To enhance the precision of services export data, the Indian government, via the DGFT, is introducing a 'Mode of Export of Services' field in the e-BRC format, effective May 1, 2025. This aligns India's data capture with WTO GATS standards, covering cross-border supply, consumption abroad, commercial presence, and the presence of natural persons.
Source: The Economic Times
Reserve Bank of India's Nagesh Kumar raised concerns about trade wars. He said global recession poses a serious risk. This situation could adversely affect India's economic growth. The World Trade Organization has issued warnings about declining world trade. Global GDP growth forecasts may face downward revisions. These revisions are due to reciprocal tariffs and ongoing trade disputes.
Source: The Economic Times
The direct hit from tariffs introduced by Donald Trump's administration on India could shave off between 0.2-0.5 percentage points from GDP growth, the country's Finance Secretary Ajay Seth said on April 23, 2025.
"Now there is a sign of that...we grow about 6.5 per cent in the current year," said Seth, speaking at a Hudson Institute event on the sidelines of the Spring Meetings of the International Monetary Fund and World Bank in Washington.
"Second order (effects) would be important," said Seth, referring to concerns that trade turmoil would slow global growth.
Source: The Business Standard
Tamil Nadu remained the top exporting state in the country in textile goods during 2024-25 and widened its lead over the second highest exporter - Gujarat.
In 2024-25, out of India’s total textile exports of textile goods worth $36.61 billion, Tamil Nadu’s contribution was $7.99 billion or 26.81 per cent share. In comparison, in 2023-24, out of India’s total textile exports of $34.43 billion the State’s contribution was $7.15 billion (20.78 per cent), according to data available in Centre’s Niryat portal.
Tamil Nadu’s lead over the second highest exporter Gujarat has increased to 7.88 basis points in 2024-25 as against 5.42 basis points from Gujarat in the previous year.
In 2024-25, Maharashtra was at a distant third with exports of $3.83 billion (12.84 per cent), data shows.
Out of the total exports of textile goods, readymade garments contributed to $15.99 billion, followed by cotton yarn/fabrics/madeup and handloom products with $12.06 billion; man-made yarns/fabrics/madeups with $4.87 billion and the balance split among handicrafts, carpet and jute manufacturing, the data shows.
Source: The Hindu Business
Chhattisgarh Chief Minister Vishnu Deo Sai on April 23, 2025, made a fervent pitch to the textile industry to take advantage of the conducive investment environment offered by the resource-rich state, backed by a revamped industrial policy.
Addressing an event organised by the Clothing Manufacturers Association of India (CMAI) after the signing of an MoU (memorandum of understanding) between the Chhattisgarh government and the CMAI, the chief minister said the agreement will prove to be an important milestone in promoting the textile industry within the state and create jobs for the local population.
Source: Rediff.com
The Central government has approved a whopping Rs 2,100 crore for the establishment of PM MITRA Park in Madhya Pradesh.
According to a statement by the Ministry of Textiles shared on X, applications for land allotment at this park will soon be invited.
Spanning 2,100 acres, this state-of-the-art integrated textile park will be India’s very first of its kind. The plan encompasses several modern amenities, including a 20 MLD ZLD (Zero Liquid Discharge) system, a solar power plant, plug-and-play units (Build-to-Suit), and dedicated worker accommodations.
Construction is set to wrap up within 14 months, and the government has already received expressions of interest worth Rs 10,000 crore from investors, the Ministry said.
Source: ommcomnews
NARAYANGANJ, Bangladesh (Thomson Reuters Foundation) – Bangladesh’s limited capacity to deal with the enormous waste generated by its textile sector may prove unsustainable as the global fashion industry faces pressure to reduce its environmental footprint. Bangladesh, the world’s second-largest apparel producer, only recycles a small percentage of its textile waste, with the rest shipped abroad or left to pollute the landscape. As more countries introduce rules requiring greater recycled content in clothes, analysts and business owners say Bangladesh must expand recycling to meet demand from a global textile recycling market projected to be worth $9.4 billion by 2027.
The European Union this month published its first road map towards meeting the standards under its Ecodesign for Sustainable Products Regulation, which includes provisions for reducing the environmental harm caused by the textile industry.
This will require Bangladesh and other fashion suppliers to boost recycling while improving working conditions in what is largely an informal sector, said Patrick Schröder, a senior research fellow at the British think tank Chatham House.
Source: The Print
