New Delhi: Prime Minister Narendra Modi today said his government's policies and decisions have taken the economy to a new height, creating immense possibility for employment and self-employment generations. Speaking to newly inducted employees in different government departments at the Centre and in some states after distributing nearly 51,000 appointment letters as part of 'Rozgar Mela', he asked them to ensure that welfare initiatives reach the most deprived people wherever they are and said this will lead to the realisation of goal of making India a developed country by 2047. PM Modi said that their biggest priority should be people's ease of living, and took a swipe at past governments saying they ignored the equality envisaged by BR Ambedkar, the key figure behind the Constitution, among all citizens. A big section of society was denied even basic facilities till 2014 when his government came to power, he said.
The prime minister said his government prioritised the marginalised and adopted their development as a mantra, asserting that it reached out to those who for decades had not got any facility from any government. "We have been trying to change their lives," he said. The same bureaucracy and system are in place, but the mindset and work culture has changed, changing the lives of people, he said. Citing a report, PM Modi said over 13 crore people moved out of poverty in the last five years. Many global agencies have come out of positive reports about the Indian economy, he said, adding that this also is an evidence of the immense possibility for employment and self-employment in the coming years. The prime minister told the new employees through video conferencing that they should make a note of any hardship they might have faced due to some government employees and ensure that they never treat anyone in the same manner. His government, he said, has been spending lakhs of crores of rupees in building modern infrastructure, including expressways, airports and in rail sector, which have obviously created a lot of employment. India is witnessing an "infrastructure revolution", he said. Development projects hanging fire for years and decades were accomplished by his government, he said, citing the construction of an airport in Sikkim and Paradip refinery. Real estate sector was headed to sure shot destruction when his government came to power but it ushered in reforms through the Real Estate (Regulation and Development) Act to restore its good health. The sector creates a lot of employment, he noted.
Source: NDTV
India will soon start keeping a record of its export and import of recycled textiles, as the government plans to track the trade of products made from regenerated fibres and measure the growth of the circular textile economy. The textiles ministry has kick-started the process to create separate tariff codes - called HSN (harmonised system of nomenclature) codes in trade parlance - as the existing ones do not account for recycled textile products and they are exported and imported in existing yarn, fabric, garment and waste codes. India's exports of worn clothing and rags in 2022-23 amounted to $134.7 million and imports were $381.71 million. Almost half the imports came from Bangladesh. "We are trying to capture the trade of recycled textiles as some countries ban or restrict their trade," said an official, who did not wish to be identified. Separate HSN codes for recycled textiles will help customs authorities, policymakers and trade organisations to better regulate and manage the trade of these products, besides facilitating compliance with sustainability standards and certifications. The ministry is already assessing pre-and post-consumer waste generation and its source identification to get an estimate of such waste generated in the country. "The recycled varieties of yarn, fibre and fabric are there and we want to make HSN codes at six-eight digit levels," the official said, adding that India will devise a way first to quantify the trade before taking up this issue with other countries. The move is in line with the EU's new Circular Economy Action Plan, 2020 which has included textiles as one of the key product value chains facing multiple sustainability challenges. At present, only four-five companies are being captured which deal with recycled textiles, according to the official. As per IMARC Group, India's textile recycling market size was $308.7 million in 2022 and is expected to reach $375 million by 2028, with a compound annual growth rate of 3.4% in 2023-2028. "Fashion waste and brands' dead stock is the highest of the lot," said an industry representative, who did not wish to be identified, adding that the HSN classification will help identify and track their trade and aid transparency in the supply chain.
Source: Economic Times
Gujarat Chief Minister Bhupendra Patel along with a high level delegation met Singapore's Minister of Trade and Industry, Gan Kim Yong on Friday. The delegation had reached Singapore after completing its tour of Japan. The tour is being undertaken in the run up to the tenth edition of Vibrant Gujarat Global Summit (VGGIS) which is scheduled for January.
Source: Economic Times
India's economy expanded 7.6% in the September quarter from a year earlier, exceeding expectations as manufacturing posted strong growth and investments gathered pace. Private consumption was tepid while a patchy monsoon dented farm growth, according to government data released on Thursday. Economists had, in an ET poll, estimated a median 6.7% rise in gross domestic product (GDP) in the quarter. The second-quarter GDP growth is just shy of 7.8% clocked in the June quarter and significantly higher than the 6.2% recorded in the September quarter last year. Growth in the first half of FY24 was 7.7% compared with 9.5% a year earlier. "Manufacturing sustained expansion, endorsed by IIP (Index of Industrial Production) and core infra sector growth," said chief economic advisor V Anantha Nageswaran. The higher-than-expected growth triggered a raft of upgrades in full FY24 growth estimates. "The latest numbers indicate that the economic recovery is on track despite the adverse geopolitical situation," said Sunil Kumar Sinha, principal economist, India Ratings. Manufacturing, which has a nearly 19% weight in the economy, posted a nine-quarter high 13.9% growth, as company profits improved on the back of strong demand and drop in input costs. The mining and construction sectors also posted strong growth, expanding 10% and 13.3%, respectively. Services growth was muted with financial services rising 6%, less than half the 12.2% growth in June quarter. Utilities grew 10.1% while trade, hotels, transport and communications grew 4.3%. The demand-side data showed gross fixed capital formation, a measure of investment, rose 11% from a year earlier compared with 8% in the first quarter, lifting it to 35.3% of GDP.
