INTERNATIONAL
NATIONAL
Together with Ginkgo Bioworks, a cell programming and biosecurity company, Octarine Bio, a synthetic biology platform producing new sustainable bio-based components, aims to commercialise the production of natural pigments and dyes through microbial fermentation. New bioactive colours and dyes will be released on the market by Octarine Bio and Ginkgo BioWorks in response to customer demands for healthier, safer, and more environmentally friendly options. The businesses are developing a strain to produce violacein, a deep purple, naturally occurring bis-indole pigment, and its derivatives, which include green, blue, and purple colours. Although bacterial violacein is challenging to extract and purify, it is frequently used to colour silk, pure rayon, and jacquard rayon. A possible application for this colour in wound care is highlighted by its strong antimicrobial, antioxidant, and UV protecting characteristics. Other molecules created from tryptophan may be included in the partnership, each with its own special uses. Ena Cratsenburg, chief business officer at Ginkgo Bioworks, said: “This is a robust opportunity to produce a new class of safer, high-performing colours and dyes that will appeal to consumers and companies worldwide.” Nethaji Gallage, co-founder & CEO at Octarine added: “We see tremendous potential to apply these natural pigments as bio-based dyes, one of the fastest growing categories in the global textile market and look forward to leveraging the Ginkgo platform to accelerate its development.” According to the UN Environment Programme and the Ellen MacArthur Foundation, the dyeing, processing, and consumption of textiles have a significant impact on the environment, climate change, the use of water and land, the use of raw materials, and greenhouse gas emissions. About 20 per cent of the world’s wastewater is produced by the dyeing, processing, and consumption of textiles.
Source: Apparel Resources
Madhya Pradesh Industrial Development Corporation (MPIDC) has received investment proposals from textile and garment units of Bhilwara in , a move seen further fueling positive sentiment in the state’s textile sector. Bhilwara in Rajasthan is amongst the top 10 textile cities of India housing leading textile and garment companies. Recently, Indore and nearby areas have seen many takers of land from the textile industry of southern states and Rajasthan amid lucrative land rates and investment promotion assistance. Manish Singh, principal secretary, Industrial Policy and Investment Promotion Department said, “We have received many investment proposals from investors of Bhilwara. Recently many investors from different parts of the country have shown willingness to invest in Madhya Pradesh. We have formed teams of officials who are regularly following up with prospective investors and many proposals have recently turned up positive.” Singh expected an investment of close to Rs 1,000 crore from textile units of Bhilwara from the recently received proposals. MPIDC is expecting more investment proposals to pour in from investors of Rajasthan followed by other states. In last two years, the textile and garment industries from different parts of the country have invested Rs 15,000 crore in Madhya Pradesh, housing more than 25 mega and largescale textile companies. Officials said, the state is offering higher investment promotion assistance to investors for setting up factories in less developed or far flanged industrial belts of the state. An official from MPIDC wishing anonymity said, “We have held many rounds of meeting with investors in Bhilwara and response from them was very encouraging. We are hoping to receive more investment proposals from investors of Rajasthan in short term.”
Source: Times of India
There is a huge potential for growth in the expansion of business and engagement between India and Canada, Commerce and Industry Minister Piyush Goyal has said. Goyal was addressing the Trade and Investment Promotion event for the agricultural and food processing sector with Indian companies and Canadian importers in Toronto on May 10, according to an official release. He said that value addition of food products is a priority area and Indian businesses must focus on quality, scale, design, and packaging to earn the confidence and trust of consumers and businesses in Canada. World Food India show in November 2023 can serve as the platform that can showcase the best of India and collaborate with businesses across the world, the minister said. "There is multifold growth potential in the bilateral trade of India-Canada in this sector," he said. He also encouraged the Canadian companies to hold Board meetings in India.
