New Delhi, India is set to broaden the scope of its key Capital Goods Promotion Scheme, which has so far focused heavily on electrical components and automobile manufacturing. The government plans to extend support to sectors like pharmaceuticals and textiles under this scheme, reported ET. The move aims to provide a boost to capital goods manufacturing across a wider range of industries, stated a senior government official aware of the development. In addition to conventional sectors, the scheme will also cover new-age technologies, such as those used for electric vehicles, batteries, and robotics, as well as semiconductor-related applications. This aligns with India's Industry 4.0 plans and the push towards advanced manufacturing. The Capital Goods Promotion Scheme was launched in November 2014 with an initial outlay of Rs 995.96 crore. Its second phase commenced in January 2022 with a budgetary allocation of Rs 975 crore and an industry contribution of Rs 232 crore. The scheme is designed to bridge skill gaps, develop infrastructure, and address technology needs within the capital goods sector. The capital goods industry plays a crucial role in India's economy, contributing around 12 per cent to the country's GDP and providing 5.5 million jobs. Major segments within this sector include electrical equipment, process plant equipment, earth moving and construction machinery, machine tools, and textile machinery. Officials cite representations from various sectors seeking inclusion in the Capital Goods Promotion Scheme as the driving force behind this expansion. Currently, industries like mining, textiles, and pharmaceuticals approach their respective nodal ministries for support. The government may also consider revising the National Capital Goods Policy 2016 to align with the expanded scope of the promotion scheme.
Source: KNN
CHENNAI: India's textile exports took a hit for the second consecutive year in 2023-24 as geopolitical issues cast a shadow on the global economy. Exports stood at $34.4 billion in FY24, dropping over $1 billion (3%) against FY23. Compared to FY22's $41 billion, exports recorded 16.3% fall. In the overall textiles sector, the segment comprising cotton yarn, fabs, madeups and handloom products alone witnessed a significant YoY increase in exports by $740 million in 2023-24 over 2022-23 due to the surge in export of cotton yarn during the last fiscal. While North America topped the total textile exports at $11 billion, it is followed by Europe at $10 billion and West Asia and North African countries accounted for $4 billion, data available with NIRYAT portal of the Union ministry of commerce and industry revealed. Israr Ahmed, vice president, Federation of Indian Export Organisations (FIEO) said, the overall western economy has taken a hit, especially in terms of recession in some parts of the globe. "This has caused a drop in consumer confidence in those countries. The persisting Red Sea crisis has escalated sea freight by about 100%, while air freights have gone up by up to 200% due to the demand for ferrying goods through air cargo. However, the fall in textile exports is being corrected since the decrease in exports between FY22 and FY23 has reduced when compared with FY24," he told TOI. The knitwear capital of India, Tirupur, is feeling the pinch of it. Former president of Tiruppur Exporters Association Raja M Shanmugam says, exports from the textile hub have plunged from $4 billion in FY22 to $3 billion in FY24. "Our exports to the US and Europe has been affected as purchasing new value-added garments has become the least priority for customers particularly in Europe. The situation in Tirupur is worse than in Covid, which is unprecedented and unwarranted. Govt should announce Govt Emergency Credit Line Guarantee Scheme for the textile sector to prevent the MSMEs from exiting their business and moratorium for their dues for six months," he said. Readymade garments, which share 42% of the combined textiles exports, have decreased by 10% in FY24 over the previous year. Mithileshwar Thakur, secretary general, Apparel Exports Promotion Council said $14.5 billion worth of apparels were exported in FY24. "The past two months have seen a recovery despite global headwinds. The industry is bullish that the value of exports will reach $20 billion in the current fiscal because we are hopeful of FTAs signed between India, the UK and the EU," he added.
