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The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) to unveil a dashboard on technical textiles soon. As per reports, the dashboard will provide information on technical textile products experiencing rising demand, the nations exporting these products, and the countries importing different technical textile items. The council's Chairman, Bhadresh Dodhia said that the U.S., Japan, and West Asian countries were buying package textile products (packatech) from India, which is the main driver of technical textile exports at present. “Technical textile products registered 6 per cent growth in exports so far this year,”he said. However, manmade fibre and fabrics, excluding garments, were expected to see a de-growth of 8-10 per cent this financial year. “Exports are down mainly due to global consumption patterns,” he added.
Source: Knn India
From the mulberry and cotton farms to the retail stores stacked with endless rows of glittering sarees, stakeholders throughout the natural fibre supply chain aspire to be self-sufficient, besides wanting to guard against the uncertainties of the market. Adoption of digital solutions, across the board, can ensure that the stakeholders, particularly those at the grassroots – farmers, reelers, and weavers – are deservingly rewarded. Meanwhile, the retailer, equipped with knowledge of the entire lifecycle of both the raw materials and the fabric, can leverage their superior quality to set the price with greater precision. Enhanced quality, coupled with a boost in overall productivity, has ensured a manifold increase in the income of every stakeholder that is part of the natural fibre value chain. In the recent past, many villages have had farmers, reelers, and weavers, scripting such success stories with the assistance of technology, coupled with an enabling ecosystem. Digital solutions have enabled stakeholders in the largely rural textile sector to supplement the benefits they have accrued from improved internet connectivity and smartphone penetration. To give an example, the weaving of silk is a highly complex task. Silk cocoons harvested from mulberry leaves need to be transported from the farms within a stipulated period of time since each minute lost in transit can affect the quality of yarns. Mulberry farmers often complain of the ordeal they have to endure in transporting silk cocoons – these include having to rise at odd hours, securing transport, and arranging for compact storage spaces. Digital integration of the entire ecosystem on an app, for instance, would enable farmers to almost immediately transport the harvested cocoons to the reelers /yarn manufacturers. Immediately after harvesting the cocoons, once the farmer sends an alert on this app, he can leave the task of transporting them to able logistics handlers. Meanwhile, with third-party vendors ensuring the transport of cocoons in sterile chambers, neither the reeler nor the farmer needs to worry over the probable deterioration of the cocoons and can rest assured of being fairly remunerated. Streamlining the supply chain, right from the farm to the retail outlet, will usher in consistency in pricing, while data availability on both domestic and global markets will help sustain perennial demand.
Scope for experimentation
Today, leveraging the immense scope of 3D printing, and computer-aided design technologies, weavers can be more adventurous in the design of garments. Increased employment of 3D printing can result in a proportionate reduction in the utilisation of natural resources such as water. Furthermore, as the industrial world prepares to embrace the full-fledged capabilities of 'Industry 4.0, the use of 3D printers at a textile mill ensures that the transition of the traditional handloom mill into a 'Smart' manufacturing plant is seamless.
Towards sustainability
Shrinking arable land, depleting natural resources, and rising pollution levels, are among the problems expected to effect a marked reduction in the overall output of the natural fibre sector across the world. Cognisant of these challenges, stakeholders in the sector are proactively seeking sustainable alternatives to cotton and silk. Leveraging an extensive suite of advanced digital solutions, the industry is now experimenting with banana peel, and pineapple leaf, to meet the twin objective of meeting growing demand, while keeping the industry's overall carbon footprint to a bare minimum. Notwithstanding the untapped potential of the man-made fibre market in the country, the natural fibre ecosystem remains the bedrock of India's textile and apparel industry. It is the abundant availability of raw materials India is the largest producer of cotton and the second largest producer of silk- that is driving sustained investment in the sector(1). Nurturing the supply of natural fibres to what is an expanding sector amid the harsh realities of climate change is a challenge that technology-powered sustainable solutions can help surmount.
