Prime Minister Narendra Modi on Tuesday highlighted rapid growth in India’s technical textiles sector, propelled by key government initiatives, including the National Technical Textiles Mission (NTTM) and the Production Linked Incentive (PLI) scheme. Responding to an article written by Union Minister Giriraj Singh, PM Modi shared on X, “India’s technical textiles sector is witnessing rapid growth, driven by key initiatives like the National Technical Textiles Mission and the PLI scheme. These efforts are boosting manufacturing, innovation and exports, positioning India as a global leader, writes Union Minister Giriraj Singh.”
Technical textiles refer to fabrics designed and manufactured for their functional and technical properties, rather than their aesthetic appeal. They are engineered to perform specific tasks, like reinforcement, filtration, protection, and more.
To boost the technical textiles sector in the country, the National Technical Textiles Mission (NTTM) was launched for the period 2020–21 to 2025–26, with an outlay of ₹1,480 crore. The Mission focuses on promoting the use of technical textiles across various flagship schemes and strategic sectors. NTTM funds are allocated for research, innovation and development; promotion and market expansion; export promotion; as well as education, training, and skilling.
The Production Linked Incentive (PLI) Scheme is aimed at self-reliance. Targeting key sectors such as electronics, textiles, pharmaceuticals, and automobiles, the scheme offers financial incentives linked to clear performance metrics like increased production and incremental sales. This results-based approach not only attracts both domestic and foreign investment but also drives adoption of advanced technologies and supports the achievement of economies of scale.
Source: DD News
Bengaluru, Jun 10 (PTI) Karnataka Government on Tuesday hosted the first edition of 'Uthpadana Manthana', a post-Invest Karnataka 2025, initiative designed to fast-track the state's vision of becoming India’s premier manufacturing hub.
The day-long conclave hosted under the leadership of M B Patil, Minister for Large and Medium Industries and Infrastructure Development served as a strategic platform to engage directly with industry leaders and co-create a clear, actionable roadmap for industrial growth, officials said. According to official statement, the conclave brought together around 80 senior executives—CEOs and CXOs—from nearly 60 companies across key sectors. These leaders engaged in focused discussions around six priority areas identified by the Government: Aerospace & Defence (including Space Tech and Drones), Electronics and Semiconductors, Capital Goods and Robotics, Auto & Electric Vehicles, Technical and MMF-based Textiles, and Consumer Products such as FMCG, footwear, and toys. “Uthpadana Manthana reflects our commitment to transform Karnataka into a global manufacturing powerhouse. This initiative goes beyond policy discussions—it's about working directly with industry leaders to co-create practical, high-impact solutions....The broader objective of Uthpadana Manthana is aligned with the state’s vision to attract Rs 7.5 lakh crore in investments and create 20 lakh jobs over the next five years," Patil said, in a statement. According to him, the Government is also focused on scaling up merchandise exports by leveraging Free Trade Warehousing Zones, export-oriented industrial parks, and faster port access."Karnataka seeks to establish itself as India’s most competitive ESDM (Electronic System Design and Manufacturing) destination by attracting OSAT/ATMP players and strengthening the component ecosystem. With focused efforts in sectors like EVs, semiconductors, aerospace, and advanced textiles, this is just the beginning—Uthpadana Manthana will be a continuous engagement to drive real, lasting impact," he added. Patil said that Karnataka Government will now establish dedicated task forces for each sector to implement the ideas and proposals emerging from Uthpadana Manthana, ensuring the state remains at the forefront of India’s industrial transformation.
