INTERNATIONAL
NATIONAL
Work for PM MITRA Park in Maharashtra is speeding up as Maharashtra Industrial Development Corporation (MIDC) has floated a tender for providing infrastructure facilities for the park. The textile park is located in Additional Amravati Industrial Area, and will be completed in a time period of 12 months. The park is expected to attracting Rs. 10,000 crore investment and creating three lakh jobs. As per details available, the work includes construction of a four-lane road, construction of 6,000 cum capacity pure water sump in WTP premises at Dawargaon and other infrastructure work. The contract proposed for development of PM MITRA Textile Park is valued at Rs. 111.77 crore. In another development, the state cabinet has approved a proposal to waive off the stamp duty on 410 hectares acquired for the PM Mitra Park. Occupying a contiguous land area of 1,020 acres in Nandgaon Peth, adjacent to the Additional Amravati Industrial Area, the Park is conveniently located just 30 kilometres away from the Mumbai Nagpur Samruddhi Highway and 147 kilometres from the nearest port, the Wardha Dry Port.
Source: Apparel Resources
Finance Minister Nirmala Sitharaman on Thursday urged industry leaders for economic integration with Sri Lanka to mitigate the risk of the foreign exchange-driven crisis. Sitharaman assured India will continue to work closely with the island nation on debt restructuring discussions and extend support for its economic recovery. “The task is cut out for industry leaders and it is for us to make sure that both countries will have economic integration to avoid supply chain disruptions so that there will be no foreign exchange-driven crisis impact on the country and also reduce dependency on any one economy,” the finance minister said on Thursday, at the India-Sri Lanka business summit in Colombo. “Yet, there could be some arrangements (bilateral) between the two countries for issues such as logistical cost and essential goods etc which benefits both the nations,” she said. Sitharaman added that all over the world there is a clear interest in bilateral agreements/arrangements given the global situation. The countries would like to have arrangements in regional currencies so that there would not be shocks because of the currencies volatility; there will not be forex driven crises where two countries understand each other's strength. Bilateral arrangements ensure that food security is in place and energy should not go on a roller coaster ride, she explained. Highlighting the need of robust digital infrastructure, the minister said that the Indian government would be able to save Rs 2 trillion through 45 central schemes as technology has helped in weeding out middlemen and corruption. Further, she spoke on how Sri Lanka can utilise its solar and wind energy powers as there is huge rush for investments. She said that at least 5-6 years ago, the per unit cost of solar energy in India would be somewhere between Rs 14-15. With acute competition and favorable government policy, we saw healthy competition and India is today able to produce per unit of solar power costing Rs 2.45, she added. Addressing an event to celebrate the 200 years of arrival of Indian-origin Tamils in Sri Lanka, the finance minister said some of the connectivity projects that have made progress include the commencement of passenger ferry services, negotiations on an economic and technological cooperation agreement, and UPI-based digital payments, which will be launched soon. “We are working closely on other identified areas as well. As we enhance connectivity between the two countries, we build enduring bridges of experience and opportunities for our people…the Indian- origin Tamils will continue to play an important role in shaping a shared future for our two countries,” Sitharaman said. India, the finance minister said, had rendered an unprecedented financial assistance of over $4 billion for the people of Sri Lanka and was the first bilateral creditor to convey financing assurance to the International Monetary Fund. “(It) paved the way for others to provide similar assurances that formalised the IMF programme for Sri Lanka,” Sitharaman said. Sitharaman highlighted that 3,700 houses have already been handed over to the plantation workers, under the India-backed housing project scheme, and the foundation stone for 10,000 houses under phase four of the programme had also been laid. Sitharaman also announced that India would soon send teacher trainers to work with local teachers to keep them abreast of the latest developments and also enhance the teaching skills in meeting the growing needs and aspirations of students from Malayaha Tamil community. “Our leaders have released a vision document for economic partnership in July this year, outlining specific areas of cooperation for sustainable economic development and prosperity for our people. Our government will work closely with the Sri Lankan government in realising the vision provided by our leadership,” she added.
