04 May 2022, Mumbai:

Impressive beginning in exports to further add enthusiasm, aiming for a much higher growth trajectory during the fiscal: FIEO President.

Reacting to the April 2022 Trade Data, FIEO President, Dr. A Sakthivel said that the highest-ever exports of over USD 38 billion, during the first month of the fiscal, show the continuous impressive performance of the exports sector.

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The outstanding accomplishments of the exporters have consistently not only helped the economy to reap rich dividends but will also support our endeavour to become a USD 5 trillion economy by 2025. Starting the fiscal with such an impressive beginning will further add to the motivation of the exporting community for much higher growth during the financial year, said Dr A Sakthivel.

Praising the effort and hard work of the exporters, Dr Sakthivel thanked the government under the able and dynamic leadership of the Hon’ble Prime Minister, whose support and vision coupled with confidence and trust have shown on the exporting community has re-invigorated all stakeholders.

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Dr Sakthivel also welcomed the Union Finance Minister and the Union Commerce & Industry and Textiles Minister for continuously interacting and guiding the exporters to continue on their wonderful export growth trajectory.

FIEO President said that the top sectors, which have performed impressively during the month were Engineering Goods, Petroleum Products, Organic & Inorganic Chemicals, Drugs & Pharmaceuticals, Electronic Goods, RMG of all Textiles, Cotton Yarn/Fabrics/Made-ups, Handloom Products, etc.

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

29 April 2022, Mumbai:

HC: Why can't RIL be a party to the Amazon-Future case?

A Delhi High Court judge on Thursday asked why RIL could not be made a party to Amazon's petition accusing Future Retail of alienating its retail assets in favour of Reliance.

ALSO READ Delhi HC: Future Group's Plea Seeking Termination Of Singapore Arbitration Order Dismissed

In Session
The judge defers further hearing in the case to May 4.

HC Was Hearing
Amazon plea seeking enforcement of a Singapore tribunal's order staying sale of Future Retail assets to Reliance Retail.
Plea to stop Future Retail from further alienating its assets.

RELEVANT NEWS Amazon urges SC to resume arbitration in Singapore

According to people tracking the matters, Reliance taking over stores is the legal focus for Amazon, after Future lenders last week rejected the deal to sell its retail assets to Reliance Retail.

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CREDITS: ET Dt 29-04-2022 (The news article has not been edited by DFU Publications staff)

27 April 2022, Mumbai:

CII’s Business Summit 2022 is scheduled for 11-12 May 2022 at Taj Palace Hotel, Sardar Patel Marg, New Delhi.

The theme for the Summit is “Being Future Ready”.

ALSO READ CII x Min of Textiles: International Conference on Technical Textiles, 12 March

The CII Business Summit will witness one of the largest gatherings of stakeholders interested in Indian industry’s journey.

It will bring together eminent leaders, strategic thinkers, leading economists, young icons from various fields, captains of Industry, and media to capture their perspectives across major tracks such as Geopolitics & Geoeconomics, Competitiveness, and Technology, Sustainability, Healthcare, Community, and B20.

RELEVANT NEWS CII-Conference: Creating the Winning Leap in Technical Textiles

Sessions on these tracks would be conducted to gather ideas, trends, and solutions for Indian businesses to develop a growth strategy for the future.

Over 1000 leaders from industry and other fields are expected to attend the event.

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03 May 2022, Mumbai:

Removal of the 11 percent duty on cotton imports has failed to benefit spinning and composite textile mills as cotton prices continue to hover around Rs 90,000 per candy.

As predicted, duty removal has not boosted India’s cotton imports as international prices continue to remain high. The industry could have benefitted if the decision was taken before February, opines the Cotton Association of India.

Limit cotton hoarding and futures trading Current cotton rates are unaffordable for spinning mills as they do not get such high prices from weavers, says Saurin Parikh, President, Spinners Association of Gujarat (SAG).

