Amid global economic uncertainties, the industry has urged the government to extend key export-boosting scheme Remission of Duties and Taxes on Exported Products (RoDTEP) for export-oriented units (EOUs) and special economic zones (SEZs) till September-end. Currently, the RoDTEP scheme for exports from the domestic tariff area (DTA), or the domestic market, is in place till September 30 this year. However, in the case of SEZs, EOUs and advance authorisation (AA) holders, the scheme expired on December 31 last year.
The RoDTEP scheme refunds the embedded non-creditable central, state and local levies paid on inputs to exporters to boost India’s exports. The scheme came into effect in 2021, but was extended to additional export sectors — SEZs, EOUs, and AA holders — only from March 11, 2024 to “help the exporting community in handling the international headwinds”. In a letter to expenditure and commerce secretaries, the Export Promotion Council for EOUs and SEZs (EPCES) has said that there is “no justification” for denying the RoDTEP benefits to one set of exporters — EOUs, SEZs, and AA holders. The EPCES also pointed out that in case of a budget constraint, the RoDTEP scheme should be limited to limited sectors and products only, instead of a small set of exporters being put to disadvantage. The budget requirement to cover EOUs and SEZs under RoDTEP is limited since exports from EOUs and SEZs constitute about 15 per cent of total merchandise exports. The Council has also suggested that in case of budget constraint, all exporters be covered only till March 31. As much as Rs 16,575 crore has been allocated to the RoDTEP scheme under the Union Budget 2014-25.
Source: Business Standard
Senior officials from the commerce ministry, and commercial wings of Indian Missions of 20 countries will hold a three-day meet, beginning here on Monday, to discuss ways to promote exports of goods and services, an official said.
Commerce and Industry Minister Piyush Goyal will also interact with these commercial representatives on January 6.
The issues, which would come up during the three-day celebration included opportunities and challenges and the way ahead in six focus sectors (of goods and services each) in 20 countries of significance; non-tariff barriers; logistics; WTO (World Trade Organisation) matters; and role and importance of MAI (market access initiative), the official said. The commerce ministry is in the process of formulating a strategy to push exports of six key product categories, including engineering goods and electronics, to 20 focus countries, including the US, Australia, France, China, Russia, the UK, Japan, South Korea, Singapore, and Indonesia. These countries, including the US and the European Union nations, account for a major chunk of India's total exports. Besides Commerce Secretary Sunil Barthwal, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Amardeep Singh Bhatia would also address the officials. After recording double-digit growth in October 2024, India's exports in November contracted 4.85 per cent year-on-year to USD 32.11 billion, while the trade deficit widened to an all-time high of USD 37.84 billion due to record surge in gold imports. According to the commerce ministry data, imports rose 27 per cent year-on-year to a record USD 69.95 billion in November due to high inbound shipments of vegetable oil, fertiliser, and silver. Cumulatively, during April-November this fiscal year, exports increased 2.17 per cent to USD 284.31 billion and imports by 8.35 per cent to USD 486.73 billion. Trade deficit, the difference between imports and exports, during April-November widened to USD 202.42 billion from USD 170.98 billion during April-November 2023. Barthwal said last month that the ministry is focusing on 20 countries and six services and manufacturing sectors including IT/ITeS to further boost the shipments. Services exports reached an all-time high of USD 34.31 billion in October, registering an increase of 22.3 per cent year-on-year.
Source: Business Standard
In the shadows of a sliding rupee, India’s knitwear hub Tiruppur is weaving a success story. While the domestic currency edges closer to the 86 marks against the US dollar, triggering concerns for many sectors, this textile town in Tamil Nadu is finding opportunity in adversity: Between April and December alone, Tiruppur’s exports reached Rs 26,000 crore, almost eclipsing last financial year’s total of Rs 30,690 crore. The final tally for 2024-25, based on conservative estimates, could soar as high as Rs 35,000-40,000 crore. Tiruppur accounts for 55 per cent of India’s knitwear exports.
Source: Business Standard
The Uttar Pradesh government is drafting a new export policy to boost the state’s share in India’s exports. The move aims to provide additional incentives to exporters.
