The Synthetic & Rayon Textiles Export Promotion Council

MARKET WATCH 19 JULY, 2023

NATIONAL

INTERNATIONAL

NATIONAL

Government reopens MMF textile PLI application window till August 31

The textiles ministry on Tuesday said that it has reopened the performancelinked incentive (PLI) scheme portal till August 31 and has invited applications from companies interested in investing in man-made fibres (MMF) apparel, MMF fabrics, and technical textile sectors. In a statement, it said that the decision was taken “in view of the requests from the industry stakeholders”. “All the terms and conditions notified earlier vide notifications and guidelines shall be applicable,” it said. The textiles ministry had approved 64 applications under the Rs 19,798 crore scheme last year. In part-1 of the PLI schemes, the minimum investment required is Rs 300 crore and the minimum turnover required to be achieved for incentive is Rs 600 crore while in part-2, the minimum investment should be Rs 100 crore and the minimum turnover is Rs 200 crore. PLI 2.0 for the textile sector is being considered as the ministry has an unutilised budget of about Rs 4,000 crore and bed spreads, and textile accessories like lace, button, and zippers could get covered.

Source: Economic Times

Back to Top

Re-opening of PLI Scheme for Textiles for MMF apparel, MMF Fabrics and products of Technical Textiles for inviting fresh applications

In view of the requests from the Industry stakeholders', Ministry of Textiles has decided to re-open the PLI Portal till 31st August 2023 for inviting applications from interested companies under PLI scheme of Textiles for MMF Apparel, MMF Fabrics and products of Technical Textiles.

All the terms and conditions notified earlier vide notifications and guidelines shall be applicable.

Earlier notifications are mentioned below:

i. PLI-Textiles Scheme Gazette Notification dated September 24, 2021

ii. Scheme Guidelines for PLI-Textiles dated December 28, 2021

iii. Amendment Gazette Notification dated February 22, 2022

iv. Amendment Gazette Notification dated 09.06.2023

v. Amendment guidelines dated 09.06.2023

Source: PIB

Back to Top

Commerce ministry looking at fixing export target in a range for this fiscal

With the increasing global economic uncertainties, the commerce ministry is looking at fixing this fiscal year's export target in a range instead of a single figure, an official said. To set the target range, a detailed study on 200 countries and 31 commodity groups is in the process, the official said. The target range would depend on parameters such as the USD 1 trillion merchandise exports target by 2030; import to GDP ratio of importing countries; export to GDP ratio of India that will tell the potential and past trends. "We are not fixing any export target as a figure. In fact, my team has done an exercise, where we are saying that let us talk in terms of range. In the best scenario, the exports can be this much and in the worst scenario, it can be this much," the official said. For a monitoring purpose of exports every month, the official said a fixed number would be required and that could be a mid-value or an average may be accepted. The ministry has though fixed an internal target which has been to export promotion councils and Indian missions abroad. "But we will take some more time before we will come up with our exports targets because based on the current trends, it can not be right on our part to fix those targets as of now, so we are waiting and watching," the official added. A trade expert said that in 2022-23, India's merchandise exports were USD 450 billion, so the lower band of new target range could be USD 451 and even if one assumes a 10 per cent growth in 2023-24, then the upper band of the range could be around USD 495 billion. In April this year, apex exporters body Federation ofIndian Export Organisations (FIEO) said that they are targeting to take the shipments to USD 500-510 billion during the current financial year. India's exports contracted by 22 per cent, the steepest decline in the last three years, to USD 32.97 billion in June on account of global demand slowdown, especially in the Western markets like the US and Europe. Cumulatively, exports dipped by 15.13 per cent to USD 102.68 billion during April-June this fiscal.

Source: Economic Times

Back to Top

Modern Crew launches new collection based on bamboo fabric

Men’s innerwear and loungewear brand Modern Crew has launched a collection of men’s vests and lounge pants composed of eco-friendly bamboo fabric. The brand’s aim is to use sustainable fabric to overcome the fashion industry’s pollution issue by introducing bamboo, a naturally anti-odour, fabric that outperforms cotton by 40 per cent when contacted with moisture. The newly launched collection is available on the Modern Crew website for purchase. The Bamboo Men’s Vests are available for purchase on the Modern Crew website. Shivesh Verma and Saurabh Bisht, the co-founders of Modern Crew, commented, “We are thrilled to introduce our new range of Men’s Vests and pyjamas in the Men’s loungewear category, crafted from bamboo fabric! This collection caters to today’s modern men who seek premium, comfortable products with an understated elegant look.” They further added, “Sustainability is not just a passing trend; it is our responsibility to protect our planet and the future. Through our brand, we strive to create fashion-forward garments that prioritize eco-friendly materials.”

Source: Apparel Resources

Back to Top

Weak demand: Q1 textile, apparel exports decrease by 15%

The recession in the textile industry continued in the first quarter of the financial year 2023-24, with India's textile exports dropping by 15.26% to $8.4 billion. Industry experts attribute the decline to weak demand and high prices of cotton. The entire textile value chain of ginning, spinning, weaving, processing and garment making has been affected by weak global demand. Exports of cotton yarn and fabrics, manmade yarn and fabrics, carpets, handicrafts and apparel shrank from April to June, according to data from the Confederation of Indian Textile Industry (CITI). The textile industry has been going through a tough time for more than a year because of volatile cotton prices and weak global demand, especially since the Russia-Ukraine war began. Rahul Shah, a member of the administration committee of Texprocil, said, "The entire textile value chain is under pressure and spinning, weaving and processing are struggling. Demand in the international and domestic markets has been low and this is seen in exports data as well. Last year, from April to June, textiles and apparel exports were worth $9.9 billion, which has decreased by about 15% to $8.4 billion this year. Ripple Patel, vice-president of Spinners' Association (SAG), said, "The spinning sector is struggling because international demand is low and the price of Indian yarn is about Rs 235 a kg (30 comb variety) which is still 2% higher than international prices, so we are not competitive. Currently, spinning mills are running at about 90% capacity to fulfil orders they got a month ago. However, there have been no new orders for about a week now." Industry experts say textile exports make up about 10% of the country's merchandise exports. Textiles and apparel make up about 40% of total textiles exports, while home textiles and fabrics account for 18% and 13%, respectively.

