INTERNATIONAL
NATIONAL
Prime Minister Narendra Modi inaugurated the International Exhibition-cum-Convention Centre (IECC) complex at Pragati Maidan in New Delhi yesterday. Named ‘Bharat Mandapam’, the new national project developed at a cost of about ₹2,700 crore will help in promoting India as a global business destination. On behalf of the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) team, chairman Bhadresh Dodhia expressed his enthusiasm and dedication to utilising this worldclass venue for hosting impactful events that will contribute to the growth and prosperity of the nation. Elaborating on the need for a world-class convention centre in Delhi, the Prime Minister said, “In the 21st century we will have to have construction suitable for the 21st century.” He underlined that Bharat Mandapam will be hugely beneficial for exhibitors from all across the globe and will become a medium for conference tourism in India. Welcoming the move, Dodhia said in a LinkedIn post: “I am delighted to share that I witnessed a historic event which took place at Pragati Maidan. Bharat Mandapam is a symbol of our diverse culture and rich heritage, representing the strength and unity of our great nation. During the inauguration, the PM delivered an inspiring speech that left a lasting impact on those who attended. His words have motivated us to work together towards taking our country to greater heights. “The International Exhibition-cum-Conference Centre is a remarkable addition to our city's infrastructure, with state-of-the-art facilities and a modern design. It is set to become a hub for hosting prestigious national and international events. This venue will contribute to the growth and development of various industries, fostering innovation and collaboration.” He further said, “I feel privileged to have witnessed this momentous occasion and honoured to share this moment. The Bharat Mandapam reinforces our commitment to preserving cultural heritage while embracing progress and modernity. I believe that this facility will provide countless opportunities for networking, knowledge exchange, and showcasing the best of our country to the world. It is a proud accomplishment for our nation and a testament to our aspirations for a brighter future.”
Source: Fibre2Fashion
Commerce and industry minister Piyush Goyal on Thursday said that India has asked Japan and South Korea to renegotiate the comprehensive economic partnership agreement (CEPA) to make the trade more balanced and equitable. While both the trade agreements were signed more than a decade ago, the pacts have been often discussed in the context that the Indian industry has failed to benefit from the agreements and the gains mostly have been one-sided. During FY23, India’s trade deficit with Japan rose to $11.03 billion from $8.22 billion a year ago as exports grew at a slower pace as compared to imports. In the case of South Korea, the deficit widened to $14.57 billion in FY23 from $9.39 billion a year ago. This is because exports contracted nearly 18 per cent, while imports grew over 21 per cent. “They have not allowed their exports into the country…what it was 10 years ago, it is the same today with Japan…Japan’s exports to India have meanwhile grown 200 per cent,” Goyal said at an industry event. The minister also said that the trade agreement with ASEAN was an “ill conceived” agreement and unfair to Indian industry.
Source: Business-Standard
The Commerce Ministry is working on a template for rules of origin (ROO) — criteria that determine the national source of a product — which would be more nuanced and flexible so that they work to the best advantage of Indian exporters in future Free Trade Agreements (FTAs) that are negotiated, sources have said. IIFT Kolkata is collecting inputs on the various ROO options preferred by specific industry sectors to evolve a set of Product Specific Rules (PSR) to prepare a ROO template for negotiating future trade pacts. Determining eligibility “ROOs are very important in an FTA as they determine what items should qualify as originating from an FTA partner country and hence be eligible for duty concessions. While general ROO can be applied to all products, Product Specific Rules help to capture the individual need of a particular sector. The Commerce Ministry is trying to create a ROO template that will meet the needs of individual sectors,” a person tracking the matter. So far, in many of the FTAs entered into by India, the rules of origin have been very simple and based primarily on wholly obtained criteria or 35 per cent value added method, the source said. “But ROOs can be intricate as well to the extent of being different for different products in a particular agreement and varying across agreements. This has been observed in other FTAs such as ones between Canada and the EU, Mexico and the EU. India could look at such intricate ROOs if they suit exporters’ interests,” he added. Making choice Exporters have been asked to make a choice from a variety of options for their particular sector such as regional value content at specific levels ranging between 35 per cent and 70 per cent, change in tariff sub-heading (which would require an item to be transformed to the extent that the tariff classification changes), wholly obtained, change in tariff and change in chapter. They have also been asked to share problems faced by them in undertaking exports due to the ROOs already implemented in the existing FTAs. With developed countries bringing in new terminologies in description of ROOs, exporters have also been asked to cite their opinion on such new terms. India recently concluded an FTA with the UAE and an Economic Cooperation and Trade Agreement with Australia and is working on pacts with several partners including the UK, the EU, Canada and New Zealand. The country hopes to get into multiple FTAs with its trade partners as it could help it achieve its ambitious export target of $2 trillion of goods and services by 2030.
