19 February 2022, Mumbai:

The country's foreign exchange reserves declined by USD 1.763 billion to USD 630.19 billion in the week ended on February 11, the RBI data showed.

In the previous week ended February 4, the reserves had risen by USD 2.198 billion to USD 631.953 billion.

ALSO READ: RBI Governor Shaktikanta Das: There's no need to fear, even though India's inflation is expected to rise in January

It touched a lifetime high of USD 642.453 billion in the week ended on September 3, 2021.

During the reporting week, the fall in the reserves was on account of a decline in the foreign currency assets (FCA), a major component of the overall reserves.

FCA dipped by USD 2.764 billion to USD 565.565 billion in the week ended February 11.

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*Figures mentioned in the above article have been sourced from Business Standard  article.

14 February 2022, Mumbai:

Citing the recent survey reports of the Quarterly Employment Survey (QES) and EPFO payroll data, Union Labour and Employment Minister Shri Bhupender Yadav today said, employment opportunities are on rise in the country and the government under the leadership of Prime Minister Shri Narendra is committed for the welfare of the workers and labourers in both organized and unorganized sectors.

Speaking at the187th meeting of ESIC in Gurugram this afternoon, he said, health check-up of labourers will be conducted by the ESIC hospitals and factories/MSME clusters will be considered as a unit and ESIC will coordinate with them for the preventive health check-ups of the workers.

ALSO READ: Piyush Goyal addresses IIT Kanpur’s Policy Conclave 2022

The health will be conducted in a total of 15 cities as part of the ongoing pilot project.

Speaking at the187th meeting of ESIC in Gurugram this afternoon, he said, health check-up of labourers will be conducted by the ESIC hospitals and factories/MSME clusters will be considered as a unit and ESIC will coordinate with them for the preventive health check-ups of the workers. The health will be conducted in a total of 15 cities as part of the ongoing pilot project.

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

16 February 2022, Mumbai:

Shaktikanta Das, governor of the Reserve Bank of India (RBI), has stated that the central bank is committed to its inflation mandate and that the probable increase in January inflation towards the higher end of its goal band is not a cause for concern.

Das made the remarks following a post-budget meeting with Finance Minister Nirmala Sitharaman and the board of the central bank. 

"The current inflation rate is estimated to be around 6%. That should not come as a surprise or cause worry because we have taken that into account "According to Indian media sources, Das said.

"Inflation and growth are in a delicate balance, and the Reserve Bank is fully aware of its obligation to inflation," he added.

ALSO READ: December retail inflation climbs to five-month high

Despite recent spikes in global crude oil prices, India's inflation trend has remained on the down since October, he added, adding the central bank had considered all scenarios. 

Last week, the RBI's monetary policy committee held rates and its stance constant in order to promote a broad-based recovery, with retail inflation expected to fall to 4.5 percent in the coming fiscal year.

Das also stated that the RBI is working on the next fiscal's borrowing programme, as well as the country's inclusion in global bond indexes. He stated that the government's intention to offer sovereign green bonds will help to expand the foreign investor base.

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

16 February 2022, Mumbai:

Future Retail's (FRL) third-quarter net loss increased to Rs 1,063 crore ($141 million), up from Rs 847 crore in the previous quarter. The company's sales for the quarter increased by 87% to Rs 2,815 crore, compared to Rs 1,506 crore a year before.

Future Retail's costs increased by 62 percent to Rs 3,890 crore in the quarter, compared to Rs 2,391 crore in the same time previous year.

Future Retail, whose operations have been hammered severely by the epidemic, recently defaulted on a Rs 3,494 crore payment to its lenders.

ALSO READ:  Future Lifestyle Fashions reported the third quarter FY22 results

"At this time, the firm is in discussions with lenders about continuing operations after the occurrence of the event of default and seeking to reach an amicable conclusion to the company's current financial situation," it stated.

BigBazaar, FBB, Foodhall, Easyday, and Nilgiris are among the 1,700 Future Group stores, with 900 being small-format stores and the remainder being large-format hypermarkets and fashion outlets.

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*Figures mentioned in the above article have been sourced from Business Standard ET Money control & Fashion Network article.

14 February 2022, Mumbai:

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal has said technology can play a very big role in taking prosperity to the remotest corners of India.

Technology, he said, can really help us democratize basic amenities, such as Healthcare through Telemedicine, Education through EdTech.

