14 April 2022, Mumbai:

Fourteen promoters and directors of textiles major S Kumars Nationwide have been booked for an alleged bank fraud worth Rs 1,245 by the CBI.

The Central investigation agency conducted a search in 13 of the company’s locations in Maharashtra, Gujarat, and West Bengal and recovered incriminating documents from there.

ALSO READ

As per these documents, the manufacturer of high-value cotton fabrics and home textiles had availed credit from a consortium of banks led by the IDBI bank.

The promoters and directors of the company have been booked for misusing the bank’s funds from 2012 to 2018, causing a Rs 1,245.15 crore loss to the banks.

RELATED NEWS

The complaint was filed by the IDBI Bank on behalf of four other member banks of the consortium, namely, Central Bank of India, Jammu & Kashmir Bank, PNB, and Indian Bank, as per RC Joshi, a CBI spokesperson.

Join our community on Linkedin 

13 April 2022, Mumbai:

Ongoing political crisis in Europe, Sri Lanka, and Pakistan are influencing the global cotton and textiles sector, manufacturing, and global economy. 

The rise in prices, inflation, and political crisis in some parts of the world are having a direct effect on the recent Presidential election in France.

Worries about the increase in energy cost due to the probable embargo on Russian gas and oil by EU countries are genuine among consumers while making buying decisions on non-essential items.

ALSO READ Seshadri Ramkumar: Ukraine Crisis Impact on 'Cotton & Textiles'

Ripple effects from COVID-19 are seen in different sections of the society, which is more evident in Sri Lanka.

With the decrease in foreign tourism, the economy of Sri Lanka has taken a severe hit, which has been in decline due to mismanagement for over a decade and due to heavy foreign debts.

In addition to economic fallouts, the political crisis in Pakistan and Europe due to the Russian invasion of Ukraine is adding to the pain as well.

All these instabilities are showing their impacts on the global cotton and textile sectors.

RELATED NEWS India's organic cotton production will increase: Year 2020-21

This is immediately felt in a major textile-producing country, say India. The economic and political crisis in some parts of the world should result in favorable conditions for textile manufacturing in India, but this is not the case.

The steady increase in cotton price is creating havoc in the Indian textiles sector resulting in decreased production and reducing workweek by a day in textile mills in India.

Sri Lanka is a leading garment producer supplying global brands.

Lack of power and the ongoing political crisis are affecting many sectors of the country. “While orders from Sri Lanka are getting diverted to Tiruppur in India, steep cotton price in India is not helping the situation,” stated Mr. Velmurugan Shanmugam, a 30-year industry veteran, and the general manager of Aruppukkottai-based Jayalakshmi Textiles.

In many mills, production has been slashed by 20 percent resulting in losses. Higher cotton prices are not absorbed by upstream products like yarns. “Weavers are not willing to pay higher prices,” added Velmurugan Shanmugam.

Cotton prices have doubled in a year and the present situation is worse than in 2011 when the cotton price was steep. Textile mills in India are demanding the Indian government slash the 11% import duty on cotton, which will create a level playing field with competing countries like Bangladesh, Vietnam, and Indonesia.

Cautious stock maintenance, negotiating with the government for adequate support, efficient workflow management, and watching the global situations carefully are a few near-term solutions for the global textiles sector.

Join our community on Linkedin 

CREDITS: By- Seshadri Ramkumar, Professor, Texas Tech University, USA

16 April 2022, Mumbai:

Officina39 will be present at Kingpins Show in Sugarcity - Amsterdam on April 20t-21.

Discover the TRUSTAINABLE™ COLLECTION FW 23, “Inspiring solutions exploring chemistry plus creativity” and many other highlights.

ALSO READ Kingpins NY Show back on July 20-21,2022

Feel free to contact us to fix a rendezvous:

Officina+39 has just renovated its brand's look, but you will recognize the same, revolutionary attitude!

