The Prime Minister, Shri Narendra Modi inaugurated Bharat Tex 2024, one of the largest-ever global textile events to be organized in the country at Bharat Mandapam in New Delhi today. The Prime Minister also took a walkthrough of the exhibition showcased on the occasion. Addressing the gathering, the Prime Minister welcomed everyone to Bharat Tex 2024 and said that today’s occasion is special because the event is taking place in two of the largest exhibition centers in India namely Bharat Mandapam and Yasho Bhoomi. He acknowledged the association of more than 3000 exhibitors and traders from about 100 countries, and around 40,000 visitors as he underlined that Bharat Tex provides a platform to all of them.The Prime Minister said that today’s event encompasses many dimensions as ‘the thread of Bharat Tex connects the glorious history of Indian tradition with today’s talent; technology with traditions and is a thread to bring together style/sustainability/ scale/skill. He also saw the event as a great example of Ek Bharat Shreshtha Bharat, encompassing myriad textile traditions from all over India. He also praised the exhibition at the venue for displaying the depth, longevity and capability of India’s textile tradition.Noting the presence of various stakeholders in the textile value chain, the Prime Minister highlighted their intellect towards understanding India’s textile sector as well as being aware of the challenges and aspirations. He also noted the presence of weavers and their generational experience from the ground level who are critical to the value chain. Directing the address towards them, the Prime Minister emphasized the resolve of Viksit Bharat and its four main pillars and highlighted that India’s textile sector is connected to each one namely the poor, youth, farmers and women. Therefore, the Prime Minister said, the significance of an event like Bharat Tex 2024 only grows.
Talking about India’s growing profile as a cotton, jute and silk producer, PM Modi said that the government is supporting cotton farmers and is buying cotton from them. He said Kasturi Cotton, launched by the government, will be a big step in creating India’s brand value globally, he said. The Prime Minister mentioned measures for the Jute and silk sector also. He also talked of new sectors like technical textiles and informed about the National Technical Textiles Mission and scope for the startups in the area. The Prime Minister threw light on the government’s expansive plans to create seven PM MITRA Parks in various states and underlined the emphasis on the creation of opportunities for the entire textile sector. “Government strives to establish the entire value chain ecosystem in a single place where modern infrastructure with plug and play facilities are made available”, the Prime Minister remarked. He said that it will not only improve scale and operation but also bring down logistics costs. Referring to the employment potential and participation of the rural population and women in textiles sectors, the Prime Minister said that 7 out of 10 apparel makers are women and in handloom, the number is even higher. He emphasized that the steps taken in the last 10 years have made Khadi a strong medium of development and jobs. Similarly, welfare schemes and infrastructure push of the last decade have also benefited the textile sector, he said.
In his welcome address, Union Minister of Textiles, Consumer Affairs, Food and Public Distribution, and Commerce & Industry, Shri Piyush Goyal said that the global textile expo is the largest integrated textile event organised for the first time ever in the country that embodies Prime Minister Shri Narendra Modi’s vision of 5F —- farm to fibre, fibre to factory, factory to fashion and fashion to foreign markets, covering the entire textile value chain. He added that local supply chains need to be strengthened and greater emphasis is required for 3S - skill, speed and scale, to fulfil the vision of a ‘Viksit Bharat’. Shri Goyal noted that robust supply chains will enable India to achieve a production target of $250 billion along with exports worth $100 billion by 2030. Shri Goyal said that the expo has been able to put together and showcase the entire value chain of the textile industry on a global platform and that this will reaffirm India’s position as a global textile powerhouse. The event establishes India as an attractive investment and sourcing destination, he added. He hailed the Prime Minister for not only rallying the nation to support local products through his ‘vocal for local’ mantra but also encouraging them to take the ‘local for global’ initiative. The Minister said that the government through its various initiatives - PM MITRA, Production-Linked Incentive (PLI) scheme, Samarth (Scheme for Capacity Building in Textiles Sector) and National Technical Textiles Mission has provided a huge fillip to the textile industry under the leadership of the Prime Minister. He further said that the textile ministry has formed a new textile advisory group to create an end-to-end connectivity for the cotton and man-made fibre industry that will help maintain balance and create a better synergy in the textile sector. Shri Goyal noted that millions of Indians have escaped multi-dimensional poverty and consumption in both rural and urban areas is on the rise. The Minister said today the textile industry can gain from the changing consumption patterns of the aspirational young India that have shown preference for spending on other products due to the government’s continuous efforts to keep food inflation in check. Union Minister of State for Textiles, Smt. Darshana Jardosh and Textile Secretary, Smt. Rachna Shah was also present on the occasion.