Source: Times of India

Back to Top

IMF urges G20 countries to complete 16th quota review in time

Chief Kristalina Georgieva on Tuesday urged G20 nations to restore the primacy of the multilateral agency’s quota resources by restoring review in time.She also urged G20 Leadership to strengthen the global Financial Safety Net. Georgieva was speaking at G20 Finance Minister and Central Bank Governor meeting under India’s Presidency. “Today, while the IMF has nearly $1 trillion in lending capacity, quota resources—which are critical to ensure the predictability of the IMF’s firepower—have shrunk in relative terms. I appeal to G20 countries to restore the primacy of IMF quota resources by successfully completing the 16th quota review by the end of this year,” she said A quota formula is used to help assess members’ relative position in the world economy and it can play a role in guiding the distribution of quota increases. The current formula was agreed to in 2008. Sixteenth review is now undergoing. India’s share in quota is 2.75 per cent. Talking about international financial architecture, she highlighted that it has served the world well. Since the second world war, the global economy has expanded by more than 10 times in real terms. This has brought tremendous improvements in wellbeing for people – for instance, average global life expectancy in 1950 was just about 45 years. Now there is need to understand that the world today is more shock-prone and fragile, with climate change, pandemics, and Russia’s invasion of Ukraine all causing widespread turmoil. Resilience to shocks is not evenly distributed – some countries are in better position to protect their people than others. Keeping these in mind, she proposed priorities for G20 countries and she said: “To protect the most vulnerable countries and their people, we need to strengthen the global financial safety net. While advanced and strong emerging market economies have a cushion of more than $10 trillion in international reserves, the rest of the world relies on pooled resources of international institutions such as the IMF,” she said. Acknowledging the fact that support for low-income countries having quadrupled in recent years and demand still high, she called on urgent basis to replenish subsidy resources in the Poverty Reduction and Growth Trust (PRGT). “I call on the G20 to close the PRGT’s subsidy gap and put it on sustainable footing for the future, including by exploring options for using the IMF’s internal resources,” she said. Talking about, the IMF’s newest instrument, the Resilience and Sustainability Trust (RST) funded through on-lending SDRs. “The G20 has reached its target of committing $100 billion for SDR channeling to vulnerable countries. For the IMF, this has mobilized US$45 billion for the PRGT and US$42 billion for the RST. Let us work together to increase the firepower of the RST,” she said. Talking about the global economic situation, she said that even as more wealth flows in global economy, its fragility has gone up. “Our world may be wealthier today than when the current international financial architecture was established, but it is also more fragile,” she said during two-day-long deliberation which concluded on Tuesday. Interestingly, this remark has been made at a time when two key agencies said that the growth of global wealth has declined. BCG Global Wealth Report 2023 says the growth of global financial wealth declined by four per cent to $255 trillion. A report by Harun also revealed that the total global wealth reduced by 10 per cent to $13.7 trillion.

Source: The Hindu Business line

Back to Top

Third G20 Finance Ministers and Central Bank Governors Meeting, G20 Outcome Document and Chair’s Summary

  1. We, the Finance Ministers and Central Bank Governors of G20 countries, met on 17-18 July 2023, in Gandhinagar, India. Under the Indian Presidency’s theme of “One Earth, One Family, One Future”, we pledge to prioritize the well-being of our people and the planet and reaffirm our commitment to enhancing international economic cooperation, strengthening global development for all and steering the global economy towards strong, sustainable, balanced, and inclusive growth (SSBIG).
  2. 1 2Since February 2022, we have also witnessed the war in Ukraine further adversely impact the global economy. There was a discussion on the issue. We reiterated our national positions as expressed in other fora, including the UN Security Council and the UN General Assembly, which, in Resolution No. ES- 11/1 dated 2 March 2022, as adopted by majority vote (141 votes for, 5 against, 35 abstentions, 12 absent), deplores in the strongest terms the aggression by the Russian Federation against Ukraine and demands its complete and unconditional withdrawal from the territory of Ukraine. Most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risks. There were other views and different assessments of the situation and sanctions. Recognising that the G20 is not the forum to resolve security issues, we acknowledge that security issues can have significant consequences for the global economy.
  3. It is essential to uphold international law and the multilateral system that safeguards peace and stability. This includes defending all the Purposes and Principles enshrined in the Charter of the United Nations and adhering to international humanitarian law, including the protection of civilians and infrastructure in armed conflicts. The use or threat of use of nuclear weapons is inadmissible. The peaceful resolution of conflicts, efforts to address crises, as well as diplomacy and dialogue are vital. Today’s era must not be of war.

1 China stated that the G20 FMCBG meeting is not the right forum to discuss geopolitical issues.

2 Russia dissociated itself from the status of this document as a common outcome because of references in paragraphs 2, 3 and 5.

