Marking two years of PM GatiShakti National Master Plan (NMP), the 61st Network Planning Group (NPG) meeting was held under the chairpersonship of Special Secretary (Logistics), Department for Promotion of Industry and Internal Trade (DPIIT), Smt. Sumita Dawra on 01st December 2023 in New Delhi. The meeting reviewed the status of (i) mapping of existing and proposed economic zones at NMP platform and (ii) 100 identified critical infrastructure projects. Participation from over 60 officials of concerned Ministries/Departments was observed, including the Ministry of Road Transport and Highways, Ministry of Railways, Ministry of Ports, Shipping and Waterways, Ministry of Power, Department of Telecommunications, Department of Pharmaceuticals, Ministry of Fisheries and Animal Husbandry and Dairying, Ministry of Electronics and Information Technology, Ministry of Textiles, National Industrial Corridor Development Corporation (NICDC), Ministry of New and Renewable Energy, and NITI Aayog. Special Secretary (Logistics), DPIIT highlighted the notable achievement of PM GatiShakti National Master Plan (NMP) such as onboarding of 39 individual line Ministries and 36 State/UT, uploading of 1463 data layers from Central Ministries and States/UTs and development of tools and use cases by the Ministries as well as States on NMP. Further, a ‘Compendium of PM GatiShakti’ showcasing 8 best use cases was launched on 13th October 2023.
The National Master Plan has facilitated the various Ministries in identification and prioritization of critical gap infrastructure projects for FY 2023-24. Also, a budget allocation of Rs. 75,000 Crores was made in the Union budget FY 2023-24 for one hundred critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors. Special Secretary (Logistics), DPIIT emphasised that over 1300 infrastructure projects were envisaged as part of the PM GatiShakti initiative across diverse Ministries/Departments for comprehensive infrastructure planning, ensuring inclusive growth. Further, mapping of existing and proposed economic zones on NMP such as PM MITRA Parks under Ministry of Textiles, Mega Food Parks under Ministry of Food Processing Industries, SEZs, etc., are crucial. In the course of the meeting, various Ministries/Departments shared the status of projects. The Ministry of Textiles mapped eight (8) sanctioned PM Mitra Parks on the NMP portal. Department of Pharmaceuticals reported the successful completion of 129 Pharma clusters and 23 medical device cluster projects. Department of Animal Husbandry and Dairying has mapped all training institutes across India. The Ministry of Railways and the Ministry of Road Transport and Highways presented details on commissioned and ongoing projects, with an emphasis on critical infrastructure. NICDC furnished an update on 13 identified projects; and featuring a presentation on the NMP portal's utilization to ensure multimodality and last-mile connectivity to Dholera. Other Ministries/Departments also provided updates on their respective projects. Special Secretary (Logistics), DPIIT recognized substantial progress in mapping of the projects on the portal. Further, emphasis was placed to extensively utilize the PM GatiShakti portal for identifying first and last-mile connectivity gaps to new and emerging economic nodes. The projects identified under PM GatiShakti are catalysts for economic activities, facilitating the seamless movement of goods and services and attracting and de-risking investments for enhanced productivity and demand-led approach to infrastructure development.
