INTERNATIONAL
NATIONAL
India and the US on Monday committed to strengthening bilateral ties and actively pursue the G20 agenda, which includes taking coordinated action to deal with climate change and look forward to alternate mechanisms to fund energy transition. Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen held bilateral meetings on the sidelines of the G20 finance ministers and central bank governors meeting here.Sitharaman, in her statement, expressed commitment to strengthening bilateral ties and looked forward to new investment opportunities through alternate investment platforms for renewable energy. The US and India’s collaboration spans across a range of economic issues, including commercial and technological collaboration, strengthening supply chains, and catalysing the clean energy transition, Yellen said.“In particular, we look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed India’s energy transition,” Yellen said. The US Treasury Secretary also appreciated India’s focus on finalizing the “historic Two-Pillar global tax deal”. “I believe that we are close to reaching an agreement,” Yellen added.
Source: Financial Express
The government on Monday simplified norms for exporters to avail benefits of an advance authorization scheme under which free imports of input materials are allowed. This comes in the backdrop of declining merchandise goods exports that fell for the fifth consecutive month in June amid demand slowdown in the west and China. India’s goods exports slumped over 22% year-over-year in June to hit an eight-month low of $32.97 billion as the value of exports of petroleum products nearly halved in June compared last year when commodity prices were on a boil following the Russia-Ukraine war. The Directorate General of Foreign Trade (DGFT) implements this scheme under the recently launched Foreign Trade Policy. Notably, the eligibility of inputs is determined by sector-specific norms committees based on input-output norms.To make the norms fixation process more efficient, the DGFT said that it has created a user-friendly and searchable database of ad-hoc norms fixed in the previous years. These norms can be used by any exporter without approaching the norms committee, it added. The database is hosted on the DGFT website and allows users to search using export or import item descriptions, technical characteristics, or Indian tariff classification codes. "This trade facilitation measure simplifies the advance authorisation and norms fixation process, resulting in shorter turnaround times for exporters, improved ease of doing business, and reduced compliance burden," it added. Explaining the process, the directorate stated that to access the database, an exporter or public can visit the DGFT website and if an ad-hoc norm matches the item description, the applicant can apply for the scheme under the 'No-Norm Repeat' basis. This option, it said, allows users to obtain an advance authorisation without approaching the committee again, reducing the workload and enabling faster processing.
Source: The Livemint.com
Tamil Nadu has been ranked the No. 1 State in Export Preparedness Index (EPI) for 2022. It is followed by Maharashtra and Karnataka. Gujarat has been pushed to the fourth slot this time. Tamil Nadu has been in the top 5 list among Large/Coastal States’ categories in the past two years. The objective of EPI, released by Niti Aayog in New Delhi, is to evaluate the export performance and pending potential of the Indian States and Union Territories. Additionally, the index investigates the direct and indirect factors that promote and support the export environment throughout the region. Minister for Industries, Investment Promotion and Commerce T.R.B. Rajaa said: “Tamil Nadu securing the No. 1 place in Export Preparedness Index, 2022, reinforces the State’s top rank in facilitating ease of doing business. Tamil Nadu has long been an export leader in sectors such as automotive, leather and textiles, and we recently became the No. 1 exporter of electronic goods,” he noted. According to the report, the top three exporting districts of Tamil Nadu are Kanchipuram, Chennai, and Tiruppur. Other than its top export which is engineering goods, Kanchipuram is the leading exporter of silk and its finished products. Chennai’s primary exports include petroleum products, engineering goods, and drugs and pharmaceuticals. Tiruppur stands 22nd in the country, in terms of value of exports, on the back of its textile exports which include raw material exports, cotton products and handloom products. The report also mentioned that Karnataka and Tamil Nadu have the highest number of GI products being exported. TAMIL NADU’S SCORE CARD Tamil Nadu’s performance across four pillars ensured that it occupied the top slot among overall rankings. Under the policy pillar where the performance is based on adoption of export-related policy ecosystem at State and district level along with the surrounding institutional framework, Tamil Nadu’s score was 97.21 Under business ecosystem that assesses the prevailing business environment with supportive infrastructure, and transport connectivity, it received a score of 88.84. For its focus on export-related infrastructure along with trade support to exporters, Tamil Nadu’s score in export ecosystem was 73.68. Tamil Nadu also secured a score of 63.34 in export performance, an output-based indicator to measure a State’s export over the previous year. It also analyses its export concentration and footprint in global markets.
