23 December 2021, Mumbai:

Textile merchants and traders are worried about the impact of their business when the increased GST of 12% will come into effect from January 1 across the country and how their customers, particularly women, will respond.

The Central government has increased the GST levied on garments from 5 per cent to 12 percent. Nizamabad, Kamareddy, Armor, Bodan Banswada, Balakonda, Dichupally and Ellareddy Bhimgal along with mandal headquarters and villages across the erstwhile district have large luxury shopping malls as well as small textile clothing shops.

Out of total textile and garment business in the district, sale of clothes and other garments of women and adolescent girls accounts for 43 per cent.

Erstwhile Nizamabad district has a daily turnover of over 4 crore from the retail textile business. Out of this, Rs 3.5 crore comes from sale of saris and other ladies' garments.

Over the years, the textile business in the district had been in a sluggish stage due to the impact of the Covid epidemic.

Prices of cotton and other raw materials used in the manufacture of fabrics, especially silk saris, have tripled and prices of silk garments for festivals, weddings and other celebrations are going up sharply in recent times.

HANS INDIA (The news article has not been edited by DFU Publications staff)

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17 December 2021, Mumbai:

Government has been promoting organic farming through dedicated schemes of Paramparagat Krishi Vikas Yojana (PKVY) and Mission Organic Value Chain Development in North East Region (MOVCDNER) since 2015-16. Both the schemes provide end to end support to organic farmers from organic production to certification and marketing including post harvest management support like processing, packaging, storage etc.

PKVY is implemented in all the States across the country to promote organic farming in cluster mode, in which, farmers are provided financial assistance of Rs 50000/ha for 3 years out of which, Rs. 31000/ ha / 3 years is provided directly to farmers through DBT for organic inputs such as seeds, bio fertilisers, bio-pesticides, organic manure, compost/vermi-compost, botanical extracts etc.

MOVCDNER is implemented in all the North Eastern States for promotion of certified organic production, in which, organic farmers are supported to develop their value chain from organic production to processing and marketing etc. through FPO formation. Under the scheme a sum of Rs. 46,575/ha for 3years are provided for creation of FPO, support to farmers for organic inputs, quality seeds/ planting material and training, hand holding and certification.

Apart from that financial support is also provided as subsidy to FPOs and private entrepreneurs @ 75% and 50% respectively for setting up of post harvest infrastructure such as integrated processing unit, integrated packhouse, cold chain component and small processing unit as per the requirement of value chain.

In addition, organic farming is also supported under Rastriya Krishi Vikas Yojana (RKVY), Mission for Integrated Development of Horticulture (MIDH) and National Project on Organic Farming (NPOF), Network Project on Organic Farming under Indian council of Agricultural Research (ICAR).

The financial outlay of PKVY and MOVCDNER for last three years.

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

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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15 December 2021, Mumbai:

Markets regulator Sebi on Wednesday slapped a fine of over Rs 72 crore on Winsome Textile Industries Ltd, its directors, and two other individuals in a matter pertaining to the issuance of global depository receipts (GDR) by the firm.

The directors facing the fine are Ashish Bagrodia, Manish Bagrodia, and Satish Girotra. Winsome issued 1.29 million GDRs amounting to USD 9.99 million on March 31, 2011, and Pan Asia Advisors Ltd was the lead manager of the issue. Arun Panchariya was the managing director of Pan Asia Advisors.

Investigation revealed that Vintage FZE was the sole subscriber of the GDR issue. Mukesh Chauradiya was Vintage's managing director and Panchariya was its 100 percent beneficiary.

ET (The news article has not been edited by DFU Publications staff)

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• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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23 December 2021, Mumbai:

Coimbatore in southwest Tamil Nadu is known as the Manchester of south India and, no wonder, that in the 1970s and 1980s, it offered a varied palette of companies in the manufacture of textiles and related businesses to the trading floor of the then vibrant Madras Stock Exchange.

Most of those illustrious names have, in some sense, passed into oblivion, though some of them are still traded on the national exchanges, with the regional one having been moth-balled.

Is it any wonder then, if a star sparkles out of the same city in more recent years? KPR Mills Ltd, with a market cap that is almost close to the Rs20,000 crore bracket, has shown a stellar performance on the bourses ever since its public float in 2007 with a small capital raise of under Rs150 crore!

