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

Latest Fashion News 

Follow us on Linkedin

Watch this news on Youtube.

Subscribe to our newsletter.

Powered by:

Advertise here. 

02 February 2022, Mumbai:

Micro companies have shown considerable interest in the government's Udyam Registration Portal for online business registration for micro, small, and medium firms, demonstrating their importance in the industry.

According to the Press Trust of India, finance minister Nirmala Sitharaman stated in parliament on Monday during the tabling of the 2021-2022 Economic Survey that as of January 17, 66.3 lakh firms have registered on the Udyam platform. Micro companies account for 62.8 lakh of these, or 96.4 percent, according to Sitharaman. 

The Udyam site is one of several initiatives the government is launching to help the MSME sector, which it regards as having significant potential to contribute to the country's overall economic growth.

In July of last year, the Union Government introduced the Udyam Registration Portal with the goal of improving the ease of doing business for MSMEs by making registration faster and easier.

The platform's overwhelming registration of micro firms over medium enterprises matches the MSME sector's overall makeup, which is mostly made up of micro-businesses. Retail and wholesale enterprises are among those that can register online using the portal.

The Economic Survey stated, "The registration process under this is totally online, digital, paperless, and based on self-declaration." "There is no documentation or proof necessary to register as a micro, small, or medium business."

For registration, Aadhaar and PAN are required, and information on investment and turnover of businesses is automatically gathered from appropriate government databases."

Latest Apparel News 

Follow us on Linkedin & Youtube.

Subscribe to our newsletter.

Powered by:

Advertise here.

02 February 2022, Mumbai:

India, the second largest populous country in the world, could successfully fight against COVID-19 pandemic without compromising much on impact of the pandemic by bringing various unique and innovative relief measures and policy interventions that enabled the country to recover from the unforeseen crisis on a fast track.

India could also convert certain challenges like manufacture of indigenous PPE kits into opportunities and became the second largest manufacturer of PPE kits within few months which not only protected the people of India, but also the globe.

By covering over 150 crores of vaccinations during the last two years, the impact of COVID third wave and Omicron is much less in the country. The Union Government has been constantly announcing several policies that are enabling India to attract large scale investments and alleviate unemployment problems.

The Union Budget 2022-23 is yet another boon for India to become superpower in the coming decades. In a Press Release issued here today, Mr.Ravi Sam, Chairman, The Southern India Mills’ Association (SIMA) has said that the Union Government has already announced several unique schemes apart from boldly addressing certain structural issues on taxation front and raw material and substantially enhanced the global competitiveness of the Indian textiles and clothing industry, the second largest employment provider next only to the agriculture.

He has hailed the various announcements made with regard to infrastructure development, productivity improvement, digital world, industry 4.0, skill development with hub & spoke model infrastructure facilities.

It is heartening to note that the country is expected to grow at 9.27% in the coming year, a phenomenal achievement for any country in the post- COVID period, says Mr.Ravi Sam. He has said that GST collection of Rs.1,40,986 crores for the month of January 2022, the highest since the implementation of GST, is an indication for the phenomenal economic growth of the Nation.

He has added that four pillars of development viz., inclusive development, productivity enhancement, energy transition and climate action would boost the overall economic growth of the Nation.

Mr.Ravi Sam has welcomed the decision of extending Emergency Credit Loan Guarantee Scheme (ECLGS) till March 2023 to enable certain segments to gear up and achieve its potential growth.

SIMA Chairman has said that the allocation of Rs.17,683 crores to Cotton Corporation of India (CCI) to procure cotton for the years 2021-22 and 2022-23 under Minimum Support Price will help CCI to wipe out its losses incurred for procurement of over two crores bales of cotton during the last two years that had greatly benefited the farmers to sustain the area under cotton.

He has said that the steep increase in the international cotton price and consequential domestic cotton price has made the Indian farmers to fetch huge revenue for their produce during the current season, though it has impacted the cotton textiles value chain exporters.

Latest Apparel News 

Follow us on Linkedin & Youtube.

Subscribe to our newsletter.

Powered by:

Advertise here. 

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 

Latest Fashion News 

Follow us on Linkedin & Youtube.

Subscribe to our newsletter.

Powered by:

Advertise here. 

