The current climate is fraught with uncertainty, slowing demand and exporting conflicts. The new Foreign Trade Policy should focus on measures critical for India’s growth. India’s trade policy faces multidimensional challenges in today’s world of uncertainty, protectionism, falling global aggregate demand, elimination of export programmes and, perhaps the more important reason, domestic preoccupations. Recognising the potential implications of these challenges, the Department of Commerce is working on the new Foreign Trade Policy and the task for framing the new trade policy is likely to be much more challenging, given the current developments in the international trading system. Broadly, India’s trade policy challenges can be categorised as domestic and external challenges
Domestic challenges
At the domestic level, the greatest challenge to the development of a robust trade policy in India is the poorly developed manufacturing sector. It is a well-recognised fact that India has not been able to develop a strong manufacturing sector despite two decades of economic and trade liberalisation. A large number of structural issues relating to labour reforms, limited availability of power, factory and goods market reforms, low productivity, and lack of technology are responsible for a weak manufacturing sector. One of major challenges for India’s trade-policy makers is to deal with its export promotion programme, which acts as a catalyst for India’s exports. There are clear signals that India is likely to lose its trade dispute on the export promotion programme against the US. This means that India has to overhaul schemes such as the Merchandise Export Programme (MEIS), Export Promotion for Capital Goods (EPCG) and Interest Subvention Scheme so as to make them compatible with the WTO rules. The elimination of these schemes will have detrimental effects on the export competitiveness of a large number of MSMEs, who extensively use these incentives to offset high trade transaction and logistics costs. For instance, imported capital-intensive goods under the EPCG scheme help the industry improve productivity and competitiveness, but its termination will adversely impact such imports, which are critical to enhance high-value added manufactured exports. The Department of Commerce is working a new scheme called the Rebate of Duties, Taxes and Levies (RoDTL). This scheme is already being implemented in the textile and clothing sector but it has received a sharp criticism due to its bias towards specific components of textile and clothing value chains. The benefits of scheme are not evenly distributed across the value chain. This scheme will cause serious problems for sectors such as engineering, where value chains are highly dispersed and involve a wide variety of players with complex power dynamics.
External pressures
Challenges for India’s trade policy are increasing manifold at the multilateral level due to increased trade protectionism, dispute settlement body and the Regional Comprehensive Economic Partnership (RCEP) negotiations. The immediate crisis at the WTO is to address the issue of appointment of judges at the Appellate Body, held up by the US. Further, developed countries have started negotiations in new areas such as e-commerce, investment facilitation, MSME, gender and trade. They are seeking greater disciplines in new emerging areas at the WTO. The US has terminated its Generalised System of Preference which provides duty-free market access to a large number of MSME products. It is adversely affecting India’s exports worth $5.6 billion to the US market. The next biggest challenge is the RCEP. The proposed tariff reduction commitments in the RCEP negotiations are well beyond the demand of the industry. As per media reports, India is likely to liberalise its 80 per cent tariff lines for China, Australia and New Zealand. This will far reaching implications to Indian domestic industry.
Need for coherence
Given these challenges, it is extremely important for Indian policymakers to focus on making trade policy much more coherent at both domestic and external fronts. A very good starting point would be to undertake bold reforms in three important areas. First, it is important to promote “inner consistency and harmony” between objectives of policy and its implementation strategies. This requires a well-thought engagement in international trading arrangements. India’s stance at the WTO and with FTAs must be shaped by domestic priorities that are critical for growth, employment and poverty reduction. This requires an active participation in areas of international and regional trade negotiations where India has strong economic interest, as well as in those areas where rules will have an effect on the domestic regulatory space. Second, our trade policy is largely conducted at an aggregate level and fails to capture critical factors that shape dynamic comparative cost advantage of firms. Therefore, it is important that trade policy analysis should focus on firms rather than sectors. This requires dedicated efforts on collecting firm-level data to understand policy and operational issues of exporting firms so that our trade policy helps firms connect with value-chain networks. But what is more important is that our trade-policy makers understand the dynamic linkages between upstream and downstream sectors. This is vital to understand how a policy decision that supports the upstream sector could actually hurt the downstream. A dynamic thinking is a prerequisite to analyse the implication of backward and forward linkages to our global export competitiveness. Finally, there is also urgent need to reform our trade and related institutions to enhance their participation in policymaking and negotiations. For this, trade regulatory bodies, promotion councils and standards-related institutions should work together to create a dynamic database of imports and exports, so that information can be gathered at the product and market level to allow for a well-informed decision for trade negotiations. This will certainly help trade-policy makers leverage the benefits of global trade for firm-level productivity, competitiveness and job creation. The writers are Executive Director and Senior Deputy Director, respectively, at Engineering Export Promotion Council of India
Source: The Hindu Business Line
The government will soon make changes to the definition of a micro, small and medium enterprise, Union Minister Nitin Gadkari said on Tuesday and hoped to generate five crore jobs in the MSME sector in five years. Finance Minister Nirmala Sitharaman had in August said the government would consider amending the MSME Act to move towards a single definition. The update in the definition of micro, small and medium enterprises (MSMEs) may allow a single definition for purposes related to taxation, investment, etc. The new definition is likely to be effected through an amendment to the MSME Act and may lead to further improvement in India's ease of doing business scenario. In February last year, the Union Cabinet had approved amendments to the law to change the criteria for classifying MSMEs from 'investment in plant and machinery' to 'annual turnover'. Asked about proposed changes to the definition of MSME, the minister for micro, small and medium enterprises said this will soon be implemented. "We will have one meeting and then finalise it (changes to MSME definition)," Gadkari told , adding that extensive changes will be made soon. Observing that MSMEs are the heart of the Indian economy, contributing 29 per cent to the gross domestic product and have created 11 crore jobs till now, the minister said "now, the mission for five years is that we need to create more than five crore jobs in five years, particularly in tribal, rural and agricultural areas". He said the government is already in the process of sanctioning 13 clusters under the Solar Vastra scheme and every cluster has a potential of creating 3,000-3,500 jobs. Besides, Gadkari, who also holds the portfolio of the road transport and highways ministry, said work has begun on the 12-lane concrete express highway between New Delhi and Mumbai and mooted the idea of setting up an international standard museum on the highway which would prove beneficial for marketing of Indian Handlooms and Handicraft and also promote tourism. He said the government is making use of kulhads (earthenware) mandatory at 400 railway stations in the country and also plans to implement the same at airports.
