INTERNATIONAL
NATIONAL
D’décor, a prominent name in textiles, has introduced a fresh line of soft furnishings named ‘FabriCare – High Performance Fabrics by D’Decor’. Adding a touch of glamour to the launch, Bollywood celebrity Shah Rukh Khan, the long-standing brand ambassador, is joined by Alia Bhatt, as the new brand ambassador. The collection is meticulously designed to harmonise style with durability, a fusion elegantly highlighted in the brand’s promotional film starring the brand ambassadors. Brand ambassador Shah Rukh Khan said, “Having seen the brand grow with every passing year, it fills me with immense pride to see the launch of their new brand FabriCare – High Performance Fabrics by D’Decor.” Newly appointed brand ambassador Alia Bhatt commented, “I am extremely happy to be part of the D’Decor family which has dressed beautiful homes across the world. When beauty meets high performance, durability and functionality, you get FabriCare – High Performance Fabrics by D’Decor. I am really looking forward to our journey together.”
Source: Apparel Resources
Grasim Industries’ plans for new businesses are on track, with the Aditya Birla group company planning to commission facilities for its paints business from the fourth quarter of this fiscal. Besides, its B2B e-commerce business for building materials is also now operational, according to chairman Kumar Mangalam Birla. “In the paints business, the project work is progressing as per plans at all the six sites, and commissioning of plants will start in phases from Q4 of FY24. The state-of-the-art R&D facility is fully operational,” Birla told shareholders at the company’s AGM on Friday.The company aims to be a strong number two player in the decorative paints industry, he added. In January 2021, Grasim announced its plans to enter the paints business with a Rs 5,000-crore initial investment spread over three years. The company, which had started as a textiles manufacturer, was expecting the foray to identify new growth engines and add to the cash flows of its existing business portfolios. Later in May 2022, it announced plans to invest Rs 10,000 crore by FY25, double of what was initially earmarked. Talking about the B2B e-commerce business for building materials – ‘Birla Pivot’ – the chairman said it was operational in Madhya Pradesh, Maharashtra and Delhi. This initiative intended to align with the government’s goals for Digital India and the empowerment of Micro, Small and Medium Enterprises (MSMEs). “While our established businesses are set to consolidate their leadership positions, our newly-identified growth engines are poised to create a powerful impact,” he added.In FY23, the company spent Rs 4,307 crore, its largest-ever capital expenditure, which included Rs 1,979 crore toward the paints business. The year FY23 was a milestone year for Grasim with consolidated revenues surpassing the Rs 1 trillion-mark for the first time. Over the past three years, the company has achieved exceptional growth, with nearly Rs 40,000 crore added to consolidated revenues, he added.
Source: Financial express
Commerce and Industry Minister Piyush Goyal and US Trade Representative Katherine Tai on Saturday discussed ways to promote trade and investments between the two countries.In a message on social media network X (formerly known as Twitter), Goyal said he held a bilateral meeting with the US counterpart Tai.”Discussed key bilateral issues of mutual interest and explored ways to give further impetus to the growing India-US partnership through enhanced trade and investments,” he said.An official has recently said that both countries are looking at ending their last trade dispute related to poultry in the World Trade Organisation (WTO). Besides they are also looking at enhancing the partnership by permitting companies in both countries to participate in each others’ government procurement.In July, India and the US mutually resolved six trade disputes pending at the WTO, in line with the commitment made by the two countries during the US visit of Prime Minister Narendra Modi in June.During Modi’s US visit in June, a joint statement said that the prime minister had expressed India’s interest towards being recognized as a Trade Agreements Act-designated country by the US to further enhance the integration of both economies and promote bilateral trade and investment. In this regard, the two sides have welcomed the initiation of discussions at an official level on issues related to bilateral government procurement.The poultry case was filed by the US against India in the WTO in 2012. India has lost the dispute both at the panel as well as the appellate body levels. It was ruled against India that New Delhi’s ban on imports of poultry products from the US was inconsistent with global norms.As India was not able to implement the decision within the stipulated time frame, the US demanded compensation. After that, both countries are discussing ways to resolve the case mutually.The US is the largest trading partner of India. In 2022-23, the bilateral goods trade increased to USD 128.8 billion as against USD 119.5 billion in 2021-22.Further, Goyal also held a bilateral meeting with UK Secretary of State for Business and Trade Kemi Badenoch on the proposed free trade agreement between the two countries. “Discussed ways to add further momentum to the India-UK free trade agreement negotiations for a mutually beneficial deal,” he added.Negotiations for the agreement, which aims to boost trade and investment, have reached the last stage..Finance Minister Nirmala Sitharaman also met Badenoch and discussed bilateral investment and FTA.Earlier in the day, Sitharaman met European Commission Executive Vice-President V Dombrovskis and discussed bilateral economic and financial issues of mutual interests.
