The process of making a T-shirt and jeans trouser consumes 20,000 litres of water. An individual’s drinking water needs for two and half years are equal to the quantity used for manufacturing a cotton shirt. That’s why the textile sector accounts for 20% of industrial wastewater pollution, making it the second-most polluting industry. But the industry now realises that the time is fast running out. They have to make their operations sustainable. The Europe has started erecting non-tariff barriers for products and services that do not meet sustainable standards. As the 2030-time frame for achieving United Nations’ 17 Sustainable Development Goals nears, sustainability has become the topmost priority across sectors, including textiles. India too has set green goals as a critical agenda for achieving Amrit Kaal. Speaking at the India Textile and Apparel Fair organised by Confederation of Indian Textile Industry (CITI), SN Modani, chairman of Rajasthan Textile Mills Association, said, “Reusable, regenerable and recyclable clothing needs a mass response from the manufacturers. Fabrics made of plastic bottles are increasingly used to create stylish garments as demonstrated by our Prime Minister Narendra Modi.” Consumers, too, are growing cautious of what they wear. Data shows that web searches for eco-friendly clothing have risen by more than 70% over five years. But technology is yet to mature for making affordable products. “Though the modern, environmentally healthy alternatives may cost more as technology is still at the nascent stages, automation, and innovation in manufacturing, combined with guaranteed sales, are bound to offset these costs over time. The key stakeholders need to lead from the front,” said Modani. Board member of International Textile Manufacturers Federation Uday Gill said that the industry needs to replace high cost of labour with technology so that the products are not only precise and of high quality, but it will lead to cost reduction and upset the high expense for making sustainable products. He allayed the fear of job losses due to increased adoption of technology. “Technology brings in efficiency and grows the market which in turn creates demand for talent.” Added Gill. He said that every element in the value chain, from yarn to garmenting, has to be collaborative to drive synergy. “We have to move away from cost-model to value-model,” he added.
Source: Times of India
We have to convert the respect that India has earned in the world in recent years into an opportunity and we have to convert the demand of the consumers for their rights into a consciousness for quality. This was stated by Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal on the occasion of World Consumer Rights Day today.
Prime Minister Shri Narendra Modi has been a role model and a very popular leader who has given us the message that we should all work collectively towards making India a developed nation in Amrit Kaal by creating an environment that contributes to serving the customers well, Shri Goyal said. This is because PM has always focussed on the customer and this is why he has always emphasised on quality, he explained.
Shri Goyal said that people want high quality in services and products and that it is their right. Today is a day of celebration of this right and it is a day to commit ourself to work towards ensuring that quality and service. He said that consumer rights also involves creating a sustainable and a green economy that would lead to healthy living - something that is in the very ethos of India.
Consumer is at the core of all our activities because if there is no consumer what is the use of all our efforts, the minister said. We must win the confidence of the consumers – that should be the core focus of our activities, he added. When we work towards quality, the country progresses, he explained.
The awareness and consciousness of the consumers for their rights should motivate us to work towards doing our duty towards the country, the minister concluded.
Tex-Tech Industries, a leading manufacturer of specialty textiles, will create 49 new jobs in Forsyth County, Governor Roy Cooper announced today. The company will invest more than $24.8 million to build a new manufacturing center in Winston-Salem.
“North Carolina’s leadership in textile manufacturing helps companies like Tex-Tech stay on the cutting edge of innovation,” said Governor Cooper. “This expansion builds upon the company’s success in Forsyth County for 60 years, affirming that North Carolina is a great place to do business.”
With headquarters in Kernersville, North Carolina, Tex-Tech is a global leader for textile research, development and manufacturing of high-performance fabrics and coatings. Serving the aerospace, automotive, defense, medical and protective apparel industries, the company’s innovative and proprietary materials are developed for demanding applications. Tex-Tech will increase its manufacturing operations with a new 170,000-square-foot building.
“Expanding in Forsyth County was the best decision for our company,” said Kelly Moore, Chief Financial Officer of Tex-Tech Industries. “Being centrally located on the East Coast and having access to a growing advanced manufacturing talent pool were some of the differentiating factors for our decision to grow here. “
New positions include managers, operators, technicians, and sales personnel. Salaries will vary for each position; however, the overall expected average annual salary is $67,918. Forsyth County’s average annual wage is $57,351. These new jobs have the potential to create an annual payroll impact of more than $3.3 million for the region.