ALSO READ NITMA hails withdrawal of customs duty on cotton imports

The surge in prices can be attributed to the hoarding of 60 lakh bales of stock by a handful of multinational companies and cotton futures on platforms like MCX and NCDEX. The government needs to limit cotton storage and future cotton trading to protect the entire textile value chain, he adds.

If prices do not decline quickly, the spinning industry will have to wait for fresh stocks to arrive, says Parikh.

Buying at the current rate may prove unprofitable and impact bottom lines over the next six months, he adds. By the time, import duty was suspended, a lot of foreign trading and funding firms had already cracked deals, explains Chintan Thaker, President of Welspun Group. The deals would be finalized by April by then, cotton rates may decline.

RELEVANT NEWS The Northern India Textile Mills' Association (NITMA) welcomes Union Budget 2022-23

In case, they don’t, the government will have to suspend cotton exports and crack down on traders engaged in cotton hoarding. Cotton production to remain low This season, farmers may have to carry forward nearly 40 lakh bales of cotton stocks, opines Atul Ganatra, President of CAI. They are still holding a 15 percent crop with 7 to 10 lakh bales still expected to arrive in the market from June to August from Tamil Nadu and Karnataka.

This will ease the cotton supply in the next two to three months, he adds. From Rs 48,000 per candy at the beginning of the current season, cotton prices have almost touched a high of Rs 98,000 per candy.

RELEVANT NEWS TEXPROCIL, Chairman: Urges government to remove Customs duty on raw cotton

Cotton production in the country may remain low at 335 lakh bales, says Ganatra. Exports are likely to touch 45 lakh bales while imports will total 15 lakh bales, he adds.

Spinning mills may consume 340 lakh bales this year, Ganatra believes.

According to him, cotton sowing will increase by 15-25 percent with farmers in states like Gujarat, Maharashtra, Tamil Nadu, Andhra Pradesh, Madhya Pradesh, and Punjab shifting from other crops to cotton.

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29 April 2022, Mumbai:

Bank of India (BOI) notice under IBC.

The Mumbai bench of NCLT on Thursday allowed Future Retail Ltd (FRL) time to file its response to a plea filed by the Bank of India under the Solvency & Bankruptcy Code (IBC).

ALSO READ Future of Future Group?

NCLT GIVES FUTURE RETAIL TIME TO RESPOND TO BOI's INSOLVENCY PLEA.

The dedicated bankruptcy court on Thursday allowed the Kishore Biyani promoted Future Retail (FRL) time to file its response to a plea filed by the state-owned Bank of India under the Insolvency & Bankruptcy Code (IBC).

RELEVANT NEWS Reliance Retail takes over Future Group stores

The Mumbai bench of the National Company Law Tribunal (NCLT) was hearing a petition filed by the lender to admit the BSE-listed Future Retail under the Corporate Insolvency Resolution said Process (CIRP).

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CREDITS: ET Dt 29-04-2022 (The news article has not been edited by DFU Publications staff)

27 April 2022, Mumbai:

About Pallava Textiles Private Limited

Pallava Textiles Private Limited manufactures textiles.

The Company offers yarns, fabrics, and raw materials. Pallava Textiles serves customers in India.

ALSO READ Birla Cellulose: Ties-up for MMCF production with 'Renewcell'

Pallava Textiles Ltd is recognised as a LEADER IN 'MAN-MADE CELLULOSE VALVE CHAIN' by Aditya Bira Group 19.04.2022.

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CREDITS: Pallava Textiles

02 May 2022, Mumbai:

1st National Conference on Industry 4.0 - India @ 2047 & FICCI Industry 4.0 Awards.

Dr. Rene Van Berkel, Representative of UNIDO for India would be addressing the delegates during the national conference scheduled on 5th May 2022 from 10 am onwards in hybrid mode in FICCI, Federation House, New Delhi.