Source: Economic Times
Shri Piyush Goyal, Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Government of India said that business is not just about numbers but about building relationships, partnership, collaborating, learning, technology and innovation. During the Trade and Investment Promotion Event for the Agricultural and Food Processing sector with Indian companies and Canadian importers on the sidelines of SIAL-2023, Toronto, Canada yesterday, the Minister said that focus has to be on shared prosperity for people across the world making all stakeholders in the value chain prosperous. Sh. Goyal said that this is an opportunity to celebrate the Canada-India partnership and there is a huge potential of growth in the expansion of business and engagement between the two countries. He said that value addition of food products is a priority area. Sh. Goyal stressed that Indian businesses must focus on quality, scale, design, packaging, etc. to earn the confidence and trust of consumers and businesses in Canada. The Minister appreciated the participation by Indian businesses at SIAL 2023 as it showcased India to the world. He said that the challenge ahead is to organize a larger and bigger trade show in the food industry in India or abroad showcasing the best we have to offer across continents. Sh. Piyush Goyal said that SIAL 2023 offered an opportunity to hone product quality and marketing skills of the food industry. Sh. Goyal said that 'World Food India' in November 2023 can serve as the platform that can showcase the best of India & collaborate with businesses across the world. He said that as a part of outreach as G20 President, Government and businesses need to put their best efforts in this respect. The Minister said that the food industry is a high profile, high profits and high growth sunrise sector. He said that it is a focus area of Government and businesses as it directly impacts agriculture in India by adding value to the products of farmers and encouraging diversification of crops, fruits, vegetables. Sh. https://pib.gov.in/PressReleasePage.aspx?PRID=1923336 2/2 Goyal said that this industry’s contribution to the growth story of India is immense and valuable as it brings better life for the families engaged in farming and agriculture related sources of livelihood. The Minister highlighted that there is multifold growth potential in the bilateral trade of India-Canada in this sector. Sh. Goyal said that the food industry has been able to bring the best of India into Canada and promised encouragement by the government in expansion of their businesses in Canada. He said that the export of agri-based products, foodstuffs, food products, marine products, etc. from India is rising but there is huge potential for more exports of these products. Sh. Goyal said that millets are becoming popular amongst consumers in India and the world, it is important to highlight the nutritional and health benefits of millets especially among the youth who need high energy and high protein food intake. He said that millets can be a game changer in promotion of the Indian food industry. The Minister praised the serving of millets at the event. In another meeting with Canadian companies inToronto, Canada earlier yesterday, Sh. Piyush Goyal invited the people and businesses from Canada to visit India. He said that the India that they will visit now is truly a New India. The Minister also invited them to join the B20 Sessions and sectoral engagements being organized across the country under India’s G20 Presidency. He also encouraged the Canadian companies to hold Board meetings in India. Sh. Goyal said that India is not only the fastest growing large economy but also a consistently growing economy. He said that as India grows as an economy in the next 25 years, he invited Canadian businesses to be a part of India’s growth journey.
Source:PIB
The government is working on a proposal to bring out the policy for online retailers and e-commerce rules under the consumer protection act on the same page to protect consumers, a top official said on Thursday. Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that once the e-commerce policy will be finalised, it will be put up in the public domain for views. "We are holding discussions to harmonise e-commerce policy and ecommerce rules under the consumer protection act...While doing so, we will try to ensure that whether a regulator or some other way...rules that will ensure that the customer is the king," Singh told reporters here. He added that the talks are at an advanced stage. "So the e-commerce policy and e-commerce rules under the consumer protection act both will be brought on the same page...Kind of congruent with each other. That is the idea and we are working on that," he said. Talking about the government-promoted Open Network for Digital Commerce (ONDC), the secretary said that it would help democratise the ecommerce sector in the country. He said that "no funding and no tailor-made policies" would be there specifically to promote the network. He said this while replying to a question whether there is any plan to extend incentives like UPI to ONDC. "We want all e-commerce players to be part of this network," Singh said. ONDC CEO T Koshy said that an online system is there for grievance redressal. So far, there are 46 network participants on the ONDC and the number is expected to at least double this year, Koshy said adding there are 17 cities where 100 merchants are on-boarded the network and about 5-6 cities, where over 1,000 have joined. Out of 46, seven are logistics partners and 12 are from selling side. A total of over 36,000 merchants have joined the network and at present over 35,000 transactions are happening on a daily basis, which is expected to go up to one lakh by the end of 2023. By the end of this year, over 75, 000 merchants are likely to on board. Koshy said that ONDC provides hand-holding support to the network participants to build a threshold like provide trained manpower to get merchants on boarded. ONDC is a network enabler and not a platform, and therefore it has systematically worked towards adding more network participants, merchants, cities and transactions (orders per day) to the network. It has also added mobility in Kochi, in January and in Bengaluru in April, which has seen a jump to over 35,000 rides a day from these two cities. At the same time, other domains like fashion, beauty and personal care, electronics and appliances were added since January this year, and are gradually expanding. Most of these orders have been intercity, with major logistics providers like ShipRocket, Delhivery, Loadshare being live as part of the network. New network participants on the buyer side include PhonePe'sPincode and Airpay, while leading enterprises such as HUL and ITC, as well as promising startups, have gone live on the seller side. Incorporated on December 31, 2021, ONDC is a Section 8 company. It is an initiative of the DPIIT to create a facilitative model to help small retailers take advantage of digital commerce. It is not an application, platform, intermediary, or software but a set ofspecifications designed to foster open, unbundled, and interoperable open networks.
Source: Economic Times
Chief Minister M.K. Stalin has to immediately intervene and give directions to the TANGEDCO which alone can save the spinning industry, said Tamil Nadu Spinning Mills Association president A.P. Appukutti here on Thursday. In an e-mail sent to Mr. Stalin, the copy of which was released to the media, he said that with 821 members, who were engaged in yarn spinning and other operations in the value chains of the textile industry, the spinning industry was the biggest in the country with aplenty of activities and strength. Even though, the State government had brought in various measures to improve the healthiness of the industries in the State, due to the war for the last 18 months between Ukraine and Russia, there is a strong demand recession seen in marketing the textile products in the rest of the World. As a result, no export orders were received, which has left textile value chain in doldrums. Many industries worked at their bare minimum levels, to the extent of 25% to 30% capacities, to cater domestic needs alone.
Power usage falls Due to this continuing demand recession, the usage of electricity has come down drastically. However, according to the framework of law, as found in the Tamil Nadu Electricity Supply Code 2004, even when the HT consumers did not use the power to their optimum extent and when the demand was much less than the sanctioned demand, such consumers have to however, pay the TANGEDCO a minimum of 90% of their sanctioned demand, as demand charges every month. The present situation, the e-mail said, was similar to the COVID-19 period as many of the industries, for want of export orders for their products suffered to continue with normal production and operated meeting the domestic needs. As a result, they could not consume the electricity and reaching their demands was impossible in the current situation. The Chief Minister alone can save them from the crisis as otherwise the industry may have to close down, which would lead to liviliehood loss for the work force. The government should invoke Section 108 of the Electricity Act 2003, to charge the HT consumers, to pay only to the extent of 20% of their sanctioned demand or up to the recorded demand alone, instead of claiming demand charges at 90% levels, Mr. Appukutti added.
