01 March 2022, Mumbai:

The National Company Law Tribunal (NCLT) has allowed Future Retail to convene meetings of its shareholders and creditors to approve the sale of its retail assets to Reliance Retail.

The approval was granted exactly a year after FRL approached the NCLT in Mumbai seeking permission to hold these meetings to approve the Rs 24,000 crore transaction.

ALSO READ: (CAIT) Traders Pan-India up in arms against Amazon India

Amazon has objected to the deal and the two parties have been slugging it out in various tribunals and courts in India as well as at an arbitration centre in Singapore since October 2020.

FRL lawyers have pleaded in the Supreme Court and the Delhi High Court that the company be allowed to complete the 15 step process required for the deal to go through.

The NCLT clearance marks the ninth step in the overall procedure, according to the company’s lawyers.

RELATED ARTICLE: Amazon challenges Delhi High Court’s order in Supreme Court

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

26 February 2022, Mumbai:

The invasion of Ukraine by Russia is creating a tailspin in the global markets, particularly in the energy sector. Crude oil price is trading about $104 per barrel, which will certainly affect stock markets, commodities, and metal prices.

More importantly, it will have an impact on consumer psyche and their buying power, which is important for the global textiles sector.

Immediate reactions by the United States, the EU, and UK focus on imposing economic sanctions against Russia, which is only going to harden. This will impact crude oil and natural gas prices, as Russia is a major exporter of these commodities to EU nations like Germany.

One may also swiftly see the strengthening of the dollar, which will, at least for the immediate future, see higher prices for imports from the United States. The cotton market, which is experiencing a tight supply, will see uncertainty and added volatility due to uncertain demand and ripple effects from higher energy prices.

ALSO READ: India's organic cotton production will increase: Year 2020-21

More importantly, as many EU countries depend on wheat and energy products from Russia and Ukraine being the breadbasket for Europe, increased prices of these commodities will influence the overall markets and consumer confidence.

“The market will be more volatile,” stated Velmurugan Shanmugam, General Manager of India’s Jayalakshmi Textiles – a 100% cotton spinning mill with 72,000 spindles creating fine count cotton yarns for the home textiles market.

India exports cotton home textiles to EU countries like Germany, and a crisis in that part of the world will impact textile exports and consumption.

About Author:

Dr. Seshadri Ramkumar is a professor in the Department of Environmental Toxicology and The Institute of Environmental and Human Health at Texas Tech University.

RELATED ARTICLE: Pricing Strategy to promote Indian cotton production

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

21 February 2022, Mumbai:

India and the United Arab Emirates have inked a landmark Comprehensive Economic Partnership Agreement (CEPA). The agreement was reached during a virtual summit between India's Prime Minister Narendra Modi and Abu Dhabi's Crown Prince Sheikh Mohamed bin Zayed Al Nahyan.

The deal was inked in Delhi by Union Textiles, Commerce and Industry Minister Piyush Goyal, and UAE Minister of Economy Abdulla bin Touq Al Marri. This is the first comprehensive trade deal signed by India in a decade.

The CEPA, or Comprehensive Economic Partnership Agreement (CEPA), or Free Trade Agreement (FTA), will unleash the limitless potential that both countries possess, and it will have a significant impact on a number of industries, including textiles.

READ MORE: CEPA to unleash India, UAE’s textile potential

This balanced, fair, and equitable trade deal, according to Piyush Goyal, is based on the three pillars of trust, transparency, and talent. "With the signing of the India-UAE CEPA, both countries are entering a golden age of economic and commercial cooperation," he remarked.

According to the Indian government, this deal would boost the textile sector by increasing exports by $ 2 billion over the next five years. In particular, duty-free exports of Man-Made Fibre are expected to reach the US $ 650 million per year over the next five years.

The Indian textile and clothing sector will also gain from this move since India would no longer be subject to a 5% levy on textiles and garments, which will be a significant boost to Indian businesses.

