BHARAT TEX 2024 is a global textile mega event being organised by a consortium of 11 Textile Export Promotion Councils and supported by the Ministry of Textiles. It is scheduled from February 26-29, 2024 in New Delhi. With a focus on sustainability and resilient supply chains, it promises to be a tapestry of tradition and technology attracting the best and the brightest from the textile world. It will have dedicated pavilions on Sustainability and Recycling, thematic discussions on resilient global supply chains and digitisation, interactive fabric testing zones, product demonstrations and master-classes by crafts persons and events involving global brands and international designers. Bharat Tex 2024 will be a unique experience for knowledge, business and networking. The mega event will feature an exhibition spread across nearly 20 lakh sq. ft area showcasing Apparel, Home Furnishings, Floor Coverings, Fibres, Yarns, Threads, Fabrics, Carpets, Silk, Textiles based Handicrafts, Technical Textiles and much more. It will also feature nearly 50 different knowledge sessions providing an excellent platform for knowledge exchange, information dissemination and Government to Government and Business to Business interactions. Studies are conducted from time to time to assess / ascertain various critical issues impacting the textile value chain including global best practices in the area. One such assessment was done by a Technical Committee chaired by Member NITI Aayog, on Technical Textiles. In its report, taking clue from the best global practices, the committee brought out a detailed roadmap on the technology and research activities in the field of technical textiles. Thereafter, after due consultation with stakeholders, National Technical Textiles Mission(NTTM) was formulated with focus on research and innovation and indigenous development of specialty fibres; promoting awareness amongst users; enhancing India’s exports of technical textiles; and creating human resources with requisite skills. With a view to support green initiatives in the textile supply chain, the Ministry is implementing Integrated Processing Development Scheme (IPDS) since 2013 onwards, to facilitate the textile industry to meet the required environmental and social standards in the area of waste water and effluent management. The scheme supports Common Effluent Treatment Plants (CETP) in processing clusters. So far, 6 projects have been approved by the Ministry under this scheme. Apart from this, an Environment Social Governance Tasks Force has been constituted by the Ministry of Textiles to provide a platform to various stakeholders of the textile and apparel industry for discussing the current status on sustainability issues and issues in transitioning the textile industry to a sustainable and resource-efficient production system.
Source: PIB
AMRITSAR: Ambassadors and representatives of five countries including Fiji, Bangladesh, Uzbekistan, Indonesia, and Kyrgystan arrived at PITEX on Friday and showed interest in expanding their business and investing in Punjab. According to a release issued by PITEX, they held a round table conference with Punjab Invest chief executive officer DPS Kharbanda. The release informed that Kyrgyzstan's Ambassador Askar Beshimov said that 100 new industries were being set up in India by his country adding that many of these industries will also be established in Punjab. He took detailed information about the schemes being run for industries from DPS Kharbanda. He said that business matters would be taken forward in the fields of agriculture, forestry, fishing and mines. Fiji's High Commissioner Nilesh Roneel Kumar said that the effect of better relations between India and Fiji could now be seen in Punjab also. He showed interest in doing business with Punjab in the fields of production and tourism, said the release. It further informed that Uzbekistan's Trade Economic Counselor Khurshidbek Samiev held talks with representatives of the Punjab government regarding the future of natural gas and minerals industries. The release also informed that the Indonesia's trade Attache Bona Kusuma told DPS Kharbanda that in his country, companies of crude palm oil, electrical equipment and rubber products were considering India as their biggest market. Due to the high consumption of crude palm oil in Punjab, he gathered information about various formalities with the Punjab government regarding setting up industries in this area.