“It’s no surprise that Tex-Tech continues to see the value of doing business in our state,” said N.C. Commerce Secretary Machelle Baker Sanders. “North Carolina’s reputation for textile research and development woven with the largest nonwovens workforce in the nation and strong textile supply chain, make our state a great choice for Tex-Tech’s expansion.”
A performance-based grant of $125,000 from the One North Carolina Fund will help with Tex-Tech’s expansion. The One NC Fund provides financial assistance to local governments to help attract economic investment and create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require matching participation from local governments and any award is contingent upon that condition being met.
“We are excited to welcome Tex-Tech to Winston-Salem,” said N.C. Senator Paul A. Lowe, Jr. “The company’s increased investment is a strong vote of confidence in the workforce and manufacturing economy of our region.”
“Forsyth County has a rich textile legacy,” said N.C. Representative Kanika Brown, “Our location, infrastructure, and existing industry will continue to support the company in its next phase of growth.”
In addition to the North Carolina Department of Commerce and Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Community College System, Forsyth Tech Community College, Forsyth County, City of Winston-Salem and Greater Winston-Salem, Inc.
Source: Governor.nc
Items by Re/DRESS are designed and made in Bangladesh; and will be available at Friendship Colours of the Chars, Yellow and soon at the Taaga shop-in-shop inside the Aarong Tejgaon multi-brand outlet. Re/DRESS is a unisex collection made from soft, breathable woven and knit textiles produced in Bangladesh from plastic bottles and cotton waste. As a social enterprise, Re/DRESS promotes responsible fashion. The brand has been designed to promote Bangladesh as one of the largest cotton recycling hubs in the world. The brand works with local recycling and garment factories willing to push the limits of cotton recycling to produce proof-of-concept textiles. Simple lines, neutral colours and a comfortable fit ensure that the clothes by Re/DRESS won't go out of style, can be dressed up or worn casually, and are perfect for a Dhaka summer, the press release added. The designers borrowed from the South Asian silhouette, and came up with a minimal, very contemporary collection for all ages. "Catastrophic climate change means we must support recycling; I also like Re/DRESS because it's for all ages and genders," said choreographer and content creator Ridy Sheikh. "I am concerned about where my clothes come from and want to make responsible choices," said Jahidul Islam, a textile technology student who leads the Re/DRESS volunteer team.
Source: TBs News
Vietnam is facing challenges in achieving its export growth target of 6 per cent in 2023, stakeholders have warned. The global demand for Vietnamese products has decreased, leading to a reduction in orders for the country’s primary exports compared to the previous year. Data from the General Department of Vietnam Customs shows that textile exports have declined by 19.6 per cent to $4.55 billion, while footwear exports have dropped by 15.8 per cent to $2.76 billion. This decline has put pressure on the Vietnamese government to find solutions to support businesses and bolster the country’s exports, according to local media reports. To help companies during this challenging period, the Ministry of Industry and Trade (MoIT) has implemented various measures, such as trade promotional and networking events. The ministry has also urged Vietnam’s trade representative offices overseas to increase their efforts to assist businesses in entering new markets and resolving ongoing issues with their entry. The MoIT has recommended that companies explore new markets, particularly in the Middle East, Eastern Europe, Latin America, and South Asia, as they wait for traditional markets such as the US, the EU, and Japan to recover. The government hopes that these measures will help businesses overcome the difficulties they face and contribute to the country's economic growth.
Source: Fibre2fashion
The Department of Commerce, Government of India, is implementing the Trade Infrastructure for Export Scheme (TIES) w.e.f. FY 2017-18 to assist Central and State Government agencies in creating appropriate infrastructure for the growth of exports, the Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel said in reply to a parliamentary question today. Under the scheme, financial assistance in the form of grants-in-aid is provided to Central/State Government owned agencies (or their Joint Ventures with major stake-holding by them) for setting up or up-grading export infrastructure in States/UTs. The States can avail of the scheme through their implementing agencies for infrastructure projects with significant export linkages like Border Haats, Land customs stations, quality testing and certification labs, cold chains, trade promotion centres, export warehousing and packaging, SEZs and ports/airports cargo terminuses. The Scheme guidelines are available at https://commerce.gov.in/trade-promotion/trade-promotion-assistance/.
