INTERNATIONAL
NATIONAL
Raymond Ltd is planning to expand its real estate business through joint development agreements with other landowners and joint venture projects while it will also be monetising the over 60-acre land bank that it holds in Thane in Mumbai. After selling its FMCG business to Godrej Consumer Products in May the Raymond Group plans to focus on real estate under Raymond Ltd and the branded apparel business under Raymond Consumer Care, which will soon be listed. “Going forward we envisage Raymond Realty as a core business which will continue and take on new projects and JDAs in the MMR (Mumbai Metropolitan Region) that has enormous growth potential,” Chairman and Managing Director Gautam Singhania said in the company’s F23 annual report. The company has launched three projects so far, all in Thane, and last year it reported bookings of ₹1,600 crore from the projects. In two projects 80 per cent of the inventory has been sold; in the recently launched third project, a quarter of the inventory has been sold and the company sees a total revenue potential of ₹1,400 crore. Of the total revenue of the company of 8,337 crore, the realty business contributed Rs 1115 crore, a rise of 58 per cent on the year and an EBITDA margin of 25.7 per cent in FY23. The company intends to expand beyond Thane in the MMR region. The MMR region is currently dominated by Godrej Properties, Macrotech Developers, and Mahindra Lifespaces. Birla Estates, L&T Realty have recently made their forays into the sector. The branded textile, branded apparel, garments and high value cotton shirting business that constitutes the lion’s share of Raymond group’s revenue at 77 percent is also rapidly scaling up, especially with its entry into ethnic’s wear. The branded textile segment has ‘Raymond Fine Fabrics’ and ‘Raymond Ready to Wear’, while in apparel, it sells brands such as ‘Park Avenue’, ‘Color Plus, ‘Parx’ and now the newly introduced ‘ethnix’. After selling its FMCG business, the company expects to be debt-free with ₹1,500 crore surplus available for growth capital. The company is still working on the capital allocation strategy. The group intends to add about 200 retail stores over the next 12-18 months, of which 100 would be for the ethnics’ brand and the remaining for the other apparel business. Store additions will be mainly through the franchise model, though it will also open some flagship stores in some prominent locations. Raymond Ltd.’s shares have nearly doubled over 52 weeks; over a decade, it has appreciated just over six times.
Source: The Hindu Business line
Minister for Industries and Commerce KT Rama Rao laid the foundation stone for Youngone and Evertop Textile and Apparel Complex Pvt. Ltd., in the Kakatiya Mega Textile Park (KMTP) in the presence of Chang Jaebok, the ambassador of the Republic of Korea to India, and Kihak Sung, the CEO of Korean textile giant Youngone. He stated that the company plans to establish 11 factories within the KMTP, producing about 21,000 jobs for the locals. The organisation will put an emphasis on empowering women, who are anticipated to make up 80 per cent of the workforce. According to Rama Rao, it will support women and their children by establishing daycare facilities and transportation infrastructure inside the KMTP. Youngone will initially establish four factories, creating 4,000 jobs. Notably, the earlier-built KiTex facility has already produced 12,000 jobs, and Ganesha Ecopet Pvt. Ltd., has added 1,000 more, culminating in a total of 60,000 jobs within the KMTP. Youngone CEO Kihak Sung thanked Rama Rao for his assistance and said that the choice to build a business in the KMTP was made after careful research of Telangana’s potential for textile manufacturing. Telangana’s economic development and leadership were lauded by ambassador Chang Jae-Bok.
Source: Apparel resources
Director General, Bureau of Indian Standards (BIS), Sh. Pramod Kumar Tiwari said that standards lay down the benchmark for quality, thereby ensuring the availability of high-quality products for all the consumers. Addressing the media in New Delhi today, Shri Tiwari highlighted the importance of the Quality Control Orders (QCOs) issued recently by the Government of India for footwear and other products DG, BIS said that QCO for the 24 footwear products covered under the Footwear made from leather and other materials and Footwear made from all polymeric and all rubber materials shall be implemented from 1st July 2023 and thereafter, a BIS Licence would be mandatory for the manufacturing, importing or selling of products under these QCOs. However, for 5 standards, which were revised recently, manufacturers, according to the revised specifications, shall be given a further six months’ time up to 1st January 2024 to comply. Tiwari said that the standards for footwear products are developed in consultation with trade and industry bodies, consumer organisations, and representatives of various other concerned stakeholder groups to ensure quality and authenticity. He said that to make compliance convenient for the small-scale and micro-scale industries, the implementation date would be 1st January 2024 for the former and 1st July 2024 for the latter. He also informed that test facilities have been created in two BIS labs, two Footwear Design & Development Institute (FDDI) Labs and Central Leather Research Institute (CLRI), while 11 private labs have been recognised for testing footwear. Notably, the government recently announced an 80% cut on testing charges for footwear products under the QCOs for the certified start-ups and micro industrial units. DG, BIS also mentioned that the Ministry of Textiles had issued the Geo Textiles (Quality Control) Order, 2023, and Protective Textiles (Quality Control) Order, 2023, on 10 April 2023. He said that 19 Geo Textile products and 12 Protective Textile products are being brought under compulsory BIS certification w.e.f. 10th October 2023. Sh. Tiwari stressed that the 'Public Call Facility', the latest initiative of BIS, is a proactive measure of BIS to make the process of standardisation more inclusive. He said that modern communication technologies are being leveraged to invite viewpoints, feedback, suggestions, etc., from all the stakeholders. For this purpose, a virtual interaction platform has been created that will be open on all working days from 10:00-11:00 AM. Any person can join the 'Public Call Facility' through the VC Link - https://tinyurl.com/PublicCF. While discussing BIS's initiatives, Sh. Tiwari further informed that BIS has recently launched the Manak Rath, an online exchange forum for mentors and students of Standards Clubs. The initiative aims to nurture students as brand ambassadors of quality. The Manak Rath will be used to organise quiz, standard writing, and other competitions on science and quality subjects for the Standards Clubs students. Further, Manak Rath will provide a feature for an online classroom that will give access to lesson plans under the Learning Science via Standards initiative, informative videos, and live classrooms delivered by experts. Sh. Tiwari said that a section for interesting and informative articles has also been provided in Manak Rath for the continuous learning of students and mentors. Besides, students and mentors can also share their experiences with others through Manak Rath, which can be accessed through www.exchangeforum.bis.gov.in. He said that the Manak Rath also features a magnificent photo and video gallery of different activities. The recently released BIS theme song 'Manak Geet' was also played during the press conference.