Source: PIB
India is poised to achieve the status of a $5 trillion economy in the 'Amrit Kaal,' on the path to achieve its goal of attaining advanced economy status by 2047, as per Pankaj Chaudhary, the minister of State for Finance. The International Monetary Fund (IMF) has projected that India will reach a $5 trillion economy, boasting the third-largest GDP, by 2027-28. In a written response in the Lok Sabha, Chaudhary says that the strong rupee, stemming from macroeconomic stability, will play a crucial role in surpassing the $5 trillion milestone. "The government has set the goal of becoming an advanced economy by 2047. In the process, it will become a $5 trillion economy early in the Amrit Kaal," Chaudhary says. As of the conclusion of the 2022-23 fiscal year, India's GDP stood at $3.7 trillion. Chaudhary highlighted the historical trajectory of India's economic growth, citing the evolution from a $189 billion economy in 1980-81 to $326 billion after a decade. In 2000- 01, the size of the GDP rose to $476 billion. Acknowledging the significance of the exchange rate in determining India's GDP size globally, Chaudhary stressed that India operates as a market economy, with the government closely monitoring economic progress through market-determined GDP and exchange rates. He further highlighted that GDP and exchange rates are given much importance and are hard to be overlooked. "India is a market economy, and the government monitors economic progress through market-determined GDP and exchange rate," Chaudhary adds. He explained the significance of both domestic and international markets, which determine India’s GDP, exchange rate and several factors responsible for GDP. The breakdown of nominal GDP contributions from agriculture, industry, and services for the fiscal year 2022- 23 was 18.4%, 28.3%, and 53.3%, respectively. Chaudhary outlined the government's active role in economic progress through policy interventions, including measures announced in annual budgets. The key initiatives over the past nine years include the implementation of the Insolvency and Bankruptcy Code (IBC), recapitalisation of public sector banks, the rollout of Goods and Services Tax (GST), reduction in corporate tax, increased capital expenditure, introduction of the Production Linked Incentive (PLI) scheme, continuous liberalisation of the FDI regime, and investments in digital infrastructure.
Source: Business Standard
New Delhi: More than 1 lakh firms voluntarily exited under the companies law in nearly five years, the government said on Monday. Besides, many companies have sought voluntary liquidation under the Insolvency and Bankruptcy Code (IBC). “From FY 2018-19 to FY 2023-24 (up to 30th November, 2023) 1,06,561 companies have exited voluntarily under section 248(2) of the Companies Act, 2013. “From FY 2018-19 to FY 2023-24 (up to 30th September 2023) final reports of 1,168 companies have been submitted by liquidators under section 59 of the Insolvency and Bankruptcy Code, 2016 (Code), of which final dissolution orders have been passed by NCLT in 633 cases during the said period,” Union Minister Rao Inderjit Singh told the Lok Sabha. Section 248(2) of the Companies Act pertains to voluntary exit of companies while Section 59 of the IBC relates to voluntary liquidation of companies. In the last five years, Singh said the time taken for voluntary exit under Section 248(2) of the Companies Act, 2013 has varied between an average of 6-8 months to even 12-18 months in some cases. Under the IBC, the average time taken for dissolution of companies after submission of final report by the liquidator has been in the range of 7-9 months. The average time taken by liquidator to submit final report for Adjudication to NCLT has been about 14 months, Singh, who is Minister of State for Corporate Affairs, said in a written reply.
Earlier this year, the government set up the Centre for Processing Accelerated Corporate Exit (CPACE) to centralise and expedite voluntarily exit of companies under Section 248(2) of the Companies Act, 2013. “Under CPACE the time taken for voluntary exit during the current year is around 110 days. 470 cases are currently pending for voluntary liquidation under section 59 of the IBC till September 2023. Further, 3,695 cases are pending for voluntary corporate exit under section 248(2) of the Companies Act, 2013 with CPACE,” Singh said. In a separate written reply, Corporate Affairs Minister Nirmala Sitharaman said 7,946 foreign companies have registered their Indian subsidiary companies during the period from FY 2018-19 to FY 2022-23 (up to November). “The increase in foreign direct investment indicates the confidence of the foreign investors in the business atmosphere of the country,” she added.
Source: The Hindu
A recent Reimagining Textile Waste conference in New Delhi, India hosted by Laudes Foundation, IDH, Canopy, and Reverse Resources focused on developing the country’s roadmap to circularity by launching a next-generation solutions hub, sharing findings from the two-year Sorting for Circularity India project and releasing a toolkit designed to revalidate textile waste in India The conference also launched the Re-START Alliance (Recover by Sourcing, Tracing, and Advancing Recycling Technologies), a textile recovery alliance established by Fashion for Good, Laudes Foundation, IDH and Canopy. The alliance aims to scale a formal textile waste supply chain, systems, infrastructure, stronger policy intervention, and industry appetite to enable technology commercialisation and will launch officially in Q1 2024. Canopy’s executive director Nicole Rycroft believes India is well positioned to become a global leader in low-carbon Next Gen textile production. She said: “Canopy is thrilled to be part of this new collaboration to help India realise that potential. With India’s abundance of textile waste, innovative industry leaders, and the collective buying power of our global network of brands, together we can transform unsustainable supply chains, reduce emissions, and create economic opportunities across India.”
