05 May 2022, Mumbai:

TELANGANA TEXTILE MINISTER BLAMES THE CENTRE FOR POLICY INEFFICIENCY IN THE STATE.

In a letter to Sanjay Bandi, President, BJP Telangana, KT Rama Rao, Working President, TRS and State Textiles Minister criticized the Central government for introducing inefficient policies that have pushed weavers and textiles sector into a crisis.

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Rao urged the BJP President to remove GST on textiles to provide much-needed support to the weavers’ community.

The textiles minister also accused the Centre of removing all insurance schemes provided to weavers by the previous governments.

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The Telangana government is not only providing insurance coverage to the weavers but also supporting them by extending a scheme called Nethanna ku Cheyutha to these weavers and also them with subsidized yarn and other raw materials under the Chenetha Mithra scheme.

Rao also accused the Centre of not responding to the state’s request for the establishment of a mega power loom cluster, a national textile research institute and an Indian Institute of Handloom Technology in the state.

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02 May 2022, Mumbai:

Interior Lifestyle India was presented by Ambiente India 2022 to display trendy houseware, textile, and home décor collections.

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Messe Frankfurt India Trade Fairs India Pvt Ltd together with Gifts & Accessories, the Exhibition Division of Netlink Solutions (India) Ltd are ready to ring up the curtain on Paperworld India, Corporate Gifts Show, and Interior Lifestyle India presented by Ambiente India 2022 in Mumbai.

Bringing together 200 exhibitors, the co-located trade fairs will showcase couture trends in home décor, textiles, housewares, and kitchenware, alongside gifting and stationery products.

Co-located alongside the Corporate Gifts Show and Paperworld India, India’s premier trade fair for the houseware, kitchenware, and home décor industry – Interior Lifestyle India presented by Ambiente India will take place from 12 – 14 May 2022 at the JIO World Convention Centre (JWCC).

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The strategic combination of the three consumer goods shows in India will open massive business opportunities ranging across multiple sectors.

An increase in consumer fashion sense, growth in brand consciousness, improvement in the standard of living, and favourable government policies beckons a strong opportunity for home décor, textiles, and homeware segments in India.

Providing a strong platform for product sourcing and business networking, the Interior Lifestyle India presented by Ambiente India 2022 will play a crucial role in meeting the all-around requirements of the entire houseware, kitchenware, and home décor industry.

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04 May 2022, Mumbai:

Impressive beginning in exports to further add enthusiasm, aiming for a much higher growth trajectory during the fiscal: FIEO President.

Reacting to the April 2022 Trade Data, FIEO President, Dr. A Sakthivel said that the highest-ever exports of over USD 38 billion, during the first month of the fiscal, show the continuous impressive performance of the exports sector.

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The outstanding accomplishments of the exporters have consistently not only helped the economy to reap rich dividends but will also support our endeavour to become a USD 5 trillion economy by 2025. Starting the fiscal with such an impressive beginning will further add to the motivation of the exporting community for much higher growth during the financial year, said Dr A Sakthivel.

Praising the effort and hard work of the exporters, Dr Sakthivel thanked the government under the able and dynamic leadership of the Hon’ble Prime Minister, whose support and vision coupled with confidence and trust have shown on the exporting community has re-invigorated all stakeholders.

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Dr Sakthivel also welcomed the Union Finance Minister and the Union Commerce & Industry and Textiles Minister for continuously interacting and guiding the exporters to continue on their wonderful export growth trajectory.

FIEO President said that the top sectors, which have performed impressively during the month were Engineering Goods, Petroleum Products, Organic & Inorganic Chemicals, Drugs & Pharmaceuticals, Electronic Goods, RMG of all Textiles, Cotton Yarn/Fabrics/Made-ups, Handloom Products, etc.

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CREDITS: FIEO (The news article has not been edited by DFU Publications staff)

29 April 2022, Mumbai:

HC: Why can't RIL be a party to the Amazon-Future case?

A Delhi High Court judge on Thursday asked why RIL could not be made a party to Amazon's petition accusing Future Retail of alienating its retail assets in favour of Reliance.

ALSO READ Delhi HC: Future Group's Plea Seeking Termination Of Singapore Arbitration Order Dismissed

In Session
The judge defers further hearing in the case to May 4.

HC Was Hearing
Amazon plea seeking enforcement of a Singapore tribunal's order staying sale of Future Retail assets to Reliance Retail.
Plea to stop Future Retail from further alienating its assets.

RELEVANT NEWS Amazon urges SC to resume arbitration in Singapore

According to people tracking the matters, Reliance taking over stores is the legal focus for Amazon, after Future lenders last week rejected the deal to sell its retail assets to Reliance Retail.

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CREDITS: ET Dt 29-04-2022 (The news article has not been edited by DFU Publications staff)

03 May 2022, Mumbai:

Removal of the 11 percent duty on cotton imports has failed to benefit spinning and composite textile mills as cotton prices continue to hover around Rs 90,000 per candy.

As predicted, duty removal has not boosted India’s cotton imports as international prices continue to remain high. The industry could have benefitted if the decision was taken before February, opines the Cotton Association of India.

Limit cotton hoarding and futures trading Current cotton rates are unaffordable for spinning mills as they do not get such high prices from weavers, says Saurin Parikh, President, Spinners Association of Gujarat (SAG).

ALSO READ NITMA hails withdrawal of customs duty on cotton imports

The surge in prices can be attributed to the hoarding of 60 lakh bales of stock by a handful of multinational companies and cotton futures on platforms like MCX and NCDEX. The government needs to limit cotton storage and future cotton trading to protect the entire textile value chain, he adds.