Further, Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue has issued Circular No. 09/2020 -Customs dated 05.02.2020 for streamlining export data to include District level details in Shipping Bills. The same has been done to more effectively capture export data at the level of districts which would assist in efforts for promotion of exports.
Department of Commerce has been actively interacting and engaging with the State Governments / Union Territories to create an enabling environment to boost goods and services exports from the country by way of assisting them in formulating a comprehensive export strategy based on an assessment of State’s strengths.
Under TIES, financial assistance for a total of 40 export infrastructure projects has been approved during FY 2019-20, 2020-21 2021-22 & 2022-23 (as on 9th March, 2023). The state-wise details of funds released during each of the last three years and the current year under the Scheme of Department of Commerce
The PM Gati Shakti National Master Plan (NMP) has a digital component in the form of a GIS based platform which integrates the geospatial data related to the infrastructure in the country and planning portraits of various Ministries/Departments of the Government. All the infrastructure and economic Ministries/Departments at the Centre and also States/Union Territories have created their own customized planning portals which are integrated to PM Gati Shakti NMP. These digital systems help data-based decision-making for integrated planning of infrastructure projects and their synchronized implementation. More than 150 critical infrastructure gaps have been identified by adopting PM Gati Shakti mechanism. It aims at reducing logistics cost and supporting economic activity in the country.
Duty Drawback Scheme rebates the incidence of Customs duties on imported inputs and Central Excise duties on domestic inputs that are used in manufacture of export goods. The scheme is operated in terms of provisions of Customs Act, 1962, read with the Customs and Central Excise Duties Drawback Rules, 2017. Duty drawback on export products ensures that exports remain competitive in the international market. The total EDI based Duty Drawback outgo for the last two years and current year is as follows:-
|
Financial Year |
Amount (in Rs. Crores)** |
|
2020-21 |
18128 |
|
2021-22 |
23920 |
|
2022-23 (upto October 2022) |
17261 |
There is no provision on tax rebate on export under GST. However, exporters are eligible to claim refund of either (i) tax paid on export of goods or services or both; or (ii) unutilized input tax credit in respect of goods or services or both exported without payment of tax. The amount of refund under GST provided to exporters on account of export of services with payment of IGST and export of goods and services without payment of IGST is as follows:
|
Financial Year |
Amount (in Rs. Crores)** |
|
2019-20 |
31632.61 |
|
2020-21 |
52050.25 |
|
2021-22 |
66781.89 |
|
2022-23 (upto 28th Feb, 2023) |
63417.55 |
Remission of Duties & Taxes in Export Product (RoDTEP) Scheme: RoDTEP scheme is commenced in 2021 and notified by Department of Commerce and administered by CBIC. The scheme is Budget limited. Budget allocated under the scheme is as follows:-
|
Financial Year |
Amount (in Rs. Crores)** |
|
2021-22 |
12454 |
|
2022-23 |
13699 |
Rebate of State and Central Taxes and Levies (RoSCTL) Scheme: RoSCTL Scheme is notified by Department of Commerce and administered by CBIC. The Scheme is Budget limited. Budget allocated under the scheme is as follows:-
|
Financial Year |
Amount (in Rs. Crores)** |
|
2021-22 |
6946 |
|
2022-23 |
7640 |
Source: PIB
Synopsis The West blocked access to SWIFT for several Russian banks, including Sberbank and VTB, soon after Moscow invaded Ukraine in February last year to target Russian trade, making it harder for Russian companies to do business. SWIFT underpins financial transactions globally. Indian companies are using the SWIFT global payment system to settle dollar payments with Russia, a top trade official said on Wednesday, even though many Russian banks are blocked from the network due to Western sanctions. The West blocked access to SWIFT for several Russian banks, including Sberbank and VTB, soon after Moscow invaded Ukraine in February last year to target Russian trade, making it harder for Russian companies to do business. SWIFT underpins financial transactions globally. "We are using SWIFT for dollar payments," the official, who did not want to be named, said, when asked about the payment gateway being used for Russian payments. The official did not give more details about the banks that Indian traders were using to make the dollar payments.
