National
Union Minister of Textiles and Women and Child Development, Smriti Zubin Irani, inaugurated Textiles Gallery at National Crafts Museum in New Delhi, today.
With this unique collection, the National Crafts Museum takes another leap to exhibit the fine Indian Craftsmanship to public. The other galleries of the museum i.e. Folk and Tribal Art, Cultic and Courtly Craft galleries have remained very famous amongst the visitors especially the foreign tourists.The village complex with huts from different states provides for the sense to rural India.
The rich collection on display will be another step towards conserving India‘s rich heritage of handlooms for the next generations. The gallery will serve to be a resource centre for the students of fashion technology, apparel sciences and textiles designing. Ithas been curated with a unique design in which the master pieces of traditional handlooms are juxtaposed with modern audio-visual effects. The visitors will be able to feel the ethnicity with a soft touch of technology.
The collection has a vision to help people explore, enjoy, and rediscover the world of Indian textiles through design and technology. The Gallery consists of more than 230 different types oftextiles collections divided into categories of over more than 30 traditions.
The concept of display has been based on three categories:
Pre Loom “Ikat”, where the design is already visualized and transferred to the yarn before the yarn is placed on the loom.
On- Loom, the design is entered on the loom while weaving brocade, muslin, jamdani, weaved shawls, weaved sarees.
Post Loom, the techniques that can be done on cloth after it is woven-block printing, embroidery and kalamkaricomes in this category.
There are five zones in the gallery and each zone has been named as weaving,embroidery, dying (Ikatpatola), pattern (Bandhej, Kalamkari, and Leheria) and TanaBana based on the intricacies of the textiles.
Source: Press Information Bureau
CAI has pegged expected imports of cotton shipments to India at 31 lakh bales till September 30, but actual imports shipments as per USDA report will be only 19 lakh bales to India up to September 30.
Domestic cotton prices are likely to remain firm in the coming months on tight supply, senior traders in the market have said. Spot prices of cotton that were Rs 19,530 per bale on August 5 on MCX, which jumped to Rs 20,330 per bale on August 23, recovering due to a shortage of cotton in India.
Senior industry people pointed out that the balance sheet will remain tight in near term. Due to small crop size and tight balance sheet, stock estimated by the crop committee of the Cotton Association of India (CAI) is 15 lakh bales (170 kg each) on September 30, 2019.
Imports from October 1,2018 to July 31, 2019, which have reached Indian ports, are estimated at 15.28 lakh bales while balance 15.72 lakh bales are estimated to arrive during the period from August 1, 2019 to September 30, 2019 (total imports estimated during the entire season are 31 lakh bales). Export shipments from October 1, 2018 to July 31, 2019, which have already been shipped, are estimated to be at 44.50 lakh bales while balance 1.50 lakh bales are expected to be shipped during the period from August 1, 2019 to September 30, 2019 (total exports estimated during the entire season are 46 lakh bales).
Arun Seksharia, MD of DD Cotton, said that while MCX cannot be considered the right parameter for cotton prices, the market sentiment is firm and shall continue to remain firm because of the supply position in the market. While some industry people pointed out that Brazilian cotton is unlikely to be available to India until December 2019 since it takes 45-60 days for shipments to reach Indian ports.
Sekhsaria did not agree and revealed that although India has not been dependent on Brazilian cotton, one can expected Brazlilian cotton shipments to India next month onwards. According to some traders, Brazil is expected to ship cotton to China in August and September and these shipments would be available to India only November onwards which means these would reach India by December 2019. According to Sekhsaria, August and September would be crucial for the Indian market and would set the tone for the rest of the season.
CAI has pegged expected imports of cotton shipments to India at 31 lakh bales till September 30, but actual imports shipments as per USDA report will be only 19 lakh bales to India up to September 30.
Traders claim that sluggish exports have dampened sentiments in the markets. India‘s 2018-19 export is expected to be around 46 lakh bales, compared with the 69 lakh bales it exported in the 2017-18 season.
