INTERNATIONAL
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The rupeedepreciated 7 paise to 82.11 against the US dollar in early trade on Wednesday, weighed down by firm crude oil prices and a negative trend in domestic equities. Forex traders said foreign fund outflows and strengthening of the American currency in the overseas market dented investor sentiments. At the interbank foreign exchange, the domestic unit opened weak at 82.10 against the dollar, then fell to 82.11, registering a decline of 7 paise over its last close. On Tuesday, the rupee settled at 82.04 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 101.78. Brent crude futures, the global oil benchmark, declined 0.18 per cent to USD 84.62 per barrel. The USDINR pair is holding well above 82.00 mark and waiting for the fresh triggers to mark its move past 82.20 levels, CR Forex Advisors MD-Amit Pabari said. Pabari further added that widening deficits, rising oil prices, and squeezing interest rate differentials between US and India set a floor for fresh rounds of outflows from the Indian bond market. In the domestic equity market, the 30-share BSE was trading 71.9 points or 0.12 per cent lower at 59,655.11. The broader NSE Nifty declined 15.70 points or 0.09 per cent to 17,644.45. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 810.60 crore, according to exchange data.
Source: Times of India
The government is set to appeal against a ruling by the 's dispute settlement panel, rejecting suggestions of using the Multi-Party Interim Appeal Arbitration Arrangement to resolve the case with the , Japan and Taiwan over import duty of 7.5% to 20% on a host of information & communication technology (ICT) products, including mobile phones. The government's decision will mean that the local industry will not face any adverse impact as the appellate body is non-functional due to the US blocking fresh appointments for years, starting with the administration - a stand that has continued during the Trump and regimes. On Monday, the dispute panel had ruled that the government's decision to impose levies on mobile phones and components, base stations, integrated circuits and optical instruments violated the international trading norms and asked India to bring the rules in conformity with the provisions. Although the action was targeted against Chinese made products, European, Japanese and Taiwanese companies were hit by the import duty, which was challenged by the EU in 2019, with others joining in. The amount of EU exports of such technology affected by India's violations is up to 600 million euros annually. The levies kicked in, starting 2014, as the government sought to create a base for domestic manufacturing. The suggestion to use the Multi-Party Interim Appeal Arbitration Arrangement is learnt to have come from the EU but is not acceptable to the government.
Source: Times of India
In the 10th straight month decline, the wholesale price-based inflation (WPI) eased to a 29-month low of 1.34 per cent in March on easing prices of manufactured products and fuel items, even though food articles turned expensive. The WPI was 3.85 per cent in February and 14.63 per cent in March 2022. “Decline in the rate of inflation in March 2023 is primarily contributed by fall in prices of basic metals, food products, textiles, non-food articles, minerals, rubber & plastic products, crude petroleum & natural gas and paper and paper products,” the Commerce and Industry Ministry said on Monday.