Source: Times of India
Synopsis “Korea and Japan are live examples of what Aatmanirbhar Bharat should look like. Despite getting cheaper raw materials from other parts of the world, first they use up entire domestic availability of materials. They support each other and ensure that the industry doesn’t die,” Goyal, who is also textiles minister, said. Commerce and industry minister Piyush Goyal Friday cautioned the textile industry against falling for predatory practices where low cost substandard goods start substituting domestic availability of material. He asked apparel industry to ensure that the downstream textile industry uses Indian products. “Korea and Japan are live examples of what aatmanirbhar Bharat should look like. Despite getting cheaper raw materials from other parts of the world, first they use up entire domestic availability of materials. They support each other and ensure that the industry doesn’t die,” Goyal, who is also textiles minister, said. He was addressing an event organised by the Apparel Export Promotion Council. “Bear in mind what happned with the pharma industry. For small greed, they started importing and the entire API (active pharmaceutical ingredient) industry in India was killed,” Goyal said, adding that finally when they needed APIs, they were let down by their foreign suppliers and the entire pharma industry was put to risk. “Don’t fall for predatory practices, practices where low cost substandard goods start substituting domestic availability of material, kill our upstream or downstream (industy),” he said. Insisting that every element of the industy is important, he said that Bharat is not about closing India’s doors to the world. “We want to open them wider but not to non transparent opaque suppliers, not to low quality substandard goods,” Goyal said. The minister said that the effort should be to create the entire ecosystem in India, help them achieve scale so that they can become profitable and remain competitive. “So far, we have been quite successful in ensuring that the entire value chain works and supports each other as a team,” he said. The minister said he is engaged with fashion designers also to see how they can be an integral part of textile industry’s interactions. Goyal said that India’s textile exports can grow to $100 billion and the economic value of the output of the industry to $250 billion by 2030 and apparels can grow from $16 billion to $40 billion in this period. “The exponential growth from $16 billion to $40 billion in the next seven years is clearly achievable,” he said, adding that instead of percentage incremental growth, industry needs to consider dramatic improvements and growth as its target. The government is trying to make conditions conducive for that such as free trade agreements with developed countries, he said. India’s overall exports rose 55% in last two years from $550 billion to $770 billion. Both services and merchandise exports have grown at same levels during this period from 2021-23. “We are facing some challenges this year. It’s possible that everytime you don’t meet dramatic targets like that but our confidence shouldn’t get diluted,” Goyal said.
Source: Economic Times
Synopsis Union Minister Piyush Goyal, addressing the 23rd Apparel Export Promotion Council (AEPC) Excellence Honours, underscored India's burgeoning opportunities and global recognition for deeper engagement. Emphasizing India's vast market, Goyal highlighted the unparalleled prospect presented by 1.4 billion people aspiring for a brighter future. He expressed gratitude for the chance to work in this 'golden age,' aiming to elevate India's stature. The event acknowledged Indian apparel exporters' outstanding contributions across various categories, fostering a unique export culture. Union Minister Piyush Goyal, speaking at the 23rd Apparel Export Promotion Council (AEPC) Excellence Honours, stated that the world recognises the need to engage more deeply with India due to its substantial demand. "The opportunities (in India) are huge. The opportunities ahead of us will only get bigger. The world sees those opportunities in India, the world wants to engage deeper and bigger with India, the world recognises that there's no option but to come to India for a large demand, the large marketplace that India offers," said Goyal on Friday. The Union Commerce Minister emphasized the unprecedented opportunity presented by 1.4 billion people aspiring for a better future. "There is no other opportunity ever in the history of mankind comparable to India's story of today. There's never been an opportunity as big, as grand and as attractive as 1.4 billion people desirous and aspiring for a better future for themselves, and for the next generation," Goyal added. Referring to the chance to work in the 'Amrit Kaal' (golden age), Goyal expressed gratitude, stating, "We are all privileged to be a part of the nation's history today that we will get an opportunity to work in this 'Amrit Kaal' and take India to greater heights and ensure that every child born in this country gets an adequate quality of opportunity to make a life that we could make, thanks to the opportunities our parents and grandparents gave us." He also said, "The confidence that you repose in PM Modi's leadership... you are willing to be a part of this journey to change the narrative of India." "The fact that each one of you has contributed to our efforts in the last 9-10 years to move the needle from a fragile 5 economy to the world's 5th largest economy. You have all played a role in expanding our exports by 55 per cent in barely 2 years. Our exports are hovering around USD 5 billion for so long... Thanks to your relentless efforts, the country saw this exponential growth from USD 500 billion to 776 billion. Merchandise and services both grew around the same levels in these 2 years from 2021-23..." the Union Minister pointed out. The 'AEPC Excellence Honours' for 2021-22 and 2022-23 acknowledged exceptional contributions by Indian Apparel exporters in building modern export enterprises and fostering a unique Indian export culture. Awards were presented in 13 categories, recognizing achievements in environmental and social compliance, highest exports in MMF (Man-Made Fibre), exports to FTA (Free Trade Agreement) countries, most dynamic women entrepreneurs, and more, as per a release from the Apparel Export Promotion Council.
Source: Economic Times
Synopsis Pointing out that the PLI for Food Processing are on track, Anita Praveen, Secretary, Ministry of Food Processing Industries said that more than 2 lakh jobs have been added to the 80 lakh existing ones in this sector. “We are completing our investment target by March 2024 under the PLI,” she said while adding that the Food Processing Ministry is now to push for smaller units that will likely generate the largest growth for the sector. The production linked incentive (PLI) schemes of the government have been successful in desired outcomes such as localisation of medical technologies, bulk drugs, electronics, and specialty steel among others, top government officials said Saturday. Addressing a session during 96th Annual Convention of the Federation of Indian Chambers of Commerce & Industry (FICCI), IT secretary, S Krishnan also said that the Digital Personal Data Protection (DPDP) rules will be ready.