02 February 2022, Mumbai:

The President of India, Ram Nath Kovind, has stated that the Mega Integrated Textile Regions and Apparel Parks (MITRA) programme will create lakhs of new jobs.

In his address to the joint sitting of the two Houses of Parliament, the President stated that the MITRA Parks and other Central Government initiatives will help to develop the integrated textile value chain.

"Along with creating new sectors, the government is restoring our historic strength in domains where we have centuries of expertise," the President stated in his speech. The government has sanctioned seven Mega Integrated Textile Regions and Apparel Parks with a total investment of Rs. 4,500 crore in this direction.

This will make the textile value chain more interconnected. These gigantic textile parks would attract both Indian and foreign companies, as well as thousands of new jobs."

The President added that the 14 main Production Linked Incentive (PLI) initiatives will not only help India turn into a global manufacturing center, but will also create over 60 lakh employment.

Speaking about India's export development, the President stated that from April to December 2021, our entire products exports were US $300 billion dollars, or more than Rs. 22 lakh crore, which is 1.5 times more than the same period in 2020.

President Obama described infrastructure as the cornerstone for every country's progress and stated that the government saw infrastructure as a bridge to alleviate socioeconomic inequalities.

He went on to say that infrastructure investment not only creates thousands of new jobs, but also has a qualitative impact, making it easier to do business, allowing for speedier transportation, and stimulating economic activity across sectors.

Latest Apparel News 

Follow us on Linkedin & Youtube.

Subscribe to our newsletter.

Powered by:

Advertise here.

01 February 2022, Mumbai:

Reported Standalone quarterly numbers for Siyaram Silk Mills are: Net Sales at Rs 562.49 crore in December 2021 up 47.11% from Rs. 382.35 crore in December 2020. Quarterly Net Profit at Rs. 69.06 crore in December 2021 up 146.2% from Rs. 28.05 crore in December 2020.

EBITDA stands at Rs. 110.78 crore in December 2021 up 81.73% from Rs. 60.96 crore in December 2020.

Siyaram Silk EPS has increased to Rs. 14.73 in December 2021 from Rs. 5.98 in December 2020. Siyaram Silk shares closed at 483.30 on January 31, 2022 (NSE) and have given 16.25% returns over the last 6 months and 154.03% over the last 12 months.

**The statistics mentioned in the above articles have been sourced from the following sources. 

CREDITS: Money Control 

Latest Apparel News 

Follow us on Linkedin & Youtube.

Subscribe to our newsletter.

Powered by:

Advertise here. 

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.

Latest Fashion News 

Follow us on Linkedin & Youtube.

Subscribe to our newsletter.

Powered by:

Advertise here. 

02 February 2022, Mumbai:

Cotton prices have risen to a 10-year high, and they are increasing on a daily basis in both the international and Indian markets. The combination of plentiful cash and strong demand for commodities has produced positive momentum in 2021.

But now, these basic elements are shifting, and it's time to be more cautious about purchases and inventories because the price will fall sharply and quickly from its current level. A portion of the industry feels that present cotton prices will not be sustained since the fundamentals are weak.

Fashion products demand is declining, according to Prabhu Dhamodharan, Convenor, Indian Texpreneurs Federation (ITF), Coimbatore, due to inflationary tendencies across all markets and a shift in expenditure towards services.

At the same time, retail sales in the United States and the United Kingdom declined in December, while the January Consumer Confidence Survey in the United States plummeted by over 6% to its lowest level since November 2011.

The recent bull run over the last 45 days has been mostly speculative, and ITF believes that present prices are not sustainable. ITF has issued a warning to its member manufacturing enterprises, advising them to proceed with caution.

"We're hearing from overseas markets about consumers' reluctance to accept new rates, and the same signals are showing up in new order confirmations from developed countries," Prabhu said, adding that cotton isn't a vital commodity like edible oils or grains. Its demand is solely determined by people's purchasing ability.

With inflation on the increase, people's purchasing power will be put to the test, and cotton will face a lot of demand destruction in the future.

It's also worth noting that alternative fibers are fast gaining traction as a result of the growing expense of cotton. This shift is being seen by ITF in a number of weaving clusters in Tamil Nadu.

