INTERNATIONAL
NATIONAL.
A cabinet note has been circulated seeking approval to introduce more flexibility in the scheme by extending the harmonised system (HSN) codes of MMF to encompass as many categories as possible. After private players received a lukewarm response, the government is planning to enhance the appeal of the production-linked incentive (PLI) scheme for textiles by introducing greater flexibility. It is anticipated that this move will attract investment and strengthen manufacturing in the labourintensive sector. The textiles ministry has requested the approval of the cabinet to include additional product lines within the scheme. Launched two years ago, the scheme aimed to promote the domestic manufacturing of man-made fabric (MMF) garments and technical textiles, with a budgetary allocation of Rs 10,683 crore. MMF comprises viscose, polyester, and acrylic, which are chemically derived. According to exporters, MMF apparel currently constitutes one-fifth of India’s apparel exports. On the other hand, technical textiles represent a modern type of textile that can be utilised in the production of personal protective equipment (PPE), airbags, bullet-proof vests, and can find applications in sectors such as aviation, defence, and infrastructure. A cabinet note has been circulated seeking approval to introduce more flexibility in the scheme by extending the harmonised system (HSN) codes of MMF to encompass as many categories as possible. The official explained that the rationale behind the decision to provide flexibility in HSN codes is rooted in the dynamic nature of the textile industry. The industry experiences constant changes in fashion and fabric demand, making it imprudent to confine incentives to a limited number of textile categories.
Source: Indian Textile Journal
India should become a middle-income country and then push to make INR (rupee) a hard currency, and till then, it must promote the settlement of global trade in the local currency, think tank GTRI said on Sunday. Global Trade Research Initiative (GTRI) said that transforming a currency into a hard currency is a complex process that hinges on several pivotal factors. Firstly, economic stability is paramount; a country must exhibit low and stable inflation, consistent growth, and a balanced trade environment.This stability underpins confidence among international investors and trading partners, it added. Equally crucial is the implementation of strong fiscal and monetary policies by the government and central bank, including effective national debt management and sensible interest rate policies, it said, adding aspiring for reserve currency status is a significant aspect. This status is typically achieved when a currency is widely used and trusted, and reciprocally, it gains trust because of its widespread use. Political stability also plays a critical role, as it reassures external entities of the nation's economic consistency, the think tank said. Hard currencies are widely accepted around the world for international transactions and are considered a reliable and stable store of value.The presence of a currency as a hard currency reflects perceived stability, reliability, and economic strength of its issuing country. The US dollar is the most dominant hard currency, often considered the world's primary reserve currency. It is used in a significant majority of international transactions and as a benchmark currency for most commodities. "The process requires significant systemic changes, which could, potentially, destabilise India's economy. "Therefore, it might be more prudent for India to wait until its economy grows further and reaches a middle-income status before aspiring to make the INR a hard currency. "In the meantime, India should work to make local currency settlements more robust. This approach would allow the economy to stabilise and strengthen, making the transition smoother and less risky. "Presently, conditions are not ripe for India pushing to make INR a hard currency," the Global Trade Research Initiative said. Some of the most recognised hard currencies and their approximate global share in international transactions and reserves include US Dollar (60 per cent), Euro (20 per cent), Japanese Yen (5-6 per cent), British Pound Sterling (4-5per cent), Swiss Franc (1 per cent), Canadian Dollar (2-3 per cent) and Australian Dollar (2-3 per cent). Currently, the rupee's international trade role is limited, especially when compared to established hard currencies like the US dollar, euro, or even the Chinese yuan, it said. "A pivotal step in this transformation is making the rupee fully convertible on the capital account, a key trait of hard currencies. "However, this move is fraught with complexities, primarily exposing the economy to volatile capital flows that can destabilise the currency," GTRI co-founder Ajay Srivastava said. Another major hurdle, he said, is managing India's balance of payments, especially in reducing trade deficits. Persistent trade deficits exert downward pressure on the rupee, undermining efforts