Source: Economics Times
Don't fall for predatory practices and low-quality supplies from external sources, said Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal while addressing Apparel Export Promotion Council (AEPC) Excellence Honours 2021-22 and 2022-23 here today. He said that for the long term health of the whole textile ecosystem in the country, it is necessary to build domestic supply chain capacities by supporting each other. The Union Minister said that every element of the industry is important and therefore, he called upon industry leaders not to fall for low cost substandard goods to substitute domestic availability. He said that the true meaning of Aatma Nirbhar Bharat is not about closing India's doors to the world, but to open them wider through supporting domestic suppliers and developing a domestic ecosystem. Shri Goyal said that the industry should aspire beyond the ordinary and to support them the Government is taking all possible measures to make conditions conducive like engagement with free trade agreements with the developed countries, or efforts to promote brand India. Talking about the upcoming Bharat Tex 2024 slated in February, the Union Minister said it's an opportunity to showcase India's strengths. He said that it’s an opportunity to show the world that India is second to none whether it's quality, it's cost competitiveness, it's the ability to face international competition and the ability to provide consistent high quality at scale production to meet the needs of the world. Shri Goyal said that it was the confidence of industry leaders that India was able to achieve the target of $100 billion exports last year. “Because extraordinary results are only given by ordinary people,” he said adding on that the apparel industry has not only self-confidence but also conviction. He said that through Kasturi Cotton, the Government aims at achieving traceability of cotton. He added that PM Mitra Parks are the vision of Prime Minister, Shri Narendra Modi. The Government’s effort is to create each one of these parks in a comprehensive, holistic manner so that it may provide end to end solutions. Shri Goyal said that he is engaged with the fashion designers as well to analyse how they can be an integral part of the industry interactions and engagements.
Source : PIB
Synopsis Officials from Rishi Sunak's team are in New Delhi to discuss and negotiate terms for the ongoing India-UK free trade agreement (FTA). The India-UK FTA talks began in January last year with Diwali 2022 set as the initial deadline by then prime minister Boris Johnson. London, Senior officials from British Prime Minister Rishi Sunak's team are in New Delhi this week to add momentum behind the ongoing round of negotiations for an India-UK free trade agreement (FTA), according to a UK media report on Saturday. 'The Guardian' newspaper reports that while there is no official comment from either side on such a visit, Prime Minister Narendra Modi-led government is keen to finalise the FTA by the end of February before Modi sets off on an expected general election campaign trail. Both countries are heading into an election year in 2024 and signing off on a trade agreement with India will bolster Sunak's electoral pitch to voters showing signs of anti-incumbency towards his governing Conservatives. "The deal is still very much on and we think it is possible before both countries have their elections. Both sides are keen to get this done," an official close to the talks told the newspaper. The India-UK FTA talks began in January last year with Diwali 2022 set as the initial deadline by then prime minister Boris Johnson. There have been 13 rounds of negotiations since then, with the Sunak-led Tory government wary of setting any firm new timelines to clinch a deal that is expected to significantly enhance the GBP 36-billion bilateral trading partnership. "The UK and India continue to work towards an ambitious trade deal that works for both countries. We have always been clear we will only sign a deal that is fair, balanced, and ultimately in the best interests of the British people and the economy," said a spokesperson for the Department for Business and Trade (DBT), reiterating the official UK government line. Most recently, External Affairs Minister (EAM) S. Jaishankar confirmed that the FTA was among the many topics on the agenda during his visit to the UK last month and expressed confidence that both sides would find a "landing point that works for both of us". "We have made substantial progress... I think both sides are very aware of the importance of the FTA and will make the utmost effort to get there. So, we have to take it as it happens," Jaishankar told reporters after he met with Sunak and other senior Cabinet ministers. The minister also discussed the FTA negotiations with UK Opposition leaders in meetings with Labour leader Keir Starmer and shadow foreign secretary David Lammy during his November visit. There had been some speculation that cricket enthusiast Sunak would be following up his first India visit as UK prime minister for the G20 Summit in September with some cricket diplomacy at the England versus India World Cup clash in Lucknow on October 29 - when the highly anticipated FTA could be signed off. However, the internal political turmoil of a Cabinet reshuffle within the Tory party and the Israel-Hamas conflict on the global front were said to have side-tracked focus. "We are very close...We will finish when we finish," UK Business and Trade Secretary Kemi Badenoch told a House of Commons committee when questioned about timelines recently. Meanwhile, her Indian counterpart, Union Minister for Commerce and Industry Piyush Goyal has indicated that nearly 20 of the 26 chapters have been closed. India is demanding greater access for its skilled professionals from sectors like IT, and healthcare in the UK market, besides market access for several goods at nil customs duties. On the other hand, the UK is seeking a significant cut in import duties on goods such as scotch whiskey, automobiles, lamb meat, chocolates and certain confectionary items. Britain is also looking for more opportunities for UK services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance).
