A roadshow was held recently in Coimbatore to promote India’s largest global textile in the name ‘Bharat Tex’ which will be held between Feb.14-17, 2025 in Bharat Mandapam, New Delhi. Bharat Tex showcases India’s prowess as a premier textile manufacturing hub, encompassing the entire value chain from raw materials to finished products. 12 Indian Textile Export Promotion Councils will organise this mega textile show (EPCs) supported by the Ministry of Textiles, Government of India. The recent roadshow was held amongst entrepreneurs and textile associations in the city and this is the first such event to be held to promote the upcoming grand event.
Rachna Shah, Secretary, Ministry of Textiles, Government of India was the Chief Guest of this roadshow. Arun Roy, Industries Secretary, Government of Tamil Nadu; Rajeev Saxena, Joint Secretary, Ministry of Textiles – Government of India; Bhadresh Dodhia, Co-chairman, Bharat Tex, A.Sakthivel, Hon. Chairman, Tiruppur Exporters Association and many others attended. Bhadresh Dodhia, Co-chairman, Bharat Tex said that textile manufacturers of our county need to enter into new markets in the world, and this large-scale textile exhibition will help our Indian Textile Businesses.
Rajeev Saxena in his speech said Bharat Tex 2024 had over 3,500 exhibitors, and more than 3,000 buyers from over 100 countries participated in the exhibition.
Talking about the upcoming edition he highlighted that 40% of space for Bharat Tex has already been booked. This year, the organizers expect 5000 exhibitors, 6000+ international buyers, 12,000+ textile products and 1,20,000+ visitors at a venue of 2,20,000+ sq. mt. area. He underlined that it will be a festival of textiles.
Rajkumar, Past Chairman of CITI while speaking at the event, put forth a request on behalf of representatives of the powerloom sector. He urged the Union Textiles Secretary Rachna Shah to consider reducing the participation fee for MSMEs in Textiles like the Powerloom sector so that they too can participate in the Bharat Tex Exhibition. He also appealed to her to quickly implement the Powertex program which has been recently approved by the government.
Speaking at the event, Textile Secretary Rachna said that Bharat Tex has become one such initiative that has helped in positioning India as a favoured destination across the world for textile sourcing. “The world is looking to partner more with India, and Bharat Tex offers an opportunity to showcase the best of Indian Textiles,” she said. The secretary expressed hopes that the Tamil Nadu Government will consider associating with Bharat Tex as the Partner State.Talking about the Production Linked Incentive Scheme in Textiles, she said that this PLI focuses on Sunrise segments such as MMF apparel & fabrics as well as Technical Textiles.
“We expect that an investment close to the tune of about Rs.25,000 crore will come within this country in a very short period under the PLI scheme,” she said. Talking about the PM Mitra Parks scheme, she said that this scheme is expected to generate Rs.70,000 crore of investment in the next few years and jobs to the tune of about 20 lakh. These 2 big initiatives will help in augmenting and modernizing India’s manufacturing capacity and strengthen the country's position as a global leading textile manufacturer.
Source: covaimail.com
India has reduced the time period for foreign investors to seek international arbitration from five years to three years as part of the recently signed investment pact with the United Arab Emirates (UAE), a departure from its model Bilateral Investment Treaty (BIT). Under the Investor-State Dispute Settlement (ISDS) mechanism, if the Indian judicial system is unable to resolve a dispute within this shortened period, investors can resort to international arbitration. The investment pact, signed on February 13 in Abu Dhabi, came into force on August 31, replacing the previous pact.
India’s new deal includes shares and bonds as protected investments, unlike the model BIT, which gives protection to foreign direct investment (FDI) and excludes portfolio investments such as stocks and bonds. The BIT between India and the UAE will boost investor confidence, provide a predictable and stable tax regime, and help investors get recourse in case they feel they didn’t get a fair deal, Union Commerce and Industry Minister Piyush Goyal said on Monday.
