21 April 2022, Mumbai:

Weaving and processing units in Surat are struggling with raw material shortages and their rising prices.

Prices of coal and lignite in the city have increased by over 100 percent, electricity bills have surged by about 10-15 percent while labor charges are surging by 12 percent.

Ashok Badani, Owner of a processing unit says, the prices of polyester yarn in the city have jumped by over 30 percent in the last six months.

ALSO READ Surat aims to be India’s new garment hub

This is making it difficult for weavers to buy yarn in large quantities, he adds.

The steep rise in inputs costs is also disrupting production activities with most units running one shift 12-hour shift a day, adds Lalit Pipalya, Weaver.

Before the pandemic, weavers processed nearly 40 million meters of fabric per day. But now, the process is only about 30 million meters a day.

This threatens a 65 percent decline in cluster turnover this year.

RELATED NEWS Lenzing: Supply Chain Solutions Hub Inaugurated in Surat

Weavers’ operating margins are also being squeezed as they do not pass all additional costs to consumers.

However, this has led to a 50 percent decline in their own profit margins.

Over 75 percent of the 50,000 plus weaving units and more than 400 textile processing houses in Surat are relatively small units or MSMEs.

Jitendra Vakharia, President, of the South Gujarat Textile Processors Association (SGTPA), says, their small capacities make it harder for them to absorb the sudden hike in raw materials and other costs.

The Surat textile cluster provides direct employment to over two million people in the city.

20 April 2022, Mumbai:

Ahead of voting on Reliance-Future Deal

Payment Plan
Lenders are jittery as no assurance yet on Reliance buying assets as per terms of the 2020 agreement.

ALSO READ Reliance Retail takes over Future Group stores

Payment to lenders may be reduced if RIL-linked cos takes control of Future Group stores.

Rs 28,921 cr Future Group's outstanding loans.

RELATED NEWS RIL to buy Future Group’s retail assets at original price

Co proposes to transfer debt of Rs 12,612 cr to RIL.
Rs 16,309 cr to be repaid in tranches; of this Rs 5,653 cr will be paid from proceeds of the asset sale to Reliance.

Almost all of the remaining Rs 16,309 crores will be repaid in a staggered manner to lenders.

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CREDITS: ET Dt 20-04-2022 (The news article has not been edited by DFU Publications staff).

21 April 2022, Mumbai:

Piyush Goyal calls upon the Cost & Management Accountants to ensure quality production by industry and helps boost India’s exports.

Exports are the virtuous circle of prosperity that we have to focus upon-Goyal.

ALSO READ Piyush Goyal: Indo-Australia trade agreement to gain 'Hi-Quality Australian Cotton'

“As the Prime Minister says, ‘When each one of us takes one step, it’s 135 crore steps towards prosperity”, Goyal.

Union Minister of Commerce & Industry, Consumer Affairs and Food & Public Distribution and Textiles, Piyush Goyal has called upon the Cost & Management Accountants to ensure quality production by industry and help boost India’s exports.

RELATED NEWS Piyush Goyal: EPCs & MSMEs must engage with other nations to develop new markets

Cost Accountants help make the Indian Industry cost-competitive and cost-conscious, he said. “If we start loading costs to our export products and if we literally start doing marginal costing, on the other hand, it can make a world of difference to our cost competitiveness, our ability to increase our exports, and, frankly, our ability to (a) recover its cost and (b) start reporting profits,” said Goyal.

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

19 April 2022, Mumbai:

Representatives of the Southern India Mills’ Association (Sima) plan to meet and request chief minister M K Stalin on Monday to increase cotton production by introducing the best seed varieties.

Sima will urge the government to increase production from four lakh bales to 15 lakh bales a year, chairman M Ravi Sam said.

ALSO READ SIMA, CHAIRMAN: Indian Textile Mills concerned about global order cancellations

“There are better varieties available in the country. If they are used, there would be a 40% increase in production, without increasing acreage,” he said.