towards currency stability. Additionally, developing deep and liquid forex markets is critical to managing large-scale currency conversions without significantly impacting the rupee's value, Srivastava said, adding that this requires maintaining a fine balance in exchange rate management; excessive intervention or too little can lead to either artificial valuations or high volatility, respectively. Reforming the financial system, encompassing banking and non-banking sectors, is also necessary, but poses risks of destabilisation during the transition, Srivastava said. "Beyond policy changes, elevating the rupee to hard currency status demands a shift in international perception and confidence in India's economy and financial systems, a complex and prolonged process," he added. Instead, he said, India should work to make local currency settlements of trade more robust. In July 2022, the Reserve Bank of India introduced a system for settling international trade transactions in the Indian Rupee (INR). According to the GTRI, the move was meant to aid countries in Africa and South Asia struggling with foreign exchange shortages caused by the post-Covid decline in exports and tourism and those affected by US sanctions. However, the system has not been "very effective" because it requires converting foreign country currencies twice - first into US dollars and then into INR, the think tank said, adding that this double conversion results in a loss of 3-4 per cent of the transaction value, as these countries do not have direct exchange rates with the rupee, making the process less attractive. Local currency trading would reduce transaction costs by eliminating the need to convert currencies twice. For example, an Indian company importing machinery from Russia would currently need to buy dollars, incurring a premium, and then the Russian counterpart would convert these dollars into Russian Roubles, again incurring a conversion cost. "Local currency trading would allow direct conversion between INR and Rouble, reducing these costs. To facilitate this, India needs to establish a transparent and open currency exchange," Srivastava said, adding this exchange would provide clear and market-determined exchange rates between local currencies like INR and other currencies such as the Russian Rouble, Malaysian Ringgit, Thai Baht, or Chinese Yuan.He added that this would not only give banks a reliable reference for issuing letters of credit but also help businesses understand currency volatility better. "Additionally, countries with currency surpluses, like Russia with its INR surplus from oil exports to India, could exchange their surplus for other currencies more efficiently in such a multi-currency exchange platform," he said.
Source: The m.rediff.com
Tamil Nadu government will declare a revised textile policy soon, said R. Gandhi, Minister for Handlooms and Textiles, Tamil Nadu, in Coimbatore on November 17, 2023. Speaking at the inaugural of the second edition of the conference on technical textiles, organised by the Confederation of Indian Industry (CII) and the Department of Textiles, he said the aim was to make Tamil Nadu a leader in textiles. The government will consider giving thrust to technical textiles at the PM MITRA park at Virudhunagar. The Tamil Nadu government has announced mini textile parks and textile city in Chennai and formed a scientific committee to address the issue of safe disposal of salts at common effluent treatment plants. An integrated textile park is coming up near Salem, and the Tamil Nadu has urged the Union government to approve it under the Scheme for Integrated Textile Parks (SITP), he said. The Minister later told reporters the revised textile policy would encourage units with less than ₹50 crore turnover in the manmade fibre (MMF) sector. Government orders have been issued to start 10 mini textile parks and Chief Minister M.K. Stalin would launch them soon. The integrated park near Salem, when approved by the Centre, would be a solution to the textile processing industries in Salem. Secretary to the Department of Handlooms, Handicrafts, Textiles and Khadi Dharmendra Pratap Yadav said the government had created a technical textiles cell and would conduct a focused workshop in the next couple of months connecting the centres of excellence for technical textiles with the entrepreneurs. “The government wants to create an advisory group and have a networking platform for technical textiles,” he said. The State would focus on developing synthetic yarn and fabric making units. According to M. Vallalar, Commissioner of Textiles, while the textile industry is concerned about the impact of economic slowdown, industries that are producing innovative products are having a market. K. Sunitha, secretary of textiles, Andhra Pradesh, urged the entrepreneurs to explore setting shop in that State as it had abundant land. Shankar Vanavarayar, chairman of CII, Tamil Nadu, G.R. Gopikumar, Convenor of Textiles Panel, CII- Tamil Nadu, and A. Sakthivel, chairman of Federation of Indian Export Organisations, also spoke.
