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Union Budget 2023: Textile industry story of 'Resilience To Resurgence'

01 February 2023, Mumbai

India is one of the world's top nations that contributes considerably to the global textile industry. India is the biggest exporter of cotton and the world's most extensive fiber producer away from China. Through the years Its garment and textile (T&C) exports have consistently increased.

Union Budget simplified for readers

Context setting;

India gets its moment in the sun!

Union budget 2023 theme; Green Growth re-emphasizing its commitment to Budget 2023 to give impetus to green growth underlying the theme of business models to factor in the social cost of carbon from now on with the emergence of carbon taxes/carbon policy intervention in some advanced nations on the background thus, throwing economic opportunities for the businesses. 

A budget that has laid the foundation for sustained growth in the coming years and, balances growth with fiscal prudence. This one is all about the 3Cs CAPEX, Consumption & Credit.

Indian textile industry has been the epitome of ''Resilience To Resurgence" all thanks to better handling of the pandemic by Indian authorities.

Union Budget 2023, which is the last full budget before the general elections were presented by Finance Minister Nirmala Sitharaman, and focuses on increasing the production and export of textiles in India.

Path-breaking interventions; The budget proposes to set up a comprehensive national program for handloom and handicrafts, including a scheme for their development and promotion. Additionally, a National Technical Textiles Mission will be launched to promote technical textiles in areas such as agriculture, construction, and healthcare.

Budget thrust; In order to encourage the growth of textile industries in the country, the government has allocated a significant amount of funds for the development of the sector as this sector has to make not only for this country but for the rest of the world and, thus needs to make it competitive.

Decoding; In her Budget speech, Nirmala Sitharaman alluded unequivocally that," Interestingly one of biggest revelation was an extraordinary sized technical textiles imports to the extent of around USD 16 billion per annum is highly disturbing given that, India is a textile magnate and already is well aligned to the (GSCs) global supply chains endowed with plentiful of raw materials besides, having a reasonably good textile manufacturing heft, robust domestic market available consumption and required knowhow.

The allocation of Rs. 3,380 crores which indeed is not a conservative estimate for the integrated scheme for the development of the silk industry, Rs. 2,500 crores for the scheme for the promotion of production and export of handicrafts, and Rs. 1,480 crores for the scheme for the development of handlooms will aid the growth of the sector.

Furthermore, the most compelling part is that the budget also proposes the setting up of an Rs. 10,000 crore fund to support the MSME sector in the textile industry, which is a significant contributor to the country's economy. The fund will provide easy and low-cost access to credit for the MSMEs in the textile sector and the numbers look good.

The sector gets a shot of hope amid the gloom

The Union Budget 2023 captures the spirit of employment generation and has several provisions to promote the textile sector's growth in India. The allocation of funds and the launch of new schemes will create a positive impact on the industry, increase production, and boost exports.

The globe comes to India

Dialing now into a nation the globe wants to listen to

Considering that Opportunity Knocks on the Indian Doorstep; With China Plus one, in turn, will contribute to the overall growth of the Indian economy 'Winners & Loosers' India's rise "Beyond'+1" is credible; as India becomes a serious player in the global textile economy.

In conclusion

Different strokes for different folks

In short, it is a bottoms-up budget where the development has been taken down to the grass root level. There is a growing recognition amongst some global economists that Post-Covid China is started to lose manufacturing supremacy and India to become a global manufacturing hub by the year 2030.

Crafting a budget quite certainly is a science and art giving a push to inclusive growth and is likely to give a thrust to the textile sector as this sector always has a multiplier impact on employment generation.

Broadly the budget is anchored in development as well as growth taking a holistic view of the green/clean energy transition on its journey to the nation's sustainable development model and on the whole, well delivered as job creation is the middle name of today's budget and the government is not done yet.

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Textile Staples Market

31 January 2023, Mumbai

The global textile staples market as per different trade estimates is expected to grow at a CAGR of 5.5% from 2022 to 2032, driven by increasing demand from end-use industries such as apparel, general and leisure, sportswear, interior flooring, and other.
As per Future Market Insights (FMI) report," A Great Showing expected out of The Textile Staples Market expected to Clock Total Revenue of US$ 275.48 Bn by the year 2032".
The use of natural staple fibers, such as cotton, jute, and wool, is expected to increase due to the demand for eco-friendly textiles, while synthetic fibers, such as polyester, are being produced in a sustainable manner.

The apparel segment is expected to contribute 50% of total sales, while the interior flooring segment is expected to experience the fastest growth. Asia Pacific excluding Japan is expected to be the leading region.