“In the various issues that we discussed today (Monday), some of our India companies believe there are some issues with the UAE and likewise some UAE companies may have with India. BIT will help provide a framework, by which both sides can resolve these issues,” Goyal told reporters after co-chairing the 12th meeting of the India-UAE high-level joint task force on investments, along with Sheikh Hamed bin Zayed Al Nahyan, managing director of Abu Dhabi Investment Authority (ADIA). However, experts believe reducing the time period may weaken India’s ability to resolve disputes internally and increase chances for international arbitration. According to Delhi-based think-tank Global Trade Research Initiative (GTRI), while the BIT may attract more UAE investment, it also raises the risk of higher arbitration claims against India. Besides, India will soon be approached by other countries to sign BITs on similar liberal terms as it is negotiating BITs with countries such as the United Kingdom (UK) and trade blocs such as the European Union.
The GTRI said the inclusion of shares and bonds as protected investments broadens the treaty’s scope, allowing investors with passive financial holdings to access the ISDS mechanism. “This shift increases India’s exposure to disputes over financial instruments, even those that don’t contribute significantly to economic development, moving away from Model BIT's focus on long-term investments,” it said in a report. Making an official announcement on the pact, the Ministry of Finance on Monday said India-UAE BIT was expected to boost confidence of the investors by assuring minimum standard of treatment and non-discrimination while providing an ‘independent forum’ for dispute settlement by arbitration. “However, while providing investor and investment protection, balance has been maintained with regard to the state’s right to regulate and thereby provides adequate policy space,” it said. With 3 per cent of total FDI inflows, the UAE is India’s seventh-largest source of foreign investment, contributing around $19 billion between April 2000 and June 2024. India, in turn, has made 5 per cent of its total overseas investments in the UAE, amounting to $15.26 billion from April 2000 to August 2024. BITs enable reciprocal promotion and protection of investments–protection to foreign investors in India and Indian investors in the foreign country. Such pacts boost investor confidence and aim to spur foreign investments.
Source: Times of India
More than 13,000 internship opportunities have been posted by various companies on the PM Internship portal, four days since its launch, with maximum posts by Jubilant FoodWorks, Larsen & Toubro Ltd., Mahindra & Mahindra Ltd., and Tech Mahindra, sources in the Ministry of Corporate Affairs said. Around 200 companies have so far registered on the portal, including Reliance Industries, HDFC Bank Limited, and several other top CSR spenders in the country.
The internship opportunities are spread across sectors including banking and financial services, oil, gas and energy, FMCG (fast-moving consumer goods), manufacturing, and travel and hospitality. “Many companies are in the process of finalising the exact details of internship posts, location, job role, etc, before registering on the portal,” according to a source. The portal was opened for companies to post the internship opportunities through a pilot project on October 3. The scheme aims to provide 125,000 internship opportunities to youth aged 21 to 24 in FY 2024-25, with a budget of Rs 800 crore. The internships are available in fields such as sales and marketing, production and manufacturing, operations management, among others.
According to the latest data, internship opportunities are available in 179 districts spread over 30 states and union territories. The internship portal is slated to open for unemployed youth aged 21-24 years on October 12. A toll-free number, 1800 11 6090, is also available to help candidates with any queries related to the scheme. Companies must submit information about the number of interns they can place in their companies on the internship portal by October 10. The MCA will make the portal open for candidates to apply from October 12 to October 25. Following this, several shortlists will be prepared using artificial intelligence to be shared with the companies, which will make their selections between October 27 and November 7. Candidates will then have another week from November 8 to 15 to accept or reject the internship offer. Such candidates may receive up to two additional offers if they reject the initial one.
The government aims to skill one crore youth in India’s top companies in five years through the internship scheme. The youth will gain exposure for 12 months to real-life business environments, varied professions, and employment opportunities.
