The Mission Steering Group under the chairmanship of Union Minister of Textiles has approved 19 research projects of value appox. INR 21 Cr. across different fields of Technical Textiles under the National Technical Textiles Mission. The research projects were approved across key strategic areas of composites, geo textiles, smart textiles and machineries etc. in the 9th Mission Steering Group meeting. The approved projects were proposed by eminent research bodies and institutions including Indian Institute of Technology, National Institute of Technology, and Council of Scientific & Industrial Research etc. The Union Minister also reviewed the progress on R&D, promotion and market development, export promotion and education, training and skill development under the Mission. The Union Minister reviewed 27 applications from 16 public and 11 private institutes which were earlier approved for introducing papers on technical textiles, procuring lab infrastructure and training of trainers across different application areas. He also reviewed Internship initiatives and skilling initiatives taken by the Ministry under the Mission. Member NITI Aayog, Principal Scientific Adviser, Chairman ISRO, and senior officials from Department of Science & Technology, Department of Agriculture & Farmers’ Welfare, Ministry of Road Transport and Highways, Ministry of Micro Small and Medium Enterprises, Department for Promotion of Industry and Internal Trade, Ministry of Heavy Industries, Ministry of Skill Development and Entrepreneurship, Ministry of Health and Family Welfare, Railway Board, Ministry of Water Resources, Ministry of Defence, and eminent members from industry and associations attended the meeting.
Source: India Education Diary
India has announced two additional ports for the export of essential commodities from India to the Maldives for the financial year of 2024-25. The two new ports announced are namely: Kandla Sea (INIXY1) and Vishakhapatnam Sea (INYTZ1). "Government of India has announced the inclusion of two additional ports for export of essential commodities from India to the Maldives for FY 2024-2025," the Indian High Commission in Maldives said in a post on X. Kandla and Vishakhapatnam Customs Sea ports have been added to the list of ports allowed for Export of Essential Commodities. This is in addition to four ports which were already in use. "In exercise of the powers conferred by Section 3 read with Section 5 of the Foreign Trade (Development & Regulation) Act. 1992. read with paragraph 1.02 and 2.01 of the Foreign Trade Policy (FTP) 2023, as amended from time to tone, the Central Government hereby amends Notification No 06/2023 dated 15 04 2024 incorporating (2) additional Ports for Export of Essential Commodities under Prolebitec V Restnctorl category to the Republic of Ma dives during the period FY 2024-25," the official notification read. "Kandla and Vishakhapatnam Customs Sea ports have been added to the list of ports allowed for Export of Essential Commodities, which are under the Prohibited/Restricted category to the Republic of Maldives for the fiscal year 2024-25. This is in addition to the (4) ports listed in the earlier Notification No 062023 dated 15th April 2024," it added. Earlier on Wednesday, Maldives President Mohamed Muizzu sent a condolence message to Prime Minister Narendra Modi over landslides in Wayanad, which has killed over 200 people and injured several more. Muizzu expressed profound sorrow upon learning of the Wayanad landslide and described the extensive loss of lives, livelihoods, and devastation caused by this disaster as an 'unimaginable tragedy'.
Source: Business Standard
Commerce and Industry Minister Piyush Goyal on Wednesday expressed hope that steps such as focus on self-sufficiency, technology, stronger currency and fundamentals would help India become a $55-trillion economy by 2047. He said that the government is also focusing on areas such as moving from oil to electric vehicles and bringing quality in the manufacturing. He was replying to a question about feasibility to reach $55 trillion economy by 2047, which is the theme of K V Subramanian's book Bharat@100: Envisioning Tomorrow’s Economic Powerhouse. "All this will collectively help us and a stronger currency...stronger fundamentals of economy from where we are today and hopefully will help us to (reach) $55 trillion economy," he said. Goyal added that EV focus, and reduction in imports of goods, oil seeds, rubber and pulses would help further strengthen the domestic currency.