Source: Financial express
Chief Minister Y.S. Jagan Mohan Reddy will lay the foundation stone in virtual mode for a spinning mill proposed to be set up by the Ravali Spinners group at a cost of ₹150 crore at Peravali village in East Godavari district on August 31. The mill will produce yarn. East Godavari Joint Collector N. Tej Bharat, Revenue Divisional Officer S. Mallibabu and other officials inspected the project site on Sunday.
Source: The Hindu
Four-nation bloc EFTA is looking at significant reduction in trade barriers on sectors such as machine tools, advanced chemicals, pharma, chocolates, Norwegian and Icelandic fish in the proposed free trade agreement (FTA) with India, a Swiss minister said. Swiss State Secretary for Economic Affairs Helene Budliger Artieda also said that with India, the EFTA grouping is aiming for an ambitious and comprehensive agreement in trade in goods, services and protection of intellectual property rights (IPRs). India and European Free Trade Association (EFTA) states Iceland, Liechtenstein, Norway, and Switzerland - are negotiating a Trade and Economic Partnership Agreement (TEPA) with a view to boosting economic ties between the two regions.Negotiations on the agreement were officially launched in January 2008. 13 rounds of negotiations were held until autumn 2013 before the talks were put on hold. After talks were resumed in October 2016, a number of rounds have taken place. “Regarding trade in goods, India applies high tariffs on many of the EFTA countries’ exports. We obviously look for a substantial reduction of trade barriers, particularly for such high-value-added products as machine tools, advanced chemicals and pharmaceuticals, Swiss chocolate, Norwegian and Icelandic fish, and so on. This is our main focus,” Artieda told PTI in an e-mailed interview.EFTA has 29 free trade agreements (FTAs) with 40 partner countries including Canada, Chile, China, Mexico, and Korea. Replying to a question whether Switzerland is seeking zero import duty on gold from India under TEPA, she said, “we understand that gold is a very sensitive topic for our Indian colleagues and the ultimate goal of each negotiation is to find a good balance respecting the key interests and sensitivities of both sides”. Gold has a large footprint in the India-Switzerland bilateral trade, which stood at $17.14 billion in 2022-23. Out of this, imports stood at $15.8 billion in that fiscal. On any deadline for concluding the talks, the Swiss minister said negotiations for TEPA have been going on for more than 15 years and a lot of effort from both sides has been made during the past few months in order to conclude these negotiations swiftly. “We should seize this excellent momentum and continue to work constructively towards a successful conclusion of a mutually beneficial agreement in the coming weeks,” Artieda said. She added that the agreement and a new bilateral investment treaty would send out a clear message to the Swiss and Indian businesses to further exploit the potential. “The conclusion of these agreements is clearly the next important step for both our countries,” the minister said Replying to a question about ways to increase Swiss investments into India, she said Swiss companies are determined to invest in India and governments can foster conducive conditions to enable it and the trade pact is the cornerstone of these efforts. “At the moment, high customs duties are an impediment for trade and hence, for further investments. Swiss companies are known for being innovative. Therefore, an adequate protection of IPRs can play a major role in companies’ strategic long-term decisions to invest in India,” the minister added. The Swiss companies, she said, interested in investing more in India come from different kinds of sectors like MEM (machinery, electrical and metal), pharmaceutical, finance, construction, sustainable technologies and cleantech industry and ICT services. Currently, there are approximately 330 Swiss companies in India, creating more than 1,70,000 jobs. More than half of them manufacture in India and export from there worldwide. “There is immense potential for collaboration in the development of infrastructures notably railways, water/waste management and renewable energies and areas such as clean technologies,” she said. On India-Switzerland innovation platform, the Swiss minister said that the platform will be officially launched on October 30 during a three-day Indo- Swiss Dialogue on Antimicrobial Resistance (AMR) at the National Center for Biological Sciences. “The goal of the innovation platform is to grow our collaboration in a more strategic way in areas that are of importance to both our countries, such as health, sustainability, and digital transformation,” she added.