Ready financial assistance at the fingertip
Farmers engaged in the cultivation of mulberry, cotton, or other natural fibres, often struggle with a wide range of problems, ranging from difficulties in securing financial assistance, and quality raw materials, to poor logistics infrastructure, and inconsistent pricing. Although the Gol has rolled out plenty of schemes aimed at easing access to finance for these farmers, a lack of awareness about these initiatives prompts them to turn to the more traditional financial institutions. But banks and NBFCs often fail to factor in the constraints under which these farmers toil-problems range from the long cash conversion cycle to the equally short lifespan of the raw produce.
Consequently, farmers either find the terms offered on loans unattractive or secure limited funds that severely curtail the scope of their operations. However, fintech firms, through the use of credit scores, big data tools, and a more transparent operational framework, are endeavouring to lend a much-needed hand to farmers(2). Farmers cultivating mulberry on a patch of land as small as half an acre can now apply for loans on their smartphones, owing to the digitisation of the financial process. The transparency that the digitised financial ecosystem guarantees has also simplified the process for claiming insurance, with stakeholders being spared the ordeal of a lengthy verification procedure.
Source: The Hans India
India is helping New Delhi to strengthen trade ties with member nations and provides an opportunity to attract investments from those countries in sectors like infrastructure, experts say. They said that the G20 (Group of 20) holds a strategic role in securing future global economic growth and prosperity, as its members represent about 85 per cent of the global GDP (Gross Domestic Product), 75 per cent of global trade and two-thirds of the world's population. Presiding over this multilateral forum is an opportunity for India as it can showcase its strength and achievements for attracting investment and deepen its trade relation with these large economies, the experts added. Fast-tracking negotiations for free trade agreement, ease of doing business, development of modern infrastructure, skilled manpower, large population with growing income are some of the positives which help India to enhance trade realisations with these member countries. The G20 has 43 members and not 20 countries. These include 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, UK and US) and the European Union (27-member group). Three EU countries -- France, Germany, Italy -- are counted among the 19 countries. Trade experts suggested the government to fast-track ongoing negotiations for free trade agreement (FTA) with countries like the UK and EU as it would help India in better market access to these countries as well as facilitate investment. However, they also asked not to use trade platforms to achieve climate aspirations as that could harm progress in both trade and climate discussions. The largest trade block of G20, the EU, will set in motion the carbon border adjustment mechanism from October 1 this year, making exports expensive from countries like India "In the first eight months of 2023, the EU introduced five regulations on climate change and trade. The G20 nations should not ignore this elephant in the room and discuss before individual countries rush to the WTO (World Trade Organisation (WTO). This may soon unravel world trade," think tank Global Trade Research Initiative (GTRI) Co-Founder Ajay Srivastava said.
Source: Retail.economictimes.indiatimes.com
The commerce ministry's arm DGFT on Monday said it has suggested banking and financial institutions to extend pre- and post-shipment export credit in foreign currency to e-commerce exporters based on the guidelines of the RBI. Any issues in availing such credit may be brought to attention by ecommerce exporters or banks to the directorate general of foreign trade (DGFT). This assumes significance as the new Foreign Trade Policy 2023 is also aimed at promoting exports through the e-commerce medium. The DGFT in a trade notice said that consultations were held with industry representatives, exporters, and nodal departments on outstanding issues pertaining to exports through e-commerce. One issue flagged was the unavailability of pre-shipment and post-shipment export credit for e-commerce exports and in this regard, consultations were held with the RBI, it said. It is clarified that master circular 'Rupee/Foreign Currency Export Credit and Customer Service to Exporters' furnishes a comprehensive framework, and permits for access to pre-shipment and post-shipment export credit and Packing Credit in Foreign Currency (PCFC) to all eligible exporters which does not preclude e-commerce exporters. "Banking and financial institutions concerned are therefore encouraged to extend pre-shipment and post-shipment Export Credit and Packing PCFC to e-commerce exports based on the extant guidelines issued by RBI," it added. The Foreign Trade Policy 2023 has also mandated to handhold and conduct outreach programmes to promote e-commerce exports. Think tank Global Trade Research Initiative (GTRI) in its report has stated that India should target USD 350 billion worth of goods exports through ecommerce by 2030 and for that the government needs to address pain points of the sector by taking steps like formulating a separate policy. India's current e-commerce export numbers remain far below their potential. Currently, e-commerce exports account for only USD 2 billion, less than 0.5 per cent of the country's total goods export basket.