Source: PIB
Prime Minister Narendra Modi on Monday called upon the country's textile industry to not focus on India only but on foreign markets as well. While inaugurating the Bharat Tex 2024 in New Delhi, PM Modi said, "Whatever changes are happening in the world today, we have been ahead of the trend for centuries. Like in foods and lifestyle, everyone is going back to the basics in clothes as well." "We should look at the changes happening globally and not focus only on the Indian market." PM Modi said that during the Covid-19 pandemic, the Indian textile industry came forward and supplied PPE kits and masks to the world. He said that all stakeholders in the sector must come together again to make India a textile export hub. "Whatever support you need, government will give you," he told the expo attendees. PM Modi also said that the industry should come up with a survey/ report based on the fashion choices in various countries of the world. "Do not follow the fashion that comes from foreign countries but lead the world in the sector," he said. "Think globally." READ: Bharat Tex 2024 to display India's vibrant textile heritage, innovation: PM Talking about India's vision of becoming a developed nation by 2047, the PM said that the textile industry plays a vital role in that. "The poor, youth, farmers and women are the four pillars of making India a developed country," he said. "The textile sector is connected to each one of them."
Modi highlighted that in the last ten years, the size of India's textile industry has gone up from Rs 7 trillion to Rs 10 trillion. "The foreign direct investment that came into the sector between 2014 and 2023 is double of what came in the 10 years before 2014," he added. At the event, Piyush Goyal, Minister of Textiles, also called upon the industry to strengthen the local supply chain. "Focus on skill, speed and scale to meet our 2030 target of $250 billion production value and $100 billion export value," he added.
Source: Business Standard
Bharat Tex 2024 is poised to become India’s most significant global textile event. During the event, 46 memoranda of understanding (MoUs), including international partnerships, are set to be signed. Bharat Tex is set to commence on Monday, February 26, with a grand inauguration by prime minister Narendra Modi. Spanning over 22 lakh square feet across two venues, Bharat Mandapam and Yashobhoomi, the event is a showcase of India's textile prowess on an international scale. Organised by a consortium of 11 textile export promotion councils (EPCs) and backed by the ministry of textiles, Bharat Tex aims to spotlight India’s potential as a global textile hub, focusing on trade, investment, sustainability, and building resilient supply chains. Rachna Shah, secretary, ministry of textiles, announced that the four-day extravaganza is expected to draw participation from over 100 countries, featuring more than 100 international speakers, the ministry of textiles said in a press release. The event will host over 3,500 exhibitors and more than 3,000 buyers from across the globe, alongside attracting upwards of 50,000 trade visitors. With an extensive exhibition space that caters to the entire textile value chain, Bharat Tex is a testament to India's capabilities and ambition to generate momentum within the textile industry. Bharat Tex is designed around the prime minister's 5F Vision, promoting a comprehensive ‘farm to fashion’ focus that encompasses the entire value chain. Shah highlighted the event’s unparalleled scale and its unique positioning, being hosted simultaneously at two fully subscribed venues, Bharat Mandapam and Yashobhoomi. The exhibition boasts a diverse range of products including apparel, home furnishings, fibres, yarns, and technical textiles, among others. It also features a retail high street, pavilions focused on sustainability and recycling, an Indi-Haat for traditional Handicrafts and Handlooms, and over ten fashion shows covering various themes from heritage to global design trends. A significant draw is the global-scale conference with 350 speakers deliberating on the textiles industry's challenges and opportunities, with over 40 per cent of the sessions dedicated to sustainability, resilient value chains, and showcasing India's strengths in the global textile sector. The conference will also include country and state sessions, discussions on global mega trends, and a focus on smart manufacturing technologies like AI and Blockchain. Additionally, the Textiles Grand Innovation Challenge will be launched, aiming to discover innovative and scalable solutions for India's textiles and apparel industry. Bharat Tex is expected to draw leading global textile companies such as Coach, Tommy Hilfiger, and H&M, among others, with business delegations from key textile hubs like the US, UK, and Germany. The event will also see a collaboration among all the value chain players represented by 11 EPCs, covering the entire value chain from farm to end products. Not just the EPCs but other major bodies such as CMAI, CITI, SIMA, SGCCI, TEA, GEMA, YESS, ITMF, ITME, ATMA will partner in the event. Major textiles states in the country including Uttar Pradesh, Maharashtra, Gujarat, Madhya Pradesh, Telangana, Tamil Nadu, Rajasthan and Karnataka will participate with dedicated pavilions and government representations.
