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A slowing world economy has led to exports from India declining for the fourth month in a row to nearly $35 billion this May, down 10.3% from $39 billion in the same period last year, widening the trade deficit to a fivemonth high of $22.1 billion. However, a continuing decline in imports for five months in a row to $57.1 billion this May — compared to $61.1 billion last May — prevented the trade deficit from expanding at a fast clip. According to the data released on Thursday, on the exports side, commodities that saw an increase in AprilMay 2023 over the same months last year included electronic goods, rice, pharma and spices. While petroleum products, gems & jewellery, engineering goods, and chemicals saw a decline in exports in this period. Smartphone exports have seen a sharp rise, more than doubling from $498 million last April to $1,068 million this April. On the import side, machinery, electronic goods, iron & steel and pulses saw an increase in AprilMay 2023 over the same period last year. Petroleum products, , coal, chemicals and precious stones saw a decline in imports. India is hoping for a rapid economic recovery in the slowing developed world which are its major export markets. “The DPIIT, commerce ministry, Invest India and Indian missions abroad will work together to focus on 40 key countries (including the US and the EU) as they account for 85% of our total exports,” commerce secretary Sunil Barthwal said.
Source: Times of India
India’s textile industry stands as a global powerhouse, revered for its robust supply chain and abundant labour force. With an impressive workforce of over 45 million directly employed individuals and an additional 100 million employment opportunities in allied sectors, this industry has become a critical driver of economic prosperity for both skilled and unskilled workers. However, to firmly establish India’s leadership in quality textiles on a global scale, formidable challenges must be confronted head-on. Intense competition from rival nations, escalating labour costs, existing infrastructure gaps, regulatory compliance complexities, and pressing environmental concerns necessitate a focused and collective approach. Below are some of the ways in which India’s textile ecosystem can cement its leadership on a global stage. Innovation in Design To remain competitive, India’s textile industry needs to prioritise innovation in design. By embracing creative and cutting-edge designs, Indian manufacturers can generate greater demand from the global community. This would require investment in research and development, fostering collaborations between designers and manufacturers, and promoting textile design education and training programs. Strengthening the Supply Chain Efficient supply chain management plays a vital role in delivering high-quality textiles at competitive prices. India must focus on strengthening its supply chain infrastructure, optimising logistics and transportation, and streamlining processes to reduce costs and delivery time. Embracing digital technologies and implementing robust tracking and traceability systems can enhance transparency and efficiency throughout the supply chain. Improving Testing and Quality Control Testing plays a pivotal role in the textile value chain, offering numerous benefits that contribute to enhanced quality, costeffectiveness, and sustainability. By implementing effective testing standards and protocols that are aligned with global best practices and benchmarks, manufacturers can ensure the production of high-quality fabrics while minimising defects and environmental impact. Rigorous testing of raw materials is crucial for maintaining quality and preventing waste that ends up in landfills. Additionally, investing in testing also helps businesses avoid financial repercussions such as increased costs, rework, and diminished sales due to the use of defective materials. Furthermore, testing enables the timely identification of issues, preventing delays in delivering orders and preserving customer satisfaction. Thus, prioritising regular testing at different production stages fosters a culture of quality assurance, promoting strong customer relationships and a positive industry reputation and embracing this process must become an integral part of the textile value chain as it can drive overall excellence and longterm success. Infrastructure Development and Government Support Infrastructure development is a crucial aspect that requires attention and the Indian government has already been taking significant steps to support the textile industry through various policies and schemes. Initiatives like the establishment of Mega Integrated Textile Region and Apparel Parks and the recently introduced Production-Linked Incentive (PLI) schemes are commendable. These endeavours will enable the textile value chain in India to create high-quality textiles and meet global standards. International Partnerships and Collaboration India can accelerate its progress in quality textiles by forging strategic partnerships and collaborations with international players. Examples from other industries, such as Hero collaborating with Honda and Maruti collaborating with Suzuki, have already showcased the benefits of technology transfer and knowledge sharing. By actively seeking partnerships, India can leverage global expertise, access advanced technologies, and drive quality improvements in its textile industry. Branding and Marketing: While India is recognised as a major supplier of textiles, there is a need to establish strong local brands. Indian companies should invest in marketing and branding initiatives to create distinct identities and elevate their products beyond the “Made in India” label. Companies like Trident and Welspun have successfully built reputable brands in specific textile categories, and their experiences can serve as inspiration for others. Building recognised Indian brands will not only enhance India’s leadership in quality textiles but also contribute to the country’s overall reputation in the global market. Sustainability and Adaptability In a post-COVID world, the importance of sustainability has grown significantly. And for the textile ecosystem, sustainability assumes even more significance as the industry is one of the most polluting in the world, due to the accumulation of waste from defective fabrics, and contributes heavily to environmental damage. Thus, to maintain leadership in quality textiles, Indian manufacturers must adapt to the changing needs and preferences of global consumers. This entails aligning with sustainability standards, incorporating eco-friendly practices, and ensuring compliance with ethical and social responsibility guidelines. By continuously improving their processes and products, Indian textile companies can meet evolving market demands and retain their competitive edge. India’s textile industry has already made impressive strides in establishing its leadership in quality textiles on a global scale. However, to further enhance its position, it must focus on innovation in design, strengthen the supply chain, develop robust infrastructure, foster international partnerships, invest in branding and marketing, and embrace continuous improvement and adaptability. By addressing these key areas, India can solidify its position as a global leader in the textile industry and continue to contribute significantly to the country’s economic growth and development.