India exported knitted garments of US$ 1,159.74 million in 2018-19, but just US$ 1,030.36 million in 2019-20. (-11.16). There was a 21% drop in the woven category as well.

India exported woven garments to the UAE worth the US $ 831.41 million in 2018-19 and US $ 655.65 million in 2019-20, respectively (-21.14). In 2020-21, India's total clothing exports to the UAE were US$ 1,609.4 million (HS code 61, 62 combined) and $1,436.64 in the first nine months of 2021-22.

Home textile exports to the UAE, India's third-largest market in the category, were US$ 259.14 million, representing a 32.46 percent year-on-year increase. It's also worth noting that, according to numerous estimates, India is targeting a $100 billion investment after signing the FTA with the UAE. India's third-largest trading partner in the world is the United Arab Emirates.

In just 88 days, the 880-page agreement was reached. The agreement also includes a long-term safety net to safeguard local enterprises in both countries from abrupt spikes in trading volumes.

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

01 March 2022, Mumbai:

India, which has been growing excess cotton and selling it to various nations, is expected to suffer a cotton deficit of 3 to 4 million bales this season. This is mostly due to a significant rise in demand and the shipment of around 5 million bales.

In light of this, the textile sector has asked the government to allow the import of 4 million bales duty-free. Ravi Sam, Chairman of the Southern India Mills' Association (SIMA) in Coimbatore, has urged the Prime Minister to intervene immediately on cotton policies and take appropriate measures to avoid production halts and job losses, as well as to allow exporters to meet their commitments during the off-season.

ALSO READ: The Southern India Mills’ Association (SIMA): Union Budget 2022-23, a growth oriented one

He claimed that the cotton crop size for the cotton season 2021-22 will be less than 35 million bales, as opposed to the industries' demand of 36 million bales, due to a 7.2 percent decline in cotton area and crop damage in several cotton-growing States due to severe rain.

"The spinning sector, which has been unable to modernize over 35% of its capacity owing to a long-running recession over the previous 15 years, has recently begun to invest in modernization, capacity growth, and greenfield projects."

Every month, almost two lakh spindles capacity is added in the country, and this trend is expected to continue in the next years provided a favorable atmosphere is formed," he said.

RELATED ARTICLE: Union Budget 2022-23 will have a positive impact on Indian textile sector, hail associations - SIMA, CMAI, ITF, PDEXIL, CCI

BGMEA Vice President Miran Ali and Directors Asif Ashraf, Tanvir Ahmed and Abdullah Hil Rakib were also present on the occasion.

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25 February 2022, Mumbai:

Government efforts leading to greater employment generation in the country: Piyush Goyal

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal has said the Industry has responded well to the multiple interventions by the Government to enhance Local Value Addition which has benefitted not only the large industries but also the MSMEs.

Chairing a review meeting of the Steering Committee on Advancing Local value-add & Exports (SCALE) here today, he emphasised that these efforts are leading to greater employment generation in the country.

During the meeting, P. Goyal highlighted the need for exploring innovative ways to increase Local Value Add in critical sectors of Manufacturing amidst existing disruptions in the worldwide value chain.

ALSO READ: Piyush Goyal x Fashion Designers Brainstorm: How India can become ''Global Fashion Capital"

This will enhance the presence of India in emerging global value chains, he added. Industry and exports representatives from various sectors including Auto Components, White Goods (ACs, Electronics & TV), Semiconductor Manufacturing, Plastics, Furniture, Bicycles & e-cycles, Batteries, Leather & Footwear and Fisheries participated in the deliberations. MoS (Commerce & Industry) Shri Som Parkash, Secretary, DPIIT, Shri Anurag Jain and Shri Rajiv Singh Thakur, Additional Secretary, DPIIT participated in the meeting.