Source: Business Standard
Confronted with the prospect of a debt crisis and repayment of past loans from China, visiting Maldivian President Mohamed Muizzu on Monday thanked India for its offer of financial assistance to the Indian Ocean archipelago. The two countries also agreed to discuss a bilateral free trade agreement (FTA). India extended two currency swap agreements to the Maldives, including an agreement worth $400 million and another worth Rs 3,000 crore, to help the island nation’s access to foreign currency. The two countries also adopted a comprehensive economic and maritime security partnership, which has added a strategic dimension to the bilateral ties, Prime Minister Narendra Modi said after his talks with the visiting leader. Modi and Muizzu launched the RuPay card in the Maldives, virtually inaugurated the new runway at the Hanimaadhoo International Airport and agreed to further strengthen bilateral relations that had hit a rocky patch last year. “In the future, we will work to connect India and the Maldives through the Unified Payments Interface as well,” Modi said. The island nation’s debt is estimated at 110 per cent of its gross domestic product. Earlier this year, India had come to the assistance of the Maldives by agreeing to roll over the treasury Bills subscribed by State Bank of India amounting to $100 million in May and September for a further period of one year. “I am thankful to the Indian government for providing support in the form of Rs 3,000 crore, in addition to the $400 million bilateral currency swap agreement, which will be instrumental in addressing the foreign exchange (forex) issues we are facing right now,” Muizzu said after wide-ranging talks with Modi at Hyderabad House here. “Yaarana jaari rahega (friendly ties will continue),” Foreign Secretary Vikram Misri said later at a briefing when asked how India managed to bridge the sharp divide in the bilateral ties that had emerged last year. Muizzu, on a five-day visit to India, his first after winning the presidential election last year on the back of a campaign that sought to curb New Delhi’s influence in the island nation’s affairs, phrased ‘India Out’, and strived to draw closer to Beijing. He had also asked New Delhi to withdraw its military personnel posted in the archipelago nation by May this year. The Indian foreign secretary said that the relationship between India and the Maldives was based on several substantive pillars. Asked about the currency swap agreement, the foreign secretary said, “The idea is to bolster the Maldives’ forex reserves, generate confidence in its existing forex position, and allow them to enter into deals or discussions where they require this enhanced forex that they can draw upon.” The two sides also agreed to collaborate in the development of a commercial port at Thilafushi island with enhanced cargo handling capacity to decongest the Malé port. India also agreed to repair and refit the Maldivian Coast Guard Ship Huravee on a gratis basis. The two leaders also agreed to explore collaboration for the development of transhipment facilities and bunkering services contributing to the Maldives Economic Gateway project at the Ihavandhippolhu and Gaadhoo islands. They also agreed to jointly work to harness the full potential of Hanimaadhoo and Gan airports that are being developed with Indian assistance, as well as other airports in the Maldives, and in establishing an agriculture economic zone, tourism investments in Haa Dhaalu Atoll, and a fish processing and canning facility at Haa Alif Atoll with Indian assistance.
Source: Business Standard
New Delhi: After a year-long wait, the Abu Dhabi Investment Authority (ADIA) has commenced operations in GIFT City in Gujarat, following Monday's meeting between commerce minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority. Consequently, India will also open an office of Invest India in Dubai, UAE to allow a dedicated channel for potential investors to invest in India, Goyal said. This will be the first such overseas office of Invest India in West Asia and its second overseas office after Singapore. In the 12th meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI) in Mumbai on Monday, India and the UAE reviewed terms of investment as well as bilateral trade including trade in local currencies, the integration of payment systems of India and the UAE, cooperation on Central Bank Digital Currencies, the launch of work relating to a Virtual Trade Corridor and the development of a food park in Ahmedabad.
Source: Live Mint
Synopsis Commerce Minister Piyush Goyal announced on Monday that the Indian rupee should appreciate due to strong inflows in debt and equity markets, noting the country's foreign exchange reserves have surpassed $700 billion for the first time. India now ranks fourth globally in foreign exchange reserves, following China, Japan, and Switzerland. Commerce Minister Piyush Goyal said on Monday it is time for the Indian rupee to appreciate on the back of inflows in debt and equity markets. "I believe India's currency should appreciate now. What else will we do with $700 billion (forex reserves)," Goyal said at an event in Mumbai.