Source: Daily pioneer
Under the PM Mega Integrated Textiles and Apparel (PM Mitra) scheme, the Uttar Pradesh government signed an MoU with the Government of India at Lok Bhawan in Lucknow for the establishment of 1,000-acres-wide textile parks in Lucknow and Hardoi districts. Expressing gratitude to the Prime Minister for choosing UP under the centre’s ambitious PM Mega Integrated Textiles and Apparel (PM Mitra) scheme, Yogi said, “This move is a step towards re-establishing the UP’s ancient glory and towards making the state the ‘new textile hub’ of the country. Stating that despite having a rich history, districts like Kanpur lost their sheen in the textile industry, with factories shutting down one after the other while handloom and powerlooms industries kept collapsing, the Chief Minister said that in the last six years, however, things have changed with UP being one of the biggest beneficiaries of PM Modi’s vision. “As a result of the efforts in the last 6 years, the state received investment proposals worth over Rs 35 lakh crores and Team UP is moving forward with these programs in a time-bound manner to bring an investment of up to Rs 10 lakh crores on the ground,” he said. Asserting that Uttar Pradesh today has the ‘most favourable’ environment to set up enterprises, CM Yogi Adityanath said that no mafia can spread terror in UP today and every district is now safe having its own identity and the government is capable of safeguarding the interests and the capital of the investors. Slamming previous governments for making UP infamous because of poor law and order situation, Yogi Adityanath said, “Prior to 2017, UP was known for riots and crime. Today, all districts in UP are witnessing growth and darkness in every way has been eliminated. The government is paving way for UP’s development through airports, highways, and proper law and order situation.” He said that those who were in ‘trouble’ for UP earlier, today are in ‘trouble’ themselves. “More than 700 riots took place in UP between 2012-17. Over 364 riots took place in UP between 2007-12 but not a single riot has taken place since 2017 till now,” Yogi pointed out. On the occasion, Yogi said that UP has its own policy for Textiles and Garments, and the government is making every effort to take the state forward in terms of ‘Ease of Doing Business’. “For power in the textile industry, Uttar Pradesh Power Corporation will work to provide a discount of two rupees per unit, as a part of our policy to encourage investors,” he said. He said that the government is also taking innovative measures to strengthen youth in every field in UP. “For those who will be working in textile sector, an internship scheme has been taken out for them. This time there was a provision of PM Internship Scheme in the Union Budget as well and on the same lines the State Government has brought out an internship scheme of its own,” he said. In the program, the MoU was exchanged between Rohit Kansal, Additional Secretary of Textile, Government of India and Amit Mohan Prasad, Additional Chief Secretary, of Handloom and Textile Industry, MSME, Government of Uttar Pradesh. This park is being developed in collaboration with the Central and State Governments, in which private participation will also take place. MoUs were also transferred among private investors Aditya Birla Group, M/s GSL Spinners Pvt Ltd, M/s Azum Denim Cart LNP, M/s Abhikim Textile Ltd, M/s SVM, M/s Josis India Pvt Ltd, M/s MLK Export Ltd and M/s Path Thread Pvt Ltd. Piyush Goyal, Union Minister of Commerce and Industry; Consumer Affairs, Food and Public Distribution; and Textiles, Rakesh Sachan, Minister of MSME, Khadi, Village Industries, Sericulture, Textile, Darshana Vikram Jardosh, Union State Minister for Railways and Textiles, among other dignitaries, were present on the occasion.
Source: The Print
The Union Textiles Ministry has decided to develop an e-commerce platform to assist weavers and craftsmen in selling their goods directly to customers after receiving positive response for the ‘My Handloom, My Pride’ and ‘My Sari, My Pride’ campaigns. The Ministry also intends to host ‘My Sari, My Pride’ exhibitions in each of the nation’s district centres and small towns. Rachna Shah, the Union Textiles Secretary, told The Hindu that the display was put together by Delhi’s National Institute of Fashion Technology even though it was too early to gauge the campaign’s success. “My Handloom, My Pride was a campaign we have been doing for some time. We have a rich tradition of handwoven saris and about 120 types of the same. We showcased 75 such saris in an exhibition held in Delhi and it generated a buzz among people. This excitement needs to be sustained. We are planning to do this by curating similar exhibitions across the country. We will continue to promote handwoven saris and other garments,” Shah said. She continued by saying that the Ministry was considering setting up an online store to let weavers and other craftsmen sell their goods. “I’m hoping it will be launched very soon. The pilot version will soon undergo a soft launch. We typically have exhibitions across the nation as part of our marketing activities.” Traditional handwoven clothing and handicrafts have been displayed at numerous G20 meetings, she said, adding that these industries needed proper exposure in terms of marketing, raw materials, and product design help. On the de-growth in the textile industry and the expectations from stakeholders for governmental aid, she said the centre was taking multi-pronged strategies.