Source: PIB
UNION Minister of State for Railways and Textiles Darshana Jardosh during her visit to Paradip on Monday criticised the Odisha government for having failed to send proposal to the Centre for setting up of a mega textile park in the state. When questioned about the Centre’s future plans for revival of the Sarala spinning mill at Tirtol and Parbati Cotton Mill in Rahama during a press meet at Jayadev Sadan, Jardosh said she would discuss about the same with the higher authorities of the textile industry. “Due to non-cooperation and lack of support of the Odisha government, many centrally-sponsored projects including the mega textile park have not yet been set up in the state,” she alleged. The Central government has planned to set up mega textile park in each state on over 1,000 acre land with a total outlay of `10,000 crore for five years. “The Textile Ministry has received 12 proposals from as many states in this regard but no proposal has yet been received from Odisha government.. The park could strengthen the Centre’s Make in India initiative and create job opportunities in small sectors because of its various schemes and training programmes,” the union minister added. After receiving proposals from different state governments, selection was made in a very transparent way but Odisha was not eligible for selection despite having a rich sector in handloom and cotton fibre due to lack of support and cooperation, Jardosh informed. The minister attended the Jansampark Abhiyan at Siju, Jota village under Jagatsinghpur block and Sanjukta Morcha meeting in Paradip where she highlighted Modi government’s achievements. Jardosh also attended the review meeting of Paradip Refinery and inspected ongoing and upcoming projects of the compny.
Source: New Indian express
A sharp drop in demand and higher production costs have forced dyestuff manufacturing units in Gujarat to cut production. The demand crunch is attributed to sluggish domestic consumption of textiles and apparels, and a fall in exports. Dyestuffs are used to impart colour to a variety of products including textiles, paper, leather and plastic products.According to industry sources, the Gujarat dyestuff units are currently operating at 50-60% of the total the capacity, resulting in significant job cuts. In normal times, the state accounts for 70% of the country’s dyestuff output. Haresh Bhuta, President, Gujarat Dyestuffs Manufacturers’ Association (GDMA), said that the situation may worsen in the coming months. “The sector has been facing problems for around one year now. The main reasons include global circumstances and geo-political tensions around the world. Russia-Ukraine War and the tensions between the US and China have caused demand to go down in the EU region and the US, which were the biggest export destinations for the sector as well as the industrial users”, he said. Bhupendra Patel, chairman, Gujarat Region, Chemical Export Promotion Council (CHEMEXCIL), said, “The pandemic and Ukraine-Russia war have caused the prices of coal, gas, and basic raw materials like caustic soda and benzene to go up significantly. This has increased the overall cost of production. To make matters worse, the pandemic has changed the consumption pattern of consumers.” Gokul M Jaykrishna, joint MD & CEO of Asahi Songwon Colors, the largest producer of blue pigment globally, said, “The export market has been seriously hit. This year we have exported only around 50-60% of our production, which is around 15-20% lower on year.” There are two main categories in pigments; AZO pigments which include pigments of red, yellow and orange colour, while the other is phthalocyanine pigments which include blue and green colors. Jaykrishna added, “India is the world leader in Phthalocyanine pigments but in Azo pigments, we are behind China. As the demand in the global market is low, we cannot do much to change that. But what can be done is that India can stop China from dumping their red and orange pigments in Indian markets with higher import tariffs or anti-dumping duties.” According to the data released by the Union ministry of commerce and industry, the dyes and pigments sector witnessed a 20.18% decline in exports last fiscal. The exports stood at Rs 2,588.24 crore in FY23 against the Rs 3,242.49 crore in FY22.
