Ahead of the National Handloom Day celebrated annually in the country on August 7, Prime Minister Narendra Modi on Sunday linked the Swadeshi movement to the country's growing textile sector. During the 124th episode of his monthly radio show 'Mann Ki Baat', the PM highlighted the textile sector becoming the strength of the country. "Another revolution started on the 7th of August 1905. The Swadeshi Movement lent a new energy to local products... especially handloom. To commemorate that, the country celebrates 'National Handloom Day' on the 7th of August every year. This year, 7th August marks the completion of 10 years of 'National Handloom Day', PM Modi said in the episode aired today.
"Just like our Khadi gave new strength to the freedom movement during the freedom struggle, today when the country is moving towards becoming a developed India, the textile sector is turning out to be the strength of the country," he said. Narrating the success stories associated with textiles across the various states, the Prime Minister threw light on the modern technology adopted by families. "In these 10 years, lakhs of people associated with this sector in different parts of the country have scripted many success stories. Kavita Dhawale of Paithan village in Maharashtra used to work in a small room earlier - there was neither space nor facilities. She received help from the government; now her skills are soaring high. She is earning thrice more. She is selling her own self-made Paithsarees. There is a similar success story in Mayurbhanj, Odisha. Here, more than 650 tribal women have revived the Santhali saree. These women are now earning thousands of rupees every month. They are not just making clothes, but also carving their own identity. The achievement of Naveen Kumar from Nalanda, Bihar, is also inspiring. His family has been associated with this work for generations. But the best thing is that his family has now incorporated modernity in this field. Now his children are studying handloom technology. They are working with big brands. This change is not of just one family; it is making many families in the vicinity move forward," the PM stated. Furthermore, the PM highlighted India's growth in the textile and apparel industry, applauding the hard work of village weavers to city side designers. "Textile is not just a sector of India. It is an example of our cultural diversity. Today, the textile and apparel market is growing very fast, and the most beautiful thing about this development is that women from villages, designers from cities, elderly weavers and our youth who have began start-ups are all taking it forward together. Today, more than 3000 textile start-ups are active in India. Many start-ups have lent global height to India's handloom identity. The path to a developed India in 2047 passes through self-reliance and the biggest basis of 'Atmanirbhar Bharat' is - 'vocal for local' noted the Prime Minister. "Buy and sell only those things that are made in India, in which an Indian has shed sweat. This should be our resolve," the PM said. The National Handloom Day honours the contributions of handloom workers and aims to inspire pride and motivation within the handloom industry by highlighting their cultural, traditional, and economic significance. The event is celebrated nationwide to raise awareness of the handloom sector's role in socio-economic development.
Source: The Economic Times
The government will organise as many as 1,000 outreach programmes, including stakeholder meetings, workshops, awareness drives and feedback sessions, in the next 20 days across the country to sensitise industry and states on the India-UK comprehensive economic and trade agreement (CETA), which was signed on July 24. The exercise is aimed at ensuring effective implementation and maximising benefits from the pact. "There is a plan to hold sector-wise outreach programmes. Teams will also visit different states to inform them about the benefits of this trade agreement," said an official. Commerce and industry minister Piyush Goyal will hold a meeting with the leather and textiles sector on the trade pact here on Monday. "We will meet every sector. We are sensitising sectors and will do sectoral meetings and with all states," the official said on preparing the groundwork for the implementation of the pact. It will come into force after the UK ratifies it, which would take up to a year. When the pact comes into force, 99% of Indian exports will enter the UK duty-free.
Source: The Economic Times
India and the US are in trade talks. Piyush Goyal says India wants a fair deal. The goal is a trade agreement by October-November 2025. American negotiators will visit India in August. India recently signed a trade agreement with the UK. Goyal criticized past trade policies. India is also working on deals with other countries. Commerce and industry minister Piyush Goyal said it would be good if India and the US can do a trade agreement before August 1 but New Delhi's priority is to protect its national and public interests. “India doesn't negotiate its trade agreements based on deadlines," Goyal added at an event in Mumbai on the opportunities for exports in the UK market following the bilateral free trade agreement.
Source: The Economic Times
Companies from the UK will be able to offer services in sectors such as telecom, and construction in India without setting up a local presence, under the free trade agreement signed between the two countries. The British firms will be treated on par with Indian firms The Comprehensive Economic and Trade Agreement (CETA) was signed on July 24 in London. It may take about a year for items implementation as the free trade pact needs approval from the British Parliament. "UK companies can now provide telecom, construction, and related services in India without establishing a local presence, enjoying full national treatment, meaning they will be treated on par with Indian firms," the commerce ministry said. Services is a key chapter in the agreement as both countries are strong in different kinds of services. India enjoys a trade surplus of around USD 6.6 billion with the UK. The country's services exports stood at USD 19.8 billion and imports at USD 13.2 billion. In the agreement, the UK has provided a comprehensive and deep market access in 137 sub-sectors to Indian firms. On the Indian side, commitments have been extended in 108 sub-sectors, granting UK firms access to domains like accounting, auditing, financial services (with FDI capped at 74 per cent), telecom (100 per cent FDI allowed) environmental services, and auxiliary air transport services, it said.
Source: The Economic Times
The government will organise as many as 1,000 outreach programmes, including stakeholder meetings, workshops, awareness drives and feedback sessions, in the next 20 days across the country to sensitise industry and states on the India-UK trade agreement, sources said. The exercise is aimed at ensuring effective implementation and maximising benefits from the comprehensive economic and trade agreement (CETA), which was signed on July 24.