Source: Business Standard
Global brands such as Marks & Spencer, Next, Decathlon, Primark, GAP, Walmart, Pepco, and Tesco are planning to increase their sourcing from India. Export orders from Tiruppur had decreased over the past three years as two major buyers, the US and Europe, had reduced their purchases due to a recession triggered by the pandemic and the Russia-Ukraine war. Moreover, changes in customs duty in the Union budget are expected to significantly benefit Tiruppur, a textile production hub in Tamil Nadu. Tiruppur is already experiencing a surge in orders, with some global brands shifting their purchases from Bangladesh because of disruptions caused by social unrest there. KM Subramanian, president of the Tiruppur Exporters Association (TEA), noted that brands with origins in other countries but a presence in Australia, such as Kmart and Target, are also purchasing large quantities of garments from Tiruppur to capitalize on the India-Australia Free Trade Agreement (FTA). Additionally, Australian brands like BIG W and Woolworths are placing orders following the FTA. Subramanian mentioned that all global brands had conducted social audits of the factories before placing their orders. They had evaluated the living conditions of the workers and the environmental practices of the factories. Based on these assessments, they decided to place orders with Tiruppur, with brands such as Next, Decathlon, and Polish brand Pepco now sourcing from the region.
Source: Indian Textile Journal
Synopsis Facilitated by the CEPA, he observed that the South Asian country's gems and jewellery, pharmaceuticals and fruits and vegetables exports to UAE rose massively, recording a growth rate of 64 per cent, 39 per cent and 35 per cent respectively. Vijayawada, The Ambassador of the United Arab Emirates to India, Abdulnasser Alshaali, on Thursday said here that bilateral trade between the Middle Eastern country and India rose by 15 per cent to USD 83.6 billion in fiscal 2023-24, powered by the Comprehensive Economic Partnership Agreement. Alshaali noted that the deal inked in May 2022 propelled trade from USD 73 billion in FY 2021-22 to USD 83.6 billion by streamlining trade processes, reducing tariffs and creating more robust pathways for businesses to operate across borders. "The positive impact of the Comprehensive Economic Partnership Agreement (CEPA) is highly visible when considering the growth in bilateral trade between the UAE and India...This is a significant achievement that underlines the transformative benefits of the CEPA and the strong prospects for further growth in the UAE-India economic partnership," Alshaali said in an interaction with reporters. According to the Ambassador, UAE has set a target to achieve USD 100 billion worth of non-oil bilateral trade with India by 2030. Facilitated by the CEPA, he observed that the South Asian country's gems and jewellery, pharmaceuticals and fruits and vegetables exports to UAE rose massively, recording a growth rate of 64 per cent, 39 per cent and 35 per cent respectively. Calling CEPA as only the beginning, the Ambassador said there is considerable potential to further enhance trade ties and added that the UAE is eliminating tariffs on a total of 7,581 Indian products in the coming years. Alshaali said these products account for 99 per cent of India's exports to the UAE in terms of value and added that tariffs were already eliminated for over 80 per cent of India's total exports to the UAE. Similarly, Alshaali said CEPA-driven trade optimisation proved beneficial to Indian startups and SMEs, which are now able to access newer markets with greater ease. The Ambassador also highlighted that several UAE companies were capitalising on the bilateral trade deal to enter the Indian market, especially in the fields of construction, energy and retail. On Thursday, the envoy is participating in UAE-Andhra Pradesh Economic and Investment Roundtable in Vijayawada, which will feature the state Industries Minister TG Bharat and over 10 companies from the Middle Eastern country such as Emaar, DP World, Tabreed, Aramex and others. Further, Alshaali said the UAE is interested in supporting the Indian aviation sector as a partner for its continued growth and development rather than a competitor. UAE's flagship carrier Emirates is the largest airline in the Middle East. Alshaali said India's airports have the ability and capacity to handle more numbers of passengers than current passenger volumes. Moreover, he observed that large-scale integration of rupee in bilateral trade takes time as it cannot happen quickly, considering the technicalities and systems involved.
Source: Economic Times
The Finance Minister has been encouraged by owners in the textile industry to postpone the payment of their term loans until January 2025 to ensure the “survival of the country’s apparel export” and to release their accepted/mature bills from banks so that they may pay their staff. The leaders of the industry wrote to the minister on 31st July, through the Bangladesh Textile Mills Association (BTMA), stating that “necessary steps should be taken to ensure that commercial banks, which provide LCs to textile manufacturing companies, pay the accepted/matured bills for yarn and fabric supplied by BTMA on time.” “Once the bill amounts are received, member mills will be somewhat relieved from the shortage of necessary working capital for their operations.”