Source: Fibre2fashion
Country is focusing on emerging sectors such as technical textiles, offering scope for new start-ups, says Modi.
Prime Minister Narendra Modi on Monday said that the government is working on expanding the role of the textiles sector in the journey of India becoming a developed nation by 2047. He added that the valuation of Indian textiles market has crossed ₹12 lakh crore and has seen doubling of FDI in the past ten years. Speaking at the inaugural session of Bharat Tex 2024, Prime Minister Modi said, “We have resolved to make India a developed nation (Viksit Bharat) by 2047. We are working in a very wide ambit to further expand the role of the textiles sector in building a developed India. India’s textile sector is deeply connected with the four main pillars of Viksit Bharat namely poor, youth, farmers and women. We are focussing on tradition, technology, talent and training.” He pointed out that the emphasis is on updating traditional designs to meet the demands of the contemporary world. Keeping in mind the concept of Five Fs - Farm to Fiber, Fiber to Factory, Factory to Fashion, Fashion to Foreign—which are elements of the entire value chain, he said that the government is encouraging farmers, MSMEs, weavers and exporters. The Prime Minister stated that the valuation of the Indian textiles market has crossed ₹12 lakh from less than ₹7 lakh crore in 2014. There has been a nearly 25 per cent increase in production of yarn, fabric and apparel production. 380 new BIS standards are ensuring quality control in the sector. This has led to doubling of FDI in the Value chain ecosystem He said that the establishment of seven PM MITRA Parks in various States will create new opportunities for the textile sector. “Our endeavour is to establish the entire value chain ecosystem in a single place where modern infrastructure with plug and play facilities are made available. This will not only improve scale of operations but also bring down logistics costs,”Modi explained. Referring to the employment potential and participation of the rural population and women in textiles sectors, the Prime Minister said that 7 out of 10 apparel makers are women and in handloom, the number is even higher. He emphasised that the steps taken in the last 10 years by the government has not only made Khadi a strong medium of development and jobs but has also grown India’s profile in cotton, jute and silk. PM Modi said that the government is supporting cotton farmers and is buying cotton from them. He said Kasturi Cotton, launched by the government, will be ”a big step” in creating India’s brand value globally. He added that India is also focusing on emerging sectors such as technical textiles offering scope for new start-ups. He added that on one hand while there is growing focus on technology and mechanisation on the other hand there is also demand for uniqueness and authenticity and India has a place where both these demands can co-exist. “Today a people’s movement is going on in the country for ‘Vocal for Local and Local to Global’,” he said while stating that the Indian textile sector should focus on tapping into the potential of exports. The PM underlined that the government is readily available to function as a catalyst and work towards fulfilling the dreams of the people, as he urged the industries to come forward with a new vision that caters to the world’s needs and diversifies their markets.
