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The global apparel market is estimated at around $1.7 trillion in 2022 and expected to grow at a CAGR of around 8 per cent to reach $2.37 trillion by 2030. Global textile and apparel trade was around $910 billion in 2021 and is expected to grow at a CAGR of 4 per cent to reach $1.2 trillion by 2030, according to a knowledge report titled ‘Textile Industry’s Amrit Kaal: Roadmap for $350 Billion Market by 2030’ by the Federation of Indian Chambers of Commerce & Industry (FICCI)-Wazir Advisors at the FICCI TAG 2023 Annual Textile Conference. The report suggested that export competitiveness, attaining manufacturing excellence, strengthening the textile value chain, embracing sustainable practices and circular economy, and leveraging government schemes are the key enablers to attain the $350 billion market. It was also recommended that the industry should focus on automation and digitalisation to improve processes and efficiency levels; bring strong focus on people and skill development; start leveraging FTAs to tap new markets; develop capabilities and build capacities in synthetic textiles and technical textiles; and adopt global best practices for manufacturing excellence. The government should bring additional support to the existing textile clusters which will help build capabilities and allow MSMEs to compete globally, highlighted the report. “The transformational change for textile industry at large would need to be based on manufacturing excellence, responsible production, embracing sustainable practices, leveraging technological capacities, and developing assurances in product and process by collaborative efforts of us all. The ecosystem is being enabled from raw material end to international market access initiatives during this Amritkaal and we are confident to achieve the $350 billion target, with sustainability at the core for planet as well as textile enterprise,” said Roop Rashi, textile commissioner, ministry of textiles, government of India. “With anchor investors, state-of-the-art infrastructure, and large land availability in place, Telangana invites the textile and apparel industry to KMTP,” said Mihir Parekh, director, textiles and apparel, commerce and industries department, government of Telangana. “Unlocking the potential of India's textile industry is not just a vision; it's an achievable reality. To reach the $350- 400 billion mark by 2030, we must embrace global trends, foster partnerships, manage labour reforms and strengthen our value chain, reducing import reliance. Let's collaborate, innovate, and build a brighter future for the Indian textile and apparel industry,” said Rajendra Agarwal, MD and mentor, Donear Industries Ltd. “The FICCI recommends that the government should focus on developing mini sub sectoral roadmap within the larger macro picture with the support of Industry and help supporting each of the segments, which can not only contribute higher quantum but also provider faster growth to the overall textile sector,” said Sucheta Shah, immediate past chair, MSME Committee, FICCI Maharashtra State Council. “In nations such as India, it is crucial to develop supply-side capacities, given the country's unique advantage in both domestic and international markets. Synthetic fibre industry is equipped to take care of all needs of raw material as industry expands,” said RD Udeshi, president, Polyester Chain, Reliance Industries Ltd. “The focus on sustainability, digitalisation, and manufacturing excellence for profitable manufacturing growth will help to achieve $350 billion by 2030,” said Prashant Agarwal, co-founder and joint managing director, Wazir Advisors. “There is a need for creating product development centre and tie-up up with international institutes for new product growth and should focus on international experts in niche areas,” said Murugan Thenkondar, president and global head marketing and business development, Grasim Industries Ltd. “The textile and apparel Industry of India has a bright future, and it will be a player to reckon with in the next 4-5 years,” said Chetan Bhagat, general manager – sales, Oerlikon Textile India Pvt Ltd. “The PLI scheme is expected to boost investment in the industry, contributing to significant growth in production, employment, and exports, and will emerge as a strong competitor in the global market,” said Tushar Gurg, directorcommercial lifestyle division, Raymond Ltd.