Source: Apparel resources
The proposed free trade agreement (FTA) between Israel and India should be as wide as possible to enable more and more trade as it brings people together, Israel's Minister of Economy and Industry M K Nir Barkat said on Tuesday. The minister said he will hold discussions with the Indian side regarding an FTA between the two countries, negotiations for which have been going on for over a decade. "As a government to government I am going to be proposing to your ministers to naturally expand the free trade agreement, focus on business development in a smart way, share knowledge and experience as much as possible," Barkat said at a CII event during his visit here. He said both sides will have to focus on complementary areas for the proposed free trade deal where India and Israel hold a competitive advantage. "It (FTA) should be as wide as possible to enable more and more trade as free trade brings the people together," Barkat said. He added that Isreal has a lot to offer in sectors like agrotech, healthtech and foodtech and it translates into a lot of trade from both directions. "So from my perspective, we are coming as open as possible," the minister said. The minister also wished that India and Israel double trade every two years. Replying to media queries on the event's sidelines, Barkat described the idea of I2U2 grouping of India, Israel, UAE and the US as "really smart". "I think that the more time will flow you will see that the relationship and the bonding has a lot to offer because the UAE and Israel are small but well positioned. The American and the Indian economies are large and very complementary," he said. On alternate plans in the context of Chinese supply chain constraints and Russian sanctions, he said, geopolitical challenges in the world enable more creativity and more development. The minister said he sees a huge mutual opportunity in India, adding, "We are here to exploit it".
Source: Economic times
Indian Foreign Minister S Jaishankar and Russian Deputy PM Denis Manturov on Tuesday explored measures to push increase trade turnover which recorded unprecedented growth and touched 45 billion USD. “Trade turnover between Russia & India exceeded 35 bn USD,” stated Russian Deputy PM & Minister of Industry & Trade, Co-Chairman of Indo-Russian Intergovernmental Commission on Trade, Economic, Scientific, Technical & Cultural Cooperation during his meeting with Jaishankar here on Tuesday. According to Jaishankar for the period April, 2022 - February, 2023, the trade is actually about USD 45 billion and the expectation is that this will continue to grow. During the meeting the two sides discussed cooperation in the areas of trade, finance, industry, energy sector, including nuclear power, agriculture, transport, healthcare, education & culture. Manturov also met Finance Minister Nirmala Sitharaman whom he knows since her days as Defence and Commerce Minister. The Russian Deputy PM also met Commerce Minister Piyush Goyal and the two focussed on collaboration in shipbuilding, metallurgy and railways. Russia is assisting India to create 120 Bande Bharat trains. Earlier on Monday Manturov and Jaishankar met with representatives of the Russian and Indian businesses at a closed door business Forum. The business forum participants had discussed issues of further enhancement of the Russian-Indian practical cooperation, including within the Intergovernmental Commission (IGC). He also spoke about the measures taken to strengthen Russia's technological sovereignty. Indian business representatives got acquainted with a new measure of support — a cluster investment platform, which can be applied in joint projects. It provides soft loans for the development and manufacturing of priority products, subsidies for pilot batches, preferences for insurance premiums and income tax. Manturov noted that there is no goal to completely replace everything. “We will rely on trusted foreign partners. We will make every effort to expand our cooperation ties. To exchange competence and experience in the most promising technological areas,” he stressed. During the Forum on Monday, Jaishankar noted, “I would like our Russian friends to appreciate that you can see there are big changes which are going on. There is a "Make in India" initiative which is aimed at promoting greater manufacturing capacities. And we are determined to make India a major global manufacturing hub. …And I think it should be of interest definitely to our Russian friends,” Jaishankar said, adding, “I also want to specially emphasize the opportunities for joint projects in the "Make in India – Make for the World” format. And Russia is known for its technology strengths; and India today is focussing on production scaling and product distribution. So, even our traditional areas infact could benefit from this, but clearly there are third country market implications here, which our companies should be looking at.” He went on to add, “Our partnership today is a subject of attention and comment, not because it has changed, but because it has not. Indeed, it has been among the steadiest of the major relationships of the world in the contemporary era. But that by itself is not enough. We share a commitment to a multi-polar world. And that also means a multi-polar Asia. Russia is today looking much more towards Asia, a reassessment from its traditional focus. For India, this could mean a broadening out of our engagement that was overly reliant on the triad of military, nuclear and space cooperation. For Russia also, it presents a broader set of options.”
