INTERNATIONAL
NATIONAL
To promote Handloom sari culture in India by inviting participation of women from various states showcasing their ways of wearing saris and thereby, presenting India as a country having “Unity in Diversity”, Union Minister of State for Textiles, Smt. Darshana Jardosh launched the E-Registration portal of Sari Walkathon in here today. The Sari Walkathon will be organised in Mumbai on December 10th, 2023 at MMRDA Ground. Participants may enrol for sari walkathon through this dedicated website in which registration will be OTP based. Smt. Jardosh was the first to register herself with the portal. The First Sari Walkathon was organised at Surat where, over 15,000 women draped in various kinds of saris walked for fitness with an aim to promote the spirit of traditional textile and support the idea of vocal for local. After the success of Sari Walkathon at Surat, the financial capital of India, Mumbai is gearing up to host the country's largest-ever Sari Walkathon. Organized by Ministry of Textiles, Govt. of India, the event aims to raise awareness about fitness among women and to encourage them lead healthier lives. Women residents from across the country will walk draping saris in their own traditional way. In this celebration of cultural diversity & empowerment, approx. 10,000 women from across the country are expected to join the event adorned in their distinctive traditional attire. The gathering promises to be a vibrant tapestry, featuring not only enthusiastic participants but also notable figures from the various fields, including Celebrities, Influential Personalities, Fashion Designers and committed Anganwadi Workers.
Source: PIB
Aiming at strengthening economic ties with India, Russia's envoy to India has said that payment problems hinder trade and there is a need for "extra efforts" from banks and exporters to overcome this hurdle. Denis Alipov, Russian Ambassador to India, said that the Vostro trade settlement mechanism (Rupee payment) did not work well. "Some extra efforts are needed by companies and banks to explore the conditions," he said. He, however, did not elaborate on what he meant by "extra efforts". In response to a question on the sidelines of an MCCIorganised interactive session, he emphasised the necessity for additional efforts from Indian banks and exporters to resolve this issue. Though he admitted that resolving the payment method would require much fine-tuning, Alipov said banks are willing to cooperate. On the defence deal for the advanced long-range surface-toair missile defence system S-400, Alipov acknowledged delays but said supplies are on but in a new schedule. Sanctions led to Russian banks being banned from the Swift banking network. Despite these challenges, Alipov remained optimistic, anticipating a trade boom once the payment mechanism is streamlined. Simultaneously, the Russian diplomat expressed interest in greater collaboration in the MSME sector, with a sizable delegation heading to West Bengal for BGBS, the two-day investment summit starting Tuesday. The bilateral trade in FY'23 reached USD 49 billion, solidifying Russia as India's fourth-largest trade partner.
Source: Tecoya Trend
The rupee recovered from its all-time low level and settled 4 paise higher at 83.34 against the US dollar on Tuesday, tracking the weakness of the American currency in the overseas market and positive domestic equities. Forex traders said the rupee traded in a narrow range as dollar demand from oil marketing companies and sustained foreign fund outflows weighed on investor sentiments. At the interbank foreign exchange, the rupee opened at 83.33 and finally settled at 83.34 against the greenback, registering a gain of 4 paise from its previous close. During the day, the rupee witnessed range-bound trade reaching an intra-day high of 83.32 and hitting a low of 83.37 against the American currency. On Monday, the rupee declined 12 paise to settle at its alltime low of 83.38 against the US dollar. According to Anuj Choudhary Research Analyst at Sharekhan by BNP Paribas, the rupee gained slightly on weak US dollar and positive Asian markets. However, FII outflows capped sharp gains. The dollar declined and fell to a two- and-a-half month low amid rising expectations of a no-rate hike by the US Federal Reserve in its upcoming Federal Open Market Committee (FOMC) meeting. "Traders may take cues from existing home sales data from the US and FOMC minutes. Rupee may also take cues from volatility in crude oil prices. USD-INR spot price is expected to trade in a range of 83 to 83.70," Choudhary added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.06 per cent at 103.37. Brent crude futures, the global oil benchmark, fell 0.79 per cent to USD 81.67 per barrel.
