05 February 2022, Mumbai:

Homes textiles major Welspun India Ltd on Thursday reported a 25 percent decline in consolidated net profit at Rs 131.06 crore for the third quarter ended December 2021.

The company had posted a consolidated net profit of Rs 174.8 crore in the same quarter last fiscal, Welspun India said in a regulatory filing.

Consolidated total income in the third quarter stood at Rs 2,437.92 crore, as compared to Rs 2,049.71 crore in the same period last fiscal, it added.

Total expenses were higher at Rs 2,234.95 crore as against Rs 1,800.83 crore in the year-ago quarter.

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*Figures mentioned in the above article have been sorurced from ET & Money Control article. 

 03 February 2022, Mumbai:

The Union Budget for 2022-23 has extended the Emergency Credit Line Guarantee scheme (ECLGS) up to March 2023 and its cover will be expanded by Rs. 50000 crore to total cover of Rs. 5 lakh crore.

"This is a very positive step as it will provide the much-needed additional credit to the MSMEs," said Manoj Patodia, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL).

The Budget has also extended the last date for commencement of production for newly incorporated domestic manufacturing companies by one year from March 31, 2023 to March 31, 2024 to become eligible for concessional tax of 15 per cent. Further, for eligible start-ups established before March 31, 2022, a tax incentive has been provided for three consecutive years out of ten years from the date of incorporation.

The Budget has extended the period of incorporation for the eligible start-ups by one more year i.e., up to March 31, 2023. The Budget has also proposed to replace the Special Economic Zones Act with a new legislation that will enable states to become partners in Development of Enterprise and Service hubs.

All these are steps in the right direction as they will enable our country to become Atmanirbhar and encourage "Make in India", according to Patodia. However, Manoj Patodia expressed his concern that Made ups sector that contribute significantly towards exports has been left out of the facility of duty free imports of specified goods by bonafide exporters that has been extended to the exporters of apparel, handicraft and leather goods in the Budget.

The Chairman, TEXPROCIL also appealed to the Government to re-consider the Customs duty imposed on Cotton and its abolition.

CREDITS: Business Standard

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04 February 2022, Mumbai:

Kontoor Brands, Inc. (NYSE: KTB), a global lifestyle apparel company with a portfolio led by two of the world’s most iconic consumer brands, Wrangler® and Lee®, today announced a new supply chain coalition of denim leaders to improve critical data incorporated into the Higg Material Sustainability Index (MSI), the apparel industry’s most widely used tool to measure and assess the impact of products on the environment.

As a part of these efforts, Arvind Limited, India’s leading lifestyle and fashion conglomerate, and Cone Denim, a global leader in denim authenticity and sustainable innovation, will share key data from the denim dyeing process that is currently not factored into the Higg MSI. The companies plan to roll out the updated Higg MSI tool for all apparel brands by summer 2022.

“The Higg MSI is the most comprehensive tool on the market for evaluating the environmental impact of apparel and footwear materials and was designed to evolve as new data becomes available, helping shift the industry at scale,” said Jeremy Lardeau, VP Higg Index at the Sustainable Apparel Coalition.

“We’re excited to add denim-dyeing related process impacts to the Higg tool for all apparel companies to use."

The Higg MSI measures environmental impact across five areas: global warming potential, pollution in water, chemistry, water scarcity, and fossil fuel depletion.

“Data driven decisions produce the best outcomes,” said Dhruv Agarwal, Senior Director of Global Innovation, Sustainability, and Product Development at Kontoor Brands. “We believe the Higg MSI is an invaluable tool for assessing the environmental impact of processes and materials utilized in our products.

Through this work, our industry will be able to have a more complete picture of denim's impact, and our product development teams will have better insight into the environmental footprint of our products, empowering us to make more sustainable design choices.”

Kontoor, Arvind, and Cone are committed to building upon the denim-related information within the Higg suite of tools to further standardize measurements of value chain sustainability and provide greater transparency to apparel companies during product design and development.