Source: Financial Express
If summer is here, can the mango be far behind? Not just on our plates but also as a motif on textiles and other crafts. The fruit is deeply embedded in our ethos, says Anamika Pathak, in her 2021 dissertation, Mango-kairi-kalka-paisley: Design in Indian Art from Architecture to Textiles. The former curator of National Museum, Delhi, writes, “The sweetness of the fruit inspired the farmers to produce; the shape inspired etal ware artists to make boxes, huqqa etc and, as motif, it appeared on panel decoration.” Textile expert Purvi Patel, who recreated lost embroidery from the early to mid19 century, says that the mango has lent itself to interesting designs thanks to interventions by and perceptions of different communities. “Every designer will create something around the mango as a prop.”
Source: The Hindu
The UK’s decision to withdraw duty benefit scheme GSP may impact Indian exporters from certain labour-intensive sectors such as leather and textiles as they were the major beneficiaries, according to experts and traders. The UK is replacing the Generalised Scheme of Preferences (GSP) with a new Developing Countries Trading Scheme (DCTS) from June 19. Labour-intensive sectors, including certain textile items, leather goods, carpets, iron & steel goods and chemicals may get impacted due to this. Global Trade Research Initiative (GTRI) said the US, European Union (EU), Australia, Japan and many other developed countries grant unilateral import duty concessions to developing countries under their GSP schemes. “As the UK has come out of the EU, it has designed its own GSP scheme. Each country sets a product-wise threshold limit, if a country’s exports cross the limit, the GSP concessions stop. The UK withdrawing GSP concessions on labour-intensive products was expected as the two countries are negotiating a free trade agreement,” GTRI cofounder Ajay Srivastava said.
GSP concessions are available in full to exports from Least Developed Countries (LDCs). — PTI
TEXTILES, LEATHER GOODS TO BE IMPACTED
The Generalised Scheme of Preferences (GSP) gives eligible developing countries certain trade preferences, including reduction or removal of duties on imports into UK. The sectors, which are likely to get impacted, include certain textile items, leather goods, carpets, iron & steel goods and chemicals. The US, EU, Australia, Japan and many other developed countries grant unilateral import duty concessions to developing countries under their GSP schemes.
Source: The tribuneindia.com
Textile and clothing, one of the country’s most dynamic industries, is on a revival path. This bull run has translated to an uptick in textiles stocks on the bourses. Top performers such as Trident, Alok Ind, KPR Mills, Lakshmi Machine Works (textile machinery major), Welspun, Raymond, Vardhaman Textiles Ltd, have seen a turnaround in their fortunes. In May 2023, Sharekhan, with a Buy recommendation, kept the target price for KPR Mills at ₹685 and in June it has revised upwards to ₹800. ICICI Direct had suggested a Buy recommendation for Gokaldas Exports, Siyaram Silk Mills, Vardhaman Textiles, and Nitin Spinners. Brushing aside the headwinds such as Covid pandemic, global recessionary trends, Russia-Ukraine war, volatility in raw material prices, inflation, etc, the industry is expected to witness significant growth. Thanks to rising demand from emerging economies, strong demand for home textiles (that accelerated during the pandemic period), and medical textiles during the pandemic. The government’s measures ranging from giving a push to technical textiles, the PLI scheme, launch of mega textile parks under the PM-Mega Integrated Textile Region and Apparel (PM MITRA) scheme, Silk Samagra scheme to boost sericulture and silk industry, SAMARTH Yojana aimed at skill development, to signing of FTAs with many countries, etc have helped. “Textile as a space is yet to fire up the way many of the other sectors and themes have done in the last few months. However, it had its fair share of outperformers, albeit a few which witnessed a strong and consistent upside. The outlook of the sector has turned positive based on majority of stocks forming a base pattern on the weekly charts. “However, the rally is expected to start in selective stocks and then move towards the other stocks which will make stock picking a pivotal point. Stocks like KPR Mill and Gokaldas Export will remain at the forefront with bouts of outperformance expected going forward, whereas others like Zodiac Clothing, Ambika Cotton and Himatsingka Seide are expected to witness a fresh uptrend after forming rounding bottom pattern on the weekly charts,” says Gaurav Bissa, Vice-President, InCred Equities. Range-bound rates One of the advantages that textile mills enjoy is that prices of raw materials have stabilised and will rule at these levels until the end of the cotton season in September. This is because farmers had held back their produce at the start of the season and are now offloading it. “Cotton prices will remain range-bound,” said Rajkot-based cotton, yarn and cotton waste trader Anand Popat. However, spinning mills are troubled by lack of demand for yarn and they are operating on thin margins. Cotton prices will remain range-bound, he said. A textile industry source said organised players in the sector are calling the shots and they would be able to do well. ICICI Securities has recommended a Buy on Gokaldas. Though it raises concerns about falling readymade exports, it feels correction in cotton prices and lower freight costs will help the sector rebound. “RMG exports declined 7 per cent y-o-y in May 2023 and 12 per cent y-o-y in Apr-May 2023. We do not expect y-o-y growth in monthly exports till H1FY24 as retailers may look to liquidate their inventory in an uncertain demand situation.” Meanwhile, JM Financial projects a stronger 2HFY24 demand outlook for the textile sector. “Reduced cotton prices (down over 40 per cent in 12 months) coupled with improving scale in H2 2023 could lead to a material margin boost. With UK FTA ($1billion additional opportunity for India) in the horizon and possibility of “China+1” picking pace can significantly re-rate earnings and multiples for the space,” a note said. Gokaldas Exports and Welspun India remain a key beneficiary, the note added. Outlook The second largest employer after agriculture, textiles industry has seen an FDI inflow of $1.5 billion from 2017-22. The Indian apparel market was worth $55 billion as of 2020 and is expected to grow at a CAGR of 10 per cent to $190 billion by 2025. On the raw material front, India will receive the benefits of allowing the import of 51,000 tonnes of duty-free cotton from January 2023 and 419 tonnes of duty-free cotton from December 29-31, 2022, from Australia. These are significant as the domestic textile industry will be insulated from the shortage of quality cotton with the increasing demand. India is targeting an average GDP growth of over 7 per cent per annum to become a $5- trillion economy by 2025-26. As the world’s fifth-largest economy with a population of 1.4 billion people, and with demand for home products increasing at 20 per cent per annum, business growth opportunities are galore for textile sector and the stocks too are likely to perform well. However, cyclical nature of the industry and raw material price fluctuations — globally and domestically — are to be watched for.
