With each thread, a new story unfolds, turning yarn into stunning textiles from garments to wall hangings. Weaving into India's thriving economy, the textile industry has created vast opportunities at home and abroad. As India nears a USD 5 trillion economy, aiming for USD 7 trillion by 2030, the sector is poised for rapid growth and innovation.
To drive the textile industry toward its growth targets, Delhi hosted Bharat Tex from February 14 – February 17, 2025, India's largest textile trade fair, showcasing the latest innovations and advancements. The event also brought together global leaders in textile technology and engineering for a transformative experience.
Source: The Tribune
Gujarat Finance Minister Kanubhai Desai presented a Rs 3.70 lakh crore budget for 2025- 26, with Rs 148 crore in tax relief and no new taxes proposed. The budget focuses on social security, HR development, infrastructure, green growth, and economic activities, introducing key projects like two greenfield expressways and a Gujarat Reforms Commission. Two greenfield expressways will be developed in Gujarat - the 'Namo Shakti Expressway' connecting Banaskantha to Saurashtra's coastal areas, and the 'Somnath-Dwarka Expressway' from Ahmedabad to Rajkot, with an extension to pilgrimage centers including Dwarka, Somnath and Porbandar. In the budget, the state government also announced that it will establish the Gujarat Reforms Commission to bring necessary reforms in the administrative procedures and integrating new technologies.
Source: The Economic Times
Lauding the strong India-US relations, Union Minister Piyush Goyal said that both nations want to further strengthen their Comprehensive Strategic Partnership, and the friendship between Prime Minister Narendra Modi and US President Donald Trump is the harbinger of strong bilateral ties. Speaking to reporters on the sidelines of the Asia Economic Dialogue on February 20, 2025, Goyal said, "I think that India and the United States want to improve their relationship, whether it is in relation to investment, in relation to business, or in relation to technology or our comprehensive strategic partnership in relation to defence."
Source: The Economic Times
Union Commerce Minister Piyush Goyal announced that the Indian rupee has performed well due to strong foreign currency reserves. He also revealed plans for a skill development centre and a startup incubation hub at AURIC, enhancing employment and research opportunities. Additionally, 100-plus industrial hubs with plug-and-play infrastructure will be established nationwide.
Goyal held a meeting with representatives of the industrial association at the AURIC hall on February 19, 2025, to discuss issues related to industrial zones.
Source: The Economic times
Close to four-fifths of US companies operating in Vietnam are concerned about the possibility of the Donald Trump administration imposing tariffs on imports from the Southeast Asian nation, according to a survey by the American Chamber of Commerce (AmCham) in Vietnam.
Ninety-two per cent of such companies in the manufacturing sector are worried the tariffs may disrupt supply chains and affect competitiveness, the survey covering 100 member businesses revealed.
Source: Fibre2fashion
Vietnam’s 15th National Assembly yesterday passed a resolution adjusting the 2025 socio-economic development plan, which sets a growth target of at least 8 per cent.
Changes were incorporated into many key development targets at the Assembly’s ninth extraordinary session.
The gross domestic product (GDP) growth rate is now set to reach 8 per cent or higher, with the GDP scale this year expected to exceed $500 billion. The GDP per capita is projected to surpass $5,000, and the average consumer price index (CPI) growth rate is targeted at 4.5-5 per cent. The legislation accorded top priority to improving institutional and legal frameworks and law enforcement. The focus on resource allocation includes completing strategic infrastructure systems; clearing obstacles and effectively utilising public investment; reforming administrative procedures; improving the investment and business environment; and strengthening and renewing traditional growth drivers, domestic media outlets reported.
The document also stresses the necessity for a strong motivation to promote new growth drivers; develop new, advanced productive forces; and create breakthroughs in the development of science, technology, and digital transformation.
Source: Fibre2fashion
