22 April 2022, Mumbai:

With the vision to promote sustainable trade and create market linkages, a mega buyer-seller meet was organized on 21st April 2022 in Jammu and Kashmir under the One District One Product initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry with the support of Jammu & Kashmir Trade Promotion Organization (JKTPO).

The Buyer-Seller Meet witnessed the presence of multiple national and International Brands with a cumulative revenue of over Rs 8,000 Crores and having their products available in over a million retail outlets across the world.

ALSO READ In the textile sector, Jammu & Kashmir (India) has a lot of potentials: Textiles by MoS

Sellers, Traders, Farmers, and Aggregators from various districts of Jammu & Kashmir showcased their products that are unique to the valley including the world-famous Kashmiri saffron, Himalayan White Acacia Honey, Red shiny Kidney beans, freshly grown organic vegetables, and more.

The Buyer-Seller Meet provided a platform where different Government departments and institutions came together to boost the trade of selected products.

Jammu & Kashmir agriculture and industries department worked together to bring quality products as per market requirements and it was imperative to connect this best-in-class product with renowned brands to improve earning potential of farmers.

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Collective discussion among all the stakeholders generated innovative ideas on diversification of products such as saffron-based dairy products, Walnut-based bakery products, and more.

Focused trade discussions were facilitated between the buyers and sellers which resulted in the signing of Letters of Intent for 4 products amounting to INR 1.2 crores. The above is a direct outcome of the vision of ‘Aatmanirbhar Bharat’ (Self Reliant India).

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

21 April 2022, Mumbai:

Piyush Goyal calls upon the Cost & Management Accountants to ensure quality production by industry and helps boost India’s exports.

Exports are the virtuous circle of prosperity that we have to focus upon-Goyal.

ALSO READ Piyush Goyal: Indo-Australia trade agreement to gain 'Hi-Quality Australian Cotton'

“As the Prime Minister says, ‘When each one of us takes one step, it’s 135 crore steps towards prosperity”, Goyal.

Union Minister of Commerce & Industry, Consumer Affairs and Food & Public Distribution and Textiles, Piyush Goyal has called upon the Cost & Management Accountants to ensure quality production by industry and help boost India’s exports.

RELATED NEWS Piyush Goyal: EPCs & MSMEs must engage with other nations to develop new markets

Cost Accountants help make the Indian Industry cost-competitive and cost-conscious, he said. “If we start loading costs to our export products and if we literally start doing marginal costing, on the other hand, it can make a world of difference to our cost competitiveness, our ability to increase our exports, and, frankly, our ability to (a) recover its cost and (b) start reporting profits,” said Goyal.

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

19 April 2022, Mumbai:

Representatives of the Southern India Mills’ Association (Sima) plan to meet and request chief minister M K Stalin on Monday to increase cotton production by introducing the best seed varieties.

Sima will urge the government to increase production from four lakh bales to 15 lakh bales a year, chairman M Ravi Sam said.

ALSO READ SIMA, CHAIRMAN: Indian Textile Mills concerned about global order cancellations

“There are better varieties available in the country. If they are used, there would be a 40% increase in production, without increasing acreage,” he said.

Representatives of the Southern India Mills’ Association (Sima) plan to meet and request chief minister M K Stalin on Monday to increase cotton production by introducing the best seed varieties.

RELATED NEWS SIMA & CITI to impress upon Tamil Nadu CM, MK Stalin seeking to ramp up cotton production

Sima will urge the government to increase production from four lakh bales to 15 lakh bales a year, chairman M Ravi Sam said.

“There are better varieties available in the country. If they are used, there would be a 40% increase in production, without increasing acreage,” he said.

The economic crisis in Pakistan and Sri Lanka is boosting prospects of the Indian market as the industry is expecting more orders to India, an industry insider said.

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

21 April 2022, Mumbai:

India's first and largest digital ecosystem for natural fibre supply chain Reshmandi has set up Asia's second-largest cocoon warehouse in Ramanagara.

Benefitting over 30,000 sericulture farmers and serving over 6,000 reelers, the warehouse will optimize the silk value chain and increase production.

ALSO READ Tamil Nadu manufacturers halt production of silk dhotis

Mayank Tiwari, CEO, and Founder, of Reshamandi says, the warehouse will provide several prospects and opportunities to the whole supply chain ecosystem.

It will help the company implement a comprehensive set of actions onsite for the farmers’ ease and monetary gain.

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Reshamandi currently sources fabrics, saris, and accessories directly from 5,500 weavers and 6,000 plus reelers.

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20 April 2022, Mumbai:

The newly signed Indo-Australia trade agreement and duty-free imports would help India gain high-quality cotton produced by Australia, says PiyushGoyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles.

ALSO READ India-Australia Historic ECTA: AEPC Hails

India has allowed duty-free imports of cotton until September 30, 2022.

RELATED NEWS India-Australia look at taking proposed free trade agreement (FTA) to its logical conclusion

It is reported that the prices of cotton have increased due to a drop in production.

Goyal adds the move will bring down prices benefitting customers.