Source: Times of India
On the side-lines of the three-day fair, Techtextil India’s 2023 edition scheduled from 12th –14th September, will be hosting SITRA’s Expo on Medical Textiles called MEDITEX™2023 – an exclusive pavilion that focuses on medical textiles with live demonstrations and high-growth application areas offering a global platform for business opportunities. Medical textiles are fabrics that are used in the healthcare industry for a variety of purposes ranging from maintenance of hygiene, prevention/control of infection to saving the life of critically ill patients. In recent years, the demand for medical textiles has been growing in India due to rise in geriatric population, accidents and life style diseases. Besides, various initiatives of Governments, increased awareness about hygiene, medical tourism and advancements in textile technology are driving the growth of medical textile industry in India. According to a report published by Ministry of Textiles on the Indian Technical Textiles market, the market potential of medical textiles market at 5% is valued approximately at USD 1.125 billion in the year 2021-22. SITRA is a world-renowned Textile Research Association, sponsored by the industry and supported by the Ministry of Textiles (MoT), with the contribution to the textile industry for more than 65 years. Its Centre of Excellence for Medical Textiles, established by MoT in 2008, has been organising MEDITEX – an International Medical Textile Expo cum Conference in 2014 and 2018 respectively. This exclusive fair for medical textiles has been offering a global platform for business opportunities in the varied application of medical textiles which has witnessed a good participation from the industry. For 2023, the expo will be held as a part of Messe Frankfurt India’s Techtextil India 2023. Commenting on the developments, Mr. Raj Manek, Executive Director and Board Member, Messe Frankfurt Asia Holding Ltd, shared: “We are elated to host Meditex alongside Techtextil India. We are positive that through this pavilion we will be a part of the rising medical tourism industry. Medical textiles being one of the categories of technical textiles and with its scope and growth opportunities promisingly scaling up, this collaboration will mean a boon to the industry visitors to have a glance of entire innovations not only in technical textiles but also in medical textiles”. Dr.Prakash Vasudevan, Director of SITRA, said: Realization of potential of Medical textiles by the industries has increased multiple times after the outbreak of COVID-19 and now the industry is showing interest to invest on the manufacturing/R&D/raw materials, etc., in different segments of medical textiles. A common platform where manufacturers can exhibit new products/technologies that would help the industry to expand business opportunities is essential to make the industry viable and growth oriented. Toward the above, SITRA is glad to be associated with Messe Frankfurt Trade Fairs India, Mumbai in organizing its 3rd series of conference cum exhibition on Meditex. Target topics based seminars, supported by Ministry of Textiles, Government of India would also be held concurrently along with the exhibition wherein the speakers would be discussing about current and evolving technologies in medical textiles. Stakeholders and visitors to the conference as well as the exhibition would get to witness and benefit from world class, state-of-the-art medical textiles products/machineries and technologies. We invite all stakeholders to make use of this opportunity to increase their business opportunities by getting to know about recent developments in medical textiles. Heading for its ninth edition, Techtextil India will continue to play a key role in overall development of this vibrant industry.