  1. Global economic growth is below its long-run average and remains uneven. The uncertainty around the outlook remains high. With notable tightening in global financial conditions, which could worsen debt vulnerabilities, persistent inflation and geoeconomic tensions, the balance of risks remains tilted to the downside. We, therefore, reiterate the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability. We will continue to enhance macro policy cooperation and support the progress towards the 2030 Agenda for Sustainable Development. We reaffirm that achieving SSBIG will require policymakers to stay agile and flexible in their policy response, as evidenced during the recent banking turbulence in a few advanced economies where expeditious action by relevant authorities helped to maintain financial stability and manage spillovers. We welcome the initial steps taken by the Financial Stability Board (FSB), Standard Setting Bodies (SSBs) and in certain jurisdictions to examine what lessons can be learned from this recent banking turbulence and encourage them to advance their ongoing work. We will use macroprudential policies, where required, to safeguard against downside risks. Central banks remain strongly committed to achieving price stability in line with their respective mandates. They will ensure that inflation expectations remain well anchored and will clearly communicate policy stances to help limit negative cross-country spillovers. Central bank independence is crucial to maintaining policy credibility. We will prioritise temporary and targeted fiscal measures to protect the poor and the most vulnerable, while maintaining medium-term fiscal sustainability. We will ensure the coherence of the overall monetary and fiscal stances. We recognise the importance of supply-side policies, especially policies that increase labour supply and enhance productivity to boost growth and alleviate price pressures. We reaffirm our April 2021 exchange rate commitments. We also reaffirm the importance of the rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system with the World Trade Organization (WTO) at its core in restoring growth and job creation and reiterate our commitment to fight protectionism and encourage concerted efforts for reform of the WTO.
  2. While global food and energy prices have fallen from their peak levels, the potential for high levels of volatility in food and energy markets remains, given the uncertainties in the global economy. In this context, we welcome the G20 Report on Macroeconomic Impacts of Food and Energy Insecurity and their Implications for the Global Economy, informed by policy experiences shared by members and supported by analysis from the International Monetary Fund (IMF), World Bank Group (WBG), International Energy Agency (IEA) and Food and Agriculture Organisation (FAO) and take note of its voluntary and non-binding policy learnings. We look forward to an ambitious replenishment of the International Fund for Agricultural Development (IFAD) resources at the end of the year by IFAD members, to support IFAD’s fight against food insecurity.
  3. We also take note of the discussions on assessing macroeconomic risks to SSBIG, including those stemming from climate change and various transition policies considering country-specific circumstances and different levels of development. The macroeconomic costs of the physical impacts of climate change are significant at an aggregate level and the cost of inaction substantially outweighs that of orderly and just climate transitions. We recognise the importance of international dialogue and cooperation, including in the areas of finance and technology, and timely policy action consistent with country- specific circumstances. It is also critical to assess and account for the short, medium and long-term macroeconomic impact of both the physical impact of climate change and transition policies, including on growth, inflation, and unemployment. We endorse the G20 Report on Macroeconomic Risks Stemming from Climate Change and Transition Pathways that presents an evidence-based assessment informed by policy experiences shared by members and technical inputs from the IMF, IEA, and the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). Building on analysis in this Report, we will consider further work on the macroeconomic implications, as appropriate, particularly as relevant for fiscal and monetary policies, drawing on the inputs from a diverse set of stakeholders.
  4. We remain committed to pursuing ambitious efforts to evolve and strengthen Multilateral Development Banks (MDBs) to address the global challenges of the 21st century with a continued focus on addressing the development needs of low- and middle-income countries.
  5. Following up on the mandate from our Leaders in Bali in November 2022 and based on the updates from MDBs in Spring 2023, a G20 Roadmap for Implementing the Recommendations of the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs) has been developed. We endorse this Roadmap and call for its ambitious implementation, within MDBs’ own governance frameworks while safeguarding their long-term financial sustainability, robust credit ratings and preferred creditor status. We also call for a regular review of the progress of implementation on a rolling basis including through engaging with MDBs, subject experts and shareholders. We commend the MDBs for their progress in implementing the CAF recommendations, especially with respect to adapting definitions of risk appetite and financial innovation. At the same time, we emphasise the need to give an additional push to CAF implementation. We appreciate the ongoing collaboration among MDBs on the timely release of Global Emerging Markets (GEMs) data and the launch of GEMs 2.0 as a stand-alone entity by early 2024. Going forward, we also encourage MDBs to collaborate in areas such as hybrid capital, callable capital, and guarantees. We appreciate the enhanced dialogue between the MDBs, Credit Rating Agencies and shareholders and encourage continued transparency in the exchange of information and rating methodologies. We take note that initial CAF measures, including those under implementation and consideration, could potentially yield additional lending headroom of approximately USD 200 billion over the next decade, as estimated in the G20 CAF Roadmap. While these are encouraging first steps, we will need continued and further impetus on CAF implementation.
  6. Furthermore, we reiterate our call for the MDBs to undertake comprehensive efforts to evolve their vision, incentive structures, operational approaches and financial capacities so that they are better equipped to maximize their impact in addressing a wide range of global challenges, while being consistent with their mandate and commitment to accelerate progress towards Sustainable Development Goals (SDGs). Recognising the urgent need to strengthen and evolve the MDB ecosystem for the 21st century, we appreciate the efforts of the G20 Independent Expert Group on Strengthening MDBs in preparing Volume 1 of the Report, and we will examine it in conjunction with Volume 2 expected in October 2023. We take note of Volume 1’s recommendations and the MDBs may choose to discuss these recommendations as relevant and appropriate, within their governance frameworks, in due course, with a view to enhancing the effectiveness of MDBs. We look forward to a High-Level Seminar, on the sidelines of the Fourth FMCBG meeting in October 2023 on strengthening the financial capacity of MDBs. We encourage MDBs to update the International Financial Architecture Working Group (IFA WG) on their evolution efforts to better address global challenges. We welcome the March 2023 Report on Evolution of the World Bank Group and call on the World Bank to advance the implementation of the agreed actions and continue to develop further proposals that can contribute to significant progress of the Bank’s evolution exercise by the IMF/WBG 2023 Annual Meetings in Marrakech. Recognising other multilateral efforts in this area, we take note of the Summit for a New Global Financing Pact. We also look forward to an ambitious IDA21 replenishment. We acknowledge the concluding report on the 2020 Shareholding Review of the International Bank for Reconstruction and Development (IBRD) and look forward to the 2025 Shareholding Review.
  7. We reiterate our commitment to a strong, quota-based, and adequately resourced IMF at the centre of the global financial safety net. We remain committed to revisiting the adequacy of quotas and will continue the process of IMF governance reform under the 16th General Review of Quotas (GRQ), including a new quota formula as a guide, and ensure the primary role of quotas in IMF resources, to be concluded by December 15, 2023. In this context, we support at least maintaining the IMF’s current resource envelope. We welcome the landmark achievement of the global ambition of USD 100 billion of voluntary contributions (in SDRs or equivalent) and USD 2.6 billion of grants in pledges for countries most in need and call for the swift delivery of pending pledges. We welcome the progress achieved under the Resilience and Sustainability Trust (RST) and Poverty Reduction and Growth Trust (PRGT) with pledges for the RST amounting to about USD 45.5 billion and for the PRGT to about USD 24.2 billion in loan resources and nearly USD 1.9 billion in subsidy resources, respectively, through the voluntary channelling of Special Drawing Rights (SDRs) or equivalent contributions. We call for further voluntary subsidy and loan pledges to the PRGT by the IMF/WBG 2023 Annual Meetings in Marrakech to meet the first stage PRGT fundraising needs. We look forward to the IMF delivering a preliminary analysis, by the 2023 IMF/WBG Annual Meetings, of the range of options to put the PRGT on a sustainable footing with a view to meeting the growing needs of low-income countries in the coming years. The G20 reiterates its continued support to Africa, including through the G20 Compact with Africa. We will continue to monitor progress on channelling SDRs or equivalent contributions from countries with strong external positions and look forward to the IMF Ex-Post Report on the use of SDRs in September. We will continue to monitor the effectiveness of RST supported programs and look forward to interim review scheduled for April 2024. We look forward to further progress on the exploration of viable options for channelling SDRs through MDBs, while respecting relevant legal frameworks and the need to preserve the reserve asset character and status of SDRs. We look forward to the review of precautionary arrangements (FCL, PLL and SLL) and take note of the discussions held on the IMF surcharge policy.
  8. We welcome discussions on the potential macro-financial implications arising from the introduction and adoption of Central Bank Digital Currencies (CBDCs), notably on cross-border payments as well as on the international monetary and financial system. We welcome the BIS Innovation Hub (BISIH) Report on Lessons Learnt on CBDCs and look forward to the IMF Report on Potential macro-financial implications of widespread adoption of CBDCs to advance the discussion on this issue. We also look forward to continued discussions on the implementation of international frameworks for the use of different tools in addressing capital flow volatility based on the policy updates by the IMF, the OECD, and the BIS while being mindful of their original purpose. We reiterate our commitment to promote sustainable capital flows. To this effect, we note the OECD’s Report on Towards Orderly Green Transition – Investment Requirements and Managing Risks to Capital Flows.
  9. We re-emphasise the importance of addressing debt vulnerabilities in low and middle-income countries in an effective, comprehensive and systematic manner. We continue to stand by all the commitments made in the Common Framework for Debt Treatments beyond the DSSI, including those in the second and final paragraphs, as agreed on November 13, 2020, and step up the implementation of the Common Framework in a predictable, timely, orderly and coordinated manner. To this end, we ask the G20 International Financial Architecture Working Group (IFA WG) to continue discussing policy-related issues linked to implementation of the Common Framework and make appropriate recommendations. We welcome the recent agreement between the Government of Zambia and official creditor committee on a debt treatment and look forward to a swift resolution. We welcome the formation of an official creditor committee for Ghana and look forward to an agreement on a debt treatment as soon as possible. We also call for a swift conclusion of the debt treatment for Ethiopia. Beyond the Common Framework, we welcome all efforts for timely resolution of the debt situation of Sri Lanka, including the formation of the official creditor committee, and we call for the resolution as soon as possible. Noting the work in developing the G20 Note on the Global Debt Landscape in a fair and comprehensive manner, we ask the G20 IFA WG to continue the development expeditiously. We encourage the efforts of the Global Sovereign Debt Roundtable (GSDR) participants to strengthen communication and foster a common understanding among key stakeholders, both within and outside the Common Framework, for facilitating effective debt treatments.
  10. We welcome joint efforts by all stakeholders, including private creditors, to continue working towards enhancing debt transparency. We note the results of the voluntary stocktaking exercise of data sharing with International Financial Institutions. We welcome the efforts of private sector lenders who have already contributed data to the joint Institute of International Finance (IIF)/OECD Data Repository Portal and continue to encourage others to also contribute on a voluntary basis.
  11. We emphasise the need for enhanced mobilisation of finances and efficient use of existing resources in our efforts to make the cities of tomorrow inclusive, resilient, and sustainable. To this effect, we endorse the G20 Principles for Financing Cities of Tomorrow, which are voluntary and non-binding in nature and the G20/OECD Report on Financing Cities of Tomorrow, which provides a financing strategy as well as presents a compendium of innovative urban planning and financing models. We encourage stakeholders, including the Development Financial Institutions and the MDBs, to explore the potential of drawing upon these principles in their planning and financing of urban infrastructure wherever applicable and share experiences from early pilot cases. We note the progress in outlining the enablers of inclusive cities. We also note the customisable G20/ADB Framework on Capacity Building of Urban Administration to guide local governments in assessing and enhancing their overall institutional capacity for the effective delivery of public services. We note the ongoing pilot application of the voluntary and non-binding Quality Infrastructure Investment (QII) Indicators and look forward to further discussion on their application considering the country circumstances. We thank the Global Infrastructure Hub for supporting the G20's multi-year infrastructure agenda since 2014. We note that the GIH Board and shareholders are currently engaged in exploring a way to best sustain the value created so far. We look forward to the outcome report of the 2023 Infrastructure Investors Dialogue focused on integrating the private sector perspective in designing policies for financing cities of tomorrow.