SCALE Committee members who attended the meeting included Dr. Pawan Goenka (Chairman, SCALE Committee), Shri Chandrajit Banerjee, Director General, CII, Shri Arun Chawla, Director General, FICCI, Shri Deepak Sood, Secretary General, ASSOCHAM, Shri Deepak Bagla, CEO, Invest India, Shri Salil Singhal, Chairman and MD, PI Industries, Shri Seshagiri Rao, JMD & Group CFO, JSW Steel, Shri Anil Agrawal, Additional Secretary, DPIIT, Dr. Amiya Chandra, Addl. DGFT, Shri Manish Sharma, Chairman, FICCI Electronics & White Goods Manufacturing Committee and President & CEO, Panasonic India Pvt. Ltd., Shri Vikram S. Kirloskar Vice Chairman, Toyota Kirloskar Motor, Shri Jalaj Dani, Chairman, Addverb Technologies Pvt. Ltd and Co-promoter, Asian Paints Ltd. and Smt. Manmeet K. Nanda, Joint Secretary, SCALE and Brand India Cell, DPIIT (Member Convener, SCALE Committee).

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

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.

01 March 2022, Mumbai:

More textile and clothing firms are going to invest in Madhya Pradesh, according to the Madhya Pradesh Industrial Development Corporation (MPIDC), which has received requests for 800 acres in Indore from textile companies.

Leading clothing exporters such as Best Corporation, Pratibha Syntex, and textile behemoth Vardhman Textiles have recently expressed interest in investing in the state. 

According to state officials, one existing textile company with a presence in Pithampur and three new integrated textile industry players have seen land and filed plans for around 800 acres.

ALSO READ: The Uttar Pradesh (U.P.) apparel industry takes a hit owing to the COVID-19 third wave

"Textile businesses have shown a positive interest in establishing operations in the region. "We have bids from four textile businesses requesting roughly 800 acres in various pockets to establish facilities," Rohan Saxena, ED, MPIDC, Indore, said. He has not, however, revealed the identities of the firms. 

According to Rohan, one of the current textile businesses plans to buy 400 acres in Badnawar, for which the MPIDC regional office has submitted a request to the central office for permission. Other businesses have noticed property lots in Ratlam's investment district.

According to the MPIDC, Indore, over 50 textile and garment firms have paid 25% of the total premium cost to set up factories in the Indore region in the recent year. The total investment from these businesses is anticipated to be Rs. 1,560 crore.

RELATED ARTICLE: Indore Readymade Textile Dealers Association: Demand from weddings to fuel growth

BGMEA Vice President Miran Ali and Directors Asif Ashraf, Tanvir Ahmed and Abdullah Hil Rakib were also present on the occasion.

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22 February 2022, Mumbai:

bluesign® SYSTEM PARTNER textile manufacturers achieve meaningful reductions in water, energy, chemicals, and CO2e emissions.

Through the implementation of the bluesign® SYSTEM, bluesign® SYSTEM PARTNER textile manufacturers have achieved meaningful collective impact reductions in 5 key areas of water, energy, CO2e emissions, and chemistry with an increase in bluesign® APPROVED chemical usage over a ten-year period, 2010 - 2020.

ALSO READ: HIGH FASHION GROUP RECEIVED AWARD FROM THE LENZING GROUP REAFFIRMED ITS POSITION AS A SUSTAINABILITY LEADER!

The deadline to reach carbon neutrality and achieve the UN’s Sustainable Development Goals (SDGs) is fast-approaching. And the recently completed impact analysis demonstrates that the bluesign® SYSTEM is accelerating progress towards a more sustainable fashion industry while continuing to ensure that textile products meet very stringent environmental and consumer safety requirements worldwide, giving consumers the confidence of purchasing sustainable products produced with reduced impact on people and the planet.

“With the bluesign® SYSTEM, we help our customers better understand their value chain and make better-informed decisions with verified data from on-site assessments. The results from our impact work couldn’t have come at a more crucial time when voluntary commitments are now calling for the industry to halve its emissions by 2030.