Source: Economic times
INTERNATIONAL
DuPont today unveiled Kevlar® EXO™ aramid fiber, the most significant aramid fiber innovation in more than 50 years and an entirely new technology platform developed to serve endless applications where performance and protection is required in the midst of intense and demanding conditions. Life protection will be the first of many Kevlar EXO use cases that will offer an unprecedented combination of lightness, flexibility and protection from an aramid fiber. DuPont™ Kevlar has long been the advanced material behind high-performing body armor that protects those who serve. Now, with body armor crafted using Kevlar EXO, military and law enforcement officers can experience previously unavailable levels of ballistic protection without compromising on mobility and comfort. With unmatched pliability, Kevlar® EXO™ contours to curves and body lines, providing a more body-inclusive solution while still offering maximum protection. “We’ve spent over a decade developing, refining and perfecting Kevlar EXO, and the result is an industry-altering platform that has catapulted our life protection capabilities to a whole new level,” said Steven LaGanke, global business leader, DuPont Life Protection. “Developed and tested by leading materials experts at DuPont, Kevlar EXO offers neverbefore-seen ballistic and thermal performance while also providing a flexible and lightweight solution that empowers users to operate at peak performance. Whether for military members, law enforcement officers, private security or emergency responders, pound for pound, Kevlar EXO users can better manage energy output even during the most demanding physical tasks.” First-of-its-kind Kevlar EXO aramid fiber is incomparably better and more durable than even the highest-performing soft body armor materials available. Kevlar EXO offers the following benefits The highest ballistics performance among all aramid fibers without compromising on weight, enabling the best-in-class, lightest weight ballistics soft armor solutions available on the market today; Peak flexibility, offering increased comfort and mobility, contouring to curves and body lines with less restriction for maximum defense, when paired with exceptional carrier design; Inherently flame- and temperature-resistant; melt- and ignite-proof up to 500°C (932°F); Delivers the same level of protection after five years as it provides on day one; Made in the USA at DuPont’s new manufacturing facility in Spruance, Va.; and Endlessly customizable wearability for use case and body type. DuPont will debut Kevlar EXO at the Best Ranger Competition, April 14-16, 2023, which brings together some of the United States military’s most talented soldiers to go head-tohead in a grueling competition that simulates the physical and mental challenges of combat. At this year’s competition, United States Army Rangers will be the first soldiers in the world to wear body armor vests made with Kevlar EXO, enabling them to experience peak flexibility and comfort as they conquer each challenge.
Source: Textile world
The European Union’s (EU) objectives for a circular economy have received considerable backing from the European Apparel and Textile Confederation (EURATEX) and several other European industry organisations. A step towards achieving that is the EU Commission’s proposal to convert the Directive 94/62/EC on Packaging and Packaging Waste (PPWD) into a Regulation and the decision to keep the internal market’s legal foundation (Article 114 TFEU). Although the associations see this as a positive development, they have voiced their worries about the codecision process’ potential to weaken or fracture the legal foundation of the Regulation. According to a news statement issued jointly by EURATEX and the other business groups, the volume of investment and implementation needed for circular economy solutions will ensure that the transformation is quick, affordable, and best serves society. In order to address the disparities between the various national regulations on the management of packaging and packaging waste and the ensuing internal market barriers, the internal market legal basis was introduced in the 1994 PPWD. This was done while maintaining a high level of environmental protection. Yet, the packaging value chain has seen a growth of unilateral and varying national packaging rules in recent years (e.g., packaging bans, reuse and recycled content targets, labelling requirements). Internal market obstacles, environmental trade-offs, losses in scale economies, and redirected investments and R&D are the results of these. Recent national law on packaging and packaging waste has also been implemented in a number of EU member states, preempting the introduction of sectoral legislation for the entire EU, regardless of Article 6 (3) of Directive (EU) 2015/1535 on Technical Regulations Information Systems (TRIS).