Source: Economic Time
Manufacturing PMI reaching 56, up from October's eight-month low of 55.5. While domestic demand remained robust, international demand weakened, resulting in new export orders reaching a five-month low. Business sentiment also reflected concerns about potential price increases in the near term. Manufacturing activity in India saw a moderate uptick in November on strengthening client demand amid retreating inflationary pressures, a private survey showed on Friday. India's S&P Manufacturing PMI reading in November stood at 56, up from the eight-month low of 55.5 seen in October. That marked nearly two and a half years of the index being above the 50-mark separating expansion from contraction. Yet, this reading remains below the average of 57.9 for Q2. Even as average purchasing costs rose, rate of inflation eased to the lowest in the current 40-month sequence of increases, the research firm said in a press release. India's retail inflation eased to a fourmonth low in October, but remained above the Reserve Bank of India's 4 per cent medium-term target.
"India's manufacturing economy is clearly in good shape as 2023 draws to a close, with expectations for a continued strong performance in 2024," noted Pollyanna De Lima, economics associate director at S&P Global India's manufacturing activity ticks higher as input inflation falls to 40-mth low: PMI - The Economic Times While domestic demand appeared strong, international demand took a hit, with new export orders at a five-month low. Even though input costs grew at the slowest pace since July 2020, not all the benefits were passed on to customers as the rate of output price inflation only eased to a seven-month low. "Prices for raw materials and components still rose in November, but improved availability at suppliers amid subdued global demand for inputs led to a considerable retreat in cost pressures," added De lima. "Some concerns over prices increasing in the near-term were reflected in the data for business sentiment." Data released Thursday shows that India's economy grew 7.6 per cent in the September quarter of the ongoing financial year and remained the fastest-growing large economy, mainly due to better performance by manufacturing, mining and services. The GVA (Gross Value Added) in the manufacturing sector showed a growth of 13.9 per cent in the second quarter of the current fiscal compared to a contraction of 3.8 per cent in the year-ago period. The double-digit growth in the industry sector, especially in manufacturing and construction, is suggesting that businesses ramped up production to meet the pent-up demand just before the festivals, said Rumki Majumdar, Economist, Deloitte India
Source: Economic Times
The Odisha government did not apply for a mega textile park under the PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks, Union Minister Darshana Jardosh said here. The Union Minister of State for Textiles said this during her visit to the state. "The Odisha government did not make any bid for the mega integrated textile park. The Centre has allocated seven such parks in different states," Jardosh told reporters here. The Union minister said that at least 12 states had submitted their proposals to the Central government for mega textile parks and also participated in the bidding process, however, Odisha was not among them. She said that seven states have been accorded permission, based on their available infrastructures as well as respective textile policies. The handloom weavers are being imparted training by the Central government under its ambitious Samarth Yojana. As per the scheme, the mega textile parks were to be set up at a cost of Rs 10,000 crore and spanning over 1,000 acres of land. The state and Central governments would have 51 and 49 per cent shares respectively in the mega projects, Jardosh said. However, ruling BJD MLA Dhruba Charan Sahoo said, "Chief Minister Naveen Patnaik has always placed Odisha's demands before the Central government through letters and in different forums. The Central government has been neglecting the state simply for political reasons." The BJD lawmaker claimed that the state government has been providing cooperation to the Centre for which Odisha has received several awards. Jardosh's statement came a day after Union Minister of State for Ports, Shipping and Waterways Shripad Y Naik alleged that the state government was hindering the transformation of Paradip Port to number one port in the country.
