In a significant move to bolster textile trade relations between India and Turkey, Rohit Kansal, Additional Secretary of the Ministry of Textiles, Government of India, led a high-level Indian textile delegation to Turkey. The visit took place alongside the Istanbul Roadshow, held on October 15, 2024, showcasing India’s growing influence in the global textile industry. The delegation included senior industry representatives, such as Bhadresh Dodhia, Chairman of MATEXIL (Manmade and Technical Textiles Export Promotion Council), Sunil Patwari, Chairman of TEXPROCIL (The Cotton Textiles Export Promotion Council), and K. Sakthivel, Vice Chairman of PDEXCIL (Powerloom Development & Export Promotion Council). Navdeep Singh Sodhi from Gherzi Organisation served as the knowledge partner for this initiative, contributing expert insights into global textile trends and opportunities. Strategic Meetings and Collaborative Discussions
The Indian delegation engaged in strategic discussions with key Turkish trade bodies and chambers during their visit, paving the way for future collaboration and trade expansion. Meetings were held with:
These discussions were focused on expanding trade between India and Turkey in key textile sectors, including man-made fibers, cotton textiles, technical textiles, and home textiles. The meetings emphasized enhancing cooperation through knowledge-sharing, technology transfer, and participation in upcoming trade exhibitions.
Key Highlights: Istanbul Roadshow
A central highlight of the delegation’s visit was the Istanbul Roadshow, held on October 15, 2024. The event showcased the best of India’s textile capabilities, from cotton and man-made fibers to technical textiles. The roadshow provided a platform for Turkish and Indian textile companies to explore partnership opportunities and discuss the latest innovations in textile technology.
The roadshow also served as a precursor to BharatTex2025, a major upcoming textile event that aims to further boost trade relations and showcase India’s advancements in sustainable textile production.
Strengthening Bilateral Trade Through BharatTex2025
One of the key outcomes of the discussions was a commitment to greater participation in BharatTex2025, a flagship initiative aimed at enhancing bilateral trade and cooperation between India and Turkey. The event will serve as a significant platform for Indian and Turkish businesses to collaborate and explore synergies in the global textile market.
A Step Forward in Indo-Turkish Textile Collaboration
The meetings and roadshow in Istanbul represent an important step in strengthening trade relations between India and Turkey, particularly in the textile sector. Both nations have expressed a keen interest in working together to explore new avenues for growth and innovation in textiles, supported by government and industry bodies from both sides. As a result of these successful engagements, the textile industries in both India and Turkey are expected to benefit from increased trade, improved technological exchange, and stronger bilateral cooperation in the years to come.
Source: infashionbusiness.com
India’s exports grew by 4.86 percent in the April to September period, reaching 393.22 billion dollars, up from 375 billion dollars in the same period last year, according to Ministry of Commerce and Industry. Merchandise exports for the first half of this fiscal year were valued at 213.22 billion dollars, a slight increase of 1.02 percent compared to the previous year. Services exports grew by an estimated 9.81 percent during the same period. In September alone, India’s total exports, including merchandise and services, were estimated at 65.19 billion dollars, showing a growth of 3.76 percent. Key drivers of this growth included engineering goods, chemicals, plastics, pharmaceuticals, and textiles. The top five export destinations with positive growth were the Netherlands, UAE, US, Brazil, and Japan. Federation of Indian Export Organisations President Ashwani Kumar said the rise in merchandise exports, despite geopolitical tensions and economic challenges, signals a positive revival.
