11th August 2021, Mumbai:

Arvind Limited, a conglomerate having interests in Textiles, Technical Textiles to Technology and one of the largest manufacturer of denims globally, has tied-ud with Textile Genesis, a block-chain enabled digital transparency platform.

The company quest is for attaining greater traceabilty across Denim supply/ within its existing apparel supply chain backed by a credible traceability mechanism.

It is pertinent to state here group has a stated vision of attaining holistic sustainability goal & always been staying ahead of the curve in its earnest to adopt new technologies and has problem solving & solutions seeking approach and value capture across their and their partners’ businesses. Its 'Sustainability Mission' is for the company and it is been undertaken various initiatives for water, energy and chemical conservation the ongoing basis, including tie-ups with global brands like Gap and others for making them more effective and pronounced.

WATCH: https://www.youtube.com/watch?v=VCv7yTyzQpo

The Textile Genesis’ platform is likely to help accomplish thorough traceability of upstream (cotton onwards incl. other inputs involved) being used by Arvind to the end-customers in this extraordinary long denim industry supply chains.

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9TH AUG 2021, MUMBAI:

The sector should become strong and prosper without depending much on state support,urges new Textile Minister on the occasion of 'National Handloom Day'.

We have to look for new ways to boost handloom production and explore new markets,” the minister was quoted as saying at the event, which was also attended by textiles secretary UP Singh and weavers from different parts of the country.

The textiles minister categorically stressed on forming a team under the chairmanship of Sunil Sethi, Chairman, Fashion Design Council of India (FDCI). The team will have weavers, trainers, equipment makers, marketing experts and other stakeholders recommending ways and means to kick-in growth trajectory to impart much needed impetus to this traditional handloom sector manifesting Indian cultural ethos & heritage.

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6TH AUG 2021, MUMBAI:

According to a government source, India's gold imports more than quadrupled in July from the previous year as demand improved after states relaxed lockup restrictions.

Gold prices fell on Friday as the dollar maintained its gains ahead of the much-anticipated US employment report, while a rising number of Federal Reserve members hinted at a policy tightening sooner than expected.

By 0104 GMT, spot gold had dropped 0.1 percent to $1,802.05 per ounce. Gold futures in the United States fell 0.3 percent to $1,804.10. Gold became more costly for holders of other currencies as the dollar index rose 0.1 percent.

Given the development in the economy and strengthening labor market, Fed Governor Christopher Waller believes the central bank may be able to begin removing its accommodating monetary policy sooner than some think. Meanwhile, Minneapolis Fed President Neel Kashkari warned the Delta form of COVID-19 may "wrinkle" the labor market recovery and the Fed's asset-purchase program reduction schedule. COVID-related news is updated on a daily basis. In the United States, 19 cases have reached a six-month high, with more than 100,000 illnesses recorded throughout the country as the Delta strain devastated states with low vaccination rates.

Investors are now focusing on the United States' non-farm payrolls report, which is coming later in the day and is considered critical to the Federal Reserve's policy position. On Thursday, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, reported a drop in holdings to 1,027.61 tonnes. According to a government source, India's gold imports more than quadrupled in July from the previous year as demand improved after states relaxed lockup restrictions. According to Russia's finance ministry, the country produced 79.05 tonnes of gold in the first four months of 2021, down from 81.27 tonnes in the same period of 2020. Palladium remained unchanged at $2,649.45, while silver climbed 0.1 percent to $25.15 per ounce. Platinum fell to a seven-month low of $998 and was the last trading at $999.49, down 0.6 percent.

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9th August 2021, Mumbai: 

Minister of state for finance Pankaj Chaudhary told recently on the floor of the parliament that a 5% basic customs duty and a 5% agriculture infrastructure and development cess was imposed on raw cotton in FY22 budget to benefit domestic cotton farmers. 

Minister also asserted that 'The cotton Association of India (CAI)' has sought withdrawal of the 10% duty levied on imports saying the commodity has become unaffordable and it is badly hurting the interest of domestic textile industry. He unequivocally advocated that farmers are hurt by a spike in imports despite on the back of the fact that there is excess availability of local cotton which T&A trade should look at tapping into.

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Minister lamented that,"All varieties of cotton, including even the varieties which were produced in India are being imported in large quantities which state is quite concerned about"

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9th Aug 2021, Mumbai:

The World Trade Organisation (WTO) as per recent observation, "No other category of manufactured goods support net exporting position as the textile sector in the context of developing nations”

Indian domestic textile and apparel market has been estimated at US$ 75 billion in the financial year 2020-21. The market fell 30 percent from US$ 106 billion in the financial year 2019-20. Putting the backdrop in quick context,"The domino effects of COVID-19 where world arguably for 1st time ever had supply & demand shocks. This blackswan even threw unprecedented challenges to global economy, no brainer that heat was on the Indian Textile sector too. This negative impact is not limited to Productivity loss but has quite significantly impacted On the livelihoods as there has been a massive job loss.