The growth of the market is also driven by increased investment in the textile sector and rising demand for sustainable textile materials. Prominent manufacturers are expanding their presence globally by setting up manufacturing units in emerging economies.

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Ministry of Textiles: To support Techtextil India

25 January 2023, Mumbai

The ninth edition of Techtextil India is being held on 12 – 14 September 2023 in Mumbai.

Raj Manek, Executive Director, and Board Member, Messe Frankfurt Asia Holdings Ltd, alludes as an expression of gratitude, “Messe Frankfurt India is absolutely delighted and honoured to have gotten the invaluable assistance & much-needed timely support once again from the Ministry of Textiles (MoT)/Government of India and are quite sure that, it builds a robust business engagement for the industry besides bringing in strong value accretion to the government's thrust technical textiles segment also, it will immensely provide a boost to our trade fair".
Putting it in context the previous edition of Techtextil India held in November 2021 served as a significant meeting place and catalyst for the technical textile sector.

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Textile Colorant Market

01 February 2023, Mumbai

The global textile colorant market is expected to grow at a CAGR of 5.4% from 2022 to 2032, reaching a valuation of US$ 11,590.4 Mn by 2032.
As per a reliable trade report from Future Market Insights, the category is expected to achieve a CAGR of 5.4% during the forecasted period of the year 2022-32.
The growth is driven by the increasing demand for fashion textiles and home decor and the rise in disposable income worldwide.

Context setting; The market is highly unorganized, and fragmented and has a very diverse broad base of several leading players with product value offerings in excess of say 10,000 variants of textile colorants.

East Asia is expected to be the dominant region for textile colorant production and consumption and accounts for around 48% of global textile production.

The demand for textile colorants is expected to account for 9-11% of the global colorants consumption. The growth in the market is a result of the recovery from the pandemic crisis and growth in the textile industry.

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SIMA: Lauds MoT decision on VSF quality Control Order

30 January 2023, Mumbai

BIS certification for Viscose Staple Fibre to avoid any disruption in their operations. The Ministry of Textiles has extended the time limit for obtaining the BIS quality certification to 90 days and has directed the BIS to expedite the processing formalities to issue the certification.
Ravi Sam, Chairman, The Southern India Mills' Association (SIMA) has thanked the Minister of Textiles for this extension and has advised all suppliers and manufacturers to take the necessary steps to obtain the BIS certification and, in particular to H'ble Piyush Goyal for convening the multi-stakeholders meeting of VSF held last week dated 27 th January 2023, deliberating, outlining & stressing the critical need for extension of time limit for VSF QCO and the on-ground practicalities & challenges faced by the VSF value chain nationwide.

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Seminar on India ITME 2022–Glimpses

24 January 2023, Mumbai

The seminar was successfully co-organized by The Textile Association India, (TAI), Mumbai Unit & Veermata Jijabai Technological Institute (VJTI), Mumbai dated 16th January 2023 at
VJTI, Mumbai.

Ms. Seema Srivastava, ED, India ITME Society, the Hon'ble Chief Guest inaugurated the seminar to set the context.

TAI, Mumbai Unit, Chairman, V. C. Gupte, gave the resounding welcome address.

Dr. K. K. Sangle, Dean of Academics, VJTI very well addressed the delegates emphasizing and underlining the theme of collaboration between industries and academic institutes more today than ever before when opportunities are at India's doorstep.

While Haresh B. Parekh was the convenor of the seminar.

There was nobody better than industry veteran G. V. Aras, Strategic Advisor, ITAGroup, Germany, Rabatex India, and Yamuna Machine Works who delivered the Key Note Address.

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Vardhman Textiles: Reported financials

01 February 2023, Mumbai

Vardhman Textiles, headquartered in Ludhiana, whose innovative yarns & textiles are a trademark of the firm, reported its financials.

The Vardhman Textiles' EBITDA for the quarter showed a significant decrease of 46% YoY and 32% QoQ due to lower sales and reduced gross margins. Vardhman Textile's gross margin declined to 37% from 52% YoY and 43% QoQ due to a drop in yarn prices and high-cost cotton inventory, leading to the lowest EBITDAM of 7.3% in Q3FY23 compared to 24.2% YoY and 14.6% QoQ.

Despite this, the recommendation remains to BUY with a revised Dec-23 target price of Rs440, as the earnings are believed to have hit bottom and there are indications of improvement with lower cotton prices and improving yarn-cotton spread.


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SIYARAM’S CUP: An Inter-State level Blind Cricket Cup

30 January 2023, Mumbai

Siyaram’s, a leading textile brand in India, has been collaborating with Blind Welfare Organization for 9 years to host an annual inter-state blind cricket tournament called "Siyaram’s Cup".