Source: Times of India
CHENNAI: The first Prime Minister Mega Integrated Textile Regions and Apparel (PM-MITRA) Textile Park in Tamil Nadu at Virudhunagar district, which was launched in 2023, will be developed as an integrated hub for value-added textiles and apparel industries. It is expected to generate two lakh job opportunities for the youths. The Union Government has announced that seven such textile parks will come up in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra. “Though the establishment of the parks was announced in seven states, the proposal given by the Tamil Nadu government was much earlier and the norms were accurate, it was selected,” a senior official from the State Textile Department told DT Next About the selection process, the official informed that after the eligible states and sites were evaluated using a transparent challenge method based on objective criteria taking into account a variety of factors such as connectivity, existing ecosystem, textile and industry policy, infrastructure, and utility services, Tamil Nadu was the first state to be selected for the scheme. Accordingly, Tamil Nadu State has provided contiguous and encumbrance-free land parcels of about 1,000 acres of land and will also facilitate the provision of all utilities, reliable power supply and water availability and wastewater disposal system, an effective single window clearance as well as a conducive and stable industrial and textile policy. “The project work has already started”, he said adding “Initially, the Ministry of Textiles will provide financial support in the form of development capital support up to Rs. 500 crore for the textile park.” The official said a part of mandatory support infrastructure, comprising facilities such as workers’ hostels and housing, the logistic parks’ warehousing, and medical and training facilities will also be supported by the development capital support.
Source: DT Next
There has been good market access offered on both sides but not enough to secure a free trade agreement (FTA), the UK government has said as Indian negotiators are in London this week to continue discussions with their British counterparts. During a debate in the House of Lords this week, UK Foreign Secretary David Cameron was addressing questions from British peers on the current state of freedom of religion or belief in India. The recent restructuring of the BBC to create a new Indian-owned entity in order to comply with the country's foreign direct investment (FDI) rules was flagged by Liberal Democrat peer Lord Jeremy Purvis, who questioned the level of market access being offered to India in the field of media, data and telecoms as part of the FTA negotiations. My understanding of where we are with the trade deal is that good market access has been offered on both sides, but not quite enough yet to secure a deal. It is important with such trade deals, as you only really get one proper shot at it, to make sure that it is a good enough deal that will be welcomed by industry leaders here in the UK as offering real market access, said Lord Cameron. It came as a team from India arrived in London to continue talks this week under the fourteenth round of FTA negotiations, which are aimed at significantly enhancing the GBP 38.1 billion bilateral partnership across different sectors. Specifically referencing the point on media access, Lord Cameron said he would have to look into the details, but his personal view was that we should open up media access on both sides to make sure we have a good plurality of media. Earlier this month, the BBC confirmed the launch of Collective Newsroom as an independent entity which will create programmes and content for the BBC as its first client. Lord Purvis questioned this necessity for Britain's public broadcaster to operate in India unlike in any other country, alluding to "harassment and intimidation" by authorities. My understanding is that India passed a law insisting that digital media companies had to be Indian-owned, and the BBC has had to restructure on that basis, Cameron said, noting that this was not the British way. "Nonetheless, that is the reason why the BBC has restructured, together with some disagreements with India," he said. Lord Purvis opened his question by referencing the Indian general election, the first phase of which gets underway on Friday, to describe them as a positive for the whole world. Cameron agreed with his characterisation of the rumbustious nature of Indian democracy: India should be proud of being the biggest democracy in the world. As with all democracies, there are imperfections as there are in our own country. We should celebrate the scale of India's democracy. Cameron opened the topic in the Upper House of the UK Parliament by laying out that India is a multifaith, multiethnic democracy and among the most religiously diverse societies in the world home to 966 million Hindus, 172 million Muslims, 28 million Christians, 20 million Sikhs, 8 million Buddhists and 4.5 million Jains. India is committed via its Constitution to freedom of religion and belief. Where specific issues or concerns arise, the UK government of course raise these directly with the government of India, he stated. Several peers, including British Sikh peer Indrajit Singh, raised concerns about freedom of religion and belief in India and highlighted the violence in Manipur as among the disturbing violations in this sphere. It is right to say that we should not downplay the religious aspects of some of this strife [in Manipur]. Sometimes it is communal, tribal or ethnic, but in many cases, there is a clear religious part of it. We should be clear about that, Cameron responded.
