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The Union Textiles Minister Piyush Goyal has said that the country’s textile exports have started showing signs of growth after getting impacted due to issues like problems of foreign exchange in many countries and large inventories due to the Russia-Ukraine war. He also expressed hope that exports of cotton and yarn would start reigniting from April. “I have been engaged with export promotion councils regularly and the latest information is that most of the inventories are now consumed, economies are starting to get back into shape. I think the world has kind of learnt to live with the challenges and crisis…and the figures also seem to suggest that the exports are up again,” he said. “We hope to see that also reigniting from April 1,” he added. Talking to the media, the minister said that textiles exports have a twin problem. Many countries are facing foreign exchange problems post-Ukraine conflict, due to which many destinations have cut down non-essential imports. Citing an example, he said an Indian consignment of 100 containers to Egypt came back as the African nation did not have foreign exchange to pay for it.
Source: Apparel Resources
India's premier export financing institution expects merchandise exports to hit a record high in this fiscal year ending March 31, even as geopolitial concerns dent the growth run rate of outbound shipments. The Export-Import Bank ofIndia, or India Exim Bank, pegs India’s merchandise exports for January-March at $110.9 billion, leading to record exports of $447.3 billion for the full year. Non-oil exports are forecast to amount to $87.7 billion during the same period. 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 to our exports,” A Sakthivel, President, Federation ofIndian Export Organisations, had said earlier. However, the bets of record numbers come despite the fact that tightening of global financial conditions and persistent geopolitical woes continue to be a major hindrance, which is already reflected in weak manufacturing exports. "India’s exports could be shadowed by deepening global energy crisis, tighter global monetary and financial conditions, continued slowdown in select major trade partners and continued uncertainty around the Russia Ukraine conflict," India Exim Bank said. India's merchandise exports fell 6.58% year-on-year to $32.91 billion in January on the back of slowing global demand, contracting for the second month. Trade deficit touched a 12-month low of $17.75 billion in January as imports shrank 3.63% for the second consecutive month. Imports during the month amounted to $50.66 billion, according to the data. Merchandise exports had declined 12.2% to $34.48 billion in December 2022. Data for India's February merchandise exports is expected later today. The Reserve Bank of India has in its most recent commentary on growth shown optimism on most indicators except for exports. The RBI-led ratesetting panel said, "External demand is likely to be dented by a slowdown in global activity, with adverse implications for exports." What is pushing India's export ambitions is the services exports, which however is not immune to external exogenous factors and bleak economic outlook in advanced economies. An estimated 49.1% rise in services exports in January helped improve India's trade deficit. Overall trade deficit narrowed to $1.27 billion in January, the lowest in 19 months. "The main engine behind this export growth is the services sector, which has been growing at historically high growth rate of about 30%," commerce secretary Sunil Barthwal said last month. "We are optimistic that this growth momentum would continue despite strong global headwinds." Commerce and industry minister Piyush Goyal has recently been very vocal about record goods and services exports. He said overall exports will cross $750 billion in this financial year and India is expanding rupee trade with several countries, many of which are at an advanced stage of dialogue and finalisation. India is also betting on the free trade agreements to shore up exports. 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.