Source: Tecoya Trend
The Ministry of Finance (FinMin) is expecting to conclude the full financial year as projected with a strong growth performance and macroeconomic stability even as it flagged risks of demand taking a hit on fuller transmission of monetary policy, high inflation, uncertain external financial flows. India has projected a gross domestic product (GDP) growth of 6.5 per cent for FY24. The second quarter GDP growth data is expected on November 30. India’s gross GDP grew by 7.8 per cent in the April-June quarter of current financial year, which was higher than expecte. The FinMin in its monthly economic review for October said that despite elevated input costs, investments may remain strong due to the government’s sustained investment push, healthy corporate profits, and a reduction in bank non-performing loans. The monthly review also said that on the demand side, private final consumption expenditure has emerged as the strongest driver of India’s growth so far in FY24. The festival season, it said, has further strengthened consumption demand. “Strong consumption has also been expressing itself digitally with the UPI transactions reaching an all-time high and crossing 11 billion in October.” The government is also confident of achieving the budgeted deficit target for the current financial year. “Continued buoyancy in revenue collections supported by prudent expenditure management has enabled the fiscal deficit to be contained within 40 per cent of the Budget Estimate during the first half of the year.” The review noted that the ‘priced to perfection’ US stocks continue to be a source of potential risk for global stocks. On balance, however, it said that India’s growth experience in FY24 will continue to be a positive outlier as compared to other major economies. “In the medium term, thanks to the sustained focus on public investment in infrastructure and advances in digital public infrastructure, India can look ahead to the prospect of a longer economic and financial cycle than in the past, subject to global factors,” the review said. The FinMin’s review said the rapid reversal of rate hike expectations in the US and the slide in the US 10-year treasury yield, coupled with the decline in oil prices, is good news for emerging markets in general, India included. Talking about the expanding services sector, the review said despite rising input costs, overall sentiment in the services sector remains upbeat, driven, among others, by an upswing in the tourism and hotel industry as leisure and business travel pick up momentum.
Source: Business-Standard
UK-India Business Council (UKIBC), a trade body with a mission to grow trade and investments between the two countries, on Monday said the negotiations on the Free Trade Agreement (FTA) should conclude before the general elections due in both nations next year. Thirteen rounds of negotiations have been already completed between India and the UK on the FTA."Because of the general elections in India and the UK going to polls next year, it is important that the negotiations for the proposed FTA are concluded early. Otherwise, there will be a pause in the negotiations while the general elections are on," UKIBC Managing Director Kevin McCole said. He said though the election date in the UK has not yet been fixed, the polls may be held between May and November next year. There is a risk that negotiations may have to pause till the elections in India and the UK are over, he said. McCole also said that the bilateral investment treaty between the two countries will help investments from the UK to India rise and vice-versa. According to him, out of GBP62 billion invested globally by the UK in 2021, India only got GBP 2 billion. "Once the bilateral investment treaty is signed, one could expect a larger share of the UK's global investments in India", he added.McCole said the UK is open to lower its tariffs on textiles from India. "Presently, tariff on textiles from India is 12 per cent. Tariffs on textiles from Bangladesh and Sri Lanka are lower," he said.
