Synopsis India's merchandise exports are projected to hit USD 450 billion this fiscal, overcoming challenges like the Red Sea crisis. FIEO President Ashwani Kumar emphasized the need for marine insurance, reasonable freight charges, easy credit for MSMEs, and concluded free trade agreements to boost exports. Despite obstacles, exports rose 12% in February. NEW DELHI: The country's merchandise exports are expected to reach USD 450 billion by the end of this fiscal despite geo-political challenges like the Red Sea crisis, newly elected president of apex exporters body FIEO Ashwani Kumar said on Tuesday. He said that the need of the hour is to address the Red Sea crisis challenges by ensuring the availability of marine insurance and rational increase in freight charges. The exporting sector, particularly, MSMEs, needs easy and low-cost credit, and marketing support to further boost the country's exports, Kumar said, adding early conclusion of free trade agreements such as with the UK and Oman will also help push the outbound shipments. "I will focus on addressing issues of MSMEs as they are going to play. They will play a key role in achieving the USD 1 trillion goods export target by 2030. They are the backbone of the economy and they are facing certain issue pertaining to credit. I would urge banks to come forward in extending support to these units," Kumar said. Further, the FIEO (Federation of Indian Export Organisations) president said that the organisation is also working on exploring more opportunities for exporters in regions like Latin America and Africa. "Though there are challenges, I am sure that we will touch USD 450 billion exports this fiscal," he added. He also said that despite issues, exports rose about 12 per cent in February to USD 41.40 billion. During April-February 2023-24, exports reached USD 395 billion. "This was an impressive increase despite the Red Sea crisis, tight monetary stance by the developed world and falling commodity prices. This reflects the resilience of the exporting community, who have continuously been braving such odds since the Russia-Ukraine war," he said. The main drivers of merchandise export growth in February include engineering goods, electronic goods, organic and inorganic chemicals, drugs and pharmaceuticals, and petroleum products.
Source: The Economic Times
Steps such as significant ramp up in production capacities, and skilling of workforce will help achieve USD 40 billion garment exports target by 2030, AEPC said on Tuesday. Apparel Export Promotion Council of India (AEPC) Chairman Sudhir Sekhri said skilled workers like tailors and quality checkers are still not sufficient as during the peak season they go to their native villages thereby creating shortage. "Our target to reach USD 40 billion of RMG (readymade garments) export by 2030 can be a reality and my duty is to take every possible step to reach this target," Sekhri said. He said "we need to ramp up our capacities as the export houses in India are still unable to handle core/basic products which are required in huge quantities". He added that the council is also focused on skilling the workforce. "We are creating about 150,000 skilled workers every year but it is still not enough. To attain the growth that we are targeting, we need to empower our workforce with skills," he added. Further the council said the Apparel Training and Design Centre (ATDC) has recently organised distribution of degrees to its students of Bachelor of Vocation (BVoc) degree course. "ATDC's degree programmes, which were started in 2015, have gained momentum. By and large, 10 per cent of ATDC candidates start their own manufacturing set-up, around 8 per cent pursue further studies and the remaining 82 per cent go for employment in the industry," the council said. Rakesh Vaid, Senior Vice-Chairman, ATDC, said the centre is helping create a pool of skilled manpower to the industry.
Source: Business Standard
Maharashtra Textile Industry: Maharashtra Industrial Development Corporation (MIDC) has accelerated the development of the textile industry in the state by setting up 11 exclusive textile parks. These parks are strategically located in areas like Amravati, Thane, Solapur, Kolhapur, Nagapur, Nakshahi, Pune and Nandurbarpur. Maharashtra Textile Minister Chandrakant Patel said that our state has the largest contribution in the national textile industry. 10.4% of total textile and dress production and more than 10% of total labor in India comes from Maharashtra.
