a substantial increase of 41% and 26% over corresponding figures in FY 2020-21 and FY 2019-20, respectively. Shows the extensive opportunities for growth in the lucrative textile market, and Indian companies have the chance to be a major player in this growing market. It presents significant opportunities due to the increasing trend of industrialization in consumer goods and labour-intensive industries. The country’s large population, rising disposable income, and growing fashion industry are all factors that are likely to drive growth in the market. Additionally, the government of India has implemented several policies and initiatives to promote the textile industry, such as the National Textile Policy and the Technology Upgradation Fund Scheme, which are expected to boost the sector further. However, the textile industry in India also faces challenges such as government policy changes, lack of access to technologies, and competition from neighboring nations. To overcome these challenges, the Indian textile sector must focus on technological upgrades, expansion of weaving capacity, and providing assistance to small and large-scale players. Additionally, ensuring a sufficient supply of gas, implementing capital subsidies, a single point of contact for resolving industry issues, and a set price for yarn annually would aid the industry’s growth.
Source: The newshour.press
INTERNATIONAL
Texworld Paris and Apparel Sourcing Paris scheduled to take place from 6-8 February, will have around 750 exhibitors from over 20 countries. And there will be 45 Indian companies at the show. This new edition will have maximum participation from China with 430 companies while Turkey’s 122, Korea’s 43 companies will also be present. In a statement, issued by the organiser Messe Frankfurt, it has been said that according to the Institut Français de la Mode, countries such as Bangladesh, India and Turkey have seen their share of EU clothing imports increase significantly in volume between 2021 and 2022. But the easing of Chinese restrictions should change the situation for 2023. Several round tables and conferences will complete the product offer. They will open the debates on current themes, such as the contributions of Web3 in the fashion and clothing industry, second-hand markets, or ways to make a company sustainable without compromising its competitiveness. Other highlights will punctuate these three days around the issues raised by sustainable fashion and recyclability, with, in particular, presentations by PhDs from the Bali Chair. A conference on the sourcing offer in Ghana will finally allow to discover the industrial potential of this country.
Source: Apparel resources
The global sustainability initiative Fashion for Good has launched its new Sorting for Circularity USA project today, which will focus on the North-American textile-to-textile recycling market. External brand partners are Adidas, Inditex, Levi Strauss & Co. and Target, and external partners are Eastman, H&M and Nordstrom.The 18-month project aims to provide “the most representative snapshot of textile waste composition generated in the United States” according to a press release and will build on the learnings from the Sorting for Circularity Europe and India projects. It also wants to understand and evaluate the business case for textile-to-textile recycling and ensure that used textiles “move to their best and highest end use”.
Project includes consumer survey and textile composition analysis
Accordingly, part of the project will be an extensive consumer survey to map the journey a garment takes from closet to end of use. In addition, there will be a comprehensive analysis of these post-consumer textiles using Near-infrared spectroscopy (NIR) technology to understand their composition. “As we band together around this critical issue, the data will enable us to drive the transition of textile waste as a feedstock for our advanced recycling technologies where we break down waste material to its basic building blocks and create new materials without compromise,” explains Claudia de Witte, sustainability leader at Eastman. Michigan-based environmental consultancy Resource Recycling Systems will be the project’s co-lead and will drive the dissemination and analysis of the consumer survey together with the NYS Center for Sustainable Materials Management. It will also execute the textile composition analysis across the USA with support from the advisory organisations Circle Economy based in Amsterdam and SMART (Secondary Materials And Recycled Textiles Association). The latter is one of the largest used fibre trade associations and will liaise with its used clothing and fibre industry members to participate in the project. Circle Economy co-led the European project and will guide the implementation of the waste analysis methodology. “We are excited to be taking the Sorting for Circularity project into new territory and entering the North-American market. After successful initiatives across such large regions as Europe and India, the US presents a great opportunity for innovation and circularity considering the volume of the consumer market and post-consumer textiles landscape,” comments Fashion for Good’s managing director Katrin Ley.
Textile waste represents fastest growing segment of US waste stream
Textile waste now represents the fastest growing segment of the USA’s waste stream and the amount of discarded textiles is increasing annually. According to World Bank data, although some of this waste is reused, 85 percent of it ends up in landfills. Though the demand for recycled fibres has been growing according to an overview by the United States Environmental Protection Agency, access to the waste supply is limited. “Key elements to supporting the growth of textile-to-textile recycling include understanding material composition, volume and location of used textiles, as well as expanding access to textile recycling,” states Fashion for Good. “This project will lay the foundation to make informed investment and infrastructure decisions, demonstrating the business case for alternative revenue streams from a vast untapped resource,” adds Ley. Accordingly, the project’s results will inform decisions to unlock the necessary investments and actions to scale collection, sorting and recycling innovations. “We are advancing design and material innovations to produce more clothes that are used more, made to be made again using safe, recycled and renewable inputs that contribute to a more circular product cycle, where recycling infrastructure is critical in closing the loop. Through our partnership with Fashion for Good and the series of Sorting for Circularity projects, we're hopeful we'll uncover an opportunity to advance the circular economy to unlock scalable solutions that reduce the impact of the current take, make, waste model,” sums up Jeffrey Hogue, chief sustainability officer at Levi Strauss & Co.
Source: Fashion united
Argentina is very keen to expand its trade relations with Bangladesh as a special delegation including businessmen and high government officials will visit Bangladesh at the end of February. The head of the economic and trade office and deputy chief of mission of the Argentina Embassy in New Delhi Franco Agustin Senilliani Melchior said this during a courtesy meeting with the Federation of Bangladesh Chambers of Commerce and Industry leaders at its office on Tuesday. Melchior said that both the countries hada lot of potentials. ‘There is a huge demand for minerals including lithium, olive oil, processed food, raw materials of gold. Argentina could be a good option for Bangladesh for importing these products,’ he said. At the same time, he said that there was a huge demand for textiles in Argentina adding that Bangladesh could explore the textile market in Argentina and thus look for ways to export it to the country. He also invited Bangladeshi investors to explore the diversified sectors of Argentina, said a press release. FBCCI thanked Argentina for taking steps to open an embassy in Bangladesh. FBCCI vice-president Md Amin Helaly said that Argentina could be a good option for Bangladesh in terms of minerals and edible oil. At the same time, it is a good opportunity for Bangladeshi exporters to grab the textile market of Argentina. Helaly said that FBCCI would cooperate in building strong ties between the two countries by facilitating B2B meetings. The FBCCI vice-president also invited Argentine business personnel and government officials to attend the Bangladesh Business Summit which is scheduled to be held in March this year. FBCCI director Md Rejaul Kariem Rejnu, MGR Nasir Majumder, Bijoy Kumar Kejriwal, Hafez Harun, Nadia Binte Amin, Akkash Mahmood were also present at the meeting.
Source: new agebd