Source: The Hindu business line
The US may try to push India for a deeper engagement with the Indo-Pacific Economic Framework for Prosperity (IPEF) and also join the trade part of negotiations in the 14-nation block during Prime Minister Narendra Modi’s visit to that country from June 21 to June 23, according to trade experts. “On IPEF, India has been a bit wary. The US will expect India to participate more (in this US-led initiative) ,” international trade expert and former professor at Jawaharlal Nehru University, Biswajit Dhar said.India has opted out of the trade part of the negotiations of the IPEF block which accounts for 40% of world’s GDP and 28% of world’s trade in goods and services. IPEF has 14 members – Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, US, Philippines, Singapore, Thailand and Vietnam. The US launched IPEF to counter China’s influence in South-east Asia and South Asia. Apart from trade it is negotiating supply chains, clean energy, decarbonisation, infrastructure, tax and anti-corruption. Even in trade talks, tariffs are not being discussed. The economy of the size of India not participating fully in the US-led initiative has divested it of some heft. Another trade issue that the US is expected to raise during the Prime Minister’s visit could be the wide trade balance in favour of India. “There may be a renewed push by the US for greater access to India’s agriculture markets for its selling products and agri-technologies like GM crops and seeds,” another trade analyst who did not wish to be identified, said. India on its part may again raise the issue of additional taxes on exports of its steel and aluminium that the US has imposed, Director General and Chief Executive Officer of Federation of Indian Export Organisations Ajay Sahai said. The US administration under Donald Trump had imposed 25% import duty on steel and 10% on aluminium in 2018 to check imports from China. It ended up impacting India also. Later steel and aluminium exports from the EU to the US were given exemption from this tax. India is seeking a similar deal. While old issues around visas to Indian skilled professionals and Intellectual Property in the pharma sector may come up again, the most recent debate and issues around localisation of data which the US links to freedom to its technology companies to operate in India could figure prominently, he said. After local data storage was made mandatory by the Reserve Bank of India for payment system providers most of the players in the sector have already complied with the norms but still some issues remain. According to the US, for storing data locally, the US companies will have to invest in India which would increase their costs. The new Data Protection Bill being framed has raised some concerns among US technology companies on how to comply with the demands that the proposed law may put on them. Another issue that bothers the US is Digital Service Tax (equalisation levy) imposed by India to ensure that digital service companies pay tax on their earnings from India. It is levied at 2% of revenues of digital platform services, digital content sales and data related services. The US wants India to align its digital tax system to the global tax framework, Sahai said. New Delhi introduced the digital services tax in 2016 with a 6% levy on online advertising, and expanded it via the Finance Act 2020, with a 2% impost on payment for e-commerce supply of goods and services , provided for by non-resident operators. India has its own issues on agriculture trade which includes sanitary and phyto-sanitary standards that the US imposes on its fruit and vegetable exports. “We have our issues in the area of high-technology. We are not getting high technology products and technologies. The US is still not confident in sharing technology with India. There has been a lot of talk around technology cooperation but there is a gap in actual progress,” Dhar said. The diversification of supply chains and the China plus strategy have been talked about but nothing is happening on the ground, he added. Another issue that could be discussed is World Trade Organisation reforms and getting its appellate functional again, another trade analyst said. The US has blocked appointment of judges to the appellate body saying that it is involved in judicial activism and impinges on US sovereignty. Other India-US disputes at WTO like on duties on steel and solar that have been pending for long may also figure in talks. “Trade is the strong pillar of our relationship. The US and India have a strong trade and investment partnership. Bilateral trade between the two countries is $200 billion,” external affairs secretary Vinay Mohan Kwatra said at a press conference on Monday.