Maharashtra Textile Industry: India is one of the largest textile industries in the world. India holds a 4% share in the world textile and dress market. This industry contributes 2% to the total GDP of the country and directly provides employment to more than 45 million people. This industry is the biggest awe-inspiring industry in the country. The textile industry is expected to reach US$250 billion in textile production by 2030. The textile industry has received adequate encouragement in the last 5 years. Several strategies of the Central Government have focused on strengthening India's position among the world's textile producers. This strategy is based on the 5F vision of Farm to Fiber to Factory to Foreign Industry. Production Linked Incentive (PLI) Scheme for Textile Industry, Kasturi Cotton Bharat Programme, National Technical Textiles Mission (NTTM), SAMARTH and PM Mega. Maharashtra has the largest contribution in the textile industry of the country. Maharashtra Textiles Minister Chandrakant Patel said that our country has a strong influence in the national textile industry. This mace is the biggest. 10.4% of total textile and dress production and total textile production in India. More than 10% of the total comes from Maharashtra. Apart from this, the country is also responsible for industrial development. Corporation (MIDC) has given impetus to the textile industry of the state by setting up 11 exclusive textile parks. Development has accelerated. These parks are strategically located between Amravati, Thane, Solapur, Kolhapur, Located in areas like Nagarpur, Sikkim, Pune and Nandurbarpur. This figure is till 2020.The country's fastest growing textile industry in Maharashtra. The modern cotton industry began in India with the establishment of the Bombay Spinning and Weaving in 1854. In the process of expansion, Maharashtra has made its presence felt in the textile industry of the country for the coming decades. Make place e. In the 1870s, 60% of the cotton mills came from Maharashtra great nation own. Due to the geographical location this industry has been at the forefront, the soil has a huge yield for cotton. (leading the national cotton area with 39.41 lakh hectares) and extensive coastline With access (there are a total of 50 ports in the state) we are a leading textile hub As such, we are taking forward our efforts to increase the state's share. We are one in Mumbai. We are preparing to establish a Textile Business Centre, which will enable us
Will get an edge in the competition with China's Guangzhou and Turkey's Istanbul.
We retain many of the material-related properties of our garments, hence our position as a textile hub remains strong. There is also a strong focus on policies and interventions in strengthening our infrastructure capabilities to facilitate the advancement of Maharashtra as a global textile hub. The brilliant efforts of the state of Maharashtra in revolutionizing the textile industry in recent times have earned recognition on the national front as we get PM MITRA Has become one of the 7 recipients of the scheme. PM MITRA Park will be established in Amravati, which is estimated to cost Rs 10,000 crore. Apart from this, it will also create direct and indirect employment opportunities for about 300,000 people.
This is the plan for the development of textile industry. PM MITRA Park will be developed by Maharashtra Industrial Development Corporation (MIDC) and will be financially supported by the Central Government. Will not be provided. The objective of setting up PM MITRA Park is to make it easier for investors to conduct business by setting up the entire infrastructure under the State Government. So that investors can get the facility to start their business. In furtherance of our vision to establish ourselves as the Texta Il Hub (Maharashtra), we have committed to develop 18 mini Texta Il Parks. The aim of developing the mini park is to garner Rs 1,800 crore as investment and provide employment opportunities to 36,000 individuals. Apart from this, construction of 6 technical textual parks in the next 5 years, increasing research and development to implement technical innovations, increasing ease of doing business. To give greater emphasis on the use of Information Technology (IT) and enhancing skill development for adequate skilled workforce in the industry. This objective reflects our commitment to completely transform the textile sector of the state. As the state of Maharashtra moves forward in its journey to become a global textual hub, the state is being transformed and integrated and has enhanced its capacity to produce textual information. I will do whatever I want.
Target to attract investment of Rs 25000 crore To emerge as a leading textile hub The recently released Integrated and Sustainable Textile Policy 2023-2028 aims to attract investments, This reflects our strong efforts to strengthen economic growth and foster strong conditions for creating significant or large-scale employment opportunities within the state. This will help us establish our identity as a leading organization in the global textile market. The policy aims to enhance the textile and apparel industry in the state of Maharashtra by enhancing its textile value chain through technology upgradation and attracting investment of Rs 25,000 crore. The aim is to attract farmers so that cotton production can be increased by 80%, while creating employment opportunities for more than 5 lakh people.