Source: Economic Times
A country like India, at the stage it is in its economic cycle, the key driver is investment, which eventually does affect consumption. And consumption is a force multiplier. The economy could grow at 6-6.5 per cent this fiscal year (2019-20 or FY20), said Chief Economic Advisor Krishnamurthy Subramanian, revising his earlier estimate of 7 per cent in the Economic Survey. In an interaction with Arup Roychoudhury, he said supply-side measures, including corporation tax cuts, will boost consumption and demand, and non-tax revenue may make up for shortfall in tax revenues. Edited excerpts: Even as we are in the middle of slowdown, the Centre feels that growth will pick up in the second half. You had earlier forecast a gross domestic product (GDP) growth rate ...
Source: Business Standard
India is considering placing curbs on some imports from Turkey and Malaysia, in response to their leaders’ comments on the autonomy of Kashmir, people familiar with the matter said. Prime Minister Narendra Modi’s government is exploring the possibility of both tariff and non-tariff measures to limit import of goods from the two countries, the people said, asking not to be identified as a final decision is yet to be taken. The options include stringent quality tests and a safeguard tax in addition to existing levies, they said.
Bilateral Trade
While India’s bilateral trade with the two was only 2.9% of its total in the fiscal year ended March 31, New Delhi enjoys a trade surplus with Turkey and runs a deficit with Malaysia on account of its reliance on imported palm oil. Futures in Kuala Lumpur fell on Tuesday after an influential Indian processors’ group asked its members to refrain from buying the tropical oil from the second-largest producer. Spokespersons for India’s finance and commerce ministries couldn’t immediately be reached for a comment.
‘Invaded’ Kashmir
India last month increased customs duty on refined palm oil import from Malaysia by 5% for six months as a measure to safeguard the domestic industry. The duty could be further increased, the people said. Malaysian Prime Minister Mahathir Mohamad on Tuesday said the country won’t bring the palm oil issue with India to the World Trade Organization “at the moment” and he won’t retract his comments claiming India had “invaded and occupied” Kashmir. Modi separately canceled a planned visit to Ankara this year to show displeasure over Turkish President Recep Tayyip Erdogan’s comments over Kashmir at the United Nations General Assembly. Erdogan had urged India to hold talks with Pakistan following Modi’s August decision to revoke autonomy in Kashmir. Key imports from Turkey are mineral fuels and oils, nuclear reactors and salt. There is an informal instruction from India’s foreign ministry to go slow on all diplomatic and business relationship with Turkey and Malaysia as part of retaliatory measures, Business Standard reported, citing government officials it didn’t identify.
Source: Economic Times
Aneesh Shrivastava, 29, of Pratapgarh completed two professional courses, including a computer course, and applied for a class IV job in a government department but did not get it. He was forced to think about it as his courses and an MA degree could not fetch him a better job. At a time when skill development is being promoted by the state and central governments, the skewed ratio of skilled manpower and jobs is a contentious issue. As per data with the state, UP has more than 1.5 million trained workers under the government’s skill development programmes but only over four lakh have got placements. Industries have urged the government to train more people as per the demand. In a recent skill summit organized by different stakeholders including PHD Chamber of Commerce and Industry, Anuna Education Network, National Skill Development Corporation and Uttar Pradesh Skill Development Mission, the issue of skill gap was raised and government representatives shared information about initiatives to address the issue. Vinay Gupta, a textile industrialist, said: “It has been seen that the type of manpower we want is not available. Skill training is still not market-oriented.” “However, efforts are on and the mindset of youth is also changing,” he said. Ashutosh Rastogi, a Delhi-based skill development expert, said: “Skills gap will create an army of skilled unemployed youth, which is not a healthy sign for an economy like India. All skill providers have now been linked to a single channel and courses need to be designed and chosen as per industry requirement.” PHD Chamber of Commerce member Gaurav Prakash said certain issues need to be tackled as soon as possible. “The right job for the right person will bring satisfaction among youths. We have to look for the happiness quotient. And it is only possible, if we work towards providing the right jobs to the right person. It will only happen when people will be trained as per the industry’s requirement,” he added. Sanjay Sharma, 27, a student at Kanpur-based Prime Minister Kaushal Kendra (PMKK), said: “I am aspiring for a job in the retail sector. I am about to finish my course and expect to get placement next year.” “I have a master’s degree in history and did a computer course but couldn’t get jobs earlier,” he added. State MSME minister Siddharthnath Singh recently said that the skill programme has been designed as per the market’s requirement. “Skill providers are made aware of the type of placement options and the youth are also being made aware of this. So, that right person chooses the right course and gets the right job.” According to NSDC’s latest stats, more than one million people are enrolled in government-sponsored skill programmes while over five lakh are enrolled in fee-based programmes across 75 districts of UP.