Source: Millennium post
As India and the UK inch closer towards finalising a free trade agreement, the contours of the much-debated and contentious bilateral investment treaty are likely to be finalised around the same time as the FTA and are expected to vary significantly from the model BIT of 2016, changes for which would require approval of the Cabinet. “We cannot be closer to the model BIT because that is from 2016 and as it is it has not found many takers. In today’s times, the demands of many countries are far removed from the BIT, so we cannot stick to the model format of the treaty,” a person aware of the matter said, adding that changes to the investment treaty will be sent to the Cabinet for approval. The investment treaty has been seen as one of the sticky points in the ongoing negotiations of the FTA between the two countries, raising concerns if both the agreements would come through at the same time. A separately revised investment treaty for the UK could set the stage for revision of investment modalities with other countries going ahead. The European Union has already stated that it has proposed an investment court system for dispute resolution and is awaiting India’s response for its proposal for dispute resolution under the bilateral investment protection pact that is being negotiated along with the FTA between the two countries.Investment treaties are crucial for promotion and protection of investors as they make investments in each other’s countries. At present, the model BIT of India from 2016 mandates exhaustion of domestic remedies prior to initiation of international arbitration proceedings, a measure which is likely to see some tweaks in the upcoming revised version, an official said. The model BIT was last revised in 2016. The government had received dispute notices from investors on the BITs signed on the basis of the old model text. In order to minimise such investor related disputes in future, the government then revised its model BIT text aimed at providing investor protection within the overall framework of laws and policies regulating foreign investment in India keeping in mind the interests of the nation, which has been viewed as protectionist by some countries.The changes in erstwhile BIT were also prompted by several international arbitration proceedings by global majors such as Vodafone and Cairn against the Indian government in different tax disputes.Under the India and UK FTA negotiations, out of the total 26 chapters in the proposed FTA, 19 have been closed. UK Secretary of State for Business and Trade Kemi Badenoch, who was in Jaipur last week for the G20 trade ministerial meeting, met Union Finance Minister Nirmala Sitharaman on Saturday. Badenoch also had a stock taking meeting in Delhi with India’s Commerce and Industry Minister Piyush Goyal on Saturday to review the ongoing India-UK FTA negotiations. “While expressing satisfactions over the last 12 rounds of negotiations wherein several chapters have been finalised, both exuded confidence on the next round of negotiations to be similarly successful. Both Chief Negotiators apprised the Ministers about the current state of play, issues outstanding for resolution and their continuous joint efforts to iron out the same,” an official statement issued on Sunday said. Till 2015, India had signed bilateral investment treaties with 83 countries based on the model BIT of 1993, and as amended in 2003. Out of these, 74 were ratified. Among these 74 bilateral investment treaties, notice of termination has been issued to 68 countries with request to re-negotiate based on the model BIT 2015 and six BITs are still in force. After the model BIT of 2015 was approved, India has signed four agreements of which two are in force, as per government data shared in Parliament in March this year.
Source: Indian express
A highly successful meeting took place today between Sh. Piyush Goyal, Commerce Minister of India and Ms. Helena Budliger, State Secretary, Director of the State Secretariat for Economic Affairs (SECO) in New Delhi. This meeting followed the successful conclusion of the G20 Trade Ministers' meeting held in Jaipur, and it underlines the commitment of both India and the European Free Trade Association (EFTA) countries to fostering stronger trade and investment relations. During the meeting, Minister Goyal and Ms. Budliger engaged in detailed discussions regarding the trade and investment ties between India and the EFTA countries. The talks encompassed a comprehensive review of the progress made in the ongoing negotiations for a Trade and Economic Partnership Agreement (TEPA) between India and EFTA. Both leaders reiterated their shared vision of achieving a mutually beneficial trade deal based on the principle of reciprocity that reflects the evolving economic landscapes of both India and the EFTA countries. The discussions emphasized the importance of addressing key issues and concerns to create an agreement that will serve the aspirations of the citizens of both regions. The collaborative effort in TEPA negotiations underscore the significance of the partnership and the dedication of both parties to ensuring the success of these negotiations. The meeting's outcomes signal a positive step forward in the India-EFTA trade relations, further strengthening the longstanding friendship and cooperation between the two regions. The commitment to deepening trade and investment ties bodes well for the economic growth and prosperity of both India and the EFTA countries.