  12. We continue to reaffirm our steadfast commitment to strengthening the full and effective implementation of the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. We recall and reaffirm the commitment made by developed countries to the goal of mobilising jointly USD 100 billion climate finance per year by 2020, and annually through 2025, to address the needs of developing countries, in the context of meaningful mitigation action and transparency in implementation. Developed country- contributors expect this goal to be met for the first time in 2023. In this context, we also support continued deliberations on an ambitious new collective quantified goal of climate finance from a floor of USD 100 billion per year to support developing countries, that helps in fulfilling the objective of the UNFCCC and implementation of the Paris Agreement.
  13. We welcome the Sustainable Finance Working Group (SFWG) recommendations on the mechanisms to support the timely and adequate mobilisation of resources for climate finance, while ensuring support for transition activities in line with country circumstances. We also recognise the significant role of public finance, as an important enabler of climate actions such as leveraging much-needed private finance through blended financial instruments, mechanisms and risk-sharing facilities, to address both adaptation and mitigation efforts in a balanced manner for reaching the ambitious Nationally Determined Contributions (NDCs), carbon neutrality and net-zero considering different national circumstances. We welcome the recommendations for scaling up blended finance and risk-sharing facilities, including the enhanced role of MDBs in mobilizing climate finance. We underscore the importance of maximizing the effect of concessional resources, such as those of the multilateral climate funds to support developing countries’ implementation of the Paris Agreement and look forward to an ambitious replenishment of the Green Climate Fund (GCF) this year. Recognizing the importance of supporting the commercialization of early-stage technologies that avoid, abate and remove greenhouse gas emissions and facilitate adaptation, we note the recommendations on financial solutions, policies, and incentives to encourage greater private flows for the rapid development, demonstration, and deployment of green and low-carbon technologies. We reiterate the importance of a policy mix consisting of fiscal, market and regulatory mechanisms including, as appropriate, the use of carbon pricing and non-pricing mechanisms and incentives, toward carbon neutrality and net zero. We look forward to the early finalisation of the Compendium comprising the discussions on Non-Pricing Policy Levers to Support Sustainable Investment.
  14. We reiterate our commitment to take action to scale up sustainable finance. In line with the G20 Sustainable Finance Roadmap, we welcome the analytical framework for SDG-aligned finance, and voluntary recommendations for scaling-up adoption of social impact investment instruments and improving nature-related data and reporting, informed by the stocktaking analyses, considering country circumstances. We encourage all relevant stakeholders to consider these recommendations in their actions and support for the 2030 Agenda.
  15. We endorse the multi-year G20 Technical Assistance Action Plan (TAAP) and the voluntary recommendations made to overcome data-related barriers to climate investments. We encourage the implementation of TAAP by relevant jurisdictions and stakeholders in line with the national circumstances. We look forward to reporting on the progress made by members, international organisations, networks and initiatives in the implementation of the G20 Sustainable Finance Roadmap, which is voluntary and flexible in nature, and call for further efforts to advance the Roadmap’s recommended actions that will scale up sustainable finance, including among others the implementation of the Transition Finance Framework. We look forward to the finalisation of the 2023 G20 Sustainable Finance Report, including a review of the implementation of the G20 Sustainable Finance Roadmap. We welcome finalization of the sustainability and climate-related disclosure standards published by the International Sustainability Standards Board (ISSB) in June 2023, which provide the mechanisms that address proportionality and promote interoperability. It is important that flexibility, to take into account country- specific circumstances, is preserved in the implementation of those standards. When put into practice as above, those standards will help to support globally comparable and reliable disclosures.
  16. We remain committed to strengthening the global health architecture for pandemic prevention, preparedness and response (PPR) through enhanced collaboration between Finance and Health Ministries under the Joint Finance and Health Task Force (JFHTF). Under the JFHTF, we welcome the participation of invited key regional organisations in the Task Force meetings as they enhance the voice of low-income countries. We welcome the discussion on the Framework on Economic Vulnerabilities and Risks (FEVR) and the initial Report for Economic Vulnerabilities and Risks arising from pandemics, created through collaboration between World Health Organisation (WHO), World Bank, IMF, and European Investment Bank (EIB). We call on the Task Force to continue refining this Framework over its multi-year work plan in order to regularly assess economic vulnerabilities and risks due to evolving pandemic threats, taking into account country-specific circumstances. We welcome the Report on Best Practices from Finance Health Institutional Arrangements during Covid-19 that will contribute towards joint finance-health sector readiness to support our response to future pandemics. We welcome the Report on Mapping Pandemic Response Financing Options and Gaps developed by the WHO and World Bank and look forward to further deliberations on how financing mechanisms could be optimized, better coordinated and, when necessary, suitably enhanced, to deploy the necessary financing quickly and efficiently, duly considering discussions in other global forums. The analysis provided by these three reports will offer important inputs for discussion in the Joint Finance-Health Ministerial Meeting in August on global response to the next pandemic threat. We welcome the conclusion of the call for proposals by the Pandemic Fund and look forward to the first round of funding in the coming months.
  17. We reaffirm our commitment to continue cooperation towards a globally fair, sustainable and modern international tax system appropriate to the needs of the 21st century. We welcome the delivery of a text of a Multilateral Convention (MLC) on Amount A, significant progress of work on Amount B and the completion of the work on the development of the Subject to Tax Rule (STTR) and its implementation framework as set out in the July 2023 Outcome Statement of the OECD/G20 Inclusive Framework on BEPS (Inclusive Framework). We call on the Inclusive Framework to swiftly resolve the few pending issues relating to the MLC with a view to prepare the MLC for signature in the second half of 2023 and complete the work on Amount B by end of 2023. We welcome the steps taken by various countries to implement the Global Anti-Base Erosion (GloBE) Rules as a common approach. We recognise the need for coordinated efforts towards capacity building to implement the two-pillar international tax package effectively and in particular, welcome a plan for additional support and technical assistance for developing countries. We welcome the launch of the pilot programme of the South Asia Academy in India for tax and financial crime investigation in collaboration with OECD. We note the 2023 update of the G20/OECD Roadmap on Developing Countries and International Taxation. We note the Update on the Implementation of the 2021 Strategy on Unleashing the Potential of Automatic Exchange of Information for Developing Countries by the Global Forum on Transparency and Exchange of Information for Tax Purposes (“Global Forum”). We call for the swift implementation of the Crypto-Asset Reporting Framework (“CARF”) and amendments to the CRS. We ask the Global Forum to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions, noting the aspiration of a significant number of these jurisdictions to start CARF exchanges by 2027, and to report to our future meetings on the progress of its work. We note the OECD Report on Enhancing International Tax Transparency on Real Estate and the Global Forum Report on Facilitating the Use of Tax-Treaty-Exchanged Information for Non-Tax Purposes. We note the discussions held at the G20 High-Level Tax Symposium on Combatting Tax Evasion, Corruption and Money Laundering.
  18. We continue to closely monitor the risks of the fast-paced developments in the crypto-asset ecosystem. We endorse the Financial Stability Board’s (FSB’s) high-level recommendations for the regulation, supervision and oversight of crypto-assets activities and markets and of global stablecoin arrangements. We ask the FSB and standard-setting bodies (SSBs) to promote the effective and timely implementation of these recommendations in a consistent manner globally to avoid regulatory arbitrage. We welcome the shared FSB and SSBs workplan for crypto assets. We look forward to receiving the IMF-FSB Synthesis Paper, including a Roadmap, before the Leaders’ Summit in September 2023, to support a coordinated and comprehensive policy and regulatory framework taking into account the full range of risks, and risks specific to the emerging market and developing economies (EMDEs) and ongoing global implementation of FATF standards to address money laundering and terrorism financing risks. In this context, we note the Presidency Note as an important input for the Synthesis Paper. We also welcome the BIS Report on The Crypto Ecosystem: Key Elements and Risks.
  19. We continue to strongly support the work of the FSB and SSBs to address vulnerabilities and enhance the resilience of non-bank financial intermediation (NBFI) from a systemic perspective while monitoring evolving developments in NBFI. We welcome the FSB’s consultation report on revisions to the FSB 2017 recommendations on addressing liquidity mismatch in open-ended funds, and we support work to promote implementation of the FSB money market fund proposals, enhance margining practices, and address vulnerabilities from non-bank leverage. We welcome the FSB’s recommendations to achieve greater convergence in cyber incident reporting, updates to the Cyber Lexicon and Concept Note for a Format for Incident Reporting Exchange (FIRE). We look forward to the FSB’s work to identify the reporting needs and the prerequisites for and feasibility of the development of FIRE, and we ask the FSB to develop an action plan with appropriate timelines.
  20. We welcome the FSB’s consultation Report on Enhancing Third-party Risk Management and Oversight. We expect the toolkit to support efforts in enhancing the operational resilience of financial institutions, addressing the challenges arising from their growing reliance on critical third-party service providers including BigTechs and FinTechs, as well as reducing fragmentation in regulatory and supervisory approaches across jurisdictions and in different areas of the financial services sector. We reaffirm our commitment to the effective implementation of the prioritised actions for the next phase of the G20 Roadmap for Enhancing Cross-border Payments and welcome the initiatives undertaken by SSBs and international organisations in this direction. To that end, we look forward to the FSB’s progress report in October on the implementation of this roadmap. We look forward to the G20 TechSprint 2023, a joint initiative with the BIS Innovation Hub, which will promote innovative solutions aimed at improving cross-border payments. We welcome the annual progress Report on the FSB’s Roadmap for Addressing Financial Risks from Climate Change. We endorse the revised G20/OECD Principles of Corporate Governance with the aim to strengthen policy and regulatory frameworks for corporate governance that support sustainability and access to finance from capital markets, which in turn can contribute to the resilience of the broader economy.
  21. We welcome the progress made by the Global Partnership for Financial Inclusion (GPFI) towards the completion of the deliverables under the G20 2020 Financial Inclusion Action Plan (FIAP). We welcome the 2023 Update to Leaders on Progress towards the G20 Remittance Target and endorse the Regulatory Toolkit for Enhanced Digital Financial Inclusion of Micro, Small and Medium Enterprises (MSMEs). We endorse the voluntary and non-binding G20 Policy Recommendations for Advancing Financial Inclusion and Productivity Gains through Digital Public Infrastructure. We take note of the significant role of digital public infrastructure in helping to advance financial inclusion in support of inclusive growth and sustainable development. We also encourage the continuous development and responsible use of technological innovations including innovative payment systems, to achieve financial inclusion of the last mile and progress towards reducing the cost of remittances in line with the G20 Leaders’ directions. We also support continuous efforts to strengthen digital financial literacy and consumer protection. We endorse the G20 2023 FIAP, which provides an action-oriented and forward-looking roadmap for rapidly accelerating the financial inclusion of individuals and MSMEs, particularly vulnerable and underserved groups in the G20 countries and beyond. We also endorse the 2023 Updated GPFI Terms of Reference.
  22. We recognise the importance of delivering on the strategic priorities of the Financial Action Task Force (FATF) and FATF Style Regional Bodies. We commit to supporting their increasing resource needs and encourage others to do the same, including for the next round of mutual evaluations. We remain committed to the timely and global implementation of the revised FATF Standards on the transparency of beneficial ownership of legal persons and legal arrangements to make it more difficult for criminals to hide and launder ill- gotten gains. We welcome the ongoing work of the FATF to enhance global efforts to recover criminal proceeds, in particular, the progress made by the FATF towards revising its standards on asset recovery and reinforcing global asset recovery networks. We reiterate the importance of countries developing and implementing effective regulatory and supervisory frameworks to mitigate risks associated with virtual assets in line with FATF Standards especially for terrorism financing, money laundering, and proliferation financing risks. In this regard, we support the FATF's initiative to accelerate the global implementation of its standards, including the “travel rule”, and its work on risks of emerging technologies and innovations, including decentralised finance (DeFi) arrangements and peer-to-peer transactions. We look forward to the completion of FATF’s work on the use of crowdfunding for terrorism financing and on money laundering related to cyber-enabled fraud.
  23. With a vision reminiscent of Mahatma Gandhi's teachings, we, the Finance Ministers and Central Bank Governors of G20 countries, envisage a future in which every nation thrives, prosperity is widely shared, and the well-being of humanity and the planet are harmoniously intertwined. 

