11 February 2022, Mumbai:

The Reserve Bank of India (RBI) has maintained the 4.0 percent policy repo rate under the liquidity adjustment facility (LAF).

The LAF's reverse repo rate stays at 3.35 percent, while the marginal standing facility (MSF) rate and the bank rate both remain at 4.25 percent. The Monetary Policy Committee's conclusions were released by RBI Governor Shaktikanta Das (MPC).

The decision of the RBI has been hailed by representatives of the garment sector. It was the MPC's first policy meeting after the Union Budget of 2022.

Raja M. Shanmugham, President, Tirupur Exporters' Association (TEA), has asked to RBI Governor to prolong the Interest Equalization Scheme (IES) with retrospective effect from 1 October 2021 for the benefit of MSMEs, thanking the MPC for holding the policy rate at the current level.

ALSO READ  Piyush Goyal: Union Budget 2022-23 is a directional budget envisaged to make 'India Future Ready'

He went on to say that the Tirupur knitwear cluster urgently needs to improve its competitiveness and stay in business.

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

09 February 2022, Mumbai:

During the 50^th anniversary of the Frankfurt edition in January 2020, it was announced that Messe Frankfurt and Inexmoda will launch Heimtextil Colombia, a new trade show for the Americas that will take place in the city of Medellin, Colombia, South America. Messe Frankfurt, owner of Heimtextil has licensed the event to Inexmoda, the Latin American Fashion institute creator of the most successful textile and fashion trade shows for this market.

Heimtextil is the industry's most important global event for interior textiles, interior design and interior trends, and the biggest international trade fair for home and contract textiles held in Frankfurt, Germany.

With its new products and trends, it kicks off the upcoming season and gives important impulses to both exhibiting companies as professional visitors and decision-makers from all over the world.

Heimtextil Colombia facts

The show will open its doors from the 26^th through the 28^th of April 2022, showcasing trends and innovations for the most attractive categories in the Americas such as smart bedding, bath fashion, carpets and rugs, wall decoration, decorative fabrics, contract textiles and the hospitality business.

The show is expected to receive 110 exhibitors from countries such as Portugal, Spain, Colombia, Italy, Turkey, India.

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05 February 2022, Mumbai:

Union Minister for Commerce & Industry, Textiles and Consumer Affairs, Food & Public Distribution Shri Piyush Goyal today said that the Union Budget 2022-23 has laid a focus on demand stimulus and that the enhanced capital spending would lead to greater demand and job opportunities.

“Capital expenditure has been raised by 35%, to more than Rs. 7.5 lakh crore. Rs. 1 lakh crore is being given to states as interest-free 50-year loan to support funding of infra projects. Centre and states together, we are looking at Rs. 10.5 lakh crore of public spending.”

The Minister said that the enhanced capital spending of Rs. 10.5 lakh crore provided in the Budget 2022 is expected to have at least a 3-4 times multiplier effect in economic activity.

The Minister said this during an industry interaction on the Union Budget, at the Bombay Stock Exchange in Mumbai today, February 5, 2022.

The Minister noted that import figures were rising, indicating revival of demand. He added, together with capex thrust provided by government, this opens up huge opportunities to businesses to expand and look at new business avenues.

Union Minister Shri Goyal said India was showing rapid recovery in terms of tax collections, industrial output, consumer demand. He said in the Budget 2022-23, there are no new taxes, no new revenue generation measures. The government has forecast conservative revenue estimates.

‘We don't over-commit while ensuring needs of every department's expenditure needs’, he added.

Union Minister further said Budget 2022 has provided sufficient funding so that economic growth continues to be above 8% in next year and hope to look at least two decades of growth, ensuring prosperity can flow to everyone.

Detailing the focus on PM Gati Shakti National Master Plan in the Budget, Union Minister Shri Goyal said that the Plan will help us plan infrastructure projects more intelligently, and also reducing logistics costs.

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

11 February 2022, Mumbai:

INDA Announces Timing Changes to Major Events: Moves IDEA® to a Two-Year Cycle and FiltXPO™ to Every 18 months.

“INDA has three key reasons for making this change in event frequency,” said Dave Rousse, INDA President. “First, the nonwovens industry has been a vibrant, innovative sector with new products, processes and materials every year, so providing an opportunity to showcase more frequently these new developments better serves the industry.