Source: The Hindu
India has called for redoubling efforts to ensure expeditious implementation of all the action-oriented collaborative elements comprising the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement, namely IPEF Pillar-III (Clean Economy), Pillar-IV (Fair Economy) and the Agreement on the Indo-Pacific Framework for Economic Prosperity. India had joined Pillars II (Supply Chains) to Pillar IV of the IPEF following its launch on May jointly with the USA and other partner countries of the Indo-Pacific region to strengthen economic engagement across a critical region comprising per cent of global GDP and per cent of global goods and services trade. India has an observer status in Pillar-I which is trade. The first-of-its-kind IPEF Supply Chain Resilience Agreement was signed by Commerce and Industry Minister Piyush Goyal along with Ministers from other IPEF partner countries, setting the stage for making supply chains more resilient, robust and well-integrated which can contribute towards economic development and progress of the region as a whole. The substantial conclusion of negotiations paves the way for establishing a ministerial-level IPEF Council and Joint Commission. The IPEF Council would consider matters affecting the collective operation of the agreements related to the four IPEF pillars, as well as consider the possibility of adding new members or new agreements. The Joint Commission would monitor work under the agreements negotiated under Pillars II-IV, to identify ways to reduce duplication and potential conflicts and enable work between or across those agreements. While these signal a substantial conclusion of text-based negotiations on the three pillars, Minister Goyal has emphasized – under the Clean Economy (Pillar-III) — the need for increased collaboration among partners on research and development of innovative and affordable climate-friendly technologies. India is also seeking to prioritize the implementation of the cooperative work programmes envisaged under this pillar, including the hydrogen supply chain initiative and other proposals such as India’s proposal for biofuels and e-waste recycling. India’s proposal is in the context of IPEF partners’ broad aim under Pillar Three and through cooperative efforts to accelerate the research, development, commercialization, availability, accessibility, affordability, and deployment of a diverse set of clean energy and climate-friendly technologies. Of special interest to India, is a move to provide a mechanism for the IPEF partners or a group of partners to craft a Cooperative Work Programmes (CWP) to prioritize their focus and resources towards a common goal. Following the May announcement by interested IPEF partners of the launch of a regional hydrogen initiative as the first CWP, interested partners are developing a detailed framework for cooperation. The IPEF partners also exploring possible new CWPs on biofuels, e-waste solutions, clean electricity, carbon markets, and sustainable aviation fuels under consideration. The recommendations related to Pillar Three, if finalised and ratified, will strengthen clean energy supply chains across the markets by building a better understanding of the challenges and vulnerabilities of the region’s supply chains and securing more diversified and sustainable sources of critical inputs, including critical minerals or materials, for clean energy technologies. India can gain from the IPEF push to decarbonize the transportation sector through the establishment of green shipping corridors and increasing the production and availability of sustainable aviation fuels. India also has a stake in increased investment flows to the region, as IPEF partners look to addressing the acute need for financing for climate-related infrastructure, technologies, and projects in support of their transitions to clean economies. The IPEF partners have proposed an increased flow of investments via measures that boost investor confidence in the region such as promoting secure, resilient, and diverse clean energy supply chains, fostering innovative financial mechanisms, and working towards a stable and more seamless regulatory and policy environment. Going beyond stated commitments, the IPEF partners will convene an annual IPEF Clean Economy Investor Forum, with the first meeting taking place in Singapore in the first half of , to catalyze investment for sustainable infrastructure and climate technology. An IPEF Catalytic Capital Fund has been established which will be administered by the Private Infrastructure Development Group to expand the pipeline of bankable climate-related infrastructure projects. Under the IPEF Fair Economy Agreement (Pillar-IV), Goyal has put forth India’s interest in enhanced information sharing among partners, facilitating asset recovery, and strengthening cross-border investigations and prosecutions as the key benefits to emerge from the Agreement. “This will strengthen the joint resolve to fight against corruption, money laundering, and terror financing,” Goyal said, as IPEF partners get ready to strengthen the implementation of effective anti-corruption and tax measures to boost commerce, trade, and investment among IPEF economies. Closely aligned to India’s global call for fairness, inclusiveness, and transparency to improve the trade and investment environment, the IPEF partners recognize that a more transparent and predictable business environment can spur greater trade and investment in their markets and level the playing field for businesses and workers in the IPEF partner economies. The proposed Pillar IV Agreement has significantly empowered the IPEF partners to establish a new Capacity Building Framework (CBF) which will enhance each other’s capabilities to effectively implement all aspects of the proposed Agreement. The IPEF partners would also monitor implementation through a system of mutual information exchange. The Commerce Minister also held a series of bilateral meetings including with Peru’s Minister of Foreign Trade Juan Carlos Mathews and discussed the progress of the ongoing Free Trade Agreement (FTA) negotiations that the two countries are working on. Goyal also held talks with US Secretary of Commerce Gina Raimondo, Minister of International Trade & Industry, Malaysia Tengku Zafrul Aziz, and Coordinating Minister for Economic Affairs of Indonesia IR. Airlangga Hartarto on bilateral collaboration on trade, commerce, and investment, enhanced business engagements, WTO matters, and other issues of mutual interest.