Source: PIB
Following the G20 Trade and Investment Ministers Meeting (TIMM) at Jaipur, India's Commerce and Industry Minister, Shri Piyush Goyal and the UK’s Secretary of State for Trade, Ms. Kemi Badenoch had a stock taking meeting in Delhi on 26 August 2023 to review the ongoing India UK Free Trade Agreement (FTA). While expressing satisfactions over the last 12 rounds of negotiations wherein several chapters have been finalized, both exuded confidence on next round of negotiations to be similarly successful. Both Chief Negotiators apprised the Ministers about the current state of play, issues outstanding for resolution and their continuous joint efforts to iron out the same. While appreciating the efforts of both the CNs, the Ministers desired the good pace of exchanges to be continued with better understanding of each other’s aspirations and sensitivities. Both leaders expressed their unwavering commitment to reaching a conclusion on a fair, balanced, and mutually beneficial trade deal that will enhance economic cooperation between the two countries. Minister Goyal thanked SoS Badenoch for her support and constructive participation in the G20 TIMM at Jaipur. He also invited her to participate in B20 Summit India 2023 events. The meeting was also attended by Commerce Secretary Sunil Barthwal and DG Trade Negotiations Amanda Brooks. Teams are going to continue negotiations till end of August 2023 which will be followed by stock taking at the higher level.
Source: PIB
Sreekrishna Bharat, a 8-year-old in Nanganallur in Chennai, was intrigued by the fascinating colour of the Rajasthani shoes that his father got him at Jodhpur. He took his father’s mobile and scanned the QR code that was displayed at the exhibition to get details of the manufacturer. Keeping up with tech is one of the efforts taken by the Jodhpur City Knowledge and Innovation Foundation (JCKIF) to help thousands of artisans in Jodhpur use technology to improve their sales and also reach out to a global audience. The foundation, in the last two years, has been playing an active role in the upliftment of local artisans and promoting their craft by various trust building exercises and exhibitions, said JCKIF’s CEO, GS Toteja. “We are infusing technology in traditional handicrafts by developing digitalisation systems and techniques for traditional designs, creating a crafts lab and museum. We are using technologies, such as augmented reality/virtual reality (AR/VR) and providing livelihood incubation to crafts persons. We are also enabling consumers to view a product through 3D,” he told bloncampus. The JCKIF, a section 8 company, is an initiative of the Office of the Principal Scientific Adviser to the Government of India on the recommendation of the Prime Minister’s Science, Technology and Innovation Advisory Council (PMSTIAC) to create an Atmanirbhar Bharat through S&T. It is one of the six Science and Technology (S&T) clusters set up across the country with an objective of creation of a shared ecosystem; becoming a regional solution provider and becoming nationally and globally competitive. Jodhpur is famous for horn and bone work — a unique art of creating figures and characters by carving into animal bones that are acquired by legal means once the animal is dead; block print; dhurie and leather mojhari. Leading craft artisans, including Jakhir Hussain and Mohammad Ishaq, have urged the institute to help them with design, technological and marketing interventions to sustain the business, said Toteja.
Tech-driven The JCKIF is supporting a project on design, development and maintenance of ecommerce platform for Jodhpur Craft Clusters. This is under development. A bone (of camel) and horn craft exhibition was organised by JCKIF and IIT Jodhpur last year to support artisans by creating awareness among masses for buying craft products of local artisans, he said. “We are developing a digital archive of handicraft and handlooms from indigenous craft communities of Jodhpur and nearby areas that preserves tangible and intangible heritage of the craft traditions. We are also developing a plan to launch digitally-enabled, artisan-centric business models which will facilitate an ethical value chain ensuring sustainable livelihood for independent craftsmen. We plan to create and implement a framework to aid artisans in developing temporally relevant designs for new product development,” he said. To facilitate the artisans of the unorganised sector, a unique D2C platform is set up where potential customers can explore the handicrafts by diving into the immersive world of AR/VR to experience the products the way they look in the physical world. This platform would also help the artisans to reach the unreached by providing greater visibility to their craft. JCKIF has already taken the initiative by creating immersive space and scanned more than 300 artefacts of artisans associated with it. While there are different kinds of arts, artisans don’t get benefits. One of the major objectives of JCKIF was to connect with artisans and help them flourish economically; to continue the work and preserve a repository of all the things. For this, “we are working with the National Institute of Fashion Technology, Footwear design and development department, artisans, and various State and Central government agencies,” he said.