India’s trade and finance ministry did not immediately respond to an email requesting comments. India's imports from Russia have increased nearly five times in the April 2022 to February 2023 period to $41.56 billion from $8.54 billion, compared with the same period the prior year, according to data released by the government on Wednesday. Last month, Reuters reported India's Russian oil imports climbed to a record 1.4 million barrels per day (bpd) in January, up 9.2% from December, with Moscow still the top monthly oil seller to New Delhi, followed by Iraq and Saudi Arabia. India has been using varied currencies to settle trade with Russia since the war in February last year. "Payments happen in different currencies, including dollar, euros, dirham," the country's Directorate General of Foreign Trade Santosh Kumar Sarangi told reporters. Indian refiners payed for most of their Russian oil purchased via Dubai-based traders in United Arab Emirates dirhams instead of U.S. dollars, Reuters has reported.
Source: Economic Times
Synopsis On the export front, the US emerged as the top destination for Indian exporters during the 11-month period, accounting for 17.5 per cent of the country's total outbound shipments. Exports to the US increased to USD 70.99 billion as against USD 68.447 billion during April-February period of 2021-22. India's imports from Russia jumped about five times to USD 41.56 billion during the April-February period of this fiscal due to increasing inbound shipments of crude oil from that country, according to the commerce ministry data. In 2021-22, Russia was India's 18th largest import partner, accounting for USD 9.86 billion of imports. From just 0.2 per cent of all oil imported by India, Russia supplied 28 per cent of the total oil imported in January. Russia has become India's fourth largest import source in the first 11 months of the current fiscal. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's oil imports rose to 1.27 million barrels per day in January, taking the share to 28 per cent, according to energy cargo tracker Vortexa. India, the world's third-largest crude importer after China and the United States, has been buying Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for the invasion of Ukraine. The ministry's data showed that imports from China rose by about 6.2 per cent to USD 90.72 billion during the April-February period. Similarly, imports from UAE increased by 21.5 per cent to USD 48.88 billion. India's imports from the US grew by about 19.5 per cent to USD 46 billion during the period. On the export front, the US emerged as the top destination for Indian exporters during the 11-month period, accounting for 17.5 per cent of the country's total outbound shipments. Exports to the US increased to USD 70.99 billion as against USD 68.447 billion during April-February period of 2021-22. As per the data, exports to the UAE increased to USD 28.63 billion during the April-February period as against USD 24.95 billion in the year-ago period. Exports to China, however, dipped to USD 13.64 billion during the period as against USD 19.81 billion during April-February period of 2021-22.
Source: Economic Times
Popular in Economy 1. India seen to sail towards record goods exports this FY amid turbulent waters 2. India's imports and exports dip over 8% each in February, trade deficit at $17.43 bn Synopsis On the progress on the Indo-Pacific Economic Framework (IPEF) talks, it was informed that productive and constructive text-based discussions held under IPEF pillars supply chain, clean economy and fair economy during the special round held here in February. The next round of negotiations for the proposed interim trade agreement (FTA) between India and Canada is expected to be held in April, a senior commerce ministry official said on Wednesday. Krishan Kumar, Joint Secretary in the department of commerce, said negotiations are at an advanced stage in goods and services, and in other areas. "Six rounds have completed. The seventh round may be held in April," he told reporters here. In March last year, the two countries re-launched negotiations for an interim agreement, officially dubbed as an early progress trade agreement (EPTA). Apart from traditional areas, the agreement may cover areas like SMEs, trade and gender, environment and labour. "We have already exchanged goods offer and discussions are starting to improve the services offer," he said. Briefing reporters, Commerce Secretary Sunil Barthwal said that talks for a free trade agreement with the UK and European Union are moving in a progressive direction. India and the UK launched negotiations for the FTA in January last year. On the progress on the Indo-Pacific Economic Framework (IPEF) talks, it was informed that productive and constructive text-based discussions held under IPEF pillars supply chain, clean economy and fair economy during the special round held here in February. The Indian delegation at present is participating in the second round of negotiations being held in Bali from March 13-19.