Source: Business-Standard
The rupee stayed rangebound and settled 2 paise higher at 83.26 against the US dollar on Thursday as the American currency retreated from its elevated levels after the US Federal Reserve was a bit dovish in its policy meeting. Forex traders said the local unit got support from positive domestic equity markets and risk-on sentiments. The US Federal Reserve kept interest rates on hold and its Chairman Jerome Powell looked content with the economy's soft landing. Following the decision, the dollar index softened, and the 10-year bond yield fell to 4.70. At the interbank foreign exchange, the rupee opened at 83.23 and finally settled at 83.26 against the greenback, registering a gain of 2 paise from its previous close.
Source: Tecoya Trend
There has been no break or let up in negotiations on the India-UK free trade agreement and the 13th round of talks that began in September still continues, a senior official said Thursday. Talks on the 13th round have now moved to the virtual mode and negotiators are not working with a deadline, the official who did not wish to be named said.India and UK launched the talks for free-trade agreement (FTA) in January 2022, with an aim to conclude talks by Diwali (October 24, 2022), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. The investment treaty is being negotiated along with the FTA as a separate agreement. “Majority of chapters are closed or are in advanced stages of negotiations,” the official said. While less contentious issues have been sorted out, protracted negotiations are still on issues of interest to India like greater access for its skilled professionals from sectors like IT, and healthcare in the UK market, besides market access for several goods at nil customs duties. On the other hand, the UK is seeking a significant cut in import duties on goods such as scotch whiskey, automobiles, lamb meat, chocolates and certain confectionary items. Britain is also looking for more opportunities for UK services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance). The UK has demanded national treatment for its services businesses and greater freedom to its professionals to operate in India during negotiations. National treatment means treating foreigners and locals equally with regard to rules and regulations. It also means equal access to opportunities for overseas operators and not doing anything that puts them at a disadvantage.
Source: Financial Express
Standards for goods and services should help in promoting global trade and not act as non-tariff barriers, Commerce Secretary Sunil Barthwal said on Thursday.He said that standards should not be considered as non-tariff barriers but as some kind of non-tariff measures which can help in optimal results for both consumers as well as producers.”If this becomes the right oil for the trade system, I think a lot of trade restrictions will come down in trade and it will help us take the world trade to USD 30 trillion by 2025 and USD 2 trillion by 2030 for India,” Barthwal said here at a G20 standards conclave organised by Bureau of Indian Standards. Calling for harmonization in the standards ecosystem, he said that different countries are setting their own standards and that has a cost for global trade.Many times producers and exporters also face difficulty not because of the standards but “because of how they get implemented,” he said adding there is an important need to have coherence in the workings of standard-setting bodies and collaboration in the compliance ecosystem.“Therefore the task before us is how to improve not only standard setting of different products but also how to set up testing ecosystem, how to set up conformity ecosystem and how to see that trade does not suffer because of these standards,” the secretary said.In bilateral treaties, India is touching upon these issues because it feels that there should be a conformity assessment of standards-setting bodies.”Another impression being created in the field of trade…is that if you look at the Global north and global south, you will find that although tariff barriers have come down, trade flows are much easier these days but there is a rise in non-tariff barriers,” he said.He added that standards are supposed to be non-tariff measures and should look at the interest of consumers so that they get the right kind of products.”But gradually what we are seeing is that non-tariff measures are becoming non-tariff barriers…we need to discuss among ourselves that how standards should not be seen as non-tariff barriers but some kind of non-tariff measures perhaps which can result in optimal output or results for both consumers as well as producers,” Barthwal said.