Domestic cotton markets have been under downward pressure as lower international prices render Indian cotton exports less attractive. A delegation of Indian cotton ginners that had visited Vietnam as a possible export market found market conditions sluggish and came back without getting much opportunity.
On the other hand, domestic users earlier this year sourced cotton from overseas due to cheaper quotes.Accordingly, exports declined and imports went up. Cotton acreage though, has increased. For yields, August month will be crucial. Any adverse condition in connection with the monsoon may spike volatility in cotton prices. All India cotton sowing by August 2 is reported at 115.15 lakh hectares. Around 95 % of the normal sown area (taken as the last five-year average) had been covered till last week and is 4.8% more than in the same period last year.
Source: Financial Express
The slowdown-hit economy may soon get a booster dose from the government with Finance Ministry working on a stimulus package for the industry may include a slew of financial measures ranging from tax cuts, subsidies and other incentives.
Official sources said the package would not only aim to reduce the cost for the industry but would also lay out procedures that would further provide impetus to ease of doing business.
This could also include measures by the revenue department to ensure honest taxpayers are not harassed and those who commit minor or procedural violations are not subjected to excessive action. The Prime Minister has indicated about these measures in a recent media interview.
As concerned voices rise in India Inc over a consistent fall in demand, the measures would also try to address the issues of raising consumption by providing more money into the hands of consumers & reducing the prices of consumables by reducing indirect tax rates of a host of consumption items.
"The economy requires a critical intervention by introducing a stimulus package. We have suggested a package of over Rs 1 lakh crore," said B.K. Goenka, president Assocham.
Already, a separate package is being looked for the auto sector that met Finance Minister Nirmala Sitharaman last week. The industry has sought lower GST rates on automobiles and introduction of a scrappage policy that incentivises new purchase. This is expected to beat the slowdown that has resulted in passenger car sales plunging 35.95 per cent in July.
The collapse of some large NBFCs has been cited as a major factor for the sales downturn as these companies used to provide the bulk of automobile financing.
"We hope the government would come out very soon with a revival package of a sort to arrest the de-growth and to bring the industry back to growth path," SIAM's Director General Vishnu Mathur said.
The Government will, however, have to weigh the size of the stimulus package given less than encouraging revenue position and a fiscal deficit that has risen to 3.4 per cent in FY19 due to expansionary policies of the previous governments. It has also been kept at a high of 3.3 per cent of GDP in FY 20 as well meaning that this number would again have to be breached to offer a stimulus.
"The Finance Minister has held meetings with different segments of the industry to understand their concerns and get inputs on path to be taken to come of slowdown. Based on these, a package is being considered that may be announced soon," sources quoted earlier said.
The stimulus is also likely to cover the financial markets that have shown big volatility in recent weeks and particularly after the presentation of Union Budget on July 5 that raised tax surcharge on FPIs.
While Finance Ministry officials are not indicating what changes could be made, sources said the matter has been discussed internally and certain changes in taxation on share markets could be announced. Sitharaman met representatives of the financial sector on Friday.
In the financial sector, there is a possibility to relook at the long-term capital gains tax (LTCG). Sources said Finance Ministry is studying implications of withdrawing LTCG after the three year holding period. The other taxation on the market transactions such as tax on dividend distribution may also rejigged and so is the case with tax on share buybacks introduced in Budget this year.
The Finance Ministry is working overtime to see that economy does not shrink any further as it might lead to a crisis situations where lakhs may lose their jobs. Already, auto sector is seeing job losses and this might soon spread to other sectors that are on the brink of a recession.
Source: The Economic Times
With the economy seeing a fall in growth, the Indian economy needs stimulus as fiscal target remains tight, said a global analyst.
With the economy seeing a fall in growth, the Indian economy needs stimulus as fiscal target remains tight, said an emerging market veteran. Even as the main reason for the slowdown, both domestic and global, lies in manufacturing, traded goods and corporate capex, the earnings may soon see a revival for the Indian companies, Jonathan Garner of MorganStanley told CNBC TV18. Among the key measures suggested include continued rationalization of goods and services tax (GST) rates, a new direct tax code to streamline direct taxes and continued prioritisation of infrastructure spending.