Source: News on Air
Synopsis The H1B visa issue is now "a thing of the past," declared Union Minister of Commerce and Industry Piyush Goyal, indicating it will no longer be a topic of international discussions. He also emphasized the need for a stable exchange rate between the Indian rupee and the U.S. dollar, along with topics like tourism and the digital economy, positioning India as an attractive destination for global investment. H1B visa issue is now "a thing of the past", declared Piyush Goyal, Union Minister of Commerce and Industry, during a meeting at Vanijya Bhavan, New Delhi. He emphasized that the topic would no longer be a point of discussion in international dialogues, marking a shift in focus towards other areas of economic and strategic partnerships. Minister Goyal's recent visit to the United States included a two-day stay in New York, where he met with CEOs of major companies to discuss reforms initiated by the Modi government aimed at boosting foreign investments in India, particularly in the pharmaceutical and diamond sectors. Surat, a prominent hub for the diamond industry, was highlighted as a key region for such investments. Goyal met around thirty business leaders who have already established ventures in India, signaling continued interest in expanding business operations in the country. Following his engagements in New York, the Minister travelled to Washington, where he had a luncheon meeting with 17 CEOs from the CEO forum, including Tata Sons' top executive. The discussions primarily centered on restructuring the forum, as the terms of several members are set to expire in December. Various Memorandums of Understanding (MoUs) were also signed during the visit, underscoring the commitment to deepening business ties. The visit also involved meetings with Small and Medium-sized Enterprises (SMEs), think tanks, educators, and the Center for Strategic and International Studies (CSIS). Goyal described this visit as different from previous trips, noting that there were no "negative agendas" on the table, reflecting a more positive outlook towards Indo-U.S. relations. Discussions extended beyond traditional sectors, covering potential partnerships in critical areas such as clean energy development, technology transfer, digital telecommunications, and defense. Talks on biosciences have been ongoing, though Goyal noted that progress on biofuels was limited due to the upcoming U.S. elections. There were also conversations around setting a stable exchange rate between the Indian rupee and the U.S. dollar, which could benefit bilateral trade. Tourism and the development of the digital economy were also focal points during his meetings. Goyal's engagements at the CEO forum and with the CA forum aimed to showcase India's evolving business landscape and ongoing economic reforms, positioning the country as an attractive destination for global investment.
Source: Economic Times
Cargo volume handled by 12 major ports rose by 5.03 per cent to 413.747 million metric tonnes (MMT) in September, the Ministry of Ports, Shipping and Waterways said on Thursday.
In its monthly summary for September 2024, the ministry said the 20th Maritime States Development Council (MSDC) meeting held last month, discussed the implementation of a State Ranking Framework and a Port Ranking System to foster healthy competition and drive performance improvements across India's maritime sector. During the meeting, more than 100 issues from various states were deliberated and successfully resolved. According to the ministry, several new and emerging challenges were also addressed, including the establishment of Places of Refuge (PoR) for ships in distress and the development of Radioactive Detection Equipment (RDE) infrastructure at ports to enhance security. It said the transportation of cargo on National Waterways has reached 56.57 MMT for the April-August 2024 period, registering 4.54 per cent growth over the same period a year ago. The ministry said that 3,39,768.74 MT of cargo moved on the Indo-Bangladesh Protocol route using Inland Water Transit & Trade Routes and National Waterways-1.
Source: Business Standard
India, already the world’s fastest-growing major economy, is pushing for even more dramatic expansion to become a developed nation, a goal that hinges on expanding access to capital. Nothing illustrates that challenge better than the Rs 47 trillion ($559 billion) corporate bond market. It’s one of the world’s smallest as a percentage of gross domestic product, at just 16 per cent, even after record growth. Bankers in Mumbai say doubling that ratio would better help finance ambitious goals, like becoming a $5 trillion economy in the next three years. One of the major impediments is a longstanding rule from authorities that makes it hard for long-term investors like insurers and pension funds to go big on infrastructure. The regulation bars them from investing in notes rated below AA, which in India are deemed risky because they’re hard to offload in a smaller market during times of stress. Spending on roads, ports and bridges, as well as on all kinds of capital expenditure, is set to reach about Rs 110 trillion ($1.3 trillion) between 2023 and 2027, an increase of 70 per cent from the previous five years, according to the National Stock Exchange of India. The company note market will likely cover just one-sixth of that amount, it said. That’s due in part to those restrictions, given many infrastructure borrowings carry lower or no ratings. “The corporate bond market is not deep enough to support the country’s infrastructure finance requirement,” said R Shankar Raman, director and chief financial officer at Larsen & Toubro Ltd., India’s top engineering company. For these reasons, the firm has tended to rely mainly on its own cash and bank loans for funding, and has only tapped the bond market once