Source: Textile world
INDA, Association of the Nonwoven Fabrics Industry, announced that registration is open for FiltXPO 2023, Oct. 10-12, 2023, Navy Pier, Chicago, Illinois USA. More than 130 exhibitors from the filtration supply chain will showcase their solutions, technologies, and innovations to over 1,200 global professionals. FiltXPO will also feature a three-day technical program covering new technology, products, and research. Exhibit stand reservations have been brisk, exceeding the prior two editions of FiltXPO. “We are pleased to see the strong interest in exhibiting at FiltXPO. It speaks to the strength of the industry and that filtration products continue to evolve for clean air and water, as well as safer food, beverages, and biopharmaceuticals,” said Joe Tessari, Associate Director of Exhibit Sales. “Filtration professionals come to FiltXPO to gain competitive market intelligence, find innovations for their products, and get their technical questions answered by the experts,” said Matt O’Sickey, INDA Director of Education & Technical Affairs. “For anyone with filtration business in North America, FiltXPO is the place to be to grow that business,” he continued. An important part of the FiltXPO event is the 1.5-day Filter Media Training Course. Participants will learn about the physics of filtration, how nonwoven media is designed and used in air and liquid filtration, the latest market trends, which applications have unmet needs, as well as testing standards.
Source: Textile world
The Goods and Services Tax (GST) will meet in Delhi on July 11 to discuss many pending agendas, including reports on Online Gaming and trading, reconstitution of Group of Ministers and correction of inverted duties on pending items. “The 50th meeting of the GST Council will be held on 11th July, 2023 at Vigyan Bhawan, New Delhi," the GST Council said in a tweet on Thursday. Formal agenda is not decided yet, officials said.
Source: Economic Times
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said that India and Africa are natural partners with historical and cultural ties. While delivering the Keynote Address at the 18th CII-EXIM Bank Conclave on 'India-Africa Growth Partnership' in New Delhi today, the Minister recounted that Mahatma Gandhi first practised principles of Satya and Ahimsa in South Africa and Mr. Nelson Mandela took forward this invaluable legacy. The Minister mentioned his recent interaction with 15 Ambassadors from the African region which was a step towards strengthening this relationship. He said that the bilateral trade of India with Africa grew by 9.26% in FY 2022-23 reaching almost $100 Billion. Shri Goyal said that the exports and imports were approximately balanced with exports being US$ 51.2 Billion and imports being US$ 46.65 Billion in FY 2022-23. He expressed confidence in achieving the goal of doubling the trade volume to US$ 200 Billion by 2030. The Minister said that the young aspirational population can help achieve this goal. Shri Piyush Goyal said that 27 Least Developed Countries (LDCs) of Africa benefit from the DutyFree Tariff Preference on non-reciprocal basis already and Free Trade Agreements (FTAs) and Comprehensive Economic Partnership Agreement (CEPA) can be explored with other African countries as well. The Minister stated that the spirit articulated by the Prime Minister Shri Narendra Modi over the last 9 years of developing together as equal partners guides the India-Africa relationship. Shri Goyal said that this spirit has solidified the foundation of this partnership and established brotherhood. He quoted the Prime Minister and said that “Africa will be at the top of our priorities. We will continue to intensify and deepen our engagement with Africa. As we have shown, it will be sustained and regular". Shri Piyush Goyal said that the India-Africa relationship has the potential to help fulfil dreams and aspirations of around 1/3rd of the world’s population. He said that both India and Africa are blessed with demographic dividend and with skill development and education of youth, this partnership can drive the global progress in this century. The Minister highlighted how India can be the voice of the Global South and take the voice of the Global South at multilateral forums. Shri Goyal stressed upon creation of a powerful voice of the Global South to influence the geopolitics of the world ensuring equitable and inclusive growth. Shri Piyush Goyal mentioned that India is a friend in need and friend in deed for Africa. He said that during COVID-19 pandemic, India provided support for her African brothers and sisters in the form of medicines, vaccines and other equipment in the spirit of Vasudhaiva Kutumbakam. Shri Goyal stressed upon collaboration between India and Africa in the field of renewable energy to make the dream of “One World, One Grid” come true. He said that India and Africa are uniquely poised to become the leaders in production of renewable energy especially solar energy with interconnected grids through overland and underwater transmission lines. The Minister said that this potential of affordable energy for all throughout the day must be leveraged effectively and praised the participation of more than 20 African countries in the International Solar Alliance (ISA). The Minister said that India strongly believes that Africa’s rise globally is an absolute necessity in present times and is working together in a fast-track manner to achieve this ambition. He said that India’s Startup Revolution and Digital Public Infrastrcuture like Unified Payment Interface (UPI), CoWIN, One Nation One Ration Card (ONORC), Open Network for Digital Commerce (ONDC) have been helpful in enhancing Ease of Doing Business and ease of living and can be replicated successfully for the benefit of Africa. Shri Goyal also suggested exploring further cooperation in the field of logistics like roadways, railways and ports and a diverse, robust and resilient supply chain between Africa and India. Shri Goyal said that both India and Africa shared the values of Equality and Liberty. He said that the seed of the Conclave was sown in 2005 which has since blossomed and strengthened the relations between India and Africa. The Minister noted the vital role played by the Conclave in bringing together business leaders and policymakers from India and Africa at one platform for further enhancing the partnership.
