INTERNATIONAL
NATIONAL
Exports of textiles and apparel were down 1.9% and 17.37% respectively in July this year compared with the same period last year. Cumulative export of textiles and apparel for the April-July 2023 period slid 13.74% yearover-year. Data shared by Confederation of Indian Textile Industry (CITI) showed that cotton yarn, fabrics, and made-ups registered 6.62% growth in July 2023 ($1,009 million) as against July 2022 ($946.48 million). However, shipment of manmade yarn, fabrics, and made-ups, jute products, carpets, handicrafts, and apparel items registered negative growth. Textile products worth a total of $1,663 million were shipped last month compared with $1,695 million last July. Apparel exports were $1,381 million in July 2022 and $1,141 million last month. Sanjay Jain, Indian Chamber of Commerce chairman on textiles and Managing Director of TT Limited, said garment exports were at a “sustained low” for a year. In volume terms, the decline was sharp. Retailers in the US market are destocking and demand is expected to revive. “There are enquiries for garments for spring/summer 2024 for which shipments will begin early next year.” Cotton yarn exports usually look up in September-October. “India expects a good cotton crop next season. If cotton prices remain competitive, exports will revive,” he said. Siddhartha Rajagopal, Executive Director of Cotton Textiles Export Promotion Council, said, “Regarding cotton textile exports, the mood is cautiously optimistic. Demand looked better from China and if Indian cotton prices are reasonable, export of yarn and fabrics will look up. India has its strengths in cotton textiles and the challenge is to sustain the growth in cotton exports,” he said. Ravi Sam, chairman of Southern India Mills’ Association, said in the current market conditions, India can regain its competitiveness in cotton textiles only if the import duty on cotton is removed. On Wednesday, August 16, Indian cotton prices were higher than international prices.
Source: The Hindu
H&M, the fast fashion giant, has inaugurated its 53rd store in India, marking its debut in Ranchi and extending its presence in east India. The new store has rented space in the Mall of Ranchi, offering a diverse range of men’s, women’s, and children’s apparel and accessories. This expansion underscores H&M’s significant growth since its entry into India nine years ago. By venturing into Jharkhand, H&M strategically taps into the brand-conscious, non-metro market. The Mall of Ranchi, owned by Pranami Group, opened recently and offers an expansive 3 lakh square foot space housing a variety of Indian and international brands, including H&M, Biba, Arrow, Max Fashion, and Marks & Spencer. Ranchi, situated in the emerging industrial zone of Jharkhand, the city’s industrial potential combined with the new mall’s offerings make it an attractive destination for both shoppers and brands seeking regional expansion.
Source: Apparel Resources
A record number of World Trade Organization (WTO) members have raised concerns about rising protectionist moves in global trade, propelling the issue to centre stage at the 13th WTO Ministerial Conference (MC13) in Abu Dhabi in February, an official aware of the development said. Many developing nations, including India, are set to oppose the European Union’s (EU’s) carbon border adjustment mechanism (CBAM) that aims to tax imports of carbon-intensive products such as steel, aluminium, cement, and electricity. The EU is also expected to file a complaint against the US’s Inflation Reduction Act because the $430 billion subsidy to manufacturers of green technology will distort international prices and is against WTO norms. In addition, escalating trade tensions between the US and China have seen China restricting exports of gallium and germanium—metals crucial to semiconductor manufacturing—and the US prohibiting Chinese investment in sensitive sectors such as computer chips and other technology sectors. Trade tensions are flaring globally due to the crisis in WTO’s dispute settlement body. The top court is not functional since 2019 as the US is blocking appointments to the appellate body on the grounds that its concerns about the dispute system remain unaddressed. Experts said the US is keeping the body dysfunctional to counter China’s influence at WTO, which has hit the organisation’s most crucial role of enforcing multilateral trade rules. “MC13 is happening against the backdrop of a fundamental shift in trade. Bilateralism and domestic protectionism are increasing, which was never the case since the start of WTO. There are a lot of papers coming in. August was a summer break at WTO, but by July-end, a lot of papers had been filed. The speed at which it is coming is very high. Africa has filed a number of them. China filed a paper on CBAM. Pakistan has given a paper on domestic subsidies in agriculture. An increasing number of environmental issues are also being raised," the official said on condition of anonymity. India has already filed a paper with WTO expressing its concern about the carbon tax imposed by the EU that is expected to hit Indian metal exports worth over $8 billion. CBAM is set to come into force from 1 October, which from 2026, will take the form of 20-35% tax on select imports into the EU. “In