These measures may largely help the government to stabilise the foreign portfolio flows and boost the economic growth, he added. India‘s relative performance to other emerging markets has been impressive and quick action on PSU bank recap is top of Morgan Stanley‘s to monitor, said Jonathan Garner. The PSU banks need a recap boost of more than Rs 70,000 crore, the renowned analyst also said. Finance MinisterNirmala Sitharaman on Friday proposed an allocation of Rs 70,000 crore for public sector banks (PSBs) so as to improve the rate of credit in the economy.
The stock market may be seeing a continued sell-off as of now, the scenario may improve in the coming days, he added. Morgan Stanley maintains a target of 45,000 for the Sensex. Morgan stanley is overweight on India and has it as its second top market after Brazil, he added. The markets are seeing a sharp sell-off by the FPIs since government proposed levy of an additional surcharge on ‗individuals and trusts‘ earning more than Rs 2 crore and Rs 5 crore, respectively, following which the FPIs started a mass exodus from the country.
Source: Financial Express
The rupee on Wednesday opened 47 paise higher at 70.93 against the US dollar after retail inflation eased marginally to 3.15 per cent in July on the back of softening fuel and light prices.
This leaves a room for the Reserve Bank to go for another round of rate cut in October.
Retail inflation was 3.18 per cent in June 2019, while it stood at 4.17 per cent in the same period last year (July 2018).
The local currency on Tuesday declined against the greenback in the last hour of closing after consolidating in a narrow range for the whole session. Weakness in the Chinese Yuan has also been weighing on the rupee in the past few sessions.
Rupee plunged 62 paise on Tuesday to close at a nearly six-month low of 71.40 against the US dollar in line with battered equities as global market turmoil and Argentine currency crash drove investors to safe havens.
“Today, USDINR pair is expected to quote in the range of 70.70 and 71.50,” brokerage firm Motilal Oswal Financial Services said in a report.
Dollar rose in yesterday’s session after US President backed off his September 1 deadline for 10 per cent tariffs on remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods, in the hopes of blunting their impact on US holiday sales.
Trump’s 10 per cent tariffs will be effective from December 15.
Source: The Economic Times
European fabric manufacturers are counting on sustainability and craftsmanship as key to surviving pressure of an increasingly challenging economic environment, according to a report "Survey of the European fabric fairs for spring/summer 2020" of Textile Outlook International from the global business information company Textiles Intelligence.
Manufacturers also face pressure from growing numbers of conscientious and frugal consumers who are demanding innovative and environmentally friendly products which provide individual character. They are hoping, therefore, that a focus on sustainability and craftsmanship will provide them with a competitive advantage.
Reflecting this focus, exhibitors at the European fabric fairs for the spring/summer 2020 season presented a number of innovations in materials, including fibres derived from recycled waste materials and fibres derived from sustainably sourced natural materials. Linen, hemp and lyocell proved to be favoured materials, as did linen in mixes with other natural fibres, notably cotton, silk and wool.
Exhibitors who had demonstrated a strong commitment to developing sustainable materials were championed at the fairs. At Munich Fabric Start, denim manufacturer Soorty received an award for its Rain Shield performance fabric which incorporates sustainable fibres including Repreve nylon fibres and Tencel cellulose fibres.
A number of exhibitors seeking to elevate their sustainability credentials presented traceable materials, and many exhibitors promoted the fact that they had been awarded various sustainability certifications in recognition of their compliance with sustainability standards. Also, many exhibitors demonstrated new methods of sustainable production, including regeneration and recycling processes.
Other exhibitors, meanwhile, are focusing on creative craftsmanship. Some of them are employing skilled artisans in order to produce exceptional and rare hand-crafted
products featuring design details which include ancestral weaving, beading, embroidery, novel dyeing and traditional Japanese embellishment.
Source: Fibre Fashion
The Office of the US Trade Representative says it is still planning to go ahead with 10% tariffs on about $300 billion in Chinese imports September 1.