Source: Business Line
Bharat Tex 2024, to be inaugurated by Prime Minister Narendra Modi on February 26, is set to be India’s largest global textile event with the participation of buyers from 100 countries and over 100 international speakers. The event promises to be a tapestry of tradition and technology, attracting, besides policymakers and global CEOs, over 3,500 exhibitors, over 3,000 buyers from over 100 countries, and more than 50,000 trade visitors, said Rachna Shah, Secretary, Ministry of Textiles on Friday. “The event has received an overwhelming response with leading global textile companies including Coach, Tommy Hilfiger, Calvin Klein, Vero Moda, Coats, Toray, H&M, Gap, Target, Levis, Kohl’s, having confirmed their presence,” she said. She said that business delegations from key textiles hubs including the US, the UK, Australia, Belgium, France, Spain, Sweden, Switzerland, Germany, Netherlands and multilateral organisations and global textile associations are also participating. She said that the four-day event will cover over 22 lakh sq ft exhibition area spread across two venues at Bharat Mandapam and Yashobhoomi in the national capital. “The event, inspired by the 5F Vision of the Prime Minister, has a unified Farm to Fashion focus, and will cover the entire value chain. It will help position India as a global powerhouse in textiles, showcasing its capabilities and generating momentum throughout the entire Indian textiles ecosystem,” Rachna Shah said. She said that the event will be organised by a consortium of 11 Textile Export Promotion Councils and supported by the Ministry of Textiles, Bharat Tex is built on the twin pillars of trade and investment and with an overarching focus on sustainability and resilient supply chains. “Major Textiles States in the country including Uttar Pradesh, Maharashtra, Gujarat, Madhya Pradesh, Telangana, Tamil Nadu, Rajasthan and Karnataka are participating with dedicated pavilions and government representations,” she said. She said that the Bharat Tex exhibition features apparel, home furnishings, floor coverings, fibres, yarns, threads, fabrics, carpets, silk, textiles based handicrafts, technical textiles and many more. “It will also have a retail High Street focusing on India’s fashion retail market opportunities,” she said. She said that other attractions of the show will include dedicated pavilions on sustainability and recycling showcasing actual work done by individual industry as well as clusters like Panipat, Tirupur and Surat, an Indi-Haat showcasing India’s traditional sector of Handicrafts and Handlooms, over 10 Fashion shows spread across four days on diverse themes ranging from Indian Textiles Heritage to sustainability and global designs. “Bharat Tex will also feature art demonstrations by master craftsmen, interactive fabric testing zones and product demonstrations and showcase of global fashion trends,” she said. She said that it will also feature a global scale conference with 350 speakers to deliberate on issues and challenges faced by the global textiles industry and India’s strengths that can be leveraged to address these issues. “Over 40 per cent of all sessions will focus on the three pillars of Sustainability, Resilient Value Chains and Indian prowess in the global textiles industry,” she said. She added that there will also be three country sessions and five state sessions on opportunities, investment and trade besides sessions on Global Mega Trends shaping the future of Textiles industry and Factory of the Future with emphasis on AI and Block Chain based smart manufacturing “A Textiles Grand Innovation Challenge to leverage the pool of untapped innovation opportunities to identify new and innovative futuristic circular solutions, with proven concepts, with high potential to be replicable and scalable in India’s Textiles and Apparel industry shall also be launched at the event,” she said. She said that a specially curated pavilion in Bharat Tex narrates the story of Indian textiles as an unbroken continuum – from the past to present to the future.
Source: Daiji World
NEW DELHI: India’s textile sector is expected to attract ₹95,000 crore investments in the next four to six years on account of the production-linked incentive (PLI) scheme and the proposed seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks and generate over 2.25 million additional jobs, a senior official said. Rachna Shah said the government was taking policy measures to boost the textile industry to make it a $350 billion sector by 2030, up from the current level of $154 billion. “While the seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks are expected to attract ₹70,000 crore in four-six years with 20 lakh direct and indirect employments, the PLI scheme is likely to attract investments worth ₹25,000 crore with 2.5 lakh additional jobs,” textiles secretary Rachna Shah said on Friday. Shah said 64 PLI proposals have been already approved and 12 more applications are under evaluation. The performance of units will be evaluated soon after the gestation period is over on March 31, 2024, she added. According to the scheme, the government will start giving incentives from 2025-26. “In case of fast-paced investment when threshold investment and threshold turnover is achieved by 2023-24, the incentive may be payable in 2024-25 itself,” the scheme document said. The PLI scheme for the textile sector is focused on man-made fibre (MMF) fabric, MMF apparel and technical textiles to boost large-scale manufacturing and enhance competitiveness. Launched in September 2021, the ₹10,683 crore PLI scheme for the textile sector is expected to result in a cumulative turnover of over ₹3 lakh crore. It is part of the ₹1.97 lakh crore PLI schemes for 14 sectors including automobile, pharmaceuticals, telecom, steel, white goods and solar modules. The other scheme -- the ₹4,445 crore PM MITRA parks -- was notified by the government in October 2021. The parks are aimed at creating a modern, integrated large-scale, worldclass industrial ecosystem that will help in attracting investments and boosting employment, she said. The seven sites are Virudhnagar in Tamil Nadu, Warangal in Telangana, Navsari in Gujarat, Kalaburagi in Karnataka, Dhar in Madhya Pradesh, Lucknow in Uttar Pradesh, and Amravati Maharashtra. It is estimated that each park will attract investment worth ₹10,000 crore from both foreign and domestic investors. Shah said the government was taking several policy measures to boost the textile industry to make it a $350 billion sector by 2030, up from the current level of $154 billion. “One such effort is Bharat Tex, which is set to be the largest global textile event in India. The four-day event is beginning on Monday in New Delhi and will be inaugurated by Prime Minister Narendra Modi. “Besides China, India is the only country to have the entire textile value chain (from fibre to fabric and apparel), and Bharat Tex will project this strength before an international audience. This will showcase the entire strength of the textile ecosystem which is very unique to India,” she said. Bharat Tex will have participation from 100 countries and more than 3,000 trade buyers, she added.