the absence of a proper dispute settlement mechanism, countries can face and themselves implement protectionist measures," said Arpita Mukherjee, a professor at Indian Council for Research on International Economic Relations (ICRIER). “India should use targeted and precise retaliation to counter the unilateral policy decisions like CBAM or EU Deforestation Regulation. India did this effectively in 2019 by raising tariffs on the US products when the US in 2018 raised tariffs on steel and aluminium," said Ajay Srivastava, former Indian trade service officer and the founder of New Delhi-based think tank, Global Trade Research Initiative (GTRI). Srivastava added the EU and the US are taking actions that violate the basic principles of WTO, and in the absence of a functioning appellate body, WTO cannot decisively deliberate on these issues. Queries sent to the spokesperson for the commerce ministry remained unanswered. While India is already in talks with the EU to soften the blow of CBAM, it recently agreed to mutually settle six trade disputes with its largest trade partner, the US, at WTO. Trade tension between the two countries rose in 2018 when the US imposed an import duty of 25% on steel products and 10% on certain aluminium products. In a retaliatory move, India imposed customs duties on 28 American products in 2019. Meanwhile, India is expected to reiterate its demand for a permanent solution for public stockholding of foodgrains along with a grouping of 33 developing nations (G33) along with African countries. As part of a permanent solution, India has asked for measures like amendments in the formula to calculate the food subsidy cap and inclusion of programmes implemented after 2013 under a ‘Peace Clause’. Under global trade rules, a WTO member country’s food subsidy bill should not breach the limit of 10% of the production value based on the reference price of 1986-88. Experts further said India’s recent decision to impose restrictions on laptops and tablets could also result in a WTO dispute. However, the government believes that the recent restrictions are short-term moves in the “national interest" and won’t result in the opening of a formal dispute at the international trade body.
Source: Live mint
The Cabinet chaired by the Prime Minister Shri Narendra Modi, has approved the signing and ratification of the Mutual Recognition Arrangement (MRA) between the Central Board of Indirect taxes and Customs (CBIC), Department of Revenue, Government of India and the Department of Home Affairs incorporating the Australian Border Force, Australian Government. The arrangement is aimed at providing reciprocal benefits to accredited and trusted exporters of both the signatories in the clearance of goods by the Customs authorities of the importing country. Mutual recognition of Authorized Economic Operators is a key element of the World Customs Organisation’s SAFE Framework of Standards to secure and facilitate global trade to strengthen end-to-end security of supply chains while providing higher facilitation to trade at the global level. This arrangement shall benefit our exporters to Australia and thereby promote a trade relationship between the two countries. Mutual Recognition of the Australian Trusted Trader Program in Australia and the Authorized Economic Operator Program in India shall enter into force from the date of signing by the authorized representatives of both the countries. The text of the proposed Mutual Recognition Arrangement has been finalized with the concurrence of the Customs Administrations of both the countries.
Source: PIB
The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi today approved a new Central Sector Scheme “PM Vishwakarma” with a financial outlay of Rs.13,000 crore for a period of five years (FY 2023-24 to FY 2027-28). The scheme aims to strengthen and nurture the Guru-Shishya parampara or family-based practice of traditional skills by artisans and craftspeople working with their hands and tools. The scheme also aims at improving the quality, as well as the reach of products and services of artisans and craftspeople and to ensure that the Vishwakarmas are integrated with the domestic and global value chains. Under PM Vishwakarma scheme, the artisans and craftspeople will be provided recognition through PM Vishwakarma certificate and ID card, Credit Support upto Rs.1 lakh (First Tranche) and Rs.2 lakh (Second Tranche) with a concessional interest rate of 5%. The Scheme will further provide Skill Upgradation, Toolkit Incentive, Incentive for Digital Transactions and Marketing Support. The scheme will provide support to artisans and craftspeople of rural and urban areas across India. Eighteen traditional trades will be covered in the first instance under PM Vishwakarma. These trades include (i) Carpenter (Suthar); (ii) Boat Maker; (iii) Armourer; (iv) Blacksmith (Lohar); (v) Hammer and Tool Kit Maker; (vi) Locksmith; (vii) Goldsmith (Sonar); (viii) Potter (Kumhaar); (ix) Sculptor (Moortikar, stone carver), Stone breaker; (x) Cobbler(Charmkar)/ Shoesmith/Footwear artisan; (xi) Mason (Rajmistri); (xii) Basket/Mat/Broom Maker/Coir Weaver; (xiii) Doll & Toy Maker (Traditional); (xiv) Barber (Naai); (xv) Garland maker (Malakaar); (xvi) Washerman (Dhobi); (xvii) Tailor (Darzi); and (xviii) Fishing Net Maker.
