The US International Trade Commission (USITC) has announced its determination to maintain the existing antidumping and countervailing duty orders on imports of fine denier polyester staple fibre originating from China, India, South Korea, and Taiwan. This decision follows the conclusion of the five-year (sunset) reviews, which assessed the potential impact of revoking these orders on the US industry. The USITC's analysis indicated that the removal of these trade measures would likely result in the continuation or recurrence of material injury to the US industry within a foreseeable timeframe. Consequently, the antidumping and countervailing duty orders will remain in effect, continuing to regulate the import of this polyester staple fibre from the specified countries, USITC said in a press release. This determination was supported by affirmative votes from chairman David S. Johanson and commissioners Rhonda K Schmidtlein, Jason E Kearns, and Amy A Karpel. The decision aligns with the requirements of the five-year (sunset) review process, mandated by the Uruguay Round Agreements Act. The USITC plans to release a comprehensive public report, Fine Denier Polyester Staple Fiber from China, India, South Korea, and Taiwan, detailing the Commission's findings and the data gathered throughout the review process.
Source: European Commission
Investment has become a major driver of India’s booming economy, according to economists at Morgan Stanley, adding that the country’s current expansion resembles that of the mid-2000s when growth averaged more than 8 per cent. The economists also said the economy appears to have room for even further expansion, given the path for additional capital expenditure — especially from private businesses — rising exports and a more stable economy. After declining for a decade, India’s investment as a percentage of gross domestic product is steadily climbing and could reach 36 per cent by 2027 from a recent low of 28 per cent in 2021, economists including Chetan Ahya wrote in a note Tuesday. The upswing mirrors the period from 2003-2007, when India’s investment ratio rose to 39 per cent, they said. “We see a long runway ahead for the current expansion cycle,” the economists said. India, the world’s fastest-growing major economy, logged a blowout growth rate of 8.4 per cent in the final three months of last year. However, a more representative measure of growth that stripped out one-off items showed a slowdown, raising questions about the sustainability of India’s growth path. On Monday, economists at Societe Generale also wrote that investment remains a major growth driver for India’s economy. They added that they see early signs of a revival in private capital expenditure, signaling that investment appears to be expanding beyond just public capex. Separately, India’s top economic adviser said Wednesday there were sustained signs of capital formation that may help the economy expand more than 7 per cent in the fiscal year beginning in April. The investment drive has lifted key stocks. The S&P BSE Industrials Index, which includes manufacturers of bridges, helicopters, and wind turbines, has risen over 71 per cent in the past year, increasing the collective market value of its more than 200 members by more than $175 billion.
Source: Business Standard
MUMBAI: The promoter group of Globe Textiles (India), an NSE-listed company, has subscribed to nearly 41% of the Rs 45.3-crore rights offer for the company that is now open. Globe Textiles is a recognized garment manufacturer, supplier, and trader with business associations in India, Europe, and the US. The rights offer for the company opened on March 6 and is scheduled to close on March 15, as noted in its offer prospectus. Globe Textiles’ shareholders are entitled to receive one equity share for each share they held on the record date. According to Bhavin Parikh, CEO of Globe Textiles, the promoters have subscribed to the full extent of their rights entitlement in the offer, as mentioned in the letter of offer. The company will utilize part of the proceeds from the rights offer for forward integration of its operations through acquisitions. This is expected to bolster its revenue by about 30% over the next three years to an early run rate of about Rs 520 crore on a consolidated basis, Globe Textiles said. Parikh emphasized that the rights offer is an important milestone in the company's growth. “The funds will fuel our forward integration plans via acquisition, translating to enhanced capabilities that will drive growth. It will enhance our asset base, margins, and top line as well as introduce innovative sustainable fashion garments and practices which are sought after by customers from India, Europe, and the US.” Once the planned forward integration process is complete, the company’s garment processing capacity will rise by up to 20,000 units per day. Additionally, the company is in the process of obtaining certification as a zero liquid discharge facility by Ahmedabad Textile Industry's Research Association (ATIRA), showcasing its dedication to environmental sustainability, officials said.
