Tamil Nadu's textile industry, which historically held a dominant position, is facing a threat to its competitive edge due to the attractive textile policies of other states such as Gujarat, Maharashtra, and Madhya Pradesh.

The Southern India Mills’ Association (SIMA) has underscored this concern, advocating for policy initiatives to maintain Tamil Nadu's status as the leading state in textiles and clothing manufacturing.

In response to SIMA's recommendations, the Tamil Nadu government, under the leadership of Chief Minister Thiru M.K. Stalin, has announced measures in the state budget to bolster the textile sector.

Notably, a 6 per cent interest subsidy for modernizing the spinning segment, with a budget allocation of Rs 500 crores, has been introduced to address the crisis facing the aging spinning machinery. This move aims to reduce capital costs and incentivize modernization efforts.

Additionally, the government has increased the special capacity subsidy for technical textiles and manufacturing from recycled products from 15 per cent to 25 per cent, recognizing their significance as future growth drivers and in meeting global demand.

Furthermore, significant budget allocations for various textile-related projects across different districts, such as employment generation initiatives and infrastructure development, are expected to enhance competitiveness and attract investments, particularly in rural areas.

The budget also includes provisions for promoting renewable energy, international skill development centers, and initiatives to boost entrepreneurship and export opportunities through a global startup summit. These measures align with global sustainability goals and aim to position Tamil Nadu as an attractive destination for investors and entrepreneurs.

Overall, the state budget reflects a concerted effort to revitalize Tamil Nadu's textile industry, address challenges, and capitalize on emerging opportunities to sustain its leadership position in the sector.

27 January 2024, Mumbai

Mechanically recycled yarns embrace vibrant hues and eco-friendly elements, offering a stylish solution to textile waste.

Birla Cellulose, a leading innovator in the textile industry, has partnered with Usha Yarn to unveil "Puneh," a groundbreaking collection of recycled yarn blends that aim to reshape the future of fashion. This collaboration marks a significant step towards a more sustainable and responsible textile industry, seamlessly integrating style with purpose.

"Puneh," meaning "again" in Sanskrit, signifies a fresh start for recycled fashion yarns. It's more than just a trend; it's a conscious response to the pressing need for sustainable practices in the textile industry. By tackling textile waste head-on, this partnership redefines our relationship with fashion.

The Unique Blend of Sustainability and Style:

• Eco-friendly: Puneh yarns are crafted from a blend of mechanically recycled textile waste and Birla's sustainable cellulosic fibers like Birla Spunshades and Liva Reviva.
• Sustainable & Stylish: Vibrant colors and eco-friendly elements showcase that sustainability can be seamlessly incorporated into fashion.
• Biodegradable: Puneh yarns are biodegradable, minimizing their environmental impact.

A Commitment to a Greener Future:

"As we weave the threads of innovation and sustainability together, our collaboration with Usha Yarn is a testament to our commitment to fashion a brighter, more eco-conscious future," says Mr. ManMohan Singh, Chief Marketing Officer, Birla Cellulose. "Our fabrics don't just adorn, they advocate for a world where fashion leaves a gentle footprint on the planet."

The Power of Collaboration:

The introduction of Puneh recycled yarn marks a significant milestone in the textile industry. It demonstrates the power of collaboration, innovation, and a shared commitment to addressing environmental challenges.

Sustainable Fashion Within Reach:

Puneh paves the way for a more harmonious relationship between style and sustainability. Consumers can now embrace eco-conscious choices without compromising on style or quality.

This is just the beginning of a new chapter in the textile industry. Birla Cellulose and Usha Yarn, with their revolutionary Puneh yarns, are leading the way towards a more sustainable and responsible future for fashion.

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22 December 2023, Mumbai

In a decisive move, the state government has established a committee, led by Public Works Minister Dada Bhuse, to delve into the challenges plaguing the power loom industry.
The study group, featuring MLAs Rais Shaikh, Anil Babar, Pravin Datke, Subhash Deshmukh, and Prakash Awade, is tasked with scrutinizing power loom centers in key areas like Bhiwandi, Malegaon, and Ichalkaranji, with a report due in a month.

Nuances
The initiative comes on the heels of legislator Rais Shaikh's impassioned plea in the Legislative Assembly, addressing the industry's struggles.
State Textile Minister Chandrakant Patil promptly responded by announcing the formation of the study group. Shaikh, hailing the swift government action, expressed optimism about justice for the power loom sector.
Encouraging stakeholders to voice their concerns, Shaikh anticipates a transformative impact as the committee plans to compile a comprehensive report on issues and propose measures to fortify the power loom industry statewide.

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Reversing a loss from the previous year, textile and realty company Bombay Dyeing reported a surprise profit in the third quarter. This turnaround was primarily fueled by a one-time gain from a land sale and significant cost reductions.