in the past four years. Government financing of course plays a major role in the infrastructure projects dotting Indian cities. But as the economy gets even bigger, the need for both the local credit market and overseas lenders to offer alternative funding sources will become more acute. The subways, airports, sanitation and electricity grids underpinning urbanisation in the world’s most populous nation take years to build. Such time horizons attract investors like insurers who need cash flows that match their longer-term payouts. But in India the regulatory hurdles have disrupted this dynamic. A spokesperson for the Insurance Regulatory and Development Authority of India, the industry watchdog, said that the authority will continue to review investment measures and look at any innovative debt instruments that would enable infrastructure funding. A representative at the Pension Fund Regulatory and Development Authority didn’t immediately reply to a request for comment. There has been some progress. That follows steps spanning recent years up to just the past few days — measures that stand to strengthen the bond market and wean companies off bank borrowings. Those include: The securities regulator on Wednesday introduced a measure to boost liquidity in the secondary market for company bonds In April, the Securities and Exchange Board of India shifted to allow borrowers to privately place bonds with face values as low as Rs 10,000, in an effort to boost retail investor participation. The previous threshold was Rs 100,000. In 2022, SEBI took a step to enhance liquidity in the bond market, by encouraging bigger outstanding issuance sizes of the kind that are more easily traded. It made it compulsory for companies to have no more than nine conventional bonds maturing within a given year, which effectively encouraged them to tap existing securities, increasing their overall size. Earlier, in 2016, borrowers were required to issue privately placed notes using an electronic book platform to improve price discovery and reduce costs. Companies have already raised almost Rs 8.6 trillion selling bonds in 2024, set for a second record year. Banks and shadow financiers are leading the expansion amid a double-digit spurt in loan demand.
At the same time, companies helping to fuel India’s expansion also have other debt financing options. Some prefer local loans. The amount of such lending to industries and services stands at about 28 per cent of GDP. What would be one of the largest local-currency deals in India this year highlights the reliance on loans for key infrastructure. State-owned Bharat Petroleum Corp. is in talks with lenders to raise about Rs 320 billion for building a refinery.
A unit of Indian Oil Corp. is also targeting a Rs 280 billion facility for a similar project. Loans are often more practical to finance projects than bonds as the money can be drawn in phases, unlike bonds where the funds would sit idle until needed, according to Vetsa Ramakrishna Gupta, director finance at BPCL. Yet, expanding the bond market remains crucial, as it allows lenders to spread out credit risks. Also, the yields are more sensitive to shifts in policy rates, meaning any central bank rate cut would filter down more quickly. There are signs of green shoots as some new lenders that finance infrastructure tap the bond market steadily, said Sujata Guhathakurta, president and head of debt capital markets at Kotak Mahindra Bank Ltd. in Mumbai. “If the investment rules are relaxed a bit, then investor appetite will improve resulting in the bond market to deepen and grow further,” she said.
Source: Business Standard
A draft coastal shipping Bill had been introduced for public comments in 2020 as well. The legislation has been carved out of Part 14 of the Merchant Shipping Act, 1958, to allow procedural ease for provisions related to coastal shipping. This part will be repealed once the Bill is codified into legislation.
The Bill was not immediately available, as it would be laid in Parliament before dissemination, a Ministry of Ports, Shipping and Waterways official said. “The Bill seeks to enable statutory imposition of different licence conditions as to indigenous build or staffing of crew, etc., on foreign vessels engaged in coasting trade for their regulation, to provide impetus to the domestic coastal shipping economy,” the official said. The Union Cabinet has approved the Coastal Shipping Bill, 2024, which will remove the requirement for Indian-flagged vessels to acquire a general trading licence to operate on coastal waters once it gets Parliament nod. “In view of the strategic nature of coastal shipping to the domestic economy and efforts to give impetus to the sector, it was felt necessary to give due weight to coastal shipping provisions and make them easily accessible to the industry,” officials aware of the developments said. “The Bill removes any licensing requirement for Indian vessels to participate in coastal trade. The licence conditions for foreign ships have been made statutory through this Bill,” an official said. Conditions on staffing of crew for foreign vessels are likely to allow the government to enforce a minimum number of Indian seafarers on all such coastal vessels. India contributes significantly to the global seafarer count. The proposed legislation will also allow coastal vessels to be operated in inland waterways, along with the creation of a coastal shipping database. Industry representatives feel the Bill is a major step in the right direction, but it needs to be supplemented with reliefs in provisions and tax burdens that pose a significant cash flow concern for domestic vessel owners and operators. Shipowners had also sought the revocation of three orders passed in 2018 which provide exemptions for foreign-flagged vessels, putting domestic vessels at a competitive disadvantage.
