Two start-ups in the technical textiles sector under the National Technical Textiles Mission (NTTM) have received approval from the Ministry of Textiles (MoT). The ‘Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)’ program has awarded these start-ups grants of about US $ 59,036 apiece. The information that is currently available from the Ministry does not specifically name the two start-ups that have been accepted for their creative concepts in medical and sustainable textiles. Nonetheless, the authorised Start-Up initiatives concentrate on important critical domains of medical and sustainable textiles. The committee has also authorised grants for the introduction of technical textile courses at six educational institutions, including IITs. New B.Tech programs in a variety of subjects, including medical textiles, mobile textiles, geotextiles, and geosynthetics, will be available at these institutions. In accordance with the “General Guidelines for Enabling of Academic Institutes in Technical Textiles,” the committee has authorised a grant of about US $ 1.65 million to these six educational institutions for the introduction of technical textile courses.
Source: Apparel Resource
Synopsis India continues to stay out of the RCEP trade deal. The government affirmed its 2019 decision. Concerns remain unaddressed. This comes as imports from China crossed $100 billion. Indian exports to China saw a slight decline. The trade imbalance with China continues to widen. The government is focusing on domestic production. India in 2019 decided not to join the mega free trade agreement RCEP as the pact was not addressing its concerns and since then there has been no change in that position, Commerce and Industry Minister Piyush Goyal said on Friday. The RCEP (Regional Comprehensive Economic Partnership) agreement is being negotiated among 10 ASEAN members (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and their six free-trade pact partners Australia, China, India, Japan, South Korea and New Zealand. In a written reply to the Rajya Sabha, Goyal said that the structure of RCEP did not adequately address the ambitions and concerns of India's stakeholders. Due to that, India decided not to join the bloc, in its current form. Accordingly, during the third RCEP Leaders Summit held on November 4, 2019, in Bangkok, India conveyed its position that current structure of RCEP did not address the outstanding issues and concerns of the country. "There has been no change in India's position since then," Goyal said. He replied to a question about whether the government is re-considering joining the agreement. The remarks assume significance as in November Niti Aayog CEO BVR Subrahmanyam stated that India should be a part of the RCEP. Goyal also said that India's imports from China have jumped to USD 101.74 billion in 2023-24 from USD 70.32 billion in 2018-19. However, exports dipped to USD 16.66 billion in the last fiscal from USD 16.75 billion in 2018-19. "Most of the goods imported from China are capital goods, intermediate goods and raw materials and are used for meeting the demand of fast-expanding sectors like electronics, telecom and power in India," he said. Nominations for ET MSME Awards are now open.
Source: Economic Times
Union Textile Minister Giriraj Singh said on Saturday that the department has decided that India's textile market will grow to $ 300 billion from the current $ 176 billion. Giriraj Singh was in Hyderabad to attend the convocation ceremony of the National Institute of Fashion Technology (NIFT). Speaking to ANI, he said, "When these NIFT students become entrepreneurs or join any industry then one student provides new employment to 100 people." "The Textile Department has decided that India's textile market will grow to $ 300 billion from the current $ 176 billion. Last October, exports of textiles rose by 11 per cent and that of garments by 35 per cent. I hope under the leadership of PM Modi we will touch new heights," the Union Minister said. Meanwhile, Textiles exports from India during October were about 11.56 per cent higher at $ 1,833.95 million, compared to the same month last year. At the same time, apparel exports registered a significant growth of 35.06 per cent during the same period October at $ 1,227.44 million, the Confederation of Indian Textile Industry said in a report, citing government data. Cumulative exports of textiles and apparel in October 2024 increased by 19.93 per cent compared to October 2023. During April-October, Indian textiles exports registered a growth of 4.01 per cent over the previous year while apparel exports registered a growth of 11.60 per cent during the same time, data showed. India's textile industry is on the brink of expansion, with total textile exports projected to reach $ 65 billion by FY26, according to Invest India, which is the central government's investment promotion and facilitation agency. According to Invest India, the domestic textile market, valued at around $ 165 billion in 2022, includes $ 125 billion from domestic sales and $ 40 billion from exports. Projections indicate that the market will grow at a compound annual growth rate (CAGR) of 10 per cent to reach $ 350 billion by 2030. In addition to its textile achievements, India has emerged as the second-largest manufacturer of personal protective equipment (PPE) globally. With over 600 certified PPE-producing companies, India is well-positioned in a market expected to exceed $ 92.5 billion by 2025, up from $ 52.7 billion in 2019. The textile industry is also a major employment driver, providing direct jobs to 45 million individuals and an additional 100 million in related sectors. Cotton cultivation alone supports an estimated 6 million farmers, and 40-50 million people involved in processing and trade.