Source: Economic Times
Synopsis Commerce Secretary Sunil Barthwal said that the ministry has looked at various aspects of that FTP as the policy is basically the collection of various incentive schemes. The government is expected to release the new five-year foreign trade policy (FTP) by the end of this month, with a view to promoting the country's outbound shipments of goods and services, a top official said on Wednesday. The current foreign trade policy (2015-20) is in force till March 31, 2022. Commerce Secretary Sunil Barthwal said that the ministry has looked at various aspects of that FTP as the policy is basically the collection of various incentive schemes. They are also adding the aspect of vision into that as the ministry is targeting to take the goods and services exports to USD 2 trillion by 2030. "So, within that framework, we have worked out our FTP and we are expecting that it would be released by the end of this month," he told reporters here. FTP provides guidelines for enhancing exports to push economic growth and create jobs. It was first extended on March 31, 2020, for one year due to the coronavirus outbreak and the lockdown.
Source: Economic Times
India’s merchandise imports fell to an 18-month low in February, contracting for the third consecutive month as the government ramped up efforts to curb non-essential imports, even as exports shrank for a third time in five months amid slowing global demand. Merchandise exports contracted 8.8 per cent to $33.88 billion in February, while imports fell 8.2 per cent to $51.31 billion, leading to a trade deficit of $17.43 billion, showed the data released by the commerce department on Wednesday. Commerce Secretary Sunil Barthwal said the government had been able to contain imports in February. “It is not simply statistical. There were several meetings which were taken by the commerce minister (Piyush Goyal) with various ministries where we looked at strategies to contain non-essential imports. Those steps are bearing fruit,” he added.
Barthwal said ministries were told to analyse import data and discourage non-essential imports. “If there is sufficient capacity [for a product] within the country and it is still being imported, we are trying to educate that it can be substituted by domestically manufactured products. But of course, it will depend on the requirements of global value chains. We have decided on a principle. We are not looking at particular commodities,” he said. Rajani Sinha, chief economist at Care Ratings, said while the moderation in the trade deficit was a positive, it was mainly due to lower value of imports amid softening commodity prices. “In the months to come, import performance will remain crucial to gauge the pulse of domestic demand. Export slowdown is likely to aggravate further amid an uncertain global scenario,” she added. Under merchandise imports, 16 of the 30 key sectors witnessed contraction in February, led by gold (-44.9 per cent), fertilisers (-59.3 per cent), and crude oil (-4.27 per cent). Other major import items that dipped include vegetable oil (-2.48 per cent), chemicals (-5.5 per cent), pearls (-20.9 per cent), machinery (-2.5 per cent), and electronic goods (-11.1 per cent). Key sectors that saw growth were coal (8.9 per cent), plastic materials (6.5 per cent), iron and steel (16.46 per cent), and transport equipment (49.25 per cent). Merchandise exports witnessed annual contraction in 16 of the 30 key sectors last month. Key export items that dipped in February included chemicals (-12.34 per cent), engineering goods (-9.68 per cent), readymade garments (-12.1 per cent), petroleum products (-28.8 per cent). Among sectors that experienced growth included electronic goods (29.85 per cent), gems and jewellery (12.8 per cent), rice (11.75 per cent), and drugs and pharmaceuticals (4.72 per cent). Non-petroleum and non-gems & jewellery exports in February contracted 6.4 per cent in February.
Exports grew 7.6 per cent year-on-year to $405.9 billion during April-February, while imports grew by 18.8 per cent at $653.5 billion during this period, leading to a trade deficit of $247.5 billion. Engineering Export Promotion Council (EEPC) of India Chairman Arun Kumar Garodia said the collapse of two US banks and negative growth in some European markets could dampen market sentiment and further hit demand, making 2023 a tough year for engineering goods manufacturers. “There is hope that domestic demand, led by higher public spending in the infrastructure sector, will partly offset the negative growth in exports,” he added. Barthwal said the export target setting exercise for the next financial year was on. “We are not doing only a trend-based exercise. We are looking at commodities, territories and countries,” he added. On payment mechanism for crude oil imports from Russia, Director General of Foreign Trade Santosh Kumar Sarangi said: “Payments are made in different currencies including the dollar, euro and dirham. There is no ban on using any convertible currency.” Barthwal said the new foreign trade policy would be released by the end of the month. “For the last six months, we have been developing a new FTP. We have looked at various aspects of the FTP. We are also adding the visioning exercise into that. We are aiming for $1 trillion of merchandise exports and $2 trillion of both merchandise and services exports,” he said.