Source: Hindustan Times
BHOPAL: Union government on Tuesday directed all states to replicate the Madhya Pradesh model of promoting handicraft and handloom. MP government is collaborating with other states to market its products. MP recently tied up with Chhattisgarh state handloom development for co-promoting production and marketing of handlooms in both states. It was first of its kind move by a state to promote its handicraft and handloom and was discussed in regional textile conference held at Ahmedabad recently and was brought into notice the memorandum of understanding MP entered with bordering state, CG. Ministry of textiles, development commissioner for handlooms, Sanjay Rastogi wrote letter, a copy with TOI, to all states on Tuesday stating that there is immense need for handloom products in the niche markets wherein select retailers look for reliable sources for supply of authentic handloom products on regular basis. The benefit of market demand must reach maximum number of weavers. Therefore marketing support to handloom weavers is one of the key interventions that are desired in present scenario. Given the scope of marketing and retailing, handloom products through handloom outlets, it becomes imperative to integrate marketing of handloom products in the promotional plan for development of handloom sector. The step taken by MP is an appreciable effort. This can be replicated by all other handloom agencies involved in the production and marketing of handloom products. Handloom emporiums, corporations, federations may keep their best handloom products from across India in their showrooms/ outlets for sales of handloom products on certain mutually agreed terms and conditions by executing MOU between states, the letter read. MP handicrafts and handloom commissioner Rajeev Sharma said it is matter of proud for MP as other states are being asked to replicate our model. MP Handicraft and Handloom Development Corporation has 29 showrooms, named Mrignayani, in Mumbai, Bangalore, Noida, Chennai, Goa, Jaipur and Ahmedabad, apart from state capital Bhopal. Its showrooms in metropolitan cities have started offering handmade customized sarees with silver wires and gold coating, but they are yet to get popular. At least 13,000 handicraft units are working in the state. Handloom Development Corporation is also collaborating with Andhra Pradesh, Telangana after CG to sell its products in other states. Besides, it is in the process of setting up handicraft villages in national parks of the state, including Kanha, Bandhavgarh and Pench, to target foreign tourists in particular. MP State Tourism Development Corporation is being roped in to open all its properties for marketing and sale of the state’s handicraft and handloom items.
Source: Times of India
The Department for Promotion of Industry and Internal Trade (DPIIT) is planning to set up a single window system to handhold foreign investors keen to invest in India, an official said. The single-window system is likely to have representatives from both the Centre and state governments, the official said. The system will help in getting all relevant approvals and clearances required by foreign investors. A proposal regarding this was prepared by the department. DPIIT Secretary Guruprasad Mohapatra on Monday said that the proposal was being sent to Commerce and Industry Minister Piyush Goyal for approval. Mohapatra said the new mechanism will help in all approvals and clearances that a company requires to set up a plant in a state, district or town. The government is taking a series of steps to attract FDI. It has liberalised norms in several sectors such as single brand retail trading, coal mining, insurance and contract manufacturing. The department is also looking to further liberalise FDI norms and they are holding internal meetings with different ministries in this regard. FDI in the country has increased by 28 per cent to USD 16.3 billion during April-June this fiscal.
Source: Economic Times
With the objective of highlighting the issues and challenges being faced by the textile and clothing industry as well as the urgent policy interventions required to address the same, all the stakeholders of Textile and Clothing Industry, viz., National Textile Associations, Export Promotion Councils (EPCs) as well as regional level textile and clothing industry associations representing the entire textile value chain have formed a steering committee called the “National Committee on Textiles & Clothing (NCTC)” under the chairmanship of Shri T Rajkumar, Chairman CITI. The NCTC comprises major textile associations and EPCs at the regional and national level like TEXPROCIL, AEPC, PDEXCIL, SRTEPC, CITI, CMAI, ITTA, AFI, AMFII among others. The NCTC is now meeting regularly to discuss various issues ranging from fibres to fashion to arrive at a common understanding on both short term and long term policy measures for domestic and international markets. For the purpose of long term policy measures, the NCTC has decided to hire the services of a competent agency to undertake a study and recommend various policy measures to enable the entire textiles and clothing value chain covering all types of fibres and products to remain globally competitive and achieve a sustained growth rate, both in the domestic and international markets. In the meanwhile, a list of short term policy measures has been finalised and the NCTC delegation led by Shri T Rajkumar, Chairman CITI met the Hon’ble Ministers for Finance, Commerce and Textiles respectively to apprise them of the grim situation facing the T&C sector. The Hon’ble Minister of Textiles, Smt Smriti Zubin Irani assured the NCTC that all necessary action will be taken for the revival of the industry. The NCTC thanked HMoT for recommending to the Ministries of Finance and Commerce, issues like extending 1-2 years moratorium or liquidity support for the financially stressed textile units; Slotting recycled PSF under 5% GST rate; and the CCI cotton MSP operations to factor in international and domestic prices to protect the interests of farmers and cotton textile industry. The NCTC delegation led by Shri T Rajkumar, Chairman CITI also met the Hon’ble Minister of Finance, Smt Nirmala Sitharaman on 14th October 2019 and submitted a Joint Memorandum apprising her about the urgent need to release the pending claims under RoSL/RoSCTL Schemes; urging the banks to upload documents expeditiously for release of TUFS Subsidy; extending the benefit of enhanced MEIS & RoSCTL till RoDTEP comes into force; reducing the margin money for working capital from 25% to 10% and the Debt Equity Ratio norm from 1:1.33 for the entire textiles and clothing industry; extending 5% Interest Subvention for all textiles and clothing export products; and also all the benefits announced under special garment export package (SPELSGU) especially the 80JJAA income tax and enhanced EPF benefits extended for new jobs. The NCTC proposed a slew of short term policy measures to the Hon’ble Minister of Commerce, Shri Piyush Goyal at a meeting held on 15th October 2019 which covered issues broadly related to GST, the Ease of Doing Business and RCEP negotiations. The measures suggested were imposing adequate protection/safeguards measures on the imports of fibres, yarns, fabrics, readymade garments and used cloths especially from China, Bangladesh and Indonesia; extending the benefits of enhanced MEIS & RoSTCL till RoDTEP comes into force; consider including anti-dumping duty in the duty drawback calculation and enhance the rates appropriately; restructure the obligation period under the EPCG scheme; extend the remission of duties and taxes under the proposed RoDTEP scheme for the entire textile value chain viz. all fibres, yarns, fabrics, made-ups, garments, and all types of Technical Textiles. It was also suggested that in India’s list under RCEP all textiles and clothing items must be kept in D Category for 20 years with certain sensitive items under exclusion list. The Joint Memorandum submitted by NCTC hopes to receive valuable support from the Ministries to mitigate the challenges presently faced by the T&C Industry and boost exports.
