29 December 2021, Mumbai:

Uniform goods and services (GST) tax will be applied at 12 per cent on manmade fiber, yarn, fabrics and apparel. The aim is to address the inverted tax structure in the manmade fiber textile value chain and help the manmade fiber segment grow and emerge as a big job provider in the country.

Textile and apparel production in India is approximately $140 billion including $40 billion of textiles and apparel exports.

The textile and apparel industry contributed two per cent to the overall GDP of India in 2019 and 11 per cent to total manufacturing.

The industry has the capacity to generate around 70 jobs in garmenting and an average of 30 jobs overall for every Rs 1 crore invested as compared to 12 jobs created on an average in other industries.

With direct and indirect employment of close to 105 million people, this industry is the second largest employment generator in the country, next only to agriculture. More significantly, women constitute 70 per cent of the workforce in garment manufacturing and about 73 per cent in handloom.

Also seven Pradhan Mantri Mega Integrated Textile Region and Apparel parks will offer the opportunity to create an integrated textile value chain.

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Garment exporters from Noida and leather goods exporters from Mumbai, Delhi and Kolkata, are facing a shortage of workers due to rising COVID cases. In the Noida apparel export cluster, the return of migrant workers has completely stopped with 3,000 garment export units facing a shortage of around 3 lakh tailors.

Before COVID struck, the Noida export cluster had a total workforce of 10 lakh, of which 50 per cent were migrant workers. Slowly, the migrant workers started coming in and by the time the second wave was over, around 2 lakh migrant workers returned. The units were comfortable with 7 lakh workers. But with sudden surge in demand, they need additional 3 lakh workers – who are majorly tailors and specialised in embroidery work.

The exporting units at Noida fear that if they do not deliver the export orders on time due to shortage of manpower and rising cotton prices, then a portion of their business may shift to countries like Bangladesh and Vietnam.

While the garment exporters from Noida are facing the problem of non-availability of migrant workers, the leather exporting units in Kolkata, Mumbai and Delhi are witnessing a decline in workforce due to rising covid cases among them.

The workers, who are double vaccinated, are falling prey to this new variant of COVID and therefore the manpower is getting impacted. We have orders in hand.

29 November 2021, Mumbai:

The ‘Textiles Week’ was inaugurated by Vijoy Kumar Singh, Additional Secretary, Ministry of Textiles along with Shri Jay Karan Singh, Trade Advisor at India Pavilion in “DUBAI EXPO’ 2020 in the presence of heads of participating Export Promotion Councils, yesterday.

An interactive session on the ‘Sourcing and Investment Destination for Textiles Production Linked Incentive (PLI) Scheme - A Game Changer’ was also organised at the Dubai Expo. The objective of the interaction was to project India’s commitment towards attracting investments in the Textile Sector so as to enhance production and thereby exports.

In his address, Chairman EPCH, Shri Raj Kumar Malhotra, said that the India Pavilion at Expo 2020 Dubai is one of the biggest platforms that offers a golden opportunity to showcase India to the world and project the country as the next hub for growth and innovation.

The Expo will be open seven days a week, from 10 am to 12 pm (midnight) from Saturday to Wednesday and 10 am to 2 am (night) (Thursday and Friday). Website: https://indiaexpo2020.com/

Speaking on the occasion, R.K. Verma, Executive Director-Export Promotion Council for Handicrafts (EPCH), informed that handicrafts is one of the important exports from the Cottage sector of the country and has immense potential in the overseas market.

With exports of around US$ 3500 million, the handicrafts of India are sold across the globe and India is one of the preferred destinations of the overseas buyers for sourcing home, lifestyle, fashion, furniture and textiles items from India.

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

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adidas has started the first tranche of its multi-year share buyback program announced in December 2021. The company intends to repurchase own shares in an amount of up to € 1 billion in the first quarter of 2022. In total, under the new program, adidas plans to buy back own shares for up to € 4 billion until 2025. Taking into consideration the € 1 billion share buyback completed in 2021 already, the company intends to return up to € 5 billion to its shareholders through regular share buybacks alone during the five-year strategic cycle of the new company strategy ‘Own the Game’.

The share buyback activities are complemented by annual dividend payouts in the range of 30 per cent to 50 per cent of net income from continuing operations. Strong cash returns are a key component of the company’s strategy.

As part of ‘Own the Game’ adidas intends to generate substantial cumulative free cash flow until 2025. The majority of it – between € 8 and € 9 billion – will be distributed to adidas’ shareholders. On top of that, the company plans to return most of the cash proceeds from the Reebok divestiture to its shareholders after closing of the transaction, which is expected to occur during the first quarter of 2022. As with previous share buybacks, adidas intends to cancel most of the shares repurchased during the program, which would reduce the number of shares as well as the share capital accordingly.

22 November 2021, Mumbai:

Reebok has added to its running footwear with the new Floatride Energy and the new Liquifect 180. Backed by performance, accessibility, and sustainability, the newly launched shoes feature enhanced attributes, creating a high-performance running shoe that is perfect for any type of run. With versatility at their core, Floatride Energy and Liquifect 180 provide an unprecedented level of comfort and performance for runners.

Floatride Energy features a midsole that delivers a lightweight feel and a smooth, responsive ride. A breathable square knit upper helps keep feet cool. The shoe further enhances flexibility and provides traction and durability. Liquifect 180 3.0 offers a modern silhouette with a quilted deco stitch that creates a 360-movement visual from upper to outsole. The injected polyurethane in the heel provides a cushioned ride with the FuelFoam midsole offering a responsive feel. A perfect combination of street and gym wear, the new Liquifect 180 is designed to provide all-day comfort. The collection is at retail stores, Amazon, Flipkart, Myntra and Ajio.

People are looking to reignite their outdoor fitness routine. Reebok, India’s leading fitness and lifestyle brand, aims at ensuring runners have the right gear to explore their fitness journeys. Reebok aims at making fitness accessible for everyone, keeping the high-performance standards intact.

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