“For example, why are we making the ONDC, the Open Network for Digital Commerce? The idea is that the small retailers should be protected also. We are OK with the large eCommerce also contributing to the nation’s economy and working their way through.

But should the small retailers be allowed to become extinct like in the Western world, where Mom & Pop stores are almost gone or should we not protect livelihoods,” said Shri Goyal, interacting with students after addressing the Policy Conclave 2022 today, organised by IIT Kanpur.

Goyal said the Prime Minister Shri Narendra Modi, thinking about the welfare of 135 crore citizens, has given us a vision for India @2047, which is called the Amrit Kaal.

“Unless you have ambitious targets, unless you dream big, unless you have significantly large hopes, aspirations, desires, you can never achieve greatness. There was a time when our population was considered a curse, but Prime Minister Modi has converted that entire thinking to talking about our young population as our biggest strength.

Our demographic dividend gives us huge opportunities, opens the doors to a very bright future for the country! And therefore we need a holistic vision which envisions growth in all sectors, makes it easier to do business, promotes innovation, research, development, modernity and yet also respects family values, our culture, makes it easier to live, that we call Ease of Living for every single citizen,” he said earlier during his address.

Goyal said India’s tryst with destiny must not merely remain a wishful rendezvous but must transform into prosperity, progress & development. “And in that journey, IIT-Kanpur and all the IITs will be at the forefront, I have no doubt in that,” he said.

Shri Goyal gave a Five Point Action Plan for IIT students to unleash India’s golden era:

• In all your ventures, make Scale, Quality, & Job Creation the focal point
• Provide innovative solutions for farmers, artisans & weavers, small retailers, etc & help realise the goals of Aatmanirbhar Bharat & Make in India for the World
• Study digital platforms (e.g. Single Window, PM GatiShakti, ONDC) & give ideas to enhance facilities
• Help set the agenda/themes for India’s G20 presidency starting in Dec’22
• Make Seva & Samarpan your guiding philosophy & give back to the nation

ALSO READ: Piyush Goyal appeals NIFT students ''Make India a Showstopper in global fashion"

Goyal said IIT-K is the pride of India and the world from being the 1^st institute in India to offer Computer Science stream to being home to distinguished alumni like Mr. Narayana Murthy (Founder, Infosys), Arvind Krishna (CEO, IBM) & Mukesh Bansal (Founder, Myntra & CEO Cure.fit) to name a few.

Goyal said the Satellite city of Kanpur is rich in history and culture.

“From inspiring Maharishi Valmiki to write ‘The Ramayana’ to creating world class engineers, Kanpur is integral to India’s progress,” he said.

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

16 February 2022, Mumbai:

India's organic cotton production has been steadily increasing! In 2020-21, production was 810,934 metric tonnes (MT), compared to 335,712 MT in 2019-20 and 312,876 MT in 2018-19.

In 2020-21, production climbed by 142% over the previous year. Madhya Pradesh is at the top of the list, with Maharashtra and Gujarat following closely after.

The same was reported to the Rajya Sabha (upper chamber) by Minister of State for Heavy Industries Krishan Pal Gurjar.

ALSO READ: Organic Cotton Production in 2020-21

Under the National Food Security Mission (NFSM), the Department of Agriculture and Farmers Welfare is executing a cotton development initiative in 15 key cotton-growing states with the goal of increasing production and productivity.

The ICAR-Central Institute for Cotton Research (CICR) is conducting research to improve and enhance technology for organic cotton cultivation in the country. The government is also supporting organic farming through the Paramparagat Krishi Vikas Yojana, which is a specific scheme (PKVY).

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

15 February 2022, Mumbai:

Aditya Birla Group flagship Grasim Industries on Monday reported a sharp year-on-year jump in its consolidated bottom-line for the December quarter on the back of lower tax expenses during the period and a significant margin improvement in its chemicals business.

The company reported a consolidated profit of Rs 1,746 crore attributable to owners, up 26% year-on-year.

ALSO READ: Arvind Fashions posts Q3 FY22 results

However, consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) declined 4% to Rs 3,985 crore as margins narrowed.

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*Figures mentioned in the above article have been sourced from ET Inveting.com article.

14 February 2022, Mumbai:

Confederation of All India Traders (CAIT) has urged NirmalaSitaramanan, Union Finance Minister, to withdraw the proposed 12 percent GST tax rate on textile which was suspended by the GST Council on December 31 last year for implementation till February.

BC Bhartia, National President, CAIT and Praveen Khandelwal, Secretary-General, said that the proposed hike should be withdrawn in the larger interest of consumers of the country.