Source: Business Wire India
When pathological labs across the country focused on churning out medical reports requisitioned by doctors, A Velumani, the CMD of Thyrocare Technologies, tried to go beyond these microscopically-computed readings. He started offering “disorder screening” packages that allowed medical practitioners to spot “early symptoms.” “It helped people to know about diseases early on and take preventive measures,” says Velumani. Innovation helped Thyrocare grow and stay ahead of competition. “We innovated around delivery systems,” says Velumani. “Innovation is important for any business to sustain and grow. There has to be constant improvement across products or services, packaging and pricing.” Breakthrough ideas are an essential driver of progress that benefits consumers, businesses, the economy and the nation as a whole. Entrepreneurs and economists alike believe innovation will need to play crucial role if India is to achieve the ambitious goal of becoming a $5 trillion economy by 2024. “Innovation can play a big role in economic growth,” says Harsh Mariwala, chairman of Marico. “Innovation in telecom sector, for example, has led to significant growth cutting across several sectors. We need more innovation in sectors such as agriculture, education and healthcare. This will help the country grow… It will also help improve living conditions of our citizens,” adds Mariwala. It is with this in mind that The Economic Times Innovation Awards has been designed. The ET Innovation Awards seeks to identity and showcase the best innovations that are driving growth in the areas of business, products, technology, social impact etc. The Economic Times Innovation Awards is presented by SAP, along with Bain & Company as the knowledge partner. It seeks to identify and reward out-of-the-box thinking and innovation. In economic terms, innovation describes the development and application of ideas and technologies that improve goods and services or make their production more efficient. A classic example of innovation is the development of steam engine technology in the 18th century. Steam engines could be put to use in factories, enabling mass production, and they revolutionised transport with the railways. More recently, information technology transformed the way companies produce and sell their goods and services, while opening up new markets and new business models. The European Central Bank (ECB) views innovation as an enabler of higher productivity. It helps to generate greater output with same quantity of inputs. As productivity rises, more goods and services are produced - and the economy grows. Successful organisations are those that generate hundreds of ideas, sift through them all, pick the right ones, develop them into products with clear go-tomarket strategies, and then leverage the innovations for revenue and profit growth. Great new products don’t just happen. They are brought about by innovative people, using innovative processes, through innovative business models. “Our lives are going to change permanently, as there’s lot of innovation happening across sectors. Robotics, AI etc. will change our lives forever. Technology will be one of the biggest enablers of innovation,” says Mariwala. The ET Innovation Awards comprises 10 categories, ranging from innovation in business model to customer experience, process, people, new product/service (B2B), new product/service innovation (B2C), marketing & brand innovation, AI (and analytics) innovation, innovation in inclusive growth and Innovation to drive sustainability. Companies can log onto — www.etinnovationawards.com to participate.
Source: Economic Times
With the objective of highlighting the issues and challenges being faced by the textile and clothing industry as well as the urgent policy interventions required to address the same, all the stakeholders of Textile and Clothing Industry, viz., National Textile Associations, Export Promotion Councils (EPCs) as well as regional level textile and clothing industry associations representing the entire textile value chain have formed a steering committee called the “National Committee on Textiles & Clothing (NCTC)” under the chairmanship of Shri T Rajkumar, Chairman CITI. The NCTC comprises major textile associations and EPCs at the regional and national level like TEXPROCIL, AEPC, PDEXCIL, SRTEPC, CITI, CMAI, ITTA, AFI, AMFII among others. The NCTC is now meeting regularly to discuss various issues ranging from fibres to fashion to arrive at a common understanding on both short term and long term policy measures for domestic and international markets. For the purpose of long term policy measures, the NCTC has decided to hire the services of a competent agency to undertake a study and recommend various policy measures to enable the entire textiles and clothing value chain covering all types of fibres and products to remain globally competitive and achieve a sustained growth rate, both in the domestic and international markets. In the meanwhile, a list of short term policy measures has been finalised and the NCTC delegation led by Shri T Rajkumar, Chairman CITI met the Hon’ble Ministers for Finance, Commerce and Textiles respectively to apprise them of the grim situation facing the T&C sector. The Hon’ble Minister of Textiles, Smt Smriti Zubin Irani assured the NCTC that all necessary action will be taken for the revival of the industry. The NCTC thanked HMoT for recommending to the Ministries of Finance and Commerce, issues like extending 1-2 years moratorium or liquidity support for the financially stressed textile units; Slotting recycled PSF under 5% GST rate; and the CCI cotton MSP operations to factor in international and domestic prices to protect the interests of farmers and cotton textile industry. The NCTC delegation led by Shri T Rajkumar, Chairman CITI also met the Hon’ble Minister of Finance, Smt Nirmala Sitharaman on 14th October 2019 and submitted a Joint Memorandum apprising her about the urgent need to release the pending claims under RoSL/RoSCTL Schemes; urging the banks to upload documents expeditiously for release of TUFS Subsidy; extending the benefit of enhanced MEIS & RoSCTL till RoDTEP comes into force; reducing the margin money for working capital from 25% to 10% and the Debt Equity Ratio norm from 1:1.33 for the entire textiles and clothing industry; extending 5% Interest Subvention for all textiles and clothing export products; and also all the benefits announced under special garment export package (SPELSGU) especially the 80JJAA income tax and enhanced EPF benefits extended for new jobs. The NCTC proposed a slew of short term policy measures to the Hon’ble Minister of Commerce, Shri Piyush Goyal at a meeting held on 15th October 2019 which covered issues broadly related to GST, the Ease of Doing Business and RCEP negotiations. The measures suggested were imposing adequate protection/safeguards measures on the imports of fibres, yarns, fabrics, readymade garments and used cloths especially from China, Bangladesh and Indonesia; extending the benefits of enhanced MEIS & RoSTCL till RoDTEP comes into force; consider including anti-dumping duty in the duty drawback calculation and enhance the rates appropriately; restructure the obligation period under the EPCG scheme; extend the remission of duties and taxes under the proposed RoDTEP scheme for the entire textile value chain viz. all fibres, yarns, fabrics, made-ups, garments, and all types of Technical Textiles. It was also suggested that in India’s list under RCEP all textiles and clothing items must be kept in D Category for 20 years with certain sensitive items under exclusion list. The Joint Memorandum submitted by NCTC hopes to receive valuable support from the Ministries to mitigate the challenges presently faced by the T&C Industry and boost exports.