Source: Hindustan Times
India’s textile industry has strongly urged the central government to set a minimum import price (MIP) of $2.71 per kilogram (₹225/kg) for fabric imported from China. Industry organisations from northern India, especially from Punjab, have stated that if the government does not heed the demand, they will suspend their production and protest on March 1, 2024. It is important to note that the textile industry has been raising this issue for a long time amid slow demand across the world. The Federation of All Textile Trading Manufacturing Associations of Ludhiana called a meeting last week in Ludhiana to discuss the problem. Industry representatives decided to demand an MIP of $2.71 per kg on fabric imports from China. Traders argued that China is dumping fabric at very low prices. They alleged that fabric is being imported at under invoiced prices, which can only be controlled through the implementation of a minimum import price. Tarun Jain Baba, an office bearer, told the media that they have raised the matter before the government during meetings with officials of the ministry of textiles. Indian textile mills are being forced to reduce their production by up to 50 per cent of their installed capacity. Businessmen allege that cheaper fabric is being imported through manipulation of the HSN code. The industry organisations have said that if the government does not accept their demands, all manufacturing units involved in spinning, weaving, knitting, dyeing, and printing will suspend their production.
Source: Fibre2fashion
India will not rush into signing free trade agreements (FTA) unless there is an equitable and fair balance in trade deals, Commerce Minister Piyush Goyal said on Friday. "We should never rush trade negotiations, they are going to impact the country for years and years to come," Goyal said at an event organised by an independent think tank. The minister was responding to a question on India's trade negotiations with the UK and the European Union (EU) becoming more complicated. India and the UK had expected to conclude a free trade deal around late 2022, and have shied away from committing to a deadline since. India and the EU restarted negotiations for a trade deal in 2022 after differences over what to expect from the deal led to a nineyear lull. A deal between India and the UK is crucial for New Delhi, which hopes to become a bigger exporter, while the UK would get wider access for its whisky, premium cars and legal services. India and the EU revived negotiations in 2022 to forge a free trade agreement that could act as a counterbalance to China's growing influence in the Indo-Pacific region. Goyal also said India will take up EU's carbon border adjustment tax strongly within rules of the World Trade Organization (WTO), and will also address the issue bilaterally. India plans to protest the EU's proposed carbon tax on imports of steel, iron ore and cement at the next meeting of the WTO to be held in Abu Dhabi from Feb. 26 to 29. Will take up EU's carbon tax issue strongly, he says Commerce and Industry Minister Piyush Goyal on Friday said that India will take up the carbon tax issue "very" strongly with the European Union. He also said that India will strengthen and prepare itself to convert the issue into an opportunity.