Source: Apparel resources
The third China International Consumer Products Expo (CICPE), which hosted more than 3,382 brands from 65 countries and regions, concluded on Saturday in Haikou, Hainan Province. As the conference and exhibition industry gradually recovers, China is unleashing great economic momentum. According to statistics of the Ministry of Commerce, exhibition activities in China are accelerating. From January to February in 2023, 184 exhibitions were held across China, up 1.1 times year-onyear, accounting for about 90 percent of the same period in 2019. The third CICPE was the first large-scale offline international expo after China optimized its COVID19 response. Relying on beneficial policies of Hainan Free Trade Port, overseas enterprises opened factories and some even set up their headquarters here. Other large expos in China also promise a good prospect of the country’s economy. For example, the current contracted area of the 6th China International Import Expo (CIIE) to be held in November this year has exceeded 230,000 square meters, showing the overseas market’s confidence in China’s market. By the end of March, nearly 30 countries and international organizations had initially confirmed that they would attend the China International Fair Trade in Services 2023 (CIFTS). The 133rd China Import and Export Fair have resumed offline exhibitions, attracting buyers from over 220 countries and regions. CIIE, Canton Fair, CIFTS, and CICPE are based in Shanghai, Guangzhou in Guangdong Province, Beijing, and Haikou respectively, radiating the Yangtze River Delta, Pearl River Delta, and BeijingTianjin-Hebei Region, thus playing an important role in leading regional development and building platforms for different industries. Sophia Chong Suk-fan, deputy executive director of the Hong Kong Trade Development Council, said from April 19 to 22, seven events will be held at the Hong Kong Convention and Exhibition Center, including six exhibitions, such as Hong Kong International Home Textiles and Furnishing Fair, Hong Kong Gifts and Premium Fair, and Hong Kong Printing and Packing International Fair. The six exhibitions have attracted more than 3,800 exhibitors from 23 countries and regions to register. The prosperity of large expos like CIIE and CICPE bring certainties to the recovery of China’s conference and exhibition industry and opportunities to the industry as well, said Wu Fei, founder of ExpoSCM. “Various offline expos help enterprises related to exhibition engineering, advertising, and logistics in the exhibition industry chain gain more orders,” Wu said. Moreover, Commerce Minister Wang Wentao said China will hold a series of activities to boost consumption, with exhibitions of different themes held every month.
Source: Ecns.cn
The 2021 Housing and Population Census report by the Ghana Statistical Service (GSS) indicated that the rate of people who are available for work but unable to find jobs had more than doubled from 5.3 per cent in 2010 to 13.4 per cent, which was the highest since 1984 when the country’s unemployment data was first reported. Out of the economically active population of 11.54 million, the report showed that 1.55 million were unemployed. Females and youth between the ages of 15 years and 24 years were the worse hit. To many, the report of the GSS was a clear reflection of the joblessness situation in the country, with university and tertiary graduates using an average of five years before they could land themselves a job. This high rate of unemployment among young people and university graduates is the country’s most urgent social, security and political problem.
Textile and apparel industry As the search for jobs intensifies in the country, one area that has been identified as a huge source of jobs for the teeming unemployed youth of the country is the textile and apparel industry, which employs millions of people across the world. The World Bank has always maintained that this industry has the potential to create better jobs and lift a lot of people out of poverty. In India, the industry has created over 45 million jobs, making it the second highest employer; and contributes over 13 per cent of export earnings. In Ghana, although the government identified the sector as one of its anchor industries, very little has been done to unlock its full potential. Also although the African Growth and Opportunity Act (AGOA) gives free market access to apparel manufacturers in Ghana to export their products to the USA, only a few companies have been able to take advantage of this opportunity due to the lack of support.