Source: Business Wire India
When pathological labs across the country focused on churning out medical reports requisitioned by doctors, A Velumani, the CMD of Thyrocare Technologies, tried to go beyond these microscopically-computed readings. He started offering “disorder screening” packages that allowed medical practitioners to spot “early symptoms.” “It helped people to know about diseases early on and take preventive measures,” says Velumani. Innovation helped Thyrocare grow and stay ahead of competition. “We innovated around delivery systems,” says Velumani. “Innovation is important for any business to sustain and grow. There has to be constant improvement across products or services, packaging and pricing.” Breakthrough ideas are an essential driver of progress that benefits consumers, businesses, the economy and the nation as a whole. Entrepreneurs and economists alike believe innovation will need to play crucial role if India is to achieve the ambitious goal of becoming a $5 trillion economy by 2024. “Innovation can play a big role in economic growth,” says Harsh Mariwala, chairman of Marico. “Innovation in telecom sector, for example, has led to significant growth cutting across several sectors. We need more innovation in sectors such as agriculture, education and healthcare. This will help the country grow… It will also help improve living conditions of our citizens,” adds Mariwala. It is with this in mind that The Economic Times Innovation Awards has been designed. The ET Innovation Awards seeks to identity and showcase the best innovations that are driving growth in the areas of business, products, technology, social impact etc. The Economic Times Innovation Awards is presented by SAP, along with Bain & Company as the knowledge partner. It seeks to identify and reward out-of-the-box thinking and innovation. In economic terms, innovation describes the development and application of ideas and technologies that improve goods and services or make their production more efficient. A classic example of innovation is the development of steam engine technology in the 18th century. Steam engines could be put to use in factories, enabling mass production, and they revolutionised transport with the railways. More recently, information technology transformed the way companies produce and sell their goods and services, while opening up new markets and new business models. The European Central Bank (ECB) views innovation as an enabler of higher productivity. It helps to generate greater output with same quantity of inputs. As productivity rises, more goods and services are produced - and the economy grows. Successful organisations are those that generate hundreds of ideas, sift through them all, pick the right ones, develop them into products with clear go-tomarket strategies, and then leverage the innovations for revenue and profit growth. Great new products don’t just happen. They are brought about by innovative people, using innovative processes, through innovative business models. “Our lives are going to change permanently, as there’s lot of innovation happening across sectors. Robotics, AI etc. will change our lives forever. Technology will be one of the biggest enablers of innovation,” says Mariwala. The ET Innovation Awards comprises 10 categories, ranging from innovation in business model to customer experience, process, people, new product/service (B2B), new product/service innovation (B2C), marketing & brand innovation, AI (and analytics) innovation, innovation in inclusive growth and Innovation to drive sustainability. Companies can log onto — www.etinnovationawards.com to participate.
Source: Economic Times
RBI data showed that fiscal deficit of states rose to 2.9% of gross domestic product (GDP) in their Revised Estimates, from 2.6% in their Budget Estimates for FY19 India Ratings & Research (Ind-Ra) has attributed widening of fiscal deficit in states in 2018-19 to slippage on the non-capital expenditure by them. Earlier, the Reserve Bank of India data showed that fiscal deficit of states rose to 2.9 per cent of gross domestic product (GDP) in their Revised Estimates, from 2.6 per cent in their Budget Estimates for FY19. On the other hand, capital expenditure was lower than budgeted, but it maintained a healthy trend. The rating agency believed that meeting the N K Singh panel’s recommended level of aggregate debt burden at 20 per cent of GDP by 2022-23 by states will be a challenge in an economic environment characterised by slow growth and weak demand.
Source: Business Standard
Soon, those looking to invest $500 million or more in the country will have a designated person who will facilitate all clearances — from the Centre to local bodies — with officials from state government and central ministries too converging on one place to address investor queries and enhance flows. Drawing from the experience in Gujarat, the department for promotion of industry and internal trade (DPIIT) and Invest India have joined hands to put in place a new mechanism aimed at attracting investors, many of whom have in the past complained of a plethora of clearances holding up their plans, officials told TOI. “Very soon, we will be announcing it. Within Invest India, another format in which we actually do hand-holding from investment query that anybody makes to operationalising it in the field,” DPIIT secretary Guruprasad Mohapatra said at an event on Monday. While the issue has been discussed with commerce and industry minister Piyush Goyal, a formal approval is awaited.
Now, Invest India scouts for space
DPIIT secretary Guruprasad Mohapatra, who comes from the Gujarat cadre, is drawing upon the western state’s experience during PM Narendra Modi’s term where investment proposals were cleared quickly and facilitated by iNDEXTb, the state investment promotion body. The Centre’s investment promotion agency Invest India is scouting for space, where officials from several ministries, including tax and environment and forest, will be present to address investment queries. State governments, too, will depute officers at the facility. The move follows several steps that have already been initiated. For instance, DPIIT has already put in place a platform that provides information on 21,000 acres of land that is almost in plug-and-play state across state industrial parks and the Delhi-Mumbai industrial corridor. Mohapatra has now asked for land available across private sector industrial parks also to be housed on the online platform so that investors can decide the location. Invest India, which already facilitates global investors, now intends to provide “relationship managers” to all investors looking to invest $500 million or more in the country.
Source: Economic Times
Aditya Birla group owned Grasim is forming a joint venture in India with Germany-based Maschinenfabrik Reinhausen for manufacturing and selling composite hollow core insulators (CHCI) that caters to industries like the power transmission and distribution industry globally, Grasim announced on Tuesday. The JV company will be called Aditya Birla Power Composites and will hold a 49% stake of MR and 51% stake of Grasim. It will be spending Rs 100 crore in setting up a facility in Halol in Gujarat over the next 3 to 5 years. The group through its unit Aditya Birla Insulators is a major global player in the production of porcelain insulators and with this JV, its production of CHCI will find a larger scale. “As an insulating solutions provider to power industry for over 50 years, this venture is a natural next step for Grasim to expand into the Composite Hollow Insulator segment and we are happy to partner with the global quality leader in this segment, MR. Through cutting-edge technology and world class manufacturing, this JV will offer high-end competitive, innovative and sustainable solutions to our customers globally, and reaffirms our commitment to Make-in-India to serve the world" said Kalyan Ram Madabhushi, , CEO – Global Chemicals and Group Business Head– Fertilisers and Insulators at Aditya Birla Group. Nicolas Maier-Scheubeck, CEO of the Reinhausen Group said India was not just an "attractive market" but also a "competitive location" for manufacturing such a "high quality product".
