16 May 2022, Mumbai:

The Union Minister for Commerce and Industry; Consumer Affairs, Food, and Public Distribution, and Textiles, Piyush Goyal held a day-long stakeholder consultation with various sectors of the industry in Mumbai today, on India’s ongoing negotiations on Free Trade Agreements with Canada, the United Kingdom, and the European Union.

ALSO READ What Emerging New Indian FTAs Usher For Textile Sector

The Minister had separate meetings with representatives of automobiles, gem and jewellery, textiles, steel, copper, and aluminum sectors. The hybrid interaction had industry leaders and associations attending both in-person and online.

The Commerce Minister apprised the industry as to how the Agreements that are being negotiated will elevate the overall economic and commercial relations with respective partner countries which in turn will not only benefit bilateral trade but also create new jobs and provide wider social and economic opportunities.

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Goyal stressed the potential benefits - both direct and complementary spill-over economic benefits, including increased investment, job creation, and employment opportunities.

The industry representatives thanked the Minister for entering into FTAs with UAE, Australia, and other nations, that too at such a fast pace fulfilling a long-lasting dream for many of them.

Further, all the stakeholders expressed gratitude to the Minister for taking into consideration concerns of Indian Industry and providing constructive inputs on this matter with a view to ensuring an overall balance between market access and domestic sensitivities.

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

12 May 2022, Mumbai:

Congratulations Sushil Agarwal for being named as one of the top 20 CFOs in India. "Mr Agarwal is the current group chief financial officer of Aditya Birla Group. He has worked for the company for nearly thirty years and has done a lot for the company." - says Shishir Gupta, founder, and CEO.

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Sushil Agarwal-Aditya Birla Group Mr. Sushil Agarwal is currently the Group’s Chief Financial Officer. He serves as a Director on the Board of several Group companies including Aditya Birla Capital Ltd and Aditya Birla Fashion and Retail Ltd and is also a member of the Business Review Council of the Group.

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He has remained with the Group for nearly 30 years and has the distinction of working closely with the former Chairman Late Mr. Aditya Vikram Birla and current Chairman Mr. Kumar Mangalam Birla.

He has highly contributed to many Restructurings and Mergers and Acquisitions of the Group with his widely acknowledged financial acumen and analytical skills.

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CREDITS: STARTUP LANES (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).

16 May 2022, Mumbai:

In talks with 30 niche local brands.
Mukesh Ambani led Reliance's plans to build a portfolio of 50 to 60 grocery household and personal care brands within the next 6 months.

ALSO READ Reliance Brands: 6th ‘Designer Brand’ acquisition & counting
Reliance is in the final stages of negotiations with around 30 popular niche local brands to fully acquire them or form JV/joint venture partnerships for sales.

RELEVANT NEWS

Investment outlay to acquire brands is not clear, but Reliance aims to achieve rupees 50000 crore which is 6.5 billion USD of annual sales from the business within 5 years.

It targets building its own 6.5 billion USD consumer goods business to challenge foreign giants like HUL, two sources familiar with the plan told Reuters.

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CREDITS: TOI Dt 16-05-2022 (The news article has not been edited by DFU Publications staff).

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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14 May 2022, Mumbai:

SGS Launches Light Sensitive Fabric Test to Support a Greener Denim Fashion Industry.

ALSO READ SGS opens new laboratory in Kolkata

SGS has joined forces with technology manufacturer, Jeanologia, to launch an exclusive service for fashion retailers, manufacturers, and brand owners looking to minimize the environmental impact of denim textile production.

Advanced Light Sensitive Fabric Test –

Now Available Exclusively Through SGS The advanced Light Sensitive Fabric test, developed by Jeanologia, is now available exclusively from SGS. In expanding its global textile testing capability with the advanced Light Sensitive Fabric test, SGS is responding to the industry’s growing use of laser technology to reduce the environmental impact of producing denim apparel.

RELEVANT NEWS Jeanologia: People & Planet Come First

Providing an Objective Fabric Quality Score The advanced Light Sensitive Fabric test accurately measures the suitability of denim fabrics for laser marking, based on sensitivity to light, and provides an objective score of fabric quality through the global Advanced Light Sensitive Fabric 100 Mark System.

A More Eco-Friendly Approach to the Fashion Industry

Yvonne Tse, Vice President, SGS Global Softlines said: “We are proud to launch this service, which supports the sustainable production of fashion textiles.

Enrique Silla, CEO at Jeanologia, said: “Our mission is to change the industry and make it more ethical, eco-efficient, and sustainable.

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

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)

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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