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Trade 20-04-2022

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

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.

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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Trade 20-04-2022

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

DeSL Strengthens Sustainability Technology with Higg Data

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.

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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Trade 20-04-2022

DeSL Strengthens Sustainability Technology with Higg Data

Scheduled meetings with shareholders are in compliance with NCLT directions: Future Retail

18 April 2022, Mumbai:

Refuting Amazon’s allegations, Kishore Biyani-led Future Retail said, the meetings of shareholders and creditors scheduled next week to consider and approve the sale of its retail assets to billionaire Mukesh Ambani's Reliance are in compliance with the directions issued by the NCLT.

Earlier this week, e-commerce major Amazon, which is contesting the Rs 24,713 crore deal, had termed the meetings as "illegal".

ALSO READ Reliance Retail takes over Future Group stores

However, issuing a clarification, FRL is a regulatory update said the meetings have been convened in compliance with the directions given by the National Company Law Tribunal (NCLT) in its order passed on February 28, 2022, to consider and approve the Scheme of Arrangement filed by various entities which are part of the deal.

Regarding voting on resolutions by shareholders, FRL said if any one of them is restricted due to any contractual obligation, then it would not affect the proceedings of the meetings convened.

Future has convened a shareholders' meeting on April 20 and that of creditors on April 21 to seek their approval for the proposed Rs 24,713-crore deal with Reliance.

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Trade 18-04-2022

Scheduled meetings with shareholders are in compliance with NCLT directions: Future Retail

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

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.

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).

Trade 14-04-2022

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

FRL Proposes To Transfer Debt To RIL

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.

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).

Trade 20-04-2022

PLI Scheme to benefit 61 textile companies

18 April 2022, Mumbai:

The newly launched production-linked incentive (PLI) scheme of the government is set to benefit 61 Indian textile companies including Monte Carlo Fashions, Arvind Ltd, Trident Ltd, and Kimberly Clark India.

These companies are expected to invest over Rs 19,077 crore over five years and create direct employment for 240,134 people, says UP Singh, Union Textiles Secretary.

ALSO READ The deadline for applying for the PLI scheme has been extended once more

The first part of the scheme approved 13 applications with minimum investments of Rs 300 crore. The approved companies include Avgol India, Trident, Shahi Exports, and Madura Industrial Textiles.

The remaining 48 companies were approved under the Part II of the scheme where a minimum investment of Rs 100 crore is required by them.

The approved companies include Texport Industries, Swara Baby Products, Arvind Ltd, and Techno Sportswear.

Approved in December 2021, the scheme for textiles offers incentives worth Rs10,683 crore over five years to manufacture man-made fibre apparel—jerseys, overcoats, trousers, etc.—fabrics and products of technical textiles.

To be operational from September 2021 to March 2030, the scheme aims to expand man-made fibre and technical textiles segments’ value chain to help India regain its dominant status in the global textiles trade.

It also aims to increase exports of technical textiles from $2 billion to about $8-10 billion, Singh adds.

Exemption in customs duty on cotton may lead to cooling of prices in the coming days, says Singh. However, prices are not expected to fall drastically due to the current shortage of crops.

The rise in prices will benefit farmers as they will get two times the maximum support price.

This will encourage them to increase cotton acreage by 20 percent next year, adds Singh.

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Trade 18-04-2022

PLI Scheme to benefit 61 textile companies

Darshana Jardosh: Govt to set up ''Export Promotion Council For Technical Textiles''

13 April 2022, Mumbai:

The Indian government is planning to set up an export promotion council for technical textiles, said Darshana Jardosh, Union Minister of States for Textiles during the inauguration CMAI FAB SHOW on April 11, 2022, at Jio World Convention Centre, BKC, Mumbai.

She further said that after the tough period during the corona pandemic, now India is progressing well and the 21st century will belong to India.

India has achieved its export targets and now the government will announce shortly the new export targets.

ALSO READ CMAI Fab Show from April 11-13

The Minister applauded the initiative of CMAI to organize this first-of-its-kind Show bringing the entire Supply Chain under one roof and appreciated the efforts of CMAI to serve the Domestic Garment Industry and its members.

Rahul Mehta, Past President and now Chief Mentor of CMAI (THE Clothing Manufacturers Association of India) added, that CMAI for the first time is organizing the CMAI FAB Show. (Fabrics, Accessories & Beyond) from April 11-13, 2022. It has 200 participants.