RELATED NEWS KINGPINS SHOW PLANS NEXT PHYSICAL EVENT IN AMSTERDAM

Kingpins is just the starting point of a colorful journey that will continue at Amsterdam Denim Days on April 22-23: follow our trail to discover the paradigmatic project Circular Explorations - Recipe for Change, Cocircular Lab. and Adriana Galijasevic x Officina39.

Join our community on Linkedin 

14 April 2022, Mumbai:

The Indian Chamber of Commerce (ICC) is organizing a Pavilion at the Global Textile Trade fair,9-11 June, Atlanta, USA.

The US and India are the top major contributors to the textile and clothing trade across the world. For apparel, the US is one of the top importing countries across the world and India is among the top five exporting countries.

The US accounted for 35 percent of India's textile exports in the year 2020.

ALSO READ NAEC bets on the 22nd Global Textile Trade Fair, US

Apparel and home textiles together accounted for more than 90 percent of the total textile and clothing exports with a share of 52.7 and 40.8 percent respectively.

The focus will be only on the Indian market as the buyers will come with the mindset of buying from Indian Industries. No competition with other countries' suppliers as only Indian suppliers will participate.

RELATED NEWS The Indian textile industry's trade associations applaud the RoDTEP rates

Exhibitor Profile

Manufactures and Exporters of Fabrics, Yarn, Khadi, Home Textile, Apparels and Garments, Handicraft and Handloom, Ethnic Wear

Visitor Profile

Textile importers from the countries of the American continent, US government dignitaries, Indian embassy (trade department, commerce department) Importers, and textile association, Hoteliers, Apparel Brands & Labels, Overseas Industry Associations & Trade Delegations Indian Community Leaders living in the USA, Retail Stores owner of Georgia & Connected States, Well-known fashion Designers of USA.

Join our community on Linkedin 

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

12 April 2022, Mumbai:

The silk expert, who is visiting India to promote bilateral cooperation between India and France around design and textile with an emphasis on silk, discussed Murshidabad's silk heritage.

Celebrated French textile artist Isabelle Moulin said till now Indian silk was only catering as a fabric for the people and not much export was done.

ALSO READ The Ministry of Textiles and famous designers collaborate to make India the world's fashion capital

Moulin on a ‘Silk Trip’ to India to explore the potential of weavers in places like Murshidabad to be able to partner with major global silk hubs, Murshidabad said Murshidabad could play a role. big role as a changer.

“Till now Indian silk was only catering as a fabric for the Indian people and not much export was done.

RELATED NEWS Modi: The world is looking at India as a manufacturing powerhouse

Now with the open market, I am sure India will catch up as far as the use of silk is concerned in various sectors.

With the evolution of products and climate change, we aim to find new ways to produce silk, and protect the mulberry falling prey to climate change,” she told PTI after a visit to Murshidabad recently.

Join our community on Linkedin 

CREDITS: Indian Express The Print News of Max (The news article has not been edited by DFU Publications staff).

15 April 2022, Mumbai:

The government on Thursday said it has approved 61 applications of companies, including Ginni Filaments, Kimberly Clark India, and Arvind, with an investment potential of over Rs 19,000 crore under the production-linked incentive (PLI) scheme for textiles.

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

Textile secretary U P Singh said that a total of 67. proposals were received under the PLI scheme for the textiles sector.

RELATED NEWS Production Linked Incentive (PLI) Scheme for Textiles: Operational guidelines issued

The government had approved the PLI scheme for textiles products like MMF (man-made fibre) apparel, MMF fabrics, and products of technical textiles. 

Join our community on Linkedin 

CREDITS: PTI & ET Dt 15-04-2022 (The news article has not been edited by DFU Publications staff).

12 April 2022, Mumbai:

Kesoram Industries Limited is one of the pioneer companies in India.

It is under the flagship 'B K Birla Group Of Companies'.

ALSO READ Vardhman Textiles: Q3 FY22 reported reported

Kesoram Industries declined 1.31% to Rs 60.30 after the company reported a consolidated net loss of 46.67 crores in Q4 FY22 as against a net profit of Rs 112.26 crore in Q4 FY21.