Source: The In.fashionnetwork.com
Sports events are always an opportunity for the demand of sportswear to increase and the world cup taking place in India has also increased the demand for the Team India jersey. Industry executives believe that Team India’s jersey sales reached a record high with estimates of nearly Rs. 150 crore. The amount includes both the sales of official Adidas jerseys and the cheaper generic ones. Recently in Ahmedabad, during the match of India with Pakistan, more than 100,000 spectators were wearing blue jerseys. Nearly all top online platforms are witnessing a good demand for this particular product. Amazon has placed the official Adidas India blue jersey as a “bestseller” on its platform, and it saw a 4.8X increase in the last four weeks, which escalated to an astounding 9X growth in the last three weeks before the match kicked-off on 5th October. Myntra and Meesho too are seing a wide range of India blue jerseys and T-shirts with the names of top cricketers. For Myntra, the demand has grown close to 5X of business-as-usual days since India’s most recent victory. Companies believe that in coming days the demand can increase further.
Source: Apparel Resources
India's high quality labour-intensive goods such as apparel, footwear, carpets and cars will benefit from the removal of import duties by the UK, under the proposed free trade agreement between the two countries, according to think tank GTRI. However, the overall gains for India will be limited because most of the goods from here are already entering the UK at low or zero tariffs (import or customs duties), the Global Trade Research Initiative (GTRI) said. In 2022-23, India's merchandise exports to the UK were valued at USD 11.41 billion and out of this, USD 6 billion worth of goods such as petroleum products, medicines, diamonds, machine parts, airplanes, and wooden furniture entered Britain at zero levy, it said. "The FTA is expected to have a limited impact on increasing these exports because over half of Indian products already enter the UK with low or no tariffs. The average duty on goods imported from India into the UK is 4.2 per cent," GTRI Co-Founder Ajay Srivastava said However, there will be gains from reducing duties for Indian exports worth USD 5 billion and those items include textiles, apparel (shirts, trousers, women's dresses, bed linen), footwear, carpets, cars, marine products, grapes, and mangoes. "These products face relatively low to moderate tariffs in the UK," he said. Citing examples, the think tank said that duties on yarn and fabric are 4 per cent, while tariffs on shirts, trousers, women's dresses, and bed linen range from 10 per cent to 12 per cent. Similarly, handbags and trunk cases attract 8 per cent tariffs, levies on footwear vary from 4 per cent to 16 per cent. These products will benefit from the FTA's tariff reductions by the UK. Chief negotiators of both the countries are negotiating the pact in the national capital and talks are at a crucial stage, as the negotiations are expected to close by end of this month. GTRI added that while the duty elimination in the UK can help Indian exports, significant growth requires improvements in product quality and signing an FTA alone may not lead to a substantial increase in India's labourintensive goods exports. For instance, India's textiles and apparel exports to Japan did not see significant gains from the free trade agreement, Srivastava said. From 2007-09 to 2019-21, India's exports to Japan grew from USD 257.7 million to USD 368.6 million, a cumulative growth of 43.1 per cent, while India's global exports grew by about 67.9 per cent during the same period. Therefore, the modest increase in exports to Japan may be attributed to natural growth factors rather than the FTA, he added. Further, UK exporters would gain immediately after India eliminates high tariffs on most British products, it said. India's merchandise imports from the UK were USD 8.96 billion in 2022-23. Out of this, it said, 91 per cent of total merchandise imports from the UK enter India on payment of average to high tariffs duties. For example, the tariff on cars is 100 per cent and on Scotch whisky and wines are 150 per cent. The simple average tariff in India on goods imported from the UK is 14.6 per cent, it added. According to GTRI, British products which will gain from the FTA (free trade agreement)-led tariff reductions include precious metals (silver, unwrought platinum and gold, diamonds); metal scrap (aluminium, copper waste); petroleum products; scotch and other alcohol; machinery (turbojet, taps, valves); medicine; and make up items. The UK exported USD 2.7 billion worth of precious metals; and USD 374 million worth of Scotch and other alcohol into India during 2022-23. On automobiles, it said: "for luxury cars like those from JLR, Bentley, RollsRoyce, and Aston Martin, the UK might want zero tariffs, but India could reduce them from 100 per cent to 50 per cent. India might also consider allowing a few thousand units at a 25 per cent tariff". It added that India could reduce tariffs from 150 per cent to 50 per cent over a few years, similar to what it did for Australian wines. These sectors in India have had high tariff protection, even more than agricultural products. Significant tariff cuts, especially for wines, will help the Indian market grow. On Rules of Origin, an important issue in the agreement, GTRI said India tends to prefer more conservative rules compared to most developed countries, leading to extended discussions and negotiations in its FTA talks, including with the UK. "However, India may need to be more flexible in its Rules of Origin framework, especially as its firms in sectors like chemicals, electronics, and synthetic textiles are increasingly using imported inputs," it said. Rules of Origin ensure that products from third countries do not receive FTA benefits unless they undergo significant transformation in the exporting country.