Source: Financial Express
The gross goods and services tax (GST) collections in October came in at Rs 1.72 trillion, up 13% on year. This was second highest monthly mop-up since the July 2017 launch of indirect tax that militates against cascading of taxes, data released by the finance ministry showed on Wednesday. The year-on-year growth in GST collections in October was also the highest in 10 months.The October gross GST mop-up was the second highest ever recorded since the inception of the indirect taxation regime in 2017. October collections largely reflect the GST-liable transactions in September. Cumulatively, the gross GST mop-up in the first seven months of the current fiscal year stood at Rs 11.65 trillion, 11.4% higher than the corresponding period of last year. The average monthly GST collections so far in FY24 stands at Rs 1.66 trillion. Besides buoyancy in economic activity, mainly on the services front, elevated inflation also contributed to the robust GST mop-up during the year. Also, with the advent of the festive season, the collections are expected to rise even further in the near term. Of the total collections, Central GST (CGST) and State GST (SGST) mop-up in October–post settlement from Integrated GST (IGST) collections–stood at Rs 72,934 crore and Rs 74,785 crore, respectively. The total CGST collections in April-October stands at Rs 4.87 trillion, accounting for 60% of the Budget estimate of Rs 81.16 trillion. And during the same period in FY23, cumulative CGST collections accounted for 50.6% of the actual collections. This clearly indicates the actual CGST collections in FY24 may exceed the Budget estimate (BE) by a considerable margin. Collections from Cess in October was at Rs 12,456 crore – taking total cess collections in the first seven months to Rs 82,957 crore, comprising 57.2% of BE. In April-October FY23 too, total cess collections accounted for 57% of actual mop-up. MS Mani, Partner, Deloitte India, said, “the remarkable growth in GST collections over the past few months is not only on account of the underlying strong economic factors, but also due to the efforts of the tax authorities in deploying tools to compare data sets to determine short payment and evasion.” Buoyancy in GST collections coupled with sharp growth seen in direct tax mop-up would help the Centre meet its fiscal deficit target of Rs 17.87 trillion, or 5.9% of the GDP, in the current fiscal year particularly when the Centre is likely to incur more-than-Budgeted expenditure. “With the increased (GST) collection, the government can now consider rate rationalization as the next task,” said Saurabh Agarwal, Tax Partner, EY.
Source: Financial Express
Stating that the US is committed to an Indo-Pacific that is free and open, Secretary of Treasury Janet Yellen said that Washington is increasing its trade with countries like India, Vietnam and Mexico reducing its dependence on China. Yellen said that she along with President Biden will head Asia-Pacific Economic Cooperation (APEC) Leaders' Week later this month in California. "Recognizing this big picture, the Biden Administration is pursuing an approach to the Indo-Pacific that furthers our country's long history of engagement and does justice to the region's importance for our and the world's future," Yellen said in a statement. "US is committed to an Indo-Pacific that is free and open, connected, prosperous, secure, and resilient," she added. The US Treasury Secretary said that the Biden administration is working to tackle challenges and seize opportunities and is also deepening economic integration and harnessing technological transformation. She further highlighted three priorities to showcase the US' economic strategy in the Indo-Pacific region; increasing trade and investment, bolstering our economic resilience, and cooperating on global challenges. "First, the Biden Administration is committed to expanding our trade and investment with Indo-Pacific countries. Trade between the US and the IndoPacific region has steadily increased over the past decade, reaching USD 2.28 trillion in 2022. It has increased over 25 per cent since just 2019, despite a pandemic dip. Indeed, trade in most sectors recovered to pre-pandemic levels by 2021 and then continued to grow. It added, "Across sectors from auto parts to electronics, the US is importing more from key partners like India and Vietnam, as well as from Mexico, and is less dependent on one single country, in this case, China". She further said that the economic engagement with the Indo-Pacific is needed to address the urgent global challenges of our time. "The Indo-Pacific region is highly vulnerable to climate change. A significant majority of the region's population is dependent on the oceans. And Pacific Islands face the increasingly likely possibility of losing land due to sea level rise, with severe potential consequences for their people and economies. The interconnectedness of our economies and our shared goal of a viable future on this planet leaves us no choice but to support Indo-Pacific countries in addressing these challenges and realizing the opportunities of the energy transition," she said. Stating that the Indo-Pacific is at the center of the 21st-century global economy, the US Treasury Secretary said that the growth and innovation in the US, paired with its engagement in the region, is helping realize the tremendous potential of the region. "From the Quad to IPEF, from Vietnam to India, we are increasing trade and investment, bolstering our supply chains, and addressing global challenges. And at APEC later this month and far beyond it, we will only continue to expand and deepen our engagement. Jobs and security at home in the United States, the growth and resilience of Indo-Pacific economies, and the strength of our global economy depends on it," Yellen added.