Source: Business Standard
Despite a challenging global scenario, India's economy has shown robust growth over the past year backed by sustained consumption and investment demand, a top Indian official told members of a World Bank committee here. The GDP growth estimate for the fiscal, which has been revised upwards from 7.3 per cent to 7.6 per cent in the second advance estimates, highlights the enduring strength and resilience of the Indian economy, India's Economic Affairs Secretary Ajay Seth said while addressing the Development Committee meeting here on Thursday. India grew above 8 per cent for three consecutive quarters of FY24, reaffirming its position as a standout performer amidst sluggish global growth trends, Seth said. He said that similar sentiments have been echoed by various agencies who have revised India's fiscal 24 growth estimate closer to 8 per cent. India's proactive stance on reform and investment in sustainable growth avenues sets a benchmark for emerging economies. The Indian delegation at the annual Spring Meeting of the International Monetary Fund and the World Bank is being represented at the official level this time. Union Finance Minister Nirmala Sitharaman is not attending the annual gathering of global financial leaders due to the ongoing Lok Sabha elections. Seth told the Development Committee that India's thrust on capex continued to crowd in private investment resulting in enhanced Gross Fixed Capital Formation (GFCF) at constant prices registering a growth above 10 per cent in FY24. India's inflation outlook appears positive with headline and core inflation trending downwards, indicating a broad-based moderation in price pressures, he said. Seth said that on the external front, the narrowing merchandise trade deficit and the rising net services receipts are expected to improve the current account balance in fiscal 2024. To catalyse and democratise the Artificial Intelligence (AI) innovation ecosystem in the country, the Centre has approved the India AI Mission with a budget outlay of INR 103 billion for building computing infrastructure, developing indigenous AI capabilities, streamlining access to datasets, attracting AI talent, and financing AI start-ups. The Mission aims to establish a robust AI ecosystem through strategic programmes and partnerships across the public and private sectors. The focus on infrastructure and technology is expected to propel India to stay on the curve of technological innovation, consolidate and solidify its position in the global supply chain, he said. Observing that the manufacturing sector registered double-digit growth in Q3 of 24 fiscal years, driven by a surge in investment, improved investor confidence, and strong domestic demand conditions, Seth said the year also saw continued strong growth in services, led by non-contact-intensive services sectors. Emphasising that India has the highest digital transactions globally with a share of 46 per cent of global real-time transactions in 2022, Seth noted that the monthly transactions for March 2024 stood at 13.44 billion totalling an amount of INR 19.78 trillion. The volume of UPI online transactions witnessed a 54 per cent YoY growth in Q3 FY24, which can be attributed to convenience, security, increased financial flexibility, and avenues in ease of spending for consumers, he said. Today this increased mobile connectivity and its linkage with the bank accounts has become an integral part of India's inclusive economic growth story with consumers, small traders, vendors, and vulnerable populations from the lowest rung of the society, being the key beneficiaries, he said. Seth told the Development Committee that reflecting India's bright economic stature and sustained growth in the global economic landscape, the Indian capital market has remained one of the best performing among emerging markets in FY24. Thanks to a robust investment climate and technology-anchored transparent trading system, the Indian equity market has witnessed a considerable increase in the number of dematerialisation (DEMAT) accounts in recent months, he said.