Source: Times Now
The rupee on Tuesday depreciated to its lowest point against the dollar in more than a month owing to a rise in crude oil prices and caution ahead of the US Federal Reserve’s meeting outcome, scheduled to be released on Wednesday after market hours, said market participants.
The rupee settled at Rs 83.04 against the previous close of Rs 82.90. The last time the rupee touched Rs 83 was on February 16. “Because of the upcoming Fed meeting, there are jitters in the market. The Fed might sound hawkish and that is the reason we are seeing short covering, which might continue tomorrow as well,” said Anindya Banerjee of Kotak Securities.“The rupee could be between Rs 82.90 and Rs 83.10 until tomorrow evening,” he added. The dollar index, which measures the strength of the greenback against a basket of six major currencies, surged to 104.01, against the previous close of 103.41. Meanwhile, the latest data by the Reserve Bank of India (RBI) showed India’s foreign exchange reserves increased by $57.6 billion this financial year, and that is the second-highest among major countries, after China. Some of the other major economies that hold dollars are Japan, Brazil, and Taiwan. India’s foreign exchange reserves stood at $636.1 billion on March 8, 2024, covering 10.9 months of imports projected for 2023-24 and more than 100 per cent of external debt outstanding at the end of September 2023. The RBI’s dollar buy was a net $1.95 billion in January, according to the monthly data released by the central bank on Tuesday. Over the month, the central bank bought $10.4 billion and sold $8.4 billion. The RBI had recorded a net purchase of $2.06 billion in the spot market in December. The central bank was also the net buyer in the rupee forwards market in January. Net outstanding forward purchases stood at $9.9 billion by the end of January, highest since August 2023, against $2.1 billion in December. “As the RBI buys forwards, it can inject rupee liquidity into the market, which can influence domestic interest rates/overnight rates. Since banking system liquidity was in deficit, the call money rates had shot up high near the MSF [marginal standing facility] rate and buying forwards can be part of broader efforts to manage liquidity in the financial system and can be a tool to control the overnight rates,” said Amit Pabari, managing director at CR Forex. Headline foreign exchange reserves, excluding the forward book, stood at $616.7 billion as of the end of January. The rupee appreciated by 0.2 per cent in January. This financial year, it has depreciated by 1 per cent so far. It fell 7.8 per cent last financial year (FY23). However, in the current calendar year, it has appreciated 0.2 per cent. In the calendar year 2023, it had experienced a marginal depreciation of 0.6 per cent, which was the least volatility witnessed in nearly three decades.
Source: Business Standard
Synopsis The NCLT Mumbai admits the State Bank of India's petition for insolvency proceedings against Shrivallabh Pittie Industries Ltd, a subsidiary of the SVP group, after defaulting on dues of approximately Rs 90 crore. Mukesh Verma is appointed as the resolution professional. The tribunal dismisses the company's arguments and validates the creditor's claims. The National Company Law Tribunal (NCLT) in Mumbai has admitted a corporate insolvency resolution process (CIRP) against over a century-old textile maker ShriVallabh Pittie (SVP) group’s affiliate Shrivallabh Pittie Industries Ltd in an application filed by the State Bank of India. The lender had approached the tribunal after the company defaulted on its dues of about Rs 90 crore. The tribunal has also appointed Mukesh Verma as resolution professional.
Source: The Economic Times
New Delhi: Inspired by Prime Minister, Shri Narendra Modi’s 5F’s vision, BHARAT TEX 2024 has emerged as a global textile mega-event, garnering an unprecedented response from both Indian and global players. The four-day affair, concluding on Thursday, February 29, 2024 successfully showcased India’s prowess and strategic growth roadmap in the Textile industry. The event facilitated collaboration among multilateral organizations, global textile think tanks, and NGOs, bringing international perspectives on India’s journey towards becoming a Global Textiles Hub.