The demand equation will also be rebalanced as a result of this. Due to high pricing, the business is seeing opposition from value chain partners all the way up to the retail side in domestic markets, according to Prabhu. Consumption is being impacted by the inflationary trend, and retailers are turning to alternative fiber items.

Cotton speculative interest will be reduced by signals from wealthy nations limiting liquidity and boosting interest rates, even at these historically high prices.

Latest Apparel News 

Follow us on Linkedin & Youtube.

Subscribe to our newsletter.

Powered by:

Advertise here. 

01 February 2022, Mumbai:

The exemptions to incentivize exports in handicrafts, textiles, and leather garments, as announced in Budget 2022, will enhance global competitiveness of textiles exports from India.

To incentivise exports, exemptions will be provided on items such as embellishment, trimming, fasteners, buttons, zipper, lining material, specified leather, furniture fittings and packaging boxes that may be needed by bonafide exporters of handicrafts, textiles and leather garments, leather footwear and other goods.

Result in more employment opportunities and increased economic activity, several duty exemptions have been granted to capital goods for various sector including Textiles.

More than 350 custom exemption entries are proposed to be gradually phased out.

These include exemption on certain fabrics for which sufficient domestic capacity exists.

Further, as a simplification measure, several concessional rates are being incorporated in the Customs Tariff Schedule itself instead of prescribing them through various notifications.

The exemptions granted will boost Capital goods production in the country and further lead to employment generation boosting the growth of the domestic sector.

This comprehensive review will simplify the Customs rate and tariff structure for the textiles sector.

CREDITS: Invest India

Latest Apparel News 

Follow us on Linkedin & Youtube.

Subscribe to our newsletter.

Powered by:

Advertise here. 

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.

Latest Fashion News 

Follow us on Linkedin & Youtube.

Subscribe to our newsletter.

Powered by:

Advertise here. 

02 February 2022, Mumbai:

D-6 before the return of Texworld Evolution Paris to the Paris - Le Bourget Exhibition Center. During three days, several hundred fabrics and clothing exhibitors will represent the major international sourcing countries.

After a two-year absence in its usual form, the crossroads for the fashion industry is back in Paris. From 7 to 9 February, the Paris - Le Bourget Exhibition Center will host the Texworld Evolution Paris trade fairs: Apparel Sourcing Paris for the sourcing of finished garments, Avantex Paris for innovative and sustainable textiles and products, Leatherworld Paris dedicated to the leather and related materials market, and finally Texworld Paris for the sourcing of fabrics.

They will gather in one place the main global offer for fashion brands, from ready-to-wear to luxury. Partners for fashion sourcing By offering buyers the opportunity to reconnect with the market, Texworld Evolution Paris reinforces its vocation as a partner for fashion sourcing: the fair will bring together over 200 exhibitors from 16 countries for 3 days.

Turkey will be strongly present, China, but also Pakistan, Bangladesh, Uzbekistan, Korea and Taiwan will be widely represented, putting Asia back at the heart of European brands' textile sourcing.

Leatherworld will host manufacturers from China, Thailand, Pakistan and Bangladesh. Apparel Sourcing, meanwhile, will bring together a hundred or so exhibitors from a dozen countries.

Alongside the Chinese exhibitors who will be able to make the trip, the “Source In China” area, at the entrance to the show, will concentrate some twenty Chinese manufacturers. Agents and experts from Foursource, the digital partner of Messe Frankfurt France, will assist visitors, answer technical questions and ensure the link between visitors and those manufacturers who could not make the trip.

In addition to the presence of Pakistani, Bangladeshi and Vietnamese exhibitors, Apparel Sourcing will be welcoming 18 companies in the Uzbek pavilion. This first participation confirms the ambitions of the Central Asian country as a player in international sourcing.

Abana, a sourcing platform based in Mauritius which offers sourcing solutions in the African zone, should also not be missed.

(Re)opening fashion to the world With exhibitors from around ten countries, Texworld also gives textile buyers a much-needed insight into the international offer.

The Turkish and Korean national pavilions will bring together more than 50 companies.

Latest Apparel News 

Follow us on Linkedin & Youtube.

Subscribe to our newsletter.

Powered by:

Advertise here.