The case of DTRT Local apparel manufacturer, Do The Right Thing (DTRT), is a good case of what the textile and apparel industry can do for a country in terms of job creation and economic growth. The company, which started in 2014 with a staff size of 25 people, now employs over 5,000 people, making it one of the country’s largest private sector employers that rakes in over US$40 million in export revenue annually. Speaking in an interview with the Graphic Business, Co-Founder of DTRT, Marc Hansult, said the country could take full advantage of the US$2 trillion apparel market with the right mindset. He said taking advantage of the industry would, however, require huge investments, stating that DTRT had, over the years, invested over US$50 million into its operations. “There are lots of opportunities, not just for Ghana but for the West African region. The apparel industry is projected to be a US$2 trillion industry by 2025 and traditionally, most manufacturing is happening in China, Vietnam, Bangladesh and some countries in South Asia but there are so many production volumes that are looking for new homes right now and this creates tremendous opportunities for West Africa. “To maximise that opportunity, we need the right strategy, policy framework and investments. If it is done right, we are talking about an opportunity to create jobs and increase exports,” he pointed out. He noted that if the country could even take just two per cent of the global market share, over 100,000 jobs could be created.
Investments in equipment and training Mr Hansult noted that the success of the industry would very much depend on investments in training and equipment, stating that a significant part of DTRT’s US$50 million investment had gone into equipment, which needs to be continuously upgraded, and the training of people. “When we started, there was very limited experience here in the industry but we have trained over 10,000 people since 2014 and that is a big cost to the company,” he stated. He said the company had plans to make further investments, which include the building of a new factory that would allow it to train and hire about 6,000 people more.
IFC’s support Backing Ghana’s ambition to become a regional textile and apparel manufacturing hub, the private sector arm of the World Bank, the International Finance Corporation, last year, partnered with DTRT to support the expansion of the company’s garment production capacity and create thousands of jobs. Under the partnership, IFC will lend DTRT up to US$8 million, including US$4 million from IFC’s account and US$4 million from IFC in its capacity as the implementing entity of the International Development Association’s Private Sector Window. Speaking in an interview with the Graphic Business, IFC’s Senior Country Manager for Ghana, Kyle Kelhofer, said having West Africa’s largest apparel manufacturer in Ghana presents a huge opportunity for the country to attract a lot more global apparel manufacturers. He said Ghana’s good infrastructure, which includes a world-class seaport, reliable power, a trained workforce and a stable political environment, puts it in a position to become a global apparel hub. Sharing his experience of living in both Vietnam and Bangladesh, he said he was a witness to how the industry had created millions of jobs and lifted people out of poverty. “I was in Bangladesh and Vietnam and I asked myself: “Why can’t we do this in Ghana?” Because this is what we need to create nice and safe jobs here. “In Bangladesh, the industry has created 30 million jobs for a country of 106 million people, and because of this industry, which is like 95 per cent of the export in Bangladesh, the average income there is now higher than that of India,” he stated. He said the IFC was, therefore, committed to helping the industry grow and attract a lot more global brands.
Source: Graphic
Addressing one of the biggest recycling challenges– blended textiles – leading fast fashion retailer Zara has released its first collection developed with recycled poly-cotton textile waste. Zara teamed with textile recycling firm Circ to release a line of women’s apparel made with recycled polyester and cotton fibers. The Circ x Zara collection features lyocell garments made with 50 per cent recycled poly-cotton waste, and polyester garments made with 43 per cent recycled poly-cotton waste. It has been said that Circ’s hydrothermal process liquefies the polyester, before heat and pressure separate the liquid polymer from the solid cotton to reclaim the cellulosic and synthetic materials. The recycled cotton is turned into fluffy flakes before becoming a pulp that can be subbed in for wood pulp, which makes up traditional lyocell. Meanwhile, the polyester content can be pelletised and extruded into new fibers. This is the first-time recycled polyester and lyocell clothing manufactured from poly-cotton textile waste is in the hands of consumers, and important steps are being taken toward making circularity the new standard. Peter Majeranowski, CEO, Circ said the partnership “signals a seismic shift in how the fashion industry and consumers view what is possible in sustainability.”
Source: Graphic