Source: Economic times
The government on Tuesday informed the Rajya Sabha that it is taking steps to make India a USD 5 trillion economy earlier than the International Monetary Fund's forecast year of 2026- 27. The IMF's World Economic Outlook earlier said the size of the Indian economy will increase from USD 3.2 trillion in 2021-22 to USD 3.5 trillion in 2022-23 and cross USD 5 trillion in 2026-27. "The government has been taking steps to make the country a USD 5 trillion economy at an early date," Minister of State for Finance Pankaj Chaudhary said in a written reply to the Upper House. Observing that the outbreak of the COVID pandemic in 2020 and the Russia- Ukraine conflict in 2022 has impacted the world output, increased inflation in several countries and raised uncertainty in the world economy, he said, "lower uncertainty in the global economic outlook will help India become a USD 5 trillion-dollar economy earlier". Some of the important measures taken by the government in the past to boost economic growth include the making of the National infrastructure pipeline of projects, push to capital expenditure, implementation of the Production Linked Incentive (PLI) scheme, finalisation of the National Monetization Pipeline of public sector assets and formulation of National Logistics policy, he said. The minister further said that capital expenditure will be speeded up by PM Gatishakti for integrated planning of infrastructure and synchronised project implementation across all concerned central ministries, departments and state governments. The Union Budget 2023-24, Chaudhary said, "further sustains the growth momentum with an increase in capital investment outlay for the third year in a row by 33 per cent to Rs 10 lakh crore (3.3 per cent of GDP)". The other initiatives to boost the economy include enhanced outlay for PM Awas Yojana, the launch of the Aspirational Blocks Programme covering 500 blocks for saturation of essential government services; an increase in agriculture credit target to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries; and setting up of Agriculture Accelerator Fund to encourage agri-startups by young entrepreneurs in rural areas, among others. The minister also said that the direct capital investment by the Centre is being complemented by the provision made for the creation of capital assets through grants-in-aid to states. The 'effective capital expenditure' of the Centre is budgeted at Rs 13.7 lakh crore (4.5 per cent of GDP) for 2023-24, he said, adding "the newly established Infrastructure Finance Secretariat will oversee the increase in private investment in infrastructure". In order to improve logistics performance, he said, one hundred critical transport infrastructure projects for last and first-mile connectivity for ports,
Source: Economic times
The Reserve Bank is likely to hike benchmark lending rates by 25 basis points in its bi-monthly policy next month to bring down inflation within the central bank's comfort zone, DBS Group Research said on Monday. To contain the rising prices, the RBI has hiked interest rates by 250 basis points since May last year. The latest rate hike of 25 basis points in February took the benchmark policy rate to 6.50 per cent. In an online session on 'Growth resilience and sticky inflation', DBS Group Research Executive Director & Senior Economist Radhika Rao said the RBI may hike interest rates by 25 basis points in April and maintain a hawkish bias as retail inflation is still high. Retail inflation in January spiked to 6.52 per cent against 5.72 per cent in December last year. Rao, however, said inflation caused by supply-side constraints cannot be dealt with by monetary policy alone and is not enough to tackle inflation. "Weather conditions are important for farm output. The local weather agency upcoming monsoon in June-July would be a crucial period. Weather...would be important for inflation and farm output as the sector employs about 45 per cent of the population," Rao said. She said inflation is still on the higher end of the target. "We do think supply shocks are playing out in the food segment. Core inflation is quite sticky. We do think the upcoming meeting in April is going to be another 25 basis points hike, but thereafter we think the monetary policy committee is going to be divided on the path ahead because supply shock by nature cannot be dealt with by monetary policy alone. "We have to see support from the government as well in terms of administrative measures of some fiscal support," Rao added. The next monetary policy of the RBI is scheduled on April 6. Rao said growth in the December quarter decelerated mainly due to the high base. However, PMI data, auto sales and GST collection is showing buoyancy in 2023. But, savings have come down. "For March 2023 quarter, we are about in the low 4 per cent handle for the year-on-year growth," Rao said. India's gross domestic product growth slowed to a three-quarter low of 4.4 per cent in the October-December period, mainly due to a contraction in manufacturing and low private consumption expenditure. The Indian economy grew 6.3 per cent in the July-September quarter and 13.2 per cent in the April-June quarter of the current fiscal.