Source: The Week
Synopsis Switzerland sees India as a preferred destination for industry. India's democracy and economy are attractive. The EFTA trade deal is nearing ratification. Three members have ratified the deal. Switzerland expects ratification by October. Swiss businesses show strong interest in India. They aim for USD 100 billion investment. The deal promises one million jobs. It will benefit India's growing population. Helene Budliger Artieda, State Secretary for Economic Affairs, Switzerland, on Tuesday said India is a preferred place for Swiss industry, as she highlighted India's huge consumer base, firm economic growth, and being a democracy. "We certainly see India as a preferred place for our industry because you are a democracy that helps. We feel united in values. You are an excellent consumer base. You have excellent growth," she told reporters at a press conference during Commerce Minister Piyush Goyal's two-day Switzerland visit. "We really like to have a good relationship with as many markets as we can, but we do believe in the potential of India," Helene Budliger Artieda said. She said she is impressed with the Indian government's efforts to improve the lives of its people and alleviate poverty. "Minister Goyal this morning spoke about on how much people have been able to be lifted out of poverty and actually join the middle class in India, and those are exactly the consumers we hope that at one point they will eat Swiss chocolate or buy a Swiss watch, and you know, a Swiss watch you have of course the very expensive ones, but then you have also those that are equally good in quality but more affordable," she supplemented. EFTA trade deal has currently been ratified by three of the four members - Liechtenstein, Norway, and Iceland. "We are a direct democracy, so in Switzerland, we have to wait 100 days to see if anyone in Switzerland wishes to take a referendum. These 100 days is a formality, in the case of India it will be over 10th of July, and we are very (sure) that we can deposit our ratified document before the end of September," she said. "We're very ambitious about it. We spoke about it also with Minister Goyal, and we hope that it will enter into force first of October," she said. She said the huge number of Swiss businesses that took part in an industry event, in the presence of Minister Goyal, reflected the country's interest in India. On the second day of his visit, Goyal addressed a gathering of over 1,000 Swiss businesses, accompanied by Swiss Federal Councillor Guy Parmelin. Goyal highlighted India's "remarkable transformation" over the past 11 years in terms of technology, innovation, and how the country offers great avenues for doing business. "We had a record number of people in attendance, you know, I know in India you're used to big events, but in Switzerland, to have an event with 1,500 people in the room carefully listening to your minister showcases how much people are interested," she said. "This afternoon we did one on one meetings and if I just count a little bit in my head on what we heard today, how excited Swiss companies are, I think it will be very easy to reach that target of USD 100 billion (investment in Indi as part of EFTA deal) and more importantly for me it's also the 1 million job pledge that we did," she added. "This partnership with EFTA India should be a win-win situation for everyone. You have a very young population that needs jobs because you're trying to uplift people out of poverty into the middle class and upper middle class, and this is what Swiss companies can provide because we do compete on quality, precision, innovation, and usually these jobs pay well." Under EFTA, these four countries have pledged to invest USD 100 billion in India over the next 15 years. The negotiations between EFTA and India started in 2008, 21 rounds of negotiations were needed to reach an agreement on 10 March 2024, as per EFTA website. EFTA is an intergovernmental organisation set up in 1960 for the promotion of free trade and economic integration for the benefit of its four Member States. "Norway, Liechtenstein, and Iceland have reified this agreement. Switzerland's process will last another two and a half months (or so). It is expected that we will be able to implement this in October," Minister Goyal told ANI.
Source: The Economic Times
Synopsis Piyush Goyal announced India's plan to launch a scheme supporting MSMEs in registering products overseas, aiming to boost exports of value-added goods. He highlighted ongoing FTA negotiations with the EU, New Zealand, and Oman, anticipating a deal with the EU soon. Bern: India plans to come out with a dedicated scheme to assist micro, small and medium enterprises in registering their products overseas, commerce and industry minister Piyush Goyal said. The government is firming up details of the Export Promotion Mission (EPM) announced in its February budget, and this scheme could be a part of the package.