Source: The Hindu Business line
The G-20 trade and investment ministers on Friday agreed to an action plan on mapping global value chains, increasing participation of smaller industries in exports and digitisation of trade documents to further global trade. The Outcome Document and Chair Summary that was issued at the end of the two-day meeting was agreed to by all the participants. However, differing views and assessments of the Russia-Ukraine situation prevented the issuance of a joint communique.“We are working towards understanding where the problems in global value chains (GVCs) are and what needs to be done,” commerce and industry minister Piyush Goyal said at a media briefing.The G20 members endorsed the voluntary and non-binding ‘G-20 Generic Framework for Mapping GVCs’. The framework should be based on collecting timely high-quality sector-level data and voluntarily provided firm-level data, the outcome document said. “It takes care of data, takes care of analysis, takes care of concentration of suppliers and markets. It addresses concerns around volatility of trade volume and value. It also looks at upstream and downstream product needs or industry needs. It addresses the criticality of seamless flow of goods through the value chain, and also looks at connectivity,” Goyal said. Apart from strengthening GVCs by identifying vulnerabilities and making them diverse, the other aim of the mapping is to make developing and least-developed countries part of these chains. For inclusion of MSMEs in global trade, the Jaipur Call of Action suggested steps to address the information gap on trade and market-related issues they are faced with. The G20 trade ministers agreed that the global trade helpdesk implemented by the International Trade Centre (ITC) is suited for such an upgrade. They also decided to recommend the ITC to work on a detailed action plan. G20 members were called upon to provide trade-related information relevant for MSMEs available on a single portal or a non-exhaustive list of links to relevant websites for smaller companies engaged in trade.To reduce the cost of trade, the G-20 agreed to digitisation of trade documents as paperwork takes substantial time and cost, and is prone to errors. On the WTO reform, the G20 reaffirmed its commitment to conducting discussions with a view to having a fully and well-functioning dispute settlement system accessible to all the members by 2024. The dispute settlement of the WTO is not fully functional since the end of 2019 as the US is not agreeing to the appointment of members to the appellate body because of which many cases are pending. “We will continue to work constructively to ensure positive outcomes, including an WTO reform, at the WTO’s 13th ministerial conference (MC),” the outcome document said.
Source: Financial express
The audience at the B20 event was in for a surprise on Friday as Trade Minister Piyush Goyal decided to play the moderator and devil’s advocate at the G20 trade ministers’ session, posing some tough questions to his counterparts. He asked Chinese Vice Trade Minister, Wang Shouwen, whether China regretted that India did not join the Regional Comprehensive Economic Partnership (RCEP). Shouwen replied: “The China-India trade relationship is growing very fast. Last year, our bilateral trade reached $130 billion. If there had been an FTA (free trade agreement), either bilaterally or in RCEP context, the trade potential between the two countries would be much further tapped. It would benefit our two peoples. It is your decision whether or not you will join RCEP, but our doors are always open.” Goyal quipped that his concern was slightly different. “We are already concerned about bilateral trade, even though $130 billion is largely skewed in favour of China. Indian industry feels, if we had entered into RCEP, our trade deficit would also have risen further along with the increase in trade. We just can’t seem to understand the pricing. The cost at which you are supplying goods is a matter all ministers would like to know. How can you supply goods at less than the raw material cost?” Shouwen avoided giving a direct reply, saying: “I would like to congratulate you for being a very successful trade minister for India because even though you are not able to balance your trade with each of your trading partners, you have been successful in maintaining a global trade balance overall for your country. It is natural that you will have a trade deficit with countries like China, but you will also have trade surpluses with other countries.” Speaking to US Trade Representative (USTR) Katherine Tai, Goyal remarked that of the three USTRs he had worked with, his working relationship with Tai was the best. He asked Tai whether other countries should also use the template set by India and the US for resolving WTO (World Trade Organization) disputes bilaterally. The two countries recently agreed to settle six of their seven WTO disputes out of the court. “In terms of trade disputes, trade frictions, trade disagreements, they happen