Source: the Hindu business line
Industry led coalition on resource efficiency and circular economy has the potential to transform aspirations into concrete actions. Union Minister Bhupender Yadav said this at the launch of Resource Efficiency Circular Economy Industry Coalition (RECEIC) on the sidelines of the 4th G20 Environment and Climate Sustainability Working Group (ECSWG) and Environment and Climate Ministers meeting in Chennai today. The official launch of RECEIC was through the signing of the foundational charter and the unveiling of the logo. Addressing the gathering, Shri Bhupender Yadav, the Minister of Environment, Forest, and Climate Change, emphasised that RECEIC would play a pivotal role in promoting alliances, encouraging technological cooperation and knowledge transfer, fostering innovation, and facilitating the exchange of insights to enhance access to finance. Further, he acknowledged the commitment of the 39 founding members of RECEIC for stepping forward to join this coalition. The side event organised to launch the Resource Efficiency and Circular Economy Industry Coalition (RECEIC) was a truly remarkable and significant milestone as the culmination of the dedicated efforts over the past eight to nine months of the ECSWG. The RECEIC, conceptualised by the India’s G20 Presidency is envisaged to be industry driven and a self-sustaining initiative continuing to function even beyond India’s G20 Presidency. The mission of this coalition is to facilitate and foster greater company-to-company collaboration, build advanced capabilities across sectors and value chains, bring learnings from diverse and global experiences of the coalition members, and unlock on-ground private sector action to enhance resource efficiency and accelerate circular economy transition. The coalition is structured around the three guiding pillars of partnerships for impact, technology cooperation and finance for scale. Resource efficiency and circular economy industry coalition will also aim to contribute towards progress on key global goals and priorities set by the G20 and other international fora. In due course of time, RECEIC may be invited to the G20 Resource Efficiency Dialogue, for annual convenings as well as sharing their experiences with the G20 and highlighting success factors to enhance resource efficiency and circular economy. RECEIC will also act as an overarching platform enabling industries to address information gaps and coordination challenges across the G20 members. The Environment and Climate Sustainability Working Group (ECSWG) and Environment and Climate Ministers meeting convened in Chennai for the concluding meeting under the India Presidency to discuss the pressing environmental issues and promote global collaboration towards a sustainable and resilient future. The deliberations over the ECSWG meetings have been aimed at sharing knowledge, formulating action plans and direct collaborative efforts towards developing effective strategies and initiatives for a sustainable future and combating climate change. An early start on the second day of the 4 ECSWG and Environment and Climate Ministers meeting allowed extensive discussions on water resource management, preamble & climate change, resource efficiency and circular economy and blue economy under the environment and climate track. The deliberations were geared contributing towards the draft Ministerial Outcome documents. Following the lunch and the evening tea breaks, the sessions witnessed compelling discussions on the draft Communique, with a shared goal of achieving a conclusive outcome.
Source: PIB
India has unfairly withheld from South Korean companies the incentives they were promised under the government’s production-linked incentive (PLI) schemes, the New Delhi chief of a top Korean trade body said. Arbitrary policy changes are a key concern for Korean companies investing in India, Lee Young-Ho, chief trade representative at the New Delhi ofce of the Korea International Trade Association (KITA), said in an interview. This is the rst time that a Korean trade body has remarked on the challenges related to the PLI scheme. “Another worry that Korean companies have had is the lack of stability of the policies of the government. For example, while the PLI scheme was very open in attracting foreign investment when it comes to the production process, there have been a lot of cases where companies have not received their incentives, " said Lee, whose organization represents the interests of Korean global trade in India.