The company recorded a consolidated net profit of Rs 30.54 billion as against a loss of Rs 1.01 billion it recorded last year. It expenses reduced by 39.4 per cent to 4.06 billion during the year. However, the company’s revenues from the Polyester segment declined by 11 per cent, leading to a 43.4 per cent drop in overall revenue from operations.

The Rs 38.81 billion one-time gain from land sale to Goisu Realty provided a significant boost to the company's bottom line. However, the company’s core business is still struggling, as evidenced by the decline in revenue from the polyester segment.

15 January 2024, Mumbai

WHY India

Fueled by government incentives and boundless ambition, India's textile industry is weaving a vibrant future.

Titans like Arvind Ltd. lead the charge, inking a colossal Rs. 3,000 crore deal for diverse projects, while the Ramraj Group pumps Rs. 1,000 crore into new units, promising 5,000 jobs.

Growth galore

From yarn giant GHCL's Rs. 535 crore expansion embracing renewables to Jeyavishnu Clothing's Rs. 330 crore investment in spinning and processing, generating over 2,500 jobs, the growth is palpable.

SCM Garments joins the fray with Rs. 500 crore for new apparel units and eco-friendly energy, while Paramount Textile Mills sets its sights on the US market.

Nuanced picture

This tapestry of ambition extends beyond mere numbers. It's about intricate craftsmanship blending with technological advancements to weave a sustainable future for the industry.

With unwavering entrepreneurial spirit and government support, India's textile sector promises to be as rich and colorful as the fabrics it produces.

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22 December 2023, Mumbai

WHY India

Opening with a bang:

1. Texcon '23 wasn't just a conference; it was a clarion call. Under the banner "Transforming India into a Global Textile Hub," industry leaders, from the Confederation of Indian Industry to Bollywood icon Pankaj Tripathi, united to declare a pivotal moment for the nation's textile sector.

   Highlighting the urgency:

   Cooperation, innovation, and a dash of government support—these were the ingredients deemed essential to overcome challenges and unleash the industry's potential. Sustainability, championed through initiatives like blockchain-powered Kasturi Cotton, was positioned as the catalyst for this growth.

   Ambition takes center stage:

   $250 billion by 2030—that's the staggering sales target India set for its textile industry, with $100 billion earmarked for exports. An "India-first" approach resonated throughout the event, urging stakeholders to embrace collaboration and tap into the sector's immense manufacturing prowess.

   Addressing the roadblocks:

   Headwinds like export dips in the first half of the year were acknowledged, but October's positive growth offered a glimmer of hope. Experts like Sivaramakrishnan Ganapathi and Kulin Lalbhai pointed to gaps in synthetic fiber production and value chain deficiencies as areas demanding immediate attention.

   Hope amidst the challenges:

   The "China-plus-one" strategy, with its potential influx of global brands seeking alternative production hubs, fueled optimism among industry insiders. Comparisons with other Asian manufacturing destinations, coupled with India's strengths like stable governance and strong raw material base, further bolstered confidence.

   Conclude with a call to action.

   Texcon '23 wasn't just a conference; it was a roadmap. A roadmap for revolutionizing India's textile landscape and for weaving a future where "Made in India" becomes synonymous with quality, innovation, and global leadership. Now, it's time to roll up our sleeves and turn our aspirations into reality.

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Garware Technical Fibres, a prominent player in the technical textiles sector, announced its unaudited financial performance for the quarter and nine months ending December 31, 2023.

In Q3 FY24, the company showcased resilience amid challenging international logistics, reporting a 5 per cent surge in net sales to Rs. 289.4 Cr compared to Rs. 274.6 Cr in Q3 FY23.

Profits before tax witnessed a notable 18 per cent uptick to Rs. 55.0 Cr from Rs. 46.6 Cr in the corresponding period last year. Likewise, net profit after tax soared by 18 per cent to Rs. 43.3 Cr, and earnings per share (EPS) stood at Rs. 21.23, marking a substantial 20 per cent growth.

For the nine-month period of FY24, despite a marginal 1 per cent decline in net sales to Rs. 943.3 Cr, the company demonstrated robust financial performance. Profit before tax surged impressively by 25 per cent to Rs. 180.2 Cr, with net profit after tax escalating by 23 per cent to Rs. 138.7 Cr. EPS for 9M FY24 reached Rs. 68.07, reflecting a commendable 25 per cent growth compared to the same period last year.

Vayu Garware, CMD of Garware Technical Fibres, attributed the Q3 success to a remarkable 18 per cent growth over the previous year, highlighting the buoyancy in the Geosynthetics segment.

Despite logistical hurdles, strong margins across all businesses bode well for the upcoming quarter. However, challenges in accessing materials due to Red Sea disruptions could pose a hindrance, particularly in serving European and South American markets.