Source: The Hindu
Directorate General of Foreign Trade (DGFT) implements the Advance Authorisation Scheme under the Foreign Trade Policy, which allows duty-free import of inputs for export purposes. The eligibility of inputs is determined by Sector-specific Norms Committees based on input-output norms. To make the norms fixation process more efficient, the DGFT has created a user-friendly and searchable database of Ad-hoc Norms fixed in the previous years. These norms can be used by any exporter without requiring a Norms Committee review as outlined in the Foreign Trade Policy 2023. The database is hosted on the DGFT Website (https://dgft.gov.in) and allows users to search using Export or Import Item Description, Technical Characteristics, or Indian Tariff Classification ITC (HS) codes. To access the database, the exporter or public may visit the DGFT Website under Services --> Advance Authorisation/DFIA --> Ad-hoc norms. If an ad-hoc norm matches the item description, specified wastages, and complies with the provisions outlined in the Handbook of Procedures (HBP), applicants may choose to apply for an Advance Authorisation under the "No-Norm Repeat" basis. This option allows users to obtain an advance authorisation without approaching the Norms Committee again, reducing the workload and enabling faster processing, subject to provisions as outlined in FTP/HBP. This trade facilitation measure simplifies the advance authorisation and norms fixation process, resulting in shorter turnaround times for exporters, improved ease of doing business, and reduced compliance burden.
Source: PIB
Credit and Finance for MSMEs: About 78 percent of India’s handmade and craft-based MSMEs (HCMs) struggle to access working capital for their daily operations, said the report “Financing a Handmade Revolution: How Catalytic Capital Can Jumpstart India’s Cultural Economy” by the ecosystem enabler for artisans, 200 Million Artisans. These findings are part of a study that interviewed over 70 investors, ecosystem actors, intermediaries, and enterprises. Almost 516 craft-led MSMEs related to retail brands and social/creative enterprises participated in a pan-India survey.Handmade and craft-based MSMEs (HCMs) are small and social, creative, and impact enterprises working in the craft manufacturing and handmade sector, employing artisans and creative producers across fashion, home decor, cultural experiences, craft-tech, culture-tech, and more.The survey reveals that only one out of ten enterprises is able to access finance when required, despite 91 percent being open to external funding. In fact, 88 percent of the surveyed HCMs had to self-finance their operations, limiting their growth potential. The report highlights that HCMs have unique and diverse financing needs that traditional collateral-based funding is unable to meet. “Unlike traditional tech-based startups, HCMs need risk-adjusted or high-risk capital for growth, expansion, and experimentation. Impact-linked investment and similar financing instruments available in the market often come with stipulations that do not allow HCMs to address the necessary operational gaps, throwing them into a capital starvation cycle,” said the report. No wonder, 45 percent of HCMs avoid approaching banks for funding, 55 percent have faced issues in raising unsecured credit, and 61 percent are unable to find capital without excessive paperwork. Since the cost of risk capital is higher, 48 percent of HCMs accepted struggling to find investors who will accept lower returns compared to commercial investors.A financial literacy gap has emerged as another key barrier to financing. Fifty-five per cent of HCMs do not have clarity on the various financial instruments available in the market and how to access them. The report suggests the critical role that catalytic capital can play in spurring investment, not only to help small businesses and MSMEs become capital-ready but also to address their unique needs. Catalytic capital is investment capital that is patient, risk-tolerant, and flexible according to the requirements of the enterprises.“During the course of this research, our team witnessed the emergence of Handmade 2.0. This resurgence is being led by a young and passionate cohort of entrepreneurs, especially women, who want to build purpose-driven craft-led businesses that also take India’s creative producers and artisans along. The time is truly now to finance India’s creative and cultural economy and its many MSMEs”, said Priya Krishnamoorthy, Founder and CEO, of 200 Million Artisans while launching the report. According to 200 Million Artisans, an estimated 20 crore Indians are employed directly or indirectly by the creative manufacturing and handmade sector.