Annex I: Issues for further work

This Annex lists the deliverables from various G20 Finance Track workstreams following the July FMCBG meeting.

Framework Working Group

  • G20 IMF Report on Strong, Sustainable, Balanced and Inclusive Growth, October 2023, in the context of increasing vulnerabilities associated with macroeconomic instabilities and financial globalisation.

International Financial Architecture Working Group

· Volume 2 of the Report of G20 Expert Group on Strengthening MDBs

  • Regular review of the progress of implementation of CAF recommendations on a rolling basis including through engaging with MDBs, subject experts and shareholders

· Updates from IMF on the progress of the 16th General Review of Quotas

  •  
    • Update from the IMF on the ex-post assessment of 2021 SDR allocation
    • Continued exploration of opportunities for a “User manual” for the Common

Framework presenting the experience of the first cases.

  • G20 IFA WG to continue developing expeditiously the G20 Note on the Global Debt Landscape in a fair and comprehensive manner.
  • IFA WG to continue discussing policy-related issues linked to implementation of the Common Framework and make appropriate recommendations
  • Technical workshops to be held under the ambit of GSDR, such as the one on Comparability of Treatment (CoT).
  • Improvements to sovereign debt restructuring by continuing the discussion on some specific debt instruments, including potential best practices for LICs on collateralised financing practices, exploring ways to increase private sector involvement, in particular regarding the restructuring of syndicated loans, collective action clauses, assessing the benefits and complications of state- contingent debt instruments (SCDI), and climate-resilient debt clauses in international sovereign bonds and in official bilateral lending.
  • IMF Report on the potential macro-financial implication of widespread adoption of CBDCs, in September 2023.