WASHINGTON: The United States is delaying tariffs on Chinese-made cellphones, laptop computers and other items and removing other Chinese imports from its target list altogether in a move that triggered a rally on Wall Street.
The Office of the US Trade Representative says it is still planning to go ahead with 10% tariffs on about $300 billion in Chinese imports Sept. 1, extending the import taxes on just about everything China ships to the United States in a dispute over Beijing's aggressive trade policies.
But the agency says it would delay the tariffs to Dec. 15 tariffs on some goods, including cellphones, laptop computers, video game consoles, some toys, computer monitors, shoes and clothing. And it's removing other items from the list based "on health, safety, national security and other factors."
Source: The Economic Times
This was emphasised upon by Russia's Deputy PM Yuri Trutnev and Union Minister Piyush Goyal during a session from in Vladivostok, Russia.
New Delhi: India and Russia have called for diversifying and deepening of economic ties in priority sectors to meet the bilateral trade target of $30 billion by 2025, the commerce ministry said on Tuesday.
This was emphasised upon by Russia's Deputy Prime Minister Yuri Trutnev and Commerce and Industry Minister Piyush Goyal during a business session from August 11-13 in Vladivostok, Russia.
A delegation including chief ministers of Haryana, Gujarat, Uttar Pradesh and Goa and about 140 Indian companies was led by Goyal at the session.
He urged companies of both countries to discuss partnerships directly and come up with concrete project proposals.
The ministry said in a statement that a number of MoUs were signed between regions of the Russian Far East and five states of India to expand and strengthen cooperation in the areas of trade, economy, investment, scientific and technical cooperation.
An MoU was also signed between Amity University and Far East Federal University to enhance relations and develop academic and cultural exchange in areas of education and research.
An agreement was also concluded on the establishment of the representative offices, the Centre for Yoga, and the Pushkin Centre for Russian Language and cultural studies, the statement added.
Chief ministers of the four states sought investments and collaboration in the field of energy, agriculture and food-processing.
Gujarat Chief Minister Vijay Rupani talked about possibilities of collaboration in gold and diamond mining.
In 2018-19, the bilateral trade between the countries stood at $8.3 billion.
Source: The Economic Times
Prime Minister Lee Hsien Loong in his speech last week, said the government is ready to stimulate the economy.
Singapore slashed its full-year economic growth forecast on Tuesday as global conditions were seen worsening and data confirmed the slowest growth rate in a decade amid mounting fears of recession in the city-state.
The government cut its forecast range for gross domestic product in Singapore - often seen as a bellwether for global growth because international trade dwarfs its domestic economy - to zero to 1 per cent from its previous 1.5 per cent-2.5 per cent projection.
Singapore's downgrade adds to concerns globally about the effect of increasing protectionism on exports and production. The deterioration in the global outlook has pushed central banks to cut interest rates and consider unconventional stimulus to shield their economies.
“GDP growth in many of Singapore's key final demand markets in the second half of 2019 is expected to slow from, or remain similar to, that recorded in the first half,” the trade ministry said in a statement on Tuesday.
The ministry flagged a host of growing economic risks including Hong Kong's political situation, the Japan-Korea trade dispute, the Sino-U.S. tariff war, slowing growth in China and Brexit.
Final second quarter GDP data on Tuesday showed a 3.3 per cent on-quarter contraction on a seasonally-adjusted annualised basis. That was slightly smaller than the 3.4 per cent decline seen in the government's advance estimate but deeper than a 2.9 per cent fall predicted in a Reuters poll and a sharp contrast to the robust 3.8 per cent first quarter expansion, which was driven by brisk construction activity.
Tuesday's data also confirmed annual GDP expanded 0.1 per cent in April-June from a year earlier, its slowest rate in a decade, and lower than poll expectations of 0.2 per cent and the first quarter's 1.1 per cent.
Singapore's benchmark stock index fell 1.2 per cent to a two-month low in early trade, underperforming other bourses in the region.
