INTERNATIONAL
Modi said under the Swamitva scheme, farmers will be issued property cards, which will not only help them get loans, but the "game of grabbing their properties will also end".
Prime Minister Narendra Modi on Monday made a fervent appeal to people to promote ‘local for Diwali’ big time and buy local products this festival season, saying it will give a new boost to the economy.
He also spoke about the agriculture reforms introduced by the government, saying they will connect farmers directly to the market and “send middlemen out of the system”.
While inaugurating and laying foundation of various projects worth Rs 614 crore for his Lok Sabha constituency, Varanasi, via video conferencing, he said buying local products will not only strengthen local identity but will also brighten up Diwali for those who make them.
Extending festival greetings to the people, he said, “You are seeing today that along with vocal for local, the mantra of local for Diwali is resonating everywhere.” “Celebrating Diwali with local will give a new boost to the economy. I would like to say to the people of Varanasi and all countrymen that promote ‘local for Diwali' big time,” he said.
“When every person will buy local products with pride, will talk about local products, hail them and take the message to others that our local products are so good, this message will go far,” Modi said.
“Going for local doesn’t mean only purchasing ‘diya’ but everything you use in Diwali. It will encourage those making them," the prime minister said and added in a lighter vein that by going local he doesn’t mean “throwing things you have bought already in the River Ganga”.
Highlighting various schemes launched by the government, Modi said under the Swamitva scheme, farmers will be issued property cards, which will not only help them get loans, but the “game of grabbing their properties will also end”.
“The agriculture reforms will give direct benefit to farmers. They will be directly connected to the market and the middleman will be out of the system. The farmers of Purvanchal (eastern Uttar Pradesh) will also be benefitted from this," he said.
The prime minister also said that Varanasi is witnessing all-round development in all sectors and this is giving a new identity to the city.
"The development in Varanasi is not only helping the people of Purvanchal, who now will not have to go to Delhi for their works, but also helping people from other parts of the country," he added.
SOURCE: The Business Standard
Countries will host technology sessions for ecosystem connects, exchange of ideas and people, and deliberations on policy environment. Minister-level delegations from key GIA partner countries are expected throughout the summit.
The track will also see government-to-government meetings and MoUs to activate projects for skilling, R&D and start-ups.
Karnataka has created a dedicated track for global innovation alliance (GIA) sessions for its flagship tech event, Bengaluru Tech Summit, which will be held virtually for the first time this year from November 19 to 21.
Countries will host technology sessions for ecosystem connects, exchange of ideas and people, and deliberations on policy environment. Minister-level delegations from key GIA partner countries are expected throughout the summit. The track will also see government-to-government meetings and MoUs to activate projects for skilling, R&D and start-ups. Australia, France, Germany, Israel, Netherlands, Switzerland and UK are among the 25 countries expected to participate.
Speaking at an event ahead of the summit, Dr CN Ashwath Narayan, deputy chief minister and minister for IT, BT and S&T, said, “Today, Bengaluru is widely cited as one of the fastest-growing technology and start-up hubs in the world, counted amongst the likes of New York, Tokyo, London, Beijing and Tel Aviv.”
He said that to ensure that Karnataka maintains its lead position in innovation, science and technology, the department of electronics, IT, BT and S&T has embarked on developing global innovation alliances with innovation hubs of the world.
The state government is expected to sign seven MoUs with GIA partner institutions.
Speaking about one such MoU, Gert Heijkoop, Consul General of Netherlands for Southern India, said, “Karnataka is a valuable partner for the Netherlands in India in a number of fields, all of them related to hi-tech. The Hague Business Agency will launch a digital soft-landing programme for Indian start-ups, during this year’s [Bangalore Tech Summit]. This programme will enable some 50 Indian tech start-ups to take their technology to Europe. In addition, two MoUs will be signed in the areas of cybersecurity and agri-tech, where both sides will be working together on mentorship, honing skills, start-ups, and R&D.”
Another MoU, between the Centre for Excellence of Data Science and Artificial Intelligence, Karnataka, and Business Finland, will focus on bilateral market access for start-ups, joint research programmes for societal good and mutual student and faculty exchange programmes.
The Centre of Excellence for Agri Innovation, housed at the Centre for Cellular and Molecular Platforms (C-CAMP), will sign an MoU with the World Startup Factory in the Netherlands, with focus on a virtual market access programme for growth-stage start-ups to explore global markets. The MoU will also chart deliverables regarding mentorship connects and mutual industry facilitation.
The department of electronics IT BT and S&T and the department of commerce and industry will jointly sign an MoU with Indiana Economic Development to work on projects in electric vehicles, and medical devices and healthcare. The MoU will be signed for a period of five years.
Delegates who will address the three-day virtual gathering include Annika Saarikko, minister of science and culture, Finland; Karen Andrews, minister for industry, science and technology, Australia; Lord Tariq Ahmad, minister for South Asia and the Commonwealth, UK; Andreas Pinkwart, minister of economic affairs, innovation, digitalisation and energy of the Federal State of North Rhine-Westphalia, Germany; and Cedric O, secretary of state for the digital sector of France.