Source: PIB
Among India’s top 10 export destinations, India’s merchandise exports in the first four months (AprilJuly) of 2023-24 expanded only to the United Kingdom (UK) while shipments to all other major economies contracted amid sluggish global demand. Overall merchandise exports fell 14.5 per cent to $136.2 billion during the April-July period with outbound shipments contracting for the sixth consecutive month. However, exports to the UK grew at a robust 20.6 per cent to $4.5 billion during the same period, elevating the country to India’s fifth largest export destination from eighth position during the same period in FY23. While disaggregated country-wise trade data for July is not available, data for April-June period shows exports of aviation turbine fuel ($324 million), smartphones ($292.5 million) and wallpapers ($147.2 million) drove India’s exports to the UK. Among other top export destinations, outbound shipments to the US (-12.5 per cent), China (-14.9 per cent), Singapore (-13 per cent) and Bangladesh (-36.5 per cent) contracted in double digits. Among India’s top 10 sources for merchandise imports, except for Russia (96.3 per cent) and Switzerland (15.8 per cent), inbound shipments from the rest of the countries contracted. While a 171 per cent jump in discounted crude oil imports drove inbound shipments from Russia during April-June period, a 30 per cent jump in gold shipments propelled imports from Switzerland during the same period. India and the UK are currently negotiating a Free Trade Agreement (FTA). Out of the total 26 chapters in the proposed FTA, 19 chapters have been closed. India is hoping to resolve pending issues like the rules of origin, bilateral investment treaty and intellectual property rights, among others, by the end of this month. Next week, key officials from the UK would be visiting India for the Trade and Investment Working Group (TIWG) meeting in Jaipur. Minister of Commerce and Industry Piyush Goyal visited London last month to hold discussions with his counterpart Kemi Badenoch that saw the "closure of several chapters" in the negotiations. “The ministers identified and focused on low-hanging fruits, which included the closure of several chapters in the negotiations. This pragmatic approach aimed at resolving issues where negotiators had encountered challenges. The visit proved to be critical in overcoming crucial obstacles and charting a path towards an ambitious and mutually beneficial trade deal,” according to a statement released by the commerce department. India is also negotiating a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) states that include Iceland, Liechtenstein, Norway, and Switzerland. Goyal held discussions on the progress of the agreement with a delegation from the European Free Trade Association, led by the Swiss State Secretary for Economic Affairs, Helene Budliger Artieda, in London on July 11 and 12. Union Minister of State for Commerce and Industry Anupriya Patel last week informed Parliament that FTA negotiations or its review are a long-drawn process and the timeline for completion of such negotiations cannot be predicted since the parties to the negotiations are required to agree to the outcome. “The Government enters into FTA with its trading partners considering various factors such as leveraging comparative advantages and the market access thereof for Indian products including those from agriculture sector, the trade complementarities, the strategic relationship, promotion of cooperative and collaborative activities as well as the domestic sensitivities. The benefits under FTA in terms of exports or competitive and diversified imports depend on a number of factors including externalities like the domestic industrial growth, domestic consumption trajectory, growth in partner country,” Patel had told Rajya Sabha.