Source: Economic times
The negotiations for the proposed free trade agreement (FTA) between India and the UK are at an advanced stage. Commerce Secretary Sunil Barthwal said that the deliberations on tough issues are underway. An official delegation from the UK is here for the negotiations. A team led by Commerce Secretary Sunil Barthwal was in London recently to give an impetus to the talks. The senior bureaucrat said, “These negotiations are in the advanced stage. These are going on, and we are ironing out the differences. We should wait till these negotiations are over because the 13th round is going on.” The Indian apparel industry is eagerly waiting for the FTA with UK, one of the major markets for Indian apparel exporters. Indian apparel exporters are hopeful that once this FTA will take place, there will be good growth in Indian apparel exports to the UK. Media reports claim that these remarks assume significance as both sides are expected to conclude the talks this month and may sign the deal in the last week. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights.
Source: Apparel Resources
India’s wholesale price index (WPI)-based inflation touched a six-month high of -0.26 per cent in September, even as it remained in negative territory for the sixth consecutive month, data released by the ministry of commerce and industry on Monday showed. The continuing deflation in factory gate prices comes on the back of a high base and a sharp deceleration in food prices. It is also because of the continued contraction in the prices of fuel and manufactured products like mineral oils, textiles, basic metals, chemicals and chemical products, compared to the corresponding month of the previous year. Earlier in August, the wholesale inflation rate had stood at -0.52 per cent and it was 10.55 per cent in September last year. Food inflation saw a sharp decline to 3.35 per cent in September from 10.6 per cent in the previous month. This disinflation in food prices was primarily on account of contraction in the prices of vegetables (-15 per cent) and potato (-25.2 per cent) as well as protein rich items like meat, eggs and fish (-2.86 per cent). Meanwhile, the prices of cereals (7.28 per cent), wheat (6.33 per cent), pulses (17.69 per cent), onions (55.05 per cent) and milk (8.58 per cent) accelerated during the month. Besides, data also showed that the contraction in prices of manufactured products (-1.34 per cent) continued for the seventh consecutive month in September, compared to -2.37 per cent in August. It was led by contraction in the prices of food products (-1.90 per cent), vegetable and animal oil (-17.22 per cent), textiles (-7.13 per cent), paper (-9.99 per cent), chemicals (-6.71 per cent), metals (-2.73 per cent) and steel (-3.56 per cent). Moreover, the contraction in fuel prices (-3.35 per cent) continued for the fifth consecutive month. It was led by the continuing contraction in prices of LPG (-17.11 per cent) and highspeed diesel (-11.02 per cent). However, petrol prices went up 1.24 per cent during the month. Expressing optimism regarding wholesale prices, CARE Ratings chief economist Rajani Sinha said that with the support of high base fading, some uptick in WPI inflation could be seen in the second half of this financial year. “Elevated global crude oil prices and risk to kharif harvest from a skewed rainfall pose upside risks to WPI inflation. However, with weak China demand, other global commodity prices are expected to remain benign and that should keep WPI inflation low. For the full financial year (FY24), we expect WPI inflation to average below 1 per cent,” she addedEchoing similar views, Sunil K Sinha, chief economist, India Ratings, said that the West Asia conflict, along with rise in crude oil prices, may turn the wholesale inflation to around 0.5 per cent in October. Continuing deflation in wholesale prices comes on the back of respite provided by the consumer price index (CPI)-based retail inflation. CPI inflation fell below the Reserve Bank of India's (RBI) upper tolerance band of 6 per cent for the first time in three months during September. Although the RBI tracks retail inflation for its monetary policy, the continuing deflation in the WPI is likely to have a moderating impact on the CPI with a time lag. This is because the divergence between retail and factory gate inflation has declined sharply to 528 basis points (bps) during September from 735 bps in August 2023.