The event will see more than 100 start-ups, over 4,000 business delegates and more than 40,000 visitors. The summit will also feature multi-track exhibitions, panel discussions, bio partnering, poster sessions, national and global alliances and quiz programmes.
SOURCE: The Financial Express
It, however, could not hold on to the gains and finally settled at 74.15 against the greenback, 7 paise lower over its previous close.
The rupee gave up intra-day gains to settle 7 paise lower at 74.15 against the US dollar on Monday, tracking weaker Asian peers against the greenback. Higher crude oil prices also put pressure on the Indian currency. At the interbank foreign exchange, the domestic currency opened higher at 73.95 a dollar and gained further strength to touch a high of 73.83 during the day.
It, however, could not hold on to the gains and finally settled at 74.15 against the greenback, 7 paise lower over its previous close.
Forex traders said that the rupee declined in spite of record buying in equities as strengthening US dollar against key rivals in Asia and elsewhere turned sentiment unfavourable in domestic forex market. The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.14 per cent to 92.35.
Brent crude futures, the global oil benchmark, rose 2.15 per cent to USD 40.30 per barrel.
Sriram Iyer, Senior Research Analyst at Reliance Securities, said, the rupee is likely to “appreciate marginally over the next few days amid portfolio flows into the domestic markets and a weaker US dollar. The only factor limiting the gains of the currency will be RBI coming in and mopping up the flows.”
Exchange data showed that foreign investors bought equities worth Rs 4,548.39 crore on a net basis on Monday.
On the equity market front, the BSE Sensex ended 704.37 points or 1.68 per cent higher at 42,597.43 — its record closing high. Similarly, the broader NSE Nifty ended at a lifetime high of 12,461.05, up 197.50 points or 1.61 per cent.
SOURCE: The Financial Express
Eleven manufacturing value chains in India have strong potential to operate in international markets, boosting India’s power and providing long-term employment and skill pathways to several Indians. With relevant reforms and complementary actions by manufacturing companies, it is estimated that these 11 manufacturing value chains can generate about $320 billion more in gross value added within the next seven years, said a McKinsey report. About 80 percent of that GVA potential resides in six value chains which are chemical products and petrochemicals; agriculture and food processing; electronics and semiconductors; capital goods and machine tools; iron ore and steel; and automotive components and vehicles.
The report added that these 11 value chains can foster India’s growth as they are well-positioned to capitalize on India’s advantages in raw materials, manufacturing skills, and entrepreneurship. It further said that they can also tap into four market opportunities which are export growth, import localization, domestic demand, and contract manufacturing. The new industrial policy is also attributed to the potential these value chains hold.
However, the report underlined that the manufacturing sector needs to specialize to become India’s economic growth engine. India’s manufacturing growth has been slower than expected in the past and is believed to be a country. From FY06 to FY12, India’s manufacturing-sector GDP grew by nearly 9.5 percent on-year. But, over the next six years, the growth fell to 7.4 per cent. This year, manufacturing generated 17.4 percent of India’s GDP, which is a little more than the 15.3 per cent it had contributed in 2000, showed the McKinsey report.
It is to be noted that Vietnam’s manufacturing sector more than doubled its share of GDP during the same interval. While the manufacturing sector has the potential to generate jobs on a high-scale, the share of employment increased by just 1 percentage point in the last 13 years, compared with a 5 percentage point increase for the services sector. In a previous report, the firm mentioned that India needs rapid GDP growth to create at least 9 crore non-farm jobs by 2030.
SOURCE: The Financial Express
INTERNATIONAL
Oil prices dropped on Tuesday as concerns over fuel demand in the near term in coronavirus-hit Europe and the United States returned to haunt the market after an overnight surge on progress towards a COVID-19 vaccine.
U.S. West Texas Intermediate (WTI) crude futures fell 60 cents, or 1.5%, to $39.69 a barrel at 0139 GMT, while Brent crude futures fell 54 cents, or 1.3%, to $41.86 a barrel.
Both benchmark contracts jumped 8% on Monday in their biggest daily gains in more than five months after drugmakers Pfizer PFE.N and BioNTech 22UAy.F said an experimental COVID-19 treatment was more than 90% effective based on initial trial results.
“A viable vaccine is unequivocally game-changing for oil - a market where half of demand comes from moving people and things around,” JP Morgan said in a note
“But as we have written previously, oil is a spot asset that must first clear current supply and demand imbalances before one-to-two-year out prices can rise.”
Rystad Energy said lockdowns in Europe could result in the loss of a further 1 million barrels per day of oil demand by the end of this year, while it would take several more months before a vaccine would be available.
“The fast-tracking of multiple vaccines doesn’t mitigate the risk that many U.S. states will have to return to some form of lockdown this autumn/winter,” Rystad Energy’s head of oil markets Bjornar Tonhaugen said.
U.S. oil inventory numbers are due on Tuesday from the American Petroleum Institute, and on Wednesday from the Energy Information Administration.