“We are excited to explore and advance tools and resources, like the Higg MSI, that align with our customers’ goals to design and produce sustainable apparel,” said Steve Maggard, president of Cone Denim. 

About Kontoor Brands

Kontoor Brands, Inc. (NYSE:KTB) is a global lifestyle apparel company, with a portfolio led by two of the world’s most iconic consumer brands: Wrangler® and Lee®. Kontoor designs, manufactures and distributes superior-high-quality products that look good and fit right, giving people around the world the freedom and confidence to express themselves. 

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*Figures mentioned in the above article have been sourced from Kontoor Brands article. 

03 February 2022, Mumbai:

Operational guidelines for the Production Linked Incentive (PLI) Scheme for Textiles were issued on 28^th December 2021. The approved outlay of the scheme isRs. 10,683 crore.Empowered Group of Secretaries (EGoS), as constituted and Notified vide gazette No. P 36017/144/2020-

Investment & Promotion dated 10.06.2020 issued by the DPIIT will monitor the implementation of the scheme. The composition of the EGoS for monitoring of PLI for Textiles will be as under:

Cabinet Secretary, Chairperson

1. CEO, NITI Aayog, Member
2. Secretary, Department for Promotion of Industry and Internal Trade, Member Convenor
3. Secretary, Department of Commerce, Member
4. Secretary, Department of Revenue, Member
5. Secretary, Department of Economic Affairs, Member
6. Secretary, Ministry of Textiles

The EGoS chaired by the Cabinet Secretary will monitor the progress of this PLI scheme; undertake periodic review of the outgo under the Scheme; ensure uniformity with other PLIs and take appropriate action to ensure that the expenditure is within the prescribed outlay.

EGoS is also empowered to make any changes in the modalities of the scheme, and address any issue related to genuine hardship that may arise during the course of implementation, within the overall financial outlay of Rs 10,683 crore.The scheme shall be valid upto 2029-30. The gestation period of the scheme is two years i.e. FY: 2022-23 to FY: 2023-2024.

This information was given by the Minister of state for Textiles Smt. DarshanaJardosh in a written reply in the Lok Sabha today.

CREDITS: PBI

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03 February 2022, Mumbai:

Reliance Industries (RIL) has submitted a revised resolution plan to National Company Law Tribunal (NCLT), Ah medabad to acquire the debt-ridden Sintex Industries for Rs 2,700 2,800 cro re to the financial credi tors, said sources aware of the development.

Textile Co
Sintex, which was promoted by Amit Patel and his family provides fabric to glo- bal clients like Armani. Hugo Boss, Diesel & Burberry.

RIL has reportedly entered into a partnership with Assets Care & Reconstruction Enterprise (ACRE) for the bid to acquire Sintex, said sources. The RIL, offer includes the payment to financial creditors and equity infusion for working capital requirements, said sources.
CREDITS: TOI Dt 03-02-2022 

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04 February 2022, Mumbai:

Four bidders on Sintex Industries Limited, an insolvent textile firm, have submitted amended resolution plans to the company's resolution expert for review.

Sintex said on February 2 that each of the four main bidders for the firm has filed a fresh proposal after Sintex's interim resolution specialist requested them to come back with more favorable resolution plans. The fresh resolution ideas will be presented to Sintex's creditors committee for further consideration after they have been evaluated.

Reliance Industries Limited (in association with Assets Care and Reconstruction Enterprises Limited), Welspun's Easygo Textiles, GHCL, and Himatsingka Ventures are the four bidders for Sintex (in partnership with Shrikant Himatsingka and Dinesh Kumar Himatsingka).

Sintex's resolution expert had judged all of the bidders' proposals to date to be insufficient, and had urged larger offers to keep Sintex from going into liquidation.

Sintex began as Bharat Vijay Mills, a composite textile plant in Kalol, Gujarat, in the 1930s. The company was renamed Sintex Industries in the 1970s, and it specialized in cotton yarn and fabric manufacture.

