INTERNATIONAL
Amazon India on Wednesday said it has inked an agreement with the Silk Mark Organization of India (SMOI).
As part of the Memorandum of Understanding (MoU), Amazon will launch an exclusive Silk Mark Store with Silk Mark labelled products through multiple sellers associated with the organisation, a statement said.
Through this collaboration, Amazon.in will have a significant impact on the lives of numerous weavers and craftsmen associated with more than 4,200 Silk Mark authorised users across the country, it added.
Amazon India will showcase over 3,000 products initially and customers will get access to Silk Mark assured genuine 100 per cent pure silk products like sarees, dress materials, salwar kameez sets, scarves, stoles, jackets, shirts, ties, among others, it said.
"The exclusive Silk Mark Store on Amazon Karigar and Amazon India bazaar is in line with the Go Digital mandate of the government and will help over 4,200 Silk Mark authorised users spread across India reach millions of Amazon customers," Central Silk Board CEO Rajit Ranjan Okhandiar said.
He added that through this association, Silk Mark authorised users can expand their trade and provide direct and indirect employment to many silk farmers, weavers and craftsmen working for them.
"In addition to this, it will also help ensure access to 100 per cent pure Silk Mark labeled products to millions of customers across the country," Okhandiar said.
Silk Mark certification is an initiative of the Central Silk Board, Ministry of Textiles. Silk Mark label is affixed only on pure silk products by the authorised users of Silk Mark.
Each label has a hologram and a unique number printed on it which helps the consumer trace the product back to the authorised user.
Sellers, who are part of SMOI, will be able to avail additional benefits by selling their products on the Amazon India marketplace including discounted referral fees, support with shipping and delivery of products, imaging and marketing support, technical training and business and sales support, the statement added.
"Artisans and weavers are a key part of our community and are in need of support to reach customers...The launch of Silk Mark labelled products through our association will enable thousands of weavers across India to sell online and reach millions of Amazon customers," Pranav Bhasin, Head - MSME Empowerment and Seller Experience at Amazon India, said.
In a separate statement, Amazon India said it has partnered HP GAS to simplify payments for gas cylinders.
Hindustan Petroleum Corporation Ltd (HPCL) and Amazon.in have partnered to provide customers the option to book and pay for their HP GAS cylinder refill, the statement said.
Customers can go to the Amazon Pay tab on the Amazon website/app, book the cylinder and pay using any digital mode such as UPI, credit cards, debit cards and net banking, it added.
Customers can also book and pay for their HP GAS cylinders by just asking Alexa, Amazon's digital voice assistant.
"Anticipating the latent needs of the customers and meeting them with continuous and sustainable improvements has been focal in delivering happiness to our customers. Our partnership with Amazon to facilitate HP GAS booking and payment online is another step towards bettering customer experience and furthering the Digital India initiative," Rakesh Misri, Director Marketing at HPCL, said.
SOURCE: The Business Standard
India’s economy stands poised to recover at a fast pace and reach pre-Covid levels by the end of this fiscal unless a second wave of cases is triggered by a fatigue with social distancing, the finance ministry said on Wednesday.
In its report for October, the department of economic affairs also said: “The continuous improvement in forward looking RBI indices of consumption and business sentiment for the next year augurs hope of a strong economic rebound.”
This is also corroborated by the International Monetary Fund’s (IMF’s) October 2020 projection of 8.8% real GDP growth for India in FY22, highest globally, it added.
For the current fiscal, however, the IMF has forecast a record 10.3% contraction for India.
The rise in high frequency indicators in October points towards “broad-based resurgence of economic activity”, the report said, citing healthy Kharif output, power consumption, rail freight, auto sales, vehicle registrations, highway toll collections, e-way bills, rebound in GST collections and record digital transactions.
“Rural consumption has stayed strong, in part helped by sustained MSP procurement of food grains by government at higher prices,” it said.
The report says a steady contraction of active Covid-19 cases and a low case fatality rate has “instilled measured optimism in India that the worst is behind us”.
At the same time, a second wave of the pandemic in advanced nations is a grim reminder of how reality hits back when caution is compromised.
The expected current account surplus during the year is likely to provide a cushion to increased spending in the economy.
Economic affairs secretary Shri Tarun Bajaj on Tuesday exuded confidence that the surge in a clutch of high-frequency indicators over the past two months will likely last beyond the festival season, seeking to remove doubts over its durability.