Thus far Textile sector has contributed significantly to national output, employment, and exports. Indian Textile industry contibutes about 14% to industrial production (IIP); 4% to the country’s gross domestic product (GDP); 17% to its export earnings; and takes primacy as a frontrunner in generating employment for over 35 million people. It is considered to be the second-largest employment generator after agriculture.  

It is said every crisis has opportunity hidden in it. For once, India has a real chance to emerge as a global manufacturing hub by deepening integration with global supply chains; considering consumption world is looking for CHINA+1 policy seriously. Therefore, Turning this dream-vision into reality will need cohort/ active support and participation from the government and all the involved stakeholders alike.

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5th Aug 2021, Mumbai:

Minister of State for Textiles Darshana Jardosh said in a written reply to the Rajya Sabha that due to the COVID-19 pandemic and national lockdown enforced by several states, manufacturing operations in all NTC Ltd mill facilities were placed on stop from March 25, 2020.

The government said on Thursday that no mills owned by National Textile Corporation (NTC) Ltd have been shuttered in the last two years. Minister of State for Textiles Darshana Jardosh said in a written reply to the Rajya Sabha that due to the COVID-19 pandemic and national lockdown enforced by several states, manufacturing operations in all NTC Ltd mill facilities were placed on stop from March 25, 2020. 

Following the easing of the lockout and the availability of raw materials, NTC reopened 14 mill units in January 2021. In April 2021, she said, the second wave of the COVID-19 epidemic forced the shutdown of all NTC mill operations. According to the minister, NTC resumed operations at certain of its mills in July 2021, based on raw material availability, and the employees were paid monthly as per their status by NTC from its cash reserve.

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"No mill has been shuttered under NTC Ltd, a Central Public Sector Enterprise under the Ministry of Textiles, in the previous two years," she noted. In a second response, she stated that SITP (Scheme for Integrated Textile Park) has sanctioned 66 parks. "24 parks have been finished in accordance with scheme criteria, 32 parks are operational and in various phases of implementation, and ten parks have been terminated," she explained.

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9th Aug 2021, Mumbai:

Prime Minister Narendra Modi clearly articulated four pinpointed factors to give a fillip to exports and appealed & exhorted all stakeholders to identify new products and destinations to make exports basket more suited to achieve dream goal post of $400Bn this FY.

It is here imperative to mention that globally most of the consumption countries already doggedly pursuing for China+1 policy, on the back of the fact anti-china sentiment also is a fundamental tailwind for Indian Textile sector which is globally already second biggest textile economy away from China.

H'ble PM has categorically stressed in on the following four points to enhance export capabilities out of India–

increase in manufacturing, reduction in transport and logistics cost, government walking shoulder to shoulder with the exporters and pursuing for international markets even for domestic goods to attain global competitiveness as a preparedness

Given the above is a pathway to help achieve sector the goals of Make in India and a larger issue of accomplishing Atmanirbhar Bharat one day, assert TEXPROCIL the nodal trade agency in their reaction to this clarion call from the head of the state. Manoj Kumar Patodia, Chairman, TEXPROCIL concurred that Prime Minister’s address was very inspiring and will certainly encourage all the exporters to strive to increase exports and achieve the national target of $400 billion in 2021-22.

WATCH: https://www.youtube.com/watch?v=RRu5rJuQGns

Towards this end PM Modi has shown a resolute intent by interacting comprehensively with the heads of the Indian Missions overseas and with multi-stakeholders such as the trade Export Promotion Councils, Chambers of Commerce, secretaries of various pertinent departments and concerned state government officials via video conference (VC) on August 6, 2021 to help facilitate this desired outcome. 

The long standing wish of appealing to the government to include textiles in the priority list while negotiating FTAs with UK, Canada, Australia and the EU remains a given.

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6TH AUG 2021, MUMBAI:

The government informed Parliament earlier this week that the proposed scheme to launch seven mega investment textile parks (MITRA) is in the making and is stuck at Cabinet approval level and is work in progress (MITRA) is awaiting approval of the Cabinet.

Minister of State for textiles Darshana Jardosh told Rajya Sabha that we are in the serious mode of review, evaluation regard to the location of MITRAs in different states in order to work out the modalities as the process unfolds.

Watch: https://www.youtube.com/watch?v=U0NAm6oPubs

MoS stated as the things stand, Rs 1,469 crore of grant has been launched, 1.02 lakh employment thus generated and up until now Rs 13,311 crore investments have been attracted in the ongoing 'Scheme for Integrated Textile Parks'.

 https://www.linkedin.com/feed/update/urn:li:activity:6829749254727245824

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4th Aug 2021, Mumbai:

Due to the unexpected surge of COVID-19 cases in China, the Autumn Editions of Intertextile Shanghai Apparel Fabrics, Intertextile Shanghai Home Textiles, and Yarn Expo have been rescheduled for October 9-11, 2021.