Source: Times of India
Compared to demand the supply of textile is more. Manufacturers are finding it hard to dispose their goods. They should think of such avenues which lead to export and adds to India’s economy - Ammanabolu Prakash, president, Telangana State Federation of Textile Association Hyderabad: To compete in the international market, MSMEs in Telangana should focus on technical textile, as it holds potential to place India on the export map in the lines of China, says State textile body. Generally, the industry has been dominated by garment makers. For example, over 10 shops lined up in a stretch sell the usual women and men clothing. However, technical textile has not been explored in India to its fullest potential. Application of technical textile consists of 12 categories such as agrotech, buildtech, medtech, mobiltech, and protech among others. Speaking to Bizz Buzz, Ammanabolu Prakash, president, Telangana State Federation of Textile Association highlighted the need for diversification and scope for technical textile manufacturing in India. He said, “Compared to demand the supply of textile is more. Manufacturers are finding it hard to dispose their goods. They should think of such avenues which lead to export and adds to India’s economy. Government should consider encouraging technical textile manufacturers making them able to compete in exports with other leading countries.” In 2023 the Ministry of Textiles had announced a grant-in-aid of Rs 50 lakh for startups to promote innovation in niche segments of technical textile. Prakash suggested, “The Central government is very proactive in uplifting this segment as few government schemes are in place. But for export-oriented units to compete in the international market, subsidies on power consumption, initial tax holidays, and bank loans at lower interest rates, should be reinforced actively to support manufacturers in exporting products at competitive price.” Prakash also questioned the status of the much-awaited Textile Park in Telangana. According to him the last ruling BRS government and the Centre had proposed to take up the project. He added, “As per my knowledge only the Foundation stone has been laid. There is no clarity on its current status. However it should not be developed into run-of-the-mill industrial park. The government should also work on increasing skilled labours as the count is depleting due to lack of opportunities.” To address the issue of middle men eating up margins, Centre has introduced an online portal as repository of Indian textiles. Prakash suggests scaling up these online platforms based on international standards for seamless internal trade and exports. He also called for government’s intervention in controlling the cost, from fibre to fabric stage, for bringing down overall price of the product.
Source: Bizzbuzz
Investment has become a major driver of India’s booming economy, according to economists at Morgan Stanley, adding that the country’s current expansion resembles that of the mid-2000s when growth averaged more than 8 per cent. The economists also said the economy appears to have room for even further expansion, given the path for additional capital expenditure — especially from private businesses — rising exports and a more stable economy. After declining for a decade, India’s investment as a percentage of gross domestic product is steadily climbing and could reach 36 per cent by 2027 from a recent low of 28 per cent in 2021, economists including Chetan Ahya wrote in a note Tuesday. The upswing mirrors the period from 2003-2007, when India’s investment ratio rose to 39 per cent, they said. India, the world’s fastest-growing major economy, logged a blowout growth rate of 8.4 per cent in the final three months of last year. However, a more representative measure of growth that stripped out one-off items showed a slowdown, raising questions about the sustainability of India’s growth path. On Monday, economists at Societe Generale also wrote that investment remains a major growth driver for India’s economy. They added that they see early signs of a revival in private capital expenditure, signaling that investment appears to be expanding beyond just public capex. Separately, India’s top economic adviser said Wednesday there were sustained signs of capital formation that may help the economy expand more than 7 per cent in the fiscal year beginning in April. The investment drive has lifted key stocks. The S&P BSE Industrials Index, which includes manufacturers of bridges, helicopters, and wind turbines, has risen over 71 per cent in the past year, increasing the collective market value of its more than 200 members by more than $175 billion.
Source: Business Standard
New Delhi: India Wednesday signed the protocol to establish a bilateral institutional mechanism with Dominican Republic on trade and commerce to develop cooperation on trade, services and industrial technologies. “The protocol envisages to strengthen and develop cooperation on trade, services, industrial technologies and various other sectors by means of technical assistance, training programmes and capacity building,”the commerce and industry ministry said in a statement. The Union Cabinet had approved the proposal for signing of the said protocol for establishment of Joint Economic and Trade Committee (JETCO) in January. The agreement, signed in the 25 years of establishment of diplomatic relations between the two countries, is an important step to elevate the existing economic and commercial relations further, according to the statement. The first meeting of India-Dominican Republic JETCO is expected to be held soon. “It will be pivotal in mitigating challenges faced by the trade and industry and provide a platform for sharing of knowledge and best practices between the two countries,” the ministry said. India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three wheelers.