Source: Economic Times
The TPF is the premier bilateral forum for discussion and resolution of trade and investment issues between the US and India. India and the United States (US) are gearing up for the annual Trade Policy Forum (TPF) meeting next month, where both sides hope to strengthen bilateral relations, resolve trade and investment issues and identify more areas for engagement, people aware of the matter said. “The TPF meet was supposed to happen this month, but may take place in January,” one of the persons cited above said. The India-US TPF will be co-chaired by Commerce and Industry Minister Piyush Goyal and US Trade Representative (USTR) Katherine Tai. Both the nations held the 13th ministerial-level meeting of the TPF in Washington in January. The India-US TPF was reconvened in November 2021 after a gap of four years.
Source: Business Standard
In addition, the textile sector urged the central bank to implement one of two options: either establish a consistent exchange rate for US dollars applicable to both export and remittance transactions or entirely deregulate the exchange rate and allow it to fluctuate freely on the market. Bangladeshi textile millers, grappling with the combined challenges of the current economic downturn and the devaluation of taka, have sought policy support from the central bank, including concessions on loan instalments, extensions on repayment periods, and an increase in the Letter of Credit (LC) limit. In a letter sent to the Bangladesh Bank on 6 December, the Bangladesh Textile Mills Association (BTMA) pressed for a two-year extension on loan repayment periods, which the BTMA had previously extended during the pandemic. In light of the local currency devaluation, textile millers requested an increase in their Letter of Credit (LC) limit. They also asked for permission to exceed their single Borrower Exposure limit if it occurred after the requested extension. In the letter, textile sector entrepreneurs requested a temporary reduction in loan instalments, proposing to pay only 20% of term loan instalments. They argue that the remaining payments should be deferred for four years, citing significant contractions in production and overall business due to the current economic downturn. In addition, the textile sector urged the central bank to implement one of two options: either establish a consistent exchange rate for US dollars applicable to both export and remittance transactions or entirely deregulate the exchange rate and allow it to fluctuate freely on the market. "It would not be possible for the local textile mills to sustain in such a situation if the mills do not get proper incentives and policy supports," BTMA President Mohammad Ali Khokon said in the letter.
"While the government's stimulus package helped us initially overcome the impact of the pandemic, our operations have been plagued by uncertainty for the past several months due to the combined challenges of the Russia-Ukraine war, the global economic crisis, the dollar crisis, and local political instability," he said. The recent surges in the prices of gas, electricity, transportation, and other raw materials have significantly hampered our competitiveness and export capacity, making it increasingly difficult to compete in the global market, Khokon said. The 150% increase in gas prices coupled with a 50% rise in workers' wages has significantly inflated the overhead costs of textile mills, making it difficult to maintain profitability," the BTMA president explained. In many cases, mills are operating at break-even, with some even incurring losses. BTMA President Khokon also told TBS that the textile industry is not in good shape due to global inflation.
Single borrower exposure limit tightened
In January last year, the Bangladesh Bank reduced the limit of loans provided by any bank to a single person or organisation to 25% of its total regulatory capital from the previous 35%. Under the rules, no bank will be allowed to provide more than 15% funded and more than 10% non-funded loans to a person or an organisation.The central bank circular further said that the banks which have defaulted loans below 3% will be able to provide large loans up to a maximum of 50% of total capital. Those with less than 5% defaulted loans will be able to provide up to 46% large loans, those with less than 10% will be able to provide 42%, and those with less than 15% defaulted loans will be able to provide 38% large loans. In addition, banks with less than 20% defaulted loans will be able to provide large loans worth 34% of the capital, and banks with 20% or more defaulted loans will be able to provide 30%. While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.