The company is a full-scale textiles manufacturer with an overt thrust on the value-added garment segment that, in revenue terms, currently towers over the typical commodity business of yarn and fabric that most textile mills account for across the country.

The top-line, which includes an unrelated diversification into sugar and allied products, is an imposing Rs3,550 crore in the last accounting year ended on 31 March 2021.

The component of the export sale, which is at a flattering 35% of the top-line, signifies the foray the company has made into the highly competitive international market navigating multiple challenges of quotas and tariffs.

But the stark surprise is the operating margins it makes which propels its free cash flow in the consolidated books for the same period to an astonishing Rs815 crore before coughing up to the exchequer the taxes!

It is no mean a feat in a business, where the competition is from other tigers in Asia like Bangladesh and Vietnam, that enjoy a very supportive regulatory and business climate, which is still an unfulfilled aspiration for us.

Nothing puts the matter in perspective as the fact that a legend in branded textiles business that has been around far longer and with a formidable presence across the value chain right up to retail and proclaims itself as the ‘complete man’ has a market-cap a little less than a quarter of KPR’!

It is not an accomplishment that can be missed even by the most superficial, for what is essentially a family organisation that has taken listing more for status than to actually access funds from the market and has returned many times over the initial investment in an initial public offering (IPO). Yet it remains quite low-profile in a tier-2 city in a state generally considered less entrepreneurial!

MONEY LIFE   (The news article has not been edited by DFU Publications staff)

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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17 December 2021, Mumbai:

The Ministry of Textiles had initiated a major intervention namely, Technology Upgradation Fund Scheme (TUFS) in 1999 as a credit linked subsidy scheme intended for modernization and technology upgradation of the textile industry in the country.

The scheme has been implemented in various versions and the ongoing version of Amended TUFS (ATUFS) to be implemented up to March 2022 was launched in 2016 with an upper ceiling of subsidy for the individual entities (Rs.30 crore for Garmenting, Technical Textiles, and Rs.20 crore for other segments), to ensure better targeting of MSME units.

In addition, schemes such as National Technical Textile Mission (NTTM), Powertex India, Integrated Processing Development Scheme (IPDS), Scheme for Integrated Textile Parks (SITP), Scheme for Incubation in Apparel Manufacturing (SIAM), Pradhan Mantri Mega Integrated Textile Region & Apparel Park (PM-MITRA), sectoral schemes for traditional sectors viz. silk, jute, handloom, and handicraft, etc. have been launched to support the textile industry to achieve technology advancement, innovation, and modern infrastructure.

The initiatives of the Government have helped in increasing textile manufacturing by building the modern manufacturing infrastructure, up-gradation of technology, fostering innovation, enhancing skills and traditional strengths in the textile sector including small businesses.

This information was given by the Minister of State for Textiles Smt. Darshana Jardosh in a written reply in the Rajya Sabha on 17-12-2021.

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

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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15 December 2021, Mumbai:

Raymond plans to raise Rs 100 crores. This will be done by issuing non-convertible debentures. The company will utilise the funds to strengthen its presence to overcome the disruptions caused by the Covid pandemic.

The fabric and apparel manufacturer has a store count of over 1,420 across all formats. The brand also sells online through its website and leading e-commerce platforms. Raymond is witnessing a demand surge to the tune of 60 percent for both its apparel and fabric segments.

Demand growth is aided by the favorable low base of last year. People are coming to the brand’s physical stores though they are maintaining caution. Also, average spending by customers has increased.

The pandemic significantly affected its revenues in the first half. However, the gradual unlocking in the second half of the fiscal helped the company to witness an encouraging rebound in the market with the progressive recovery of consumer sentiments.

There was a bounce-back in sales to almost three times in the second half as compared to the first half of fiscal ’21. In the fourth quarter of fiscal ’21, Raymond grew by nine percent.

On the supply side, there are some minor issues but the company has good relations with its suppliers and thus it doesn’t expect it to be a major challenge.

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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21 December 2021, Mumbai:

Cotton production in the country during cotton season 2021-22 (October to September) is expected to be above 350 lakh bales, president of Indian Cotton Federation (ICF) J. Thulasidharan said here on Sunday.