Source: Live mint
The first “Chintan Shivir on CRTDHs Empowering MSMEs” in a series of Chintan Shivirs under CRTDH program of Department of Scientific and Industrial Research, Ministry of Science and Technology was inaugurated at CRTDH-IIT, Kharagpur on 27/07/2023. This Chintan Shivir was organised to strengthen academia-industry ties, highlighting the crucial role of this collaboration in spurring industrial R&D and creating an environment that encourages knowledge exchange, collaborative research, and technological innovation. The CRTDH encourages R & D activities in the country and provides comprehensive support and guidance, playing a critical role in strengthening the MSME sector, fostering an environment of growth, and driving technological advancements. Inaugural session of the Chintan Shivir was addressed by the address of Dr. N. Kalaiselvi, Secretary, DSIR and DG-CSIR, Prof. Amit Patra, Deputy Director, IIT, Kharagpur and Dr. Sujata Chaklanobis, Scientist-G & Head-CRTDH, DSIR. During her inaugural address, Dr. N. Kalaiselvi emphasized on the role of DSIR and CRTDHs in empowering MSMEs/Start-ups/innovators to fulfill the mission of Prime Minister Shri Narendra Modi ji of making ‘Atmanirbhar Bharat’. Prof. Amit Patra appreciated the efforts of CRTDH-IIT, Kharagpur in supporting various stakeholders to fulfil their R&D endeavors. Dr. Sujata Chaklanobis presented an overview of Chintan Shivir and highlighted the need of innovation and stated that MSMEs being the pillar of the innovation ecosystem can do wonders in making India global R & D and manufacturing hub. Suman Chakraborty, PI-CRTDH at IIT Kharagpur started the thematic session by delivering an overview of CRTDH at IIT Kharagpur – the MSME Connect & Opportunities (focusing infrastructure, technologies developed, futuristic technologies aimed for and opportunities for MSMEs). This was followed by “Samvad” coordinated by Dr Vipin C Shukla, Scientist-F, DSIR to further discuss on grand challenges of MSMEs/Start-ups/innovators and addressed possible solutions with PI, CRTDH at IIT Kharagpur. This concluded with identification of 5 grand challenges which may be addressed by CRTDH at IIT Kharagpur in future. The event was attended by the Prof Amit Patra, Deputy Director, IIT Kharagpur; Prof Chandan Chakraborty, Dean (R&D); Prof Jayanta Mukhopadhyay, Co-PI, CRTDH at IIT Kharagpur; Dr. Sujata Chaklanobis, Head, CRTDH; Dr Vipin C Shukla, Member Secretary, CRTDH and senior officers Dr Ranjeet Bairwa, Dr Suman Mazumdar, Dr Kailash Petkar from DSIR along with Prof Suman Chakraborty, PI-CRTDH and his team and delegates from the Chambers of Commerce, industry associations. Large number of stakeholders such as representatives from Micro, Small and Medium Enterprises (MSMEs), start-ups, individual innovators, Self-help groups also attended the event to get the benefits of CRTDH in their R&D endeavors. This Chintan Shivir has discussed possible opportunities for MSMEs/Start-ups/innovators at CRTDH-IIT, Kharagpur to fulfill their R & D endeavors and contribute towards building India as a global industrial R&D and manufacturing hub. The event was concluded with the vote of thanks to Dignitaries, organizers, all stakeholders, press and media persons by Dr. Kailash C. Petkar, Scientist, DSIR.
Source: PIB
Ministry of Power vide notification dated 14.06.2023 has issued the Electricity (Rights of Consumers) Amendment Rules, 2023 wherein the rule for Time of Day (ToD) Tariff has also been specified. This rule inter alia provides that: i. ToD tariff for Commercial and Industrial consumers having maximum demand more than 10kW shall be made effective from a date not later than 1st April, 2024 and for other consumers except agricultural consumers, the ToD tariff shall be made effective not later than 1 April, 2025. ii. ToD tariff, during the peak period of the day, for Commercial and Industrial consumers shall not be less than 1.20 times the normal tariff and for other consumers it shall not be less than 1.10 times the normal tariff. iii. Tariff for solar hours, of the day, to be specified by the State Commission shall be at least twenty percent (20%) less than the normal tariff for that category of consumers. Ministry of Power has not received any representations from MSME entrepreneurs. Further, the ToD tariff comprising separate tariffs for peak hours, solar hours and normal hours, sends price signals to consumers to manage their load in accordance with the Tariff. Since, the tariff during the solar hours will be at least 20% less than the normal tariff, the consumer including MSMEs can shift consumption during solar hours when power cost is less and can be benefited. Ministry of Micro, Small and Medium Enterprises has not requested Ministry of Power to reconsider its decision. This information was given by The Union Minister of New Renewable Energy & Power Sh. R. K. Singh in Lok Sabha in a written reply today.
Source: PIB
Retail giants Walmart and Flipkart signed a Memorandum of Understanding (MoU) with The Industries & Commerce Department, Government of Telangana, in the presence of Jayesh Ranjan, Principal Secretary of the Department, and Joseph Julian KG, Program Director, Swasti. The aim of this MoU is to provide the necessary help to the budding Micro, Small, and Medium Enterprises (MSMEs) in the state. Under this Walmart Vriddhi Supplier Development Programme (Walmart Vriddhi), Walmart will offer its support to MSMEs aiding in the digitisation of the business and help with capacity building, enabling MSMEs to operate through offline and online domestic supply chains. Jason Fremstad, Senior Vice President, Supplier Development, Walmart, commented, “Through Vriddhi, we are committed to empowering MSMEs with comprehensive learning opportunities to level the playing field, and help ensure that MSMEs can not only survive, but also thrive.” Joseph Julian, Program Director, Swasti, said, “Through the Vriddhi initiative, we are dedicated to helping MSMEs become more resilient for the future and supporting their participation in local and national supply chains.” Jayesh Ranjan, Principal Secretary, Industries & Commerce Department, Government of Telangana, said, “MSMEs form a strong backbone to the country’s economy and it’s crucial that we help them scale up and equip them with digital tools and technology to promote their business growth.” He further expressed his excitement to provide the required support and enable growth.