Source: Sunday Guardian Live
India will be a $7-trillion economy in the next seven years if the present growth trajectory is maintained, chief economic advisor (CEA) Anantha Nageswaran said on Saturday. “We are the fifth largest economy on course to becoming the third largest economy in a few years. In fact, I will say 7-in-7 is the buzz slogan, that is $7-trillion economy in seven years. It is possible if India maintains its present growth trajectory, and in that journey startup entrepreneurs are going to play an important role,” he said.According to recent RBI estimates, the Indian economy is expected to grow 6.5% this financial year, lower than 7.2% recorded in 2022-23. The International Monetary Fund (IMF) has projected growth of 6.3% every year till 2028. The CEA was delivering the leadership talk at the Huddle Global 2023 of Kerala Startup Mission (KSUM) in Thiruvananthapuram. Nageswaran said tier-2 and tier-3 cities of the country, including the capital of Kerala, are emerging as startup powerhouses leveraging the improvement in infrastructure and government’s supportive policies. The active participation of startups in India in developing business models on the foundation of expanding physical and digital infrastructure will continue to generate efficiency, revenue and economic returns for the country, he said.“The culture of entrepreneurship and innovation is one pandemic that India would like to experience continuously. It must spread,” Nageswaran said. “The last decade has seen an exceptional transformation in the startup landscape in India, which has emerged as the third largest ecosystem globally, with over 1.12 lakh startups presently recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) across 763 districts. Among them, more than 110 are unicorns with a total valuation of around $ 350 billion,” he added.
Source: Financial express
The UK's demand of a higher level of protection for its GI products from the agriculture sector under the proposed free trade agreement (FTA) with India remains an unresolved issue as the talks for the pact are on to iron out differences, an official said. British GI (Geographical Indication) products include Scotch whisky, Stilton cheese and Cheddar cheese. A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) originating from a definite geographical territory. Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin. Once a product gets this tag, any person or company cannot sell a similar item under that name. India normally provides general protection for violation of GI rules, but the UK is seeking a higher level of protection, the official, who did not wish to be named, said. "Negotiations are going on between the two countries. There are some issues pending in the intellectual property rights (IPRs) chapter," the official added. According to experts, the Trade-Related Aspects of Intellectual Property Rights (TRIPS) under the World Trade Organisation outlines an elevated level of protection for GIs. This enhanced protection prohibits the use of a GI if the product does not genuinely originate from the designated area, regardless of whether the public is misled or the true origin is specified. This ensures complete protection of a GI, safeguarding its reputation under all circumstances. It also prohibits the use of terms like 'kind', 'style', and 'type' for products that fall under this protection. Currently, this higher level of protection is exclusive to wines and spirits. GI is an intellectual property right. On this subject, under a free trade agreement, normally two countries include rules prescribed in the TRIPS and do not go beyond that. Nilanshu Shekhar, founding partner at law firm KAnalysis, said Indian legislation does not differentiate between wines and spirits, and other products in terms of GI protection, and the decision to grant higher protection rests with the central government and varies based on international recognition. wines and spirits to prevent misuse of its labels like Basmati rice by other countries. "The UK's interest in securing higher-level GI protection for more products in the proposed FTA with India predominantly benefits its strong export segments of wines and spirits, dairy products etc. As FTAs are based on mutual benefits, India should negotiate firmly for the UK to offer similar elevated GI protection to Indian products to a higher range of Indian products too," Shekhar said. He said that this approach would create a more balanced and reciprocal trade relationship, potentially opening new markets and enhancing the global standing of Indian products. A higher level of GI protection for products like cheese will create problems for Indian companies, hence, New Delhi should not accede to the demand unless the UK is reciprocating equally in this or another department, he added. Sharing similar views, expert on internal trade and WTO-related issues, Abhijit Das said: "If the UK is demanding a higher level of protection for its GIs, Britain must be willing to give a higher level of pro-action to our GIs as well. But, there could be some adverse consequences for cheese manufactured by Amul in India". The famous Indian goods carrying GI tag include Basmati rice, Darjeeling Tea, Chanderi Fabric, Mysore Silk, Kullu Shawl, Kangra Tea, Thanjavur Paintings, and Kashmir Walnut Wood Carving. Commerce Secretary Sunil Barthwal has recently stated that India and the UK are not working under any deadline for the conclusion of negotiations for a free trade agreement as both sides are discussing issues "slightly" complex in nature. India and the UK launched the talks for the agreement in January 2022.