Source: PIB
Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal said that PM GatiShakti must be effectively leveraged using the Area Development Approach to extend benefits to the nation beyond the infrastructure sector. Shri Goyal chaired a meeting to review the progress of PM GatiShakti with DPIIT and eight concerned ministries in New Delhi last evening. The Minister emphasized upon the participating Ministries/Departments to harness the full potential of the integrated platform to further accelerate India's infrastructure and economic growth. Shri Goyal said that the Agriculture sector can be supported by setting up common facilities on agricultural lands by cooperatives and start-ups using the integrated framework of PM GatiShakti and data from the National Master Plan (NMP). The Minister highlighted that the Area Development Approach under PM GatiShakti can be used for engaging with aspirational districts of NITI Aayog. Besides senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT), the meeting saw representation from M/o Road Transport and Highways, M/o Railways, M/o Ports, Shipping and Waterways, M/o Civil Aviation, M/o Power, M/o Petroleum and Natural Gas, Department of Telecommunication (DoT), M/o New and Renewable Energy, Bhaskaracharya National Institute for Space Applications and Geo-informatics (BISAG-N) and National Industrial Corridor Development Corporation (NICDC). Special Secretary, DPIIT, Ms. Sumita Dawra presented the progress of PM GatiShakti in terms of improving the data quality of the NMP, standardizing data layers and establishing Quality Improvement Plan (QIP) mechanism for better planning. To encourage usage of NMP for social sector planning, five new Ministries are proposed to be on-boarded on PM GatiShakti, in addition to fourteen social sector Departments/Ministries already onboard, to augment the socioeconomic development in the country. In addition to improving the domestic logistics ecosystem, DPIIT is progressively working towards improving the EXIM logistics. An EXIM Logistics Group has been formed with other concerned Departments/Ministries. An action plan for improving the country's performance on each of the Logistics Performance Index (LPI) parameters of the World Bank report will be formulated and executed soon. Efforts are also being made to ensure end-to-end multi-modal tracking of cargo by integrating Unified Logistics Interface Platform (ULIP) with GSTN data. In order to impart wider understanding and adoption, capacity building of officials at States level is also planned through training modules on PM GatiShakti at Central Training Institutes. Considering Infrastructure as a growth engine and need for a ‘whole of government’ approach for Infrastructure development, the PM GatiShakti National Master Plan (NMP) was launched in October 2021.
Source: PIB
The monthly Wholesale Price Index data rolled out on Tuesday, has brought a wave of optimism to the market. According to the provisional data released by the Office of Economic Adviser, Government of India, the annual rate of inflation in all of India for the month of May 2023 (when compared to May 2022) turned negative, at -3.48 per cent. The month-on-month change in WPI indicates a decline of -0.86 per cent, reflecting an overall decrease in commodity prices across the country. In terms of the annual rate, the highest decline was observed in fuel and power, falling by 9.17 per cent, followed by manufactured products which decreased by 2.97 per cent. It is worthwhile to note that in June 2022, the WPI inflation had reached a worrisome 15.18 per cent, mainly due to the turmoil in the global economy, particularly the Russia-Ukraine war which led to fuel and power inflation surpassing 40 per cent year-on-year.The Consumer Price Index (CPI)-based inflation also cooled down to a 25-month low in May 2023 at 4.25 per cent, compared to 7.04 per cent a year ago. This trend of falling wholesale inflation rate has continued for a year, since it peaked in May 2022 at 16.63 per cent. Manufactured goods, which hold the largest weightage in the WPI at 64.23 per cent, experienced an annual decline of 2.97 per cent. The low inflation rate is likely to benefit certain MSMEs who can now avail of raw materials and energy at lower costs. “This trend could provide some relief for MSMEs who have faced the brunt of high input costs. Lower headline inflation could convince RBI to take a more accommodative stance by reducing the repo rates with resultant trickle-down effects on short-term borrowing rates and working capital limits for cash-strapped and margin-squeezed MSMEs,” said Premchand Chandrasekharan, Partner, Avalon Consultancy. He added, “Tempering prices and interest rates could potentially boost consumer sentiments and spending capacity. So market demand for MSME goods and services could move in a positive direction.” However, a negative WPI also indicates deflation, which leads to a decline in production. “The positive fallout for MSMEs has been visible in terms of ease of pressure on working capital and competitiveness. It has also resulted in better ROI. But the negative side is that it shows demand contraction in many sectors namely garments, gems and jewellery, and chemicals among others,” said Anil Bhardwaj, Secretary General, Federation of Indian Micro, Small, and Medium Enterprises (FISME) In all, the cooling down of inflation is a phenomenal feature, at a time when the largest economies are struggling to keep up with the macroeconomic factors. However, the cautionary approach will be continued, considering the volatility of the global economy. For now, the local industry can consider taking a light moment and continue working on pacifying the business activities.