Revoking coastal privileges for foreign vessels
The Directorate General of Shipping has moved to revoke three orders passed in 2018 which allowed foreign-flagged vessels chartered by foreign entities to engage in coastal trade for specific commodities, such as EXIM trans-shipment containers, empty containers, agricultural products, and fertilisers, without a licence from the regulator. “Given the stagnation in Indian-flagged container shipping and the steady freight rates in coastal trade, the Ministry of Ports, Shipping & Waterways is considering the revocation of these General Orders to streamline regulations and improve operational efficiency, potentially boosting domestic shipping,” the regulator said in its order. It added that promoting Indian shipping through incentives and regulatory support could enhance service reliability and foster competition, positively influencing freight rates. “It appears that the regulatory framework established by these general orders may have contributed to creating an uncompetitive and unfavourable operating environment for Indian shipping companies. Allegedly, operational and capital costs for Indian-flagged vessels are higher and exacerbated by domestic fiscal structures, which are said to have a contributing effect on increased operational expenses compared to foreign competitors,” the regulator said. “As a result, it seems Indian operators have gradually lost market share, leading to a growing reliance on foreign vessels for the transport of goods,” it added.
Source: Business Standard
A further escalation of the conflict between Iran and Israel will not only put India’s exports to West Asia at risk, but also impact trade with Africa. Government officials said that exports to Africa will take a hit since a substantial amount of outbound shipments are routed from the UAE – a key transshipment hub to that region. India exports 10 per cent of its goods to Africa, valued at $13.9 billion during the first seven months of this financial year. The commerce department is closely tracking the conflict between Iran and Israel and any development related to the same is under its radar. The government’s discussions have started with exporters to gauge their sentiment and look at the potential impact on trade, with respect to the disruption in transportation, India’s dependence on petroleum imports as well as key commodities. Last month, Lebanon-based Hezbollah leader Hassan Nasrallah was killed in an Israeli airstrike. In response to the attack on its key ally, Iran fired ballistic missiles on Israel earlier this month. “If it’s a full-blown war between Iran and Israel, it won’t be confined to those two countries. The entire West Asia will be impacted since that region is a big driver of demand. West Asia is also a route for exporting a lot of commodities. In that case, our Africa and West Asian exports will take a hit,” a senior government official told Business Standard. India exported goods worth over $20 billion to West Asia, resulting in a share of 14 per cent during April-July. However, among West Asian nations, 86 per cent of the shipments are exported to the six Gulf Cooperation Council countries — the UAE, Saudi Arabia, Oman, Bahrain, Kuwait and Qatar.
Source: Business Standard
Finance Minister Nirmala Sitharaman on Saturday met her Mexican counterpart Rogelio Ramirez de la O and discussed areas of mutual interest and boosting economic ties between India and Mexico.
During the meeting in Mexico City, Sitharaman congratulated Ramirez de la O for being appointed as Secretary of Finance and Public Credit for a second consecutive term, and also commended the strong performance of the Mexican economy in the last six years following prudent fiscal policies. Sitharaman proposed a mutually beneficial partnership between India and Mexico through the Indian startup ecosystem, and emphasised that the youth is capable of coming up with innovative and effective solutions, and such an exchange of ideas can help both countries.
She also shared India's continued focus on infrastructure-related spending as well as on Ease Of Doing Business by removal of around 1,500 archaic laws and around 6,000 compliance regulations across sectors, the finance ministry said in a post on X.