Source: Business-Standard
Tiruppur Exporters Association (TEA) has pressed for a slew of demands and presented memorandums to Union Minister for Textile Piyush Goyal during his visit to Tiruppur on Monday. TEA requested for an announcement of production linked incentive (PLI) 2.0 by fixing the threshold limit for ₹15-crore investment considering the knitwear garments’ MSMEs in Tiruppur cluster. The TUF scheme had been one of the major factors for the growth of knitwear export sector to reach the current level. Foreign buyers were placing orders only with the units having state-of-the-art machinery. In view of this, the announcement of an alternate scheme in place of TUF scheme would a go long way in the growth of textile sector. The TEA thanked the Union Minister for the efforts taken to conclude the Free Trade Agreement (FTA) with UK and requested for early conclusion of FTA with the European Union, EEFTA, New Zealand and Gulf Co-operation Council. The Association urged the Ministry to increase the benefit of interest equalisation scheme to five per cent for MSMEs and three per cent for non-MSME garment exporters. It also sought one year moratorium for repayment of the principal amount for credit taken as loan under the Emergency Credit Line Guarantee Scheme during the COVID period and extension of the scheme till March 2024 for the benefit of MSMEs.
Source: The Hindu
The economy is expected to grow at 6.3 per cent in the financial year 2023-24 (FY24), according to the latest Economic Outlook Survey released by Federation of Indian Chambers of Commerce and Industry (Ficci) on Monday. The healthy financial sector, robust urban demand, uptick in private investment over government’s front-loading of capex, pick-up in real estate and the festival season are all expected to be contributing factors. “The latest round of the survey puts forth an annual median GDP (gross domestic product) growth forecast for the year 2023-24 at 6.3 per cent - with a minimum and maximum growth estimate of 6.0 per cent and 6.6 per cent, respectively. The GDP growth is expected to moderate in 2023-24 — from the 7.2 per cent growth number clocked in the year 2022-23,” the survey read The survey was conducted in September 2023 and drew responses from leading economists representing the industry, banking, and financial services sector. Besides, the survey also notes that persisting headwinds on account of geopolitical stress, slowing growth in China, lagged impact of monetary tightening, and a below normal monsoon poses downside risks to growth. Growth in agriculture and allied activities is expected to slow down to 2.7 per cent in the current financial year from 4 per cent in FY23, as El Niño has impacted the spatial distribution of rainfall this monsoon season. Meanwhile, the industry and services sector are anticipated to grow by 5.6 per cent and 7.3 per cent, respectively. The survey forecast that the course of inflation remains uncertain as CPI-based inflation is expected to remain at 5.5 per cent in FY24, with a minimum and maximum range of 5.3 per cent and 5.7 per cent, respectively. “The CPI inflation rate may have peaked, but upside risks to prices remain on fore. Prices of cereals have remained sticky. The acreage coverage of pulses and oilseeds under kharif crops has reported a contraction. The cancellation of Black Sea grain deal could impact India as it imports a major share of its sunflower oil from Ukraine and Russia. The spike in weatherrelated uncertainties have witnessed an increase in recent times and would continue to add to the volatility in food prices. The recent escalation in crude prices could also add to the inflation buildup,” the survey says.
