New Delhi: Ever since the Modi government came to power at the Centre, the textile sector has been flourishing at a very fast pace. While in 2014 the valuation of India's textile market was less than Rs 7 lakh crore, today it has crossed Rs 12 lakh crore. Modi government says that now the textile sector will prove to be of real help in the goal of developed India and the government is continuously making efforts to increase its contribution. In fact, Prime Minister Narendra Modi on Monday promised full support to the textile sector and also stressed that this sector will play an important role in making India a developed nation by 2047. India will complete 100 years of independence in 2047. Recently, while addressing the people present after inaugurating 'Bharat Tex-2024', PM Modi said that the government is working on a very large scale to further increase the contribution of the textile sector in building a developed India. ‘Bharat Tex’ is one of the largest global textile events organized in the country. PM Modi said, 'We have resolved to transform India into a developed nation in the next 25 years. The four important pillars of developed India are poor, youth, farmers and women. Notably, India's textile sector is linked to all these pillars. Therefore an event like 'Bharat Tex' becomes very important for all of us.' He said that in 2014 the valuation of India's textile market was less than Rs 7 lakh crore whereas now it has crossed Rs 12 lakh crore.
The Prime Minister said that the production of yarn, fabric and apparel has increased by 25 percent in the last 10 years. The government has full attention on quality control in the textile sector. On employment potential in textile sectors, rural population and participation of women, he said that among garment manufacturers, seven out of ten are women and in handloom this number is even higher.
Source: News 18
The Union Minister for Textiles, Consumer Affairs, Food and Public Distribution, and Commerce & Industry, Shri Piyush Goyal during his address at the CITI Textile Sustainability Awards 2024 said that the textile industry needs to focus on the international markets that will push them to be more competitive. He said that the Bharat Tex 2024 event is a testament to the capability of the sector to be a leader in the future at a global stage. He expressed confidence that working together and understanding the elements of the value chain will help the textile industry be the driving force of the nation’s GDP. Shri Goyal applauded CITI for their support and hard work and expressed confidence in helping the sector grow and provide employment and opportunities to the youth of the nation. He further emphasised on CITI’s ability to serve not only the needs of the nation but the entire world. He thanked the CITI officials and conveyed his gratitude to the officials for their contribution towards the sector and for guiding the government to continue to grow the textile industry. The Union Minister distributed CITI Textile Sustainability Awards – 2024. The categories encompassed a spectrum of sustainability aspects, including best practices in social responsibility and green initiatives, innovative material management, recycling efforts, alternative materials usage, sustainable retail practices, recognition of women entrepreneurs leading in sustainability and social impact, outstanding HR practices, and exemplary service to the textile industry. Each award category symbolized a commitment to fostering sustainability, encouraging innovation, and promoting responsible business practices within the textile sector. Shri Rakesh Mehra, the Chairman of CITI delivered welcome address emphasizing the significance of sustainable initiatives in the textile industry. Following this, Smt. Darshana Vikram Jardosh, Minister of State for Textiles and Railways also delivered keynote address. The concluding remarks was delivered by Shri Ashwin Chandran, Deputy Chairman of CITI, expressing gratitude to all participants, sponsors, and stakeholders who contributed to the success of the CITI Sustainability Awards 2024, emphasizing the collective effort in advancing sustainable practices within the textile industry.
Source: SME Street
New Delhi: Union Minister of Textiles Piyush Goyal on Tuesday said there is an urgent need to give a boost to small businesses in the textile sector to help them realise their true potential. Speaking at Bharat Tex-2024 in Delhi, Goyal talked about helping SMEs in the textile sector by providing them with modern machines and other allied infrastructure. He said that the textile sector would not just be benefited through any one government scheme but by their convergence. “No one government scheme would help the textile industry, but a convergence of all schemes in a streamlined manner could help in this regard.” The minister called for intelligently using the budget for handloom and handicraft and making the budgetary spending transparent. He also said that industry and government officials should work together to help artisans earn more. “Let’s take our industry to other countries where we know the market.” Prime Minister Narendra Modi had inaugurated Bharat Tex-2024 on Monday. The event is being organised from February 26-29 by a consortium of 11 Textile Export Promotion Councils and is supported by the Centre. It showcases India's prowess in the textiles sector. The four-day event will feature more than 65 knowledge sessions with over 100 global panellists discussing various issues relevant to the sector.