Source: Economic times
A week ahead of the G20 Summit in New Delhi, which is being attended by Canadian PM Justin Trudeau, Canada has announced that it was pausing its Free Trade Agreement (FTA) talks with India. “The Canadian side conveyed that they were taking a pause in India-Canada negotiations on the Early Progress Trade Agreement,” news agency PTI quoted an official as saying. While commerce and industry ministry officials said these talks would resume, they have also said that this cool-off period would help the two countries take stock of the progress. Over half a dozen rounds of talks have been held between the two countries on the trade agreement so far. In May, there were officials from India and Canada negotiating an interim deal covering goods, services, rules of origin, technical barriers to trade, and dispute settlement. The target of completion was 2023-end. This would have been followed by the India-Canada Comprehensive Economic Partnership Agreement (CEPA). The interim negotiation with Canada — also called the Early Progress Trade Agreement (EPTA) — was said to have been progressing fast. The seventh of negotiations for EPTA was held in Ottawa in April. India-Canada bilateral trade in goods reached about $8.2 billion in 2022, registering about 25% growth compared to 2021. Meanwhile, the reason for this pause is said to be the stalemate India and Canada had on issues such as rules of origin and some tariffs. India is negotiating trade agreements with the United Kingdom and the European Union, and expanding its early harvest trade pact with Australia into a larger free trade agreement. Even though India and Canada are strategic partners, in the past few years, there have been concerns that India has often raised about the pro-Khalistani elements in Canada. These cases have led to diplomats being harassed and graffiti being made against India appearing in different parts of Canada. PM Trudeau’s official trip to India in February 2018 did not go down well with India after an invite was sent to a Khalistani separatist Jaspal Atwal for Trudeau’s reception organised in Delhi. Recently, Trudeau had raised objections to India not extending an invitation to Ukrainian President Volodomyr Zelenskyy and had said that when he came for the G20 Summit to Delhi, he would raise the Ukraine issue. Think tank Global Research Initiative (GTRI) co-founder Ajay Srivastava said that halting of India-Canada free trade agreement negotiations does not harm Indian trade interests as more than half of Indian products already enter Canada duty-free and would not have benefitted from this pact.
Source: New Indian express
India is at the sweet cusp of concluding the BRICS Summit 2023 and starting the G20 meet under its Presidency in New Delhi in September 2023. This is a golden opportunity for India to reinforce its commitment to a just energy transition while shaping international collaborations towards a sustainable future. The XV BRICS Summit Johannesburg II Declaration dated 23 August 2023 has already made a positive attempt in addressing issues of climate change. The Declaration has agreed to address “challenges posed by climate change while also ensuring a just, affordable and sustainable transition to a low carbon and low emission economy in line with the principles of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC), in light of different national circumstances. ” The BRICS Summit also declared that the member nations share a com- mon view, taking into consideration national priorities and circumstances, on the efcient use of all energy sources, which are crucial for a just transition towards more flexible, resilient and sustainable energy systems. Since India is an integral party to this declaration, it lays down a clear road map for India to harness the ‘just transition’ commitment in the upcom- ing G20 Presidency meet in India. The G20 meet under India’s presidency assumes greater importance as she positions herself as a frontrunner in the global climate agenda. Living up to its commitment to the United Nations Framework Convention on Climate Change (UNFCCC), at the Glasgow Summit, India has set an ambitious target of achieving net-zero emissions by the year 2070 and meeting 50 per cent of its energy needs from renewable sources by 2030. This goal is not only essential for combating climate change but also for addressing the three conicting challenges of energy security, energy equity and environmental sustainability i.e. The Energy Trilemma. The commitments align seamlessly with the principles of a just transition, which emphasizes the need to balance economic development with environmental stewardship and social equity. Therefore, in India’s energy transition journey, a vital facet that cannot be overlooked is the intersection of justice with these transformative efforts. India’s presidency at the G20 Summit in 2023 comes at a critical time, offering a platform to showcase that its commitments