The event witnessed over a lakh visitor combined both Bharat Mandapam & Yashobhoomi, bringing the entire value chain under one roof. Garnering global acclaim for its emphasis on sustainable textiles, the exhibition boasted the participation of more than 3,500 exhibitors and 3,000 buyers from over a hundred nations. The marquee event resulted in the signing of over 63 MoUs and witnessed 100 product launches, 9 book launches, 70 knowledge sessions with 112 international speakers, 50 business meetings, 25 capacity-building masterclasses & thematic fashion shows.
Renowned trend forecasting agencies WGSN and Vision NXT collaborated with the show, presenting their latest trend forecasts, providing valuable insights into the future of fashion and textile design. WGSN highlighted upcoming color trends, fabric textures, prints, and patterns expected to dominate the industry in the coming seasons. While VisionNxt curated trend stories and design narratives inspired by global cultural influences, art movements adapted to the Indian consumer market and behavior. The event also featured a dynamic fusion of crafts and music, creating an immersive experience for the attendees. With over 15 live looms, craftsmanship was brought to life as 30 skilled artisans demonstrated their expertise in various traditional crafts. This live demonstration not only showcased the intricacies of the crafts but also provided insights into the techniques and workmanship involved. Complementing the visual and tactile aspects of the crafts, the event also incorporated live music performances by 15 local artists. The event witnessed a grand confluence of iconic handloom & handicraft traditions from Gujrat, Maharashtra, Telangana, Uttar Pradesh, Madhya Pradesh, Assam, Tamil Nadu, Ladakh & many more both in Bharat Mandapam & Yashobhoomi. The spotlight of their participation was to represent the varied Handlooms & handicrafts of these regions to the global market and present a shared narrative of artistic excellence, featuring handloom craftsmanship & unveiling distinctive textile innovations. On the conclusion day of the event, the Chief Minister of Uttar Pradesh, Shri Yogi Adityanath ji visited the show and in his address, he stated, “The textile industry stands as the second-largest employment provider after agriculture, offering limitless prospects for technological advancements. Uttar Pradesh has showcased its prowess in the textile sector, featuring 20 exhibitors at ‘Yashobhoomi’ and 46 at Bharat Mandapam. The establishment of PM Mitra Park in seven states not only presents an opportunity for Uttar Pradesh but also for the entire nation. Not just India, the global market as well eagerly anticipates this development.” Uttar Pradesh the Partner State for Bharat Tex 2024 presented the iconic handloom and handicrafts of the region and gave an opportunity to multiple artisans and young entrepreneurs to present their skills. The mega event was organised by a Consortium of 11 Textile Export Promotion Councils and supported by the Ministry of Textiles. Built on the twin pillars of trade and investment and with an overarching focus on sustainability, Bharat Tex 2024 exhibition was spread across nearly 2 million sq ft of area, encompassing the entire textile value chain, including an artistically curated story of textiles- Vastra Katha. A significant highlight of the expo was the signing of 63 MoUs particularly between Ministry of Textiles, its organisations and other Ministries including international institutions. Noteworthy among these agreements were the MoUs with GeM, the Ministry of Rural Development, NRIDA, Navi Mumbai Municipal Corporation, and NBRI. Over 10,000 artisans, weavers, design and fashion students, factory workers, NGOs and Producer companies visited and participated in the Bharat Tex 2024 as special invitees. All major textile organizations and brands from around the world were represented in the event including top level participants from companies including Coach, Tommy Hilfiger, Calvin Klein, Vero Moda, Jack n Jones, Toray, H&M, Target, Kohl’s, K-Mart, IKEA, YKK, Lenzing, Anko, CIEL Group, Busana Group, Brandix Apparels, Teijin Ltd, Chargeurs PCC among others. All Indian leading players including Reliance, Aditya Birla, Welspun, Trident, Arvind, Shahi Exports, PDS, Vardhman, Dodhia, Nahar, Raymond, SRF Industries among others were represented at the show. Multilateral Organizations and Global Think Tanks including UNEP, IRENA, Laudes Foundation, GIZ, IDH, Cotton Connect, WGSN, Fashion for Good, Better Cotton Initiative, Responsible Sourcing Network, ITMF, International Apparel Federation, BGMEA, BKMEA, Cotton Egypt Association among others were part of the event. In addition, various Indian and global industry bodies and associations including CMAI, CITI, SIMA, SGCCI, TEA, GEMA, YESS, ITMF, ITME, ATMA, NIFT, among others overwhelmingly supported the event. Furthermore, the event saw the release of the UNEP Report for Sustainable Textile Hub in India. A documentary was also launched based on the theme ‘Women Power in Silk’. Several books on various topics were also launched during Bharat Tex 2024.