Source: Economic Times
The stage is ready for the 7th edition of the Bengal Global Business Summit (BGBS) which is scheduled to be inaugurated on 21 November at the Biswa Bangla Convention Centre in New Town. Chief Minister Mamata Banerjee will be present along with her Cabinet ministers and senior bureaucrats headed by the Chief Secretary HK Dwivedi. The programme will start at 3 p.m. The two-day BGBS will be held at three venues, namely the Biswa Bangla Convention Centre, Biswa Bangla Mela Prangan and the Dhana Dhanya auditorium, where the concluding programme will be held on 22 November. The capacity of the main auditorium at the Biswa Bangla Convention Centre is the biggest in the country. Business leaders including Mukesh Ambani, Niranjan Hiranandani, Sajiv Goenka, Sajjan Jindal, Sanjeev Puri, Purendu Chatterjee, Harvardhan Neotia are likely to be present at the function along with a host of industrialists There will be delegations from the United Kingdom, Poland and several other countries. Chief Economic Advisor Amit Mitra is likely to attend the conference. There will be interactive sessions between the senior state government officials and foreign delegates, presentation by various state government departments and B2B meetings. Senior bureaucrats led by the Chief Secretary, Debbashis Sen, managing director Housing and Infrastructure Development Corporation (HIDCO) and senior police officers oversaw the final arrangements for the summit on Sunday. Pavements and railings in New Town, Eastern Metropolitan Bypass and those near Dhana Dhanya auditorium have been spruced up. Elaborate police arrangements will be made in the vicinity of the venues to avoid traffic jams and ensure smooth movement of the guests. The guests will be put up in the star hotels in New Town and in the city. One of the major thrust areas at the BGBS will be the Micro Small and Medium Enterprises and Textile ( MSME). Bengal occupies the second position in MSMEs in the country and the effort is to make it the Number 1 state. Miss Banerjee is expected to brief foreign delegates in detail about why Bengal is the ideal business destination in India. Among other points, Bengal is the gateway to the North East and has a huge hinterland. The state government has set up land bank and no man day was lost in the past one decade. The state government is investment friendly and will provide all necessary to the in investors. Tourism has been given the status of an industry and Bengal is coming up in the tourism sector in a big way. The money spent by the state government and the Centre to improve the coast line is likely to increase the volume of tourists in the coastal areas. Digha has been developed and there is scope for investment in the tourism sector in Digha, Mandarmani and Sunderbans.
Source: The Statesman
Ahead of the second round of regulations related to EU’s Carbon Border Adjustment Mechanism (CBAM) coming in, Indian officials are reportedly discussing two probable alternatives, which will factor in the carbon tax to ensure that exports are not hit. The first option officials are discussing suggest that an amount equivalent to the levied carbon tax on exports from India be negotiated and factored into the final price of a finished product (using the said exported item) coming in from European Union nations, or on some items of similar nature. For example, if steel is being exported to EU after paying carbon tax of $100 per tonne, then price negotiations must be done to have another $100 per tonne added to another item coming in from the EU. Officials told businessline that “this is not a countervailing tax on EU”, but will be price negotiations to see that “tax collected from Indian companies be brought back to the country”. The second option that is being put on the table is the repatriation of the amount collected as carbon tax. “Repatriation will enable India to take care of its climate mitigation requirements and goals,” said an official. Two of the sectors that are expected to be hit the most with the upcoming carbon tax include iron and steel and aluminium exports. Others sectors where CBAM reporting is being mandated include cement, hydrogen, electricity and fertilisers. The CBAM entered its transitional phase on October 1 and steel and aluminium exports will be worst hit categories as and when the carbon tax gets implemented. At present, exporters will need to mention the carbon content in their product, and shipments will then be checked against the “default value range”, which are mentioned in the EU’s charter or export list to determine if the carbon emissions are within a particular range or not.