Source: Economic times
INTERNATIONAL
Mattress Warehouse today announced plans to establish a new distribution center in Lexington County. The company will create 108 new jobs. Mattress Warehouse is an American retailer that sells mattresses across the nation. For more than 30 years, Mattress Warehouse has sold quality sleep products at an affordable price, providing a positive sleep experience to its customers. Mattress Warehouse offers a large selection of quality name brand bedding including TempurPedic, Sealy, Serta, Beautyrest, Purple, Casper and more. In addition to mattresses, the company sells pillows, adjustable bases, sheets, mattress protectors, bed frames, platform beds and other sleep accessories. Mattress Warehouse also utilizes technology to improve the customer shopping experience such as the use of the patented diagnostic system, bedMATCH, which recommends the mattresses best suited for each individual’s support needs. With current retail operations in the state, Mattress Warehouse’s Lexington County facility will serve as the company’s first distribution center in South Carolina. Located at 803 Industrial Park in West Columbia, the new facility will support existing and future retail locations in the region. Operations are expected to be online by early 2024. Individuals interested in joining the Mattress Warehouse team should visit the company’s careers page. “Mattress Warehouse is very excited to be part of Lexington County as we continue to grow into South Carolina. This is an important part of our growth strategy and we look forward to serving the communities in South Carolina through the addition of employment opportunities as well as improving the lives of our guests through quality sleep.” -Mattress Warehouse President and Chief Executive Officer Bill Papettas “Congratulations to Mattress Warehouse for establishing a new distribution center in Lexington County. The 108 new jobs will make a big difference in the Lexington County community and South Carolina.” -Gov. Henry McMaster “This announcement is proof that South Carolina continues to attract name brand companies to its growing logistics and distribution sector because of the state’s robust infrastructure network. We welcome Mattress Warehouse to Lexington County and look forward to the company’s success.” -Secretary of Commerce Harry M. Lightsey III “On behalf of Lexington County Council, we proudly welcome Mattress Warehouse to 803 Industrial Park, strategically located within our thriving community. The jobs created as a part of this project will be a welcomed addition to our diversified inventory, and we look forward to the company’s success in Lexington County.” - Lexington County Council Chairwoman Beth Carrigg “Mattress Warehouse is a welcomed addition to the growing portfolio of companies locating in Lexington County. This new distribution center at 803 Industrial Park is a perfect match for both the company and community, as the park’s central location and access to logistics means products can be efficiently transported and workers can easily commute. Congrats to Mattress Warehouse and our partners in Lexington on today’s announcement.” -Central SC Alliance Chairman Matthew Shaffer.
Source: Textile world
Tin Thanh Group Americas, a tire manufacturer, today announced plans to establish its first United States operations which will be in Allendale County, S.C. The company’s $68 million investment will create 1,031 new jobs. Located at Walker Road in Fairfax, S.C., Tin Thanh Group Americas will build a new facility in Allendale County. Tin Thanh Group Americas’ South Carolina location will allow the company to manufacture and retread large commercial vehicle tires, as well as operate its commercial tire leasing program. Supplying energy from reusable sources, Tin Thanh Group Americas will provide operations in recycled energy, closed industry-agriculture, recycled waste and tire leasing while serving the environment, energy, high-tech agriculture and technology markets. With a focus on sustainability, the company is committed to implementing sustainable practices to lower the carbon-emission level and provide a cleaner environment. Operations are expected to be online by September 2024. Individuals interested in joining the Tin Thanh Group Americas team should email resumes to the company. The Coordinating Council for Economic Development approved job development credits related to this project. The council also awarded a $1 million Rural Infrastructure Fund (RIF) grant to Allendale County to assist with the costs of site preparation and infrastructure improvements. “Tin Thanh Group Americas is excited to make South Carolina home for its first location outside Vietnam and is proud to be South Carolina’s first Vietnamese company. With the assistance of the Department of Commerce, the SouthernCarolina Alliance and the officials at Allendale County, and the assistance of readySC, the decision was clear compared with the other locations that sought our project in the Southeast. Tin Thanh Group Americas looks forward to a long-lasting, fruitful and cooperative relationship with all of South Carolina.” -Tin Thanh Group Americas Chief Executive Officer Tran Dinh Quyen “This announcement once again shows the world has taken notice of the many benefits of doing business in South Carolina. This major $68 million investment and 1,031 new jobs will be transformative for Allendale. We proudly welcome our first Vietnamese Company, Tin Thanh Group Americas, to the state and look forward to creating a long-standing partnership.” -Gov. Henry McMaster “Today is another win for South Carolina! When clean energy companies such as Tin Thanh Group Americas decide to invest in our state, it is a testament to the talented workforce that contributes to the rapid growth of sustainable companies. Congratulations to Tin Thanh Group Americas on its first operations in the U.S.” - Secretary of Commerce Harry M. Lightsey III “Allendale County welcomes Tin Thanh Group Americas to our community, and we thank them for their investment in our future and our people. Each of the more than one thousand jobs will make a difference in the lives of a family in the region because good jobs and good economic development change lives. We look forward to working with this fine company, which is committed to sustainability and good values, bringing prosperity and progress to our area.” -Allendale County Council Chairman Matthew Connelly “SouthernCarolina Alliance welcomes Mr. Tran and the Tin Thanh Group Americas to our region, where they plan to build their first facility in the U.S. The jobs they are creating, and their capital investment will be a tremendous catalyst to growth in this rural area. Industries like Tin Thanh are the backbone of the regional economy and touch every aspect of the local community.” -SouthernCarolina Alliance President and Chief Executive Officer Danny Black.