India now has the world's fourth largest armoury of foreign exchange reserves that crossed the $700-billion mark for the first time in September. India's reserves-comprising major currencies, gold special drawing rights and reserves with the International Monetary Fund (IMF)-have been rising steadily since 2013, when the country was part of the "fragile five" category and foreign investors exited because of weak macroeconomic fundamentals. Today, only China, Japan and Switzerland hold higher reserves than India. An analysis of June end data of standard reserve adequacy measures shows India is in the middle of the pack. In terms of the ability of the reserves to finance the country's imports or import cover of reserves, India's reserves were adequate to fund 11.9 months' imports-way above the norm which is considered to be six months-as of June end. But some of its peers like Brazil and Russia were doing still better, with 17.8 months' cover and 25.7 months' cover, respectively.
Source: Economic Times
A revamped India-UAE bilateral investment treaty (BIT), which came into force on August 31, makes conditions for enhanced investment flows from the West Asian kingdom, analysts said. It breaks the template of text of the model treaty by offering protection to portfolio investments, and lets investors seek international arbitration after three years instead of five. The treaty was signed on February 13 this year replacing the earlier Bilateral Investment Promotion and Protection Agreement (BIPPA) between India and UAE signed in December 2013 and expired on September 12, 2024. “This (treaty) will give a boost to the greater degree of investments that India seeks to receive from the UAE. We discussed several emerging sectors like data centres and artificial intelligence,” commerce and industry minister Piyush Goyal said after the 12th meeting of India UAE High-level Task Force in Investments here on Monday. Co-investing in renewable energy and transmission infrastructure for solar and wind power in India as well as significant ramp-up of UAE investments both in strategic sectors and core infrastructure opportunities are also envisaged under the new BIT. The Model Text of the Indian Bilateral Investment Treaty was formulated in 2016 in response to several cases filed against India by investors like Vodafone and Cairn. As a result of the growing surge of BIT claims, India unilaterally terminated 68 of the 74 treaties it had signed till 2015 and sought renegotiations on the basis of the revised text. Only seven countries have signed BITs with India under the new model. India’s generic text of model bilateral investment treaty has laid down that international arbitration by investors will only be resorted to after making attempts to sort them through India’s legal system for at least five years. The India-UAE new investment treaty reduces this time period to three years. The UAE treaty also includes portfolio investments which can seek protection under the BIT. Portfolio investments include shares, stocks, units in trusts and other forms of equity participation. It also includes loans, bonds, debentures and other debt instruments. Debt securities and loans to the government or government-owned enterprises are out of the definition of investments for the purposes of the treaty. The model text clearly mentions that portfolio investments by enterprises or in other enterprises and government securities will not be covered in the future bilateral investment treaties that India will sign. The flexibility shown in the investment treaty opens up the door for signing similar agreements with other countries like the UK and European Union with whom talks are in advanced stages. Australia, Switzerland, Oman, Israel, Qatar, Tajikistan, Russia, Saudi Arabia, Mexico, Hong Kong, Mauritius are among a few other countries with whom talks for an investment treaty are in progress. “India-UAE signals a shift towards a more open investment environment at the cost of regulatory sovereignty. While it may attract more UAE investment, it also raises the risk of higher arbitration claims against India. India would soon be approached by other countries to do sign BITs on similar liberal terms,” co-founder of Global Trade Research Initiarive Ajay Srivastava said. The treaty, however, investors cannot claim damages for loss on their investments because of change in taxation policies of enforcement of taxation demand. It also preserves the right of the parties to the agreement to grant compulsory licences on intellectual property in line with the World Trade Organisation (WTO) agreements. Claim of losses due to government procurement and subsidies and grants are also out of the purview of the agreement.
Source: Financial Express
BANGKOK Authorities of Thailand are intensifying the screening of imported goods to prevent the smuggling of substandard products and protect domestic industries.
Industry Minister Akanat Promphan said the ministry has worked with various sectors. It has ordered the Thai Industrial Standards Institute (TISI) to work closely with the Customs Department to close the EXEMPT 5 import channel on October 1 to prevent the smuggling of substandard goods.