are action oriented and it can smoothly lead a mission for sustainable and equitable transition as it efciently discharged its presidency commitments under G20. India can also leverage this opportunity by presenting its successful models, best practices of achieving net zero emissions and progress in expanding renewable energy capacity. This could be more challenging than it sounds but even if India can present reasonable initiatives made in this direction, it can serve two purposes. First, it could be a moral win over G20 member states and second, it may offer India a head start on the negotiation table to bet for technology share, capacity building, and sustainable investments in renewable energy projects. This can be in line with India’s voluntary action plan for doubling the pace of energy efciency by the year 2030 which it also proposed in the 4th and last Energy Transitions Working Group Meeting, held under its G20 presidency in Goa in July 2023. The working group also acknowledged and took note of India’s proposal for establishing Green Hydrogen Innovation Centre and the Global Biofuel Alliance in India. India’s energy landscape has undergone a paradigm shift over the past decade, marked by a growing commitment to reduce its carbon footprint and increase the share of renewable energy in its power mix. However, the transition to cleaner energy sources presents both opportunities and challenges in terms of social and environmental justice and India has the chance to create a legacy that transcends borders and ushers in a brighter and more inclusive world. In conclusion, India’s G20 presidency has the potential to be a game-changer in steering the nation towards a just energy transition. The convergence of India’s pledge to achieve net-zero emissions by 2070, its commitment to renewable energy, and its leadership role in the G20 presents an unprecedented opportunity for India to lead by example for other develop- ing countries’ transition to clean energy . The G20 presidency signies not just a responsibility, but an opportunity for India to shape a more sustain- able and equitable future for all.
Source: The statesman
The government is working out a framework for countries or sovereign-backed firms to borrow from the Indian market to pay for their imports in rupee, a move that would help countries that have trade deficit with India, besides furthering the goal of rupee internationalisation. “The countries which have trade deficits wth India or their firms may explore the possibility of borrowing from Indian markets (to pay for their imports, or take steps to step up their exports to India,” a senior finance ministry official told FE.Even though such bilateral mechanisms will take time to stabilise, both export and import in the rupee would reduce pressure on the forex reserves of both partner countries and have mutual benefits “On the face of it, if you’re looking from the exports and investment perspectives, it is good for India. It will also help India push exports to countries that are short of foreign exchange as those countries will not have many options. Therefore, they would like to work on this with India,” Federation of Indian Export Organisations Director General and CEO Ajay Sahai said. However, he said, it needs to be known whether the mechanism will be in the form of a sovereign loan in rupee or via bank financing of individual companies.The rupee borrowing facility to fund imports from India may benefit countries with international sanctions and/or those short of foreign exchange, including some in Africa and South Asia, Sahai added. Last year, the Reserve Bank of India allowed countries with excess balance in their rupee accounts, trade-surplus countries with India such as Russia, to invest government in securities (G-secs) and Treasury Bills. Russia has channelled a portion of its surplus, thanks to a sharp increase in Russian oil imports by India, in its rupee account into the G-secs/Tbills, providing an additional stream of funds to the domestic gilt market. To promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in the rupee, the RBI put in place an arrangement for invoicing, payments, and settlement of exports/imports for international trade in rupee on July 11, 2022. The framework created by the RBI is applicable for any partner country seeking to undertake trade with India in INR. As on date, RBI has permitted 20 Authorised Dealer (AD) banks in India to open of Special Rupee Vostro Accounts (SRVAs) of partner banks from 22 countries namely Bangladesh, Belarus, Botswana, Fiji, Germany, Guyana, Israel, Kazakhstan, Kenya, Malaysia, Maldives, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and United Kingdom. The government has been exploring payment options for countries that have trade deficits with India and have difficulty in making payments in global currencies such as the US dollar, to ensure that Indian exports continue to those countries are unhindered.