If prices do not decline quickly, the spinning industry will have to wait for fresh stocks to arrive, says Parikh.

Buying at the current rate may prove unprofitable and impact bottom lines over the next six months, he adds. By the time, import duty was suspended, a lot of foreign trading and funding firms had already cracked deals, explains Chintan Thaker, President of Welspun Group. The deals would be finalized by April by then, cotton rates may decline.

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In case, they don’t, the government will have to suspend cotton exports and crack down on traders engaged in cotton hoarding. Cotton production to remain low This season, farmers may have to carry forward nearly 40 lakh bales of cotton stocks, opines Atul Ganatra, President of CAI. They are still holding a 15 percent crop with 7 to 10 lakh bales still expected to arrive in the market from June to August from Tamil Nadu and Karnataka.

This will ease the cotton supply in the next two to three months, he adds. From Rs 48,000 per candy at the beginning of the current season, cotton prices have almost touched a high of Rs 98,000 per candy.

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Cotton production in the country may remain low at 335 lakh bales, says Ganatra. Exports are likely to touch 45 lakh bales while imports will total 15 lakh bales, he adds.

Spinning mills may consume 340 lakh bales this year, Ganatra believes.

According to him, cotton sowing will increase by 15-25 percent with farmers in states like Gujarat, Maharashtra, Tamil Nadu, Andhra Pradesh, Madhya Pradesh, and Punjab shifting from other crops to cotton.

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29 April 2022, Mumbai:

Bank of India (BOI) notice under IBC.

The Mumbai bench of NCLT on Thursday allowed Future Retail Ltd (FRL) time to file its response to a plea filed by the Bank of India under the Solvency & Bankruptcy Code (IBC).

ALSO READ Future of Future Group?

NCLT GIVES FUTURE RETAIL TIME TO RESPOND TO BOI's INSOLVENCY PLEA.

The dedicated bankruptcy court on Thursday allowed the Kishore Biyani promoted Future Retail (FRL) time to file its response to a plea filed by the state-owned Bank of India under the Insolvency & Bankruptcy Code (IBC).

RELEVANT NEWS Reliance Retail takes over Future Group stores

The Mumbai bench of the National Company Law Tribunal (NCLT) was hearing a petition filed by the lender to admit the BSE-listed Future Retail under the Corporate Insolvency Resolution said Process (CIRP).

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CREDITS: ET Dt 29-04-2022 (The news article has not been edited by DFU Publications staff)

06 May 2022, Mumbai:

Building on the success of the First textile testing lab tour of 2022 in Bangalore, TÜV Rheinland India’s Tirupur Softlines lab hosted a visit for the post-graduate students of Textile & Apparel Design from Bharathiar University, Coimbatore on 4th May 2022.

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The lab experts shared their insights on laboratory technology, the latest equipment, and the various test methods used in textile/apparel products with the students during the lab visit. During the visit @Dr. Amutha, Assistant Professor, Bharathiar University stated, “My students and I are very impressed with TÜV Rheinland’s state-of-the-art Textile testing facility in Tirupur.

The lab tour gives us a better perspective of the quality standards in textile testing. Thank you for the opportunity to experience and understand the importance of testing in the textile industry.”

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CREDITS: TÜV Rheinland India TÜV Rheinland  (The news article has not been edited by DFU Publications staff).

02 May 2022, Mumbai:

1st National Conference on Industry 4.0 - India @ 2047 & FICCI Industry 4.0 Awards.

Dr. Rene Van Berkel, Representative of UNIDO for India would be addressing the delegates during the national conference scheduled on 5th May 2022 from 10 am onwards in hybrid mode in FICCI, Federation House, New Delhi.

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These awards focus on encouraging and fostering robust digital systems in units/organizations across sectors like Manufacturing (inclusive of oil & gas), Mining, Construction, Power, and Services.

The winners of the 1st edition of the Industry 4.0 Awards will be announced in the Inaugural session of the conference. The theme of the conference is Industry 4.0 - India @ 2047.

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The conference would host a forum where experts from the area of Industry 4.0 in varied sectors, would share their best practices and innovative solutions relating to:

Smart products

Improved overall performance levels of the organization

Smart Customer service

Smart Operations and supply chain.

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Also, we have invited the following high-level government officials as chief guests/Guest of Honor: Ms. Anupriya Patel, Minister of State for Commerce and Industry Mr. Amitabh Kant, CEO, NITI Aayog (Confirmed) Shri K. Rajaraman, Secretary MeitY Shri Anurag Jain, Secretary, DPIIT, Ministry of Commerce

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28 April 2022, Mumbai:

Spinners Association (Gujarat) or SAG plans to invest Rs 3,500 crore over the next year and a half to adding 7 lakh new spindles in the state to boost its spinning capacity.

As per SAG, many spinning mills in Gujarat plan to expand operations while 10 new spinning mills are expected to start operations during this period.

ALSO READ ICRA report: Sees textile spinning sector to post robust growth revenue in FY22

Saurin Parikh, President, SAG notes, that at least 7-10 lakh spindles will be added across the state over the next 18-24 months.

Gujarat currently has about 110 spinning mills with an installed capacity of 45 lakh spindles.

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Most of these mills were set up after the implementation of the Textile Policy of 2012.

Bharat Boghara, Chairman, SAG adds, that Gujarat did not have significant spinning capacity till 2012 despite being a leading cotton-producing state. The state needs to increase spinning capacity to create higher demand for cotton.

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