Siyaram's’ Ramesh Poddar-Chairman & MD on this momentous occasion was very excited and mentioned, “Unfortunately, in our nation, there are uncountable numbers of visually challenged persons who go way beyond their boundaries to follow their passions creating limitless opportunities not only for cricket but definitively also in their personal lives.

The tournament was held in Mumbai from 11th to 13th January 2023, with 8 teams from different states across India participating.

The tournament ended with the Gujarat team winning and the Maharashtra team being the runner-up.

Blind cricket is a modified version of cricket adapted for visually challenged players, with rules similar to regular cricket but with some differences, such as the ball filled with ball bearings, 10-inch wide stumps, and the use of the sweep shot. The event was a showcase of the passion and determination of visually challenged players to overcome limitations and achieve success.

Latest Textile Events


Techtextil & Texprocess: April 23-26, 2024

20 January 2023, Mumbai

Synonymous with Performance.

The joint range of products and services at the international Techtextil / Texprocess23. – 2642024 Frankfurt am Main.

Industry experts from all over the world are waiting for this important business platform after 2 years to experience the show and its vast offering of product groups and applications across diverse industry categories.

Function. Future,  Techtextil & Texprocess will hold comprehensive events, including a variety of digital services to expand the reach geographically and amongst the visiting companies.

The last edition of Techtextil and Texprocess held in June (21-24, 2022) concluded with positive signs.

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Sustainability & Innovations

31 January 2023, Mumbai

The World Textile Conference-3 is being held in Ahmedabad, India on February 25th and 26th, 2023, organized by the Textile Association (India), the world's largest textile-related professional organization are two important events lined up in the world's 2nd largest textile economy.
Amongst the highlights is the contribution of Tony Fragnito, President of the USA-based Association of the Nonwoven Fabrics Industry (INDA). & Innovation pathways in the sophisticated textiles sector to be outlined by trade expert of the caliber of Bryan Haynes, Senior Technical Director of Kimberly-Clark Corporation
The conference will feature international speakers discussing the future of the textile sector, including the need for investment and R&D in value-added textiles, the outlook for nonwovens, and how the industry can adopt circular approaches to sustainability.

Key topics include innovations in advanced textiles, sustainability, circularity, and diversity in challenging times. The conference is expected to provide opportunities and boost confidence in investments in the textile and allied sectors.

CREDITS: Dr. Seshadri Ramkumar, PhD, CText, FTI (UK), FTA [Honorary(India), TAPPI Fellow (USA) Professor, Nonwovens & Advanced Materials Laboratory

Latest Textile Events


Seminar on Khadi & Handloom for Sustainable Fashion

27 January 2023, Mumbai


Khadi and Handloom for Sustainable Fashion.

Dates: Saturday, 4th Feb 2023.

Venue: LH 310, LHC, IIT Delhi

Title sponsor: Birla Cellulose (Aditya Birla group) 

Organized by NISTI Regd in partnership with the Department of Textile and Fibre Engineering, IIT Delhi, and Northern India Textile Research Association (NITRA)

Chief Guest: The Textile Commissioner (TC), Government of India.

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TEXVALLEY: Price-Less Marketplace

19 January 2023, Mumbai

Texvalley is a " Project initiated by The Ministry of Textiles, Government of India & supported by Government of Tamil Nadu".

Texvalley is a platform that came as an outcome of intensive “grass-root” discussions with the entire textile supply chain.

Texvalley's existing facility a textile wholesale trading centre located in Erode is been envisaged to be built & constructed into a mall with large format stores. As a result, Texvalley was formed as a custom-built mall space for both manufacturers and sellers.

Texvalley, located in Erode, Tamilnadu, India is spread across 20,00,000 square feet and has been re-positioned as a Price-less Marketplace, in its New Avatar, catering to both B2B and B2C segments.

This price-less marketplace shall consist of a Global Market (B2B), a Tex Value Mall (B2C), and a Big Box Bazaar;  i e. a category killer (B2B & B2C).

The mall is strategically located on the Salem-Kochi highway (NH544), which sees a large volume of traffic every day Customers from all over the world come to Erode to acquire garments and hosiery as it is a hub for textile/garment buyers.

Highlights of South India's largest B2B Spring-Summer Booking Fair, -TAG Expo 28-30th, January 2023

Conference l Fashion Show l Awards

TAG Expo is organized to showcase the latest design and capabilities of our Textile Cluster to the Textile & Fashion world.

· An opportunity to interact with National Top Buyers & Industry Leaders.

· One to One Business Meeting with Buyers.

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