The textile shows were initially scheduled to take place at Shanghai's National Exhibition and Convention Center at the end of this month.  “In order to comply with official pandemic containment standards and after consulting with our stakeholders, we have decided to postpone the fairs from their initial August date. 

We have already secured new dates with the fairground for the three concurrent fairs: October 9-11, to give our exhibitors and customers as much time as possible to prepare ahead,” Wendy Wen, senior general manager of Messe Frankfurt (HK) Ltd, said in a statement. “I'd want to express my gratitude to the attendees of all three fairs for their patience and continued support as we continue to operate in difficult times. For the autumn/winter sourcing season, we are committed to offering a high-quality international trade platform for three sectors, and our foreign suppliers will still be able to participate through our hybrid exhibition scheme if they are unable to visit Shanghai in person,” Wen added.

Watch: https://www.youtube.com/watch?v=SnXL3ALXGkY

Messe Frankfurt (HK) Ltd, the CCPIT Sub-Council of Textile Industry, and the China Textile Information Centre are co-organizing Intertextile Shanghai Apparel Fabrics. Messe Frankfurt (HK) Ltd and the CCPIT Sub-Council of Textile Industry are co-organizers of Yarn Expo. Messe Frankfurt (HK) Ltd, the CCPIT Sub-Council of Textile Industry, and the China Home Textile Association are co-organizing Intertextile Shanghai Home Textiles (CHTA). Messe Frankfurt's China textile fairs are part of the company's Texpertise Network, which includes more than 50 events worldwide.

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6TH AUG 2021, MUMBAI:

Textile and garment exporters have vehemently sought intervention of the Union government  to address the issue of container shortage in this impending dilemma facing the community lest it kills the exports potential at a time when global trade has started to show definite signs of recovery.

The same has already been represented to recently by all the export promotion council heads in an interaction with the H'ble Prime Minister, apprising him of the challenges they are faced with on the logistics front.

Manoj Kumar Patodia, chairman of the Cotton Textiles Export Promotion Council (TEXPROCIL), "The acute shortage of containers and the crying need for urgent focus on logistics development is key challenge trade is currently grappling with.

Dr A Sakhtivel, Chairman AEPC also urged the Government to timely intervene to address the issue of container shortages faced by the exporters which is turning out to be sore point in the growing exports story.

Also he empathically appealed to the Government to take into consideration 'Textiles in the priority list' while negotiating Free Trade Agreements (FTAs) with the UK, the European Union, Canada, and Australia etc.

WATCH: https://www.youtube.com/watch?v=l7FjEN5ckI8

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6TH AUG 2021, MUMBAI:

As per The Press Information Bureau (PIB) is the nodal agency of the Government of India, "Government FDI Policy for Textiles Sector, Textiles is open to FDI under automatic route since long. As a conservative estimate Nearly 80% of textiles units in India are MSME, SMBs/ informal sector of the economy resulting in fragmented state & nature of sector"

Historically FDI inflows serve to perk up domestic capital, available resource and facilitate to promote industrial development thereby increase its production capacity and work in as backbone to the industry, Augment export competitiveness, enhance job/ employment opportunities across textiles supply chains.

Watch: https://www.youtube.com/watch?v=Azjrx8q2nv8

Positive impact includes incremental investments as a natural corollary bring in international best practices and introduction to cutting edge/ state of the art knowhow & technologies across this deep sector resulting in visible supplement to all-round economic growth and harmonic development in the sector and to the economy per say. 

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4th Aug 2021, Mumbai:

Anti Dumping Duty on viscose staple fibre (VSF) is a big plus asserts, Apparel Export Promotion Council (AEPC) chairman A Sakthivel.

He is quite appreciative of Government of taking a right step in the right direction. He emphasises that this step on the back of earlier measures undertaken recently will give an impetus to the man-made fibre (MMF) sector & shall go a long way.

AEPC along with other organisations in the VSF value chain had appealed to Prime Minister Narendra Modi for removing ADD on VSF to course correct issues related to VSF spun yarn availability and price to prevent unintended consequences & possible impact it has across the VSF textile value chain.

Watch: https://www.youtube.com/watch?v=8IXUp9iPsl4

“The decision be a booster to MMF segment, which both industry and government have well recognised/ identified as the key sector for perking up Indian Apparel global share and deepening its integration with global supply chains. This on the back of the fact that proposed Production Linked Incentive (PLI) scheme for the MMF segment is already on the anvil bodes well for the future prospects of Textile trade per say,” maintain all the stakeholders.

This well intended initiative will make the domestic VSF prices aligned with the global VSF prices making the entire Indian VSF textile value chain globally competitive & in turn potentially boost production and exports of these products,” Sakthivel added.

 https://www.linkedin.com/feed/update/urn:li:activity:6828618383450279936

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