India’s textile industry continues to be a key pillar of the national economy, contributing nearly 2% to the country’s GDP. As the sixth-largest textile exporter globally, with a 3.9% share in world textile exports, the sector is poised for significant growth, projected to reach USD 350 billion by 2030. This expansion is expected to generate 3.5 crore jobs, further solidifying India’s standing in the global textile market.
While traditional textiles remain vital, the emergence of technical textiles is transforming the industry. These specialized fabrics prioritize function over aesthetics and cater to a wide range of industries, including automotive, construction, agriculture, healthcare, and safety. Technical textiles enhance durability, safety, and efficiency in various applications, such as automobile components, medical equipment, and protective gear. Categorized into twelve distinct segments, these fabrics are revolutionizing multiple sectors.
Source: DD News
It was not in response to the tariff war unleashed by American President Donald Trump that India reduced Customs duties on many items and withdrew the equalisation levy of 6 per cent, said Union Finance Minister Nirmala Sitharaman on March 27, 2025. Replying in the Rajya Sabha to the debate on the Finance Bill, 2025, and the Appropriation Bill for this year’s Budget, Sitharaman said the government would continue to simplify Customs duties.
Source: The Business Standard
The bilateral trade agreement talks between India and the US are progressing positively, ensuring mutual benefits while safeguarding Indian interests. Commerce and Industry Minister Piyush Goyal assures that despite potential turbulence from reciprocal tariffs, India's growth story under Prime Minister Narendra Modi will continue to drive the global economy forward.
Emphasising that everyone is "very" excited about the trade agreement, he said: "The discussions are ongoing. They are progressing well and will be for the good of both the US and India".
Source: The Economic Times
NITI Aayog is developing a programme to boost India's global value chain presence, focusing on the growth of domestic MSMEs, says BVR Subrahmanyam. Noting the heavier regulatory impact on MSMEs, he mentions the PM's significant deregulation efforts and a task force under the cabinet secretary. This was announced during the launch of 'Digital Excellence for Growth and Enterprise' (Dx-EDGE) platform.
Source: The Economic Times
Europeans are buying and discarding more clothing, footwear and other textiles than ever before, which is putting more pressure on climate and environment, according to a recent European Environment Agency (EEA) briefing.
The updated consumption data highlights the need for policymakers, industry and consumers to play their role in helping Europe shift away from the fast-fashion trend, to produce better, longer lasting quality textiles that are designed to last long, and can be reused, repaired and recycled.
The average European Union (EU) citizen bought 19 kg of clothing, footwear and household textiles in 2022—up from 17 kg in 2019, which is enough to fill a large suitcase per person each year, the briefing, titled, 'Circularity of the EU textiles value chain in numbers', noted.
Source: Fibre2fashion
ISLAMABAD: Exports of non-textile products grew by a paltry 2.38 per cent to $9.89 billion in the first eight months of FY25 against $9.66bn a year ago, primarily driven by a high demand for value-added products. The primary catalyst for non-textile product exports has been a select group of value-added items, such as leather, footwear, and engineering products during the first eight months of FY25 compared to last year, according to data compiled by the Pakistan Bureau of Statistics.
Source: Dawn
Vietnam’ finance ministry recently sought public comments on a draft resolution proposing a 2-per cent reduction in value-added tax (VAT) to stimulate consumption, support businesses and promote economic growth.
The proposal suggests extending the 2-per cent VAT reduction from July 1, 2025, till the end of 2026 for goods and services currently taxed at 10 per cent, lowering them to 8 per cent.
However, key sectors such as telecommunications, finance, banking, securities, insurance, real estate, metal products and mining (except coal) would be excluded. Goods and services subject to special consumption tax, except gasoline, are also not covered.
Source: Fibre2fashion
