New Delhi: Uttar Pradesh Chief Minister Yogi Adityanath arrived at Bharat Tex 2024 organized at Pragati Maidan in the capital Delhi. During this he met the craftsmen of UP. CM Yogi said that the world market is waiting for our skills, innovation and technology in the textile sector. Carpets worth Rs 17 thousand crores are exported from India, out of which 60 percent carpets are sent from Bhadohi, Mirzapur and Varanasi in UP.
CM Yogi greeted all the buyers and visitors who came to the UP pavilion of 'Bharat Tex 2024'. Expressing his gratitude towards Prime Minister Modi, he said that UP has been given the opportunity to participate as a partner state in such an important event. CM said that through this international event, the exhibition has been organized in Bharat Mandapam and Yashobhoomi keeping in mind the needs of the past, future and present in the field of textile. A lot of people from the country and the world have participated in this exhibition organized for the last 4 days. He said that after agriculture in India, the textile sector has infinite possibilities in the field of employment, development and technology. Special appreciation for the products of Uttar Pradesh: CM Yogi said that in 'Bharat Tex 2024', 20 exhibitors from Uttar Pradesh have participated in Yashobhoomi and 46 exhibitors in Bharat Pavilion with the exhibition of their skills. Here the artisans have presented handicrafts, carpets and other handloom products to the buyers from across the country and the world.
CM Yogi said that there are endless possibilities in the textile sector in Uttar Pradesh. PM Mitra Park Scheme has been started by Prime Minister Modi at 7 places in the country, under this, a mega textile park is going to be established in one thousand acres between Lucknow-Hardoi in UP. Crafts are an important means of employment generation: The Chief Minister said that a lot of work has been done in the last seven years to promote Chikankari of Lucknow, Dari of Sitapur, Zari Zardozi of Bareilly and Carpet of Bhadohi. All these crafts are very important means of employment generation. CM Yogi said that the global textile industry is today looking towards India with hopeful eyes.
Source: etvbharat
Telangana's government is actively pursuing substantial investments in the textile industry amidst stiff competition from other states across India. During a session at Bharat Tex 2024, the state extended invitations to potential investors. Officials emphasised that the state government not only offers top-tier incentives and policy support but also unparalleled opportunities for investment. Dr. E Vishnu Vardhan Reddy, special secretary of the Department of Industries and Commerce, told Fibre2Fashion that the state government is prepared to compete with the other states in attracting significant investment to Telangana. He acknowledged the intense competition among states nationwide for investment and affirmed that Telangana is not lagging behind in this regard, highlighting the state's provision of top incentives and policy support for investors. Dr. Reddy added that Telangana, the third-largest cotton-producing state, is producing the best cotton in the country. He noted the availability of a skilled workforce in the state and highlighted the government's focus on investing in garmenting and technical textiles. These two segments present immense opportunities for textile companies within Telangana's flourishing textile sector. He reassured investors that the state government is committed to facilitating them right from the outset. Investors can trust in seamless business operations, knowing that the government is always prepared to provide support when needed. Dr. Reddy also mentioned the upcoming PM MITRA Park in the state, which will offer state-of-the-art facilities within the integrated textile park.India's GDP growth accelerates to 8.4% in Q3; FY24 growth pegged at 7.6%
Source : Fibre2fashion
Bhubaneswar: Today marked a significant milestone for seven leading apparel and garment manufacturing units as they received project approval letters from the Minister Pratap Kesari Deb. These industries chose Odisha over other locations to establish their units in the apparel & garment cluster in Khurda. They were attracted by Odisha’s conducive business environment, stable government, swift approvals, and seamless land allotment process. With the best incentive structure for apparel, garments, textile & technical textile units through IPR 2022, Odisha has emerged as a thriving hub for textile investment. During the 128th SLSWCA meeting last week, these projects received approval, and today, their approval letters were formally handed over, marking a monumental achievement. The total project cost amounts to Rs. 378.98 crores, with the potential to generate employment for 18,620 individuals, signifying a significant step towards realizing the full potential of the apparel and textiles sector in Odisha. Following the issuance of letters, Anil Peshawari, CMD of Meenu Creations LLP, representing the group of 7 industries, emphasized the cluster’s commitment to growth and development. Hemant Sharma, IAS, Principal Secretary of the Industries Department, Odisha, highlighted the strategic importance of fostering industrial growth and collaboration in his keynote speech. A pivotal aspect of the event was the discussion on infrastructure development and expedited facilitation, emphasizing the necessity for streamlined processes and robust infrastructure to support the burgeoning industry. The highlight of the ceremony was the address by Pratap Keshari Deb, Minister of Industries, MSME, and Energy, Odisha, reaffirming the government’s dedication towards promoting industrialization and facilitating business expansion. In a symbolic gesture, approval letters were presented to the participating companies, including Meenu Creation LLP, Pooja International, Sonu Exim Pvt Ltd, Rainbow Fabart Private Limited, B L International Private Limited, Fine Lines and Golden Seams Industries Pvt. Ltd. symbolizing a new era of growth and opportunity. The event concluded with a vote of thanks delivered by Sovan Krishna Sahu, IRS, Director of Textiles, Odisha, expressing gratitude to all stakeholders for their unwavering support and dedication. The textile industry in Odisha is experiencing significant growth in investments, contributing to economic expansion and job creation in the region. Under Chief Minister Naveen Patnaik’s leadership, Odisha is rapidly becoming a preferred global hub for textile investments. His visionary strategies and unwavering commitment to fostering sustainable and inclusive growth are setting new benchmarks for the state’s textile industry, propelling it towards unprecedented development and prosperity.