11 January 2024, Mumbai

Facing a dip in traditional markets, India's textile industry charts a new course, aiming to reach a $100 billion export target by 2030. With Europe and US demand waning, the Textile Secretary, Rachana Shah, reveals a strategic shift towards untapped potential in Asia and beyond.

New Destinations, New FTAs: Australia and the UAE stand as immediate priorities with ongoing FTA negotiations. Japan and Korea, already established players, are targeted for increased trade. Meanwhile, talks with the UK and West Asian nations further broaden the export landscape.

Challenges and Solutions: Shah acknowledges hurdles like competitiveness, logistics, and fragmented value chains. To counter these, she advocates for expanding existing schemes like PM Mitra and Production-Linked Incentives (PLI).

PM Mitra's Boost: Under this scheme, Rs 500 crore will be invested in a textile park, with another Rs 300 crore aimed at attracting the targeted Rs 70,000 crore in overall investment.

PLI's Potential: This scheme hopes to lure Rs 19,000 crore in new investments over five years, aiming for a cumulative turnover of Rs 3 lakh crore and creating 7.5 lakh jobs.

By diversifying its export portfolio, expanding infrastructure, and incentivizing investments, India's textile industry is embracing a dynamic approach to navigate the changing global landscape.

The success of these initiatives will determine whether India stitches together a thriving future for its textile exports in the East and beyond.

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20 December 2023, Mumbai

Lenzing Group, a global leader in wood-based specialty fibers, recently orchestrated 'The Lenzing Conclave' in Ahmedabad, a renowned textile hub.

Emphasizing Lenzing's enduring commitment to innovation and responsible manufacturing, the event provided a pivotal platform for industry stakeholders to discuss sustainable textile advancements and future opportunities.

Outlines

The conclave spotlighted Lenzing's latest innovations under TENCEL and LENZING ECOVERO fiber brands, with a particular focus on products blending TENCEL fibers and cotton tailored for the Indian market.

Ahmedabad's fabric mills and traders, stalwart consumers of Lenzing fibers, have significantly influenced end fabrics in fashion, denim, home textiles, and intimate wear, gaining traction both domestically and in export markets.

Demonstrability

The exhibition showcased Lenzing's cutting-edge developments across major segments, offering a hands-on experience for participants to explore the versatility and quality of Lenzing fibers. Avinash Mane, Senior Commercial Director of AMEA & NEA region, Textiles Business, Lenzing Group, hailed the conclave's success in fostering collaboration, innovation, and sustainable practices.

The event affirmed Lenzing's role as a trusted partner in Ahmedabad's textile industry, contributing to the creation of high-quality, sustainable fabrics for global markets.

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Dharki, a luxury handloom textile brand hailing from Varanasi, has expanded its retail presence to Mumbai's renowned store, Mélange. The brainchild of designer Brijesh Gupta, Dharki seamlessly integrates tradition with a contemporary design philosophy. Collaborating with skilled artisans from West Bengal and Madhya Pradesh, the brand specializes in crafting a diverse range of saris, adhanas, and dupattas.

The latest collection from Dharki introduces patterns and textures through traditional jacquard weaving techniques, marking a departure from conventional designs, as highlighted by Gupta. The brand's ethos revolves around striking a harmonious balance between heritage and innovation.

Spearheaded by Sangita Sinh Kathiwada, the owner of Mélange, the decision to retail Dharki's creations from the iconic Mumbai store is aimed at broadening the brand's reach. The store itself has undergone a revamp to align with Dharki's identity, featuring interiors inspired by the architectural splendor of central Indian havelis. The color palette, comprising taupe, Indian rose, and chalk, enhances the overall aesthetic appeal.

Gupta emphasizes presenting traditional designs requires a delicate equilibrium between preserving heritage and embracing innovation. He suggests that brands can infuse a bold, modern edge into their designs by enlarging or abstracting traditional elements. Additionally, employing a muted or unconventional color palette can contemporize designs, rendering them more relevant to current trends and tastes.

20 December 2023, Mumbai

India's newly-elected president of the International Textile Manufacturers Federation (ITMF), K.V. Srinivasan, sees a significant opening for the country in the global textile market.

With international buyers seeking alternatives to China, India has a prime opportunity. However, global demand slumps and rising inflation pose challenges.

Granularity

Srinivasan notes surprising domestic textile demand lows, even during festivals, emphasizing room for Indian industry competitiveness improvement.

The Southern India Mills' Association (SIMA) recently felicitated Srinivasan, with ITMF Director General Christian P. Schindler highlighting global industry dynamics in a virtual presentation.

Key takeaways:

• Shifting global demand presents a golden opportunity for India's textiles.
• Domestic competitiveness and internal demand need urgent improvement.
• ITMF offers a platform for India to voice concerns and share best practices.
• Innovation and sustainability are key to long-term success.

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