The National Company Law Tribunal's Ahmedabad bench granted Invesco Asset Management's insolvency procedure petition in April 2021, despite the fact that the company had gone insolvent.

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*Figures mentioned in the above article have been sourced from Fashion Network article. 

03 February 2022, Mumbai:

Government is implementing various schemes viz the Amended Technology Upgradation Fund Scheme (A-TUFS), Schemes for the development of the Powerloom Sector(Power-Tex), Scheme for Integrated Textile Parks (SITP),SAMARTH-

The Scheme for Capacity Building in Textile Sector, Jute (ICARE- Improved Cultivation and Advanced Retting Exercise), Integrated Processing Development Scheme (IPDS), Silk Samagra, National Handloom Development Programme, National Handicraft Development Programme, Integrated Wool Development Programme (IWDP), National Technical Textile Mission etc. for promotion and development of textile sector on pan-India basis.

The details of funds allocated/released under various textile sector schemes during the last three years and current year are at Annexure.  These are ongoing central sector schemes and are totally funded by the Central Government.

Textile industry is one of the largest source of employment generation in the country with an estimated 45 million people engaged directly in this sector including a large number of women and rural population.

CREDITS: PBI

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02 February 2022, Mumbai:

Sangam India plans to increase its cotton production capacity by 10,500 mtpa to 33,500 mtpa. As per a Textile Value Chain report, the company reported 483 per cent growth in profit after tax in Q3 FY22 to Rs 44 crore as against Rs 7 crore reported during the previous corresponding quarter.

The company’s revenue for the quarter ending December 2021 grew 47 per cent Y-o-Y to Rs 646 crore against Rs 438 crore for the quarter ending December 2020.

Sales grew by 114 per cent Y-o-Y to Rs 607 crore, for the nine-month period ending December 2021.

Sangam India’s EBITDA grew 79 per cent Y-o-Y to Rs 80 crore for the Q3 FY’22.

The company has approved a brownfield expansion plan in the cotton yarn segment worth Rs 137.25 crore in the previous quarters.

Incepted in1984, Sangam India has over 10,000 employees. The group has more than 200,000 spindles and 3000 rotors for producing PV dyed yarn, cotton and OE yarn with an enviable reputation for quality, which is underlined by its ISO 9001:2008 certification.

It is the largest producer of PV dyed yarn in Asia at single location It is also a forerunner in manufacturing ready to stitch fabric with the annual capacity to produce 30 million meters of fabric and 40 million meters of denim.

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04 February 2022, Mumbai:

Huntsman Textile Effects, a global leader in ecologically friendly dyes, chemicals, and digital inks, has successfully adopted a water conservation method at its Baroda facility to increase water efficiency and minimize net water consumption.

This conservation scheme has the potential to save the corporation Rs. 10 crore (US $146,000) every year. It adds directly to Huntsman's Horizon 2025 aims of lowering net water use at operations in water-stressed areas.

According to a press statement from the firm, the project at the factory seeks to save 76 kilolitres of Reverse Osmosis water each day by changing the phase sequence in the pH testing software.

"At Huntsman, we recognise the essential role we play in building a more sustainable future and are devoted to the well-being of the communities where we work and the protection of the environment," said Mark Devaney, VP, Manufacturing and Operations Excellence, Huntsman Textile Effects. We're always searching for methods to enhance our manufacturing facilities' environmental footprints, and we've implemented a number of water-saving projects in recent years."

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*Figures mentioned in the above article have been sourced from Apparel Resources article. 

03 February 2022, Mumbai:

Sanjay Garg, President NITMA welcomes the proposal of Union Budget 2022-23 as the Finance Minister has taken some prudent initiatives for MSMEs and India Inc for start-ups.

The tax concession period has been extended by one more year, which is a positive move. Likewise, a 15% tax has been decided for the newly incorporated manufacturing unit.

The period of incorporation has been increased by one more year to 31-3- 2024. This will further boost manufacturing activities.