Source: Business-Standard
Public sector lender Indian Bank on Wednesday announced setting up 10 startup cells across different centres in the country. The cells will cater to a number of dedicated banking products and services designed for startups according to their specialised banking needs, according to a PTI report. This includes payment gateways, corporate credit cards and credit facilities apart from current facilities by the bank. The startup cells are set up in Ahmedabad, Bengaluru, Chennai, New Delhi, Gurugram, Guwahati, Hyderabad, Kanpur, and Mumbai. “The launch of the startup cells is a major milestone in Indian Bank’s journey to support the growth of the startup ecosystem in India,” said SL Jain, MD and CEO, Indian Bank post-inauguration of a centre in Chennai.Jain also virtually inaugurated nine startup cells in various cities to commemorate the bank’s 117th Foundation Day on Tuesday. The bank has also a customised loan offering for startups ‘IND SPRINGBOARD’ to cater to their unique financial challenges.Indian Bank was incorporated on March 5, 1907, with an authorized capital of Rs 20 lakh and started its business on August 15, 1907. Over the years, banks have increasingly reached out to startups to offer various banking services in order to tap into the potential business opportunities. For instance, the Small Industries Development Bank of India (SIDBI) last month announced its partnership with the Indian Institute of Management, Ahmedabad’s (IIM-A) startup incubator CIIE. Also, IDFC First Bank, ICICI Bank and others offer various banking products for startups. According to the Startup India data, India had 99,380 recognised startups so far in India. , Startup India was unveiled in January 2016 and comprises 19 action items spanning areas such as simplification and handholding, funding support and incentives and industry-academia partnership and incubation. Indian startup ecosystem had registered a 72 per cent decline in funding in H1 2023 compared to H1 2022, according to the India Tech semi-annual report 2023 by market intelligence platform Tracxn. The total funding in H1 2023 was about $5.5 billion, significantly lower than the $19.7 billion in the first half of 2022. The early-stage rounds of funding were also impacted with $1.4 billion deployed in the first half of this year, declining by 44 per cent from the previous half-year.
Source: Financial Express
Ahead of the 12th round of the IndiaUK free trade agreement (FTA) negotiations starting in New Delhi on Wednesday, the Indian High Commissioner to the UK has expressed optimism that officials on both sides will be "able to get something working" and find a "right fit" towards a mutually beneficial pact. High Commissioner Vikram Doraiswami told PTI that he is positive as both countries seem keen to make necessary adjustments, recognising the complexities involved with the very different structures of the two similar-sized economies. On the wider bilateral partnership, he expressed similar optimism around an "obvious synergy" across different sectors. "I'm positive about it (FTA)… My intention is that to the extent we can, we would like a mutually beneficial forward-looking FTA to be concluded," said the High Commissioner. "I believe both sides are keen on making the necessary adjustments. Even though we're both similar-sized economies, we are dissimilar in the structures of our economies and the complexities of our economies. So, getting the right fit together is very important," he said. The senior diplomat closely involved with the FTA negotiations, which began in January last year, noted that it is important that the UK side recognises some of the complexities of the structure of the Indian economy. "It can't be the same as a free trade agreement with a peer-developed country. On the other hand, we too have to take into account the fact that the UK hasn't actually negotiated many free trade agreements in recent years when it was part of the European Union. So, there are those things that have to be adjusted. But overall, the trend line seems very positive," he said. The 11th round of negotiations concluded on July 18, with a joint outcome statement saying it covered detailed draft treaty text discussions across nine policy areas. According to official UK government statistics, the bilateral trade partnership was worth around GBP 36 billion in 2022 and an FTA is set to significantly enhance that relationship. "I think our government has been very clear that we want the best possible partnership with the UK and, I believe, from what I hear from the UK leadership on both sides of the political aisle as well as from the senior leadership of the government here, that they too want a forward-looking partnership with us," said Doraiswami. India's Commerce Secretary Sunil Barthwal has said the 11th round of talks in London was "very intense" and many issues got closed. Out of the total 26 chapters in the proposed FTA, 19 have been closed. Investment is being negotiated as a separate agreement (bilateral investment treaty) between India and the UK. "Now, there are only a few issues left. The UK team is coming to India during the Trade and Investment Working Group meeting (in Jaipur) and we are hoping that we would be closing those remaining issues. "So, our target is that we close the issues with the UK when the UK team visits us in India and we are very hopeful that the issues will be sorted out," Barthwal told reporters in New Delhi on Monday. Noting that India-UK history is a complex one, High Commissioner Doraiswami stressed the importance of the bilateral partnership after 76 years of Independence from colonial rule to be informed by what happened in the past but not allow "ourselves to become prisoners of it". "It's important that we build a relationship that touches upon our respective strengths. London is still one of the world's great capitals of finance, for