Representatives of the Southern India Mills’ Association (Sima) plan to meet and request chief minister M K Stalin on Monday to increase cotton production by introducing the best seed varieties.

RELATED NEWS SIMA & CITI to impress upon Tamil Nadu CM, MK Stalin seeking to ramp up cotton production

Sima will urge the government to increase production from four lakh bales to 15 lakh bales a year, chairman M Ravi Sam said.

“There are better varieties available in the country. If they are used, there would be a 40% increase in production, without increasing acreage,” he said.

The economic crisis in Pakistan and Sri Lanka is boosting prospects of the Indian market as the industry is expecting more orders to India, an industry insider said.

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

16 April 2022, Mumbai:

The Government has permitted duty-free imports of cotton for the period April 14 – September 30, 2022, vide a notification issued on 13th April by the Ministry of Finance.

READ MORE TEXPROCIL: Hails the finalization of the India UAE CEPA

In a statement today, Shri Manoj Kumar Patodia thanked the Hon’ble Prime Minister Shri Narendra Modiji for giving a “Baisakhi” gift to the textile industry, as the measure will benefit the entire textile value chain namely yarns, fabrics, garments, and made-ups and provide relief to consumers.

RELATED NEWS TEXPROCIL, Chairman: Urges government to remove Customs duty on raw cotton

He also thanked the Hon’ble Minister of Commerce, Industry, Textiles, Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal for his untiring efforts to ensure that the Indian textile industry maintains its competitive edge in world markets.

Shri Patodia hoped that going forward the prices of cotton which has reached unreasonable levels will stabilise and the textile industry will be able to increase its exports.

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20 April 2022, Mumbai:

The newly signed Indo-Australia trade agreement and duty-free imports would help India gain high-quality cotton produced by Australia, says PiyushGoyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles.

ALSO READ India-Australia Historic ECTA: AEPC Hails

India has allowed duty-free imports of cotton until September 30, 2022.

RELATED NEWS India-Australia look at taking proposed free trade agreement (FTA) to its logical conclusion

It is reported that the prices of cotton have increased due to a drop in production.

Goyal adds the move will bring down prices benefitting customers.

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19 April 2022, Mumbai:

T. Rajkumar, Chairman, CITI thanked the Hon’ble Prime Minister, Shri Narendra Modi Ji, Hon’ble Union Minister of Textiles, Piyush Goyal Ji, Hon’ble Union Minister of Finance, Smt. Nirmala Sitharaman Ji, Hon’ble Union Minister of Agriculture & Farmers’ Welfare, Shri Narendra Tomar Ji, Hon’ble Minister of State for Textiles & Railways, Smt. Darshana Vikram Jardosh Ji and all the concerned senior government officials for their kind support for withdrawing 10% import duty on Cotton – 5% Basic Customs Duty (BCD) and 5% Agriculture Infrastructure and Development Cess (AIDC), including 10% Social Welfare Cess (SWC) on both amounting to 11% import duty on cotton – from 14th April 2022 to 30th September 2022.

ALSO READ The textile industry reiterates its call for the planned GST tax on textiles to be withdrawn

T Rajkumar said, “it’s a welcome decision and will help the entire textile value chain to fight not only the steep increase in the cotton price due to the imposition of 10% customs duty on the import of cotton but also to meet the requirement of specialty cotton (extra-long-staple cotton, organic cotton, colored cotton, etc.) to manufacture high-end products for their niche markets in advanced countries”.

RELATED NEWS CITI-CDRA Golden Jubilee Celebrations

CITI Chairman stated that he recently met the Hon’ble Minister of Textiles, Shri Piyush Goyal Ji, and Hon’ble Minister of State for Textiles & Railways, Smt. Darshana Vikram Jardosh Ji along with Chairman, Apparel Export Promotion Council (AEPC), Chairman, The Cotton Textiles Export Promotion Council (TEXPROCIL), Chairman, The Southern India Mills’ Association (SIMA), and President, Tirupur Exporters Association (TEA) and apprised the Hon’ble Ministers about the issues cropping up due to the non-availability of quality cotton to the domestic players at competitive prices.