Source: The Economic Times
Machinery is a backbone in the entire textile value chain, and hence focusing on research and development in textile machinery segment is crucial, experts said during a panel discussion on Textiles Machinery at the ongoing Bharat Tex 2024. In his address as Session Chair, Asit Gopal, Additional Secretary & Financial Advisor, Ministry of Textiles, Government of India, said the textile machinery industry has to work for better technology which can improve quality and productivity, while also reducing the cost of production. Moderating the session, Avinash Mayekar, MD Suvin Advisors Pvt. Ltd, said it is time to focus on research and development in the textile machinery segment, as it is a backbone in the entire textile value chain. He added that the industry is focusing on new technologies and artificial intelligence to make machines more efficient. Participating in the discussion, M Sankar, Director (Operations), Lakshmi Machine Works Limited, said that his company is planning to launch a software named Control Room in next 4-5 years. The software would be able to monitor the entire spinning plant. It can increase productivity and reduce cost of production. Surjit Singh Mahajan, MD, Staubli India Pvt Ltd, said that textile machinery and engineering has an important role in fabricating excellence for textile manufacturing.
Source: Fibre2fashion
India calls investment facilitation for a development proposal backed by China at the World Trade Organization (WTO), a non-trade issue. As per the WTO, ministers representing 123 WTO members issued on February 25, a Joint Ministerial Declaration marking the finalisation of the Investment Facilitation for Development (IFD) Agreement and made it available to the public. "India believes the WTO should deal with issues related to trade, and this (IFD) is a non-trade issue," the official said. The group wants to bring the proposal through Annexure 4 of the WTO, under which the proposal would be binding on only the signatory members and not on those who are opposed to it. The official also maintained that the IFD proposal is led by the vested interests of the group. Such pacts come under Annexure 4 of the WTO, which deals with plurilateral agreements. As per the WTO, the Investment Facilitation for Development (IFD) Initiative, was originally launched in the spring of 2017 by a group of developing and least-developed WTO members. The IFD initiative aims to develop a global agreement on IFD to improve the investment and business climate and make it easier for investors in all sectors of the economy to invest, conduct their day-to-day business and expand their operations.
Source: Business Standard
commerce and Industry Minister Piyush Goyal and his British counterpart Kemi Badenoch will make another attempt to iron out differences and decide the future course of action on the much-awaited free trade agreement (FTA) between the two countries before the general elections. The ministers are expected to hold bilateral talks on the sidelines of the World Trade Organization’s four-day summit – the 13th Ministerial Conference -- in Abu Dhabi. The meeting between Goyal and Badenoch will take place a week after a delegation headed by commerce secretary Sunil Barthwal was sent to London to seal the deal. “The bilateral between Piyush Goyal and his UK counterpart at the sidelines of the WTO meet (MC13) holds the key for the future course of action,” a person aware of the matter told Business Standard. This is an indication that the ball is now in the courts of respective political leaders to announce the signing of the FTA deal as most of the issues have been closed at the negotiators' level.“Certain issues can only be resolved after a final political call is taken to sign the deal,” the person cited above said. India and the UK have been negotiating a trade deal for over two years now. Both sides already missed the Diwali deadline in 2022, set by former UK Prime Minister Boris Johnson. A year later, both sides were aiming to finalise the deal by October in the presence of Prime Minister Narendra Modi and his British counterpart Rishi Sunak in New Delhi. However, continued differences have delayed the deal. The latest meeting also assumes significance as both sides are trying to arrive at a consensus ahead of the general elections in India. Before Barthwal’s visit, the Prime Minister’s Office also reviewed the progress of the proposed deal. Last month, a UK delegation led by Sunak’s chief economic adviser Douglas McNeill was in New Delhi to discuss the proposed FTA and an investment treaty.
Source: Business Standard
Synopsis India and Oman are close to concluding talks on a trade deal that will allow easier access of goods and services into each other’s markets. The deal aims for lower tariffs on exports and better access for Indian professionals. Prime Minister Narendra Modi is determined to build stronger links with the Middle East. India and Oman are close to concluding talks on a trade deal that will allow easier access of goods and services into each other’s markets, officials familiar with the matter said, further cementing the South Asian nation’s presence in the Gulf region. The two sides have reached consensus on a majority of the issues in the comprehensive economic partnership agreement and the talks are likely to conclude soon, the people said, asking not to be identified because the discussions are private. A deal could be finalized as early as March, one of the people said. Although a small economy, Oman is crucial to India given its location in the region. Oman sits alongside the Strait of Hormuz, an important oil transit chokepoint through which most of Asia’s crude oil moves. Oman also has the fifth-largest population of Indians working overseas. New Delhi wants lower tariffs on exports to Oman ranging from rice and pharmaceuticals to petroleum and steel products, the people said. It’s also negotiating with Oman to ease access for Indian professionals such as doctors, nurses, engineers and other workers. Oman wants better access for goods such as downstream petroleum products, fertilizer and iron and steel products among others, the people said. A spokesperson for India’s trade ministry didn’t immediately respond to an emailed request for further information. Omani government officials couldn’t be reached for comment. The two sides started talks on the trade pact just three months ago, and their haste in completing the deal shows Prime Minister Narendra Modi’s determination in building stronger links with the Middle East. India has already signed a free trade agreement with the United Arab Emirates and is in talks with the Gulf Cooperation Countries on a trade deal. Oman is India’s third-largest trade partner among the GCC nations. Twoway trade stood at $12.38 billion in 2022-23, according to India’s trade ministry. Sultan Haitham bin Tarik became the first Omani ruler to visit India in over two decades in December. After the trip, Oman allotted New Delhi an exclusive zone at the strategically-located Dqum port for its commercial cargo and to dock warships Modi’s government has expedited trade talks with several major trading partners recently, including the UK, European Union and the European Free Trade Association, which comprises Switzerland, Norway, Iceland and Liechtenstein.