all the time. When it comes to dispute settlement, the critical moment in every disagreement is the point where there is a political alignment of will to resolve the issue as much as possible. What we have done together is to demonstrate that commitment, and that alignment of political will. What we have done is, I agree, a template that breaks the pattern of partnership between the US and India,” Tai replied. To the EU Trade Commissioner Valdis Dombrovskis, Goyal asked whether the Carbon Border Adjustment Mechanism (CBAM) would be a threat to open borders and expanding trade. “When we were designing this measure, we were putting a lot of attention to make sure that it was WTO-compatible and hence non-discriminatory. We are putting the same price of carbon on imported goods that we are putting on domestic producers, and any price of carbon paid in other countries will be deducted,” he added. To the Switzerland State Secretary for Economic Affairs Helene Budliger Artieda, who is leading the talks for an FTA with India on behalf of the four-nation European Free Trade Association (Efta) grouping, Goyal said India could help Swiss companies produce pharma products faster, and make medicines available for the whole world at more competitive price. Switzerland is very strong in research and innovation, particularly in the pharma sector. “So we would look forward to more innovative partnerships with your companies,” Goyal added. “It is very difficult to pitch Efta to Indians, but it is very easy to pitch India to Switzerland. Everybody sees the opportunities. This is my fourth visit this year, and that shows we are highly interested. We are hopefully racing to the finishing line. I am counting on an excellent office on your side,” Artieda said.
Source: Business Standard
Amid a relative slowdown in developed markets, the Indian economy is on a firm footing for establishing itself as a global growth engine, attracting investors with its promising growth story. India's allure as an emerging market has led to a surge in foreign portfolio investments (FPI), with more than $10 billion flowing into the equity markets in the last three months alone, while net FPI investments are at $19.09 billion during the current calendar year. Given the positive sentiments, India's appeal as an investment destination is evident, making it a prime focus for foreign funds seeking significant opportunities in a vibrant and sustainable market ecosystem.
Analysing the FDI Flow India's thriving economy has also attracted $46 billion in FDI during FY2023, registering a remarkable growth of 89% since FY2014. This warrants scrutiny of the jurisdictions contributing to this inflow. Notably, Singapore emerged as the leading source of FDI to India, contributing 37% ($17.2 billion) of the basket. The small island nation of Mauritius had a 13.32% share followed by the US at 13.13%. Remarkably, Mauritius outperformed several developed economies in its contribution to India's FDI. Smaller economies like Singapore and Mauritius played a vital role in bolstering India's FDI inflows, owing to their world-class International Financial Services Centres (IFSCs) that attract offshore fund managers seeking cost-effective bases.
GIFT City:India's Innovative Offshore Base To foster an offshore location for funds within its borders, India's forwardlooking government established the country's first IFSC in Gujarat International Finance-Tec (GIFT) City. Nestled between Ahmedabad and Gandhinagar, GIFT City boasts numerous distinctions, including being India's first functional smart city with cutting-edge infrastructural facilities like District Cooling System (DCS), Automated Waste Collection System (AWCS), and Underground Utility Tunnel. The unified regulator provides ease of compliance and enhanced convenience for global operations. Recognised among the top 15 centres expected to gain global significance in the next couple of years, GIFT City has become an ideal location for offshore funds seeking entry into a dynamic and vibrant emerging market ecosystem poised for sustainable growth.
Fund Regime and Tax Benefits AT GIFT CITY With a focus on elevating India's stature in the global finance and technology landscape, GIFT City offers enticing incentives to offshore funds and entities operating within its premises. These incentives include 100% income tax exemption for 10 out of 15 years, alongside a 9% minimum alternate tax/alternate minimum tax on book profits. Additionally, interest income paid to non-residents on money lent to IFSC units is not taxable, making GIFT City significantly attractive to investors.
Further, the GIFT City offers no GST on services received by units in IFSC or provided to IFSC/SEZ units and offshore clients, making it a preferred offshore location for global funds seeking both cost-effectiveness and dynamism. Moreover, the Special Economic Zone (SEZ) provides various relaxations for fund management entities and Alternative Investment Funds (AIFs), cementing its position as a hub for global enterprises in the new age.