Source: Business Standard
The Centre will shortly announce the names of states where the seven Mega Integrated Textile Region and Apparel Parks will be set up with an outlay of Rs 4,445 crore, Union Minister Piyush Goyal said on Wednesday. The sites for PM MITRA Parks are being chosen through by a Challenge Method based on objective criteria. The government had earlier invited proposals of state governments having ready availability of contiguous and encumbrance-free land parcels of over 1,000 acres along with other textiles related facilities & ecosystems. "The PM MITRA scheme where we will be shortly announcing the states who have won through the challenge route, and who have offered to provide the best ecosystem for our textile industry to collectively be present at one location where plug and play infrastructure will be made available for the entire supply and value chain to be colocated and make ourselves more competitive will certainly give a big boost to the 5F vision of Prime Minister Modi," Goyal said at the Global Textile Conclave. The minister addressed the event being held in Jaipur virtually. MITRA Parks will offer an opportunity to create an integrated textiles value chain right from spinning, weaving, processing/dyeing, and printing to garment manufacturing at one location. An integrated Textile Value chain at 1 location will reduce logistics costs of the Industry. The Parks will be established under the PM MITRA scheme which is inspired by the Prime Minister's 5F vision – Farm to Fibre to Factory to Fashion to Foreign. The government has received 18 applications from 13 States for the seven Mega Integrated Textile Region and Apparel parks approved earlier, which are in the "advanced stage" of consideration, Textile Secretary Rachna Shah said earlier this month.
Source: News Drum
The government is undertaking an exercise to cut imports of non-essential goods with a view to enhancing domestic production of those items, an official said on Wednesday
The government is undertaking an exercise to cut imports of non-essential goods with a view to enhancing domestic production of those items, an official said on Wednesday. Commerce Secretary Sunil Barthwal said that the commerce ministry has provided product-wise import figures to all the ministries. "We are asking the different ministries that they should analyse that data and they should look at data from the angle that which imports are essential and which are non-essential," he told reporters here. The ministries would look at issues like if those goods are being manufactured in India and if there is sufficient capacity for those products. "If there is a sufficient capacity within the country and still it is being imported, then we are trying to educate that it can be substituted by the domestic manufactured product," he said. "What we are saying is that if our domestic maker is capable of producing the same kind of quality with the same price then obviously that should be substituted," the secretary added. He said that different ministries will look at how they can encourage those imports to get substituted by domestic production. "We are also looking at import diversification..the exercise will help manufacturers," he added. Containing these imports would also help reduce the trade deficit, which has reached USD 247.52 billion during April-February 2022 as against USD 172.53 billion in the same period last fiscal. Imports during the 11-month period of the current fiscal increased by 18.82 per cent to USD 653.47 billion.
Source: Business Standard
The rupee appreciated by 4 paise to 82.33 against the US dollar in early trade on Wednesday, tracking positive sentiments in the domestic equity market and relatively weaker dollar against major currencies. At the interbank foreign exchange, the domestic unit opened stronger at 82.32 against the US dollar and then gained ground to 82.30. Later, it slipped to 82.33 against the greenback, registering a rise of 4 paise against its previous close. On Tuesday, the rupee settled at 82.37 against the US dollar. Anand James, Chief Market Strategist at Geojit Financial Services, said there could be slippage to 82 level. "It would require consistent trades above 82.36 to rekindle positivity again." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.10 per cent lower at 103.49. Global oil benchmark Brent crude futures rose 1.21 per cent to USD 78.39 per barrel. The 30-share BSE Sensex was trading 403.21 points or 0.70 per cent higher at 58,303.40 points while the broader NSE Nifty was up 130.40 points or 0.77 per cent to 17,173.70 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 3,086.96 crore, according to exchange data. Expectations of slower interest rate hike by the US Federal Reserve on the back of lower inflation also boosted the overall sentiment. In February, the US consumer price index came in largely in line with expectations at 6 per cent. On the domestic front, the wholesale price-based inflation declined to 3.85 per cent in January on easing prices of manufactured items, fuel and power, even though food articles remained expensive.