Infrastructure

  • Continuation of the InfraTracker 2.0 to track planned infrastructure investments across G20 member economies using publicly available sources and transition it to an online tool.
  • Compilation of the scope and taxonomies related to infrastructure across G-20 economies and International Organisations.

Sustainable Finance Working Group

  •  
    • Monitoring and reporting of progress on G20 Sustainable Finance Roadmap on the SFWG online dashboard.
    • Finalisation of the 2023 G20 Sustainable Finance Report.
    • Compendium of case studies for financing SDGs.

International Taxation

  •  
    • A Handbook by the OECD on Pillar Two to facilitate implementation through a common approach, especially to assist capacity-constrained jurisdictions and present the Handbook by October 2023.

Financial Sector Issues

  •  
    • A joint synthesis paper by the IMF and the FSB integrating the macroeconomic and regulatory perspectives of crypto assets to be submitted in September 2023.
    • An interim report by the BIS Committee on Payments and Market Infrastructures (CPMI) on Fast Payment Systems (FPS) interlinking governance, risk management and oversight considerations; and the final report on ISO 20022 harmonisation requirements for cross-border payments in October 2023.
    • FSB to provide a report on the financial stability implications of leverage in NBFI in September 2023.
    • FSB to provide an overall progress report on enhancing the resilience of NBFI in September 2023.
    • FSB to provide its Annual Report on Promoting Global Financial Stability in October 2023.
    • FSB to report in October 2023 its progress on the implementation of the G20 Roadmap for Enhancing Cross-Border Payments.
    • FSB, in coordination with the ISSB and IOSCO, to prepare a report on the progress of jurisdictions and firms on climate-related financial disclosures by October 2023.

Global Partnership for Financial Inclusion

  •  
    • GPFI will continue work to complete the Second Update of National Remittance Plans and present a case-study on the impact of digital remittances in reducing the cost of remittances.
    • GPFI will report on progress in implementing the G20 GPFI High-Level Principles on Digital Financial Inclusion.
    • GPFI to work on SME best practices and innovative instruments to overcome common constraints in SME financing based on GPFI SME living database. 

Annex 2: Reports and Documents received

  1. G20 Report on Macroeconomic Impacts of Food and Energy Insecurity and their implications for the global economy
  2. G20 Report on Macroeconomic risks stemming from climate change and transition pathways
  3. G20 Roadmap for implementing the recommendations of the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs)
  4. Volume 1 of the G20 Expert Group on Strengthening MDBs
  5. BIS Innovation Hub (BISIH) Report on “Lessons learnt on CBDCs”
  6. OECD’s report on “Towards Orderly Green Transition – Investment Requirements and Managing Risks to Capital Flows
  7. G20 note on the total global ambition of USD 100bn of voluntary contributions for countries most in need
  8. G20 Principles for Financing Cities of Tomorrow: inclusive, resilient and sustainable
  9. G20/OECD Report on Financing Cities of Tomorrow
  10. G20/ADB Framework on Capacity Building of Urban Administration
  11. G20 Sustainable Finance Working Group Deliverables
  12. Framework on Economic Vulnerabilities and Risks (FEVR) and the initial Report for economic vulnerabilities and risks arising from pandemics
  13. Report on Best Practices from Finance Health Institutional Arrangements during Covid-19
  14. Report on Mapping Pandemic Response Financing Options and Gaps developed by the WHO and World Bank
  15. G20/OECD Roadmap on Developing Countries and International Taxation Update 2023
  16. OECD Report on ‘Enhancing International Tax Transparency on Real Estate’
  17. Global Forum Report on ‘Facilitating the Use of Tax-Treaty-Exchanged Information for Non-Tax Purposes’
  18. Global Forum Update on the implementation of the 2021 Strategy on Unleashing the Potential of Automatic Exchange of Information for Developing Countries
  19. FSB Chair's Letters to G20 Finance Ministers and Central Bank Governors, April and July 2023.
  20. FSB’s global regulatory framework for crypto-asset activities: Umbrella public note to accompany final framework
  21. FSB’s high-level recommendations for the regulation, supervision, and oversight of crypto-asset activities and markets
  22. FSB’s high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements
  23. BIS Report on “The crypto ecosystem: key elements and risks”.
  24. FSB Consultation report on addressing liquidity mismatch in open-ended funds-Revisions to the FSB 2017 policy recommendations
  25. FSB Report on Enhancing Third-Party Risk Management and Oversight: A toolkit for financial institutions and financial authorities
  26. FSB Roadmap for Addressing Financial Risks from Climate Change: 2023 Progress Report
  27. FSB Recommendations to Achieve Greater Convergence in Cyber Incident Reporting: Final Report
  28. FSB Concept Note on Format for Incident Reporting Exchange (FIRE) - A possible way forward
  29. Revised G20/OECD Principles of Corporate Governance
  30. G20 Policy Recommendations for Advancing Financial Inclusion and Productivity Gains through Digital Public Infrastructure
  31. 2023 Update to Leaders on Progress towards the G20 Remittance Target
  32. Regulatory Toolkit for Enhanced Digital Financial Inclusion of Micro, Small and Medium Enterprises (MSMEs)
  33. G20 2023 FIAP
  34. 2023 Updated GPFI Terms of Reference.
  35. 2023 GPFI Progress Report to G20 Leaders
  36. G20 Financial Inclusion Action Plan Progress Report 2021-23
  37. FATF Report- Countering Ransomware Financing Report (March 2023)
  38. Targeted Update on the Implementation of the FATF Standards for Virtual Assets (June 2023)
  39. FATF Report on Guidance on Beneficial Ownership Transparency for Legal Persons (March 2023)

Source: PIB

Back to Top

Penalties likely for leaks: Data sharing rules may not bind startups

The Personal Data Protection Bill, to be tabled in Parliament during the monsoon session beginning on Thursday, is likely to exempt startups from key provisions relating to usage and purpose of data collected from citizens. This means that unlike big data fiduciaries, startups may not be bound by limitations such as collecting the absolute minimum data required for any purpose and limiting its usage to the intended purpose. They also may not be required to delete the data once the service for which it was collected has been delivered.Analysts said that if such exemptions are granted then citizens may have to deal with the startups concerned at their own risk, and there may be no respite from spam and marketing calls. Further, the chances of data breaches from such entities may be high. While the Union Cabinet has approved the Personal Data Protection Bill, the government has not put the contents of the legislation in the public domain. A draft released in November last year for public consultation had said the government reserves the right to provide exemptions after considering the volume and nature of personal data processed by certain data fiduciaries or class of data fiduciaries. In a leaked version of the final draft it has reportedly added startups to this category. However, the definition of startups has not been provided. According to experts, if this clause is retained, the category of startups which may be exempt from the provision may be spelt out at the rule-making stage. Officials said that while startups may be given exemptions at the discretion of the government on a case-by-case basis, in instances of data breach they will be equally liable for penalties and other regulations under the law as other data fiduciaries. While certain consumer groups and legal experts have welcomed the thought behind exempting startups from such provisions (enumerated in Sections 6, 9, 10, 11, and 12, of the Bill), they have also expressed concern over non-compliance of broader regulations while dealing with personal data.“The government needs to specify as to how and on what basis the startups will be exempted. Further, the government should also clearly mention the timeline for which certain sections of startups will be given exemptions,” said Amol Kulkarni, director of research at Consumer Unity and Trust Society (CUTS). According to Kulkarni, after giving the exemptions, the government will have to closely monitor how the startups are processing data and take action if consumers complain against them. “Even if the government is likely to exempt the startups from certain provisions, the main clause is that exemption will be dependent on volume and nature of data processed. The exemptions on case-to-case basis would be helpful as it is difficult to define any thumb rule as to which class of startups will get exemptions,” said Supratim Chakraborty, partner at Khaitan & Co. According to Chakraborty, the government should prioritise the nature of data a startup is processing over volume of data. Simply put, if a startup with two-three people is processing data around child psychology or medical data, it should definitely not be given any exemptions.