SOURCE: The Financial Express
The insolvency law committee and a group of ministers are considering various amendments to the four-year-old Insolvency and Bankruptcy Code (IBC), some of which are likely to be introduced in the upcoming Winter Session of Parliament, a senior government official told Business Standard.
The issues being taken up on priority by the committee, set up by the Ministry of Corporate Affairs (MCA), include introducing a pre-packaged scheme for corporate insolvencies, a special framework for micro, small and medium enterprises (MSMEs), and steps to reduce the delay in admission and disposal of cases.
“Amendments are always need-based and matters of urgent nature will have to be dealt with. Issues are being thrashed out by the committee which will make its recommendations soon... It is an evolving law,” the official said.
The committee is evaluating suggestions received from industry associations and the Insolvency and Bankruptcy Board of India (IBBI), according to the official.
Various sub-committees have also been set up by the MCA to look into framing rules to make the insolvency process of MSMEs smooth, and flesh out finer details of the pre-packaged scheme.
SOURCE: The Business Standard
An increase in rail freight collection, higher goods and services tax mop-up, rise in power demand and improved FDI inflows indicate that the economy was doing better in the second quarter of the current financial year, he said.
The pandemic-hit economy is coming back on rails at “more speed than expected”, Union minister Prakash Javadekar on Wednesday said citing factors like increased demand of power and higher GST collections.
An increase in rail freight collection, higher goods and services tax mop-up, rise in power demand and improved FDI inflows indicate that the economy was doing better in the second quarter of the current financial year, he said.
“…economy is coming on track at more speed than expected,” the information and broadcasting minister said while briefing reporters after a cabinet meeting here.
The increase in power demand was despite lesser consumption by the agriculture sector due to good rains and railways, which is not yet fully operational, Javadekar said.
“Despite these two facts, 12 per cent increase in power indicates a complete return to normalcy in the production sector,” he added.
The economy has dropped by a historic 23.9 per cent in the April-June quarter on account of the COVID-19 pandemic and subsequent lockdown to check the spread of coronavirus.
The RBI too has projected a contraction of 9.5 per cent in the current fiscal.
On Tuesday, Finance Secretary Tarun Bajaj too had said the Indian economy is recovering fast and will soon be back on rails as all parameters have started showing improvement.
The GST collection has touched Rs 1.05 lakh crore, almost 10 per cent higher year-on-year.
E-way bills (GST) have gone up almost 19 per cent in October and valued at 16.82 lakh crore. The railway freight was up by 15.5 per cent in September and almost 14 per cent in October.
The foreign direct investment during April-August was USD 35.73 billion.
The economic activity was hit severely following a strict countrywide lockdown to contain the spread of coronavirus in March. Since then the country has witnessed gradual unlocking and the economic activities have started picking up.
SOURCE: The Financial Express
While October data looked promising for exports, the situation will improve further in the coming months due to collaborative efforts of all the stakeholders, a top official of the Directorate General of Foreign Trade (DGFT) said on Wednesday.
Since April, when there was a huge downfall in exports, it has made good progress and is going to rise in the coming months, Director General of Foreign Trade Amit Yadav said while speaking to exporters through a virtual session.
The countrywide lockdown was imposed on March 25 to contain the spread of coronavirus infection. “COVID still continues. In the earlier part, times were challenging for exporters and importers. But the October data looks promising. With collaborative efforts, there will be better results,” Yadav said.
After recording positive growth in September, India’s exports declined 5.4 per cent to USD 24.82 billion in October on account of dip in shipments of petroleum products, gems and jewellery, leather, and engineering goods, the Commerce and Industry Ministry said on Tuesday. Yadav said that presently, availability of containers for exports is the biggest challenge the EXIM fraternity is facing.
He said that trade facilitators like ports are making their best efforts to make containers available to exporters. According to Yadav, the government has plans to create district export hubs for which a draft report has been prepared.
He said that this will require district-level data and export potential of products and the various bottlenecks that are being faced. Yadav said that the new Foreign Trade Policy will be implemented from April 2021 as the current one has been extended by one year.
Regarding the Merchandise Exports from India Scheme (MEIS), Yadav said although it is blocked at the moment, it will probably open shortly keeping in view the overall fiscal position of the country. The MIES is a scheme designed to provide rewards to exporters to offset infrastructural inefficiencies and associated costs.
The Commerce and Industry Ministry has blocked the online system for exporters to apply for availing tax incentives under the MEIS from July 23, as the Department of Revenue decided to limit the benefits under the plan at Rs 9,000 crore for April-December 2020.