Revenue of operation grew 19.7% to Rs 1,031.78 crore in Q4 FY22 as compared to Rs 861.56 reported in the same period last year.

RELATED NEWS Raymond’s Q3 FY'22 results reported

The cement manufacturer reported a pre-tax loss of Rs 66.40 crore in Q4 FY22 versus Rs 168.4 crore in Q4 FY21. Consolidated operating margin declined to 9.48% in Q4 FY22 as against 13.37% in Q4 FY21. Margin pressure was seen as total expenses surged 31.35% YoY to Rs 1,085.84 crore. The company reported a consolidated net loss of 75.04 crore in FY22 as against a net profit of Rs 150.29 crore in FY21.

Join our community on Linkedin 

CREDITS: Business Standard Money Control ET Equity Bulls (The news article has not been edited by DFU Publications staff)

13 April 2022, Mumbai:

Vice President calls for improving cotton yield and productivity and stresses the priority of farmer incomes.

Upskill textile workers, handhold small businesses, and improve global competitiveness says VP.

VP recalls the role of Indian textiles in the freedom struggle; ‘Cotton has a great symbolic value to our civilizational heritage.

Shri Naidu calls for a renewed Technology Mission on Cotton.

ALSO READ CITI-CDRA Golden Jubilee Celebrations

The Vice President, M. Venkaiah Naidu today called upon all stakeholders to make concerted efforts to improve cotton yield and productivity in India to enhance farmers’ incomes.

Expressing his concern over the low yield of Indian cotton compared to other major cotton growers in the world, Shri Naidu said that steps must be taken to guide the farmers through better research and by adopting best practices.

The Vice President was inaugurating the CITI-CDRA Golden Jubilee Celebrations from Vigyan Bhawan, New Delhi today.

RELATED NEWS CITI’s Manmade Fibre Conclave'22: Virtual platform, 9th Mar

Confederation of Indian Textile Industry (CITI) is a leading industry chamber of the textile sector in India and the Cotton Development and Research Association (CDRA) is the extension arm of CITI, undertaking various seed development and extension activities in the cotton sector.

Naidu expressed his concern that despite being the largest cotton producer (23%) in the world and having the highest area under cotton cultivation (39% of world area), the yield per hectare in India remained at a low of 460 kg lint per hectare when compared to the world average of 800 kg lint per hectare.

To address this, he called for improving the planting density, taking up mechanization of the cotton harvest, and giving a thrust to agronomy research.

Join our community on Linkedin 

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

11 April 2022, Mumbai:

DENIMANDJEANS TO HOLD 4TH EDITION IN BENGALURU.

Denimsandjeans will hold its fourth India edition in Bengaluru on June 8-9, 2022.

The theme of the show will be ‘Greenable, a combination of Green and Comfortable.

In response to COVID, many global brands have incorporated green inputs into their products and have been raising the bar for sustainable production in their supply chain.

ALSO READ Denim fabric exports from India have surpassed pre-pandemic levels

Indian brands have also become much more conscious about the need to monitor and regularise the inputs going into their products from the supply chain.

Work from home (WFH) has been another factor that has created lifestyle changes among the consumers leading them into sedentary situations for long periods.

This change in lifestyle is also reflected in consumer purchases making them search for more comfort in the apparel.

RELATED NEWS Denim's domestic downturn is mitigated by strong exports

This necessitated changes in fibre, weaving, sewing, and washing levels to reduce the wear stress on the body.

Major corporates joining the show include including Arvind, Bhaskar, LNJ, Ginni, Hyosung, Nandan, Jeanologia (Spain), Global Wash House, VAV, KG Denim, Spectrum, Lenzing, Oswal Denim, Jindal, Raymonds, SF Dyes, Blu Connection, Siyaram, Anubha, WEKO (Germany), Ultra, Deridesen(Turkey), Nandan, Kemin, Fashion Accessories, Ramsons, Suryalakshmi, Fibro Organic, Lion Fabrics, Officina, Texenzyme, Synergies Bangladesh, Lycra, Vinod Denim, etc

Join our community on Linkedin