Source: Financial Express
Consumers are exercising caution before purchasing clothing and accessories, as higher prices of daily goods are constraining their discretionary spending, said industry insiders. According to companies, industry associations, and analysts, retail sales was lacklustre in April-May. Consequently, companies have started early end-of-season sales due to mounting inventory. Ratings agency ICRA expects fashion retailers to report a 10% growth in revenues this nancial year, slowing from a 51% increase in FY23. “Almost every lifestyle company indicated that the demand scenario continues to remain soft across product categories, price ranges, and geographical regions. While April-May 2023 has possibly seen a more pronounced impact of the higher base of last nancial year, clearly footfalls have been weak. Although revenue trends have been better in June, it continues to remain modest, " analysts at Motilal Oswal Financial Services said in a report on Monday. The brokerage hosted a retail investor day on 17 June inviting rms to share their views on both demand as well as the business.
Source: Live mint
India and the UK concluded the tenth round of talks for a proposed free trade agreement last week, and the next round of negotiations is due to take place in the coming month, an official statement said on Monday. The negotiations for the agreement were launched on January 13, 2021. "On June 9, India and the concluded the tenth round of talks for an India-UK FTA (free trade agreement)," it said. Technical discussions were held across 10 policy areas in over 50 separate sessions, according to the statement. The talks included detailed draft treaty text discussions in these policy areas, it said, adding, "The 11th round of negotiations is due to take place in the coming month."
Source: Times of India
An assessment undertaken by the UP State Export Promotion bureau has noted that exports from the state have gone up over 100% in the past six years. Data from the department indicated that UP undertook exports to the tune of Rs 84,000 crore in 2016-17. The corresponding figure for the 2022-23 year was Rs 174,000 crore. The department is eying to make exports cross Rs 200,000 crore in the present financial year. Details indicated that the top 10 buyers of goods from UP are USA, UAE, Nepal, UK, Germany, Vietnam, the Netherland, France, China and Egypt. Together they contribute to 60% of 's exports. Among the products which are driving up the state’s exports are telecom instruments, buffalo meat, RMG cotton, including accessories, RMG manmade fibre, leather footwear, saddlery and harness, aluminum and aluminum products, silk and handmade carpets, machinery and engineering goods, wheat, rice, sugar, iron and steel, handicrafts etc. When contacted, Nand Gopal Gupta Nandi, cabinet minister for industries, export promotion, NRI and Investment Promotion said: “The plan for the 2023- 24 financial year includes widening the export basket and increasing the number of exporters in the state, capacity building on export processes, unlocking the export potential of ODOP and geographical indication, leveraging ecommerce for exports growth, hand holding expertise at ground level, facilitate product development among other things.” Earlier, as per an assessment by Federation of India Exports Organisation (FIEO), the reasons for UP’s growth have been the export promotion schemes of the state government. If an exporter is registered with the export promotion bureau, they will be helped with 60% of the stall charges at foreign fairs, up to a maximum of Rs 2 lakh, 60% of economy air fare up to a maximum of Rs 1 lakh, 60% of the total expenditure on publicity up to a maximum of Rs 75,000 annually, 75% of the cost of sending samples to a foreign buyer, up to a maximum of Rs 1 lakh per annum and 50% of the cost of certification, up to a maximum of Rs 2 lakh per annum.
Source: Times of India
Indian goods worth $960 million will lose their concessional duty access due to the UK’s new Developing Countries Trading Scheme (DCTS) that will supersede the previous preferential regime from Monday, TOI reported. The goods include carpets, leather products, iron and steel commodities, aircraft parts, precious metals and chemicals. That said, this exclusion may turn out to be temporary as both countries are in the process of finalising a Free Trade Agreement. Due to their removal from the "Standard Preferences list," Indian products are no longer subject to preferential duty regulations. The government is pressing for lower access for textiles and leather goods under the Free Trade Agreement that India and the UK have been trying to work out. India and the UK have been negotiating an FTA since January last year, with a goal towards a comprehensive pact that is expected to significantly enhance the bilateral trading relationship worth an estimated GBP 34 billion in 2022 According to official UK government statistics, India was the UK's 12th largest trading partner in the four quarters to the end of Q3 2022, accounting for 2.1 per cent of total UK trade. DCTS will provide duty-free, quota-free trade to Least Developed Countries (LDCs) on everything but arms and duty-free. It will offer quota-free trade on 85 per cent of eligible goods to most Low Income Countries (LICs) and Lowand middle-income countries (LMICs) that also include India. Indian leather will shift to UK Global Tariff whose exports are seen to be “especially competitive”. Metals from India were seen to be “not as competitive” and will move to the “DCTS standard preference rate”, which means they retain some concession. According to an industry source, exports of goods like bicycles from India are also anticipated to grow under DCTS. 19 chapters in the tariff schedule have been subjected to the “graduation” formula from India. The precise number of goods is not available. However, the UK government has declared that goods in transit or in a customs warehouse will be eligible for GSP (General Scheme of Preferences) benefits. However, it stated that the proof of origin certificate would need to be granted prior to June 19. The DCTS has undergone a number of modifications that will help the least developed countries and the low income and vulnerable countries among the The UK government said that 85 per cent of the goods coming from these parts of the world get preferential access to the UK instead of 80 per cent under GSP. Recently, the UK’s Department of Business and Trade (DBT) described the UKIndia investment partnership as "thriving", with over GBP 28 billion invested in each other's economies supporting over half a million jobs.