Source: Financial Express
In the run up to Harit Mahotsav, officers & staff from Directorate General of Goods and Services Tax Intelligence (DGGI) New Delhi, planted native and endemic plants, in an effort to supplement conservation of the Aravalli ecosystem at Aravalli Biodiversity Park, Vasant Kunj, New Delhi, in association with Department of Environment Studies, Delhi University, and Delhi Development Authority. The plantation drive saw active participation by Shri Surjit Bhujabal, Pr.DG, GSTI, Shri Samanjas Das, DG, Shri Rajesh Jindal, Pr. ADG, Shri B.B Gupta, Pr. ADG and other officers & staff of DGGSTI, Hqrs. and Delhi Zonal Unit offices. Dr. M. Shah Hussain, Ecologist and Scientist in charge, Aravalli Biodiversity Park, Dr. Aisha Sultana, Ecologist, Dr. Dinesh Albertson W, Field Biologist, Dr. Rizwan Khan, Field Biologist, Dr. Dushyant Rathore, Field Biologist, Mr. Pradeep Pal Poonia and Mr. Purushottam Pathak, Supervisory staff explained the goals and objectives of this ecological park and guided the team DGGI in plantation drive. Around 200 plants of local, endemic varieties/natural strains that are native to Aravalli ecosystem were planted to enrich the local flora which will not only prevent the degradation of ecosystem but will enrich the fauna and help in conservation efforts of DDA. The endemic local species of Albizia lebbeck (siris), Bauhinia acuminata (Kachnar), Diospyros mlntana (tendu), Kydia calycina (bharanga), Murraya paniculata (kadipatha), Nyctanthes arbor-tristis (harsingar) , Sapindus trifoliatua(rita), Sapandus emarginata(another type of rita), Senegalia modesta (phulai), Senegalia catechu (khayar), Senegalia senegal (kumttha), Stereospermum chelonoides (patlaa), Terminalia bellirica (Baheda), Terminalia elliptica (aasan), Wrightia arborea (duthi), Wrightia tinctorea (also anotger duthi) were planted to enrich local ecosystem. This Plantation Drive seeks to create awareness to preserve the biodiversity of habitat and to conserve keystone species and other threatened plant and animal species, establish field gene banks for threatened land races and wild genetic resources, promote education on environmental awareness and nature conservation, establish native communities of the Aravalli hills and the River Yamuna basin particularly of the Delhi region, develop mosaic of treatment and catchment wetlands that not only improve the water quality of untreated sewage but also sustain the rich aquatic flora and fauna of the Yamuna and monitor short term and long term changes in the ecology of the Delhi region.
Source: PIB
India and the US on Monday committed to strengthening bilateral ties and actively pursue the G20 agenda, which includes taking coordinated action to deal with climate change and look forward to alternate mechanisms to fund energy transition. Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen held bilateral meetings on the sidelines of the G20 finance ministers and central bank governors meeting here.Sitharaman, in her statement, expressed commitment to strengthening bilateral ties and looked forward to new investment opportunities through alternate investment platforms for renewable energy. The US and India’s collaboration spans across a range of economic issues, including commercial and technological collaboration, strengthening supply chains, and catalysing the clean energy transition, Yellen said.“In particular, we look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed India’s energy transition,” Yellen said. The US Treasury Secretary also appreciated India’s focus on finalizing the “historic Two-Pillar global tax deal”. “I believe that we are close to reaching an agreement,” Yellen added.