Source : Sambad English Bureau
India's gross domestic product (GDP) grew 8.4 percent in the December quarter, data released by the Ministry of Statistics and Programme Implementation on February 29 showed, blowing all expectations out of the water. A survey of economists by Money control estimated Q3 GDP growth to slow down to a three-quarter low of 6.5 percent from 7.6 percent in the three months ended September 30, 2023. The estimate for growth in the second quarter has now been revised up to 8.1 percent, while that for the first quarter has been revised higher to 8.2 percent from 7.8 percent. As a result, the statistics ministry now expects the full-year GDP growth to be even higher than its unexpectedly high first advance estimate of 7.3 percent. The second advance estimates now peg GDP growth at 7.6 percent for 2023-24 even as economists had expected it to be lowered to 6.9 percent. At 8.4 percent, the latest quarterly GDP growth rate is the highest in six quarters. Last time India's economy grew at a faster rate was in the first quarter of 2022-23, when it grew by 13.1 percent, now revised down to 12.8 percent. Commenting on the GDP data, Prime Minister Narendra Modi said in a post on X: "Robust 8.4% GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential. Our efforts will continue to bring fast economic growth which shall help 140 crore Indians lead a better life and create a Viksit Bharat!." "The Q3 data on India's growth threw up a divergent trend, with the GVA growth moderating broadly on expected lines to 6.5% and the GDP expanding by a much higher than-anticipated 8.4%. This wide gap followed a surge in the growth of net indirect taxes to a six-quarter high of 32% in this quarter, which is unlikely to be sustainable. In our view, it may be more appropriate to look at the trend in the GVA growth to understand the underlying momentum of economic activity. "Investments emerged as the fastest growing component of GDP in Q3 FY2024 and displayed a mild sequential dip, contrary to the sharp slowdown seen in government capex. Amid the sharp upside surprise in the headline GDP growth number, the contraction in the government's revenue expenditure and capital expenditure, as well as the slide in the core sector growth in January 2024, offer some sobering trends," said Aditi Nayar, chief economist, ICRA Ltd. The sharply higher-than-expected quarterly growth rate for October-December - the highest forecast in the Money control survey of economists was 7.0 percent - more than cements India's status as the fastest growing large economy in the world. Growth in the third quarter of the current financial year was propelled by double-digit growth in the manufacturing sector, with construction not too far behind, posting a growth rate of 9.5 percent. "GDP growth surpassed expectations in Q3, coming above 8%. However, from the supply side, GVA growth was in line with expectations at 6.5%. This divergence is due to the strong tax growth in the quarter. Broadly, the internals signal that agriculture growth remains weak, while manufacturing and services continue to push up growth. The data revisions to full-year FY24 figures present a downside risk to our current FY25 forecast of 6.4%," said Sakshi Gupta, prinicpal economist, HDFC Bank. Meanwhile, the agriculture sector's gross value added (GVA) contracted by 0.8 percent. The overall GVA growth in October-December 2023 was 6.5 percent, down from 7.7 percent in July-September, while the full-year GVA growth has been pegged at 6.9 percent, up from 6.7 percent in 2022-23. The upward revision in the second advance estimate of GDP growth to 7.6 percent from 7.3 percent was also aided by a cut in the GDP growth figure for 2022-23 to 7.0 percent from 7.2 percent, resulting in a favourable base effect. Similarly, GDP growth in October-December 2023 also received a leg-up from the base effect, with the October-December 2022 GDP growth rate revised down to 4.3 percent from 4.5 percent.