Source: Economic Times
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
Bottle Grade Chip |
1017.43 |
USD/Ton |
0% |
10/22/2019 |
|
PSF |
1003.30 |
USD/Ton |
0% |
10/22/2019 |
|
VSF |
1516.96 |
USD/Ton |
0% |
10/22/2019 |
|
ASF |
2168.40 |
USD/Ton |
0% |
10/22/2019 |
|
Polyester POY |
994.12 |
USD/Ton |
-2.29% |
10/22/2019 |
|
Nylon FDY |
2331.62 |
USD/Ton |
0% |
10/22/2019 |
|
40D Spandex |
4083.86 |
USD/Ton |
0% |
10/22/2019 |
|
Nylon POY |
2303.35 |
USD/Ton |
0% |
10/22/2019 |
|
Acrylic Top 3D |
1116.35 |
USD/Ton |
-1.25% |
10/22/2019 |
|
Polyester FDY |
2522.38 |
USD/Ton |
-0.28% |
10/22/2019 |
|
Nylon DTY |
5341.52 |
USD/Ton |
0% |
10/22/2019 |
|
Viscose Long Filament |
1236.46 |
USD/Ton |
-1.13% |
10/22/2019 |
|
Polyester DTY |
2183.24 |
USD/Ton |
0% |
10/22/2019 |
|
30S Spun Rayon Yarn |
2126.72 |
USD/Ton |
0% |
10/22/2019 |
|
32S Polyester Yarn |
1625.07 |
USD/Ton |
0% |
10/22/2019 |
|
45S T/C Yarn |
2416.40 |
USD/Ton |
0% |
10/22/2019 |
|
40S Rayon Yarn |
2374.01 |
USD/Ton |
0% |
10/22/2019 |
|
T/R Yarn 65/35 32S |
1978.34 |
USD/Ton |
0% |
10/22/2019 |
|
45S Polyester Yarn |
1780.51 |
USD/Ton |
0% |
10/22/2019 |
|
T/C Yarn 65/35 32S |
2275.09 |
USD/Ton |
0% |
10/22/2019 |
|
10S Denim Fabric |
1.25 |
USD/Meter |
0% |
10/22/2019 |
|
32S Twill Fabric |
0.69 |
USD/Meter |
0% |
10/22/2019 |
|
40S Combed Poplin |
0.96 |
USD/Meter |
0% |
10/22/2019 |
|
30S Rayon Fabric |
0.57 |
USD/Meter |
0% |
10/22/2019 |
|
45S T/C Fabric |
0.66 |
USD/Meter |
0% |
10/22/2019 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14131 USD dtd. 22/10/2019). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The European Union (EU) and local textile industry joined hands on Tuesday to work towards ensuring sustainable growth of the country’s textile sector. “Pakistan needs to prepare itself to meet the challenges of sustaining Generalised System of Preferences Plus (GSP+) status so as to avail the opportunities of increasing exports to the EU,” the union’s Ambassador-Designate to Pakistan Ms Androulla Kaminara said while speaking at a meeting with the All Pakistan Textile Mills Association (Aptma). Since the grant of GSP+ status in 2014, the country’s exports to the EU have increased by 62 per cent. In the early years of the facility, Pakistan’s exports to the EU witnessed significant growth but later stagnated at €5.514 billion for the last three years. The prime reason was the relocation of buying houses of major retailers and brands to other competing countries besides the high cost of manufacturing in Pakistan. However, the present government has taken special measures to encourage industrialisation and exports, and the business scenario is changing fast in the country. Kaminara said the global consumer perception had completely changed and it has become more conscious to socially responsible for environment-friendly products. “There is no doubt that Pakistan has vast potential to double its exports. However, the perception management is the key for the government and industry to maintain and sustain,” she maintained.
Source: The Dawn
Deputy Trades Minister, Carlos Ahenkorah has revealed government’s plans to clamp down on textiles that get onto the market illegally. “Every textile that gets onto the shelves must have a textile stamp that would be coded…” he told Evans Mensah on PM Express on JoyNews on Tuesday. According to the legislator, the government intends to get a law passed in Parliament to back this policy. The Attorney General, he said is already drafting the bill. All textiles would be required to have the codes before they can be sold on the Ghanaian market and there would be different codes for local and foreign textiles. The Deputy Minister says all the textiles would be audited to ensure they are of the right quality before the stamp is issued. After the policy’s coming into force, all textiles without the stamp would be seized, Mr. Ahenkorah said. The policy, he said is a way of “protecting the local market, we don’t go and close borders like Nigeria has done,” he said.
Pirated textiles on the market
The Coalition of Textile Workers has constantly petitioned the government to clamp down pirated textiles on the Ghanaian market. The workers say the presence of these substandard products on the markets is collapsing their businesses. The workers have asked the authorities to extend the anti-pirated textiles task force from the ports to the markets. The workers have asked also for the task force to be sent to the market instead of just restricting their work to the ports and borders.