Source: Financial Express
India expects two more rounds of negotiations for the conclusion of the Indo-Pacific Economic Framework (IPEF) by the end of the year. While the legal scrubbing of the Supply Chain Agreement - which was finalised in May - is on, discussions are moving fast on the clean economy and fair economy pillars, said people aware of the matter. The fourth round of IPEF negotiations took place from July 9-15 in South Korea. India is yet to take a call on joining the trade pillar of the IPEF. "There are two more rounds to go before it gets concluded. Discussions are on for pillars 3 and 4," said one of the persons, who did not wish to be identified. Pillar 3 in the IPEF relates to a clean economy while Pillar 4 deals with a fair economy.
Source: Economic Times
INTERNATIONAL
Laguna Fabrics, a circular knitting mill, partners with Lenzing AG, manufacturer of TENCELbranded lyocell fibers and Hyosung, manufacturer of creora spandex, to launch the Natural Selection Collection. This sophisticated fabric collection made with TENCELLyocell and creora’s bio-based spandex fiber, prioritizes style, functionality, and environmental responsibility. Addressing the need for certified eco-friendly fibers in fashion, Laguna Fabrics leverages TENCELLyocell and creora bio-based spandex to create a collection that excels in performance and sustainability. The Natural Selection Collection includes refined single jerseys, ribs, and interlocks suitable for contemporary women’s collections, including premium tops, first-layer shapewear, and formfitting dresses. “Our commitment to low-impact fibers has been ongoing since 2001, with over 70% of our products crafted from natural materials,” said David Roshan, representative of Laguna Fabrics. “By partnering with Hyosung, we successfully incorporate its creora bio-based spandex made with 30% renewable resources. This alternative stretch fiber performs exceptionally well, addressing the challenge of implementing sustainable options.” Creora bio-based spandex replaces 30% of petroleum-based resources with bio-based materials sourced from industrial field corn. Recent third-party life cycle assessments reveal a 20% reduction in carbon footprint compared to regular spandex production. “We are delighted to partner with Laguna Fabrics on this new curated collection. Consumers are demanding high-performance, comfortable fabrics backed-up with genuine sustainability benefits – which this collaboration between Laguna, Hyosung and Lenzing delivers”, said Simon Whitmarsh-Knight, Hyosung’s Global Marketing Director – Textiles. TENCELLyocell fibers are made from sustainably sourced wood and produced through a unique closed loop production process which recovers and reuses the solvents used, minimizing the environmental impact of production. “The Natural Selection Collection exemplifies how important collaboration is in achieving and creating sustainable solutions for our industry,” said Erica Redd, Business Development Manager at Lenzing Group. “Lenzing and the TENCEL brand are committed to working with supply chain partners to develop innovations and new fabrications that advance sustainability while meeting the performance needs of consumers.” The Natural Selection Collection not only offers sustainability and performance but also proudly bears the “Made in Los Angeles” label. Laguna Fabrics, TENCELLyocell Fibers, and creora spandex are dedicated to advancing the use of bio-based materials and responsible sourcing practices. The Natural Selection Collection will debut at Texworld New York July 18-20 in Lenzing’s booth (G14) as part of the Lenzing Pavilion and Hyosung’s booth (538) at Functional Fabric Fair New York.
Source: Textile World
Fashion retailer H&M will launch stores and online trade in Brazil in 2025, the company said on Monday. H&M opened its first store in Latin America in Mexico in 2012, and is currently present in Peru, Uruguay, Chile, Colombia, Ecuador, Guatemala, Panama, and Costa Rica. "With a population of over 210 million in Brazil and a strong appreciation for fashion, there is considerable potential for expansion in the market," H&M said in a statement. To support its expansion in Brazil, H&M is partnering with Dorben Group, which runs retail operations across 10 countries across Central and South America, the Swedish fashion giant said. The launch in Brazil comes as the company is pushing to accelerate its expansion in the North and South America region, focusing in particular on expansion in the North and South America region, focusing in particular on Latin America, it said.