Source: Financial Express

Back to Top

Dip in dollar index augurs well for India flows

The decline in the dollar index to below 100 may augur well for emerging markets such as India. The dollar index, which was at 104 levels at the beginning of June, slipped to below 100 in the previous week, touching 15-month lows, and stayed below 100 for the past four sessions. The rapid fall in the dollar index and a slide in the US 10-year yield are supporting liquidity in emerging markets, according to experts. The disappointing economic growth in China and improvement in the US market outlook are drawing attention to the Indian markets.“The decline in the dollar index to below 100 on Friday, the lowest level in one year, is favourable to emerging markets. India is the largest recipient of FPI flows year to date among emerging markets. The selling in China continues and FPIs were sellers in emerging markets like Thailand and Vietnam recently,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services. A declining dollar is a powerful trigger that can sustain FPI inflows, added Vijayakumar. FPI flows have gained momentum in the last three months, with flows in excess of $15 billion since May. The year-to-date flows now stand at $13.5 billion. FPIs continue to invest in financials, automobiles, capital goods, realty and FMCG. The direction of the US dollar has closely been linked with the performance of emerging market assets historically. During periods of prolonged dollar strength, emerging market equities typically underperform. Emerging markets are reliant on foreign investment and foreign capital, both of which can evaporate when the dollar gains in value. “When the dollar strengthens, emerging market economies typically feel pressure to raise interest rates to defend their currencies, which often proves to be a negative for equity market performance,” according to a note by Fidelity International.This certainly was the pattern in 2018, where the aggressive hiking cycle from the US Federal Reserve put many EM currencies under considerable pressure, with some falling to record or near-record lows, according to the note. This forced many EM central banks to raise interest rates, following the lead of the US Fed. The benchmark indices continued their record-breaking rally on Tuesday, with the Sensex breaching the 67,000 levels intraday, amid fresh foreign fund inflows and buying in banking counters. Technical analysis suggests consolidation with support at 19,500 for the Nifty and resistance at 19,827 and 20,000. “The concern is the rising valuations which are getting stretched. The valuations in China (PE is 9) is hugely attractive now compared to valuations in India (PE is around 20) and, therefore, the ‘Sell China, Buy India’ policy of FPIs cannot continue for long,” said Vijayakumar.

Source: Financial Express

Back to Top

No firm export target for FY24, Govt to eye a range

India’s merchandise exports will move into growth territory from September-October after nine months of year-on-year contraction and due persistence of global uncertainties the Department of Commerce will set targets for this year in a range instead of a single number, a senior official said Tuesday. The growth recovery in goods exports will be driven to some extent by the wearing-off of base effect of last year when high crude and commodity prices resulted in above 25% year-on-year growth in April-June quarter and then decelerated from July onwards.“Last year’s exports were $450 billion so the lower end of this year’s target could be $451 billion. Even if 10% growth is assumed then the upper band of the range would come to $ 495 billion,” a trade expert said.The official said for setting the target range detailed study of trends and other parameters is in progress for 200 countries and 31 commodity groups. “Targets this year will depend on four parameters, our overall target of reaching $ 1 trillion in goods exports by 2030. Import to GDP ratio of importing countries, export to GDP ratio of India which will tell the potential, and the trend growth of the past years,” the official said. For a monitoring purpose of exports every month, the official said a fixed number would be required and that could be a mid-value or an average may be accepted. The ministry has though fixed an internal target which has been to export promotion councils and Indian missions abroad. “But we will take some more time before we will come up with our exports targets because based on the current trends, it can not be right on our part to fix those targets as of now, so we are waiting and watching,” the official added. The apex body of exporters Federation of Indian Export Organisations (FIEO) had said in May the exports this year will be $ 500 billion. In the first quarter of this financial year, the merchandise exports touched $102.4 billion as against $120.8 billion last year, a contraction of 15%. June saw the maximum year-on-year contraction since the peak COVID lockdown month of May of 2020 as petroleum exports slumped and demand in the key overseas markets remained weak, data released on Friday showed. The contraction in exports was 22% in June when shipment of goods stood at $32.97 billion. June is also the seventh straight month that has seen contraction in exports.

Source: Financial Express

Back to Top

India, US inform WTO of mutual resolution of all six disputes

India and the US have informed the World Trade Organization (WTO) on the mutual resolution all the six trade disputes, in line with the commitment they made last month. In five separate notifications to the WTO on Tuesday, they asked the multilateral trade watchdog to terminate these disputes. The US and India had initiated three disputes each. The notification for the mutually agreed solution to the dispute on retaliatory duties on certain products imported from Washington, was made on Monday The disputes include the US’ countervailing measures on certain hot-rolled carbon steel flat products from India which New Delhi won. India also won the dispute on the US’ measures relating to the renewable energy sector. However, it lost the dispute on its measures related to solar cells and solar modules and its export related schemes such as SEZ, EOU and MEIS schemes. Panel report on two cases-US’ duties on steel, aluminium products, and India’s retaliatory duties on US almonds, lentils, etc-are expected by year end. The two sides, had last month, agreed to end six disputes at the WTO after a meeting between Prime Minister Narendra Modi and US President Joe Biden.

Source: Economic Times

Back to Top

INTERNATIONAL

TSG Finishing Amplifies Its Chemical Compound Offerings: A Fusion of Tradition, Innovation And Technical Excellence

TSG Finishing LLC is thrilled to announce the strategic expansion of its chemical compound sales. The move brings more than a century’s worth of specialized chemical and coating knowledge directly to its clients, empowering them with superior solutions tailored to their precise requirements. With an acute understanding of synthetic latex polymers such as acrylic, SBR, vinyl, polyurethane, and many more, TSG Finishing integrates raw materials from a wide range of manufacturers to create custom formulations. Their expertise extends to C6 and C0 DWR’s, flame retardants, and antimicrobials, as well as a host of non-standard products such as liquid absorption and stiffeners. CEO Brian Rosenstein emphasized: “Our expansion into chemical compound sales underscores our commitment to fostering scientific rigor, innovation, and technical excellence within our clientele’s coating processes. Our custom formulations and compounds are meticulously crafted to meet each client’s unique needs, promising to elevate their respective operations to new heights.” While TSG Finishing’s offerings have historically catered to the residential and contract upholstery markets, the company also possesses the capabilities to design coatings for a myriad of end-uses, including construction materials, filtration, PPE and geotextiles. “Our compounds are validated in our R&D laboratory to ensure the highest quality,” Rosenstein added. “As coaters ourselves, we provide robust technical support, both remotely and inperson, assisting our clients in achieving optimal performance from our compounds.”