SOURCE: India Sea Trade News
The rupee (INR) witnessed a volatile session on Wednesday, influenced by the developments in the US and it closed at 74.74, a loss of 0.5 per cent. However, today, the domestic currency has opened with a significant gap-up at 74.32 as the dollar declined overnight.
So, INR is currently trading above the support of 74.4 and if the positive momentum sustains, it can appreciate to 74.2 and then possibly to 74 – a key level. But if the rally does not sustain and if the rupee backtracks, 74.4 can provide a support. A breach of this level can pull the exchange rate to 74.6.
There was not much activity from Foreign Portfolio Investors (FPI) yesterday even as the market ended considerably higher. The net inflow stood at a meagre Rs 146 crore. Going ahead, if the FPIs continue their recent trend of buying domestic assets, it can increase the demand for the rupee.
Dollar index
The dollar index, that gained sharply during the earlier half of the session, erased most of its gains in the second half. That is, after registering a high of 94.3, it closed at 93.4. The index has opened flat today and is hovering at 93.4 where both the 21- and 50-day moving averages coincide.
If it declines from the current level, 93 could be the immediate support, whereas 94 would be a key barrier on the upside.
Trade strategy
The rupee opened on the front foot and is currently trading above the support of 74.4. As long as it remains above that level, the domestic currency can trade with a bullish bias. Considering this, traders can initiate fresh longs in the rupee for intra-day with a tight stop-loss.
SOURCE: The Business Line
Japanese apparel brand, Uniqlo has launched e-commerce operations in the Indian market. Launched on its first year anniversary in India, the shop from home services can be availed by customers via online.uniqlo.in, the retailer said in a statement.
“After a large number of requests from across the country about our products, we are happy to announce that now consumers can shop UNIQLO products from the comfort of their homes. With this service, we hope to provide more customers with iconic UNIQLO items like HEATTECH and Fleece jackets along with essential items like AIRism through our website to support their lives in this new normal. We will be delivering to people in more than 17,000 pin codes across the country,” said the release quoting Tohomiko Sei, CEO, UNIQLO India.
Uniqlo plans to offer 20,000 plus items including its flagship products such as ultra light down jackets, EZY jeans, heattech, fleece jackets and UT through its online service.
Source:Textile Today
A talk with industry stakeholders about the kidswear trends that will direct the post-pandemic market in the upcoming seasons, ranging from cozy classics to technical textiles to suit the demographics that is now bound to become the new normal of home-schooling and virtual playtime.
A segment that has recently been brought to the fore of fast fashion owing to the whopping numbers in profits and margins it garnered in the previous years as compared to its counterpart categories, the kidswear segment is a hot category every brand or retailer wants to either venture into or expand and diversify. In fact, as per Mordor Intelligence report of FY 2019, the global kidswear market was poised to grow at a CAGR of 8.76 per cent during the forecast period 2020-2025. That is, until a global pandemic brought the global markets to a stand and subjected children along with elderly to stay within the four walls more often than other age groups due to the mere tendency of being more prone to the contagious virus.
However, the market did not show as steep a decline as was predicted due to the power combination of two main reasons – the start of online schooling and classes that entailed students to dress up for next Zoom call, a trend that has bound to become the new normal as UNESCO reported over 60 per cent of the global student population are out of lessons as home-schooling and online learning are the new norm. Adding to this requirement of new clothing birthed out of want is the reason for extreme need as this consumer group is bound to grow in size every season, increasing the frequency of the buying cycle for the parents.
The back-to-school fashion cycle is also bound to get hit majorly, although NRF’s recent study indicated the expected spending for school and college combined to reach US $ 101.6 billion emblematic of the hot ongoing debate of whether coronavirus will be back with a surge in the coming months, leading to a certain amount of hope in both parents and kidswear stakeholders in the industry. Parents of the school-going children, however, are projected to spend less than they did in 2019 on clothing, which is down slightly to an average of US $ 234.48 from US $ 239.82 last year, which is why this prediction is shadowed by the fact that parents nowadays are more willing to spend on technology to equip their child for all modes of education and learning.