Source: The Retail.economictimes.indiatimes.com
Carbon Rivers, a company that develops and commercializes technologies such as second-generation polymer composites, graphene-based materials, advanced composites, and multi-functional composite coatings, demonstrated a ballistic school door technology at their facility in Knoxville, TN last week. Partnering with Advanced American technologies (AAT), a full-spectrum composite research, development, and manufacturing company with facilities in Knoxville, Tennessee and Huntsville, Alabama, Carbon Rivers introduced their innovative AAT ballistic school doors designed to fortify and safeguard educational facilities. These doors, made with Carbon Rivers’ proprietary graphene material, provide exceptional strength and versatility for defense applications. During an impressive demonstration, Carbon Rivers presented the protective capabilities of their product. As live rounds were fired, attendees had a firsthand opportunity to witness the doors’ remarkable ability to effectively halt bullets, ensuring the safety of individuals on the other side. The project’s primary objective is to safeguard all individuals within educational institutions from the threat of gunfire. Moreover, the lightweight design of their doors facilitates effortless installation and operation, empowering educational institutions to rapidly fortify security measures while maintaining accessibility for all. The event drew prominent representatives from organizations such as the Knox County Sheriff’s Office, Knoxville Firefighters, Oak Ridge School Systems, Tennessee Highway Patrol, Tennessee State Senate, and Homeland Security. Their collective commitment demonstrated a shared dedication to enhancing the safety of educational institutions in Tennessee. David Morgan, Chief Strategy Officer at Carbon Rivers, stated, “Carbon rivers and our partner AAT are excited to work within the state of Tennessee for a genuine solution for hardening schools with protective and ballistic materials. For the demo this morning we had an excellent group of attendees attend including the sheriff’s office, police officers, architects, the fire department, politicians, and other agencies. This is a fantastic opportunity to make schools more protective with a single focus on saving lives.” Carbon Rivers proudly commercializes disruptive technologies and is excited to bring this remarkable addition to operation in the state of Tennessee.
Source: Textile World
ReCircled LLC, a preprocessor for footwear, apparel, and accessories, and Kaltex USA, a denim producer in North America, have announced an exclusive partnership to complete the circle for the first fully vertical and transparent circular denim in the Western Hemisphere. Kaltex, based in Mexico, was established over 100 years ago and is the largest fully vertical producers of denim, piece dye, apparel, and home products in North America. Facilities include mechanical recycling, spinning, dyeing, weaving and cutting/sewing/laundry facilities. With their own natural gas fired cogeneration energy plant and water treatment facilities, sustainability is at the heart of all Kaltex activities. Kaltex is RCS, ZDHC, Oeko Tex, and WRAP certified including several others. ReCircled will administer Branded Take Back Programs, work with brands and retailers DCs on unsaleable items, sort by brand and prepare the denim for recycling. Once these products have been sorted, cleaned and detrimmed, they will move to Kaltex for recycling into new denim, completing the full circle. This Textile-to-Textile process will provide brands and retailers, the ability to create Circular Denim with a turnkey system handled from beginning to end by ReCircled and Kaltex. Scott Kuhlman, CEO of ReCircled said, “From the beginning we knew that collaboration was needed to build the systems that allow for recycling textiles at the highest level. With the system we now have in place, it’s finally a reality.” Eric Goldstein, EVP Kaltex Apparel said, “Kaltex has been recycling cotton for 15 years but now we are truly circular with the infrastructure to pick up cotton products from almost any place in the USA and transport to our facility where we are vertical from fiber to finished goods.” He went on to say, “This process is the first of its kind in the hemisphere, it’s transparent, sustainable with a very low carbon footprint, and truly circular.”
Source: Textile World