Source: The Business Standard
“Made in the USA” have gained growing attention in recent years amid the increasing supply chain disruptions during the pandemic, the rising geopolitical tensions worldwide, and consumers’ increasing interest in sustainable apparel and faster speed to market. Statistics from the US Bureau of Economic Analysis showed that US textile and apparel production totalled nearly $28bn in 2022, a record high in the most recent five years. Meanwhile, unlike in the old days, a growing proportion of textiles and apparel “Made in the USA” are sold overseas today. For example, according to the Office of Textiles and Apparel (OTEXA) under the US Department of Commerce, US textiles and apparel exports exceeded $24.8bn in 2022, up nearly 12% from ten years ago. Despite the solid production and export performance, US textiles and apparel manufacturers do not seem “visible” enough. Most studies on textiles and apparel “Made in the USA” leveraged the macro industry-level data. Instead, the firm-level analysis of US textiles and apparel manufacturers’ production and export strategies remained limited. By leveraging OTEXA’s “Made in USA Sourcing & Products Directory,” this study explored US textiles and apparel manufacturers’ detailed production and export practices. Altogether, 432 manufacturers included in the directory as of 1 October 2023, were analysed. These manufacturers explicitly mentioned making one of the following products: fibre, yarn, fabric, garment, home textiles, and technical textiles. The study’s findings offer new insights into the state of US textile and apparel manufacturers and could help fashion companies better understand domestic textiles and apparel sourcing opportunities. The results also provide valuable input for policymakers regarding supporting textiles and apparel “Made in the USA” in today’s global economy. Understanding the US textile and apparel manufacturing base OTEXA’s firm-level data revealed several patterns of US textile and apparel manufacturing base today. First, US textile manufacturers exhibit a notable geographic concentration, whereas apparel manufacturers are dispersed throughout the country. Specifically, fabric and technical textile manufacturers appear to be most geographically concentrated. The top five states producing these two products accounted for over 70% of the total manufacturers in the OTEXA database. The results revealed the substantial capital investments typically required for making these products and the importance of economies of scale for manufacturers’ business success. In comparison, the top five states making apparel products accounted for about 60% of the total number of manufacturers. Unlike textiles, apparel manufacturing remains labour-intensive with relatively lower barriers to market entry. Also, the customised demand for apparel products from US consumers and their diverse geographic locations reduce the necessity for concentrated production.
Source: Just Style
China’s top decision-making body of the ruling Communist Party on Friday said the country’s fiscal policy “must be moderately strengthened” to stimulate economic recovery, according to state-run news outlet Xinhua. China’s Politburo said it would continue to implement “proactive” fiscal policies and “prudent” monetary policies next year, in a bid to bolster domestic demand. Chaired by Chinese President Xi Jinping, the Politburo’s Friday meeting analyzed the economic work to be undertaken in 2024. It pledged to effectively enhance “economic vitality,” to prevent and defuse risks and to consolidate and enhance the upward trend of an ailing recovery in the world’s second-largest economy. China’s Politburo said that “proactive fiscal policy must be moderately strengthened, improve quality and efficiency, and the prudent monetary policy must be flexible, appropriate, precise and effective.” Lost momentum Demand for Chinese goods has fallen this year as global growth slows, stoking concerns about Beijing’s ability to mount a robust post-pandemic recovery. Momentum has taken a hit from a slew of factors, including the country’s beleaguered property market, sluggish global growth and geopolitical tensions. HSBC’s chief Asia economist, Frederic Neumann, told CNBC on Thursday that the Chinese economy is unlikely to be bolstered by further fiscal stimulus and still has a “steep hill to climb,” even after a surprise pickup in exports. Exports in U.S. dollar terms rose by 0.5% year on year in November, defying expectations for a 1.1% decline among analysts polled by Reuters. Imports in U.S. dollar terms fell by 0.6% over the 12 months, well below a consensus forecast of a 3.3% increase. Economists have noted external demand in China is still relatively weak and warned that policy support that focuses purely on the supply side will likely not be enough to achieve lasting results.
Source: CNBC
Myanmar International Textile and Machinery Fair was launched in the commercial city of Yangon on Friday. Speaking at the launching ceremony of the expo, Yangon Region Chief Minister U Soe Thein said that such kind of exhibitions are essential for getting new customers, new technologies, creativity and machinery, adding that the textile and garment sector was creating about 500,000 job opportunities in Myanmar. Twenty eight Chinese brands and over 100 manufacturers of textile and apparel, shoes and bags from China will display their products at 100 booths, while other international brands including EU and Japanese brands will also be displayed during the three-day expo. With the support of the Department of Commerce of Zhejiang province, the Chinese Textile and Garment Association in Myanmar in collaboration with the Myanmar Garment Manufacturers Association and other garment associations in Myanmar, organized the exhibition. The exhibition will be held at the Yangon Convention Center in Yangon from Dec. 8 to 10.
Source: News.cn