Visitors and buyers from eight counties are visiting the show.

The fair has 3,500 online registrations before the commencement of the Fair. More than 5,000 garment manufacturers, exporters, retailers with private labels, and Traders are expected to visit the Fair.

Rajesh Masand, President – of CMAI informed, the CMAI FAB SHOW is been supported by two of the biggest associations in the fabric supply chain – the FABEXA from Ahmedabad, and SGCCI from Surat.

A unique addition to The FAB Show was the Think Out Of The Box Section, with 4 exciting and Scintillating Seminars on a variety of Subjects covering Consumer Trends, Technological Developments, and the Global Fashion Landscape.

The speakers included some of the biggest names in the Garment Industry, along with speakers from Bangladesh, Turkey, and The Netherlands.

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Trade 13-04-2022

Darshana Jardosh: Govt to set up ''Export Promotion Council For Technical Textiles''

Sima: Stalin’s intervention to hike cotton production sought

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.

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)

Trade 19-04-2022

Sima: Stalin’s intervention to hike cotton production sought

TEXPROCIL WELCOMES THE REMOVAL OF IMPORT DUTY ON COTTON

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.

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.

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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Trade 16-04-2022

TEXPROCIL WELCOMES THE REMOVAL OF IMPORT DUTY ON COTTON

CAI cotton crop estimates for 2021-22 season

12 April 2022, Mumbai:

The Cotton Association of India (CAI) on Saturday reduced the cotton crop estimate by 8 lakh bales to 335.13 lakh bales for the 2021-22 season as the production in Gujarat, Telangana, Maharashtra, and Karnataka is expected to decline.

The total production during the crop year 2020-21, stood at 353 lakh bales, the CAI said in a statement.

ALSO READ Cotton Association of India (CAI): Cotton Stocks To Decline By 12 Lakh Bales In FY'21-22

For Gujarat, the CAI lowered the production estimate to 88.99 lakh bales for the 2021-22 season, Telangana to 39.91 lakh bales, Maharashtra to 83.50 lakh bales, and Karnataka to 21 lakh bales.

Meanwhile, the total cotton supply from October 2021 to March 2022 is estimated at 343.68 lakh bales, which consists of the arrivals of 262.68 lakh bales, imports of 6 lakh bales, and the opening stock estimated at 75 lakh bales at the beginning of the season.

Further, the CAI has estimated cotton consumption from October 2021 to March 2022 at 175 lakh bales while the export shipments up to March 31, 2022, are estimated at 35 lakh bales.

Stock at the end of March 2022 is estimated at 133.68 lakh bales, including 75 lakh bales with textile mills and the remaining 58.68 lakh bales with the Cotton Corporation of India (CCI), Maharashtra Federation, and others (MNCs, traders, ginners, MCX among others, including the cotton sold but not delivered).

The CAI Crop Committee has estimated the total cotton supply till end of the season 2021-22, that is up to September 30, 2022, at 425.13 lakh bales, which is less by 8 lakh bales compared to 433.13 lakh bales estimated previously.

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

Trade 12-04-2022

CAI cotton crop estimates for 2021-22 season

CITI hails withdrawal of import duty on Cotton

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)

Trade 19-04-2022

CITI hails withdrawal of import duty on Cotton

GOTS marks 20th anniversary

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.

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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Trade 16-04-2022

Piyush Goyal: Invites Australian businesses to Make in India

09 April 2022, Mumbai:

Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has invited Australian businesses to Make in India and said that the Startups from both nations must engage with each other.

He underscored that Australia has fantastic innovations and research and new ideas and India has the talent pool to take these to the world.

ALSO READ India-Australia Historic ECTA: AEPC Hails

Expressing the hope that Investments will flow into India from Australia at a faster pace, he said that Western Australia can be at the forefront of the expanding relationship between the two nations.

“The proximity between the region and India provides an opportunity for much deeper economic engagement,” said Goyal, addressing the gathering at the Business Luncheon hosted by Deputy Premier Roger Cook in Perth, earlier this week.

Goyal said that the India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) will take relationships between the nations to greater heights and added that the spirit of cooperation and friendship with which the negotiations happened was truly remarkable.

Outlining areas of focus under the agreement such as education, research, innovation, technology, manufacturing etc, the Minister called for deepening engagements in areas such as the space sector and sustainability.

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

Trade 09-04-2022