Source: Just Style
Synopsis Mineral fuels, inorganic chemicals, compounds of precious metals and iron and steel are India's top exports to Oman while oil, fertilisers and plastics are the top imports. India's exports to Oman could soon get duty concessions with the two sides having begun talks for a free trade agreement. Mineral fuels, inorganic chemicals, compounds of precious metals and iron and steel are India's top exports to Oman while oil, fertilisers and plastics are the top imports. Officials said that the negotiations will be fast tracked and the pact could be on similar lines as the one with the UAE. India's exports to Oman in April September FY24 were $2 billion and imports were $2.1 billion. "Discussions have started and the agreement would be a comprehensive one," said an official. The government has identified petroleum products, gems and jewellery, engineering products, pharmaceuticals, cement and ceramic products, readymade textiles, and footwear as some goods with scope for more trade with Oman. India could also push for fast tracking the approval for Indian pharma products that are already registered by the US Food and Drug Administration (USFDA), UK drug regulator MHRA and European Medicines Agency, similar to a provision in its trade pact with the UAE. Both Oman and the UAE are part of the Gulf Cooperation Council with which India aims to ink a trade pact. Besides duty concessions, the commerce and industry ministry is also analysing non-tariff barriers and product-specific rules as part of the India Oman Comprehensive Economic Partnership Agreement (CEPA) negotiations.
Source: Economic Times
India will drive growth in the Asia-Pacific (Apac) region as the growth engine is likely to shift from China to South and Southeast Asia in the coming years, S&P Global Ratings said in a report on Tuesday. The rating agency's report projected China’s growth to slow down to 4.6 per cent by 2026 from an estimated 5.4 per cent in 2023. India is likely to clock 7 per cent economic growth from 6.4 per cent estimated for 2023. “We expect Asia-Pacific's growth engine to shift from China to South and Southeast Asia. This shift could constrain the upside over the next few years for China's bond issuers while improving those of issuers in India, Vietnam, the Philippines, and Indonesia,” the report says. Also, other countries in the region like Vietnam are expected to grow by 6.8 per cent in 2026 from 4.9 per cent in 2023; Philippines by 6.4 per cent from 5.4 per cent and Indonesia at a steady rate of 5 per cent in the same period. The report further mentions that Apac's central banks are likely to keep interest rates high for longer and the region's borrowers, particularly the highly indebted, could rack up higher interest expenses from financing needs as a widening conflict in West Asia could risk affecting global supply chains and increase energy costs, fanning inflation. “We expect regional interest rates to likely stay high, given the US Federal Reserve will maintain a tight monetary policy to bring inflation within target. Policy rate differentials between the Fed and regional central banks could cause capital outflows for the region's economies to put pressure on domestic currencies. For those borrowers with impending or sizeable refinancing needs, high borrowing costs and tighter credit availability from lenders are prominent risks,” the report noted.