Source: Tecoya Trend
RSWM Limited - one of the largest manufacturers and exporters of value-added synthetic, mélange, blended spun yarns, denim fabric, knitted fabric, and green polyester fibers from India – has signed a binding term sheet with Ginni Filaments Limited for proposed acquisition of its spinning, knitting and processing undertaking situated at Mathura on Slump Sale basis at an enterprise value of Rs. 160 crores which is expected to be completed within ninety days of execution of term sheet subject to execution of definitive documents and receipt of necessary approvals. This acquisition is expected to result in an increase in turnover, employee strength, and plant capacity thereby marking a pivotal moment for RSWM Limited and will establish them as market leaders. Commenting on this strategic proposed acquisition, Mr. B M Sharma, Joint Managing Director of RSWM Limited said, “The acquisition broadens RSWM’s reach, making it a significant player in Spinning and Knit Fabric sector by strengthening its production capacity. This may also lead to enhancement in yarn production capacity of RSWM. RSWM Limited has planned to make substantial investment in the modernization of the acquired assets, introducing cutting-edge technologies such as the latest generation compact ring frames and advanced carding and comber machines including power infrastructure. This move is aimed at enhanced recoveries, productivities, and product diversity to cater to premium clients.” Mr. Riju Jhunjhunwala, Chairman & Managing Director, and CEO of RSWM Limited said: “Going beyond Rajasthan, this expansion foresees a substantial increase in turnover. Targeting new customers globally, RSWM Limited aims to strengthen its position in spinning and knitted fabric sector. With a strategic investment in upgrading acquired assets, RSWM Limited focuses on operational efficiency and eco-friendly practices. This move enhances financial stability and anticipates improved earnings. RSWM Limited expresses gratitude to shareholders for their trust and looks forward to shared success in advancing further in the textile industry.”
Source: Tecoya Trend
The gross GST revenue collected in the month of November, 2023 is ₹1,67,929 crore out of which CGST is ₹30,420 crore, SGST is ₹38,226 crore, IGST is ₹87,009 crore (including ₹39,198 crore collected on import of goods) and cess is ₹12,274 crore (including ₹ 1,036 crore collected on import of goods). The government has settled ₹37,878 crore to CGST and ₹31,557 crore to SGST from IGST. The total revenue of Centre and the States in the month of November, 2023 after regular settlement is ₹68,297 crore for CGST and ₹69,783 crore for the SGST.The revenues for the month of November, 2023 are 15% higher than the GST revenues in the same month last year and highest for any month year-on-year during 2023-24, upto November 2023. During the month, the revenues from domestic transactions (including import of services) are 20% higher than the revenues from these sources during the same month last year. It is for the sixth time that the gross GST collection has crossed ₹1.60 lakh crore mark in FY 2023-24.The gross GST collection for the FY 2023-24 ending November, 2023 [₹13,32,440 crore, averaging ₹1.66 lakh per month] is 11.9 % higher than the gross GST collection for the FY 2022-23 ending November, 2022 [₹11,90,920 crore, averaging ₹1.49 lakh crore per month].
Source: PIB
"The National Textiles Day-2023" will be observed in the country tomorrow with the theme 'Smart Textile-e Sommriddho Desh- Bangabandhu er Bangladesh'. President Mohammed Shahabuddin and Prime Minister Sheikh Hasina issued separate messages on the eve of the day. In his message, President Shahabuddin said, "The textiles sector is playing an important role in rural poverty alleviation, women empowerment, employment generation and foreign currency earning." The present government formulated 'Textile Policy 2017', 'Textile Law 2018' and 'Textile Industry (Registration and One-stop Service Centre) Regulations, 2021', the head of the state said. The President said the history of textile industry in Bangladesh is very old and glorious. Dhakai Muslin and Jamdani, Tangail's Weaving, Cumilla's Khadi, Rajshahi's Silk and Mirpur's Benaroshi are deeply rooted in history, tradition and culture, he added. "We hope that the sincere efforts of all concerned will continue to spread these traditional products in the international arena," he hoped. Prime Minister Sheikh Hasina, in her message, said Bangladesh has glorious reputation in textile industry and after independence, Bangabandhu, the greatest Bengali of all time, had taken steps for the development of handloom industry in the country. Following the footprint of Father of the Nation Bangabandhu Sheikh Mubijur Rahman, the present Awami League government made a pledge in its election manifesto for building the textile sector as a strong and competitive one, she added. She said the Department of Textiles has been entrusted with the responsibility of providing support and necessary services to the textile industry and its stakeholders. The government has been working relentlessly to apply all facilities of the 4IR in the textile sector and face challenges, she said, adding that the Ministry of Textiles and Jute has been setting up and operating technical educational institutes at different levels to create skilled manpower in this sector. The premier hoped that all stakeholders involved in the textile sector will play an effective role for ensuring the development of this sector by maintaining mutual cooperation. Thus, the developed-prosperous Bangladesh dreamt by Father of the Nation Bangabandhu Sheikh Mujibur Rahman will be built, she added.