Source: Textile world
Sporting goods retailer INTERSPORT Sweden — with almost 100 stores across the country — is partnering with solutionsdriven non-profit Canopy to advance forest-friendly supply chains. In doing so, they put critical points on the board for the world’s forests, species, and climate. INTERSPORT Sweden is joining over 520 of the world’s leading fashion designers and apparel brands – representing more than $886.5 billion in collective revenue — who have CanopyStyle policies in place. INTERSPORT Sweden is committing to eliminate any sourcing from the world’s Ancient and Endangered Forests from their textile supply chains and to advancing the production of low-carbon, circular, Next Generation alternatives. Forest protection has been identified by world-leading scientists as a major part of the climate solution and is critical to keeping global warming below 1.5°C through 2030. Hitting this level of conservation means transforming ‘take, make, waste’ supply chains, transitioning out of sourcing from the world’s Ancient and Endangered Forests, and scaling Next Generation alternatives — such as textiles made from recycled fabrics or agricultural residues — is an urgent necessity. An estimated 92 million tons of clothing waste is generated globally each year. Repurposing this waste stream to make new fabrics not only results in significant environmental savings but can help protect the 300+ million trees, many from vital forests, from being logged for viscose annually. Canopy, and now INTERSPORT Sweden, are part of a growing movement to make using Next Generation Solutions the norm. “At INTERSPORT Sweden, we believe in acting responsibly and know the success of our business is intrinsically linked to protecting the rights of people, animals and the environment. We are excited to become a CanopyStyle partner to continue this journey,” said Hanna Wolff, Production & Sustainability Coordinator at INTERSPORT Sweden. “The sports and apparel sector can step up to ensure that the forest-derived textiles, like viscose and lyocell, don’t come from vital forests, and to shift towards lower-impact alternatives. INTERSPORT Sweden is committed, with Canopy’s support, to do just that.” “By joining CanopyStyle, INTERSPORT Sweden is committing to a forest-saving game plan,” said Nicole Rycroft, Founder and Executive Director of Canopy. “Together, we can take on the environmental challenges we face and score big victories for people and the planet. We’re excited to be hitting the court, playing hard, and showing the world that scaling low-impact, Next Gen Solutions is the slam-dunk strategy we need to score a win for the planet.”
Source: Textile world
The American Chemistry Council (ACC) issued the following statement in response to the Environmental Protection Agency’s draft proposal for Maximum Contaminant Levels (MCLs): “PFOA and PFOS were phased out of production by our members more than eight years ago. We support restrictions on their use globally, and we support drinking water standards for PFOA and PFOS based on the best available science. “However, we have serious concerns with the underlying science used to develop these proposed MCLs and have previously challenged the EPA based on the process used to develop that science. We are not alone in our concerns, as others have been on the record criticizing their development. And new peer-reviewed research also calls into question the basis for EPA’s overly conservative approach to assessing one of the health endpoints. “Importantly, the World Health Organization is also at odds with EPA on the health threshold for PFOA and PFOS. Furthermore, while we review the details, we would note that EPA has not yet evaluated two of the four chemistries included in the proposed ‘hazard index’ MCL. We will be interested to see how EPA explains its rationale for combining substances affecting different health endpoints into a single index, in violation of its own guidance1. “The EPA’s misguided approach to these MCLs is important, as these low limits will likely result in billions of dollars in compliance costs. The proposals have important implications for broader drinking water policy priorities and resources, so it’s critical that EPA gets the science right. “We look forward to reviewing these proposals in detail and commenting to EPA throughout the process. “PFAS are a diverse universe of chemistries critical to renewable energy applications like solar and wind power, medical devices, the production of life-saving drugs, as well as cell phones, tablets and semiconductors, among many other uses. All PFAS are not the same and they should not all be regulated the same way.”