Source: Economic times
On 09 June 2023, the Republic of India and the United Kingdom concluded the tenth round of talks for an India-UK FTA. As with previous rounds, this was conducted in a hybrid fashion - a number of UK officials travelled to New Delhi for negotiations and others attended virtually. Technical discussions were held across 10 policy areas over 50 separate sessions. They included detailed draft treaty text discussions in these policy areas. The eleventh round of negotiations is due to take place in the coming month.
Source: PIB
INTERNATIONAL
The British Textile Machinery Association (BTMA) has joined the Zurich-headquartered International Textile Manufacturers Federation (ITMF) – revitalising a historic connection and reflecting an increased push to expand the international reach of UK companies. The announcement was made at the ITMA 2023 textile machinery exhibition in Milan from June 8-14. “We are pleased to welcome the BTMA as our latest association member and look forward to a long and fruitful partnership going forward,” said ITMF Director General Dr Christian Schindler. “The ITMF was actually headquartered in Manchester in the UK up until the 1960s, so we share long-standing roots. Today, ITMF members are from across the entire textile supply chain which enables them to gain a better understanding of the full complexity and dynamics of the industry and to fully respond to the opportunities and challenges it faces.” “Members of our association have had a fantastic time at ITMA this week, and I view joining the ITMF as essential to building on their success internationally going forward,” added BTMA CEO Jason Kent. “We also look forward to participating in the ITMF’s 2023 Annual Conference in Keqiao, China in November this year.”
Source: Textile World
Bangladesh’s central bank will allow the currency to float freely, finally giving into demands from the International Monetary Fund to unlock more money from the $4.7 billion loan program. While Bangladesh is not heavily indebted, it joins several such countries in loosening a tight grip on local currencies in order to get financing from the Washington-based lender. Pakistan, Egypt and Lebanon were among those that have dropped their fixed exchange rates this year. The new market-driven exchange rate regime will provide “greater transparency and efficiency in foreign exchange transactions, benefiting businesses, individuals and the economy,” the Bangladesh central bank said in a statement. It also doesn’t see any major depreciation of the taka, which has declined about 5% this year. The taka was indicated 0.3% lower at 108.16 per dollar in early Asian trading on Monday. The quote reflects market levels and not necessarily traded prices.Bangladesh Bank will adopt a unified exchange rate regime between the taka and the dollar or any other foreign currency and from July 1, it will no longer sell any foreign exchange at a discounted rate. By the third quarter of 2023, all international transactions will be based on the new exchange rate structure and this will close the gap between formal and informal markets, the central bank said. A looser currency regime could help replenish Bangladesh’s reserves by raising the attractiveness of the nation’s exports. Bangladesh, the world’s biggest exporter of clothing after China, is projected to take a 0.8 percentage point hit to its economic growth from a slowdown in shipments this year, Bloomberg Economics had estimated in January. The taka will need to fall to 145 per dollar, it had said. The government received $476 million as the first installment of the IMF loans in February, while the disbursement of the second tranche is expected in November. Prime Minister Sheikh Hasina has said her country is in a position to pay back the loan taken from the IMF, saying the lender only gives “assistance to countries that can repay their bill.” Last month, Moody’s Investors Service downgraded Bangladesh’s ratings to B1 from Ba3 as the economy weakened amid “heightened external vulnerability and liquidity risks.” The central bank has dismissed the action, saying there will be limited impact because the country hasn’t issued sovereign bonds.
Tight Policy
Bangladesh is seeking a path to boost economic growth to 7.5% for the next fiscal year starting July 1 and eventually graduate from being a least developed country. But inflation remains a major concern due to pandemic-related spending, soaring commodity prices and the weaker taka. Consumer prices rose 9.94% in May, overshooting the average inflation target of 6% while the government sees 6.03% growth estimate for the current fiscal year, led by a “deceleration” in industries, services and agriculture. The central bank “will adopt a tight monetary policy” for the first half of the new fiscal year Bangladesh Bank Governor Abdur Rouf Talukder said. He made the comments after raising the repurchase agreement rate by 50 basis points to 6.5% and the standing deposit facility by 25 basis points. Bangladesh Bank also introduced a market-driven reference lending rate for all types of bank loans, replacing the three-year-old lending rate cap that helped to keep easy credit available for private businesses. “This approach provides utmost priority to containing inflation to the desired level while ensuring the necessary flow of funds to productive and employment-generating sectors to support the targeted economic growth,” the central bank said.