Source: Financial Express
India and Australia have decided to expand the negotiations on Comprehensive Economic Cooperation Agreement by including 15 more areas like agri-tech, critical minerals, space and sports which have never been part of any trade deal that India has been part of, a senior official said Thursday. The third round of negotiations on the comprehensive trade agreement with Australia are currently under way and end on June 16. The next round of talks are scheduled for July, Additional secretary in the department of commerce Rajesh Agrawal said.India and Australia have already implemented an interim trade pact (Economic and Cooperation Agreement) in December last year and now negotiations are underway to expand it and sign a CECA. “In addition to five areas which we had committed and which will be taken up under CECA, there are 15 new areas where mutual interest have been shown by both sides,” Agrawal told reporters here. Other areas where India and Australia have expressed interest in expanding are MSMEs, gender innovation and competition policy. On Indo-Pacific Economic Framework for Prosperity (IPEF), he said that India has an observer status on the trade pillar and it is observing the developments “very” closely. IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 last year in Tokyo. The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy (issues like tax and anti-corruption). India has joined all the pillars except the trade one. Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US and Vietnam are members of the bloc. Members of the 14-nation bloc IPEF have ‘substantially’ concluded the negotiations on the supply chains agreement. All the member countries are taking internal approvals on this agreement, so that it can be operationalised latest by October. In addition, he said that talks on clean economy and fair economy are progressing well and the next round of talks are in July. “We hope that with another three rounds of negotiations on these two pillars, we will be good to close the negotiations hopefully by November 2023,” Agrawal said. On the proposed trade agreement between India and the UK, Joint Secretary in the department Nidhi Mani Tripathi said that good progress has been made and both the sides are jointly trying to move forward in these negotiations. The 10th round of talks concluded on June 9 and negotiations for 14 chapters out of 26 are substantially closed. She also said that the fifth round of talks for the India-EU trade agreement is scheduled from June 15-27 in India. Eighth round of negotiations on India-Canada Comprehensive Partnership Agreement are currently underway and the both sides are trying to conclude an interim agreement at the earliest.
Source: Financial Express
The average import release time by customs authorities has declined by 20% for inland container depots (ICDs), 11% for air cargo complexes (ACCs) and 9% for seaports in 2023 over 2022, the Central Board of Indirect Taxes and Customs (CBIC) said in a report on Thursday. In absolute terms, the import release time for seaports, ICDs, air cargo complexes (ACCs) and integrated check posts (ICPs) is 85.42 hours, 71.46 hours, 44.16 hours and 31.47 hours, respectively. The measure of standard deviation is found to be lower, indicating a greater certainty of the expeditious release of imported cargo. The measure of standard deviation is found to be lower, indicating a greater certainty of the expeditious release of imported cargo. The CBIC has been focussing on reducing release time by customs for both imports and exports to promote ease of doing business and improve tax collections. The CBIC released a National Time Release Study (NTRS) 2023 report, a performance measurement tool, that aims to present a quantitative measure of the cargo release time, defined as the time taken from arrival of the cargo at the customs station to its out of charge for domestic clearance in case of imports and arrival of the cargo at the customs station to the eventual departure of the carrier in case of exports. NTRS 2023 presents port-category wise average release time for the current year, based on the sample period of January 1-7, 2023 (both days included), comparing the same to the performance during the corresponding periods of 2021 and 2022. Findings of NTRS 2023 reaffirm the 3-fold ‘Path to promptness’ comprising advance filing of import documents enabling pre-arrival processing, risk-based facilitation of cargo and benefits of trusted client programme – Authorised Economic Operators. Further, in line with the high priority accorded by the government on export promotion, NTRS 2023 has placed a much greater focus on the measurement of export release time. NTRS 2023 recognises the distinction between regulatory clearance (also referred to as customs release), which gets completed with the grant of Let Export Order (LEO) and the wider aspect of physical clearance which occurs on completion of logistics processes with the departure of the carrier with the goods.