Source: The Economic Times
Synopsis Commerce Minister Piyush Goyal said India and the European Union are close to finalising a free trade agreement, with only a few issues remaining. Talks resumed in 2022 after a nine-year gap. The proposed deal covers 23 policy areas. In 2023-24, bilateral goods trade stood at $137.41 billion, and services trade at $51.45 billion. Commerce and Industry Minister Piyush Goyal on Tuesday said India and the 27-nation EU bloc are "really very near" to concluding talks for the proposed free trade agreement, with only a few issues left to be resolved. He said India and the European Union (EU) have both agreed to respect each other's sensitivities so that they do not let the irritants hold back agreements. "I would believe that in the case of the European Union, we are really very near. I think we are very close to finalising a very good, robust free trade agreement with the EU faster than most people would imagine," Goyal told reporters here. In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive free trade agreement, an investment protection agreement and a pact on geographical indications (GIs) after a gap of over eight years. The negotiations stalled in 2013 due to differences over the level of opening up of the markets. On February 28, Prime Minister Narendra Modi and the European Commission President agreed to seal a much-awaited free trade deal by the end of this year. The India-EU trade pact negotiations cover 23 policy areas or chapters, including Trade in Goods, Trade in Services, Investment, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Trade Remedies, Rules of Origin, Customs and Trade Facilitation, Competition, Trade Defence, Government Procurement, Dispute Settlement, Intellectual Property Rights, Geographical Indications, and Sustainable Development. India's bilateral trade in goods with the EU was USD 137.41 billion in 2023-24 (exports worth USD 75.92 billion and imports worth USD 61.48 billion), making it the largest trading partner for goods. The EU market accounts for about 17 per cent of India's total exports, while the EU's exports to India make up 9 per cent of its total overseas shipments. In addition, the bilateral trade in services, in 2023, between India and the EU was estimated at USD 51.45 billion.
Source: The Economic Times
Synopsis Commerce and Industry Minister Piyush Goyal proposed developing a dedicated enclave for Swiss businesses in India to attract investment. He highlighted the government's commitment by resolving a Swiss company's land issue in Maharashtra within hours. Goyal invited Swiss companies to invest in industrial parks across India, emphasizing the availability of skilled talent and favorable incentives. Commerce and Industry Minister Piyush Goyal on Tuesday proposed to develop a dedicated enclave for Swiss businesses in India as he sought to attract investment from the European country. Addressing industry representatives of India and Switzerland here, he invited companies to invest in India as the country provides huge opportunities for them. "We could even create a Swiss enclave, an area dedicated to Swiss businesses," Goyal said. He added that the enclave could have restaurants, hotels, schools and colleges for Swiss citizens who would come to work in the units of those enclaves. India is inviting companies to set up units in industrial parks that are being set up in the proposed industrial corridors in different parts of the country. The minister is here on a two-day visit. He is meeting leaders and businesses to boost trade and investments between the two countries. The government has announced an investment of about Rs 28,000 crore to set up 12 industrial nodes and build 100 industrial parks in the country. These industrial areas will be located at Khurpia in Uttarakhand, RajpuraPatiala in Punjab, Dighi in Maharashtra, Palakkad in Kerala, Agra and Prayagraj in UP, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthy in Andhra Pradesh, and Jodhpur-Pali in Rajasthan. He added that the Swiss business can identify locations in India for the development of an enclave. "It's the Swiss business persons who will have to choose where in India they would like to set up a Swiss enclave," he said adding they can consider things like local climate, incentives, level of industrialization or the availability of skilled and trained talent. "I leave it to the Swiss companies to decide. I have requested the president of SWISSMEM and also the government of Switzerland to engage with their industry and identify where they would like us to look at a Swiss enclave if The minister also shared that he facilitated the resolution of a land issue of a Swiss company, whose unit is in Maharashtra, in just about two-and-a-half hours. "This is a real-time example of quick government response and it served as a strong message that India can, and India will deliver," he said. On Tuesday, Goyal held a meeting with the heads of Swiss companies. During the discussions, a representative of a Swiss company, which has a presence in Maharashtra, stated that they want to acquire 10 acres (around 40,000 sq meter) of land near their existing unit but are facing certain issues as it was designated as a green zone. The Swiss company has been operating in India for nearly 20 years, with a plant located in Maharashtra. Acting on the matter, Goyal immediately sent the company's request and supporting documents directly to the Industry Secretary of Maharashtra and in just two and a half hours, a response came that the land would be made available. "I sent the company's application to the Maharashtra Industry Secretary at 11:33 am (local time) in the morning ... I just received the reply. Within two hours and fifteen minutes, the MIDC (Maharashtra Industrial Development Corporation) land allotment team discussed the matter. It has been confirmed that approximately 40,000 square meters can be made available... They will shift the green zone to another location," he said. The announcement was made in front of representatives of around 1,000 Swiss companies and a delegation of about 90 Indian companies. The move is important as Switzerland is actively looking to invest in India on a large scale.