The rating agency said India's retail inflation is projected to moderate to 4.7 per cent by FY27 from 5.5 per cent in FY24, as the policy rate is expected to fall to 5 per cent from 6.5 per cent in the corresponding period. Also, even as Apac's economic growth remains broadly resilient, buoyed by robust labour markets and services sectors, S&P said the growth momentum is susceptible to risks of energy shocks from a widening West Asia conflict and slower global demand. “We lowered our growth projection for the region (excluding China) to 4.2 per cent in 2024. Prospects for industries also differ, with export-centric manufacturing faring worse. The region's net ratings outlook bias stands at -1 per cent,” the report said. The latest official gross domestic product (GDP) data released last week by the National Statistical Office (NSO) showed that India grew by 7.6 per cent in the second quarter of FY24, which prompted several analysts to raise their full-year growth estimates closer to 7 per cent
Source: Business Standard
A collaborative pilot initiative with German involvement aimed at treating textile effluents was launched at the Kunnankalpalayam Common Effluent Treatment Plant (CETP) in Tirupur. The three-year project, funded by the Indo German Science and Technology Centre, falls under the Indo German collaboration. Following laboratory assessments, a pilot-scale electrochemical ozone oxidation process (ECOOP) reactor and CDI have been installed at Kunnankalpalayam CETP, capable of treating 350 litres of effluent per hour. This technology, spearheaded by one of the principal investigators, Indumathi M Nambi of IIT Madras, eliminates colour and Chemical Oxygen Demand (COD), avoids sludge production, circumvents two conventional effluent treatment processes, and results in cost, manpower, and space savings. The project, initiated in 2020, will undergo field-level trials for approximately six months. According to a press release, the technology has the potential to diminish land requirements, aeration needs, and the skill and time demands associated with biological wastewater treatment. Partners in this venture include IIT Madras, RWTH Aachen University, Goeth Universitat, Tamil Nadu Water Investment Company, Ibacon, and Eurofins. The pilot plant inauguration was carried out by T Christuraj, the District Collector of Tirupur. H
Source: Indian Textile Journal
Birla Cellulose achieves number one ranking in Canopy’s, an environment-focused not-forprofit entity, Hot Button Report 2023 for its commitment to conserve ancient and endangered forests and promote circular solutions. Canopy has released their annual Hot Button Report, which enables fashion brands and retailers to robustly assess suppliers of Man Made Cellulosic Fibers (MMCF) for their forest fiber sourcing. Commenting on the ranking, H.K. Agarwal, Managing Director, Grasim Industries Ltd., and Business Director Birla Cellulose, said, “This esteemed recognition serves as confirmation of Birla Cellulose’s steadfast dedication and commitment to improve sustainable wood sourcing practices, forest conservation, innovation, next-generation fiber solutions, and transparent operations across the entire value chain.” Birla Cellulose, along with other global MMCF producers, has also supported calls for implementation of the Conventional on Biological Diversity’s commitment to conserve at least 30% of terrestrial ecosystems by 2030. The company actively collaborates with brands and supply chain partners, innovators, and orchestrators such as Canopy, Fashion for Good, and Circular Fashion Partnership for scaling up circularity. “A hearty congratulations to Aditya Birla for securing the top spot in Canopy’s 2023 Hot Button Report,” said Nicole Rycroft, Canopy’s Executive Director. “We commend their hard work to remove Ancient and Endangered Forests from the MMCF supply chain and are encouraged by their consistent progress to bring Next Gen fibres to market at scale.”
Source: Textiles Value Chain
European apparel and textiles exports have grown respectively by 7.9% and 5.6% in the first three quarters of 2023, according to the French Fashion Institute (IFM). At the recent Fashion Reboot conference in Paris, the IFM also underlined how European textile and apparel imports are decreasing in both value and volume, as shares of sourcing by country are changing. “Last year, we witnessed a strong surge in [European] apparel imports in terms of value and volume, with product unit value increasing by 18.1%,” said Gildas Minvielle, director of the IFM’s Economic Observatory. “In 2023, the same no longer applies, as unit value has risen by only 2.6% in the January-September period,” he added. This trend is due to a 14% downturn of apparel imports in value, and a 16% one in volume, in the first nine months of the year. In 2023 as a whole, apparel imports are set to fall by 13% in volume compared to pre-pandemic figures, four