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19 April 2022, Mumbai:

T. Rajkumar, Chairman, CITI thanked the Hon’ble Prime Minister, Shri Narendra Modi Ji, Hon’ble Union Minister of Textiles, Piyush Goyal Ji, Hon’ble Union Minister of Finance, Smt. Nirmala Sitharaman Ji, Hon’ble Union Minister of Agriculture & Farmers’ Welfare, Shri Narendra Tomar Ji, Hon’ble Minister of State for Textiles & Railways, Smt. Darshana Vikram Jardosh Ji and all the concerned senior government officials for their kind support for withdrawing 10% import duty on Cotton – 5% Basic Customs Duty (BCD) and 5% Agriculture Infrastructure and Development Cess (AIDC), including 10% Social Welfare Cess (SWC) on both amounting to 11% import duty on cotton – from 14th April 2022 to 30th September 2022.

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T Rajkumar said, “it’s a welcome decision and will help the entire textile value chain to fight not only the steep increase in the cotton price due to the imposition of 10% customs duty on the import of cotton but also to meet the requirement of specialty cotton (extra-long-staple cotton, organic cotton, colored cotton, etc.) to manufacture high-end products for their niche markets in advanced countries”.

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CITI Chairman stated that he recently met the Hon’ble Minister of Textiles, Shri Piyush Goyal Ji, and Hon’ble Minister of State for Textiles & Railways, Smt. Darshana Vikram Jardosh Ji along with Chairman, Apparel Export Promotion Council (AEPC), Chairman, The Cotton Textiles Export Promotion Council (TEXPROCIL), Chairman, The Southern India Mills’ Association (SIMA), and President, Tirupur Exporters Association (TEA) and apprised the Hon’ble Ministers about the issues cropping up due to the non-availability of quality cotton to the domestic players at competitive prices.

CITI Chairman hoped that the T&C Industry would be able to achieve the export target of US$ 16.96 billion (25% increase) set for the cotton value chain and the total textiles and clothing export target of US$ 47.029 billion (18% increase) set for the financial year 2022-23 with the help of availability of cotton fiber and other raw materials at internationally competitive prices to the Indian T&C Industry.

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

20 April 2022, Mumbai:

DeSL announces a partnership with Higg, the sustainability insights platform, to strengthen its already comprehensive suite of tools to help fashion and other consumer goods industries better manage their corporate goals in terms of sustainability, climate change, and compliance.

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Leveraging this integration, DeSL can deliver Higg’s industry-leading social and environmental sustainability insights to product designers and developers from the start of the development process.

With sustainability being an industry-wide initiative and brands seeking deeper adoption, partnering with a leading data solution will allow our customers to design products and see value-chain data all in one solution.

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The expanded functionality delivers DeSL PLM customers visibility to the environmental impacts of their design and sourcing decisions which are connected to upstream sustainability targets.

Colin Marks, DeSL’s CEO explains, “DeSL is committed to working with the fashion industry to deliver technology which enables companies to make better and faster decisions when it comes to the entire product lifecycle, from initial design concept right through to delivery to the consumer.”

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21 April 2022, Mumbai:

Weaving and processing units in Surat are struggling with raw material shortages and their rising prices.

Prices of coal and lignite in the city have increased by over 100 percent, electricity bills have surged by about 10-15 percent while labor charges are surging by 12 percent.

Ashok Badani, Owner of a processing unit says, the prices of polyester yarn in the city have jumped by over 30 percent in the last six months.

ALSO READ Surat aims to be India’s new garment hub

This is making it difficult for weavers to buy yarn in large quantities, he adds.

The steep rise in inputs costs is also disrupting production activities with most units running one shift 12-hour shift a day, adds Lalit Pipalya, Weaver.

Before the pandemic, weavers processed nearly 40 million meters of fabric per day. But now, the process is only about 30 million meters a day.

This threatens a 65 percent decline in cluster turnover this year.

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Weavers’ operating margins are also being squeezed as they do not pass all additional costs to consumers.

However, this has led to a 50 percent decline in their own profit margins.

Over 75 percent of the 50,000 plus weaving units and more than 400 textile processing houses in Surat are relatively small units or MSMEs.

Jitendra Vakharia, President, of the South Gujarat Textile Processors Association (SGTPA), says, their small capacities make it harder for them to absorb the sudden hike in raw materials and other costs.

The Surat textile cluster provides direct employment to over two million people in the city.

20 April 2022, Mumbai:

Ahead of voting on Reliance-Future Deal

Payment Plan
Lenders are jittery as no assurance yet on Reliance buying assets as per terms of the 2020 agreement.

ALSO READ Reliance Retail takes over Future Group stores

Payment to lenders may be reduced if RIL-linked cos takes control of Future Group stores.

Rs 28,921 cr Future Group's outstanding loans.

RELATED NEWS RIL to buy Future Group’s retail assets at original price

Co proposes to transfer debt of Rs 12,612 cr to RIL.
Rs 16,309 cr to be repaid in tranches; of this Rs 5,653 cr will be paid from proceeds of the asset sale to Reliance.

Almost all of the remaining Rs 16,309 crores will be repaid in a staggered manner to lenders.

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CREDITS: ET Dt 20-04-2022 (The news article has not been edited by DFU Publications staff).