Similar hopes were seen in the Indian kidswear apparel industry, which was valued at US $ 14.9 billion in 2019, being a potential hub for the segment emblematic of a large population with increasing number of households with dispensable incomes. As lockdown lifted earlier this year and transitioned to the ‘Unlock’ stage, apparel retailers became more hopeful about the potential this segment holds, which was also witnessed as kidswear collections registered an overwhelming rise in the demand approximating to about 50 per cent just in the past couple of months. Vishak Kumar, CEO, Madura Fashion and Lifestyle, shared that the company has seen the demand of kidswear collections go up by three times as compared to the pre-lockdown period. Meanwhile, several small retailers and brands for kids are turning over their stocked inventory into products more suitable for the situation.
Steven Jhangiani, Founder/Designer, Kurtees India, a retailer that boasts of a diverse assortment of jersey kurtas and churidars for young boys and men, discusses the changes in the consumer buying choices and behaviour post COVID-19, “Buying has been very muted over the last few months. And it’s completely understandable as we move into a very uncertain economic phase, people are looking at ways in which they can reduce non-essential spending. The whole reset that world has undergone is making consumers very conscious of the planet and the impact we have on it. As we’ve seen in the past few years with the popularity of organic foods, customers are looking for other areas where they can contribute. Fashion is one of them.”
Source: Apparel Resources
The last two decades have been a tipping point for sustainability. To see how far the industry has come, and what matters for the future, Sorona, a DuPont’s brand of triexta, is reflecting on its history and reinforcing its commitment to enabling fabrics with exceptional performance and sustainability.
In 2000, the launch of Sorona as the world’s first 3GT polymer was a significant moment in sustainable textiles. It wasn’t until 2-years later that the USDA BioPreferred® program was initiated. Once it was, Sorona was one of the first 11 products approved. Leading into its introduction, Sorona underwent stringent testing for its performance and sustainability.
“We would only introduce a product to market if it performed better and met higher sustainability standards than the incumbent” says DuPont Biomaterials Global Marketing & Commercial Development Director – Renee Henze.
“There’s an opportunity for us to clarify the thought that biomaterials might not perform as well as many traditional options.”
In reality, Sorona® performs better and is more sustainable from its creation through the end of its lifecycle.
The development of Bio-PDO, the bio-based building block of Sorona, uses 30% less energy to produce and releases significantly less amount of greenhouse gas CO2 compared to nylon 6. Among its many uses, Sorona can be a replacement for nylon 6 in garments including swimwear and activewear.
Now, what’s next? Product innovation is one part of the sustainability picture. Upon its launch this past year, Sorona faux fur was awarded the ISPO Textrend “Best Product” in the Accelerated Eco category for the Fall/Winter 2021/22 season.
Sorona polymer fibers, that are made with 70 to 100 percent bio-based Sorona, it’s one of the first commercially available faux furs using plant-based ingredients. As the apparel industry pivots away from animal fur, this innovative product provides a thoughtful solution with a luxurious, premium look and feel for fashion apparel and accessories—such as the inside lining of a jacket, or the trim on a collar or earmuffs—and offers key performance attributes including warmth, design flexibility and dyeability.
Traceability and transparency are another essential part of sustainability. This year, Sorona introduced the Common Thread Fabric Certification Program. This program is the best way to meet that need and guarantee high performance and sustainability.
Source:Textile Today
Philippines based textile institute recently demonstrated their success of Natural Dyes Research and Development program. Department of Science and Technology of Philippines Textile Research Institute arranged a virtual presser with the theme ‘Capturing Colors: Philippine Natural Dyes’.
It was part of their promotion of Philippine Natural Dyes with sharing R&D accomplishments and its impact and highlighting opportunities and forwarding plans for the Philippine natural dyes industry.
The arrangement was participated by the natural dyes stakeholders from the academe, industry, communities, enterprises, government, and non-government organizations and the media.
It highlighted how PTRI’s natural dye technologies impacted the community-based enterprises, and Micro Small and Medium Enterprises (MSMEs). PTRI provided training and establishment facilities to the local weavers of some parts of the Philippines like Aklan.
The pineapple fabric producers achieved success by developing new product designs, generating extra-economic opportunities for the related markets. It increased income for the handloom weavers and the enterprises.
Another highlight was the DOST-PTRI Nat dyes center. It is located inside PTRI and is in service as the core facility for natural dyes and color innovation in the Philippines. The center aims to provide a continuous wave of dye and coloration technology all over the country by conducting a screening of new possible dye sources and giving support and technical assistance to local weavers.
Natural dye is in high demand in textile industries nowadays as its synthetic counterpart is convicted for environmental damage, health hazard and non-renewable and non-sustainable properties.
Source: Apparel Resources