Source: Financial express
Utilisation of 3D technology in Pakistan’s industrial sector can greatly enhance production capacity and efficiency, reduce waste, create job opportunities and drive economic growth, said Mubashir Rehman, Chief Executive Officer of Lahore-based Satpara Fabrics & Digital Textile Pakistan. He said use of traditional methods in the textile industry was resulting in a lot of material wastage during different phases of production. “If Pakistan’s textile manufacturers start using 3D technology, they can reduce this waste by using inputs more sustainably, ” he said. It is proper to mention here that Pakistan’s textile exports plunged 20% in May 2023, meaning their value dropped to $1.31 billion during the month compared to $1.64 billion in the same month last year, according to the data released by Pakistan Bureau of Statistics. While talking to WealthPK, Mubashir Rehman said: “Production processes are mainly dependent on fossil fuels, which produce harmful gases like carbon dioxide, nitrogen dioxide and sulphur dioxide that have harmful effects on both human life and environment.” A report published by IQAir also ranked Pakistan third among the countries with the most polluted air. “By adopting 3D technology, textile industry can also achieve the objective of protecting the environment from these harmful effects, ” he maintained. “Textile industry also extracts harmful chemicals like pesticides, toxic metals like lead, mercury, arsenic while manufacturing goods, which are then absorbed in water. So, adopting 3D technology in the industry will help overcome water pollution, ” Mubashir Rehman said. As per the Pakistan Council of Research in Water Resources, drinking water in 17 major cities is not suitable for human consumption, and in Lahore alone, 70% of water is contaminated. “Traditional methods of designing textile products required a lot of manual work that took a long time and didn’t produce the desired results. But now, with 3D technology, textile manufacturers can use special computer programmes to make virtual 3D patterns and structures on fabrics. This makes it easier to see what the designs will look like and try them out quickly. It also saves time and money compared to the old ways of designing. By using 3D technology, designers can be more creative and come up with new ideas for fabric designs, ” he explained. “While traditional methods of manufacturing require big stocks of cloth, they entail spending a lot of money on its storage and transportation. By using 3D technology, the way the whole process works can be made simpler and more efficient. Textile makers can create things as needed. They don’t need to stock material and pay for rent of warehouses and transportation, ” Mubashir Rehman said: “The use of 3D technology in Pakistan’s industrial sector will create opportunities for innovation and entrepreneurship. Small and medium-sized enterprises will have the ability to bring their ideas to life without requiring large initial investments. With the help of 3D printers, entrepreneurs can test their concepts, and improve their designs.” As job opportunities in Pakistan become scarce, adopting 3D technology in the industry can create chances for people to learn new job-oriented skills like 3D printing and digital designing experts. The government also needs to start training programmes to help people get these skills.
Source: The nation.com
The carnival took place on 18 June (Sunday) on the ISU campus at Mohakhali, reads a press release. The carnival featured poster presentations and quiz competitions with the participation of students from 20 different universities The event was chaired by ISU Vice-Chancellor Professor Dr Abdul Awal Khan. Dr Shah Alimuzzaman, the Vice-Chancellor of BUTEX, Professor Md. Abdul Khaleq, Ex-principal, CTET, and Professor MA Kashem former Vice-Chancellor of BUTEX were present as special guests. HTM Quader Newaz, Treasurer (In-Charge), Md. Lutfor Rahman, Registrar, and Engineer Abdul Based Miah, Chairman of the Textile Engineering Department were present there as guests. The event was also attended by invited guests and participants from different universities. The Vice Chancellor of ISU stated, "Textile engineering has a glorious history from the era of the industrial revolution to the present. But the people of our country have less idea and interest in textile engineering. ISU's Textile Carnival will play an important role in spreading this idea among people." From birth to death, according to speakers, the importance of textiles cannot be denied. To promote and advance textile engineering, efforts must be taken. The university will benefit from activities like the Textile Carnival, and they will also build a connection between ISU and other universities. During the closing ceremony, awards were distributed among the 1st, 2nd, and 3rd prize winners of the competitions. Standard Insurance Limited sponsored this event, while World Famous Water Purifier Torayvino was the gift partner. Since its inception in 2019, the ISU Textile Club has been organizing various events to enhance the skills of the students alongside their academic success.
Source: tbs news
A Shimano-branded cycling shirt was displayed at the stand of Pure Loop, a subsidiary of of Austria’s Erema Group, during the ITMA 2023 exhibition in Milan (June 8-14) – demonstrating the full feasibility of closed loop polyester garment production. The Shimano shirt is the result of a project initiated by fibre leader RadiciGroup and sportswear manufacturer Sportstex, who were looking to recover polyester textile waste such as uniforms for football, volleyball and other sports. An initial result was obtained using a mixed recovery technique – the dosing of variable percentages of granules from recycled bottles together with polyester granules from recycled fabrics. This process was gradually fine-tuned to produce a yarn that is 100% derived from recovered textile waste, from which the Shimano cycling shirt was produced, with exactly the same performance properties as the shirt made from virgin polyester. Erdotex – a company specialised in the sorting of used garments, with plants in the Netherlands and Belgium – is now supporting the project and using specific procedures, will make it possible to feed the circular recycling process that has been developed, with a view to future industrial-scale production. “Achieving increasingly sustainable textiles is at the heart of the strategy of Radici InNova, the RadiciGroup company focused on innovation for circularity,” said Gianni Todaro, R&D specialist at RadiciGroup Advanced Textile Solutions. “For some time now, we have been designing solutions with high technical performance that respec the environment, working in synergy with our customers and suppliers and sharing our knowledge in the recovery of textile waste.”