At the annual meeting of the Federation, he said the increase in minimum support price had encouraged farmers and helped maintain the area under cotton. It had also incentivised farmers to take up better crop management practices. On the export front too, the demand was robust.

The challenges now were the need for fibre quality, proper grading, improved seed and initiatives to realise better yield. “It is important to address these issues at the earliest for a win-win situation for the Indian cotton farmer and the user Industry,” he said.

The next revolution should come only from increasing the yield. With the right initiatives, Indian farmers could reach a yield of 1,000 kg. “This should be the priority for all stakeholders and policy makers.

” Many brands in the US and Europe were forcing suppliers to go for sustainable tag and Indian cotton had not been recognised as sustainable. The Agricultural Ministry should take initiatives to bring out simple sustainable guidelines, which could be easily implemented by the Indian farmer.

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

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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16 December 2021, Mumbai:

T. Rajkumar, Chairman of Kerala's Sri Mahasakthi Mills Limited and Tamil Nadu's Foundation One Infrastructures Pvt Ltd, has been re-elected as Chairman of the Confederation of Indian Textile Industry (CITI). The Indian textile and garment industry's primary industrial chamber is CITI. T. Rajkumar is the Chairman of the Textile Sector Skill Council (TSC) and a Director of the National Skill Development Corporation.

He is involved with a number of organizations and trade associations (NSDC). Rakesh Mehra of Mumbai-based Banswara Syntex Ltd. has been named Deputy Chairman.

Since 2018, he has served as the President of the Indian Spinners Association (ISA), a Mumbai-based organization of MMF Yarn Spinners. Vice-Chairman Ashwin Chandran, CMD of Prescot Meridien Limited, was chosen.

From 2019 to 2021, he served as Chairman of the Southern India Mills' Association (SIMA) in Coimbatore for two years. The 63rd Annual General Meeting of CITI, which represents the whole textile value chain through its key regional and industry associations and 18 significant corporate members, was held.

T. Rajkumar, speaking at the AGM, stated that the Indian textile and clothing industry will go a long way toward meeting the ambitious goal of increasing the textile industry's size to US$ 350 billion by 2025-26, including US$ 100 billion in exports, as well as the target of US$ 44 billion in textile product exports by 2021-22.

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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14 December 2021, Mumbai:

India and the UAE are expected to complete the Comprehensive Economic Partnership Agreement (CEPA) by next month, according to Union Textile Minister Piyush Goyal.

"Hopefully by the end of this month or next month, we expect to finalize them (the discussions) so that this would probably be one of the fastest trade deals between two nations ever negotiated," he said through video conference to the India Global Forum, UAE-2021.

He also stated that the deal will be a win-win situation for both countries since it will "give market access to each other." Some of the provisions of the agreement are groundbreaking, especially for both countries.

It's worth noting that the UAE is a key market for Indian garment exporters, and CEPA will help them as well. According to the Minister, the Indian economy has been able to "essentially recover" from the recession it experienced last year as a result of the "extremely harsh lockdown" enforced to combat the epidemic.

"We've been able to look at extremely attractive growth rates; in the second quarter, July-September, we grew at 8.4%, which is one of the fastest growth rates in the world today," he continued.

Our investments are at an all-time high, and we've just seen some of the biggest FDI or FPI in the country. Indian enterprises are demonstrating more consistent and profitable growth. Our exports have been at an all-time high in recent months, both in terms of product and services."

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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The government's move to increase goods and service tax on textiles, when input costs are already rising, is facing resistance from the industry.

The two ministries involved also differ. On Nov. 18, the Finance Ministry, based on the recommendations of the 33-member GST Council, decided to impose a flat 12% tax on textile items like man made fibre and finished goods from Jan. 1, 2022, to correct the inverted duty structure.

At present, a 5% tax is levied on the sale value of up to Rs 1,000 per piece. A uniform tax rate, according to the council, is expected to address anomalies that occur when the tax rate on raw materials is higher than the tax on the finished product.

For instance, inputs into the man-made fibre fabric (yarn and fibre) attract a GST of 12-18%, which is higher than 5% on fabrics. That's also called inverted duty structure.

BLOOMBERG

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

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage

16 December 2021, Mumbai:

Various state governments are still working hard to have at least one park approved under the Rs. 4,445-crore Mega Investment Textiles Parks (MITRA) project.