Source: The Hindu
The government wants all e-commerce players to become part of the Open Network for Digital Commerce (ONDC) and this initiative is not trying to put anybody out of business, a top official said on Thursday. Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that the idea is to democratise the e-commerce for MSMEs and smaller producers in the remote parts of the country and provide them a level playing field. "It's not that we are trying to put anybody out of business, or we are an upfront competitor to any particular portal or any particular e-commerce provider. We are actually inclusive, we want all e-commerce players to be part of this network," Singh told reporters here. The statement assumes significance as there were certain reports that prices of certain food products are much cheaper at the seller apps on-boarded the ONDC initiative as compared to the renowned food delivery services players' prices. Singh said that in the long run, because of the enhanced competition, the consumer would also gain. "Therefore we are not interested in the kind of coverage that goes on that someone's margin is getting cut. Competition is the goal and as part of the competition, there could be some squeezing of margins that were being created by monopoly position," Singh said. In the long run, Singh said, the intention is to bring everybody on board and create a public digital infrastructure which is unique to India like the UPI. The idea is to "create a different digital public infrastructure for the country, from which everybody gains and we provide the best kind of service standards at the best price for all sections of society," he said. Incorporated on December 31, 2021, ONDC is a Section 8 company. It is an initiative of the DPIIT to create a facilitative model to help small retailers take advantage of digital commerce. It is not an application, platform, intermediary, or software but a set of specifications designed to foster open, unbundled, and interoperable open networks. He also said that "no funding and no tailor-made policies" would be there specifically to promote the network. He said this while replying to a question about whether there is any plan to extend incentives like UPI to ONDC. "We want all e-commerce players to be part of this network," Singh said.
Source: Economic Times
The finance ministry has decided to lower the threshold for mandatory e-invoicing under the goods and services tax (GST) to Rs 5 crore from the Rs 10 crore at present, effective August 1, a move that will help improve the tax collections further. According to a notification by the Central Board of Indirect Taxes and Customs, firms with an annual turnover of Rs 5 crore will have to generate e-invoices for business transactions. Under the e-invoice system, GST registered persons have to upload all B2B and export invoices to the Invoice Registration Portal (IRP). The IRP generates and returns a unique Invoice Reference Number, digitally signed einvoice and QR code to the user. This is then transferred to the GST portal. Over the years, the government has been reducing the threshold and bringing more and more taxpayers in the fold of e-invoicing in order to bring in transparency and gathering data for comparison with the returns filed by taxpayers. Initially from October 1, 2020, e-invoicing was mandatory for businesses with an annual turnover of Rs 500 crore. This was then lowered to Rs 100 crore from January 1, 2021 and further brought down to Rs 50 crore from April 1, 2021. Effective April 1, 2022 the threshold was further reduced to Rs 20 crore and then to Rs 10 crore from October 1 last year. Experts noted that businesses should get their systems in place over the next few months. MS Mani, Partner, Deloitte India, said, “The progressive reduction in the einvoicing threshold has been one of the contributory factors in the increasing GST collections, however impacted businesses would need to modify their supply and distribution activities to ensure compliances from August 1.” Vivek Jalan, Partner, Tax Connect Advisory, noted that e-invoice is another way to curb the menace of fake invoices and the government is making it further stringent by reducing the threshold limit for generating e-invoices. “It is pertinent to note that even the B2B customers of these new taxpayers to whom e-invoice would now be applicable would be affected,” he said. In case they accept the invoices without e-invoice compliance from such suppliers then their input tax credit would be denied resulting in GST loss for them to the extent of 18% generally, which could severely impact their bottomline.
Source: Financial Express
External Affairs Minister Dr S. Jaishankar is embarking on an official visit to Bangladesh, Sweden, and Belgium from 11 to 16 May 2023. Starting with Dhaka, he will participate in the 6th edition of the Indian Ocean Conference, where he will be joined by President of Mauritius H.E. Prithvirajsing Roopun, Vice President of Maldives H.E. Mr. Faisal Naseem, and Prime Minister of Bangladesh H.E. Sheikh Hasina, among other dignitaries. He will also meet with key ministers and attend the inaugural session of the India Trilateral Forum with his Swedish counterpart. In the final leg of his visit, EAM Jaishankar will travel to Brussels for bilateral engagements with Belgian and EU officials. He will attend the first Ministerial Meeting of the India-EU Trade and Technology Council, along with India's Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Shri Piyush Goyal, and Minister of Railways, Communications, Electronics and Information Technology, Shri Ashwini Vaishnaw. The TTC Ministerial Meeting is scheduled to be held on 16 May.