Source: Textile World

Back to Top

CORDURA NYCO Fabric And CORDURA TrueLock Fabric Uniform & Equipment Solutions Take Center Stage At IDEF ‘23

Set to propel and underscore its commitment to best-inclass solution-dyed nylon 6,6 fiber technology innovation as well as developing the durable, long-lasting fabric solutions of tomorrow; INVISTA’s CORDURA Advanced Fabrics will focus on responsible uniform solutions, and military and tactical equipment, tailored to the Turkey, Europe, Middle East and Africa markets at this year’s IDEF International Defence Industry Fair, July 25-28.

The Cordura Advanced Fabrics comprehensive, global, head-to-toe military, tactical and law enforcement portfolio will showcase: Cordura NYCO Fabric has a 3-5x slower flame spread versus polyester/cotton alternatives. 50/50 Cordura NYCO Fabric outperformed heavier weight Poly/Cotton Military fabrics in Abrasion Resistance testing. Cordura NYCO Extreme Fabric made with INVISTA T420HT – the strongest nylon 6,6 staple fiber Cordura has ever produced. Cordura TrueLock Fabric Solution Dyed Nylon 6,6 (SDN) provides unparalleled lot-to-lot color consistency plus long-lasting color durability and Stewardship benefits; available in a palate of 7 military colors.

Also on display will be a full collection of lightweight, breathable, quick dry, head-to-toe mission critical performance fabrics including Cordura Classic Fabric. The Cordura Advanced Fabrics global military, law enforcement and tactical applications include: Combat Uniforms, Ballistic Vests, Packs, Load Carriage Equipment, Webbing and Trims, Footwear, Base Layer, Combat Shirts, Headwear, Seat Covers and many more. Erik Walker Cordura Global Military Segment leader explains: “Throughout our 55-year brand journey, we’ve worked to establish a foundation built on durable and long-lasting fiber technologies, including our legacy of solution dyed, highperformance nylon 6,6 offerings. As we advance on this journey, we continue to invest and expand our capabilities to include solutions that are not only durable but lead down the path to using fewer resources to make the products our customers value. We continue listening to the demands of the market; identifying unmet needs, solving problems, and utilizing innovation to create cutting-edge solutions to meet the ever changing needs of global militaries and law enforcement.“

Erdal Merttürk Cordura Business Manager Turkey, Middle East & Africa added: “At Cordura brand we know life in law enforcement, military or with a tactical unit can be demanding. So, we develop fabrics specifically designed for combat uniforms. Engineered to be comfortable even in the most challenging conditions; fabrics that are tough, versatile and engineered to excel in the field. With Cordura NYCO Fabric Extreme which offers durable yet lightweight fabrics for hot weather conditions, we continue to push the boundaries of durable fabric development to meet the physical and environmental demands of combat and tactical life.”

More about Cordura brand innovations in focus at IDEF: Cordura NYCO Fabric — Comfort of cotton with enhanced durability Originally designed as a rugged, lightweight comfort solution for military combat uniforms, durable Cordura NYCO Fabric is engineered with an intimate blend of INVISTA T420 nylon 6,6 staple fiber and cotton delivering enhanced abrasion and tear resistance, No Melt No Drip performance and 3-5x slower flame spread versus internally tested equivalent weight polyester/cotton. Cordura NYCO Fabric Extreme — For decades, a part of the CORDURA mission has been to support members of the military by using some of the world’s most durable fabrics. CORDURA NYCO Fabric Extreme based on INVISTA T420HT high tenacity fiber technology has a mission to create a new generation of durable, yet even lighter weight fabrics. Strong, rugged fabrics like CORDURA NYCO Extreme Fabricare specifically designed for hot weather combat uniforms, and are an excellent alternative to NYCO Mil-Spec fabric. Cordura TrueLock Fabric — Responsible fabrics with locked-in color Cordura TrueLock Fabric is engineered with high-tenacity nylon 6,6 multi-filament fiber that locks in the color at the molten polymer extrusion level to create deep, durable color throughout the entire fiber structure. Cordura TrueLock Fabric has excellent color fastness, resists color loss after UV exposure and long-lasting color vibrancy. Color consistency is crucial when pairing fabric with other materials such as webbing to create military and law enforcement gear. Additionally, compared to conventional level acid piece dyeing, the process used to make Cordura TrueLock Fabric uses less water, energy and emits fewer greenhouse gases. Cordura TrueLock Fabric is available in Desert Sand, Tan-499, Coyote-498, Ranger Green, Camo Green-483, Wolf Gray and Black. End-uses include bags, load carriage, and reinforcements as well as use in responsible webbings and trims.

Source: Textile World

Back to Top

Lineapelle September 2023: Freudenberg Unveils Sustainable Microfiber Solution Made In The EU For Artificial Leather Applications

Freudenberg Performance Materials (Freudenberg) will be presenting new applications for its European environmentally-friendly Evolon microfiber technology for Fall/Winter 24/25 fashion and leather goods collections at the international trade fair for the leather industry. For the first time, these include innovative solutions for artificial leather applications suitable for the shoe, furniture and automotive industries. Freudenberg will be welcoming visitors to Booth D02-D04 in Hall 9 of the trade fair in Milan from September 19-21.

Evolon sustainable microfiber coating substrates Evolon microfiber fabrics are ideal coating substrates for artificial leather applications in the shoe, furniture and car industries. They are particularly suitable as a carrier material for PU and PVC coatings. Evolon microfiber materials have non-fraying edges, which makes converting easier and quicker. They contain 80-percent recycled PET from Freudenberg’s inhouse bottle recycling plant. Furthermore, they are manufactured with no solvent and no chemical binder in the company’s Evolon plant located in Colmar, France. The plant is accredited according to OEKO-TEX STeP sustainability manufacturing certification and the DETOX TO ZERO criteria. European manufacturing offers logistic benefits to European customers through shorter supply chain and transport routes.

Reinforcement material for leather goods Manufacturers of leather goods also benefit from Evolon microfiber when they use it as a reinforcement material for original leather. It is drapable and soft and provides optimal shaping support for leather. In addition, Evolon materials offer important sustainability advantages for the manufacturing of luxury leather bags, such as being 100-percent made in Europe, eco-friendly and socially-responsible production, and the use of recycled raw materials.

Source: Textile World

Back to Top

Three India-aided mega projects likely to start operations in September

Bangladesh and India are likely to start the operation of Moitree Super Thermal Power Plant-II, KhulnaMongla Port Railway Line and Akhaura-Agartala Railway Link next September during the G-20 summit in New Delhi. Prime Minister Sheikh Hasina will attend the summit as a guest at the invitation of India, the forum's current president. The Moitree Super Thermal Power Plant-II and Khulna-Mongla Port Railway Line are being implemented under Indian Line of Credit (LOC) while Akhaura-Agartala Railway Link is being built under an Indian grant. The information on the opening of the vital projects was conveyed when Indian High Commissioner to Bangladesh Pranay Verma called on the prime minister at her official residence Ganabhaban. PM's Press Secretary Ihsanul Karim briefed reporters after the call on, reports UNB. Verma hoped that PM Hasina will play an important role in the G-20 summit, said the press secretary.

Source: The Financial Express

Back to Top