Source: Business Standard
Synopsis The trend continued into the fiscal year FY 2023-24 as well, available data from April 2023 to January 2024 painting a grim picture. India's exports to ASEAN amounted to USD 32,713.01 million during this period. New Delhi: India's trade deficit with the Association of Southeast Asian Nations (ASEAN) has surged, more than doubling since the implementation of the Free Trade Agreement (FTA) in 2010. According to figures released by the Ministry of Commerce and Industry, India's exports to ASEAN member countries stood at USD 25,627.89 million in the year 2010-11, while imports from these nations amounted to USD 30,607.96 million. However, the situation has deteriorated significantly over the past decade, with the deficit expanding at an alarming rate. In the fiscal year 2022-2023, India's exports to ASEAN countries were posted at USD 44,000. 42 million, but imports surged far ahead at USD 87,577.42 million during the same period. This surge in imports not only eroded the gains from increased exports but also exacerbated the trade deficit, raising concerns among policymakers and economists. The trend continued into the fiscal year FY 2023-24 as well, available data from April 2023 to January 2024 painting a grim picture. India's exports to ASEAN amounted to USD 32,713.01 million during this period. However, imports were recorded at USD 68,550.60 million. The growth in imports from ASEAN countries has outpaced India's export performance, raising concerns about the widening trade deficit and the need for a comprehensive examination of the underlying factors contributing to this disparity. Since the inception of the Free Trade Agreement (FTA) between India and ASEAN in 2010, bilateral trade has steadily expanded, reaching USD 131.58 billion in the fiscal year 2022-23, but trade deficit also expanded in favour of ASEAN countries. The ongoing review of the ASEAN-India Trade in Goods Agreement (AITIGA) aims to further enhance trade ties between the two regions in a balanced and sustainable manner, with both sides aiming to conclude the review by 2025. The discrepancy in trade performance can be attributed to various factors, including India's import policy evolution and tariff structures. India's transition from a restrictive trade policy regime to a more liberalized framework since 1991 has significantly influenced trade dynamics, leading to a surge in imports, particularly intermediate inputs. Expert says, Import tariff rates have undergone fluctuations over the years, with the introduction of the Goods and Services Tax (GST) in 2017 marking a milestone in trade policy reforms. While India has taken steps to streamline trade procedures and correct certain inversion of duties, challenges persist in achieving a more balanced trade relationship with ASEAN. The need for continued efforts to enhance export competitiveness, diversify export baskets, and address structural constraints in key sectors is paramount to narrowing the trade gap. Furthermore, the evolving global economic landscape and geopolitical dynamics necessitate a proactive approach towards fostering mutually beneficial trade relations between India and ASEAN. Collaborative initiatives aimed at promoting trade facilitation, enhancing market access, and fostering innovation and technology exchange are essential to harnessing the full potential of the India-ASEAN partnership. While India's trade with ASEAN has witnessed significant growth, the persistent trade imbalance underscores the imperative for concerted efforts to foster a more equitable and sustainable trade ecosystem between the two regions. Addressing the underlying structural challenges and leveraging opportunities for collaboration and mutual benefit will be pivotal in charting a path towards greater economic integration and prosperity.
Source: Economic Times
States like Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, Haryana, Punjab, Rajasthan, Delhi-NCR, Uttar Pradesh, Gujarat, Maharashtra and Madhya Pradesh boast of a strong textile and clothing industry. Almost half of India has a strong production base or marketing related to this segment. However, despite these factors, the industry catches the eyes of political parties only during elections. A major source of employment, this industry should be accorded top priority but none of the parties tend to do so; no party comes forward to resolve the myriad problems faced by the textile and clothing industry. Even if some parties and state governments do make some announcements, they fall short of expectations. Past initiatives like textile parks have hardly proved fruitful I have recently mentioned that the Central government has done a lot in the last decade for the textile and clothing industry but states only have specific policies to attract fresh investment or to get revenue but they tend to neglect manufacturing, whose facilities at the ground level are abysmal. One can argue that specific facilities or ensuring good basic infrastructure is a state subject, not the Federal government. But as a professional whenever I have listed most of the states or hubs where clothing factories, textile mills or marketing officers are situated, I faced a lot of challenges in terms of basic infrastructure. I would not name the specific state or city but, commonly, many of such cities and industrial areas do not even have proper roads, water-draining systems, uninterrupted power supply, and face a lot of such challenges. In some places it is difficult to even commute during monsoon. These kinds of issues may seem small but in day-to-day execution, they really matter. For example, India’s biggest clothing market Gandhi Nagar in Delhi and nearby areas are congested and lack basic resources like proper parking and other utilities. These markets have huge customers from all major cities. Though the local government announced some initiatives to develop the market a few months back, over the years this market has seen negligence. The kind of negative image these areas create is very bad from the business point of view. Due to lack of facilities, especially as regards manufacturing, workers and the professionals who commute daily to these areas with their limited resources, suffer the most One part of the country is adopting PM Mitra scheme and improved industrial areas with state of-the-art infrastructure but on the other hand already already-developed hubs are suffering from a dearth of basic amenities. This is like an increasing gap within the same industry. The requirements or needs vary from state to state. Accommodation facilities like dormitories or hostels for workers and continuous government support are crucial for the industry to sustain itself. A city, known for clothing manufacturing and having two other major industries in north India, is struggling for space to put up an exhibition. Unfortunately, no political leadership has addressed this pressing need of the industry. So state governments should come up with such facilities and election time is the best period to bring these issues to the notice of political parties that have the power to change. Most importantly, these improvements do not require heavy investment or some major policy change. The only requirement is a strong willpower and intention to support the industry.