Source: Financial Express
Indian companies are looking at business opportunities in Africa as the continent holds huge potential to boost trade and investments, Commerce and Industry Minister Piyush Goyal said on Thursday. He also said that businesses of both regions should look at increasing bilateral trade beyond the target of USD 200 billion by 2030. The bilateral trade at present is about USD 100 billion.India can also look for negotiating a free trade agreement with Africa to further strengthen economic ties, he said. “Indian companies are looking at many more opportunities, and they can help increase economic growth in Africa and create jobs,” Goyal said at CII-EXIM Bank Conclave on ‘India-Africa Growth Partnership’.In terms of increasing trade, “we have not reached our true potential”, he added. Goyal also said India works as a friend and brother with Africa and does not “take over” assets like power transmission lines and ports.
Source: Financial Express
INTERNATIONAL
Stellantis Ventures, the corporate venture fund of Stellantis N.V., has been formed to support and amplify the execution of the Dare Forward 2030 strategic plan. Ten startup companies and one mobility venture fund have been considered so far as its first key investments. Three of the projects backed by Stellantis Ventures are launching this year, validating the fund’s mission to accelerate deployment of innovative, customer-centric mobility technologies and supporting Stellantis’ Dare Forward 2030 efforts in leading the change to a more sustainable mobility and better in-vehicle experience for all customers. “Transforming Stellantis into a mobility tech company means we need to have the mindset of a startup, focused on our customers and working with a dash of impatience,” said Ned Curic, Stellantis chief technology officer. “We are using the strength of Stellantis Ventures to connect with companies that are developing cutting-edge technology that we believe can transform the in-cabin experience and improve the mobility sector, for our customers and for society as a whole.” Investments support the Dare Forward 2030 strategy and are aligned to the three core pillars: care, tech and value.
CARE 6K enables advanced sustainable manufacturing to ensure clean, low-carbon emission material production. 6K’s UniMelt plasma process is a cutting-edge platform for producing domestic sustainable critical materials for EV batteries, 3D printing and endless other applications. 6K delivers true sustainable manufacturing – faster, cleaner, and at a lower cost Beweelsociety, a startup with roots inside Stellantis, is a developer of connected e-bikes and provider of a wide range of services from purchasing to cycling through one unique digital app, including financing, insurance, facilitation and care services (maintenance, antitheft). Expanding the vision beyond traditional auto, beweelsociety helps Stellantis accelerate the growth of sustainable and soft mobility. The first e-bikes will be available to purchase from specialized cycling networks and technology-focused retailers in Europe, starting the last quarter of 2023 NetZero is a climate venture specializing in long-term carbon removal from the atmosphere by turning agriculture residues into biochar, a very stable form of carbon. Biochar can be mixed with agricultural soils, improving yields and reducing the need for fertilizers. NetZero’s mission is to bring biochar at scale in the tropics – for climate and people.
TECH Nauto deployed artificial intelligence and computer vision technology, combined with advanced risk data science, to more than 800 commercial fleets to help save money and lives through safer driving. Nauto’s safety system assesses both driver behavior risk and external road risk, warning and coaching drivers to reduce distracted driving and prevent collisions in real time while respecting driver privacy. Nauto Cloud and mobile applications help fleet safety and risk managers operate fleets more efficiently, identify and coach atrisk drivers, and accelerate claims processing. The Nauto solution will be available this summer in the United States on Stellantis commercial fleet vehicles Trails Offroad, staffed by off-road experts and enthusiasts, offers a digital library of more than 3,000 detailed offroad trail guides throughout the United States and Canada that can be loaded in the Jeep® Uconnect system. Each trail guide provides detailed information, including route description, key waypoints, difficulty ratings, points of interest, videos and reviews. Beginning this summer, select new Jeep vehicles will have access to more than 200 notable trail guides, including the 62 Jeep Badge of Honor trails. The full catalog will be offered as a subscription service Viaduct is an artificial intelligence platform designed to improve vehicle analytics for quality and maintenance. The platform deploys its machine learning algorithms to identify anomalies in fault and sensor data, predict vehicle health and enhance preventative maintenance routines, making vehicles safer, more reliable and personalized Geoflex is a worldwide operator of satellite positioning augmentation technology designed to augment accuracy, integrity and continuity of operation of all global navigation satellite systems receivers, whatever the brand is. Its hypergeolocation services provide accurate, safe and resilient positioning down to four centimeters accuracy everywhere in the world, on land, at sea and in the air Envisics is a globally renowned pioneer of dynamic holographic technologies with an application for augmented reality head-up displays (AR-HUDs) and automotive sensor systems. The advancement of Envisics technology has the opportunity to transform automotive displays and revolutionize the in-car experience.