In the last financial year (FY24), UP’s merchandise exports were worth nearly $20.67 billion, contributing 4.71 per cent to India’s total exports. With the new policy, the government targets to increase this share to 7.5 per cent, a senior official said. For the first six months of FY25, the state logged exports worth $10.56 billion, raising its share in the country's total exports to 4.89 per cent.The proposed policy would introduce several incentives for exporters, especially in the food processing, handicrafts, and One District One Product sectors. UP is known for its traditional industries, such as Banarasi silk sarees, carpets from Bhadohi, chikan embroidery from Lucknow, Kanpur’s leather goods, and leather footwear from Agra. The policy would emphasise job creation and offer incentives, including marketing development support, air freight subsidies, international certification subsidies, and gateway port freight subsidies, the official added. The state government is aiming to achieve merchandise exports worth Rs 3 trillion in the next two to three years. Being a landlocked state, UP is also focusing on creating infrastructure to support its export supply chain. The state plans to develop all 75 districts into potential export hubs by building a robust network of warehouses, cargo terminals, and trucking hubs. These facilities will be located in industrial zones and near expressway projects. Under the UP Warehousing & Logistics Policy, the government is offering various financial incentives to attract private investments. Additionally, plans are in place to establish seamless air, water, road, and rail connectivity for enhanced access to global and domestic markets.
Source: Business Standard
Budget 2025: Finance Minister Nirmala Sitharaman chaired the eighth Pre-Budget Consultation meeting with trade unions for the Union Budget 2025-26. The session aimed to understand the trade unions' perspectives and gather inputs for effective policy shaping. The budget, to be presented on February 1, 2025, will address economic challenges and promote growth. Sitharaman's pre-budget consultations included stakeholders from various sectors. Union Budget 2025: Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, chaired the eighth Pre-Budget Consultation meeting with stakeholders and representatives from trade unions on Monday. The discussion was held in connection with the preparation of the Union Budget 2025-26. The consultations focused on understanding the perspectives of trade unions regarding the upcoming budget. This interaction is part of the government's annual pre-budget tradition, aimed at gathering inputs from diverse sectors to shape policies and allocate resources effectively. Budget 2025-26: FM, MoS discuss expectations The Ministry of Finance said in a social media post stated "Union Minister for Finance & Corporate Affairs Smt. @nsitharamanchairs the eighth Prebudget Consultation with the stakeholders and representatives from the trade unions in connection with the upcoming Union Budget 2025-26, in New Delhi" The meeting witnessed the participation of Union Minister of State for Finance, Pankaj Chaudhary, along with top officials, including the Finance Secretary, Secretaries from the Department of Economic Affairs and Department of Investment and Public Asset Management (DIPAM), and representatives from the Labour Ministry. The Chief Economic Adviser to the Government of India was also present. The Union Budget 2025-26, expected to be presented in February, is anticipated to address key economic challenges and promote growth. Earlier Sitharaman on Thursday met stakeholders from the financial sector and capital markets as part of her series pre-Budget consultations. The Finance Ministry conducts several pre-budget consultation meetings annually with experts, industry leaders, economists, and state officials. The formal exercise to prepare the annual Budget for the next financial year has already begun. Sitharaman has so far held a series of meetings with various stakeholders, including with MSMEs, farmers' associations, and economists. Prime Minister Narendra Modi also interacted with a group of eminent economists and thought leaders in preparation for the Union Budget 2025-26 at the NITI Aayog premises last week. As is the convention, the Budget for 2025-26 will be tabled on February 1, 2025.The 2025-26 Budget will mark Finance Minister Nirmala Sitharaman's eighth. All eyes will be on the key announcements and the government's forward looking economic guidance for the remainder of the Modi 3.0 tenure
Source: Financial Express
Tall claims of providing better basic infrastructures to the industrialists are not withstanding on ground in the globally known ‘Textile City’. Broken roads, defunct streetlights, and poor cleanliness have become the identity of designated Dyeing sector 29, part-2 here. The industrial sectors- 29 part-1, part-2, Sector 25 part-1, part-2 were developed by the Haryana Shehri Vikas Pradhikaran (HSVP) but these industrial sectors have been transferred to the Haryana State Industrial Infrastructure and Development Corporation (HSIIDC) for maintenance three years ago. The city has an overall business of handloom and textile products of approximately Rs 55,000 crore including around 20,000 crore of export only. Over 20,000 small and big units run here in which over 4 lakh labourers are working. All industries here are linked to each other and the dyeing is considered to be the mother units of all textile and handloom products. The HSVP (the then HUDA) had developed a separate Dyeing sector in 2003 with 779 industrial plots in Sector 29 part-2 during the INLD government regime for the dyers scattered in the city all around. The government had provided canal water to the dyers to meet their purpose. Approximately, 40 million litre per day (MLD) water discharged in the dyeing sector. But this alone dyeing sector was depriving of basic amenities for a long time. Lakhs of labourers and industrialists were forced to face a lot of problems in their daily routine. The water, which contained high hazard chemicals used in the dyeing process, is mandatory to send to the Common Effluent Treatment Plant (CETP) but, the main sewage line was choked at several places and this contaminated water flows on roads in several internal roads of the sectors. Bheem Rana, President, Haryana Environment Management Society and former President Panipat Dyers’ Association said that sector 29-part-2 was in utter neglect. As all the roads were lying broken, sewages were not cleaned for a long time due to which the untreated effluent is flowing on the main roads.