Source: Apparel Resources
INTERNATIONAL
Exhibitors from Bangladesh recently participated in the Texworld/Apparel Sourcing LA event. Organised by Messe Frankfurt, this brand new show took place at the California Market Center in Los Angeles, which commenced on 25th July and concluded on 26th July, 2023. The exhibition in Los Angeles presented an extensive range of products encompassing the entire fabric spectrum. Attendees had the opportunity to explore a variety of options, from laid-back cotton to highperformance fabrics, intricate knits, delicate laces, and an array of ready-to-wear apparel for men, women, children, and accessories. One of the key highlights of the event was the chance for participants to engage in meaningful networking experiences. Professionals, designers, suppliers, and buyers from across the globe had the opportunity to connect and establish valuable industry connections. With participation from over 85 exhibitors representing 15 different countries, Apparel Sourcing Los Angeles provided a platform for West Coast buyers to access a robust lineup of international textile manufacturers and suppliers. Countries such as Bangladesh, China, India, Pakistan, Sri Lanka, Taiwan, and Turkey were among those that participated, contributing to the event’s diverse and vibrant showcase of textile products and apparel.
Source: Apparel Resources
BGMEA president Faruque Hassan has called on Australian investors to explore business potentials and investment opportunities available in Bangladesh, reports UNB. With a young population, growing infrastructure, and favorable business policy and climate, Bangladesh is an attractive and ideal place for investment, he said. He made the call while speaking at a networking event organised by the Bangladesh High Commission in Australia on the occasion of a visiting delegation of BGMEA at the Four Seasons Hotel in Sydney recently. Australian businessmen, investors, buyers and other stakeholders attended the event where they were briefed by the BGMEA delegation about potential trade and investment opportunities in Bangladesh, BGMEA said today. Bangladesh High Commissioner to Australia M Allama Siddiki also spoke at programme where he emphasized on the need for further strengthening collaboration between Bangladesh and Australian to translate trade and investment opportunities into reality. BGMEA vice president Shahidullah Azim, former Vice President Md. Moshiul Azam Shajal, Chair of BGMEA Standing Committee on Press, Publication and Publicity Shovon Islam, Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud, CEO of HSBC Bangladesh Md Mahbub ur Rahman and Director of Rose Intimates Limited Sanjay Kumar Naha were also present at the event. BGMEA president Faruque Hassan said Bangladesh has transformed itself from an aid-dependent to a trade-dependent economy, and actively looks forward to broadening trade horizons through As the economy of Bangladesh is expanding, opportunities have increased in different industrial sectors such as ICT, electronics, light engineering, textile, leather etc, he added. Asif Ashraf, Director, BGMEA, made a presentation on the readymade garment industry of Bangladesh with focus on how the sector has made vast progress in workplace safety, environmental sustainability and workers' wellbeing. He also shared with the audience how the industry has invested in technology upgradation and skills development to develop capabilities in manufacturing high-value products, especially those made from MMF and technical textiles. The BGMEA president also urged Australian buyers to increase sourcing of apparels, especially high-end segment from Bangladesh.
Source: The Financial Express
Optimism is rising among UK families because of the possibility of warmer weather, vacations, and events this summer, according to Marks & Spencer’s Family Matters Index. According to the quarterly tracker, which examines the priorities, difficulties, and aspirations of families around the UK, 45 per cent of Britons are positive about their family’s prospects for the upcoming three months, which is a level not seen in the previous two years. This represents a huge improvement from the data from September 2022, when optimism hit a record low of just 32 per cent as inflation rose to 10.8 per cent. The Index also shows that one-third of consumers (32 per cent) feel more in control of their families’ finances and are aiming to maximise the summer break, while 37 per cent will take advantage of the summer break to spend more time with loved ones. Despite the fact that four out of five individuals say the cost of living is a top concern, M&S claimed that the possibility of better weather, events, and holidays is fostering a more upbeat mood. Beach vacations accounted for more than half (55 per cent) of all booked overseas vacations, according to M&S, which also explained why its Holiday Shop line had three straight record-breaking weeks. Between April and June, sales of linen increased by 22 per cent, swimwear by 11 per cent, and beachwear by 46 per cent. Value is still a key priority this season, according to M&S, as seen by the 62 per cent of respondents who listed it as their top priority, an increase of 4 per cent since January.
Source: Apparel Resources