Source: Business Standard
Synopsis India and the EFTA bloc's free trade agreement, signed in March, awaits ratification by the four EFTA nations, including Norway, which aims to complete the process by 2025. Discussions at the India-Norway Business Forum in Mumbai highlighted the agreement's potential to boost trade and investment, focusing on renewable energy and maritime industries. Norway on Sunday said that it plans to ratify the India-EFTA free trade agreement next year, the commerce and industry ministry said. India and the four-nation EFTA (European Free Trade Association) bloc inked the agreement, officially dubbed as Trade and Economic Partnership Agreement (TEPA), on March 10 this year. However, it needs ratification from the four countries for its implementation. The agreement came up for discussions during the India-Norway Business Forum which was held in Mumbai. May-Elin Stener, Ambassador of Norway to India, termed TEPA a landmark in bilateral relations and highlighted its potential to further enhance trade and investment between the two nations. "She noted Norway's plans to ratify TEPA by 2025 and emphasized areas of focus, such as renewable energy, maritime industries, climate, and sustainability," the ministry said. The ambassador also announced that Norway will host the Indo-Nordic Summit in 2025. In the deliberations, many Norwegian companies reairmed their commitment to expanding operations in the country. An open interaction was chaired by commerce and industry minister Piyush Goyal. During this session, various key issues were raised including regulatory challenges, public procurement concerns and quality standards compliance across sectors. Issues across key sectors such as maritime, shipping, energy, food processing, logistics, oil and gas, renewable energy and circular economy were presented to the minister. "Goyal committed to addressing these concerns collectively with relevant ministries to enhance bilateral trade," it added. He also proposed launching a startup bridge between Norway and India during the next ministerial meeting. The ambassador suggested that this initiative could be launched during the Indo-Nordic Summit next year. Goyal also invited Norwegian companies to leverage local talent not just for domestic opportunities, but as a launch pad for international market expansion. The bilateral trade between the two countries has reached USD 1.1 billion and Norway has emerged as India's 33rd largest investor.
Source: Economic Times
Synopsis Union Minister Piyush Goyal attributed India's recent slower economic growth of 5.4% in Q2 of FY25 to temporary disruptions caused by election spending. He assured that the economy is still expected to achieve robust growth and maintain its position as the world's fastest-growing economy by the year's end. Union Minister Piyush Goyal on Saturday explained that the recent slow in economic growth can be attributed to election spending disruptions. Addressing the slower 5.4% GDP growth in Q2, Goyal while addressing CNBCTV18 India Business Leader Award in Mumbai explained that temporary factors, such as election spending disruptions influenced the numbers. However, he assured that the economy remains on track for robust growth, “By the end of the year, we expect to grow quite decently and continue to be the world’s fastest-growing economy.” India recorded a 7-quarter low GDP growth of 5.4 per cent in July-September FY25. In the first quarter, the growth was 6.7 per cent. This slowdown was slowest pace in seven quarters. India has concluded its assembly elections in two states, Maharashtra and Jharkhand. Furthermore, India conduced its massive seven-phase Lok Sabha polls in May to April of this year. A recent SBI report highlighted growing caution in growth forecasts amid global and domestic economic challenges. Owing to the recent slowdown, Reserve Bank of India sharply cut the GDP growth projection to 6.6 per cent from the earlier level of 7.2 per cent, while raising inflation target to 4.8 per cent from the previous projection of 4.5 per cent for the current fiscal. Goyal pointed to promising signs of capex recovery in the third quarter. “Green shoots of greater capex spending are already visible in Q3. The Prime Minister himself is monitoring large projects through the Pragati initiative, ensuring that any obstructions to investments are addressed promptly,” he noted. Further commenting on country's macroeconomics, Goyal also credited the government’s focus on long-term investments in infrastructure and public welfare as key drivers of economic stability. “In the past 10 years, we have set India’s macroeconomic fundamentals right, made massive infrastructure investments, and ensured public welfare initiatives like free food grains and healthcare reach the most vulnerable.” Reiterating India’s global leadership in growth, Goyal said, “The world recognises India as the growth engine of the global economy. We will stay the course, focusing on strong fundamentals while addressing emerging challenges.”