Source: APN News
In a significant development aimed at strengthening economic ties and promoting sustainable trade, the European Union (EU) and the Philippines have officially resumed negotiations for a comprehensive, modern, and balanced free trade agreement (FTA). This move, announced recently, seeks to leverage the Philippines' strategic position in the Indo-Pacific region and its booming economy of 115 million people, making it a key player in the region's economic landscape. The proposed FTA is envisioned to encompass wide-ranging provisions, including ambitious market access for goods, investment, and government procurement, as well as the elimination of barriers to digital trade and trade in energy and raw materials. This initiative is poised to support the digital and green transitions, streamline sanitary procedures, protect intellectual property rights, and ensure robust disciplines on trade and sustainable development. These efforts align with the European Commission's Trade and Sustainable Development (TSD) review communication from June 2022, aiming to uphold high standards for workers' rights, environmental protection, and climate goals. Current EU-Philippines trade relations are already substantial, with trade in goods valued at over €18.4 billion (approximately $20.03 billion) in 2022. The EU stands as the Philippines' fourth-largest trade partner, while the Philippines ranks as the EU's seventh most significant trading partner in the ASEAN region and 41st worldwide. Notably, the Philippines is projected to experience the second-highest economic growth in ASEAN with a 5.9 per cent GDP increase in 2024. The EU is among the largest investors in the Philippines, with foreign direct investment stock reaching €13.7 billion in 2021. The Philippines' vast reserves of critical raw materials, such as nickel, copper, and chromite—essential for green technology manufacturing—further enhance its value as a strategic partner in the green transition. Recent efforts to harness renewable energy potential and liberalise the sector for foreign investors underscore the Philippines' role in advancing sustainable development. The next steps in this pivotal partnership involve both parties making technical preparations for the first round of resumed negotiations, expected to occur later this year. “The conditions are right to take our trade relations to the next level. Trade between the EU and the Philippines is already strong and has been growing at an impressive pace over the past decade. But we can do more to realise the full potential of our trade relationship. After concluding an extensive joint stocktaking exercise at the end of last year, we are reassured that we share a commitment to strive for a state-of-the art agreement, with sustainability at its core,” said European Commission’s executive vice-president Valdis Dombrovskis.
Source: Table Media
Hong Kong-based testing, inspection, certification and compliance company QIMA’s 2024 sourcing outlook is subdued, with 63 per cent of respondents expecting supply chain disruptions to persist or become worse before the end of the year. European businesses are particularly pessimistic. Logistics no longer is the biggest supply chain headache, as two-thirds of businesses named cost concerns as the greatest disruption to their sourcing last year, closely followed by demand fluctuation and geopolitical tensions. Supply chain visibility has a long way to go: only 16 per cent of businesses reported knowing all of their suppliers (including raw material and component providers), and almost a third of the businesses knew less than half. Over half of businesses worldwide increased sourcing from local and regional suppliers last year, and almost two-thirds plan to maintain the same trend in the coming year. Seventy per cent of businesses said they consider at least one environmental, social and governance (ESG) factor in their sourcing decisions, and two-thirds are more vigilant about supplier conduct compared to a year ago. At the same time, more businesses than before seem uncertain whether their company falls in the scope of ESG laws, the QIMA survey revealed. Highly digitised supply chains do better on multiple aspects of compliance: from visibility beyond tier 1 and product traceability to compliance with the new supply chain regulations. Businesses with more digitally-advanced supply chains found compliance easier than those relying on basic tools. China sourcing made a strong turnaround in 2023, with businesses twice more likely to expand buying volumes with Chinese suppliers now than a year ago, with even American companies undeterred by trade tensions.
Source: Fibre2fashion