He was of the view that the PLI in 14 Sectors to create 50 lakh new jobs and additional production of Rs 30 lakh Cr. Shri Garg stated that the proposal to reduce surcharge on cooperative societies to 7% from 12% for income between Rs.1 cr to Rs.10 cr is a welcome step.

He reiterated that incentives for startups period of incorporation extended by a year to 2023 to avail of tax benefits and for corporate extension also granted for new companies to set up manufacturing facilities to 2024 from earlier 2023 will help the new start ups on the way.

Besides Section 115BAB the date of setting up business increased by one year to 2024 is indeed help the industry.

He also started that 25,000 compliances have been done away with and 1486 union laws have been repealed as announced by the Finance Minister will reduce litigation and industries would concentrate on business.

He appreciates that PM Gati shakti driven by 7 engines as proposed by Finance Minister will give boost to the infrastructural development and will pull forward the economy and will lead to more jobs and opportunities for the youth. He also thanked the Government for taking several steps to ease the compliance burden on honest taxpayers.

President , NITMA Shri Sanjay Garg then touched briefly upon the positive measures in Budget 2022—23 for textile sector:

• Budget Allocation for Textile Sector for year 2022-23 stands at about Rs 12,382.14 crore which is about 8.1% higher than the revised budget allocation of 2021-22 which stands at about Rs 11,449.32 crores.

• Budget allocation during 2021-22 initially was Rs 3,631.64 crores but it was later revised to Rs 11,449.32 crores mainly due to increased allocation for “Procurement of Cotton by Cotton Corporation of India (CCI)” under Price Support Scheme” from Rs 136 crore initially to Rs 8,439.88 crores”.

• For year 2022-23, Government has allocated about Rs 9,243.09 “Procurement of Cotton by Cotton Corporation of India (CCI) under Price Support Scheme” which is about 9.5% higher than revised allocation of last year.

• In the present budget Government has allocated about Rs 133.83 crores for “Textile Cluster Development Scheme” and hence the total budget allocation for “Research and Capacity Building” in textiles increased by 73.4% to reach about Rs 478.83 crore in 2022-23 as compared to revised budget allocation of Rs 276.10 crore in 2021-22.

• This year Government has not allocated any fund towards “Powerloom Promotion Scheme”. Last year Rs 47.88 were allocated towards the same.

• In the present budget Government has allocated about Rs 133.83 crores for “Textile Cluster Development Scheme” and hence the total budget allocation for “Research and Capacity Building” in textiles increased by 73.4% to reach about Rs 478.83 crore in 2022-23 as compared to revised budget allocation of Rs 276.10 crore in 2021-22.

While summing up Shri Garg stated that the budget allocation for procurement of cotton by CCI under Price support scheme was Rs.136 cr in 2021-22 which has been revised to Rs.8439.88 in 2021-22 and further enhanced to Rs.9243.09 cr in Budget 2022-23 which is a welcome step and the steep increase in international cotton prices and consequential domestic cotton price has fetched the Indian cotton farmer’s high revenue for their produce during the current session.

The industry was expecting a removal of import duty on cotton as measure to control cotton prices, which was not met, he stated.

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02 February 2022, Mumbai:

According to the Economic Survey for 2021-22, the textile sector has received close to Rs. 203,000 crore in investment over the previous decade, employing nearly 105 million people, directly and indirectly, the majority of whom are women.

It further stated that, despite being severely harmed by the lockdowns, the industry has made a remarkable comeback, as seen by the 3.6 percent increase in the Index of Industrial Production from April to October 2020.

The textile sector in India is the country's second-largest employer, after only agriculture. According to the poll, the Production-Linked Incentive (PLI) programme would attract Rs. 19,000 crore in new investment in the textile sector over the next five years.

This might result in a total turnover of over Rs. 3 lakh crore and the creation of over 7.5 lakh new jobs in the industry.

The study also revealed that, in order to boost the sector's competitiveness, the government announced the establishment of seven PM Mega Integrated Textiles Region and Apparel Park (MITRA) parks in October 2021, with a total investment of Rs. 4,445 crore.

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