This is the only sector in the state, which has no potable water facility since its establishment and no potable water pipelines were laid here by HSVP. Apart from it, the sector has plunged into darkness every evening as streetlights never got functional here. Scores of overseas buyers visited industrial units before giving their orders, but they went back with the negative image in their minds after seeing the pitiable condition of the sector, Rana added. Nitin Arora, President, Panipat Dyers’ Association said that the sector is in the worst condition due to officials’ apathy. It has been divided into three separate departments – Municipal Corporation, HSVP and HSIIDC. We have raised our genuine issues of providing basic infrastructure- roads, sewage, streetlights and potable water, maintenance of parks at all the platforms several times but to no avail, he said. The members of association recently met the Education Minister Mahipal Dhanda for our demands and he assured to resolve the issues on priority, he said. Mahipal Dhanda, Education Minister said that the issues in the industrial sectors would be resolved on priority. The main issue for maintenance works is MoU between HSIIDC and MC, which was pending for a long time, resolved, he said. Dr Pankaj Yadav, Commissioner, MC said that MoU with the HSIIDC was pending for over one year and after assuming the charge as Commissioner, the MoU for operation and maintenance has been signed with the HSIIDC. Now, HSIIDC can do the maintenance of basic existing infrastructure on their own upto Rs one crore, in the industrial sectors and the MC would pay for it, the Commissioner said. If work is more than Rs one crore then HSIIDC has to take permission from the MC Commissioner as per the MoU, Commissioner Dr Yadav maintained.
Source: The Tribune
Initially applied to five HS codes, the policy now includes eight additional codes. The MIP of $3.5 per kg aims to protect domestic industries from cheaper imports, although SEZ, EOU, and Advance Authorisation holders are exempt if they do not sell into the domestic market.
Source: Taxmanagment
Integrated textile company Shiva Texyarn has received a supply order of approximately Rs 36.19 crore from the Indian Air Force, Ministry of Defence, Department of Military Affairs, and Government of India for a total of 16,000 pairs of protective garments. The business plans to deliver the 'Suit Permeable Mk V' garments from January 3 2025 to August 31 2025, Apparel Resources reported. The suits are designed to protect the wearer from chemical contaminants and can be worn by both military personnel and civilians, according to a post on the website of the Defence Research and Development Organisation at the Government of India's Ministry of Defence. Shiva Texyarn specialises in technical textiles, cotton yarn, and value-added goods. The business manufactures home textiles and coated and laminated fabrics and its numerous certifications include the Oeko Tex 100 Certification, the Textile Sector Skill Council's Affiliation Certification, and the Workspace Management System Five S Certification among others. The second quarter of the 2025 financial year saw Shiva Texyarn report a net profit of approximately Rs 2.77 crore, up from a net loss of Rs 2.59 crore in the second quarter of the 2024 financial year. The business' net sales however decreased by 3.6% year on year during the second quarter of the 2025 fiscal year to total Rs 95.19 crore. Shiva Texyarn operates a number of facilities across the southern state of Tamil Nadu including a processing division in Erode, a coating division in Coimbatore, and a garments unit, lamination division, and spinning mill in Tirupur.