The collective impact reductions achieved through the implementation of the bluesign® SYSTEM are meaningful progress for the fashion industry. Progress Bluesign will continue to report.

About bluesign technologies ag

The bluesign® SYSTEM is the solution for sustainable textile production. It eliminates harmful substances right from the start of the manufacturing process, and it sets and controls standards for environmentally friendly and safe production.

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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.

01 March 2022, Mumbai:

Texport Industries, India's largest clothing exporter, will open a garment plant at Sircilla Apparel Park, Telangana.

In the Built to Suit (BTS) unit to be built by the State Government on 7.42 acres in the Apparel Park, the unit will be Plug and Play.

In the first year, the firm will build 800 machines and employ 1,600 people, with the project planned to employ 2,000 people in three years.

Texport employs 15,000 people and generates $80 million in yearly sales from its 19 plants, which have a total annual capacity of 17 million (about Rs. 620 crores).

The availability of skilled people in Sircilla, as well as the State Government's business-friendly policies to develop the sector, were factors in the company's choice to build the plant, according to Narendra Goenka.

After Kitex Garments, Texport is the second well-known clothing exporter to announce its investment in Telangana in recent months.

ALSO READ: GST Textile rate hike: Textile traders in Telangana launch postcard campaign

For this, the firm and the state government have signed a memorandum of understanding (MoU). In the presence of Industries and IT Minister K.T. Rama Rao, Shailaja Ramaiyer, Telangana's Handlooms, and Textiles Commissioner, and Narendra D. Goenka, MD, TIPL, signed the MoU.

The state government claims that, for the first time in the country, export-oriented garment manufacturing BTS Units on Plug and Play Mode are being established in the Sircilla region by leveraging the state-of-the-art manufacturing environment.

BTS is a sort of real estate development in which a property owner or developer promises to construct a building to the specifications of a potential tenant, who then enters a lease agreement to inhabit the facility after it is finished.

It will allow forward integration of the Sircilla Powerloom weaving business with the clothing and garment production process, assisting the state's textile industry's development.

RELATED ARTICLE: Telangana Minister to centre: Seeking withdrawal of Textile, Apparel (T&A) sector GST rate hike

BGMEA Vice President Miran Ali and Directors Asif Ashraf, Tanvir Ahmed and Abdullah Hil Rakib were also present on the occasion.

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21 February 2022, Mumbai:

The Budget 2022 for the education and skilling sector rightly focused on expanding reach, improving quality education, building capacity, and strengthening the digital skill ecosystem. Further, to brainstorm and discuss ways for effective implementation of initiatives announced in the Budget, the Ministry of Skill Development and Entrepreneurship (MSDE) and the Ministry of Education, along with other ministries, is organising a session in Skill India webinar themed-

‘Towards Fostering Stronger Industry-Skill Linkage,’ on Monday, February 21, 2022 from 12:15 PM to 2:15 PM. The webinar will be attended by the government officials, industry experts and representatives of key associations. The session is a part of a series of seminars being inaugurated by the Prime Minister Shri Narendra Modi.

ALSO READ:

He will be addressing the first webinar themed on ??

Digital University: Making World Class Higher Education Accessible for All. The Skill India webinar will be co-chaired by Shri Arvind Singh, Secretary, Ministry of Tourism, Shri Rajesh Aggarwal, Secretary, MSDE, and Shri Anurag Jain, Secretary, DPIIT. The panellists for the session are Shri N.S Kalsi, Chairman, National Council for Vocational Education & Training (NCVET); Shri Amber Dubey, Joint Secretary, Ministry of Civil Aviation and Shri Manish Sabharwal, Vice Chairman, Teamlease Services.

The session will be moderated by Mr. Ved Mani Tiwari, COO, National Skill Development Corporation (NSDC). During the session, broader aspects on strengthening the skill ecosystem by enhancing digital skills will be discussed.

The panellists will share their views on the recent announcements made by our finance minister in the Budget 2022.

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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.