Source: Economic Times
Synopsis In its report, done in collaboration with the Foundation for Economic Development, the Aayog has proposed a series of measures including boosting e-commerce exports, creating a comprehensive trade portal, promoting ease of merchandise exports, improving access to export finance and creation of one stop information channel for exporters.
NITI Aayog has proposed a series of measures to boost exports from micro, small and medium enterprises (MSMEs), including setting up a comprehensive trade portal, promoting ease of merchandise exports, elevating access to export finance and creation of a one-stop information channel for exporters, among others. In a report titled, ‘Boosting Exports From MSMEs’ NITI Aayog said that to boost ecommerce exports it is essential to create distinction between exporter on record (EOR) and seller on record (SOR), allow reduction in invoice value without any percentage ceiling for all ecommerce exports, introduce annual financial reconciliation process for ecommerce exporters, exempt import duties on rejects/returns, consider an exemption on reconciliation requirements for shipments up to $1000 until NTN (National Trade Network) is implemented and creating a green channel clearance for e-commerce exports. The report also outlines six broad recommendations aimed at enhancing MSME exports, which recommends “green channel” clearances for MSME ecommerce exporters to address India’s lag in ecommerce utilisation compared to China. In 2022, China’s MSME ecommerce exports reached $200 Bn, far surpassing India’s. The report identifies complex compliance processes, particularly payment reconciliation, as a significant obstacle for small exporters. On easing of merchandise exports, the Aayog has proposed relaxations for MSMEs from certain compliance requirements for a period while putting in place a process for time bound disbursement of incentives so that working capital is not blocked for MSMEs. The Aayog emphasised the significant contribution of MSMEs to employment generation, exports, and overall economic growth, noting that exports present a substantial yet underutilised opportunity for the sector.
Source: The Economic Times
Depending on the fiscal burden on the exchequer, the government could either tweak the existing apprenticeship schemes or draft a new scheme dedicated to MSMEs, which account for 38.4% of the total manufacturing output and contribute 45.03% of the country's total exports. The government has held several rounds of discussions with the industry and is expected to unveil the roadmap for hiring of apprentices by MSMEs by the middle of this year. These measures include reducing the tenure of apprenticeship from six months to three months, raising stipend subsidy for MSMEs to 50% from 25%, doling out tax incentives to MSMEs for hiring apprentices and roping in the private sector for providing manpower to MSMEs that often face staff shortage, a senior government official, aware of the deliberations, told ET. Depending on the fiscal burden on the exchequer, the government could either tweak the existing apprenticeship schemes or draft a new scheme dedicated to MSMEs, which account for 38.4% of the total manufacturing output and contribute 45.03% of the country's total exports. The government has held several rounds of India has an estimated 64 million MSMEs employing 23% of the country's labour force, or 110 million workers, and contributing 27% to the country's GDP. Sumit Kumar, chief strategy officer at TeamLease Degree Apprenticeship, said there is a need for a tripartite engagement between industry, academia and the private sector to boost apprenticeship training in India. "The industry chambers and staffing companies can work as third-party aggregators to deploy apprentices with MSMEs across the country," he said, adding it will give a significant push to apprenticeship training in India, which will be in sync with the country's economic growth and aspirations to be a developed nation by 2047.