Source: Economic Times
India’s exports to Russia in the April-December period of 2023 was $ 3.1 billion. This may not look like a big number, but the perspective changes when you see that the exports were up 41 per cent over the corresponding period of the previous year. The jump is attributed to the new mechanism of trade settlement in rupees.
Going by this experience, it is tempting to think that India’s efforts towards internationalizing the rupee will prove to be substantially beneficial.
Source: Hindu Business
The Indian textile industry has not only welcomed the move to remove import duty on extra-long staple (ELS) cotton but also expects that the government will soon realise the need to scrap the duty on other varieties of cotton. Following the decision, cotton prices eased by ₹600 per candy of 356 kg in the Gujarat market due to immediate pressure on market sentiments. However, prices recovered to some extent on Wednesday. The central government has removed the import duty on ELS cotton. The country is heavily dependent on imports of ELS cotton. Currently, around 11 per cent import duty is applicable to the raw material used for fine counts of cotton yarn. Sanjay Jain, managing director of TT Industry and former chairman of the Confederation of Indian Textile Industries (CITI), told Fibre2Fashion, “It is a welcome step. We hope that the import duty on other varieties of cotton will be reviewed sooner or later. The government has to maintain a balance between the competitiveness of the industry and farmer’s protection through MSP.” He said that India is a net importer of ELS cotton as the country does not grow enough of it to meet the requirements. The import duty had made Indian value-added products made from yarn of 60/1 and above costlier. There was no benefit for the farmers. The government has corrected an aberration. Bharat Shah, a power loom owner from Ichalkaranji, Maharashtra, told F2F, “The removal of import duty can provide some relief in the textile value chain of high-end fabric. The production cost may ease slightly for fine quality fabric and garments.” He said that the psychological impact can be seen on the market sentiments of cotton only for a few days. Overall market dynamics will not change due to the government’s decision. A leading cotton yarn trader from Delhi said that there is very little consumption of ELS cotton out of the total cotton requirement. Therefore, the decision will have a very limited impact. It cannot substitute Shankar-6 cotton of Gujarat because ELS cotton is very expensive. Trade sources said that cotton prices had eased up to ₹600 per candy on Tuesday in the Gujarat market after the news came out. The sentiment weakened due to the wait-and watch mode of cotton buyers. However, the prices recovered by ₹200 per candy on Wednesday.
Source: Fibre2fashion
The expo is co-organised by Messe Frankfurt – a German-based organiser of the world's largest trade fairs, congresses and events – and the Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade. Spanning 15,000 square metres, it features over 500 booths run by more than 400 domestic and foreign firms from 16 countries and territories worldwide such as the UK, Germany, the US, Switzerland, Japan, the Republic of Korea, China, Thailand, and India. Vietnam’s national brand pavilion is the highlight of the three-day expo, introducing visitors to the strengths of domestic textile and garment brands. Vietnamese products on display include apparel, home textiles, technical textiles, non-woven fabrics, and textile processing-printing technologies, among many others. The business community and visitors are set to join 14 symposiums and fashion shows, focusing on such practical topics as design and trends, market access strategies, and textile and non-woven fabric technologies. According to Detlef Braun, member of the Executive Board at Messe Frankfurt, VIATT is an event in the company’s Texpertise Network that connects over 500,000 people across the globe. The exhibition provides opportunities for textile businesses to engage in trade connectivity, participate in the global textile production chain, and form links throughout the value chain from raw materials to final products.
Speaking at the opening ceremony, Deputy Minister of Industry and Trade Phan Thi Thang stressed VIATT is an opportunity for businesses to seek partners, gradually increase localisation rate, meet the diverse needs of domestic and international customers, enhance the added value of products, and make contributions to the development of the Vietnamese textile industry towards green and sustainable trends worldwide. Participating major global brands, meanwhile, will receive assistance to transfer technology and management experience to and participate in the development of supply chains in Vietnam, she noted.