Source: Textile world
Bedding manufacturer American Textile Co. (ATC) has entered a partnership with the Switzerland-based materials innovation company HeiQ to upgrade several bedding products with HeiQ Allergen Tech for the North American market. ATC and HeiQ announced a partnership for HeiQ Allergen Tech application to mattress and pillow protectors, pillows, mattress pads, comforters, as well as blankets, throws, and other bedding product categories covering the USA, Canada, and Mexico, intended to deliver deeper relief to allergy sufferers. The first products from ATC featuring HeiQ Allergen Tech will be available in the market in 2024 under the renowned brands AllerEase®, the No. 1 selling allergy bedding solution in North America, and Sealy®, the No. 1 selling overall bedding brand. Products featuring HeiQ Allergen Tech will be marketed under ATC’s own CleanBoost™ technology name. HeiQ Allergen Tech was launched at the end of 2022 and is a 100-percent bio-based, naturally derived technology that reduces users’ exposure to inanimate allergens such as house dust mite matter, and pet allergens with the help of active probiotics. It provides one of the easiest and most cost-effective ways to reduce allergen exposure in the bedroom. This innovation from HeiQ has been granted the Allergy UK Seal of Approval by The British Allergy Foundation following a comprehensive review and assessment of the technology. Additionally, it has been tested and certified by BMA Labor, an accredited lab in Bochum, Germany, to successfully reduce 96.6 percent of house dust mite matter allergen, 83.6 percent of cat hair allergen, and 76.5 percent of dog hair allergen. Patrick Seiffert, senior vice president of Product Development and Marketing, ATC, said: “Our new AllerEase CleanBoost products will be the first-ever solution to offer dual-action protection against allergens. By combining our expertise in allergen barrier bedding with HeiQ’s revolutionary fabric technology, we are proud to introduce a product that not only blocks inanimate allergens but also reduces them on and around the bedding. Our flagship AllerEase brand has been trusted by millions of consumers seeking allergy relief for years, and this new partnership allows us to offer them a new level of unmatched protection. We are excited to be the strategic partner for HeiQ’s innovation and look forward to continue delivering new ways to help consumers sleep better and live better.” HeiQ Group Co-Founder and CEO Carlo Centonze said: “We thank ATC’s trust in HeiQ over many years. ATC has always been a pioneer in adopting HeiQ’s latest innovations and bringing functionalized bedding products to their consumers. HeiQ Allergen Tech was only launched in October last year and has been really popular so far. This proves our ability to rapidly develop and commercialize technologies that meet global demand. Our nature-based hygiene solutions are revolutionizing the multi-billion-dollar home textiles market. With over 90 percent of bedrooms in the US containing three or more detectable allergens, our partnership with ATC will make a real difference in people’s lives, and that’s what matters most to us. HeiQ Allergen Tech can significantly improve bedding products, but it can also be applied to curtains, carpet, and upholstery.” Upgraded products under this partnership between the American Textile Company and HeiQ will be launched at the Home & Textiles Market Week in New York March 13-16. Products featuring HeiQ Allergen Tech will be showcased in the ATC Showroom at 230 Fifth Avenue, 15th Floor, NY 10001. The collaboration comes at a time when consumers are beginning to experience the first effects of the spring allergy season and scientists say allergy seasons are becoming longer and more intense.
Source: Textile world