Source: Fashion Network
The 23rd Dhaka International Yarn and Fabric Show 2025-Winter Edition, a four-day international exhibition, will begin on January 15. The four-day exhibition will be held at the International Convention City Bashundhara (ICCB) and showcase yarn, fabric, trims and accessories. Top manufacturers, suppliers, buyers and industry professionals of South Asia will participate in the international exhibition. The CEMS-Global USA and the Sub-Council of Textile Industry, China Council for the Promotion of International Trade (CCPIT-TEX) are jointly organising the show. Making the announcement at a press conference in the capital on Monday, Meherun N Islam, president and group managing director of CEMS Global, said the event would help explore sourcing opportunities in the textile and garment industry across the globe. Chen Bo, Deputy Secretary General & Director, CCPIT-Tex, joined the conference virtually from Beijing, China. As one of the world's largest apparel exporters, Bangladesh provides a dynamic setting for industry leaders to engage in meaningful collaboration and dialogue, according to the organisers. For over two decades, the Dhaka International Yarn & Fabric Show has stood as a cornerstone of the textile industry, has been serving as a catalyst for innovation, collaboration and business growth. This event would also mark the 8th anniversary of joint endeavours between CEMS-Global USA & CCPIT-TEX, said the organisers. The CEMS-Global USA's Textile Series of Exhibitions, which spans Bangladesh, Brazil, Morocco, Sri Lanka, and Thailand, is expected to host professionals in the textile and garment sector to explore innovations and foster partnerships, they added. The exhibitions will remain open to visitors from 10.00 am to 7.00pm daily. Registration is required for entry.
Source: The Financial Express
Pakistan registered increase of 9.70 percent in textile exports amounting to $9.09 billion during first six months of current fiscal year 2024-25, reported 24NewsHD TV channel on Monday. According to data released by Pakistan Bureau of Statistics (PBS), Pakistan exported textile goods amounting to $1.48 billion during the month of December 2024. Pakistan recorded 1.30 percent increase in textile exports during first six months of current fiscal year while $8.29 million goods while 5.70 percent increase was recorded on annual basis. During the month of November 2024 Pakistan exported textile goods amounting to $1.48 billion. Pakistan exported textile items involving $8.29 billion during the same period of previous fiscal year.
Source: 24news
Aklan Piña Handloom Weaving and the School of Living Traditions of the Philippines was mounted at the Pas Perdu Hall of the UNESCO (United Nations Educational, Scientific and Cultural Organization) Headquarters, from 14 to 18 October 2024, celebrating the inscription of piña weaving on the UNESCO Representative List of the Intangible Cultural Heritage of Humanity and the inclusion of NCCA SLT in the Register of Good Safeguarding Practices. Curated by the National Museum of the Philippines (NMP), the piña exhibit highlighted the history and cultural significance of the textile and explained the process its production and the techniques used. On display were tools used in producing the textile including a wooden foot loom, and vintage and new garments made from piña. For the duration of the exhibit, a series of talks on the textile and SLT were held, featuring local government heads — Aklan Governor Jose Enrique Miraflores, Kalibo Mayor Juris Sucro and Zamboanga del Sur Governor Victor Yu — as well as practitioners and cultural bearers, Anna India C. Legaspi, Ursulita Marte dela Cruz and Raquel Eliserio, as speakers. The exhibit’s opening ceremony was attended by Junever M. Mahilum-West, Philippine Ambassador Extraordinary and Plenipotentiary to France; Ernesto Ottone Ramirez, UNESCO Assistant Director-General for Culture and Director; Fumiko Ohinata, Secretary of the 2003 Convention; NCCA executive director Eric B. Zerrudo; NCCA deputy executive director for Operations Bernan Joseph Corpuz; UNESCO National Commission of the Philippines secretary general and NCCA Subcommission on Cultural Heritage commissioner Ivan Henares; NMP director general Jeremy Barns; NMP deputy director-general for Museums Jorell Legaspi; and NCCA Secretariat’s Program Management Division chief and Institutional Programs and Projects Section head Renee Talavera. As a gesture of gratitude for UNESCO’s support and recognition, NCCA presented to the organization framed pieces of piña fabric, symbolizing the enduring tradition of piña handloom weaving. Additionally, desk calendars featuring the heritage textile, conceptualized and designed by journalist, cultural researcher and print designer Roel Hoang Manipon, were given to guests. Before the exhibit opening, a corollary event was held on 11 October at the Philippine Embassy in France on 4 Hameau de Boulainvilliers in Paris, which was also the embassy’s own celebration of National Indigenous Peoples Month. Attended by embassy personnel, students, and cultural advocates and organized by the embassy in collaboration with NCCA and the Office of Senator Loren Legarda, “Paghaboe ku Kabuhi ag Kinaadman: A Lecture and Demonstration on the Aklan Piña Handloom Weaving and the NCCA School of Living Traditions” featured Eliserio, piña weaver who is also part of the Akeanon and Ati Malindog SLT; Dela Cruz; Subanen practitioner Gauden Sireg; Renefe Tremedal, SLT national coordinator; and Talavera, who introduced the SLT and its mandates. Aside from the lectures, the event included a display of piña fibers and products, indigenous attire and other items from the SLTs, and a demo of Subanen dances. The piña is one of the Philippines’ iconic textiles, produced by a few communities in Aklan in Central Philippines and used for formal attire and finery. The practice of its production was inscribed in the UNESCO Representative List of the Intangible Cultural Heritage of Humanity on 5 December 2023. The SLT program was established in 1995, working with different communities to enable mechanisms for the transmission of indigenous skills and knowledge among younger generations led by culture bearers and cultural masters. It was included in the Register of Good Safeguarding Practices on 16 December 2021. The exhibit and other activities were organized and supported by the NCCA, NMP, Office of Senator Loren Legarda, Department of Foreign Affairs, Philippine Embassy in France, Permanent Delegation of the Philippines to UNESCO, UNESCO-Philippine National Commission, and local governments of the province of Aklan, and the municipality of Kalibo in Aklan in collaboration with cultural practitioners and bearers.