Source: The Economic Times
India and the US conclude first round of Bilateral Trade Agreement (BTA) talks, focusing on digital trade, market access, and trade facilitation. The move aims to double bilateral trade to $500 billion by 2030 and avoid steep US tariffs set to apply from July 9 without a deal. Seven-day negotiations on the initial tranche of the India-US Bilateral Trade Agreement (BTA) that concluded here on Tuesday dwelt at length on liberalisation of digital services. The discussions also focussed on market access in goods and services trade, sanitary and phytosanitary measures, technical barriers to trade, customs and trade facilitation, and legal framework, an official said. As part of the negotiations for the BTA, a US delegation led by the assistant US trade representative held discussions with their Indian counterparts from June 4 to 10. The US delegation’s visit followed the productive discussions in May when commerce and industry minister Piyush Goyal led a delegation to the US from May 17 to 22. Goyal had held meetings with US secretary of commerce Howard Lutnick and US trade representative Jamieson Greer. “The negotiations held with the US side were productive and helped in making progress towards crafting a mutually beneficial and balanced agreement including through achievement of early wins,” the official said, adding that the negotiations will continue for the speedy conclusion of the initial tranche of the BTA. While the dates of the next physical meeting have not been fixed, the officials from both sides will continue to engage by other means on the deal. Traditionally, India has been wary of inclusion of digital trade chapters in its trade agreements. The India-UAE free trade agreement (FTA) in 2022 was the first one that had a detailed digital trade chapter. A similar chapter has also been made part of the India-UK FTA that was sealed last month.
Source: Financial Express
Singapore-based United Overseas Bank (UOB) recently reaffirmed its forecast for Vietnam’s economic growth at 6 per cent for 2025 and 6.3 per cent for 2026. A UOB report projected Vietnam’s gross domestic product (GDP) would expand by 6.1 per cent in the second quarter (Q2) and 5.8 per cent in Q3 this year. Vietnam’s real GDP growth in Q1 2025 slowed to 6.93 per cent year on year, below the bank’s earlier estimate of 7.1 per cent and the 7.55 per cent recorded in the previous quarter. The slowdown was partly attributed to the Lunar New Year holidays, but was cushioned by resilient trade and investment activity, a Vietnamese media outlet reported. However, market sentiment in April was dominated by the April 2 announcement by the United states of sweeping new tariffs under the so-called ‘Liberation Day’ policy. Vietnam’s National Assembly had earlier targeted at least 8-per cent growth this year and aimed for double-digit growth between 2026 and 2030. Several risks were also flagged by the bank, particularly from international trade tensions. UOB analysts highlighted Vietnam’s vulnerability to external shocks, given its export-driven economy. Exports account for approximately nine-tenths of the country’s GDP, and around 30 per cent of those are meant for the United States. Key sectors such as furniture, apparel and footwear are particularly exposed.
Source: FIbre2fashion
Cambodia’s Preah Sihanouk province and China’s Jiangsu province recently signed a strategic cooperation agreement between Sihanoukville Autonomous Port and the latter’s Jiangyin Port.Preah Sihanouk provincial governor Mang Sineth and Zhao Jianjun, governor of Wuxi city in Jiangsu province, signed the agreement in the Chinese city. The three key objectives of the agreement are promoting the development of the Preah Sihanouk Special Economic Zone (SSEZ), attracting investment from Wuxi city to Preah Sihanouk province and fostering people-to-people exchanges, according to a statement from the Preah Sihanouk provincial administration.
Zhao said the target is to attract 300 companies to the Preah Sihanouk Special Economic Zone and create 80,000 jobs. He sought support for the development of the solar and green energy sector and stressed on the need to reduce transportation costs, according to a Cambodian media outlet. Direct flights between Wuxi city and Preah Sihanouk province commenced on May 18, 2025. In the first four months this year, bilateral trade between Cambodia and China reached $5.69 billion, a 27-per cent increase year on year (YoY), according to Cambodian government statistics. Cambodian exports to China saw a slight dip of 1.7 per cent YoY year-on-year during the period, totalling $478.63 million, while imports from China jumped significantly by 30.5 per cent YoY, reaching $5.21 billion.
Source: Fibre2fashion