The finance minister said India will be happy to share its experience with the Government of Mexico and explore collaboration based on India's digital transformation, it said. Detailing the philosophy of the Government of India under the leadership of Prime Minister Narendra Modi in its third term, she drew parallels between India and Mexico on provision of basic minimum to all Indians like food security, housing, electricity, cooking gas, tech-driven #FinancialInclusion, and supplementing of income to name a few. Sitharaman also addressed the India Mexico Trade and Investment Summit in Mexico City, the finance ministry said in another post. Addressing the Summit, she said that cooperation between India and Mexico can be potentially broad-based and multi-sectoral for a deeper and more dynamic collaboration between the two nations, with India offering tremendous opportunities for growth and investment, especially in pharma manufacturing and automotive sectors. Emphasising India's political stability, a large skilled workforce, and growing infrastructure, she said that joint efforts can focus on strengthening resilience through diversification, especially for critical components like semiconductors, printed circuit boards and other high-tech electronics. The Union Finance Minister said that India and Mexico partnership may encourage deeper penetration into each other's markets through investment incentives for electronics manufacturing and R&D facilities, especially in growing sectors like 5G, AI, and consumer electronics. She underlined India's emergence as global leader in digital economy with adoption rate of 87 per cent in FinTech sector with initiatives like UPI an India Stack, and with Mexico's growing digital ecosystem, India-Mexico partnership can provide a fertile ground for cross-border collaborations and innovation in FinTech and digital payments. The finance minister also invited entities in Mexico for exploring collaboration and investment opportunities in areas like banking, fund management, Global in-house capability centres, aircraft leasing, ship leasing, setting up of foreign Universities among others in GIFT-IFSC.
Source: Business Standard
Synopsis Kemi Badenoch, former UK business secretary and contender for Conservative Party leader, claims she blocked India-UK FTA due to visa demands. However, ex-ministers and sources dispute her narrative, asserting she sought a deal despite immigration concerns. Talks may resume under Labour government. Britain's former business and trade secretary Kemi Badenoch, who is the frontrunner to succeed Rishi Sunak as Conservative Party chief and Opposition Leader, has claimed that she blocked the India-UK free trade agreement (FTA) over demands for more visas, according to UK media reports. The Nigerian heritage shadow minister, who is going head-to-head in an ongoing Tory membership vote with former Cabinet colleague Robert Jenrick, has indicated that one of the reasons the FTA could not be signed off by the Sunak-led Tory government was due to the Indian side expecting more concessions over the issue of migration. "As business secretary, even as I was trying to do things to limit immigration, we had an India FTA where they kept trying to bring in migration and I said no. It's one of the reasons why we didn't sign it," Badenoch reportedly told 'The Telegraph'. But some of her former Tory ministerial colleagues countered in 'The Times' that the claims are unlikely because Badenoch was pushing for a deal as she oversaw several rounds of negotiations towards an FTA expected to significantly enhance the GBP 38 billion a year bilateral trading partnership. "Kemi just wanted to get a deal at all costs and didn't really think that the objections that were being put forward were serious. She said they were ideologically driven, that they were impractical and weren't conducive to good relations with the Indians," a former Cabinet minister was quoted as saying. "Kemi wanted a trophy to show post-Brexit benefits and there was a zeal to achieve it," the former minister said. "The reality was, all the bargaining power was with the Indians and they had more leverage in negotiations than we did. There was a lot more pressure on us to do all the running, and they were quite nonchalant about doing a deal. That was where the balance of power lay and we were always starting from a weaker position," the ex-minister said. A source close to Badenoch, however, denied claims that she was prepared to sign a deal at any cost and said that the Indian government had decided not to sign a deal with the Conservative government in the hope that it might be able to negotiate better terms under Labour. "Kemi didn't want to do a deal that would have changed any UK immigration rules. It's categorically untrue, she would have never done that. India held out because they knew that under a Labour government, they would get a better deal on students and social security," the source was quoted as saying by 'The Times'. "She did not put visas on the table, she did not sanction her officials to offer up access to the labour market at any point," the source added. Meanwhile, while reports from India indicate the FTA negotiations under the Prime Minister Keir Starmer-led Labour Party government are set to commence next month, officials in the UK are not setting any timeline for picking up after 14 rounds of negotiations. "We remain committed to securing a trade deal with India and intend to resume talks as soon as possible," Starmer's foreign affairs spokesperson at 10 Downing Street told PTI this week. Badenoch and Jenrick are trading blows on various policy areas, with immigration emerging as a key focal point as they continue on the campaign trail to win votes from an estimated 140,000 Conservative members. Sunak's successor is scheduled to be declared on November 2, following the British Indian leader's resignation in the wake of the party's bruising general election defeat in July under his leadership.