Five analysts polled by Reuters estimated, on average, that U.S. crude stockpiles fell by 1.3 million barrels in the week to Nov. 6.
uesday’s oil price decline was tempered by comments from Saudi Arabia’s energy minister, who said on Monday the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, could tweak their supply cut pact if demand slumps before the vaccine is available.
OPEC+ agreed to cut supply by 7.7 million barrels per day from August through December and then ease the cut to 5.7 million bpd from January.
“If the oil market continues to rally between now and the OPEC+ meeting at the end of the month, it could prove self-defeating, as some members may grow more reluctant to roll over current cuts into next year, leaving the market vulnerable over the first quarter of next year,” ING economists said in a note.
SOURCE: https://in.reuters.com/
U.S. Trade Representative Robert Lighthizer on Monday expressed disappointment about the European Union’s decision to impose tariffs on U.S. planes and other goods, but refrained from threatening to respond with further U.S. action.
The EU on Monday said it would impose tariffs on up to $4 billion (£3 billion) of U.S. planes and other imports in retaliation for U.S. subsidies for Boeing BA.N, following a green light given by the World Trade Organization last month.
Lighthizer last month had said any move by Brussels to impose tariffs would force a U.S. response, but a brief statement issued late on Monday contained no such threat, and his office said the two sides were in negotiations to resolve the longstanding dispute.
“The United States is disappointed by the action taken by the EU today,” he said. “The EU has long proclaimed its commitment to following WTO rules, but today’s announcement shows they do so only when convenient to them.”
Washington argues that the alleged subsidy - a Washington State tax break - was repealed seven months ago, removing any legal basis for the EU measures.
Brussels says only the WTO can determine whether members have complied with its rulings.
EU officials underscored their desire to settle the 16-year dispute with the United States, arguing that China and other competitors are the chief beneficiaries.
SOURCE: Reuters
UK waste recycling charity WRAP has today announced the first batch of companies and organisations to join its Textiles 2030 voluntary initiative, with Next, Primark and John Lewis amongst the retailers to have pledged their allegiance ahead of its April launch.
The introduction of this initiative comes as WRAP releases the findings of new consumer research which suggests that more than half of the population (63 percent) now deem the environmental impact of their clothes as ‘severe’.
By aligning with the Textile 2030 programme, WRAP says fashion firms have the opportunity to pivot their operations from a linear make-use-dispose model to one which is circular, and champions a ‘target, measure and act’ approach.
Source:Eco Textile
Cone Denim®, a global leader in denim authenticity and sustainable innovation, is excited to launch the newest in denim innovation – the Self-Clean Jean. In partnership with Noble Biomaterials, the global leader in antimicrobial and conductivity solutions for soft-surface applications, Cone Denim has developed its newest denim fabric using Noble’s Ionic+™ technology, which harnesses the power of positive ions embedded in yarn fibers to inhibit the growth of bacteria and microbes on the surface of fabric. Through this advanced technology, Cone has created sustainable protection for jeans that remain clean and odor-free, thus reducing the need for frequent washing.
‘Cone remains committed to being a leader in the development of sustainable denims and working with likeminded partners to identify and lead initiatives to create more sustainable, responsibly produced denims,’ said Steve Maggard, President of Cone Denim. ‘We are very excited to be the first to bring together the advanced science of Ionic+ with Cone’s authentic denim, creating another industry first in sustainable denim innovation.’
‘Consumers today are looking for apparel that provides not only comfort, but also hygiene benefits,’ said Joel Furey, CCO of Noble Biomaterials. ‘We’re very pleased to be partnering with Cone Denim to incorporate our Ionic+ technology into this innovative, sustainable denim that provides long-lasting antimicrobial protection.’
The newest Cone denim with Noble’s Ionic+ silver technology was designed with sustainability and protection at its core. Ionic+ uses positively charged ions found in nature to disrupt the growth of microbes on Cone’s fabric, promoting self-cleaning to eliminate odors. Silver ions are permanently incorporated within the fibers and the fabric requires no additional chemistry or finishing process that could be washed or worn out. The performance lasts the lifetime of the garment, resulting in fewer needed washings and reduced water consumption and energy use. The denim is also dyed using one of Cone Denim’s Distilled Indigo (pre-reduced) shades, which offers additional water, energy and chemical savings.
Noble Biomaterials is a bluesign® System Partner and Ionic+ fibers and filaments have received OEKO-TEX® Standard 100 accreditation, which certifies that they support human ecology through biocompatibility and the absence of harmful substances in the manufacturing process.
Pierette Scavuzzo, Director Product Design for Cone Denim added, ‘The Self-Cleaning Jean is a game-changer. The fabric is versatile in a 10.5 ounce weight with 44 percent stretch, incorporating a well-balanced yarn character and a very soft hand. Combine this superior comfort with silver, odor-free technology and its many sustainable benefits that promote resource savings and you have your favorite go-to jean.’
Cone Denim is launching the Self Clean Jean in our Spring / Summer ’22 collection which debuts next week in conjunction with the Kingpins Amsterdam virtual trade show.
Source:Textile Focus