ALSO READ The emergence of industry 4.0 technologies in 'Textiles & Apparels'

These awards focus on encouraging and fostering robust digital systems in units/organizations across sectors like Manufacturing (inclusive of oil & gas), Mining, Construction, Power, and Services.

The winners of the 1st edition of the Industry 4.0 Awards will be announced in the Inaugural session of the conference. The theme of the conference is Industry 4.0 - India @ 2047.

RELEVANT NEWS (IEB) organizes a seminar on ‘Industry 4.0 in Textile & RMG sector of Bangladesh – Benefits, Challenges & Recommendations’

The conference would host a forum where experts from the area of Industry 4.0 in varied sectors, would share their best practices and innovative solutions relating to:

Smart products

Improved overall performance levels of the organization

Smart Customer service

Smart Operations and supply chain.

RELEVANT NEWS ‘The Role of Business Analyst in Adapting Industry 4.0’: Webinar happening on 15 Jan, 2022

Also, we have invited the following high-level government officials as chief guests/Guest of Honor: Ms. Anupriya Patel, Minister of State for Commerce and Industry Mr. Amitabh Kant, CEO, NITI Aayog (Confirmed) Shri K. Rajaraman, Secretary MeitY Shri Anurag Jain, Secretary, DPIIT, Ministry of Commerce

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28 April 2022, Mumbai:

Spinners Association (Gujarat) or SAG plans to invest Rs 3,500 crore over the next year and a half to adding 7 lakh new spindles in the state to boost its spinning capacity.

As per SAG, many spinning mills in Gujarat plan to expand operations while 10 new spinning mills are expected to start operations during this period.

ALSO READ ICRA report: Sees textile spinning sector to post robust growth revenue in FY22

Saurin Parikh, President, SAG notes, that at least 7-10 lakh spindles will be added across the state over the next 18-24 months.

Gujarat currently has about 110 spinning mills with an installed capacity of 45 lakh spindles.

RELEVANT NEWS Maharashtra spinning mills appeal to government for 'Extension of Power Rebates'

Most of these mills were set up after the implementation of the Textile Policy of 2012.

Bharat Boghara, Chairman, SAG adds, that Gujarat did not have significant spinning capacity till 2012 despite being a leading cotton-producing state. The state needs to increase spinning capacity to create higher demand for cotton.

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25 April 2022, Mumbai:

*WITH EUROPEAN, AND US BRANDS OUT.
Russian Ecommerce, Pharma, Food Retail Firms Turn to India.

ALSO READ Russia @ War: Emerging opportunities for Indian Brands

*Russia's e-commerce platforms Ozon and Yandex Market, food supplements firm Pharmstandard, dental products distributor Simkodent, largest food retailer X5 Retail Group and confectionery major UNICONF are among several Russian companies that have reached out to India for business ties amid Moscow's conflict with Kyiv.

Russia can expect more brands approaching India, which serves as an excellent opportunity for them and us. There have been other news that about a dozen Russian franchises will shortly approach the Indian fashion and apparel industries and explore opportunities and partnership profits.

RELEVANT NEWS Russia at war: Decathlon, closes Russian outlets

With the conflict between Russia & Ukraine and the emerging global crisis in the market, India has taken the opportunity to invade and grow its apparel and fashions market in Russia.

RELEVANT NEWS Russia at War: Uniqlo suspends Russian ops temporarily

As a pulse check, 'Indian Brands' are monitoring the situation pretty closely as they expect to earn/cash in on substantial visibility & growth from this region.

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CREDITS: *ET Dt 25-04-2022 (The news article has not been edited by DFU Publications).

02 May 2022, Mumbai:

Interior Lifestyle India was presented by Ambiente India 2022 to display trendy houseware, textile, and home décor collections.