Source: Economic Times
INTERNATIONAL
Textile recycling innovator SaXcell has signed a Memorandum of Understanding (MoU) with Aditya Birla Group’s, Birla Cellulose, one of the world’s largest manufacturers of man-made cellulosic fiber. The MoU paves the way for the expansion of collaboration between the two companies for production of recycled manmade cellulosic fibers. SaXcell’s textile waste pulping technology combined with Birla’s advanced wet spinning expertise results in high quality sustainable “SaXcell” recycled fibers serving the circular textile needs of customers at commercial scale. Commenting on the development, Mr Erik van der Weerd, CEO SaXcell, highlighted that this collaboration fits SaXcell’s vision to set up a robust circular textile supply chain based on partnership and mutual commitment. He explains “to address today’s social and environmental challenges of the textile industry, global collaboration is imperative. We need to facilitate a change from a linear to a circular economy and we need to do it now. SaXcell’s and Birla’s combined innovation force and production power offers a great opportunity to create real impact.” Commenting on this circularity and sustainability focussed collaboration, Dr. Aspi Patel, Chief Technology Officer, Aditya Birla Group and Birla Cellulose, points out, ”Birla Cellulose is strongly committed to support innovators for expanding circular fiber offerings in the textile and non- woven value chain. We have been exploring innovative business models and partnerships, this collaboration is one such initiative, where we aim to help SaXcell leapfrog from pilot to commercial demonstration scale. Such partnerships will play an increasingly important role in accelerating circularity in global textile value chain.”
Source: Textile world
High-tech Dutch fashion designer Anouk Wipprecht has unveiled a new futuristic 3D-printed dress that responds to its environment through LEDs. Created in collaboration with Chromatic 3D Materials, a 3D-printing technology company, the motion-activated design is among the first in the world to directly embed electronics within 3D-printed elastomers. Her creation highlights what the future of creative expression and social interaction may look like as humankind further integrates with technology. Wipprecht’s design will debut next week at Formnext, a 3D-printing event in Germany. The partnership between Wipprecht and Chromatic showcases the synergy between fashion and technology. Her concept comes to life thanks to the ultrasonic sensors in the collar of the dress and about 75 flexible, 3D-printed LED domes with RGB lights built into the dress. The lighting can be customized with different colors, adapting to various moods and settings. The overall design has a dynamic visual effect while still being easy to wear, wash and maintain. “My dress doesn’t just light up, she lights up the room by bringing smiles to people’s faces. As she senses those around her, her personality begins to shine as she interacts with them through LEDs. For me, it’s a glimpse into a future where people harness technology in positive and meaningful ways. I also see this garment as a testament to the quality of Chromatic’s 3D materials and printing technology. For designers like me who incorporate electronics into our creations, this is a unique way to embed and secure electronics within the printing process. Plus Chromatic’s materials are both flexible and strong, making this my most wearable — and washable — 3D-printed dress yet,” said Wipprecht. While avant-garde, Wipprecht’s creation demonstrates the practical nature of pliable printable materials, a relatively new development in the world of 3D printing. Compared to the exoskeleton-like quality of other 3D-printed runway creations, her new dress can easily move because it is made with ChromaFlow™ 70, an extremely durable but flexible, rubberlike material known as an elastomer. Garments featuring 3D-printed elastomers still have drape, giving them commercial potential in ready-to-wear clothing, activewear and intimate apparel. Wipprecht’s dress also shows how 3D printing with Chromatic’s elastomers allows designers to print waterproof casing that protects embedded electronics. “Our collaboration with Anouk is more than a partnership. It’s a vision coming to life. By merging her genius with our innovative 3D printing, we’re setting the precedent for the future of fashion. We are embarking on a journey that amplifies the boundless possibilities of integrating tech, textiles and apparel including wearable art and 3D-printed clothes that people can enjoy every day,” said Cora Leibig, founder and CEO of Chromatic 3D Materials. The dress will be on display from November 7–10, 2023 at Formnext in Frankfurt, Germany at the Chromatic 3D Materials exhibit located at Hall 12.1, E110.