instance. India is the future direction of global growth. There is an obvious synergy between the need for high-quality, well-priced finance for our infrastructure rollout, for our green transitions. And, there is obviously a need for quality finance to find the best possible rewards in terms of places to go to invest. Both of these obviously speak for themselves," he said. Asked about the recent visit to India of UK Security Minister Tom Tugendhat, who announced a GBP 95,000 fund to tackle Pro-Khalistan Extremism in the wake of an attack on the High Commission in London in March, the High Commissioner said it marked a milestone moment in enhancing the security pillar of the bilateral partnership. "We live in an uncertain and often challenging world, increasingly so… It makes absolute sense for countries like the UK and India to work much more closely together to recognise that there are more complex challenges than the simple ones that people talk about. It's not just nation-states alone. There are challenges in terms of what is happening among communities, how communities are being radicalised, how it is changing the shape of domestic politics," he said. "In all of this, it is important for countries like the UK to work with us because we too have an understanding of how some of this happens. So, the visit of Security Minister Tugendhat last week is a very important milestone and I think he would have come back with a strong sense of how keen we are to make a proper, viable functioning security pillar part of our partnership," he added. On the business aspect of the relationship, the envoy pointed to how Indian businesses have built a huge presence in the UK market and stressed that "it is really now time that we got more British businesses into India as well".
Source: Economic Times
INTERNATIONAL
The cooperation with Balkan Textile Machinery. INC.CO completes our product portfolio for recycling by cutting and pulling solutions, making us the first full-liner in spinning preparation for recycling! Thanks to our combined machinery expertise and technological know-how our customers can produce yarns at the highest possible quality level – and literally turn waste into value. We are happy to introduce Balkan Textile Machinery. INC.CO, a partner that not only complements our product line but also shares our values. Both Balkan and Trützschler are family-owned companies for whom sustainability in the textile chain is a major concern. Balkan is well established in Turkey, one of the most important markets for textile recycling. Their robust and reliable machines help to cut, mix and tear textile waste to individual fibers, and to press them into bales of secondary fibers. These bales can be fed to the preparation process with Trützschler machines. “We are now able to provide a complete line-up of technologically leading machinery which has been specifically developed for rotor and ring yarns from recycled materials”, says Markus Wurster, Director Sales and Marketing at Trützschler Group. “Customers benefit from less complexity when planning and executing a mill project. The combined processes from Trützschler and Balkan are perfectly fine-tuned, reliable and reproducible. And of course, customers have access to Trützschler’s premium service.” Osman Balkan, Owner of Balkan Textile Machinery. INC.CO, adds: “I am very happy that we can join forces with such a strong international player like Trützschler. Together we can make a significant contribution to dealing with textile waste globally.”
Processing secondary fibers with appropriate card clothing Of course, appropriate card clothing is part of our complete recycling solution. Trützschler Card Clothing continuously developed their card clothing to meet the technological challenges in the processing of secondary fibers and to improve the resulting yarn quality. Special attention has been paid to the flat top as the heart of the carding process. Trützschler Card Clothing has combined the strength of MT/PT 40 and the cleaning power of MT/PT 45, resulting in the development of the MT/PT 45R – the new flat top for recycled materials. The right combination of flat top and cylinder wire is the key for yarn quality. Therefore, Trützschler Card Clothing offers various cylinder wires suitable for different recycling applications depending on production rates, type of textile waste and raw material – pure or blends. Thanks to this specification, customers can benefit from the best possible carding result, long lifetime of wires and high production in recycling applications. “We are excited to offer our customers globally a complete package for recycling from June 2023 onwards”, says Markus Wurster, “including tearing line, blow room, card, draw frame, card clothing and of course our service and technological know-how.” TRUECYCLED stands for state-of-the art recycling installations from Trützschler. These Trützschler preparation processes enable manufacturers to achieve a high-quality end-product from hard waste. With TRUECYCLED, manufacturers can rest assured they use the best technology and a reliable and reproducible manufacturing process – the pre-requisite for highquality yarn made from hard textile waste. How does a TRUECYCLED process look like? It is based on Trützschler’s technological recommendations and a Trützschler machinery line-up to ensure ideal results from recycled materials. For example, Trützschler recently worked with a fashion company to make use of their own pre-consumer waste. Thanks to a special combination of Trützschler blow room machinery, the usage of TC 19i for Recycling and Trützschler draw frames, it was possible to create a ring yarn containing 60 % of preconsumer waste – a true TRUECYCLED product! Trützschler customers and partners may use the brand TRUECYCLED for both the process itself and the end-product, as long as it contains a significant amount of textile waste.