Source: Business Standard
Through the integration of cutting-edge technology and advanced equipment as well as the development of worker skills, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and MAQI Technology Group Co Ltd. have formed a strategic partnership with the goal of enhancing the capabilities and competitiveness of the RMG industry. The collaboration attempts to equip RMG employees with the newest abilities necessary to succeed in clothing making by offering extensive training programs. In order to help BGMEA and the BGMEA University of Fashion and Technology (BUFT) students and industry professionals to advance their knowledge and skills and succeed in the quickly changing garment manufacturing landscape, Euromac will supply cutting-edge machinery and technical support to both organizations. Euromac’s state-of-the-art machines and technology will help to establish modern lab facilities where aspiring sewing workers can hone their craft under the guidance of experienced instructors. The partnership announced during a ceremony held at Radisson Blu in Dhaka on February 24, where BGMEA President Faruque Hassan shared the industry’s emphasis on leveraging technology, skills, and innovation to diversify products and capture higher-value segments of the global fashion market.
Source: Textile Today
(Bloomberg) --Germany’s economy is struggling to emerge from a downturn in manufacturing, which is weighing on growth overall. Gross domestic product will probably eke out a small gain this year before stronger momentum takes hold in 2025, according to the government’s estimates. Even so, stronger services activity across the rest of the continent propelled a euro-area gauge of private-sector activity to an eight-month high in February. Meantime, economists are much more optimistic about US growth in the next two years, per the latest Bloomberg survey. While forecasters largely expect the US economy to lose some steam after a blockbuster 2023, a stillrobust labour market and receding inflation continue to support mostly solid household demand Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy, geopolitics and markets: sees its faltering economy expanding by just 0.2% this year — a much flatter rebound than the 1.3% that Chancellor Olaf Scholz’s government was predicting as recently as the fall. Geopolitical tensions and high interest rates are weighing on the recovery, though rising real wages and a robust labor market should help over the course of 2024, the nation’s economy minister said. Euro-area private-sector activity hit an eight-month high, with services and stabilizing numbers across most of the region making up for an increasingly dire situation in German manufacturing. The factory gauge for the region’s biggest economy slumped to the lowest since October, revealing a decline in output alongside plummeting new orders at home and abroad. Britain delivered the biggest budget surplus on record in January, a boost for Chancellor Jeremy Hunt two weeks before he is due to announce what could be the last fiscal statement before a general election. The undershoot raises the prospect of tax cuts in the March 6 budget as Hunt comes under pressure from grassroots Conservatives to rescue their political fortunes ahead of a general election expected later this year.
US
Economists again marked down their US recession forecasts on expectations that a firm job market and sturdy consumer spending will support stronger economic growth in the near term. The economy is seen expanding at a 2.1% annualized rate this year — up from the 1.5% expected last month — amid stronger household demand and government spending, according to the latest Bloomberg monthly survey of economists. US manufacturing activity expanded at the fastest pace since September 2022, powered by stronger orders growth and suggesting producers are breaking out of an extended slump. While only modest, the gauge has shown growth in consecutive months for the first time in over a year. Donald Trump says he wants to bring the factories back. Nikki Haley did just that in South Carolina when she was governor. It may not save her from a home-state defeat in Saturday’s Republican primary Deep in the snowy northern island of Hokkaido, Japan is pouring billions of dollars into a long-shot bet to revive its chip-making prowess and insulate its economy from growing US-China tensions. With the US and China sparring over access to the latest chipmaking expertise and equipment, Japan’s government has sensed an opportunity to leverage Washington’s concern over supply chain security to get back into a game it once dominated. Emerging Markets Saudi Arabia’s oil export revenues sank to $248 billion last year, a decrease of nearly $80 billion that pulled the budget back into deficit and offered a reminder of the kingdom’s dependence on high energy prices. It’s a stark reversal from a near-record haul in 2022, caused in large part by cutbacks in Saudi oil output and an average price for Brent crude that was down by almost a fifth at just over $80 a barrel in 2023. World Indonesia’s central bank left its benchmark interest rate unchanged for a fourth straight month and reiterated that it would be on an extended pause to support a still vulnerable currency. The Turkish central bank shifted to more hawkish guidance after keeping interest rates on hold for the first time since May, as it moves forward under a new governor who took over earlier this Bloomberg Elsewhere, Paraguay cut rates. The decades-old global consensus that’s allowed e-commerce and a growing tidal wave of data to cross borders without tolls is at risk of falling apart. Emerging economies cite concerns about the dominance of US-based Big Tech – and other worries including risks from artificial intelligence, the need to protect data privacy, and the loss of customs revenue into the ether of the digital economy.
Source: Economic Times