Source: Financial express
INTERNATIONAL
The viscose specialty fibre manufacturer Kelheim Fibres has entered into a collaboration with MagnoLab, an international network of companies in the textile industry based in the Biella region. This partnership highlights the importance of collaboration between different companies to drive innovation and sustainability in the textile industry. Kelheim Fibres, a pioneer in the development of sustainable viscose fibres, sees itself not only as a fibre supplier but also as an innovation partner for the entire industry. Through its Open Innovation approach, Kelheim Fibres fosters the exchange of ideas and knowledge to jointly develop sustainable solutions for the future. Kelheim Fibres operates several pilot and technical facilities itself. The close collaboration with MagnoLab, which boasts an impressive array of state-of-the-art textile machinery, allows for even more efficient research and development. Dr. Marina Crnoja-Cosic, Director New Business Development, Marketing & Communications at Kelheim Fibres, emphasizes the advantages of the collaboration: ” Through close networking with the companies organized under MagnoLab, we can produce small quantities of samples and prototypes using various technologies. This enables us to develop solutions based on our specialty fibres that can be directly transferred to our partners’ production facilities within the textile value chain.” Giovanni Marchi, President of MagnoLab, also expresses his enthusiasm: “Kelheim Fibres is the first fibre manufacturer we are collaborating with. Together, we now cover the complete textile chain, making our work even more valuable. “The cooperation allows for practical testing, accelerating the implementation of innovations. It also contributes to a closer networking of the European (and thus regional) value chain. Thanks to shorter transport routes within Europe, not only is the environmental impact reduced, but also the realization of innovations in Europe is facilitated.
Source: Textile world
The European Union is preparing fast fashion companies to address the significant issue of garment waste ending up in landfills. At a warehouse on the outskirts of Barcelona, women have been tasked with manually sorting large bales of used clothing to tackle this problem. Prominent fast fashion brands such as Moda Re, Inditex (owner of Zara), H&M, Adidas, and Puma have committed to investments in garment sorting and recycling. Inditex, in particular, plans to invest € 3.5 million in Moda Re to establish recycling containers in all Spanish stores. Within a year, Moda Re, which already runs a garment re-use and recycling charity, plans to double the volume it handles to 40,000 metric tons annually at the sorting center. “This is just the beginning,” said Albert Alberich, director of Moda Re, which is also part of Spanish charity Caritas and runs Spain’s biggest second-hand clothing chain. “Increasingly we are going to turn used clothes into raw material from Europe for fashion companies.” Aligning with new EU measures, Moda Re and Inditex are expanding their facilities in Spain, in sites like Barcelona, Bilbao, and Valencia to enhance garment sorting and recycling capacities. Meanwhile, H&M, Mango, and Inditex have formed a non-profit association in Spain to manage clothing waste, in compliance with an EU law effective from January 2025, requiring the separation of textiles from other waste. Puma had partnered with sorting companies like Texaid (Switzerland) and Vestisolidale (Italy). Adidas and Bestseller have also invested in Finnish start-up – Infinited Fiber Company, which manufactures fibre out of textile waste, cardboard and paper. European manufacturers and analysts attribute this towering challenge of garment waste to overproduction and overconsumption. According to a McKinsey report, an investment ranging from € 6 to € 7 billion will be required by 2030 to achieve the level of textile waste processing and recycling targeted by the EU. Fortunately, numerous European companies are joining forces to invest in recycling initiatives and advanced technologies, which is a positive step forward in addressing this challenge.
Source: Apparel resources
The RMG Sustainability Council (RSC) recently acknowledged the compliance and safety of 73 Bangladeshi garment factories. These factories received Letters of Recognition (LoRs) from the RSC after rectifying non-compliance issues identified during the initial inspections conducted by the council. The RSC, established by incorporating members representing the industry, global fashion brands, and global and local trade unions, plays a crucial role in monitoring workplace safety in RMG establishments. Currently, the RSC oversees a total of 1,913 factories, of which 534 have successfully addressed all initial safety concerns. Consequently, 73 factories have now been awarded LoR certificates. Abdul Haque, the Managing Director of RSC, emphasised the council’s practical, solution-oriented approach to resolving outstanding issues while upholding safety and standards. Collaboration remains a driving force behind their efforts. The RSC, a private national tripartite initiative, aims to build upon the significant strides made in workplace safety in Bangladesh. In 2020, it inherited the operations, staff, policies, and infrastructure of the local Bangladesh Accord office. The RSC conducts safety inspections, provides training, and offers an independent occupational safety and health complaints mechanism for workers in covered RMG factories.
Source: Apparel resources