Source: Innovation in textiles
Albany International Corp. announced today that its subsidiary Albany Engineered Composites (AEC) recently delivered the first components it is producing for the Airbus Wing of Tomorrow Wing Box Assembly demonstrator program. AEC’s collaboration with Airbus represents an important part of its strategic efforts aimed at developing high volume industrialized and sustainable manufacturing technologies for next generation Airbus aircraft. During the last 3 years, AEC has been collaborating with Airbus on a number of government supported R&D programmes such as the Wing of Tomorrow and Clean Aviation. AEC applied its innovative 3D woven technology to this important wing application, which along with its proven industrialized capabilities in high-rate RTM processing, will produce high tolerance integrated parts such as wing ribs targeting cost / weight / performance benefit in next generation aircraft. Brent Stevenson, AEC’s SVP of Research and Technology commented: “Advances in digitalization together with composite manufacturing innovations are demonstrating cost effective and higher-rate with reduced waste and energy consumption to produce next generation sustainable and lightweight composites products.” Greg Harwell, AEC President added: “We are proud and excited to be working with Airbus to deliver lightweight and high-performing composite wing components that contribute to the extremely important sustainability goals of the aerospace industry. By developing composite manufacturing technologies capable of reducing factory footprint, capital equipment and production costs while supporting future rate, weight, and performance goals provides an excellent platform to execute our mission to be a partner of choice to the aerospace OEMs and Tier 1s.”
Source: Textile World
Sports company PUMA has appointed Shirley Li as its new General Manager in China as part of the company’s strategy to strengthen its business in this important market. Shirley, a native Chinese who joined PUMA in early 2023 as Commercial Director, has more than 20 years of industry experience and gained a deep understanding of the Chinese market and consumer. Before joining PUMA, Shirley worked as VP Wholesale at adidas and she holds a law degree from Fudan University. She replaces Philippe Bocquillon, who will move into the role of PUMA’s Area Manager for Greater China, which includes China, Taiwan and Hong Kong. Philippe will also take on the position of General Manager Hong Kong, while Paul Yu will remain General Manager of Taiwan. Both Shirley and Paul will report to Philippe. “I am very excited that we will open a new chapter for PUMA China under the new leadership of Shirley,” said Arne Freundt, PUMA CEO. “I am very confident that under her leadership we will rebound strongly in China which is one of our key strategic priorities. I want to thank Philippe for more than 10 years as General Manager of PUMA China. He has done a great job under often very challenging circumstances and I wish him all the best for his new role as Area Manager.” David Lu will further strengthen PUMA China’s top management by replacing Shirley as Commercial Director. He has been with PUMA since March 2023 and has worked in the fashion and sports industry for more than 15 years. Most recently, he worked as the General Manager of Retail Operations at Levi’s.
Source: Textile World
The building was undergoing construction work to build four additional floors when the fatal accident occurred. According to IndustriALL, three of the victims worked for the building contractor and the other three were from the textile factory. The union called Syndicat National des Travailleurs du Textile et du Cuir (SNTTC-UMT) claims the construction was not in line with legal standards and suggests the responsibility ultimately rests with the officials who granted authorisation, including the construction company due to a lack of oversight. Meanwhile another union called the Syndicat National de Textile Habillements et Cuirs (SNTHC-CDT) stated the factory “lacks the minimum conditions of health and safety.” It continued that the workers had to work despite the presence of a construction barn above the factory. SNTHC-CDT is keen for the prosecution and accountability of those responsible and is calling for a national on occupational health and safety that brings all stakeholders together. Al-Arabi Hamouk, the general secretary of SNTTC-UMT said: “Such a tragic accident was not the first of its kind. It was expected that there would be a reaction from the governments since the incident of the workers who drowned in Tangiers, but things remained the same. Frequent accidents require strict control.” Ahmed Hassoun, general secretary of SNTHC-CDT expressed that it has become necessary to structure the sector and insure workers against hazards. Hassoun continued: “Work must be done to review the reality of workers within the textile sector and to guarantee their rights. We call on the government to implement the global Accord agreement.” The general secretary of IndustriAll, Atle Høie added: “This is an unacceptable tragedy that should never have happened. The garment industry must be made safe for the people who contribute to its enormous output. If the government, factory owners and brands are really serious about stopping these accidents, we need an Accord program for Morocco. IndustriAll stands in solidarity with the victims and their families.” Fashion brands and retailers have committed to International accords for worker safety in other countries. In Bangladesh for instance, a milestone of 200 signatories was achieved on 31 May. The Pakistan Accord was announced by signatory brands and unions on 14 December 2022 and it became the first country in addition to Bangladesh where the International Accord model will operate. The Pakistan Accord will be in place until the end of 2025, with the prospect of renewal thereafter. The original Bangladesh Accord on Fire and Building Safety was established in 2013 following the tragic Rana Plaza building collapse.
Source: The just-style.com