Source: Apparel Resources
Kabul, The operation of a textile plant in south Afghanistan's Kandahar province was resumed after more than two decades of suspension, General Director of the plant Mawlawi Mohammad Salim Sabir said on Thursday.Parts of the plant have been repaired to resume production, the official said, adding the plant would become fully operational soon, Xinhua news agency reported. The plant would produce cotton and wool textiles, the official said. Currently, 200 people are working at the plant, the official said, adding 8,000 employees in two shifts would find jobs at the factory when it fully operates. The administration has restored and reactivated over a dozen industrial units including a sugar plant and some cement factories over the past two years.
Source: Investing. Com
Some of the biggest Chinese textiles and apparel trade shows will be held from 27th-29th August at the National Exhibition & Convention Centre, Shanghai. It will take place during a period when the markets experience a slowdown in consumption and growth. This week’s activity reaches a high point with the Intertextile show, co-organized by the Chinese Textiles Chamber of Commerce, CCPIT-Tex, the Textile Information Centre of China, and Messe Frankfurt, celebrating their 30th anniversary in Asia and Intertextile itself. Almost 3,000 exhibitors and more than 90,000 industry visitors from 116 countries and regions seemed to fight back for the March edition of Intertextile against years of China’s pandemic-related travel restrictions. The Yarn Expo and the Chic fashion and apparel show will also take place in August; CCPIT-Tex sponsors both, and Chic gets sponsorship from the China World Trade Centre and the China National Garment Association. Chic looks forward to matching the success of its March edition, where 158,000 visitors witnessed exhibits from 1,250 exhibitors presenting 1,398 brands. The fourth concurrent event in August will be PH Value, which represents a chief knitwear market trade fair for China.
Source: Apparel Resources
KARACHI: Leaders of the All Pakistan Textile Mills Association (Aptma) Central and Southern Zone have presented a charter of demands to run the industry in a seamless manner and without any disruption. Talking to media persons at a press conference on Thursday, they emphasised the importance of the textile sector, saying it was the backbone of the national economy and was contributing around 55% to the overall export earnings. Aptma Central Vice Chairman Naveed Ahmed urged the government to reduce interest rate to 6-7% from 19.5%, supply electricity at 8-9 cents per kilowatt-hour (kWh) instead of 14 cents and remove all unreasonable taxes on imports, exports and earnings to enable the industry to run its manufacturing units properly. Aptma Chairman Southern Zone Zahid Mazhar and other leaders pointed out that the export-oriented textile industries of Sindh and Balochistan were confronting severe problems in the wake of inconsistent supply of both gas and electricity. They called the expensive energy unacceptable and disastrous as it was causing the closure of industrial units. Capacity payments to the independent power producers (IPPs) are the main factor behind the high industrial electricity tariff, though most of the IPPs are underutilised and running below 30% of production capacity. The total installed electricity production capacity in Pakistan is 43,400 megawatts. However, the distribution capacity is only 22,000MW, out of which 13,000MW is used, according to the millers. Fuel cost is Rs10 per unit and capacity payment is Rs24/unit. The high capacity payments to the IPPs have jeopardised the entire economy, therefore the government must review and revoke the unnecessary contracts and also carry out forensic audits of the IPPs, which have received Rs1.95 trillion in capacity payments, the millers said. Commenting on the issues affecting growth and viability of the textile industry, they said that due to the inadequate supply of electricity, the industry was compelled to install gas-based power generating units for consistent and stable supply of electricity, but the government was making it difficult for them to run the power plants on gas and was forcing them to shift to grid electricity. They decried that the measures taken in budget were anti-industry and anti-exports, which would trigger a wave of de-industrialisation. They termed the high tax collection target a burden on the existing taxpayers, adding that the increase in tax rates from 1% (final tax) to 29% on profits and 2% advance tax on export proceeds were the major discouraging factors. Furthermore, the incidence of tax on the salaried class in Pakistan is three times higher than in India.
Source: Tribune