Source: Bizz Buzz
ISLAMABAD: The country’s textile and clothing exports suffered a slowdown last month, reversing the trend of double-digit growth observed over the previous three consecutive months and indicating a decline in orders from international buyers. The sector’s exports showed a paltry growth of 3.29 per cent to $1.299 billion in March over $1.257bn recorded in the same month last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Thursday. On a month-on-month basis, the sector’s exports dipped 7.67pc. In 9MFY24, however, textile and clothing exports shrank 0.25pc to $12.444bn from $12.476bn in the same period last year. The decline in growth was attributed to rising production costs due to higher energy prices and a liquidity crunch. The textile industry has already warned the government that further decline is likely in case their grievances, including pending refunds, are not processed quickly. The PBS data showed exports of readymade garments rose 3.92pc by value in March and 19.39pc by quantity, while knitwear grew 8.12pc by value and 19.58pc by quantity. Bed wear posted a growth of 9.36pc and 18.15pc, respectively. Towel exports surged by 18.10pc by value and 22.39pc by quantity, whereas those of cotton cloth went up by 3.18pc and 29.63pc, respectively. Yarn exports fell by over 36.09pc in March over the same month last year. The exports of made-up articles, excluding towels, increased by 17.49pc, and tents, canvas and tarpaulin went down by 36.09pc in March. The import of textile machinery declined by 49pc in March, a sign that expansion or modernisation projects were not a priority. The import of synthetic fibre increased by 49.41pc, that of synthetic and artificial silk yarn by 36.07pc and other textile items by 98.06pc during the month. The import of raw cotton declined by 79.56pc. However, the import of second-hand clothes posted a growth of 29.49pc. In the first nine months of FY24, total exports increased by 9.01pc to $22.93bn over the same period last year.