Source: Economic Times
THE Bureau of Philippine Standards (BPS) is seeking feedback from stakeholders on recommendations to adopt several new standards on textiles. These standards cover about product performance, and verify the nature, kind or character of the material used in textiles. In a notice, the BPS identified five international standards on textiles published by the International Organization for Standardization (ISO) which are intended for adoption as Philippine National Standards (PNS). The first is ISO 105-B02:2014 specifying a method intended for determining the effect on the color of textiles of all kinds and in all forms to the action of an artificial light source representative of natural daylight. Another is ISO 105-C06:2010 which sets out methods intended for determining the resistance of the color of textiles to domestic or commercial laundering procedures used for normal household articles using a reference detergent. The third is ISO 105-E04:2013 defining a method for determining the resistance of the color of textiles to the action of human perspiration. Others are ISO 105-X12:2016 specifying a method for determining the resistance of the color of textiles of all kinds to rubbing off and staining other materials; and ISO 6330:2021 defining domestic washing and drying procedures for textile testing. “The adoption of international standards as Philippine National Standards (PNS) is in line with good standardization practice and is consistent with the Philippines’ commitment to the World Trade Organization Technical Barriers to Trade (WTO TBT) agreement,” the BPS said. It said the adoption will also facilitate immediate access to international standards by the local companies, industries, academe, consumers and other stakeholders.
Source: Malaya.com
TEHRAN– The Embassy of Malaysia in Tehran proudly hosted “Threads of Heritage: Persian and Malaysian Artistry”, a cultural event showcasing the timeless beauty and craftsmanship of Persian carpets and Malaysian traditional textiles and art.
The event was attended by at least 15 Ambassadors, prominent business leaders from Iran, and cultural enthusiasts, fostering deeper connections between the two nations through the appreciation of their rich artistic legacies. The event featured an elegant display of Malaysia’s Songket and Batik fabrics alongside Iran’s famed Persian rugs, highlighting the craftsmanship and historical significance of these art forms. In his opening remarks, H.E. Khairi bin Omar, Ambassador of Malaysia to Iran, spoke about the importance of such cultural exchanges in strengthening bilateral relations. "Both our nations share a deep reverence for craftsmanship, as reflected in the elegance of our textiles and the artistry behind their creation. Songket and Batik are not just fabrics; they are living art forms that embody the cultural richness and creativity of Malaysia," the Ambassador stated. He went on to highlight how textiles like Songket serve as iconic symbols of Malaysia’s cultural identity and artistry. The Embassy of Malaysia in Tehran hosted the event in collaboration with Arsin Rug Gallery, and Mr. Arsin, the current head of the gallery, delivered an inspiring speech on the evolution of Persian rug artistry. He emphasized that Persian rugs are not only artistic treasures but also important symbols of Iran’s heritage, carrying stories of tradition, craftsmanship, and cultural pride. Guests were mesmerized by the diverse range of carpets on display, from antique treasures to modern interpretations, all reflecting the unparalleled precision and creativity of Iranian artisans. Embassy staff offered a captivating presentation on the artistry and significance of Songket and Batik. Guests learned about the painstaking craftsmanship that goes into weaving Songket, often referred to as the ‘Queen of Fabrics’ in Malaysia, with its shimmering gold and silver threads. Batik, known for its vivid colors and intricate patterns created using the wax-resist method, also impressed the attendees, who appreciated the textiles' strong connection to nature and Malaysian folklore. Adding to the cultural richness of the evening, attendees were treated to a unique musical interlude that blended Malaysian and Iranian musical traditions. The fusion of Iranian instruments like the setar with Malaysia’s themed song created a harmonious and memorable performance, symbolizing the artistic unity between the two nations. The evening concluded with the shared hope of continuing such meaningful cultural exchanges, and successfully highlighted the enduring significance of preserving cultural heritage while building new bridges between Malaysia and Iran.
Source: Tehran Times