A central bank official said after the data that it was not considering an off-cycle policy meeting. The next of its scheduled semi-annual meetings is in October, when it is widely expected to ease policy.
Singapore has been hit hard by the Sino-U.S. trade war, which has disrupted world supply chains in a blow to business investment and corporate profits.
Also on Tuesday, Singapore cut its full-year forecast for non-oil domestic exports to a 9 per cent contraction from an 8 per cent fall previously. That comes after a 26.9 per cent drop in electronics exports in the second quarter year-on-year.
“With trade tensions between the U.S.-China unlikely to abate anytime soon, we expect exports and trade-related services to push the economy into technical recession in Q3,” said Sian Fenner, lead Asia economist at Oxford Economics.
New Zealand, India and Thailand all cut interest rates last week, signalling major concerns about the outlook for economic growth. Last month, the U.S. Federal Reserve cut interest rates for the first time since 2008.
Singapore Prime Minister Lee Hsien Loong said in an annual speech last week that the government stood ready to stimulate the economy.
“It feels like the storm is coming if you look at the whole macro economic fundamentals softening,” said Selena Ling, head of treasury and strategy at OCBC Bank.
“All the downside risks are piling up on one side,” Ling added, pointing to the myriad of global risks flagged in the trade ministry statement.
A faltering economy is expected to crimp growth at Singapore's three local listed banks, which have so far benefited from improved margins, steady interest rates and loan growth.
Source: The Business Line
Apparel Textile Sourcing Canada covers such topics as customs, imports and exports, investment opportunities, and industry trends and forecasts
As Canada‘s international trade scenario continues to waver, thousands of local and global representatives from the apparel and textile industry will convene in Toronto August 19-21 to hear Canadian trade policy updates and future market outlooks, as well as the latest industry developments.
Hosted at the Toronto International Centre, the Apparel Textile Sourcing Canada (ATSC) show will present a leading roster of speakers covering such topics as
customs, imports and exports, investment opportunities for apparel brands and retailers, shifts in the North American apparel retail trade, compliance, sustainability, industry trends and forecasts, latest digital and lean manufacturing technologies, and the future of fashion.
Highlights of the ATSC conference sessions — which take place on the show floor alongside 500 exhibits of the latest in apparel and textile products and services from more than 20 countries — include:
Canadian Trade Shifts and Policy Updates
The Canadian trade ecosystem is changing quickly and Bob Kirke, Executive Director of the Canadian Apparel Federation and Julie Hughes, President of the DC-based United States Fashion Industry Association (USFIA), will provide updates on directions in Canadian importing and exporting, new sourcing opportunities, and the latest shifts in the North American retail trade policy that are affecting Canadian fashion brands, retailers and manufacturers.
Global Sourcing: Where Is The Next China?
Leading global apparel industry expert Jeff Streader, Managing Director of Go Global Retail, will discuss China‘s changing role in the international sourcing landscape, and how the realignment of the global supply chain is affecting Canadian sourcing directions and opening new partner opportunities.
Expanding Sourcing Horizons to India
India has emerged as a premier sourcing destination and panelists Ayoosh Jain, Assistant Director of Federation of Indian Chambers of Commerce and Industry (FICCI) and Mahesh Sanil, Executive Director of the Wool and Woollens Export Promotion Council (WWEPC) will reveal India‘s new strategic direction, reinforcing its position as a leading player in the Canadian apparel and textile supply chain.
Next Frontier for Canadian Sourcing: Africa, Turkey and Latin America
Hear from a team of panelists – including trade offices and leading industry players such as Agnes Gifty Adjei-Sam, Director of the Ghana Export Promotion Authority and Antonio Ramos, Trade Advisor of Peru in Toronto – about emerging sourcing markets in Africa, Turkey and Latin America and why an increasing number of Canadian businesses are forming global trading partnerships with these countries.
Canadian Fashion Trend Forecast 2020-2021
Top style forecaster Cynthia Florek, Founder of The Trend Office, will unveil up-and-coming fashion and design trends, providing a glimpse of what consumers can expect from apparel brands and retailers next year and beyond.