Source: Textile world
bluesign, a sustainability solutions provider for the textile industry, is proud to announce its official partnership with the fashion and denim lifestyle brand, Madewell as the first US denim company to become a bluesign® System Partner brand. This partnership reflects Madewell’s commitment to reducing its environmental impact through the implementation of the best available techniques and sustainable practices in denim production. As a comprehensive solutions system, bluesign focuses on sustainable chemistry, employing a holistic approach to drive environmental improvements, enhance worker safety, and increase resource efficiency. Through rigorous on-site assessments, management of input streams, and verification of chemical inventories, the bluesign team works closely with system partners, including brands, manufacturers, and chemical suppliers. Together, they develop tailored solutions that prioritize the highest level of safety for people, the planet, and consumers. Madewell’s collaboration with bluesign to produce denim more sustainably launched in October 2022. Their first denim style launched under the partnership was crafted using bluesign® Approved ISKO fabrics, a certification that signifies adherence to bluesign’s strict worker safety and environmental requirements as well as elimination of hazardous chemicals from the beginning of the fabric production. This newly signed system partnership further reinforces Madewell’s commitment to sustainable denim production and its dedication to implementing innovative solutions to lead the way towards a more sustainable fashion industry. CEO of bluesign Daniel Rüfenacht further emphasized the core principles of the bluesign technologies ag, a member of the SGS Group., saying, “Our bluesign® Denim initiative aims to revolutionize the way denim is produced, ensuring that clean chemistry and clean production processes are at the heart of the system partner mills and laundries. With Madewell as our first US denim brand system partner, we are taking a major stride towards leading the industry with a transformational approach to denim production. We are expecting more brands to follow Madewell’s footsteps in joining the bluesign Denim initiative. Madewell’s system partnership with bluesign coincides with the introduction of the solution provider’s “bluesign® DENIM” concept, highlighting the importance of clean chemistry and production processes for a sustainable and responsible choice. bluesign® Denim represents a commitment to minimizing the denim industry’s negative impact on people and the planet through collaboration with denim partners to eliminate harmful chemicals and ensure sustainable manufacturing processes. With a focus on creating the cleanest denim in the world, the concept covers fabric and garment production steps that meet the strict bluesign® Criteria, ensuring safety of workers, the environment, and consumers. Choosing bluesign® Denim will allow consumers to embrace the freedom of denim while making a reliable and sustainable fashion statement.
Source: Textile world
India's economy will grow at a solid pace for the rest of this fiscal year and next but well below its potential rate of around 8.0% for the next 25 years. But reaching this milestone hinges on implementing key reforms in education, infrastructure, healthcare and technology. "If we want to realise that 8.0% growth potential this decade...the biggest challenge before policymakers is to reallocate the surplus labour from agriculture to more productive sectors with gainful jobs in them," said Dhiraj Nim, economist at ANZ Research. "If India's reform momentum is lacklustre, a less exciting picture is on the cards." The latest Reuters poll of 53 economists taken between July 13 and 21 showed the Indian economy would grow 6.1% this fiscal year, a respectable rate when other major economies are expected to slow, maintaining a conducive environment for job creation. It was forecast to grow 6.5% next fiscal year, with expectations of 6.2% growth this quarter, followed by 6.0% and 5.5%. The outlook was largely unchanged from a June poll. "I think 6.0% to 6.5% is a very achievable and a very conservative forecast for India's growth trajectory," Nim added. World Bank President Ajay Banga recently said the key to India's growth story is through more jobs as he outlined the opportunity to cash in on the "China Plus One" strategy, a scheme adopted by many companies to build manufacturing units outside of the People's Republic.