Source: BSS News
Kenya plans to raise apparel exports to the United States and European Union to $1 billion (Sh152.7 billion) by 2025 and to $2 billion (Sh305.4 billion) by 2030, Export Processing Zone Authority (EPZA) chairman Richard Cheruiyot recently said. The country now exports apparel worth $544 million (Sh83.07 billion) to the two markets. The country has implemented strategies to raise apparel production capacity. These include revival of textile factories to benefit cotton farmers, cultivating local industries and creating jobs, Cheruiyot told the inaugural ceremony of the International Textile Machinery Exhibition (ITME) Africa and Middle East 2023. The United States is also offering $55 million (Sh8.6 billion) for the expansion of EPZs to boost the country’s apparel exports, a Kenyan newspaper reported.
Source: Fibre2 fashion
Vietnam’s import and export value amounted to US$619.2 billion in January-November this year, up by 8.3% against the same period last year, showed data of the General Statistics Office. In November alone, the country’s trade with the rest of the world amounted to US$60.9 billion, a 5.9% year-on-year increase. However, during the 11-month period, export revenue declined by 5.9% year-on-year to US$322.5 billion, while imports dropped by 10.7% to nearly US$296.7 billion. Vietnam achieved a trade surplus of US$25.8 billion between January and November. The figure surpassed the Jan-Oct data of US$24.6 billion to become the highest level in five years. Seven groups of export items generated export revenue of US$10 billion or more each, including electronics, computers, and components; phones and phone parts; machinery, tools, and parts; textiles and garments; footwear; automobiles and parts; and wood and wood products. There were 43 groups of import products that exceeded US$1 billion in revenue, collectively accounting for 92.2% of the nation’s total imports. The U.S. remained the top export market for Vietnam, bringing in US$88 billion in export revenue in January-November, while China continued to be the largest exporter to Vietnam, contributing US$99.6 billion in Vietnam’s import value.
Source: Vietnam News
The imperative for enterprises, including those in the textile and garment sector, to proactively embrace the green transition wave for enhanced global supply chain positioning was highlighted at a seminar in HCM City on Friday. “Enhancing Competitive Capacity for Textile and Garment Enterprises on the Green Growth Pathway,” organised by the Vietnam Chamber of Commerce and Industry, HCM City (VCCI-HCM) and Global PR Hub, was attended by executives from over 100 textile and garment enterprises. Experts said global fashion brands are increasingly prioritising green business and encouraging suppliers to adopt sustainable practices. Renewable energy, especially solar, is a viable long-term solution for sustainable transformation in manufacturing, they said. Nguyễn Hữu Nam, deputy director of VCCI-HCM, said textile and garment exports are a key component in Việt Nam’s open economy, and underlined the necessity to adapt to new conditions and regulations in export markets. Nguyễn Thị Tuyết Mai, deputy secretary-general of the Vietnam Textile and Apparel Association (VITAS), said Việt Nam’s free-trade agreements (FTAs) with 53 countries offer favourable conditions for market expansion and improving production and business efficiency. But she also pointed out that newer generation FTAs impose stricter requirements for green growth, posing a challenge to over 80 per cent of small and medium-sized enterprises due to their lack of resources to invest in eco-friendly production transitions. Complex requirements such as LEED certification, supply chain due diligence, origin tracing, and ecological design standards have deterred many businesses from making the transition, she added. Experts said Việt Nam’s textile and garment companies still have considerable room for exports in international markets and so need to learn and comply with new regulations in major markets like the EU and US.
An expert from AHK Vietnam spoke about the EU-Vietnam Free Trade Agreement boosting Việt Nam's competitiveness in the textile and garment industry, but noted that the vague provisions on labour protection and social responsibility could challenge Vietnamese enterprises.
Challenges of the green transition by the textile and garment industry were discussed at the seminar, notably from major markets such as the EU, which are tightening environmental standards, introducing the carbon border adjustment mechanism and implementing the Supply Chain Due Diligence Act. Safety, particularly during significant investments such as installing photovoltaic systems, was also highlighted as a major concern. During discussions on exemplary cases and lessons learned from developed countries, VITAS, WWF Vietnam, SolarEdge Vietnam, LONGi, and HDBank representatives delved deep into green transition in advanced countries, opportunities for Việt Nam and access to green credit for enterprises. Việt Nam has 7,000 textile and garment companies, 80 per cent of them SMEs, which employ three million workers. Textile and garment exports have consistently remained among Việt Nam's top four exports, and the country is the third largest global exporter. In the first ten months of this year, its exports were valued at US$33 billion despite a 12 per cent year-on-year decrease. But the full-year target is 9.2 per cent lower at $40.3 billion.
Source: Vietnam News