Source: The Economic Times
Italian textile technology has always been a reliable partner for the India’s textiles industry. However, a new promotional initiative aims to boost trade relations between the two countries in the textiles sector. Eleven Italian textile machinery manufacturers will be taking part in the forthcoming technological symposia scheduled in New Delhi and Mumbai from 9-12 April. The two events, organised by the Italian Trade Agency and supported by the Ministry of Foreign Affairs and International Cooperation, will allow Italian companies to showcase their most up-to-date technologies to a selected audience of Indian textile entrepreneurs. The textile sector is of great significance in the Indian economy, contributing more than 2% of the GDP and allowing the country to be among the world largest exporter of textile and apparel items. Moreover, India represents the third largest foreign market for the Italian textile machinery industry. Marco Salvadè, president of ACIMIT comments: “In India textile sector is steadily developing, not only in terms of traditional textiles. The strong growth in demand for technical and innovative textiles in application areas such as geotextiles and medical is another business opportunity for our industry. These symposia will provide an opportunity to highlight the supply of Italian manufacturers, who are at the forefront especially in sustainability and digitization of production processes.” In 2022 India imported Italian textile machinery to the approximate value of EUR 200 million. Referring to the first 9 months of 2023, the value shows a slight decrease compared to the value for the same period of the previous year, but the forecast for the current year remains positive. “These technology symposia are part of a promotional program that ITA and ACIMIT have been developing for years to strengthen trade relations between the two countries in the textile field,” continues Salvadè. “In particular, I would like to mention that the first Italian textile technology training centre set up was the one established at DKTE’S Textile & Engineering Institute Ichalkaranji (DKTE).” Italian companies participating in the symposia, all of which are ACIMIT members, are Autefa, Cubotex, Danitech, Lafer, Mcs, Monti-Mac, Reggiani Macchine, Salvadè, Savio, Sicam, Testa. ACIMIT (Association of Italian Textile Machinery Manufacturers) represents an industrial sector that comprises roughly 300 manufacturers (employing around 13,000 people), which produces machinery worth around EUR 2.7 billion, of which 86% is exported. Creativity, sustainable technology, reliability and quality are the hallmarks that have made Italian textile machinery worldwide leaders.
Source: Knitting Industry
The new rules would cover products such as clothing and accessories, blankets, bed linen, curtains, hats, footwear, mattresses, and carpets, including products that contain textile-related materials such as leather, composition leather, rubber or plastic, the European Parliament said in a press release.
Rapporteur Anna Zalewska (ECR, PL) said: "Parliament has come up with targeted solutions to reduce food waste, such as promoting “ugly” fruits and veggies, keeping an eye on unfair market practices, clarifying date labelling, and donating unsold-but-consumable food. For textiles, we also want to include non-household products, carpets and mattresses, as well as sales via online platforms."
The file will be followed up by the new Parliament after the 6-9 June European elections.
Source: European Parliament
The International Labour Organisation today (12 March) signed a grant agreement worth $24.70 million with the Economic Relations Division of the finance ministry. The agreement titled "Advancing Decent Work in Bangladesh" will contribute to implement the three-year project of Ministry of Labour and Employment.The European Union, Denmark, Netherlands and Sweden are the resource partners of the project, a press release in this regard said. The objective of the project is to ensure more Bangladeshi men and women workers to enjoy decent work through improved policies and laws, accountable, gender-responsive and inclusive labour market institutions; and sustainable business practices contributing to competitiveness of industries.The project interventions will help to fulfil the goals and targets of country's Five-Year Plan and the SDGs in those labour issues. Md Shahriar Kader Siddiky, secretary of the Economic Relations Division, and Toumo Poutiainen, country director, ILO signed the agreement. Representatives from EU, concerned embassies, officials of UN Wing of ERD and concerned government agencies were present at the signing ceremony.
Source: Business Standard
LONDON, Britain will on Wednesday sign a memorandum of understanding on trade with Texas, the biggest U.S. state so far to agree to such a pact aimed at boosting investment. Britain is seeking state-level deals with U.S. states while talks over a Free Trade Agreement at a federal level have been frozen since President Joe Biden took office. "Today's signature with Texas marks the UK's eighth U.S. state-level pact, meaning UK firms now have access to states with a combined GDP of 5.3 trillion pounds ($6.76 trillion) - equivalent to a quarter of the whole US economy," Business and Trade Secretary Kemi Badenoch said in a statement. "This shows our US state-level strategy is working and really delivering for British businesses." Britain's business and trade ministry said the agreement with Texas, the second largest U.S. state economy, was targeting areas such as energy, life sciences and professional services. The agreement comes four months after a similar pact with Florida. Britain is also in talks with the likes of California, Colorado and Illinois. "Strengthening the bond between Texas and the United Kingdom is crucial for our shared economies to prosper," said Texas Governor Greg Abbott. "By signing this Statement of Mutual Cooperation today, we will further promote economic growth on both sides of the Atlantic," he added.
Source: Reuters