Source: Business-Standard
Chief economic adviser V Anantha Nageswaran does not see an immediate economic impact of the in West Asia but suggests that there is a need to watch how things play out in the coming days. "Market participants are unsure that is why you see the volatility. It is a bit early for us to talk about the impact on the Indian economy with great deal of specificity. At the moment, we do not see it as something that is causing an immediate and significant economic impact, but we will need to watch it closely," he said. The government's chief economist is, however, otherwise bullish on the Indian economy, arguing that demand is strong and private investment has started. "Private investment is not a question of will it happen - it's happening. It is not something I am looking at as a future phenomenon. I am looking at it as a current phenomenon. In FY22 and FY23, capital investments by the private sector rebounded. You also get a sense of it from the import of capital goods, and the capital goods data in IIP. In August, the growth (in the IIP sub-set) was 12.6%, a nine-month high, which signifies a pickup in capital formation," he said. The Centre has been seeking to boost private investment and had stepped up public spending to generate demand for steel, cement and other inputs, which government believes has helped. Nageswaran said that the IMF projections for a five-year period suggested that the Indian economy will grow around 6.3%, with nominal growth of around 10.5%. "Their forecast for the Indian economy on a five-year basis is far more constructive. They don't see a huge rupee depreciation. They do see the economy at close to $5 trillion in 2026-27. I would probably be a little bit more optimistic of the nominal GDP growth," he said, adding that India will contribute more to global GDP growth in the coming years. The CEA identified crude and tighter financial conditions globally as possible risks. "Crude price is clearly a factor, and of course the second factor is global financial conditions becoming tighter, not only due to interest rates, but also due to stock markets, which have been showing signs of going nowhere and they have to break out one way or the other," he said.
Source: Times of India
INTERNATIONAL
After a successful comeback at the beginning of the year, a promising response is already emerging for the 34th edition of the world’s leading trade fair for carpets and floor coverings. In addition to a large number of exhibitors who have already participated in the previous event, numerous companies that were not represented in 2023 have also registered. Well-known and long-standing top exhibitors in the field of handmade carpets such as Tisca Austria, ABC Italia, Javi Home, Jaipur Rugs, Bhadohi Carpets, Rezas, Agacan, BO tepp, Paulig and Ipek – A. Ipektchi have confirmed their participation. In the machine-made carpet segment, exhibitors such as Oriental Weavers, Merinos, Robusta, Otto Golze, Lalee, Solomon and Brink & Campman will participate. For Yasmine Khamis, Chairwoman of Oriental Group, participation in the upcoming DOMOTEX is a matter of course: “We look forward to participating in DOMOTEX again in 2024 and will be represented with our familiar booth size to showcase our products and innovations. DOMOTEX is our most important trade show for making business connections and strengthening existing relationships. DOMOTEX, in particular, is a significant milestone in our business calendar, as it allows us to explore industry trends and present our collections to an international audience.” DOMOTEX 2024 promises a diverse supporting program that will provide visitors with even deeper involvement and more comprehensive insights into the two worlds of “Carpets & Rugs” and “Flooring”. THE GREEN COLLECTION – Sustainability also plays a role in the carpet sector THE GREEN COLLECTION will return for the second time to present the latest developments in sustainability, circular economy and environmental protection in the carpet and flooring industry. In 2024, the special show will also offer carpet manufacturers in particular the opportunity to highlight how environmentally friendly approaches can change the future of the industry. Mood Spaces – Inspiring interior design Mood Spaces” allows renowned international designers to present their designed room scenarios that reflect current living trends and inspirations. This is an invaluable source of inspiration for the carpet industry looking for innovative design ideas and trends. Carpet Design Awards – Excellence in carpet design and craftsmanship. DOMOTEX 2024 celebrates the 19th edition of the world-renowned “Carpet Design Awards”. This prestigious competition recognises excellence in carpet design and craftsmanship. The event offers a unique opportunity to discover the best in contemporary handmade carpets and celebrate the artistic world of carpets. Peacock Project by Lila Valadan Another visitor magnet for the carpet industry will be designer Lila Valadan’s Peacock Project. Under the title “Night Time in a Palace”, a museum-like installation of Persian carpets will be set up in Hall 3. Lila Valadan will exhibit an extensive selection of her Persian artworks in the middle of the museum. INSIGHT ITALY – A country in focus DOMOTEX 2024 is setting a new tone by introducing a country focus concept for the first time with “INSIGHT ITALY”. Italy will take centre stage in 2024. This unique special show will focus on trends, designs, colours and innovations from Italy and offer visitors an insight into the creativity and excellence of the Italian carpet and flooring industry.