Source: Textile world
MySize, Inc. (“MySize” or the “Company”), an omnichannel e-commerce platform and provider of AI-driven measurement solutions to drive revenue growth and reduce costs for its business clients, today announced its Spain-based Naiz Fit has launched a new sizing solution product—Naiz Fit Workforce—specifically addressing the needs of the $33 billion global workwear and uniforms market. Based on the Company’s AI-driven sizing solutions technology platform, Naiz Fit Workforce solves several challenges and pain points faced by companies who make workwear as well as those who purchase uniforms for their employees. Some of the largest workwear companies in Spain have already become customers benefitting from Naiz Fit Workforce including Santexo, Norvil, Satara Seguridad. Naiz Fit has received interest in the new product from numerous other companies across Europe. “Naiz Fit Workforce is changing the economics of the multi-billion dollar workwear business by applying fashion-tech and AI to reduce costs and environmental footprint while speeding up delivery and improving customer service,” stated MySize Founder and CEO, Ronen Luzon. “This latest product launch is a testament to MySize’s commitment to innovation and the power of our technology platform to spawn new products for focused markets where our technology can have an immediate impact.” Traditionally, the workwear industry has been characterized by manual data collection and sizing processes, slower shipment and logistics due to sizing considerations, and inventory/out-of-stock challenges based on size limitations. Naiz Fit Workforce reduces logistics costs, accelerates order fulfillment processes, optimizes sizing at the manufacturing stage, and saves labor costs and time for employees including essential workers such as police and firefighters who can simply fill out an online form, with no need to physically try on a uniform. Naiz Fit Workforce offers flexibility and comfort for employees including: On-demand measuring process 100% online Self-service kiosks For any type of garment Automatic size match Available for mobile, tablet and desktop Monitors the number of employees measured and the garments needed Follow ups to re-measure employees if needed Data safely gathered The global workwear market was valued at $33 billion in 2023 and is forecast to reach nearly $40 billion by 2028, according to Industry Research.
Source: Textile world
Limbach Holdings, Inc. (“Limbach” or the “Company”) today announced the closing of the acquisition of Industrial Air, LLC (“IA”), a specialty mechanical contractor based in Greensboro, North Carolina, for an initial enterprise value of $13.5 million in an all-cash transaction.
Transaction Highlights IA provides environmental mechanical and air filtration solutions and custom air handling equipment to industrial customers, with a particular expertise in serving the mission critical needs of leading businesses in the textile industry. Headquartered in Greensboro, North Carolina, IA establishes Limbach’s presence in a diversified and fast-growing geographic market from which the Company can continue to expand in the industrial and institutional sectors. IA’s business model aligns well with Limbach’s focus on executing on ODR opportunities and providing critical solutions to owners of sophisticated manufacturing and process facilities. IA expects to contribute on average an estimated $30.0 million in revenue and $4.0 million in EBITDA annually. Total consideration paid by Limbach at closing was $13.5 million (subject to typical working capital adjustments), sourced from available cash, with performance-based, contingent earn-outs totaling $6.5 million potentially being paid over the next two years.
Background on Industrial Air, Inc. Founded in 1964 and led by second generation President Allen R. Hunter, Jr., IA serves industrial customers throughout the Southeast United States and along the Eastern Seaboard. IA focuses on delivering engineered air handling systems, including air condition and air filtration, along with controls systems and maintenance work.
Management Comments Michael McCann, Limbach’s President and Chief Executive Officer, said, “As we continue to carve our path in the industry, our growth strategy unfolds through three critical pillars. We seek culturally compatible firms, encompassing small ‘tuck-in’ deals and larger opportunities that will enable us to enter new geographies as we look to fill out our footprint east of the Mississippi river. Acquiring IA presents an exciting frontier, allowing us to continue to complete acquisitions that meet our geographic expansion objectives. The Carolinas offer a growing and diversified market well-represented by leading companies operating mission-critical facilities within our six core verticals. Serving as an indispensable provider of mechanical solutions to textile and other industries, IA functions as a solutions expert in their niche market sector. Additionally, IA’s ‘ODR-heavy’ model aligns seamlessly with our own, promising an exciting synergy. They have also demonstrated alignment with our culture, strong leadership, and unique strengths, all critical when acquiring a new firm. With the acquisition closing yesterday, we expect that IA’s impact on Limbach’s revenue and earnings in 2023 will be minimal. However, we anticipate a more substantial contribution in our full-year 2024 results. More generally, we continue to view the acquisition environment favorably and remain committed to executing additional transactions that meet our acquisition criteria.” IA’s President Allen R. Hunter, Jr. added, “After multiple generations of family ownership during which IA became a leading, solutions-oriented provider of mechanical services and fabricated equipment, we’re excited to join the Limbach family. I’m most excited about our firms’ cultural compatibility and Limbach’s intention to create long-term career opportunities for IA team members. In addition, we are looking forward to leveraging Limbach’s engineering and design capabilities and corporate services platform to maximize the opportunities in our market. I am looking forward to continuing to lead the IA business unit, and to growing our presence in mission critical markets.”
Source: Textile world