Source: Dawn
In February 2024, the euro area reported a significant trade surplus of €23.6 billion with the rest of the world, a substantial increase from the €3.6 billion recorded in February 2023, according to the latest data from Eurostat, the statistical office of the European Union (EU). This improvement was driven by a marginal rise in exports, which totalled €235 billion, up 0.3 per cent year-over-year (YoY), and a notable decrease in imports by 8.4 per cent, standing at €211.4 billion. The EU also experienced a robust improvement in its trade balance, recording a €22.1 billion surplus in February 2024 compared to just €2.0 billion in the same month the previous year. EU exports slightly increased to €210.6 billion, up 0.7 per cent from February 2023, while imports saw a more significant decline of 9 per cent, amounting to €188.5 billion. For the first two months of 2024, the euro area's cumulative trade surplus was €35.2 billion, a reversal from the €28.4 billion deficit witnessed during the same period in 2023. Euro area exports edged up to €460.7 billion, a 0.6 per cent increase, while imports decreased sharply by 12.5 per cent to €425.5 billion. Intra-euro area trade also declined, down 6.2 per cent to €428.9 billion, as per Eurostat. In the same period, the EU turned around its trade performance, registering a surplus of €28.4 billion compared to a €36.6 billion deficit in January-February 2023. EU exports rose modestly to €409.8 billion, and imports plummeted by 14.2 per cent to €381.4 billion. Looking at the month-over-month (MoM) seasonally adjusted data, the euro area saw a slight dip in exports by 0.2 per cent while imports increased by 4.2 per cent, resulting in a seasonally adjusted trade balance of €17.9 billion in February 2024, a decrease from €27.1 billion in January. The EU also reported changes in its seasonally adjusted figures, with exports rising by 0.5 per cent and imports growing by 5.4 per cent, leading to a trade balance of €14.8 billion, down from €24.1 billion the previous month. Over the past three months, seasonally adjusted data reveals that exports in the euro area have risen by 0.4 per cent while imports have fallen by 3.0 per cent. The EU saw a similar trend, with exports increasing slightly by 0.3 per cent and imports also decreasing by 3.0 per cent, compared to the September-November 2023 period.
Source: Fibre2fashion
The Purchasing Managers’ Index (PMI) for both manufacturing and services sectors in Sri Lanka has demonstrated consistent expansion.
As per the SL Purchasing Managers’ Index (Manufacturing and Services) of statistics department of the Central Bank of Sri Lanka, in March, the manufacturing sector PMI surged to 62.5, marking a substantial increase from February’s 56.0 index points, indicating a robust pace of expansion and the sector’s strongest performance in three years. The manufacturing sector’s buoyancy is attributed to strong performances across all sub-indices, particularly driven by new orders and production in food and beverage, as well as textile and apparel industries even as optimism prevailed among manufacturers, notably in anticipation of upcoming festive season. Similarly, the services sector PMI soared to 67.7, significantly up from February’s 53.0 index points. The expansion in both sectors signals a positive trajectory for Sri Lanka’s economy, suggesting a strong recovery from the crisis.
Moreover, the decline in prices during March reflects lower-than-expected inflation, further supporting economic stability even if looking ahead, despite a temporary slowdown in April following the seasonal peak, manufacturers maintained positive outlooks for the next three months. Similarly, the services sector witnessed a surge in activity, spurred by festive demand in wholesale and retail trade. Meanwhile, financial services benefited from the central bank’s accommodative monetary policy, evidenced by easing financial conditions and declining borrowing rates even as accommodation, food and beverage, as well as transportation and professional services, also contributed to the sectoral growth.
Source: Fibre2fashion
The Fabrics, Accessories & Beyond Show 2024 (FAB Show 2024), hosted by the Clothing Manufacturers Association of India (CMAI), wrapped up its 4th edition on a successful note consequently boosting Textile industry sentiments with exceedingly high business prospects. The three-day event, which took place from April 15 to April 17 at the Bombay Exhibition Centre, Mumbai, outperformed industry expectations with an estimated business generation of more than ₹2,100 crores. The trade show successfully attracted 10,200 trade visitors from 320+ cities across India which included over 1,500 elite platinum buyers. Moreover, overseas buyers from 16 countries mainly Bangladesh, UAE, Bahrain, Egypt, Russia, Hong Kong, USA, Kenya, Sri Lanka and Nepal also visited the show. The presence of sourcing heads from renowned brands and retail majors like Aditya Birla Fashion & Retail, Bestseller, Gokaldas Exports, Kora, Mufti, Pepe Jeans, Reliance Brands, Shoppers Stop, Soch, Stori, Spykar, Westside and many others further boosted industry confidence thus reflecting the event's importance as a prime sourcing platform. Speaking about the success of FAB show, Rajesh Masand, president, CMAI expressed, “The impact of this grand sourcing event will resonate across the garment industry supply chain, promising not only immediate business but also long-term strategic developments and new sourcing relationships for all stakeholders involved. The remarkable success of this year's show reflects a buoyant industry outlook, fuelling optimism for a robust recovery in the upcoming seasons. This resurgence comes at a crucial time as our industry was stressed with tepid demand and recent challenges like the amendment affecting MSME payments. With the positive momentum generated by the FAB Show, there is a renewed confidence that the industry outlook will soon be back on growth path.” This year's FAB Show was a focal point for industry Innovation and Sustainability, showcased by over 200 domestic exhibitors, including major names like Grasim, Arvind, Siyaram’s, Gokul Print, Jindal, Banswara Syntex, Ruby Mills, Bhagwan Enterprise apart from many MSME’s. Noteworthy participants from diverse sectors such as fabric suppliers, accessories manufacturers and software developers demonstrated their latest offerings and services to a discerning audience.