They said that there is a plan to hold sector-wise outreach programmes. Teams will also visit different states to inform them about the benefits of this trade agreement. Commerce and Industry Minister Piyush Goyal will hold a meeting with the leather and textiles sector on the trade pact here on Monday. The pact will see 99 per cent of Indian exports enter the UK duty-free, when it comes into force. It will also reduce tariffs on British products such as cars, cosmetics, and whisky. The deal aims to double the USD 56-billion trade between the world's fifth and sixth largest economies by 2030. While India has opened its market to various consumer goods, including chocolates, biscuits, and cosmetics, it will gain greater access to export products such as textiles, furniture, footwear, gems and jewellery, sports goods, and toys. Also, Indian companies, such as TCS and Infosys, operating in the UK won't have to make social security contributions for up to three years for employees who move from India. Under the pact, tariffs on Scotch whisky will be reduced from 150 per cent to 75 per cent immediately, and further lowered to 40 per cent by 2035. On automobiles, India will reduce import duties to 10 per cent over five years, down from the current rate of up to 110 per cent, under a gradually liberalised quota system. India has provided duty concessions to the UK auto exporters only on large petrol and diesel vehicles and high-priced EVs, while protecting sensitive segments of the domestic automotive industry, especially mid and small cars and low-priced EVs, under the trade pact. India will also get duty-free access to several agri goods in the UK, such as fruits, vegetables, cereals, turmeric, pepper, cardamom, and processed goods like ready-to-eat food, mango pulp, pickles, and pulses. Marine products such as shrimp, tuna, fishmeal, and feeds, currently taxed between 4.2 per cent and 8.5 per cent , will become duty-free once the pact comes into force. In the textiles segment, India is facing a duty disadvantage vis-a-vis Bangladesh, Pakistan and Cambodia, which have duty-free access to the UK market. Now this FTA would eliminate the tariff on textile imports from India, thereby enhancing its price competitiveness in the UK market. On the services front, the agreement will enable Indian financial services players to expand their footprint in Britain, enhance their competitiveness and serve the Indian diaspora and businesses. For digitally delivered financial services, the UK has provided market access with respect to the various sub-sectors under both insurance and insurance related, and banking and other financial services.
Source: The Economic Times
The India-UK free-trade agreement (FTA), under which New Delhi has agreed to reduce the weighted average tariff from 15 per cent to 3 per cent over a period of 10 years, may adversely affect Customs duty collections. However, economists believe the overall revenue impact could still be positive, driven by higher exports and increased economic activity. According to Global Trade Research Initiative (GTRI) calculations, India’s revenue forgone in the first year of the agreement is estimated at ₹4,060 crore. “By the 10th year, as tariff elimination phases in more broadly, the annual loss is projected to rise to ₹6,345 crore.
Source: Business Standard
The ifo Business Climate Index edged up to 88.6 points in July, compared to 88.4 in June, indicating a slight improvement in sentiment among German companies. Companies were somewhat more satisfied with their current business situation, while expectations remained largely unchanged. The upturn in the German economy remains sluggish. Manufacturing sentiment strengthened in July, with the balance improving from -13.9 to -11.8. Companies assessed their current situation as noticeably better, with expectations continuing to brighten. Yet, incoming orders still lack momentum, and capacity utilisation increased only marginally from 77 to 77.2 per cent, according to the ifo Institute.
“In trade, the index weakened somewhat due to more pessimistic expectations. Although the current situation improved slightly, it remained unsatisfactory,” said Clemens Fuest, president of the ifo Institute. The sector's balance declined to -20.2 in July from -19.2 in June. Overall, the assessment of the current situation improved to 86.5 from 86.2, while business expectations edged up to 90.7 from 90.6, continuing their steady upward trend since the start of 2025.
Source: Fibre2fashion
The European Union and the United States yesterday signed a trade deal in Scotland that would see a baseline tariff of 15 per cent imposed on EU exports to the latter. President Donald Trump termed it “probably the biggest deal ever reached in any capacity" after his meeting with European Commission President Ursula von der Leyen. The 15-per cent tariff would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors, Trump said. “This 15 per cent is a clear ceiling. No stacking. All-inclusive. So it gives much-needed clarity for our citizens and businesses. This is absolutely crucial,” von der Leyen said in a statement. Pre-existing US tariffs on European goods average around 4.8 per cent, but with companies currently facing an additional flat rate of 10 per cent, the new rate is close to what is now being imposed on European goods imported into the United States. “Today we have also agreed on zero-for-zero tariffs on a number of strategic products. This includes all aircraft and component parts, certain chemicals, certain generics, semiconductor equipment, certain agricultural products, natural resources and critical raw materials. And we will keep working to add more products to this list,” she said.
As part of the deal, the EU has agreed to purchase $750 billion worth of energy from the United States, as well as make $600 billion in additional investments, Trump said. “Purchases of US energy products will diversify our sources of supply and contribute to Europe's energy security. We will replace Russian gas and oil with significant purchases of US LNG, oil and nuclear fuels,” von der Leyen said. "It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic," she said. Any such deal needs to be approved by EU member states. German Chancellor Friedrich Merz hailed the deal, saying it avoided "needless escalation in transatlantic trade relations". The Federation of German Industries said the 15-per cent tariff rate would significantly affect the excessively export-focused German industry.
Source: Fibre2fashion