Source: Business Standard
New foreign trade policy to focus on MSMEs, Ecomm Zones, AI
Synopsis The current policy was announced on April 1, 2015 and was extended till March 31, 2023. As part of the new policy, slated to be released by the end of this month, the government may announce a vision and strategies document for laying the roadmap of goods and services exports from April 1. India's upcoming foreign trade policy will seek to handhold MSMEs to build their financial capabilities, set up special zones for ecommerce exports and develop new mechanisms to support services related to artificial intelligence and Internet of Things. The commerce and industry ministry is currently reviewing the existing Foreign Trade Policy. As part of this, it is deliberating on improving India's trade resilience so as to be prepared for unforeseen events such as the Covid-19 pandemic and integrating Nari Shakti.
Source: Economic Times
Cambodia's manufacturing output reached $15.8 billion in 2022, an 83 per cent year-on-year increase, according to a report by the ministry of industry, science, technology, and innovation. The number of active manufacturing factories in the country increased by 28.4 per cent from 2018 to 2022, reaching a total of 1,962. This growth has also led to an increase in job creation, with over one million jobs created in the five-year period. In addition, the investment value of manufacturing factories increased by 56.28 per cent to $15,953 million by 2022, which is up from $10,280 million in 2018, as per the report. The rise in investment in manufacturing sectors can be attributed to Cambodia's geographic location, potential investment under the new investment law, free trade agreements, mega-regional pact, and trade preferences, according to Lim Heng, vice-president of the Cambodia Chamber of Commerce. “The new investment law, with free preferences—Cambodia-China FTA, Cambodia-Korea FTA, RCEP—are giving a big impetus in attracting investment to the kingdom,” Vietnamese media reports said quoting Heng.The manufacturing sector is estimated to have contributed about 40 per cent to the country's gross domestic product (GDP) in 2022. The garment, footwear, and travel goods industry was the largest foreign exchange earner for Cambodia in the previous year, as per the ministry. Cambodia's exports of non-garment manufacturing products, including leather and other industrial products, also increased last year. Cham Prasidh, the minister of industry, science, technology, and innovation, attributed the rise in industrial output to the government's successful policy to counter the COVID-19 pandemic.
Source: Fibre2fashion
India’s policy to facilitate trade in the rupee is gaining attention from more and more countries. During the last six months, eight countries including Sri Lanka have open 50 Special Rupee Vostro Accounts (SRVA). Indian importers will be able to make payment in rupee for their imports from the partner country. The payment will be deposited in vostro account of the concerned country’s bank. On the basis of the payment, partner country’s supplier will get payment in their local currency. Deposited amount of vostro will be utilised against the imports by the partner from India. It will reduce demand of US dollar so the currencies of India and other partner countries will not face downward pressure. Sri Lanka is one of the eight nations which have opened vostro accounts in India. Its garment units will have better access to the Indian market once trade begins in Indian rupee. In fact, trade facilitation in rupee would be beneficial for Sri Lanka which had recently faced economic crisis. The country did not have foreign currency even for its essential imports, which had jolted the country’s garment industry that is heavily dependent for fabric supplies from India and other neighbouring countries. Sri Lanka’s fabric import from India decreased in second half of last year when the country had imported fabric worth $256.266 million against imports of $336.994 million in H1, 2022 and $307.430 million in H2, 2021. However, the imports increased to $593.261 million in 2022 against $565.848 million in 2021. Sri Lanka had imported fabric worth $410.881 million in 2020, $485.160 million in 2019, $426.046 million in 2018 and $374.214 million in 2017, as per TexPro.