VALUE Electra Vehicles, a provider of battery software solutions for electric mobility, provides active and adaptive controls for battery management systems, predictive battery analytics and battery pack design software. With embedded and cloud-based artificial intelligence and machine learning (AI/ML) battery enhancement features, Electra aims to maximize the full potential of battery power to enable electric mobility to take us further Lyten created Lyten 3D Graphene, a unique decarbonization materials platform tunable for a wide range of advanced applications: lightweight composites for reduced vehicle weight, advanced sensors to improve driver experience, and a breakthrough highly sustainable lithium-sulfur battery that uses zero nickel, cobalt or manganese, has higher energy density, lower carbon footprint and enables supply chain independence Stellantis Ventures will be present at MOVE 2023 on June 21-22 as an exhibitor in booth #36 and a main speaker, delivering the opening keynote on June 22 titled “Start Me Up! The central role of incubators in driving mobility forward” and joining a panel discussion on “The start-up ecosystem and the unicorn journey.” Stellantis Ventures is not disclosing the name of the mobility venture fund investment. Stellantis Ventures was announced in March 2022 as a key component of the Stellantis Dare Forward 2030 strategic plan. Dare Forward 2030 sets out a series of important targets, led by deep emission cuts to slash CO2 in half by 2030, benchmarking the 2021 metrics, to achieve carbon net zero by 2038 with single-digit percentage compensation of the remaining emissions. Core targets for Dare Forward 2030 also include 100% of passenger car sales in Europe and 50% of passenger car and light-duty truck sales in the United States to be BEVs by the end of the decade; the ambition of doubling net revenues by 2030 (versus 2021) and sustaining double-digit adjusted operating income margins throughout the decade; and the aim to become number one in customer satisfaction for its products and services in every market by 2030.
Stellantis Ventures Established with an initial investment of €300 million, Stellantis Ventures is the first Stellantis corporate venture fund. It targets early and later-stage startup companies that are developing cutting-edge technologies for the automotive and mobility sectors and are focused on improving outcomes for individual customers and society as a whole. The fund has a unique dual mandate that requires portfolio companies to have strong, sustainable growth prospects as well as a high potential for technological adoption within Stellantis’ products and operations. Backed by one of the world’s leading automakers and mobility provider, Stellantis Ventures is uniquely positioned to drive value quickly and effectively for portfolio members.
Stellantis Stellantis N.V. is one of the world’s leading automakers and a mobility provider. Its storied and iconic brands embody the passion of their visionary founders and today’s customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2Move and Leasys. Powered by our diversity, we lead the way the world moves – aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates.
Source: Textile world
The yarn-spinning line is intended for product development and will be located in Guimarães, Portugal at Tearfil’s facilities. Tearfil will also be responsible for the yarn-spinning line’s operations, and Spinnova will use a part of the line capacity for its product development. Spinnova says the rationale behind the yarn-spinning line is to provide research and development into using Spinnova’s fibre in commercial-scale yarn production and to streamline development work with industry partners. Spinnova says it will benefit from the extensive industry know-how and from the proximity of Europe’s most significant textile industry hub in Portugal. It believes this will improve Spinnova’s access to global textile markets. The technology delivery and installations at Tearfil’s premises are expected to take place in the fall of 2023 with the spinning line intended to be operational by the end of the year. In 2021, Spinnova established an R&D yarn-spinning line in Jyväskylä, Finland. The decision to change the location was made during the feasibility planning and discussions with potential partners. This change in location and operational model is expected to slightly decrease capital expenditure and lead to lower operational expenses. Spinnova’s interim CEO Ben Selby explains: “We are very pleased to have agreed on a cooperation model with Tearfil where we are able to benefit from Tearfil’s decades of experience and expertise in yarnspinning. The location in Portugal speeds up our product development work and gives us the opportunity to cooperate on development with key players in the industry.” Maria de Belém Machado, CEO at Tearfil, adds the Portuguese company was confident of this partnership scaling up the impact further to develop innovative textile materials. Spinnova will also be leveraging Swiss-based company Rieter’s technology for its new spinning mill line. Reiter already has a significant contribution in yarn development for Spinnova blends and spinning with various spinning techniques.