Source: The Hindu business line
INTERNATIONAL
The eighth edition of ITMA ASIA + CITME exhibition, Asia’s leading business platform for textile machinery, opens today in Shanghai. The five-day combined exhibition highlights an interesting array of technological solutions to help textile manufacturers stay competitive and sustainable. Held at the National Exhibition and Convention Centre (Shanghai), the exhibition grosses 160,000 square metres, occupying six halls of the venue. It features exhibits from 18 product sectors of the entire textile manufacturing value chain, ranging from spinning to finishing, recycling, testing and even packaging. Postponed from last year, ITMA ASIA + CITME 2022 continues to enjoy the support of major textile machinery manufacturers. It has attracted a total of 1,500 exhibitors from 23 countries and regions. Mr Ernesto Maurer, president of CEMATEX, said: “We value this vote of confidence and industry partnership. Together with our Chinese partners, we are committed to continue to strengthen the combined exhibition’s reputation as the largest textile machinery platform in Asia in the post-Covid era.” Mr Maurer continued: “China continues to be an important market for many textile machinery builders as it plans to develop a more resilient textile and apparel industry. Underpinning these developments is a keen focus on sustainability. As the world’s leading textile machinery manufacturers, many of our members are aligning with this sustainability trend by showcasing their environmentally-friendly solutions at the exhibition.” Mr Gu Ping, president of China Textile Machinery Association (CTMA), added: “We are glad to be able to stage another exciting ITMA ASIA + CITME exhibition. Over the years, the combined show has developed into a highly influential exhibition for textile makers to explore new trends and technologies to growth their business. This edition is especially important as it features the industry’s technological development and progress, spotlighting sustainable and intelligent solutions to help accelerate the advancement of the region’s textile industry.” At this edition, exhibitors from China rank first in terms of exhibition space. They are followed by exhibitors from Germany and Japan. Among the well-known manufacturers taking part in the exhibition are CHTC Group, GrozBeckert, Itema, Muratec, Oerlikon, Picanol, Rieter, Saurer, Savio, Shima Seiki, Stäubli, Texpro, Truetzschler, Uster and Vandewiele. By product categories, spinning and man-made fibre production form the largest sector, occupying 23 per cent of the total exhibit space. Dyeing and finishing machinery forms the next biggest sector at 21 per cent, followed by knitting (16 per cent), weaving (14 per cent) and printing (8 per cent). Weaving and knitting technologies have undergone impressive developments, and there is an increase of about 30 per cent in the exhibit space for these two sectors, compared with the previous edition. The exhibition organising committee was able to undertake extensive promotions to attract quality trade visitors as borders reopened earlier this year. Collaboration with over 100 supporting media partners was also sought. In addition to local promotions, overseas roadshows were also conducted in Indonesia, India, Pakistan and Bangladesh. As a result, more than 20,000 visitors from nearly 90 countries and regions have pre-registered their visit to the exhibition. Visitors are drawn to the high-quality showcase as only manufacturers of textile machinery and accessories are qualified to take part in the combined show, and there are live machine demonstrations. As the exhibition places great importance on exhibitors’ intellectual property rights, an onsite Intellectual Property Office has been established. Legal and technical experts are present to supervise and handle any intellectual property-related disputes in a timely manner. ITMA ASIA + CITME 2022 is owned by CEMATEX and its Chinese partners – the Sub-Council of Textile Industry, CCPIT (CCPIT-Tex), China Textile Machinery Association (CTMA) and China Exhibition Centre Group Corporation (CIEC). It is organised by Beijing Textile Machinery International Exhibition Co Ltd and co-organised by ITMA Services. The Japan Textile Machinery Association (JTMA) is a special partner of the show. The combined exhibition ends on 23 November 2023. Opening hours are from 0900 to 1700 hours. Visitors can purchase their badges onsite at 50 yuan for a one-day badge and 100 yuan for a five-day badge. The next ITMA ASIA + CITME exhibition will be held from 14 to 18 October 2024 at the National Exhibition and Convention Centre in Shanghai.