ALSO READ Messe Frankfurt India postpones ‘Screen Print India’ editions focused on digital printing

Messe Frankfurt India Trade Fairs India Pvt Ltd together with Gifts & Accessories, the Exhibition Division of Netlink Solutions (India) Ltd are ready to ring up the curtain on Paperworld India, Corporate Gifts Show, and Interior Lifestyle India presented by Ambiente India 2022 in Mumbai.

Bringing together 200 exhibitors, the co-located trade fairs will showcase couture trends in home décor, textiles, housewares, and kitchenware, alongside gifting and stationery products.

Co-located alongside the Corporate Gifts Show and Paperworld India, India’s premier trade fair for the houseware, kitchenware, and home décor industry – Interior Lifestyle India presented by Ambiente India will take place from 12 – 14 May 2022 at the JIO World Convention Centre (JWCC).

RELEVANT NEWS 53rd IHGF Delhi Fair 2022: CONNECTING THE BEST IN INDIA's HANDICRAFTS

The strategic combination of the three consumer goods shows in India will open massive business opportunities ranging across multiple sectors.

An increase in consumer fashion sense, growth in brand consciousness, improvement in the standard of living, and favourable government policies beckons a strong opportunity for home décor, textiles, and homeware segments in India.

Providing a strong platform for product sourcing and business networking, the Interior Lifestyle India presented by Ambiente India 2022 will play a crucial role in meeting the all-around requirements of the entire houseware, kitchenware, and home décor industry.

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27 April 2022, Mumbai:

Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Shri Anurag Jain said the number of patents granted has grown five times in a matter of seven years since the Government adopted the Intellectual Property policy in 2016. Shri Jain said the number of Trademarks registered has also increased four-fold during the period.  

ALSO READ DPIIT conducts Mega Buyer-Seller Meet in J&K under ODOP

He was addressing the Inaugural Session of the day-long conference on "Leveraging India's Demographic Dividend through IP" here today, organized by the DPIIT and FICCI on the occasion of this World IP Day. Shri Jain said the government has taken a series of measures, including reducing the number of forms for trademarks and patents, to further strengthen the country's IPR (Intellectual Property Rights) regime.

He said that in trademarks, there used to be 74 forms but now they have been reduced to just eight, and similarly, for patents, all the forms were scrapped and now there is only one form.

RELEVANT NEWS Department for Promotion of Industry and Internal Trade (DPIIT) to organize Startup India Innovation Week

Jain said, as various Government Departments roll out Vision @2047 for the next 25 years during the Amritkaal, the most important driving factor will be Knowledge and Innovation.

“Only those industries which invest in Knowledge and Innovation would survive. And for Knowledge and Innovation to survive, Intellectual Property becomes a very, very important tool,” said Shri Jain, adding, “And another important aspect to that is the Startups.” Shri Jain said since the Startup initiative was launched in 2016, in the space of six years we have grown to be the third-largest Startup ecosystem.

Last year, in the number of Unicorns, created, we overtook China and we were the second-highest.

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

24 April 2022, Mumbai:

Future scraps deal after 'no' by Future Retail's lenders.

Future could face bankruptcy issue after RIL deal failure.

READ MORE Reliance Retail takes over Future Group stores

As per the results, shareholders and unsecured creditors of FRL have voted in favour of the scheme but the secured creditors of FRL have voted against the scheme (deal).

In view thereof, the subject scheme of arrangement cannot be implemented- RIL in a regulatory filing.

Reliance Industries (RIL) said on Saturday it has called off the proposed deal to acquire Future Retail's (FRL) assets for Rs 24,700 crore, as a majority of secured lenders to the Big Bazaar parent have voted against such a takeover.

RELEVANT NEWS Reliance Retail takes over Future Group stores

FRL had cited its litigation with Amazon as one of the major reasons for its failing to pay its dues.

After the proposed Future Reliance deal was announced nearly two years ago, Amazon had dragged FRL to a Singapore-based emergency arbitrator over an alleged breach of contract.

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CREDITS: TOI Dt 24-04-2022 (The news article has not been edited by DFU Publications staff ).