Unprecedented Developments With a hospitable environment and favourable policies, GIFT City has already become home to multiple funds supported by leading Indian BFSI entities, including Aditya Birla Sun Life AMC, Kotak Investment Advisors, Mirae Asset Investment Managers (India), Nuvama Asset Management, and SBI Funds Management. In addition, the city serves as the investment gateway of choice for large offshore institutional investors like ADIA, GIC, Temasek, and Canadian Pension Funds.
Promising Prospects The enormous potential of GIFT IFSC, coupled with unwavering government support, presents boundless opportunities. As new funds continue to register with the IFSC, we observe notable developments like easier registration procedures, less stringent regulatory requirements, and a bank account with free movement of foreign currency in US dollars, all encouraging redomiciling to India.
Source: Economic times
INTERNATIONAL
Myanmar’s apparel manufacturing industry is facing challenges as major brands and retailers are stopping sourcing from the country due to human rights violations. The industry is a major source of jobs for the people of Myanmar as the country exports garments to major brands in Europe including Adidas, H&M and Zara-owner Inditex. A military junta took power in Myanmar in February 2021, plunging the country into a political and humanitarian crisis. Now, the European Union is assessing human and labour rights in Myanmar, a European Commission spokesperson said, leaving the door open to a possible change to the trade preferences it accords to the country. The EU’s “Everything But Arms” (EBA) scheme removes tariffs and quotas for all imports of goods except arms and ammunition coming into the bloc from 47 least developed countries including Myanmar. Brands H&M and Inditex have both recently said they would stop sourcing from the country where the ruling military junta has arrested trade union leaders and reports of labour abuses have multiplied. As per a report from Reuters, the EU is currently assessing the human rights and labour rights situation in Myanmar in the framework of the EBA enhanced engagement. The spokesperson of EU said that accordingly, the EU will continue to follow the situation closely and can where necessary adapt its policy. The EBA scheme supports the livelihoods of thousands of vulnerable workers in Myanmar, mostly women, the spokesperson added. The EU has since 2013 funded projects aimed at improving labour conditions in Myanmar’s garment factories. The latest project, called MADE, counts 18 European brands as members. Brussels began what it calls “enhanced engagement” with Myanmar in 2017 because of its shortcomings in human and labour rights. That includes additional monitoring and engagement with authorities, and can lead to the trade preferences being withdrawn.
Source: Apparel Resources
The Fashion Institute of Technology’s (FIT) MFA in Fashion Design program recently concluded an exciting collaboration with Mimaki, a wideformat printer manufacturer, to introduce fifteen talented students to the immense potential of digital textile printing. This partnership, known as the 2023 Mimaki Student Contest, enabled participants to delve into the realm of custom prints and explore new horizons in fashion design. FIT’s MFA in Fashion Design program is renowned for providing students with a conducive environment to experiment and create under the guidance of experienced and dynamic faculty. The curriculum encompasses crucial aspects such as brand identity, legal considerations, and global supply chain insights, empowering students to focus their designs, develop prototypes, and carve their unique market niche. With the support of Mimaki, this year’s students enjoyed additional resources and encouragement through hands-on digital printing experiences. Victoria Nelson Harris, the senior textile segment specialist at Mimaki, expressed her excitement for the collaboration, stating, “This partnership drives the demand for digital textile printing in the apparel industry and aligns with our commitment to minimizing environmental impact for a better future.” In the Mimaki Contest, every contestant was tasked with designing one custom printed garment. With an array of seven fabric choices, courtesy of Mimaki, students harnessed the power of Mimaki’s cutting-edge direct-to-fabric and dye sublimation printing technologies. Alongside this creative adventure, designers enjoyed expert mentoring on mastering digital print file management, all while immersing themselves in invaluable industry experience throughout the entire collaborative endeavor. In an impressive showcase of talent, the 2023 Mimaki Student Contest collections were assessed across design merit, sample quality, market appeal, creativity, and originality. Ashleen Tuteja emerged as the winning designer, securing an impressive reward: up to $1000 worth of fabric and a generous allowance of up to 50 yards of complimentary printing services for her senior thesis collection, slated for debut in spring 2024. Bryan Barrientos and Yoon Seo Lee claimed the runner-up positions, earning themselves a well-deserved prize of 10 yards of fabric and printing services each for their anticipated spring 2024 thesis collections. The 2022 senior designer winners, Valeria Watson and Lilach Porges, will showcase their collections during New York Fashion Week this September. Notably, Valeria had recently achieved recognition, securing the 2023 Bob Fisch Graduate Student Awards for Entrepreneurial Excellence and receiving a $25,000 prize. The partnership between Mimaki and FIT exemplifies the importance of vendors in the wideformat space supporting higher education institutions, especially those dedicated to the fashion industry. This collaboration fuels the demand for digital printing solutions, enabling designers to print locally, in any quantity, and with rapid turnaround times. This approach significantly reduces waste and streamlines production processes.