The Yuvajana Shramika Rythu Congress Party (YSRCP) has requested that one of the seven textile parks in Andhra Pradesh's Kopparthi major industrial center be established.

Party member V. Vijayasai Reddy, who raised the issue in the Rajya Sabha, said the Kopparthi industrial hub, which was recently established in Kadapa district, had all the facilities in place and was poised to become the preferred destination for many investors.

Thangam Thennarasu, Tamil Nadu's Minister for Industries, recently stated that the state was making every effort to bring a major textile park funded by the Union Government to the Virudhunagar district. V. Vijayasai Reddy went on to say that the government of Andhra Pradesh has provided subsidies to entice investors and develop the industrial cluster.

"The MITRA park has the potential to become a nodal site for the state's textile sector, contributing significantly to supply chain integration," he added. With over 4.5 lakh experienced handloom and power loom employees, Andhra Pradesh is the second-largest producer of cotton and silk in the world.

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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13 December 2021, Mumbai:

The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Shri Piyush Goyal today called for Partnerships among countries for achieving Sustainable Growth.

Addressing the Inaugural Session of the CII Partnership Summit 2021 on the theme “Partnering for Building a New World: Growth, Competitiveness, Sustainability, Technology” through video conferencing, Shri P. Goyal said India, as it assumes presidency of the G20, will leverage global partnerships for collective solutions to global issues.

Quoting the Prime Minister Shri Narendra Modi: - “It is only partnerships that will get us to our goals. Partnerships between citizens, Partnerships between communities, Partnerships between countries,” Shri Goyal said India has emerged as the ‘World’s Trusted Partner’.

“Even in the peak of the Covid, even under lockdown, India met all of its international service commitments despite lockdowns, and Services supply chains did not suffer for even a second,” he said.

Shri Goyal assured India will supply Covid vaccines to the whole world to tackle this “once in a century of its kind pandemic” and plans to manufacture 5 billion doses next year.

“In addition to protecting its own population, India has also provided medical supplies & equipment to more than 150 countries across the globe,” he said, adding, “It is in line with India’s ancient wisdom of ‘Vasudhaiva Kutumbakam’(The World is One Family). Nobody will be safe, until everybody is safe; nobody will be happy until everybody will be happy. "

Shri Goyal said the pandemic has put India under the spotlight, to introspect its potential as a Global leader especially at a time when the country is celebrating 75 years of independence “Azadi ka Amrit Mahotsav”. “India’s cumulative COVID-19 Vaccination coverage exceeds 1.33 billion doses,” he said.

Shri Goyal said all of us Ministers are working for the welfare of the poor with the Government’s philosophy of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas.’ “We have been running the world’s largest food distribution programme serving more than 800 million beneficiaries for 19 months besides the world’s largest health insurance programme reaching out to the poorest of the poor,” he said.

Calling for a just and equitable world trade order, Shri Goyal said, with ‘Panchamrit’, the PM has set very, very ambitious targets for India at the COP26. “India will reach its non-fossil energy capacity to 500 GW by 2030 & meet 50% of its energy requirements from RE.

We hope to attain Net Zero (Carbon Footprint) by 2070 in the fastest possible time,” he said.

Shri Goyal said, under PM Modi, India is on a Reform Journey that has transformed its landscape with several schemes like the PLI, PM Mitra, Reduction in Corporate Tax, Ease of Doing Business, and Single Window.

“Today India’s businesses are moving towards adoption of the tech. like 5G, AI, IoT (Internet of Things), etc. to achieve Manufacturing excellence.

India’s 65 million MSMEs are fast moving to embrace digitisation to make India a trillion-dollar digital economy,” Shri Goyal. “India’s economic performance has been robust; all economic indicators continuing on an upward trajectory. 8.4% GDP growth in Q2; Exports - $30 bn (Nov. 21; +26% over Nov. 20); Record GST collection (Rs 1.31 Lakh Cr in Nov); Highest ever FDI,” he added.

Reiterating PM Modi’s message given today at Varanasi, - “PM asked for 3 resolutions from the people for the country - cleanliness, creation and continuous efforts for a self-reliant India,” Shri Goyal exuded confidence that this summit will help in building new bridges to foster balanced & equitable global growth.

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