Source : Economic Times
Synopsis Asia's third-largest and the world's fastest-growing major economy expanded 8.4% in the October December quarter, partly helped by a surge in manufacturing, according to data released by the government on Thursday. India's manufacturing industry enjoyed robust growth in February with activity expanding at its fastest pace in five months, led by accelerated global demand and lower inflationary pressures, a private survey showed. The HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, rose to 56.9 in February from January's 56.5, beating a preliminary estimate of 56.7. India's manufacturing PMI has been above the 50-mark that separates growth from contraction for 32 months. Asia's third-largest and the world's fastest-growing major economy expanded 8.4% in the October-December quarter, partly helped by a surge in manufacturing, according to data released by the government on That growth rate was much stronger than the 6.6% expansion predicted in a Reuters survey, where the highest forecast was 7.4%. The manufacturing sector, which accounts for 17% of India's economy, expanded 11.6% year-on-year last quarter. "The HSBC final India Manufacturing PMI indicates that production growth continued to be strong, supported by both domestic and external demand," noted Ines Lam, economist at HSBC. "Manufacturing firms' margins improved as input price inflation slipped to the lowest since July 2020." Driven by buoyant demand, the output and new orders sub-indexes rose to five-month highs. Improved technology and increased sales bolstered greater output volumes, leading to an upturn in production. Global demand improved robustly and the rate of expansion was the highest in almost two years. Demand from many countries and regions picked up -- Australia, China, the United States and the United Arab Emirates were some of those cited. Optimism about the year ahead cooled marginally, with the future output index only dipping from January when it was at its highest since December 2022. However, a strong and positive outlook failed to generate more employment in the sector. Survey participants reported sufficient staff for the current workflow. Cost pressures rose at their weakest pace since mid-2020 - when the world was grappling with the COVID-19 pandemic. A strong business outlook and muted inflationary pressures prompted firms to build up stocks of raw materials, pushing up the quantity of purchases sub-index substantially to its highest in five months. The output price index eased to the joint lowest since March 2023 indicating an easing of inflationary pressures. The Reserve Bank of India is expected keep interest rates on hold until at least July, the Reuters poll found, as growth remains strong and inflation within its target range of 2-6%.
Source: Economic Times
New Delhi, a leading news service: The textile festival Bharat Tex 2024, which has been going on for the last 4 days in the capital Delhi, has concluded today. The festival was organized by the order of the Union Ministry of Textiles. A total of 28 stalls have been set up in the Maharashtra Hall of Bharat Tex 2024. The theme of Maharashtra Dalna was in view of the 350th coronation anniversary of Chhatrapati Shivaji Maharaj. Various state and private organizations also participated in it. The festival is decorated to attract and attract the attention of the visitors. All the states and Union Territories including the state of Maharashtra participated in this festival.
In this festival tourism through textile industry by Maharashtra Tourism Development Corporation, production of essential materials from waste (diaries, office files, bags, pens, exhibition items etc.) by Khadi Village Industries Board, also under Maharashtra State Khadi Village Industries Board beekeeping business, Women’s Economic Development Corporation’s decorative items, handlooms, Solapur sheets, towels, and bamboo towels, napkins, textiles manufactured by the Corporation and Yantramag Corporation are notable ldi The Khadi Village Industries Council’s stalls on beekeeping and making sustainable products from waste paper were eye-catching. Also in this festival, stalls along with traditional Paithani, Khan, Himru, Gongdi, Solapur chadar, Puneri turban, Tussar silk, Mulberry silk, Handloom sarees, Hats, Terry towels, Kolhapuri chappals, Paithani bags by Mavim installed. Through this festival, state products reach the national and international markets. The owners of various stalls say that the expectations of the traders as well as the buyers are known, so these things are useful not only to increase the business, but also to understand new things and technologies. Notably, the textile festival included knowledge-based sessions, seminars and conferences, events that are redefining the textile industry on a global scale.
During the festival, Maharashtra Chamber was inaugurated by Virendra Singh, Secretary, Department of Textiles, Chief Executive Officer, Khadi and Village Industries Council of the State, Smt.R. Vimala, Joint Chief Executive Officer, Maharashtra Industries Development Corporation, Ajay Bhandari and Ms. Farogh Mukadam, Joint Managing Director, Maharashtra Small Industries Development Corporation were present. Exhibitors and consumers from 40 countries took part in the festival. More than 1,000 exhibitors and more than 30,000 craftsmen and entrepreneurs from 40 countries took part in it.