years ago. While inflation is causing an illusory rise in imports value, which is set to increase by 4%. “The market is weak in 2023, and distributors who greatly increased their imports last year probably have excess inventory. As a result, imports are declining, a phenomenon that has become more marked in the course of the year,” said Minvielle, underlining that “imports are therefore no longer following the same trend [as exports].” Sourcing map is changing This slowdown in European apparel imports is affecting all the EU’s major supplier countries. In the first nine months of 2023, the EU’s imports from Bangladesh fell by 16% compared to the same period in 2022, those from China and Hong Kong by 16%, from Turkey by 23%, from Pakistan by 15%, from India by 14%, from Cambodia by 11%, and from Burma by 15%. This downward trend is also affecting the various sourcing regions’ shares. After peaking at a 30.3% value share in 2020, China and Hong Kong dropped to 27.2% in the first nine months of 2023. By contrast, the aggregate share of other Asian countries rose to 45.5%, up from 40.2% in 2020, bringing Asia’s share of European apparel imports to 72.7%. Mediterranean basin countries are maintaining their market share, and in some cases managing to increase it. In 2019, the region accounted for 17.4% of European imports, but in the first nine months of 2023 its share rose to 18.5%. Highly strategic Turkish suppliers are holding their positions. “Certain countries are doing well, such as Tunisia, which has recently benefited from some returning clients,” said Minvielle. Sustained export growth While the sourcing map is being redrawn, European exports are confirming the growth trend that began in 2021 and are now significantly exceeding 2019 values. The EU is set to export €14.2 billion worth of apparel in 2023, an estimated 7.6% increase. The increase in the first nine months of the year was 7.9%. Intra-European exports have contributed only to a small degree to this increase, rising by 3%. But exports to Asia grew by 15.9%, with those to China and Hong Kong rising 4.9%. Exports to Japan grew by 34.4%, and to the USA by 18.9%. In 2022, the EU exported €13.2 billion worth of apparel, compared to €10.7 billion in 2019. The figure plummeted in 2020, down to €9.2 billion, before rising to €10.6 billion in 2021. In terms of textiles, Europe is expected to export €5.7 billion worth of goods in 2023, up 5.6% over 2022. In the first nine months of 2023, European textile exports posted a 5.6% increase, growing significantly in Asia, where orders were up 32.8%, and notably in China and Hong Kong, where they were up 42.5%. Textiles exports within the EU and to Japan increased by 4.1% and 5.2% respectively, but the USA has cut its orders for European textiles by 4.2%.
Source: Fashion Network
The two countries, during a recent series of meetings, emphasized FTA for greater business opportunities.A 50-member delegation from Bangladesh just concluded a bilateral visit to Thailand, organized jointly by the Bangladesh Thai Chamber of Commerce and Industry (BTCCI), the Ministry of Commerce of Thailand along with the Ministry of Foreign Affairs of Thailand, and the Royal Thai Embassy in Bangladesh. Bangladesh and Thailand are interested in exploring new avenues of cooperation in the blue economy, electronic vehicle assembly and ecosystem management, technical textiles, data-driven modern agriculture, light engineering, halal industry, value-added food processing, etc. Policy support for SME industries in Bangladesh along with ESG compliance were also discussed for collaboration. During these bilateral discussions between the private sector and government representatives, a host of new avenues for closer cooperation were discussed. The largest ever business-to-business matchmaking event took place in Bangkok with more than 100 Thai businesses taking part in the event, said BTCCI on Wednesday. Over 145 contracts were exchanged during this event between the business delegations. Shams Mahmud, President of BTCCI, who led the delegation along with the Board of Directors and Makawadee Sumitmor, Ambassador of the Royal Thai Embassy in Bangladesh, called on the Adviser to the Prime Minister of Thailand and Thailand Trade Representative Dr. Nalinee Taveesin, Permanent Secretary of the Ministry of Foreign Affairs Sarun Charoensuwan, Secretary of the Minister of Industry Dr. Pailin Teansuwa and Ekachat Seetavorarat, Deputy Permanent Secretary of the Ministry of Commerce. During the visit, the delegates also visited the factories of Econowatt Waste Water Management, Lighting and Equipment Public Company Limited (L&E), Kubota Farm, and Penn Asia Co., Ltd. (Dry Dye Technology). BTCCI has planned a host of events in the coming year to take targeted sector trade delegation visits and explore new ways to enhance future trade and cooperation between the private sectors of both Thailand and Bangladesh.