Source: Business-Standard
INTERNATIONAL
Clean Solutions Group (CSG), a provider of environmentally responsible nonwoven filtration media and cleaning products, backed by Branford Castle Partners, LP, a New York City- and Floridabased private equity firm, today announced the acquisition of HDK Industries. HDK is a producer of wire back and self-supporting media for air filtration, liquid filtration and specialty medical materials. The HDK Industries brand will be consolidated into the Fibrix Filtration brand managed by the holding company CSG, led by Keith White, CEO, and JR Baccus, president. “Improving indoor air quality has become a key health and safety initiative in this postpandemic era,” White said. “The combination of CSG’s and HDK’s proprietary products and technologies creates a truly differentiated product offering for the expansive market of innovative clean solutions using environmentally sustainable practices. We are excited to welcome the talented team at HDK into our organization and look forward to working together as we create A Cleaner Way Forward™.” “We are enthusiastic to be joining forces with CSG,” commented Scott Keeler, HDK’s general manager. “The combination of these two great companies makes us stronger, more adaptable and better positioned to leverage our resources for sustainable, future growth.” “We’re proud to support a company dedicated to developing solutions for a cleaner, more sustainable environment,” said Ceon Francis, managing director at Branford Castle Partners. “Under the experienced leadership of Keith White and his team, we are confident CSG will continue growing strategically, both organically and through acquisitions, in this dynamic and expanding market.” Akerman LLP provided legal advisory services and WhiteHorse Capital provided financing for this transaction. Terms of the deal were not disclosed.
Source: Textile World
Association of Southeast Asian Nations (ASEAN) Secretary-General Dr. Kao Kim Hourn has said that the 10-member bloc of the Southeast Asian countries wants India to join the landmark Regional Comprehensive Economic Partnership (RCEP) for greater market access as he asserted that all partners stand to gain from the inclusive, open and rule-based trade pact. Dr. Kao also said India and ASEAN have been working together across various sectors — from space to investment, to tourism, to the defence sector and counter-terrorism, among others — and advocated expanding such cooperation in new sectors. Talking to a select group of Indian journalists in Jakarta on Monday evening (November 20), Dr. Kao said joining the RCEP would benefit India as the agreement would provide greater market access. He added that all partners will gain from the inclusive, open and rule-based trade pact. The RCEP is a free trade area (FTA) consisting of 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and five of the bloc's dialogue partners — China, Japan, South Korea, Australia and New Zealand. The landmark agreement was signed in November 2020. Together, these RCEP participating countries account for about 30% of the global GDP and 30% of the world population. India had pulled out of the RCEP as, according to officials, joining it would have resulted in fairly negative consequences for the country's economy. “Looking ahead, of course, we hope to continue to expand the existing areas of cooperation and also to deepen our cooperation,” he said, suggesting collaboration in the biotech sector, public health facility, renewable energy sector, people-to-people exchange, connectivity and in many other areas.” “We stand to benefit from the partnership between ASEAN and India. At the moment, we have many mechanisms for cooperation between the two sides,” he added. Recalling Prime Minister Narendra Modi’s visit to Jakarta in September to attend the ASEAN summit, he said the grouping “highly value” its "partnership” with India. "We were delighted to welcome Prime Minister Modi to Jakarta, where he participated in the ASEAN India Summit. And we highly value our partnership with India," he said. During the Summit on September 7 in Jakarta, Prime Minister Modi presented a 12- point proposal to expand cooperation between India and ASEAN in a range of areas such as connectivity, trade and digital transformation even as he called for building a rules-based post-COVID world order. The Prime Minister had reaffirmed that ASEAN is the central pillar of India's Act East Policy and it fully supports ASEAN centrality and its outlook on the Indo-Pacific. Dr. Kao said that ASEAN is a maritime community and India is a maritime nation. "We can collaborate in the maritime sector, for example, maritime cooperation, which is one of the four priority areas under the ASEAN outlook on the Indo-Pacific. Also (we can) work together in the digital economy and sustainability, in the renewable energy sector and people-to-people exchanges and connectivity." Dr. Kao also talked about the contributions of ASEAN-India dialogue relations to ASEAN’s community-building efforts and underscored the important role of media in encouraging greater cooperation between ASEAN and India, especially in the areas of cultural exchanges, connectivity and people-to-people ties, among others. He advocated a liberal aviation pact that would facilitate more direct flights between India and ASEAN nations and enhance people-to-people ties and boost tourism. Responding to a question on conflicts in various parts of the world, Dr. Kao said that ASEAN is a strong proponent of peace, dialogue and diplomacy. “ASEAN has always been promoting a culture of dialogue, habits of consultation, and of course constructive engagement,” he said, adding that things should be worked out through dialogue and the non-use of force. He hoped that the United Nations would play a constructive role in the resolution of the ongoing conflicts around the world. We hope that the United Nations will play a constructive role in ongoing conflicts around the world. We believe that the UN has the means and of course, the commitment to work toward the resolution of the conflicts, particularly when we see a humanitarian tragedy unfolding before us," he said, referring to the Israel-Palestine conflict. ASEAN wants “peace should be given a chance”, he added. The ASEAN is considered one of the most influential groupings in the region and India and several other countries including the U.S., China, Japan and Australia are its dialogue partners. ASEAN-India dialogue relations started with the establishment of a sectoral partnership in 1992. This graduated to a full dialogue partnership in December 1995 and a summit-level partnership in 2002. The ties were elevated to a strategic partnership in 2012. The 10 member countries of ASEAN are Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia.