Source: Joy Online
All Pakistan Textile Mills Association (Aptma) Punjab Chairman Adil Bashir has vowed to work with the European Union (EU) on all the initiatives to ensure sustainability and growth of the textile industry in Pakistan. Talking to EU Ambassador-Designate to Pakistan Androulla Kaminara on Tuesday, Bashir said Aptma had played an active part in securing the EU GSP Plus status for Pakistan in 2014 to widen its market access. “Since then, exports from Pakistan to the EU have increased 62%,” he said. “In the early years, following approval of the facility, Pakistan’s exports to the EU grew significantly but they have become stagnant at €5.5 billion for the last three years.” He stressed that the present government had taken special measures to encourage industrialisation and exports, and the business environment was rapidly transforming in the country. He added that Aptma, in collaboration with the government, was formulating a long-term textile policy to set the direction for the sustainability and growth of Pakistan’s textile sector. “Investors are keenly looking forward to undertake BMR (balancing, modernisation, and replacement), expansion and greenfield investment projects in all sub-sectors of the textile value chain subject to creation of an enabling environment,” he pointed out. He said the industry had envisaged a 100% increase in textile and clothing exports to $26 billion in the next five years with an investment of $7 billion. The visiting envoy said the textile industry of Pakistan needed to prepare itself for meeting the challenges of sustaining the GSP Plus status in a bid to increase exports to the EU. “Global consumer perception has completely changed and it has become more conscious about environment-friendly products,” she said. “There is no doubt that Pakistan has a vast potential to double exports, however, perception management is the key for the government and industry to maintain and sustain exports.” Separately, during a visit to the Lahore Chamber of Commerce and Industry (LCCI), the ambassador said Pakistan and the EU had immense potential to enhance trade in various sectors besides textiles. She stressed that Pakistan needed to produce goods that were considered competitive in the EU. “We are ready to help Pakistan enhance exports to the EU and would like to be its partner in this regard,” she affirmed.
Source: Tribune
Both animal and plant cells depend on autophagy in which damaged or superfluous cell material is removed. The degradation of substrates is done by proteins. In animals, it takes place in a cell organelle called the lysosome and in plants and yeasts in the vacuole. Initially, the degradation proteins are not located in the vacuole or lysosome; rather, they must be conveyed by transport receptors on small vesicles to their site of action. The team at the Biochemistry of Intracellular Transport research group at Ruhr-Universität Bochum (RUB), headed by Dr. Harald Platta, has successfully demonstrated how indispensable the Vps10 transport receptor is for the process. In a second study, the researchers analysed the protein Vac8, which regulates the fusion of small and large vesicles with the vacuole membrane so that the respective load can be released into the interior of the vacuole. The results were published in June and July 2019 in the Scientific Reports and Cell journals.
Indispensable for the degradation of complex substrates
The researchers demonstrated that the transport receptor Vps10, which in plants and yeasts directs the degradation protein Pro-Pep4 from the endoplasmic reticulum to the vacuole, is not just one of several exchangeable receptors. "Rather, Vps10 contributes significantly to the activity of the vacuole during the degradation of the cell's own components by effectively transporting Pro-Pep4," says Harald Platta. Without Vps10, whose counterpart in human cells is called sortilin, Pro-Pep4 can't be efficiently transported to the vacuole and activated to Pep4, which is called cathepsin D in humans. While the degradation of the occasional small proteins and ribosomes in the vacuole is still possible without Vps10, it emerged that the degradation of complex substrates, such as peroxisomes or mitochondria, can no longer take place effectively without Vps10 and is associated with a malfunction and thus inefficient maturation of Pro-Pep4.
Far-reaching consequences
"The findings from this study are also relevant for follow-up questions," explains Platta. "Pep4 determines, for example, the toxicity of various fungi that are harmful to plants. Moreover, Pep4 protects yeast cells from the spontaneous formation of prions, i.e. specific harmful protein particles, while the loss of Pep4 activity results in a shortened lifespan. In mammals, a deficiency of the mature Pep4 homologue cathepsin D leads to neurodegenerative disorders. And the malfunction of pro-cathepsin D has been observed in various forms of cancer."
Vesicles and vacuole membranes must fuse with each other
The second study analysed the protein Vac8, which is closely related to the mammalian proteins plakoglobin, a tumour suppressor, and catenin. While the latter mediate cell-cell contacts at the plasma membrane, Vac8 regulates the fusion of the membranes of transport vesicles with the vacuolar membrane within the cell. These are either small vesicles containing degradation proteins or large vesicles loaded with the substrates that are to be degraded. Contrary to what one might assume, the fusion of the membranes does not seem to take place by binding to other proteins, but, as the researchers have demonstrated, via the coordination of lipids. "In the course of the study, we were able to show that the fusion and degrading activity of the vacuole in Vac8-deficient cells could be regenerated by the experimental addition of the membrane lipid building blocks oleic acid and glycerol," says Harald Platta. According to the researchers, this is why Vac8 plays a crucial role in the autophagic degradation of all tested substrates—cytosolic proteins, ribosomes and peroxisomes. Consequently, Vac8 appears not only to act as a simple adapter molecule between two membranes but may also define the composition of the surrounding lipids in order to prepare the contact between the two membranes. "This raises interesting new questions about the identity of the lipid types involved," as Harald Platta outlines potential future research questions.