CITI Chairman hoped that the T&C Industry would be able to achieve the export target of US$ 16.96 billion (25% increase) set for the cotton value chain and the total textiles and clothing export target of US$ 47.029 billion (18% increase) set for the financial year 2022-23 with the help of availability of cotton fiber and other raw materials at internationally competitive prices to the Indian T&C Industry.

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

16 April 2022, Mumbai:

GOTS marks its 20th anniversary with an all-time high in certified facilities.

Twenty years after its inception, the world’s leading textile processing standard for organic fibres records all-time high figures: 18 GOTS approved Certification Bodies report a total of 12,338 certified facilities (+19 percent) in 79 countries (+11 percent).

ALSO READ The Global Organic Textile Standard (GOTS) : Identifying fraud in India since 2020 but receives no evidence

“What seemed utopian to many in 2002 has become a reality in the past 20 years.

We have created an organic textile standard, certified by approved third-party certification bodies, which is accepted in all major markets.

RELATED NEWS GOTS 20th anniversary celebration marks historic accredited facilities

GOTS is a standard that gives consumers the power to choose truly organic products sourced from sustainable supply chains.” says Claudia Kersten, Managing Director at GOTS.

“Despite ongoing difficulties and uncertainty caused by the Covid-19 pandemic, decision-makers continue to pursue their sustainability goals and value GOTS as a tool to accomplish them”.

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20 April 2022, Mumbai:

DeSL announces a partnership with Higg, the sustainability insights platform, to strengthen its already comprehensive suite of tools to help fashion and other consumer goods industries better manage their corporate goals in terms of sustainability, climate change, and compliance.

ALSO READ Higg Facility Environmental Module (Higg FEM): The Lycra Company’s FOSHAN Facility Earns Hi-Score

Leveraging this integration, DeSL can deliver Higg’s industry-leading social and environmental sustainability insights to product designers and developers from the start of the development process.

With sustainability being an industry-wide initiative and brands seeking deeper adoption, partnering with a leading data solution will allow our customers to design products and see value-chain data all in one solution.

RELATED NEWS Arvind Ltd. joins Kontoor in forming a new denim supply chain alliance

The expanded functionality delivers DeSL PLM customers visibility to the environmental impacts of their design and sourcing decisions which are connected to upstream sustainability targets.

Colin Marks, DeSL’s CEO explains, “DeSL is committed to working with the fashion industry to deliver technology which enables companies to make better and faster decisions when it comes to the entire product lifecycle, from initial design concept right through to delivery to the consumer.”

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14 April 2022, Mumbai:

Recent Trade Agreements signed with UAE and Australia were very well received and did not elicit a single negative response from any sector - Piyush Goyal.

The Minister urges exporters to adopt an uncompromising stance on quality; cautions that quality culture must not be allowed to weaken in the country.

ALSO READ On the Udyam platform, over 66 lakh MSMEs have registered, with 95% of them being micro companies

With PM GatiShakti, a culture of the 'whole of government' approach is developing in the nation - Goyal

Engineering goods exports record a 45 % Year on year growth, touching approximately USD 111 billion.

RELATED NEWS Ministry of Textiles: To provide subsidy support to Textile industry incling MSMEs through ATUFS & Powertex India

Union Minister for Commerce and Industry, Consumer Affairs, Food, and Public Distribution and Textiles, Piyush Goyal today said that recent Trade Agreements signed with UAE and Australia were very well received and did not elicit a single negative response from any sector.

He was delivering the keynote address at the 51st National Export Awards of Engineering Export Promotion Council of India in New Delhi today. Goyal said that our export community had made India proud with stellar achievements in exports.

Pointing out that exports have been the backbone of India’s economy, the Minister said that it was crucial to honour our exporters and recognise their contribution in nation building.

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