Source: Textile World
Stepping into the next frontier of innovation, Brandix is one of the first Sri Lankan companies to come on board with Copilot for Microsoft 365, the company’s cutting-edge Artificial Intelligence (AI) assistance feature. Sharing a vision of the transformative power of AI, Group CEO Ashroff Omar, said: “The world we live in is progressing at a pace where soon we may scarcely recognize the past. AI will completely redefine how we work. Copilot is a revolutionary feature that will free us from routine tasks and pave the way for genuine innovation. It enables us to remain curious, consistently evaluate our contributions, and infuse our daily tasks with passion, ensuring we move with intent and purpose.” Last week, Brandix, conducted its inaugural Copilot AI training programme strengthening its foray into the sphere of artificial intelligence. Built on OpenAI’s GPT4 through Microsoft Azure OpenAI Service, Copilot for Microsoft 365 is set to redefine how industries operate and become one of the most powerful productivity tools on the planet. Chief Operating Officer of Digital Services at Brandix, Oshada Senanayake, said: “Brandix has constantly sat at the forefront of driving innovation in the apparel industry, adopting nascent technologies to boost productivity across all functions. Our latest association with Microsoft is another feather on our cap that will disrupt conventional practices in the apparel industry. It will also infuse a lot of fun and efficiency to how we work.” Brandix has spearheaded inspiration and growth in Sri Lanka’s apparel industry over the past five decades and was also the first Sri Lankan company to work with the software company during the deployment of Microsoft Enterprise in the early 2000s. Brandix has placed digitalization at helm of its transformation journey and will redefine its competitive advantage and progressive working culture based on adopting AI across the value chain. Adopting this cutting-edge technology is a part of the company’s digital transformation journey with a vision of a ‘Smarter Brandix’.
Source: The Island.lk
In cooperation with the Swiss company Haelixa, Oerlikon Manmade Fibers Solutions will, in future, be able to make the entire value chain of a textile end product transparent and hence sustainable. The two development partners are offering a solution for the comprehensive traceability of products, as required by the European Green Deal. An essential part of the solution is the DNA marker technology developed by Haelixa that enables complete traceability of materials. These markers survive all production process steps, validating that the end product is identifiable. “This innovative technology employs distinct DNA tailored for each project, establishing a unique identity for the material,” explains Holly Berger, Marketing Director at Haelixa. “Once the DNA is integrated into the material, it becomes irremovable, impervious to falsification or alteration.” Handling is straightforward: the DNA marker is fed into the spinning process with the preparation oil, for example. The preparation system is modified accordingly. Further feeding options are currently being developed.
Smart factory: total transparency with atmos.io The concept is complemented by atmos.io, Oerlikon’s digital platform, which records and evaluates extensive production and process data during the yarn manufacturing process. Atmos.io gives the yarn its digital identity during its time on Oerlikon systems, from the melt to the packaged package. This technology has been used successfully for some time to monitor the production process. With atmos.io, deviations in process parameters and yarn data can be identified and rectified within a very short time, which in turn keeps the yarn quality stable and reduces waste rates. Combining both technologies enables clear traceability of the yarn produced, even in the downstream process steps. Hence, the yarn’s components, qualities, manufacturing conditions, and origin are traced beyond doubt in the finished garment. “The unique DNA carries the ‘roots’ of the yarn digitally recorded in atmos.io into the everyday life of the end consumer,” says Jochen Adler, CTO at Oerlikon Manmade Fibers. The textile end products meet the requirements of the digital product passport required by the EU, which contains the information needed to assess their life cycle assessment and circularity. Initial longterm tests have shown 100% traceability of the yarns in the POY and FDY spinning process. If the yarn manufacturer relies on the atmos.io platform, production systems can be adapted relatively easily to use the DNA markers.
Source: Textile World