Source: PI News
Turkiye’s exports were worth $19.991 billion in January this year—a 3.5 per cent increase year on year (YoY), and imports in the month were worth $26.218 billion—a 22 per cent decrease YoY, according to the provisional data by the Turkish Statistical Institute (Turkstat) and the ministry of trade. Foreign trade deficit in the month was worth $6.227 billion—a 56.4 per cent YoY decrease. Exports, excluding energy products and non-monetary gold, were worth $18.592 billion during the month—a 3 per cent YoY increase; such imports were worth $18.66 billion—a 6.2 per cent YoY drop. The country’s foreign trade volume was worth $37.251 billion in the month—a 1.8 per cent decrease, Turkstat said in a release. The main partner country for exports in the month was Germany, with exports worth $1.762 billion. It was followed by the United States ($1.224 billion), Iraq ($1.97 billion), the United Kingdom ($1.22 billion) and Italy ($999 million). The share of exports to the first five countries in Turkiye’s total exports was 30.5 per cent in the month. The top country for Turkiye's imports in the month was Russia, with imports worth $4.324 billion. It was followed by China ($2.893 billion), Germany ($1.918 billion), the United States ($1.402 billion) and Italy ($1.187 billion). The share of imports from the first five countries in total monthly imports was 44.7 per cent. In January, seasonally- and calendar-adjusted exports and imports decreased by 5.1 per cent and 4.8 per cent respectively month on month, while calendar-adjusted exports increased by 0.4 per cent YoY and such imports decreased by 23.6 per cent YoY. The ratio of products in manufacturing industries in total imports was 75.3 per cent in the month.
Source: Fibre2fashion
The global shipping industry is poised for growth, with an anticipated increase in the pool of shipping containers due to expanding trade prospects and reduced container productivity, according to Drewry's latest Container Equipment Forecaster report. The disruptions in key maritime passages, including the Red Sea and the Panama Canal, have led to extended voyage times, contributing to this trend. Drewry's analysis reveals a 1 per cent growth in the global container fleet in the past year, reaching 51.4 million twenty-foot equivalent units (TEU). This growth was primarily fuelled by a surge in newbuild output towards the year's end, reversing earlier declines in inventory levels. Looking ahead to 2024, Drewry has upgraded its fleet growth projection to 2.3 per cent, driven by increased trade activity and decreased box productivity. The slowdown in container turnover is largely attributed to ongoing draught restrictions in the Panama Canal and the rerouting of ships originally transiting through the Suez Canal. These measures have been taken in response to attacks on vessels in the Red Sea by Houthi rebels, prompting ocean carriers to opt for longer routes around the Cape of Good Hope. This shift has led to containers spending more time at sea and delays in completing their journeys, slowing sales in the secondary market and depleting the stock of empty containers, particularly in China. The maritime industry's vulnerabilities to geopolitical events and operational challenges have been starkly highlighted, affecting major trade routes. January statistics showed a significant increase in containership transits around the Cape, with 605 recorded, up from 164 the previous year. Conversely, voyages through the Suez Canal fell to 62 from 328 in January 2023. The diversion to the Cape route can add between 10 to 15 days to voyage times, depending on the destination. In addressing the disruptions at the Panama Canal, affecting Asia-US East Coast trade, carriers have explored various strategies, including land-bridging via the Panama Canal railway and rerouting via the Cape of Good Hope. The incidents have impacted an estimated six to seven million TEU. Amid these challenges, Chinese manufacturers lowered prices for new containers in late 2023 to stimulate orders, with 20ft container prices dropping to around $1,850. This price reduction led to a strong uptick in orders, primarily from ocean carriers, benefiting from the increased production capacity. Drewry forecasts a stronger 2024 for the container trade, with global container handling throughput expected to rise by 2.3 per cent, a significant improvement over the minimal growth observed in 2023. Additionally, ocean carriers are likely to enhance their box-to-slot ratios in the short term, building up buffer stocks to navigate the ongoing supply chain disruptions effectively
Source: Textile Today
SAHM, the world’s leading technology provider for precision winding machines, will be represented at Techtextil Frankfurt in a joint booth together with its sister company STC Spinnzwirn. The focus will be on two key SAHM winding machines serving different areas of application. The first is the TWINSTAR II, an automatic precision cross winder that is already established as the global industry standard in the high-performance fibers market. The machine now features a new Flexible Traverse Option, which enables full customization of the traverse width, package shape, package positioning and yarn reserve. The TWINSTAR II offers outstanding winding precision for a wide range of materials, yarn thicknesses, package sizes and shapes. TWINSTAR II – for peak winding performance customized exactly to your needs.
The second machine, the SAHM 780XE, shows its strengths in the monofilament and monofilament-like materials segment. Users value this parallel winder for its automatic optimization of the laying stroke during package build-up. Fast and efficient product changes as well as bobbin changes without waste and downtimes are further great features of the SAHM 780XE. With these winding machines, SAHM continues to set standards in terms of innovation and adaptability, impressively underlining its pioneering role in winding technology.
Georg Sahm GmbH & Co. KG has its headquarters in Eschwege, Germany, and offices in Fountain Inn, S.C, USA and Guangzhou, China. It is a leading manufacturer of winders – not only for monofilaments, but also for tapes, carbon fibers, aramid fibers, high performance fibers, non-woven tapes, security tapes, etc. SAHM belongs to the STARLINGER Group, Vienna, Austria.
Source: Indian Textile magazine