Source: Greater Kashmir
INTERNATIONAL
Readymade garment (RMG) exports to the USA suffered a setback during the first quarter (Q1) of 2023 due to an economic downswing as shipments fell both in terms of value and volume. Bangladesh fetched $2.13 billion during January-March period of 2023 from the single-largest export destination, marking a 13.33 per cent fall, according to the data available with OTEXA, an affiliate of the US Department of Commerce. The earnings were US$2.46 billion during the corresponding period of last year. The overall US apparel import in the last three months of the current calendar year, however, has also declined by 19.73 per cent to $19.47 billion. It was $24.25 billion during the January-March period of 2022. Meanwhile, China and Vietnam – the key competitors of Bangladesh – also fell by 34.89 per cent and 24.25 per cent respectively during the same period under review, OTEXA showed. Industry insiders say Bangladesh still is in a relatively better position compared to other competitors that suffered a decline in exports at a higher percentage. Bangladesh also benefitted from the US buyers’ shift from China and China-plus policy, they said, adding that the Russia-Ukraine war has affected the demand, resulting in the high inventory of buyers and reduced work orders in recent months. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) director Mahmud Hasan Khan said that overall US imports have fallen because of an economic slowdown, high inflation and high interest rates there. As a result, the demand for RMG items declined, the managing director of Rising Group told the FE, adding that such a trend might continue until August next. He further said that at present Bangladesh is passing through a ‘fierce’ competition with its major competitors as all are trying to bag the shifting orders. “We were receiving 30-40 per cent less work orders for the last several months due to the buyers’ huge inventory mainly because of high inflation and interest rates there,” executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Md Hatem said. Despite the sector maintained a growth until February mainly because of production of value-added items and high raw material prices that pushed up the value of the products, he said the exports in terms of quantity have fallen significantly. The OTEXA data for the Q1 also showed the same trend as the shipments witnessed a negative growth of 26.83 per cent to 665.45 million square metres from 909.49 million square metres in Q1 of 2022. Talking to the FE, Brothers Fashion Ltd managing director Abdullah Hil Rakib attributed the US economic turmoil to stunted job growth while many are retrenched and IT people are losing jobs. Such a situation is shrinking the demand, especially for apparel, and restricting consumers towards cautious purchase, said Mr Rakib, also a BGMEA director. The US retailers bought huge quantities last year and they have a huge stock now, he added. “This is the main reason behind the local RMG sector performance,” Mr Rakib said, adding that the situation might change with the revival of the US economy. Apparel exporters, however, said the global demand is falling mainly because of an adverse impact of the Russia-Ukraine war. Chinese share is decreasing due to a trade tension between the two countries, Chinese zero-Covid policy and the Uyghur issue, they added. China’s share in the US apparel market was 37.32 per cent in 2013, which fell to an estimated 21.75 per cent in 2022, according to the data. On the other hand, Bangladesh’s share rose to 9.75 per cent last year from only 6.20 per cent in 2013. During the January-March period of 2023, the US imported apparel worth $3.46 billion from China, which was $5.32 billion during the corresponding period of 2022. Vietnam exported apparel items worth $3.36 billion during the period, which was $4.44 million in the Meanwhile, US apparel imports from India during the period witnessed a negative growth of 32.56 per cent to $1.33 billion while Cambodia recorded 32.56 per cent negative growth and earned $727 million.
Source: The Financial express
The project, aimed at accelerating the shift to a circular future, will see used textiles collected by Salesianer Miettex that are not suitable for reuse passed on to ARA (Altstoff Recycling Austria AG). These are then delivered to Caritas for sorting by hand at a recycling plant and then passed to Södra for recycling and processing to produce OnceMore pulp before Lenzing applies its innovative Refibra technology to produce new lyocell and viscose fibres. “One company alone cannot solve the pressing problem of textile waste. Proactive partnerships such as these allow us to make progress and accomplish real systemic change,” says Sonja Zak, head of textile sourcing and cooperations at speciality fibres producer, Lenzing Group. “We work hard to make our industries more sustainable and promote the transformation of the textile business model from linear to circular. Continued action across the whole sector will be necessary to facilitate this transition.” Martin Prieler, CEO of ARA, adds: “The EU’s action plan puts waste and secondary raw materials front and centre to cement their role on the market. Thus, in the recycling business, it is vital to maintain a 360-degree view of all consumer products. ARA has been instrumental in the implementation of extended producer responsibility in Austria for 30 years. It, therefore, makes sense to incorporate this expertise into the textile sector. This means that in the future we will be recycling not only packaging but as many products as possible, including textiles.”