Source: Economic Times
Bathinda: Exports of textiles and apparel, including handicrafts, from Punjab have dropped almost 30% in the past three years — from $2.12 billion (Rs 17,953 crore) in the financial year 2021-22 to $1.5 billion (Rs 12,702 crore) in 2023-24 — Union minister of state for textiles Pabitra Margherita acknowledged on Friday in a written response to a query from state’s Rajya Sabha MP Sanjeev Arora but also noted that specific data on the state’s market share in key regions such as the US, European Union, and Middle East was not maintained. Modernising textile sector The central govt has unveiled ambitious programmes such as integrated textile parks and tax rebate schemes to revive the sector’s global competitiveness. Margherita mentioned some of the national-level schemes that the central govt had launched to modernise and expand the country’s textile infrastructure. PM Mitra Parks Scheme established integrated textile and apparel hubs to support large-scale production. Production-Linked Incentive (PLI) Scheme focuses on man-made fibres (MMF), MMF fabrics, and technical textiles to enhance manufacturing and competitiveness. National Technical Textiles Mission promotes innovation, research, and market development for technical textiles. Punjab has also benefited from skill development under the Samarth Scheme, which aims at training a skilled workforce for the textile sector. Since Apr 2021, 800-odd individuals in Punjab have undergone this training. MP’s concerns Arora’s query emphasised the need to diversify Punjab’s textile exports amid evolving global trade dynamics and increasing competition from other nations. He highlighted the critical role of advanced textile technology and workforce development in keeping Punjab's textile sector competitive. The declining export figures reflect broader challenges for the state’s textile industry, including limited market access, rising competition, and a need for infrastructure upgrades. However, the central govt's emphasis on modern schemes and capacity building could help revive the sector and restore its position.
Source: Times of India
China National Textile and Apparel Council and Pakistan’s Board of Investment have signed a Memorandum of Understanding at the China Textile Conference in Keqiao, Shaoxing. Addressing on the occasion, Pakistan’s Ambassador to China, Khalil Hashmi said textile parks would be established in Pakistan under this MoU. He said these textile parks would enhance bilateral trade, foster technology transfer, and enhance capacity. Khalil Hashmi said the textile sector is the backbone of Pakistan's economy and major contributor to its exports.
Source: Radio Govt
The Minister of Economy, Industry and Investment, Eng. Mueen Al-Mahagri, visited today the textile factory and several textile and clothing factories and factories in the capital, Sana'a, to see the progress of work and development plans in this vital sector. During his visit to the textile factory, the minister stressed the need to raise production capacity and absorb larger quantities of local cotton to meet the needs of the local market and support textile and clothing factories, stressing the importance of the factory's role in the strategy of localizing the clothing industry and enhancing integration with the rest of the factories. Minister Al-Mahagri, accompanied by the ministry's undersecretaries, was also briefed on the status of Al-Aqil Company's ready-made clothing factory and production plants at the Turkish Institute, listening to plans to maintain and restart the factories during the next two months. He stressed the ministry's commitment to provide the necessary support to overcome difficulties and restart these facilities.