Source: Textile world
Yorkshire-based textile manufacturer, Joshua Ellis, has taken a significant leap forward in its pursuit of growth, with a substantial investment of £130,000 into a cutting-edge Picanol jacquard loom. The state-of-the-art jacquard loom, installed last month, expands Joshua Ellis’s design capabilities with an increased capacity of 76 threads per inch, which weaves independently, allowing Joshua Ellis to create intricate designs and fulfil bespoke retail & wholesale orders. This substantial upgrade in machinery also significantly improves efficiency and speed, enhancing production capacity and positions the company to adequately cater to the surging demand for traditionally woven textile products both domestically and on the international stage. The company is still adjusting after the pandemic’s impact on the textile industry, but this strategic investment aligns with Joshua Ellis’s overarching plan for growth. Oliver Platts, Managing Director at Joshua Ellis, said “We are thrilled to introduce this advanced machinery into our production process. It not only upholds our reputation for excellence but also positions us for growth in an increasingly competitive market. Over the past couple of years, we have witnessed a surge in demand for bespoke jacquard work, and this investment ensures that we can keep up with the expectations of our premium customer base in terms of design and speed of production.” In a nod to their rich history dating back to 1767, Joshua Ellis chose a symbolic tribute for the first weave on the new loom – an intricate image of their founder, Joshua Ellis himself. Penny Lovatt, Senior Designer at Joshua Ellis, said “Investing in this new loom is an extraordinary decision for the company. As a designer, the new loom opens up a world of creative possibilities, allowing me to experiment with designs that were previously unattainable on our older Dobby looms. It was particularly gratifying to breathe life into the image of Joshua Ellis, our founding visionary, as a fitting tribute.” Joshua Ellis, under its parent company SIL Group, continues to invest in the future of Yorkshire’s textile industry ensuring its 21st-century relevance by meeting the demands of global retail and wholesale clients.
Source: Textile world
Berger Textiles, a specialist supplier of textiles for wide format digital printing, interior decor and apparel, will present its full solutions portfolio for the US market at Printing United Expo 2023. The company will be adding two new products to its selection of high-performance, functional textiles for interior architectural applications at the show: Shift – a unique, printable odor control textile, specifically engineered to absorb and neutralize odors such as kitchen or animal smells and cigarette smoke in a variety of environments, as well as capturing and neutralizing formaldehyde. A 250gsm, 470µ polyester, Shift can be used in display frame systems, banners and interior panels, with the option to customize using direct or dye sublimation printing, making it suitable for use in corporate, hospitality and domestic interiors. Moon – a heavy but soft, grey-back polyester textile that ensures great opacity while maintaining excellent image quality and resolution. The 330gsm fabric’s appealing look, elasticity and printability with direct and transfer sublimation makes it perfect for a wide variety of applications. These include frame systems, lightboxes and backdrops to silicone edge graphics, wall coverings and pop ups. New Berger Textiles App Underpinning these latest product additions and to demonstrate the full US portfolio offering, including its award winning Lumina and market leading Samba ranges, Berger Textiles will also be launching a new web app at the show. Featuring the company’s popular table of elements, the Berger Textiles web app showcases its full textile ranges for soft signage, home and fashion in one place, in a simple, clear and visual way. With the app, customers have all product information at their fingertips and, via a single mechanism, where they can request an offer or use the contact form to ask for samples or expert advice. The app also includes a variety of content and contacts for Berger Textiles regional sales teams. With logistics centers strategically located in Las Vegas, NV, and Louisville, KY, Berger Textiles can distribute products all over the US as quickly as 24-48 hours after an order is placed. Ralph Terramagra, North America Sales Director of Berger Textiles says: “We’re delighted to showcase our full US product offering at this year’s Printing United Expo. As a long-standing provider of textiles solutions with a global presence, we’re able to offer customers in the United States an international perspective on products, applications and growth opportunities while having a deep understanding of the market needs. Our wide range of functional architectural products deliver elegant solutions to problems with noise and odor while seamlessly integrating into different interiors.”
Source: Textile world