Source: tbsnews
Retailers have recently reported significant losses as goods is stolen off shelves. The phenomenon of ‘retail shrinkage’ has piqued the interest of Wall Street investors, who have investigated the matter but are likely not as concerned as they might be, according to an expert. Shareholders have certainly heard of retail shrinkage – a term that incorporates all sorts of inventory loss, including loss from minor shoplifting and multimillion-dollar retail crime operations – but are likely more focused on other commonly reported data. Shrinkage cost businesses US $ 112 billion in 2022, according to a new analysis from the National Retail Federation, with theft accounting for almost US $ 41 billion of that loss. A number of companies, including Target, have stated that they expect inventory losses to worsen this year. In May, the business anticipated that it will lose another half a billion dollars from shrinking this year, for a total loss of US $ 1.3 billion in 2023. Profit margins and costs, for example, might provide insight into how much shrinkage has damaged organisations. When selecting merchants less vulnerable to theft, investors should opt for stores with a strong shop floor presence, such as Best Buy and the fortresslike Costco, which deters shrink from theft. Theft is anticipated to grow as the holiday season approaches. As retailers stock up on merchandise and entice large crowds of consumers, shoplifters will be able to slip by unseen, according to experts. It might add to the bombardment of other pressures retailers face as the year comes to a close, particularly as questions arise about how much petrol US customers have left in the tank in the face of increasing borrowing costs and depleted economic savings.
Source: Business Insider
Vietnam has become the second largest exporter of banana to China, behind only the Philippines, accounting for 28.2% of the total amount of bananas imported by the market, the Import-Export Department under the Ministry of Industry and Trade has announced. The department quoted statistics released by the General Administration of Customs China stating that the northern market imported 1.46 million tonnes of bananas worth US$912.4 million during the first 10 months of this year, down 7.1% in volume and down 10% in value compared to the same period last year.
The average price of imported bananas reached US$623.2 per tonne, marking a drop of 3.1% year on year. Most notably, China increased banana imports from Vietnam but decreased the imports from the Philippines, due to Vietnam’s geographical location coupled with the rise of costs in the Chinese market. The country’s production of bananas, a fruit that can be harvested all year round, averages at about 2.1 million metric tonnes per year, according to the Ministry of Agriculture and Rural Development. In a relevant move, on November 11, 2022, the Vietnamese Ministry of Agriculture and Rural Development and the Chinese General Administration of Customs signed a protocol requiring phytosanitary procedures for fresh bananas exported into China as part of General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong’s official visit to China. At present, Vietnam boasts 11 fruits licensed to enter the Chinese market. Among these fruits, the country has signed numerous Chinese protocols relating to phytosanitary requirements for four kinds - mangosteen, passion fruit, durian, and banana.
Source : Vietnam News
Hai Phong city's Economic Zone Management Board and the US Customs and Border Protection on December 5 organised a workshop on developing a free trade zone and a non-tariff zone in the city. Speaking at the event, Le Trung Kien, head of the board, said that the city is preparing for the construction of a new 20,000-ha economic zone in the south of the city, adding it will offer incentives to investors in the development of a free trade zone while also focusingon developing a 752-ha non-tariff zone at Lach Huyen International Port. Kully Nelson, Commercial Attaché at the US Embassy in Vietnam, said that the workshop concretises the cooperation agreement between Vietnam and the US that leaders of the two countries reached during the US President Joe Biden’s visit to Vietnam over two months ago. It also demonstrates the cooperation between the US Embassy in Vietnam and Hai Phong city in terms of trade. As of November 30, 2023, there had been 904 foreign investment projects in Hai Phong city with a total investment capital of nearly 30 billion USD, with 520 of those located in industrial parks and economic zones and totally capitalised at 25.98 billion USD. In the first 11 months of 2023, Hai Phong attracted 3.2 billion USD in foreign direct investment, accounting for 160% of its plan.
Source: Vietnam News