Source: Daily Tribune
ISLAMABAD: Textile exports increased by 10% to $9.9 billion in the first half of the current fiscal year (FY25), up from $8.29 billion in the same period last year. When compared to the $9.39 billion in exports recorded in FY22, the first half of FY25 showed a 3% decline. New data from the textile trade shows that exports increased by 9% in 2024, reaching $17.47 billion, up from $16.07 billion in 2023. According to trade data from the first half of the current fiscal year (FY25), textile exports fell 3% to $1.27 billion in July 2024 from $1.31 billion the previous year. The exports in July of FY25 were $1.47 billion, which is a 14% drop from the same month in FY22. In addition, compared to $1.46 billion in August of FY24, exports in August of FY25 were $1.64 billion, an increase of 13%. The textile exports saw a respectable 18% increase to $1.61 billion in September compared to $1.36 billion in the corresponding month of FY24. October exports remained at $1.63 billion, up 13% from $1.44 billion in the corresponding period of FY24. November exports remained at $1.46 billion, an 11% rise from the same month in FY24 when they were $1.32 billion. But when compared to November FY22 exports of $1.74 billion, the same period in FY25 saw a 16% decline to $1.46 billion. Additionally, December exports of $1.48 billion were up 11% from $1.40 billion in the same month of FY24, but down 9% from $1.62 billion in FY22.
Source: Tech Juice
The world’s top oil exporter, Saudi Aramco on Monday announced a price increase for its crude exports to Asia for February 2025, signalling expectations of tighter supply in its largest market, according to a report by Reuters. This comes after the Organisation of the Petroleum Exporting Countries (Opec+) extended production cuts and amid decreasing supplies from Russia and Iran. Saudi Aramco raised the premium for its flagship Arab Light crude by 60 cents to $1.50 a barrel over the regional benchmark, exceeding market expectations of a 10-cent increase. This marks the first price hike in three months, following two consecutive months of price cuts due to weak refining margins. Prices for other crude grades sold to Asia were also increased by 40 to 60 cents per barrel. Meanwhile, prices were raised for all grades to the Mediterranean and northwestern Europe, but reduced for the US market.
Oil disruptions from Russia
The price increase reflects a recovery in spot premiums for February-loading West Asia grades, driven by concerns over supply disruptions from Russia and Iran. US sanctions have tightened logistics for Iranian crude, pushing up costs and boosting prices, especially in China. Indian state refiners are also turning to crude from West Asia to offset reduced availability of cheaper Russian oil.
Opec+ production cuts
Opec+, which controls about half of the world’s oil supply, decided in December to delay planned output increases until April 2025 and extended production cuts through the end of 2026. This decision aims to manage supply amid weak demand and rising production from non-Opec+ countries.
India to lead crude oil demand
Despite global crude oil prices hovering around $75 a barrel due to sluggish demand growth, particularly in China, demand in India is expected to rise significantly. The US Energy Information Agency (EIA) forecasts Indian oil demand to grow by 330,000 barrels per day (bpd) in 2025, accounting for 25 per cent of global demand growth. The International Energy Agency highlighted slower demand growth in China but noted that emerging Asia, including India, will continue to drive global oil demand. Opec’s long-term outlook projects a combined demand increase of 22 million bpd from India, Asia (excluding China), Africa, and West Asia by 2050, with India alone contributing eight million bpd.
Source: Business Standard