Source: The just-style.com
Archroma, a global leader in specialty chemicals towards sustainable solutions, is set to showcase its range of eco-conscious denimwear solutions at the upcoming Bangladesh Denim Expo. Brands and textile mills visiting the international fair in Dhaka from May 16 to 17 will be able to explore the company’s full suite of denim solutions, including an innovative new black coloration system. Demand for denimwear continues to grow globally, but traditional denim production is at odds with modern consumers’ expectations for sustainability. Brands that aim to compete in this growth market need to be able to produce denimwear that not only delivers soughtafter functional capabilities and desirable aesthetics, but that also comes with low environmental impact. “Sustainability is a top priority for many brands, and consumers are increasingly conscious of the environmental impact of their choices,” said Umberto De Vita, Denim Segment Director, Textile Effects Division, Archroma. “Archroma is challenging the status quo to help denim manufacturers upgrade to more environmentally sustainable solutions while enhancing their competitiveness at the same time. Our innovations make it possible to benefit from efficiency gains and resource savings in the factory as you deliver products that stand out in the market. Because it’s our nature.”
SUSTAINABLE DENIM SOLUTIONS Archroma is showcasing a comprehensive range of sustainable system solutions at the Expo. Among the highlights are DEEP SOUL, a system for overdyeing denim and woven fabrics with low water and energy consumption without compromising the look; PURE INDIGO ICON, an aniline-free* indigo system that produces authentic denim without harming the environment; and INDIGO REFLECTION, a coloration system that behaves like indigo but with a more sustainable and efficient process.
INNOVATION IN BLACK COLORATION The company is also introducing its latest addition to the denim systems solution, EVOLUTION BLACK, a ground-breaking black coloration system that delivers authentic black denim effects with huge resource savings. The 14th Bangladesh Denim Expo will take place from May 16 to 17, 2023 at the International Convention Center (ICCB) in Dhaka. You are invited to visit the team in person at Hall 4, Booth 57.
Source: Textile value chain
The foreign exchange reserves of Bangladesh have increased to $30.36 billion. The country’s foreign exchange reserves had dropped below $30-billion mark after clearing import payments through the Asian Clearing Union (ACU) mechanism on Sunday. The reserves crossed $30-billion mark on Tuesday as the country received budgetary support of $507 million from World Bank, according to local news outlets.
Source: The Financial express
Grameen UNIQLO is going to close business in Bangladesh by Jun 18, and cited “a change in business environment” as one of the reasons, according to a notice on their website. Tokyo-based clothing brand Uniqlo owned by Japan’s Fast Retailing Co, started its business together with the Grameen Bank Group in 2010. The retailer currently operates 10 stores, reports bdnews24.com. “Since 2013, we have opened stores mainly in the capital city of Dhaka and conducted business with the aim of improving the lives of the people of Bangladesh by providing clothing to meet the needs of local daily lives and by creating opportunities for employment in safe environments,” the company statement said. “In view of Bangladesh's significant economic development in recent years, as well as changes to its business environment, we have determined that our company has fulfilled a certain role and has decided to conclude its business activities,” the statement added. However, the notice said Fast Retailing Co remains committed to Bangladesh, calling the country one of its most important manufacturing locations. The company also said Fast Retailing will continue working to improve the lives of people in Bangladesh, and the continued Initiatives will include their Women's Empowerment Program. The programme was launched in partnership with UN Women in 2019 to support the development of Bangladesh’s women who aspire to leadership positions in garment factories, according to the notice.
Source: The Financial Express