"FAB Show 2024 has set a new benchmark for success in the textile & apparel industry, reflecting our commitment to driving growth and sustainability," said Naveen Sainani, chairman FAB Show, CMAI. The Sustainability zone was a major attraction at the fair which showcased fabrics crafted from waste, recyclable materials and educated about benefits of waste water management promoting innovation & circularity which is a cornerstone of CMAI’s holistic strategy to engage, educate, and inspire the garment industry. He further elaborated “Our environment is changing and if the world can’t avoid deforestation, we need to invest in reforestation. On behalf of the 2876 visitors who pledged to voluntarily become earth warriors, CMAI will be planting 2876 tree saplings to create a healthier environment, fight climate change, and protect biodiversity”. The Surat Pavilion organised by the Southern Gujarat Chamber of Commerce & Industry (SGCCI) showcased over 40 leading fabric manufacturers for the fourth consecutive edition of FAB. One of the key reasons for the popularity of the Surat pavilion amongst the visitors is their ability to present the latest trends and understand the needs of the garment industry. Speaking about the current business landscape, Siddharth Dhawan, director, Gokul Tex Print – a leading fabric manufacturer from Surat, expressed, “We have seen a steady growth over the last year, which slowed down in the last few months due to the MSME payment amendment that came in. This year, we are confident that starting June till December, signs of growth will become evident as we deliver the merchandise to manufacturers, which they will provide in the market.” Another participant, Ritesh Patel, director, Surbhi Textile Mills from Surat said “We received an extraordinary response for all of our products and the presence of buyers from all across the country gave us a great exposure. We are looking forward to participate in the next CMAI show”.Speaking about their business outlook, Murugan Thenkondar, president – marketing & global head – Business Development, Aditya Birla (Cellulosic Fibres) stated “The export market is facing lot of turbulence currently and our domestic market has been growing steadily which is the reason we are exhibiting here. CMAI has been highly successful in presenting the textile value chain to participate mainly cloth manufacturing brands, yarns, weavers, knitters, spinners and fibres thus offering a one-stop-destination to meet sourcing requirements. Distinguishing from other fairs, FAB is an excellent annual platform for the domestic customers and we are seeing a lot of positive energy at the show”.
Sailesh Kukreja, managing director, Bhagwan Enterprise from Mumbai elatedly said “We thank CMAI for implementing innovative measures to ensure the presence of buyers from across the country that made the fair a thrilling success. The exhibition was well organized and the on-spot visitor registration process was very swift. The overall publicity campaign was very well designed and consistently created a buzz on social media. We look forward to participate in all upcoming CMAI fairs and hope for a grander success”. Speaking about Sustainability, J.P. Singh, director, Ramtex - Parmeshwari Silk Mills from Ludhiana said, “We are committed to Sustainability and have adapted eco-friendly processes to save approximately four lakh litres of water daily. It is heartening to see that consumers are getting more environment conscious by the day and are preferring eco-friendly fabrics such as ours. Our main markets have been Punjab, Haryana and Delhi; however, we have started receiving increased demand through our distributors from Mumbai, Pune, Hyderabad, Chennai, Bengaluru, Kolkata and Indore too.”
Source: Fibre2fashion