According to the trade body, a hike will load an extra burden of a 7 percent tax rate on general consumers and will also hit the traders by blocking their capital with the department in the shape of refunds.

There was no tax on textile and fabrics for a number of years. Bringing the textile Industry back under the tax net itself was a big blow to the entire textile industry, the trade body added.

ALSO READ: The textile industry reiterates its call for the planned GST tax on textiles to be withdrawn

Further, the goods which are lying in stock of the businessmen and sold on MRP the additional burden of 7 percent will be on the businessmen, it said.

The trade body believes that an increase in tax rate will not only hamper the domestic trade it will affect the exports adversely. Already the textile industry is not at a competent status with Countries like Vietnam, Indonesia, Bangladesh, and China.

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16 February 2022, Mumbai:

Always one to anticipate trends, the Como-based company renowned for its know-how in the creation of innovative and responsible yarns meets the needs and desires of the market with an up to date offer.

Filo Milano, February 23-24 2022, booth A1 Founded in 1949 in Lombardy, Ghezzi is a company that offers advanced twisting, spiraling and twist-texturizing processes for yarns and threads thanks to its precious corporate heritage and continuous investment in specialized personnel and innovative technologies.

On the strength of its new partnership with the international eco hub C.L.A.S.S., Ghezzi returns to Filo with a series of responsible innovations designed to create a positive impact for new consumers, the company's business and the surrounding environment.

Among all of them, the first "Seasonless" collection, a proposal of references untied from the concepts of seasons and trends much loved by traditional fashion.

ALSO READ: NCTO Welcomes Appointment of Jennifer Knight as Deputy Assistant Secretary for Textiles, Consumer Goods and Materials at the U.S. Department of Commerce

For a style suited to the fluid rhythms of contemporaneity, the Como-based company, strengthened by an unparalleled wealth of experience, has focused on the processing of very twisted yarns, elasticized yarns in continuous filament fibers for fabrics with a "clean" surface and a fluid feel, but also continuous filament yarns mixed with short fiber yarns that are decidedly "clean" and of a fine count for fabrics with a fluid feel.

The range of counts tends to be low, from dtex 44 to dtex 200, with a few tips on the thicker counts in viscose or nylon in order to obtain a marked fluidity and a sagging hand.

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15 February 2022, Mumbai:

Around 60 central prison inmates will receive one-and-a-half months of skill-based training in the textile sector thanks to a collaboration between the Union Ministry of Textiles (MoT) and Nagpur Central Jail (Maharashtra).

These detainees, which include 20 women, would get a daily stipend of Rs. 300. The effort is part of the 'Samarth' project, which focuses on skill development and support.

According to reports, the Ministry of Transport has also offered support to guarantee that offenders receive loans ranging from Rs. 50,000 to Rs. 10 lakh so that they may start their own manufacturing business after they are freed from jail.

ALSO READ: Shahi Exports, in collaboration with AMHSSC and Haldiram, supports a skill development program in India

Inmates would benefit from the proposed training sessions with specialists from the Ministry of Textiles, which would teach them how to make mats, bed sheets, bed coverings, and other textile-based items.

"We already have a weaving division in jail where a few offenders have been involved in manufacturing," Anup Kumar Kumre, Prison SP, said. Those offenders, as well as others with a strong track record, have been named as candidates.

"He went on to say that weaving skills may enable offenders to earn enough money to support themselves and their families.

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

12 February 2022, Mumbai:

The production of organic cotton during 2020-21 has been 810934 MT against 335712 MT during 2019-20 and 312876 MT during 2018-19. Hence, the production of organic cotton is not coming down. State-wise detail during the last five years is Annexed.

Department of Agriculture and Farmers Welfare is implementing a cotton development programme under National Food Security Mission (NFSM) in 15 major cotton-growing states with an aim for enhancing production and productivity.

ICAR-Central Institute for Cotton Research, (CICR) is doing research for the development and refinement of Technology for the production of Organic Cotton in the country. The government is also promoting organic farming through a dedicated scheme named Paramparagat Krishi Vikas Yojana (PKVY).

ALSO READ: Despite the high cost of yarn, Indian garment makers choose recycled cotton yarn

ICAR-Central Institute for Cotton Research, (CICR) is doing research for the development and refinement of Technology for the production of Organic Cotton in the country. The government is also promoting organic farming through a dedicated scheme named Paramparagat Krishi Vikas Yojana (PKVY).

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