Source: VOV
Attending the fair, Detlef Braun, the Member of Executive Board of Messe Frankfurt, said that the 400 businesses span across the entire value supply chain of the textile industry, including fiber, technology, dyeing, finished fabric, design and garment and so on. VIATT 2024 gathered numerous foreign businesses, especially top-rated textile manufacturing companies from the United Kingdom, Germany, Italy, the United States, Switzerland, Japan, the Republic of Korea, Hong Kong (China), Taiwan (China) and China. The huge potential for development of the textile industry in Vietnam is likely to bring a large scope for growth for businesses. Especially, Vietnam's membership of international trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA) shows more positive signals for the growth of the textile industry in the near future. Currently, Vietnam is the third largest exporter of textiles and garments in the world. With a favorable environment and optimistic signals for business, many international textile manufacturers showed their expectations to expand operations and investment in Vietnam. Speaking at the event, Deputy Minister of Industry and Trade Phan Thi Thang said that the textile and garment industry has played an increasingly major role in the country’s growth during passing years. As for exported industrial products, the textiles and garment sector has a high export turnover and growth rate and has become one of the key export industries in the growth of the country’s economy, accounting for 12 percent to 16 percent of the country's total export turnover. The United States has maintained its position as Vietnam's largest garment export market, followed by Japan, the Republic of Korea and the European Union (EU). Vietnam has exported a significant amount of textiles and garment products to Canada, China, the UK, Australia, Russia, Indonesia, Thailand, Hong Kong (China), India and other countries. From the beginning of the year until now, the export turnover of the textile and garment sector reached US$4.9 billion, an increase of 17 percent over the same period in 2023. Many factories have resumed operation after the Lunar New Year (Tet) holiday with a high rate of workers returning to work. According to her, the textile and garment sector set a target of US$44 billion in export turnover, up nine percent compared to last year. The VIATT 2024 is an opportunity for exhibitors and traders to use global business connection services to access new markets and seek orders. Apart from trade connection activities, there are over 14 thematic seminars, aiming to help textile and garment businesses access trends and market access strategies for textile and nonwoven technology and other issues related to sustainable development.
Source: SGGP.com
The textile industry in Pakistan's Karachi has been facing massive losses due to severe load shedding. The textile industry in Pakistan's Karachi has been facing massive losses due to severe load shedding. The traders have to suffer because of the inability of the Pakistani administration to provide a basic amenity like electricity to its people, which has resulted in a loss in revenue for small and big traders in Karachi. A textile shopkeeper, Muhamad Bilal, from Karachi, stated that "the government is not taking any pity on us; when we open the shop in the morning, there is no electricity, and when we close the shop, there is no electricity." "During the entire day, the electricity is supplied for merely two hours. The business is already on a steep slope, and what is left of our business is spent because of high-priced electricity. Hence, we don't know who to complain to," he complained. Bilal added, "It is quite obvious that, if a small trader pays an electricity bill of around PKR 3500, then what will he earn and how will he feed his family? A poor person who earns merely 500 to 700 PKR a day will such a person buy clothes. Now just imagine, what a common man does. Will he feed his family? will he buy clothes or pay the electricity bills? Believe me, the textile trade is not profitable anymore, we are thinking of going for labour work, there are no customers in the market, because of the high inflation. The only reason for our losses is the inflation and high-priced electricity." Another trader belonging to Karachi, Farhan, explained how inflation and high-priced electricity the reasons behind the majority of their problems in Pakistan are. "Because of the increase in the cost of electricity, the business gets affected. Furthermore, the salaries of the labourers will be affected, and many of them may lose their jobs. This will ultimately lead to a rise in petty crimes and thefts. How will a person survive if his earnings are half of his expenditure?" he said. "The disposable income of the people has significantly dropped. People are now buying much less than what they used to buy," Farhan added. Another suit dealer in Karachi, named Naeem, said that now they have to think a lot before even purchasing goods to sell. "Previously, we were able to purchase much more. Now we have to think about the rent, the high cost of electricity, the cost of labour, and our own families. All of which adds up to be a major part of our earnings. Not just the traders, but, even the general public is suffering. We demand from the government to please give us some relief. Inflation has left us with just one choice, whether we can feed our families or do business," he added. Moreover, Naeem said that they are suffering because of load shedding so much that electricity gets interrupted every two hours. "If the electricity is supplied uninterrupted, then only we can think about business expansion. The government must think about the poor and the traders, as we are not able to survive anymore," he added. (ANI)
Source: devdiscourse