Source: The just-style.com
Caretaker Minister for Industry, Commerce and Energy SM Tanveer said that effective measures would be taken to revitalise the textile industry and boost citrus fruit export. He suggested the introduction of new varieties to enhance citrus fruit production. The minister was chairing a meeting at the new minister block here at the Civil Secretariat to discuss the promotion of agricultural research, increasing kinnow production, and revitalising the textile industry in the province. The meeting was attended by the secretary agriculture, University of Agriculture Faisalabad Vice-Chancellor Rana Iqrar Ahmad Khan, Agricultural University Multan Vice-Chancellor, officials from the agriculture department, and exporters based in Karachi. Addressing the participants, SM Tanveer emphasised the need for practical measures to improve the quality of agricultural research. He stressed the important role of agricultural universities in promoting research in the field. He also announced establishing a Pakistan-China Research Technology Park in Faisalabad, with the planning for the park, developed in collaboration with China, already finalised. Exporters highlighted the lack of attention given by past governments to the development of the agriculture sector and agricultural research. They emphasised the importance of improving the quality of agricultural research to meet the increasing food demands. To address these issues, the minister formed a committee under UAF VC Iqrar A Khan tasked with compiling recommendations for the revitalisation of the citrus industry, increasing fruits production, and promoting agricultural research. Skill Boot Camp opens The Secretary Industries and Commerce, Ehsan Bhutta inaugurated the Skill Boot Camp 2023 at the Government Vocational institute Gujjarpura, Lahore. Tevta GM Operations, Regional Director and principal also participated the ceremony. The Boot Camp offers training programmes in areas, including beautician, graphic arts, digital marketing, hospitality (cooking) and knitting. Matriculation and Intermediate students awaiting results are eager to learn new skills and accordingly exhibiting great interest in these programmes. The secretary, during the inaugural ceremony, appreciated the efforts of Tevta, institute’s administration and teachers, for their efforts viz-a-viz imparting contemporary skills to the youth. The secretary said that freelancing and entrepreneurship were the cornerstones of 21st century business landscape and accordingly students should learn and understand contemporary knowledge.
Source: The news.com
Planet Tracker, a non-profit financial think tank, has released new research revealing the necessity for textile retailers to actively collaborate with suppliers and manufacturers in reducing negative environmental impacts. The report, titled "Following The Thread," examines 3,897 companies throughout the textile supply chain and uncovers a significant disparity between the location of environmental impacts and the distribution of capital within the industry. According to the findings, fabric manufacturing and fiber production are responsible for a substantial portion of the textile supply chain's environmental impact, contributing to 76 percent of climate change impact, 74 percent of resource consumption, and 61 percent of water use. Surprisingly, these sectors only generate a collective 18 percent of revenues and 7 percent of market capitalization. In contrast, clothing retail represents 54 percent of revenues and 63 percent of market capitalization, while directly contributing only marginally to environmental impacts. The report highlights that the frequent outsourcing of manufacturing operations leads to poor visibility along the supply chain, resulting in limited control over the industry's negative environmental consequences for retail companies and investors alike. Furthermore, the regulatory landscape is shifting towards increased scrutiny of supply chain responsibility, exemplified by the European Commission Directive on corporate sustainability due diligence. Moreover, international efforts are underway to clamp down on disingenuous "green credentials." Failure by textile retailers to actively collaborate with their supply chains in driving substantial change may expose major companies to significant regulatory risks. Richard Wielechowski, Senior Investment Analyst (Textiles) at Planet Tracker, commented on the issue, stating, "While retailers themselves contribute relatively few emissions, claims of greenness by brands lose meaning when the clothing they sell contributes to global warming acceleration and pollutes water supplies with toxic chemicals."
The pressure is on forretailers Planet Tracker is urging investors to exert pressure on retailers, compelling them to engage with their supply chains in reducing their negative environmental impacts. Brands can support this endeavor through direct funding or order guarantees, working hand in hand with suppliers to drive meaningful actions across the entire value chain. Earlier research conducted by Planet Tracker demonstrated that investments in the supply chain to improve environmental impact, such as heat recovery and water reuse, not only substantiate retailers' green claims but also align with pressing Net Zero commitments. Better yet, these investments can generate quick returns. The "Easy Unpickings" report from Planet Tracker showcased that an average one-off investment of 455,000 dollars yielded annual savings of 369,500 dollars, resulting in an average payback period of 13.8 months.
Source: The fashionunited .in