Source: Fibre2fashion
Tex-Tech Industries, a leading manufacturer of specialty textiles, will create 49 new jobs in Forsyth County, Governor Roy Cooper announced today. The company will invest more than $24.8 million to build a new manufacturing center in Winston-Salem. “North Carolina’s leadership in textile manufacturing helps companies like Tex-Tech stay on the cutting edge of innovation,” said Governor Cooper. “This expansion builds upon the company’s success in Forsyth County for 60 years, affirming that North Carolina is a great place to do business.” With headquarters in Kernersville, North Carolina, Tex-Tech is a global leader for textile research, development and manufacturing of high-performance fabrics and coatings. Serving the aerospace, automotive, defense, medical and protective apparel industries, the company’s innovative and proprietary materials are developed for demanding applications. Tex-Tech will increase its manufacturing operations with a new 170,000-square-foot building. “Expanding in Forsyth County was the best decision for our company,” said Kelly Moore, Chief Financial Officer of Tex-Tech Industries. “Being centrally located on the East Coast and having access to a growing advanced manufacturing talent pool were some of the differentiating factors for our decision to grow here. “ New positions include managers, operators, technicians, and sales personnel. Salaries will vary for each position; however, the overall expected average annual salary is $67,918. Forsyth County’s average annual wage is $57,351. These new jobs have the potential to create an annual payroll impact of more than $3.3 million for the region. “It’s no surprise that Tex-Tech continues to see the value of doing business in our state,” said N.C. Commerce Secretary Machelle Baker Sanders. “North Carolina’s reputation for textile research and development woven with the largest nonwovens workforce in the nation and strong textile supply chain, make our state a great choice for Tex-Tech’s expansion.” A performance-based grant of $125,000 from the One North Carolina Fund will help with Tex-Tech’s expansion. The One NC Fund provides financial assistance to local governments to help attract economic investment and create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require matching participation from local governments and any award is contingent upon that condition being met. “We are excited to welcome Tex-Tech to Winston-Salem,” said N.C. Senator Paul A. Lowe, Jr. “The company’s increased investment is a strong vote of confidence in the workforce and manufacturing economy of our region.” “Forsyth County has a rich textile legacy,” said N.C. Representative Kanika Brown, “Our location, infrastructure, and existing industry will continue to support the company in its next phase of growth.” In addition to the North Carolina Department of Commerce and Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Community College System, Forsyth Tech Community College, Forsyth County, City of Winston-Salem and Greater Winston-Salem, Inc.
Source: Governor.nc
Items by Re/DRESS are designed and made in Bangladesh; and will be available at Friendship Colours of the Chars, Yellow and soon at the Taaga shop-in-shop inside the Aarong Tejgaon multi-brand outlet. Re/DRESS is a unisex collection made from soft, breathable woven and knit textiles produced in Bangladesh from plastic bottles and cotton waste. As a social enterprise, Re/DRESS promotes responsible fashion. The brand has been designed to promote Bangladesh as one of the largest cotton recycling hubs in the world. The brand works with local recycling and garment factories willing to push the limits of cotton recycling to produce proof-of-concept textiles. Simple lines, neutral colours and a comfortable fit ensure that the clothes by Re/DRESS won't go out of style, can be dressed up or worn casually, and are perfect for a Dhaka summer, the press release added. The designers borrowed from the South Asian silhouette, and came up with a minimal, very contemporary collection for all ages. "Catastrophic climate change means we must support recycling; I also like Re/DRESS because it's for all ages and genders," said choreographer and content creator Ridy Sheikh. "I am concerned about where my clothes come from and want to make responsible choices," said Jahidul Islam, a textile technology student who leads the Re/DRESS volunteer team.
Source: TBs News
Vietnam is facing challenges in achieving its export growth target of 6 per cent in 2023, stakeholders have warned. The global demand for Vietnamese products has decreased, leading to a reduction in orders for the country’s primary exports compared to the previous year. Data from the General Department of Vietnam Customs shows that textile exports have declined by 19.6 per cent to $4.55 billion, while footwear exports have dropped by 15.8 per cent to $2.76 billion. This decline has put pressure on the Vietnamese government to find solutions to support businesses and bolster the country’s exports, according to local media reports. To help companies during this challenging period, the Ministry of Industry and Trade (MoIT) has implemented various measures, such as trade promotional and networking events. The ministry has also urged Vietnam’s trade representative offices overseas to increase their efforts to assist businesses in entering new markets and resolving ongoing issues with their entry. The MoIT has recommended that companies explore new markets, particularly in the Middle East, Eastern Europe, Latin America, and South Asia, as they wait for traditional markets such as the US, the EU, and Japan to recover. The government hopes that these measures will help businesses overcome the difficulties they face and contribute to the country's economic growth.
Source: Fibre2fashion