Spotlight on Sustainability in Fashion
Sustainability is one of the most talked about topics in the apparel and textile industry today. As one of the world‘s largest and quickly-growing consumer industries, the fashion industry is taking bold steps towards integrating sustainable business practices. Avedis Seferian, President and CEO of Worldwide Responsible Accredited Production (WRAP), will examine the importance of sustainability in today‘s apparel world and share the necessary steps companies need to take to comply with laws, policies, regulations and industry standards.
In a separate panel, Katherine Stein, Director of Business Development at SGS, and Gabriella Smith, Founder of the UpCycle Project, will highlight how brands, retailers, designers and product developers are increasingly incorporating sustainable practices into their business models to minimize waste, screen vendors to ensure supply chains are compliant with international standards, and reduce costs.
Building Brands in an Oversaturated Market
Top industry experts, such as Sal Khokhar, CEO of Kollective Moda and Analucia Beltran, Brand Ambassador for Korite Jewelry, will share valuable tips on topics including launching a successful brand in today‘s global market, the importance of building locally before growing globally, and how to build a stand-out brand with authentic content that resonates with consumers.
Choosing Suppliers: A Panel Discussion
Roger Lamoureux, Director, Fashion Merchandising of Today‘s Shopping Choice and Pamela Bokser, Director Softgoods Direct Imports of Giant Tiger will guide the audience on best practices in choosing factories and brands to work with, taking into account sustainability in the supplier evaluation and decision-making matrix.
Corporate Social Responsibility and Business Growth
In a panel session, Pamela Shainhouse, President of The Shainhouse Group fashion specialists and Jody Steinhauer, President of Bargains Group, will differentiate between a good company and a good brand, reinforcing the importance of corporate social responsibility and diversity to a company‘s growth.
Using Social Media to Build a Fashion Business
Social media expert Christine Daal, CEO & Founder of The Fashion Consulting Agency, Fashion Angel Warrior LLC will share trade secrets to convert website traffic into customers, unveiling 12 key digital marketing strategies to target the right customers, drive online sales and build a successful, thriving business.
Trade Partnerships with Developing Countries
An increasing number of Canadians are creating sustainable trade partnerships with developing countries. Steve Tipman, Executive Director of TFO Canada – the expert in trade for developing countries and primary Canadian point of contact for emerging businesses exporting to Canada – will unveil new partnership opportunities and developments with his organization‘s work.
Dozens of other high-profile officials – including Cao Jiachang, Chairman of China Chamber of Commerce for Import and Export of Textile and Apparel, and Mizanur Rahman, High Commissioner of Bangladesh in Canada – will also be on hand to discuss new opportunities for trade with their countries.
Presented free of charge, the interactive educational sessions are expected to draw more than 6,000 local, national and international visitors who will attend ATSC to learn, source new innovations, and make connections with sourcing partners globally.
In addition to the show‘s exhibits and conference sessions, ATSC will deliver a world-class fashion show, representing local and international designers, up-and-coming student talent and global fashions presented by show exhibitors.
Source: The Canadian Manufacturing
The Indonesian ministry of industry is hopeful of achieving its textile-apparel export target of $15 billion—set several years ago—by the end of this year as government programmes and incentives spur the industry’s performance. The textile sector is one of the priorities in the National Industrial Development Master Plan (RIPIN) 2015-2035.
Industry minister Airlangga Hartarto said the government created conducive investment climate through policies like tax concessions and holidays.
According to him, to achieve the export target, it is necessary to add extra production capacity of 1,638 thousand tonnes per year with an investment value of Rp81.45 trillion and employing 424,261 new workers.
He believes that the current US-China trade war can open opportunities to increase export of textile and clothing, especially in the US market because textile originating from China has an additional import duty of 25 per cent, according to an Indonesian media report.
Eight industrial estates are beginning to operate in the country. The remaining nine are still in the construction stage and 10 industrial zones are being planned. (DS)
Source: Fibre2Fashion