Source: The Hindu
HeiQ introduces a 100- percent biobased and long-lasting cosmetic finishing technology for textiles to the market. The newest addition to the HeiQ portfolio harnesses the power of active probiotics and selected prebiotics to enhance the skin microbiome, turning the human’s largest organ into the best-looking one. HeiQ, a global supplier of textile innovation, is proud to announce the launch of HeiQ Skin Care technology for nextto-skin apparel and home textiles. This revolutionary proprietary technology, 100-percent biobased and meticulously designed, marks a significant advancement in textile innovation. HeiQ Skin Care is a synbiotic textile finish aimed at providing a balanced microbiome for glowing skin, even after repeated use and washing of textiles. Unlike conventional products, HeiQ Skin Care utilizes slow-release prebiotics and probiotics seamlessly integrated into a biobased textile matrix, enriching the skin’s microbiome diversity, and offering long-lasting cosmetic benefits. The synergistic combination of prebiotics and probiotics, known as synbiotics, delivers a soothing cosmetic skin treatment while we relax, work, or sleep. Probiotics not only restore and improve the skin’s natural balance but also enhance its self-repair capabilities. Synbiotics promote skin renewal, rebalancing, and improved appearance, reducing the signs of aging and establishing a favorable environment for the skin’s natural repair mechanisms. “HeiQ Skin Care represents a leap forward in textile innovation, combining the power of probiotics and prebiotics to enhance skin microbiome and overall skin appearance. It is another way of delivering our promise of improving the lives of billions, which is at the core of everything we do at HeiQ”, says Mike Abbott, Head of HeiQ Textiles & Flooring Business Unit. “Our technology is a testament to HeiQ’s commitment to pushing the boundaries of what textiles can achieve, and we are excited to showcase it at ISPO Munich 2023.”
A second skin that takes care of the first Our skin, the largest organ in human body, is home to a diverse community of microorganisms called the skin microbiome. It plays a crucial role in maintaining good skin condition, acting as a protective barrier against harmful agents. However, various factors, such as hormones, genes, diet, smoking, environmental exposures, and excessive UV radiation, can disrupt its balance, leading to skin conditions like rashes, acne, psoriasis, rosacea, skin irritation, redness, eczema, and odor. Maintaining a balanced skin microbiome is essential for preserving skin integrity. HeiQ Skin Care is suitable for all textile fibers, both natural and synthetic, and can be applied to all textile items that come in direct contact with the skin. This versatility makes it an ideal choice for daily use- at work, during sports, leisure activities, or as bedding items like bed sheets and pillows. Intensive wear trials conducted during the development stage have proven the consistent release of synbiotics (prebiotics and probiotics) onto the skin, creating conditions to foster a well-balanced microbiome. Visit HeiQ at ISPO Munich 2023 to experience the future of wearable skincare through textiles. Discover how HeiQ Skin Care is set to redefine the way of thinking about textile innovation and well-being.
Source: Textile World