Source: Ruhr-Universitaet-Bochum
Leading Turkish clothing retailer Kığılı will add three more stores to its existing chain of 98 stores abroad, the company said yesterday. Kığılı has accelerated its investments by targeting further growth at different points abroad, it said in a statement. The three new stores will be opened in Azerbaijan by the end of October, the statement added. Kığılı currently runs 225 stores in Turkey. The brand is looking to offer its rich product line at the three new stores at the capital Baku's two most popular shopping centers, Park Bulvar and Metropark. The other store will be on Elmler Street, one of the busiest streets in the city. Kiğılı CEO Hilal Suerdem said Azerbaijan is a country where consumer demand is high. "There is a great potential for Turkish investors here," he said. "Our goal now is to increase sales points in the Balkans and the Middle East. In 2020, major countries, including Germany, Canada, Italy and Russia will be among our target markets." Suerdem said. "We plan to open at least 10 new stores in the short term, particularly in Romania, Egypt, Kazakhstan, Albania, Kosovo, Serbia, Bosnia and Herzegovina, Qatar, Georgia, Iraq and Bulgaria. We aim to enter the 100th anniversary of the Republic with 100 new stores abroad. We want to integrate the perception of a 'men's clothing brand of Turkey' that we created in Turkey, with the perception of 'Brand Turkey,'" he added
Source: Daily Sabah
Texworld Paris and Texworld Denim Paris continue to be a dominant force when it comes to sourcing for fabrics, components, trimmings and materials for the clothing industry. This year, the events saw 1014 exhibitors from 25 countries. There has been growth in ranges for sustainable sourcing, especially noticeable at Texworld Paris, with almost 80 suppliers. “We are delighted with the choices we have made and with the momentum that we have been able to generate at this season’s show, which took place in a climate of economic uncertainty. For the past two years, we have assembled everything of importance under the marketing banner of The Fairyland for Fashion, in order to provide professionals with what they come to find at Texworld Paris. Our goal: to be at the forefront for design, implementation and trade, but also to lead the way in giving exposure to new methods of manufacturing textile products. The expectations for sustainable development and consumption that are expressed clearly in public opinion and the measures, which we started to implement in response with our exhibitors 10 years ago, are today evident on all levels of the fashion ranges at Texworld Paris. They are also manifest in every aisle, during discussions and at the lectures and they dictate what drives the markets,” explained Michael Scherpe, president of Messe Frankfurt France. The ranges for sustainable sourcing, especially noticeable this year at Texworld Paris, represented a selection, which is growing in size, of almost 80 suppliers, who offered fabrics with GOTS (Global Organic Textile Standard), Organic Exchange, Bluesign, SA8000 or WRAP certifications, as part of a very comprehensive choice of lines and materials. Yan Yan, director of the information centre for the Chinese textile industry, emphasised the development of ranges with certifications by Asian manufacturers: “The endeavours made over a number of years by the textile and clothing industry in the Far East are now helping to steer the nature of the global offer towards more sustainable products, in particular due to the importance of these companies in the market.” Special signage this year allowed visitors to identify added environmental value offered by exhibitors, depending on whether it related to eco-friendly or bio-based materials, environmentally friendly processes or certified social standards and fair trade, or all of these advantages together (eco-friendly materials and procedures plus social standards). The “Artisan” circuit, which was first introduced in February and which was packed during this autumn’s show, allowed buyers on the lookout for short runs to find suppliers whose offers matched their requirements and were frequently based on traditional craftsmanship. Texworld‘s artistic directors showcased the current styles at the show in two Trends areas, the general Trends Forum and the Sustainable Trends Forum, in order to demonstrate the creative capacity of exhibitors at Texworld Paris. Going by the name Réenchantement, the trends focussed on four themes: Apocalyptic Fascination, Immemorial Spell, Synthetic Dazzle and Astral Ecstasy. Both visitors and exhibitors signalled their approval. It allowed everyone to be organised and to explore the different trends presented at Texworld Paris from a purely creative angle in just one place. The trade fair presented an expression of diversity and creative progress that was popular with visitors. “The show enables me to find solutions for fabrics and materials that are right for me” stressed Agathe Coudert, director at Apostrophe George Rech Paris. “The work undertaken ahead of the shows for the preselection process provides an overview and saves a lot of time.” For Lamine Kouyaté, artistic director at the Malian label Xuly Bët, this perspective offered by Texworld Paris “gives an indication of the current situation in textiles and the strategies adopted by major contractors. It’s up to designers like us to interpret them.” The major players in the clothing sector for their part targeted their searches towards the additional services offered by the 29 exhibitors in the Elite segment. This area once again was a resounding success with buyers, in particular European ones, who recognised the quality offered by the selected exhibitors. These firms, known for their quality, competitiveness, responsiveness and services, are able to provide a response for the most cutting-edge and discerning markets for global fashion designer labels. There were seven newcomers, including six Turkish firms and one Chinese company. This blend of competitive and creative approaches was rounded off this year by a series of exhibitions, such as that devoted to the Dinan International Festival for Fashion Designers, where prize winners (Anaël Paris, Daniela Schmid and Damko) showed their collections in a fashion area. This extremely busy area also hosted the Replica exhibition, organised around a creative dialogue between students at Haute École des Arts du Rhin (HEAR) and Chinese clothing manufacturers. Supported by the Messe Frankfurt France trade fairs, the design students at HEAR presented the results of their discussions and their work with five Chinese clothing manufacturers, weavers and embroiderers, who were exhibitors at the Apparel Sourcing and Texworld Paris shows.
Source: Fibre2fashion
HCM CITY — The hottest fashion products and designs from exhibitors and rising designers from Việt Nam will be on display at Hong Kong's largest one-stop sourcing fashion show to be held from October 27-30. More than 35 leading Vietnamese designers and manufacturers of garments, textiles and fashion accessories as well as garment-related industries will be participating in the Global Sources Fashion Show in Hong Kong. The emerging Vietnamese fashion brands include B.store, Emwear, Haberman, Hồng Ty, Cocosin and Fashion Link, according to Global Sources, the event’s organiser. A fashion parade will be organised as part of the show exclusively for rising Vietnamese designers to showcase their latest fashion collections. In recent years Vietnamese fashion brands have strengthened their brands on the global fashion stage because of their "great design as well as OEM (original equipment manufacturing) capability", according to the organiser. Vietnamese exhibitors include members of the Việt Nam Textile and Apparel Association (VITAS), Việt Nam National Textile and Garment Group, and Handicraft and Wood Industry Association of HCM City. Vietnamese goods at the show will include apparel, fashion jewelry, underwear, swimwear, bags, luggage, scarves, footwear and fabrics. The fair will feature verified suppliers from major fashion manufacturing hubs, including Việt Nam, Mainland China, Hong Kong, Taiwan, South Korea, Bangladesh, India, Indonesia and the Philippines. More than 1,000 exhibitors worldwide are expected to promote their designs and brands at the four-day event. With over 2,000 booths of products, the fair is expected to welcome 12,000 buyers from 110 countries and territories. The event will also feature industry-related conferences, including a workshop on how to source effectively from Việt Nam, according to the organiser. Last year, the textile and garment sector earned US$36 billion from exports, up 16 per cent year-on-year, making Việt Nam one of the world’s three biggest exporters of textiles and apparel, according to VITAS. This year the sector has set a target of $40 billion in exports, up 11 per cent year-on-year. The sector has set a target of more than $60 billion worth of exports by 2025. The industry is expected to enjoy a trade surplus of $20 billion, and create jobs for 2.85 million workers. Textile exports during the first three quarters of this year reached $29.2 billion, a 9.1 per cent year-on-year increase, according to figures released by the General Department of Customs. Global Sources, a Hong Kong-based media B2B company, is a primary facilitator of global trade through use of its integrated online and offline services. — VNS
Source: Vietnam News