The items imported through EXEMPT 5 were TISI-controlled goods that were not for sale and were imported in limited quantities. They were exempt from permits or certificates due to the minimal quantities involved, making the channel a loophole for low-quality imports. Additionally, Akanat urged the TISI to coordinate with the Cyber Crime Investigation Bureau (CCIB) and the Office of the Consumer Protection Board (OCPB) to heighten legal enforcement against substandard products from importation to production and distribution.TISI Secretary-General Wanchai Phanomchai said EXEMPT 5 has been replaced by a "special import notification centre" to close a loophole that had been exploited by importers. He said 144 types of controlled goods, including detergents, plastic utensils, electrical plugs and synthetic dyes, must now be imported through the National Single Window regardless of quantity.He also warned that those who violate the law by smuggling or selling below-par goods will face severe legal action, with penalties of up to two years in jail, a fine of up to 2 million THB (US$59,800), or both. Consumers are advised to purchase products bearing the TISI logo and a QR code for verification, and avoid cheaper products that may be of inferior quality.
Source: Vietnam News
Workers are busy filling orders in a textile and clothing production workshop in Jimo district, Qingdao, East China's Shandong Province on October 7, 2024. Through policy guidance, Jimo district encourages enterprises to increase investment in new technologies, processes and products. In the first half of 2024, 85 regulated textile and clothing enterprises in Jimo achieved an output value of 8 billion yuan ($1.14 billion), a year-on-year increase of 3.8 percent.
Source: Global Times
Giza-based MGS Industry has completed the integration of Nile Textile Industries into its operations and plans to invest 500 million Egyptian pounds ($10 million) by the first quarter of 2025 as part of a strategic expansion plan, its founder-chairman told Zawya Projects.
Established in 2005, MGS Industry operates from its 83,000 square metre facility in Abu Rawash, specialising in the production and export of home textiles and clothing.
Mahmoud Ghazal said the rebranding of Nile Textile Industries under the MGS Industry umbrella would enhance the company’s ability to offer a more comprehensive range of textile products and increase production to meet the growing demand in international markets. “We are increasing our production capacity and upgrading production lines for greater efficiency,” he said, adding that new machinery ordered from Turkey is scheduled to arrive next month.
Ghazal noted that the company's expansion plans are currently focused on enhancing existing facilities. He explained that while there are no obstacles in acquiring industrial land, the priority is on making improvements to the current site.
MGS Industry currently exports 85 percent of its output to 13 global markets. With the integration of Nile Textile Industries, the company is aiming to expand its export reach to 25 markets. Ghazal said: “We currently export to North America, West Europe, New Zealand and Australia. In the near future, we plan to penetrate African and Gulf markets, and hope to enter the Russian market.” With the African Continental Free Trade Agreement (AfCFTA) in place, MGS Industry plans to explore new opportunities in the continent. “We expect to expand into new African markets within the next two years, though some political challenges remain in certain regions,” the MGS Industry’ chief said. The company is also working toward sustainability with plans to establish a solar power plant at its factory by 2026. “Our goal is to secure clean energy at fair prices. We are also deploying technology that supports sustainable energy use,” Ghazal stated. He said the company is committed to the development of its workforce, with a dedicated training department covering all operational areas such as weaving, dyeing, printing, and sewing. “We send engineers and supervisors abroad for training with technology providers to stay at the forefront of industry developments,” Ghazal added.
Source: Zawya
ZÜRICH, Switzerland —The ITMF Global Textile Industry Survey (GTIS) for September indicates an improved business situation, marking the best conditions since September 2022, with progress largely driven by recoveries in South America and Africa. Despite this, other regions showed no significant advancements. Business expectations remain positive, with optimism stable around +25pp since November 2023, although the overall business situation has yet to catch up. Order intake remains negative but has been steadily improving for 10 months, particularly in South America and Africa. Order backlogs show a slight positive trend, with an average global backlog of 2.2 months in September 2024, up from 1.9 months in March 2024. Capacity utilization reached 75% in September, rising since July and recovering from a low of 68% in November 2023. Weak demand has been the primary concern since 2022, affecting 66% of survey participants in September 2024. However, order cancellations have dropped to their lowest recorded level, with 63% reporting no cancellations, especially in South America.Inventory levels remain average along the textile value chain, with 55% of companies reporting average levels in September. In the USA, apparel inventories at retail and wholesale level have been rising, suggesting that the bottom may have been reached.
Source: Textile World