Source: Textile World
Teijin Cordley Limited and WR Supply Inc. today announced they will jointly develop a new process for recycling release paper from artificial leather manufacturing. Using the technology to manufacture the base paper for artificial leather release paper using raw materials derived from 100% recycled paper, it will be possible to recycle the used release paper into recycled base paper and other paperboard products. The new process incorporates WR Supply’s EB Series base paper. When used to replace conventional products, EB Series base paper is expected to reduce CO2 emissions from manufacturing new base paper and incinerating used release paper, as well as promote recycling. This achievement will be a first for Japan. Teijin Cordley is the Teijin Frontier Group’s high-grade artificial leather business; WR Supply is a venture focused on ecologically recycled products and environmental consulting. Teijin Cordley has been promoting environmentally friendly products and manufacturing processes, such as using recycled raw materials for artificial leather base fabrics and using water-based polyurethane without organic solvents. Teijin Cordley and WR Supply will start recycling of used release paper with Rengo Co., Ltd., a corrugated board, paperboard and packaging specialist, at the end of 2023. The two companies will contribute to the realization of a recycling-focused society by working with the release paper and artificial leather industries to build a system that advances sustainable recycling.
Promoting Circularity Release paper used in manufacturing artificial leather is a two-layer structure comprised of a base paper and a resin coating. The resin is used as a mold to transfer patterns and textures such as natural leather markings and geometric designs to the artificial leather surface. In the new collaboration, Teijin Cordley will collect used release paper from its artificial leather manufacturing production. Rengo will recycle and process the used release paper, and produce EB Series base paper in accordance with WR Supply’s patent. Rengo will use the recycled release paper for other kinds of paperboard. WR Supply will sell the EB Series base paper to manufacturers of release papers. To complete the circle, Teijin Cordley will purchase release paper made with EB Series base paper and use it for artificial leather production.
Reducing CO2 Emissions and Conserving Trees WR Supply’s patented process and Rengo’s paperboard manufacturing technology enable recycled paper to be dissolved in water, avoiding the need for heat and chemicals to separate pulp chips. These environmentally impactful ingredients, as well as the from virgin pulp. Using this novel method reduces CO2 emissions during manufacturing by approximately 60 percent, according to studies by WR Supply. Further, thanks to the use of 100 percent recycled content, there is no need to cut down additional trees. For example, when 10,000m of conventional base paper is replaced with EB Series base paper, approximately 100 acacia trees can be conserved. By recycling the base paper portion of used release paper from artificial leather, Teijin Cordley will be able to reduce CO2 emissions from incineration by approximately 100 tons per year, and to reduce the volume of industrial waste derived from used release paper by 80 percent per year. Importantly, EB Series base paper delivers the same quality as conventional base paper, even though it is made from recycled paper.
Source: Textile World
President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan on Sunday put emphasis on making business procedures, especially customs, bond and VAT-related services, more simplified and faster in order to become competitive in the global apparel market, reports BSS. The RMG industry can save time and money and improve efficiency by streamlining the services, he remarked. Faruque also laid emphasis on improving the understanding of the customs and VAT regulations among garment industry professionals by providing them training. He came up with the remarks while addressing the opening ceremony of the 'three-month certificate course on customs, bond, VAT, tax, and SD' as the chief guest. The programme was organised by Bangladesh Garments Accessories & Packaging Manufacturers & Exporters Association (BGAPMEA) in association with Bangladesh Tax Training Institute (BTTI) in Dhaka on Sunday. Azizur Rahman, Commissioner, Customs Bond Commissionerate, North, Dhaka and Md Moazzem Hossain Moti, President of BGAPMEA, also spoke at the event. In his address, Faruque thanked BGAPMEA for taking timely initiative of the training. He mentioned that the course would help the garment, accessories and packaging industry professionals to deal with customs, bond and VAT-related services in compliance with the laws and regulations and avoid unnecessary delays and complexity in procedures.
Source: The Financial express