Source: saba.Ye
KARACHI: The International Cotton Association (ICA) has declared 84 textile mills of Pakistan as defaulter. Cotton Ginners Forum chairman Ahsanul Haq told The Express Tribune that the International Cotton Association (ICA) took the decision over Pakistan textile mills' failure to honour their procuring agreements. After this development, the defaulter mills will not be able to import cotton from any part of the world. As per statistics issued by Pakistan Cotton Ginners Association, Pakistan produced 5.2 million cotton bales till the end of November 2024, which was 33 percent less than the bales production during the corresponding period of the last year. In view of low production, it was estimated that the rate of cotton and bales would increase in the local market. In contrast to expectation, the prices went down as the textile mills preferred to import cotton and thread from international market after 18 percent sales tax was imposed on textile mills. The decline in the cotton and bales prices is causing concern among ginners and growers that may further decrease the cotton production in the country. Ahsanul Haq advised the government to withdraw 18 percent sales tax on the purchase of cotton and thread to support local cotton industry and prevent transfer of foreign exchange in the shape of import.
Source: PK News
BEIJING - China National Textile and Apparel Council (CNTAC) and Pakistan’s Board of Investment (BOI) signed a memorandum of understanding (MoU) at the 2024 China Textile Conference in Keqiao, Shaoxing. At present, China’s textile industry is at an important juncture of change and transformation. According to a report carried by China Economic Net (CEN), Pakistan’s Ambassador to China, Khalil Hashmi addressed the conference. The robust framework for developing textile parks in Pakistan would enhance bilateral trade, foster technology transfer, and enhance capacity.
Focusing on four core topics “Innovation Environment, Materials, Artificial Intelligence, and Production Processes,” the guests discussed leading trends in industry innovation, aiming to promote the transformation and optimization of the global textile supply chain. “Secretary Board of Investment and I along with Pakistani leading textile industry representatives attended the annual China Textile Conference organized by China National Textile and Apparel Council (CNTAC) in Shaoxing City. Pakistan was given this exclusive privilege for the first time as the only foreign participant. We highlighted why investing in Pakistan’s textile & apparel sector was a mutually beneficial proposition”, the ambassador added, noting that Secretary BOI signed an MoU with the Vice President of CNTAC on cooperation in the field of textiles and apparel including the establishment of parks in this important sector in Pakistan. “Grateful to Shandong Ruyi Group for its support”. “The textile sector is the backbone of our economy, a major contributor to our exports. As the second-largest global supplier of cotton cloth, and the fifth-largest exporter of cotton offers unmatched potential for collaboration. Combining strategic location, skilled workforce, and vertical integration, Pakistan is uniquely positioned as an ideal partner for Chinese enterprises,” Hashmi stated.
Source: Nation.com
European Commission President Ursula von der Leyen and her counterparts from four MERCOSUR countries recently finalised negotiations for a European Union (EU)-MERCOSUR partnership agreement. The MERCOSUR grouping comprises Argentina, Brazil, Paraguay and Uruguay. The agreement will boost strategic trade and political ties, support economic growth, boost competitiveness and strengthen resilience on both sides by opening up trade and investment opportunities, securing sustainable access and processing raw materials, an official release from the Commission said. It considers the interests of all Europeans, including the critically important EU farming sector. It will help increase EU agri-food exports while protecting sensitive sectors. It upholds the EU's standards on animal health and food safety, preventing unsafe products from entering the EU market. The deal will secure and diversify EU supply chains; create new opportunities for all kind of businesses, by removing often prohibitive tariffs on EU exports to MERCOSUR nations; save EU businesses €4 billion worth of duties per year; ensure trade preferences in strategic net-zero industry sectors like renewable energy technologies and low-carbon fuels; help small and medium enterprises export more by cutting red tape; and secure an efficient, reliable and sustainable flow of raw materials critical for the global green transition. It represents a major milestone in fighting climate change with strong, specific and measurable commitments to stop deforestation, the release added. The end of negotiations constitutes the first step in the process towards conclusion of the agreement.
Source: Policy Trade