DEMAND VS SUPPLY Asked how the employment situation will change over the coming year, 17 of 25 economists said it will improve slightly. "The unemployment situation hasn't improved yet...and the skilling to some extent is also missing. So, there is a gap in terms of the demand versus the supply," said Radhika Piplani, chief economist at DAM Capital Advisors. The remaining six said the PLI scheme, which allocated billions of rupees as incentives from the Union budget in 2023-24, will have no impact. "All the sectors where PLI has started are seen booming, but the actual impact of it to on-the-ground employment - that is still something which is yet to be seen," Piplani added. While India has a lot more ground to cover to replace China as the world's manufacturing hub, some economists acknowledged the PLI scheme was a step in the right direction. More economic reforms could bolster the scheme's prospects and create millions of jobs, they added. "Manufacturing needs to see strong growth and that is possible only when we...iron out the issues that are preventing fresh investments in the sector," said Suman Chowdhury, chief economist at Acuite Ratings and Research.
Source: The Financial Express
Given the existing bilateral trade, he urged the Singaporean side to seriously consider Bangladesh as a source country for their imports of quality items at very competitive prices including RMG, pharmaceuticals, leather & jute products, ceramics, plastic, bicycles etc. in order to make it more balanced. The issues were discussed at the third Foreign Office Consultations (FOC) between Bangladesh and Singapore held at the Ministry of Foreign Affairs in Dhaka on Wednesday, reports UNB. Foreign Secretary Masud Momen led the Bangladesh delegation, while a five-member Singapore delegation was led by Luke Goh, Second Permanent Secretary (Ministry of Foreign Affairs) and Permanent Secretary (Ministry of Law) of Singapore. The two sides took stock of the progress made vis-à-vis the proposed bilateral FTA and expressed determination for its conclusion at the earliest possible time in order to raise the bilateral trade and economic cooperation to its desired level. The two sides lauded the regular functioning of the Bangladesh-Singapore Joint Working Group formed under the recently signed Memorandum of Cooperation (MoC) in this regard. Bangladesh and Singapore agreed to further strengthen bilateral synergies and best utilize the existing complementarities with a view to adding greater momentum to the current pace of economic cooperation for mutual benefits, said the Ministry of Foreign Affairs. Holding after a hiatus of more than eight years, the FOC reviewed the whole gamut of the bilateral relations, including cooperation in the areas of trade and commerce, investment, power, energy, connectivity, blue economy, halal trade, tourism & culture, capacity building, education, health, security, agriculture, ICT, etc. in addition to regional and global issues of mutual interests. The two sides noted the importance of exchanging more high-level visits to add greater impetus to the ongoing bilateral relations. Both sides expressed optimism that the FOC would help inject further vigour and momentum into the existing excellent bilateral relations for making it more collaborative, substantial and meaningful in the days ahead. Both sides appreciated that Bangladeshi nationals currently working in Singapore are making admirable contributions to both countries’ economies. Bangladesh expressed its readiness to provide adequate human resources – both skilled & semi-skilled - such as, welders, medical technicians, security personnel, gardeners, cleaners, agriculture workers, domestic workers, etc. to help sustain the momentum of the Singaporean economy. Bangladesh also expressed its interest in greater cooperation with Singapore in the arena of human resource development through training and knowledge-sharing. Foreign Secretary Masud Momen requested Singapore to play a more proactive role bilaterally and within the ASEAN framework for making possible expeditious repatriation of the Rohingya people from Bangladesh to their homeland in Myanmar. He also sought an expeditious inclusion of Bangladesh as a Sectoral Dialogue Partner of ASEAN. Earlier, Derek Loh, the Non-resident Ambassador of Singapore to Bangladesh paid, on behalf of the visiting Singaporean delegation, their rich tribute to the memory of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman and all martyrs of 15 August, 1975 by placing a floral wreath at the portrait of Bangabandhu at 32, Dhanmondi, and at Banani graveyard, on the National Mourning Day.
Source: The Financial Express