Second, one of the major nonwoven events in Asia has declared they will run each and every year, impacting the past three-year cycle of major shows in the nonwovens industry.

Third, coming out of the Covid pandemic, market research predicts for the near future that regional events are expected to be better supported than global events."

FiltXPO™

FiltXPO™, North America’s only exposition and technical conference dedicated exclusively to the filtration and separation industry, will be co-located with IDEA® in Miami Beach this March 29-31 to avoid conflicting with other filtration events that were originally planned in 2021.

FiltXPO™ then returns to an 18-month schedule and will next take place October 10-12, 2023, at Navy Pier, Chicago, Ill.

ALSO READ: Imports of clothes to the United States totaled $81.59 billion in 2021

About INDA

INDA, Association of the Nonwoven Fabrics Industry, serves hundreds of member companies in the nonwovens / engineered fabrics industry doing business globally. Since 1968, INDA networking events have helped members connect, innovate and develop their businesses.

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09 February 2022, Mumbai:

The Dutch Agreement on Sustainable Garments and Textile (AGT) has taken significant steps towards a sustainable garment and textile sector. This was the conclusion of the final evaluation of the agreement, which ended on 31 December 2021.

Under the agreement, companies received advice, tools and training to help them set up and implement their policy.

The aim was to analyse risks, improve working conditions, prevent pollution and promote animal welfare in production countries. Achieving substantial improvements in the garment and textile supply chain will require time and effort beyond the agreement period, however.

The independent final evaluation was carried out by KIT Royal Tropical Institute. KIT concludes that the AGT has set up an important multi-stakeholder structure that facilitates a collective approach to complex issues in the supply chain. 

Trust
The multi-stakeholder nature of the AGT has helped build trust between parties and supported the exchange of relevant knowledge on a regular basis. “The way in which parties in the agreement have worked together is essential,” says Pierre Hupperts, independent chairman of the AGT during the entire term of the agreement.

Transparency
In addition to trust, transparency was an important element of the AGT. There has been a positive change in the supply chain transparency of the participating companies, which now disclose their suppliers on the AGT’s aggregate production list.

Future
The final evaluation offers a starting point for future cooperation in the sector. 

About the final evaluation
KIT states that it was limited in its ability to assess the impact of the AGT on the supply chain or production countries, because the focus of its analysis was in the Netherlands and on the agreement itself and the participating companies. 

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08 February 2022, Mumbai:

The reality of the day is it is no less than revelation that," Promoting exports through subsidies is not really given yielded the expected results, but fundamental state of affairs is that,"the government's RoDTEP scheme is pretty supportive in helping grow exports which is likely to touch a record USD 400 billion this year, Commerce and Industries Minister Piyush Goyal mentions on last Friday in the Rajya Sabha.

*Goyal, while responding to a query during the Question Hour in the Upper House on cut in the budget for export promotion schemes, said the government has found "very good acceptance" of the RoDTEP (Remission of Duties and Taxes on Export Products) scheme.

"Based on that (RoDTEP), exports have also been growing," he said.

Contrary to the general conception that there has been scale down in the export subsidies, the Goyal alluded the truth this year been India is expected to hit an "unprecedented performance in exports and same is likely to sustain".

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

10 February 2022, Mumbai:

Cellulose Fibre Innovations of the Year: Carbon Fibres from Wood, Carbon-negative Virgin Fibres from Straw and Sustainable Menstruation Panties.

The annual highlight of the industry is the International Conference on Cellulose Fibres in Cologne (www.cellulose-fibres.eu), where the latest innovations were showcased last week: new cellulose fibre technologies for various feedstocks and a wide range of hygiene and textile products as well as alternatives to plastics and carbon fibre for lightweight constructions.

ALSO READ: International Conference on Cellulose Fibres 2022, Hybrid Event - Cologne and Online, 2-3 February 2022

Cellulose fibres show impressive growth and increasingly expanding range of applications, while at the same time markets are driven by technological developments and political framework conditions, especially bans and restrictions on plastics and increasing sustainability requirements. The winners of the innovation award bear witness to the diversity of cellulose applications.

Innovation Award Live at the conference, host nova-Institute and award sponsor GIG Karasek GmbH granted the “Cellulose Fibre Innovation of the Year” award to one of six highly interesting products.

First Winner: Carbon Fibres from Wood – German Institutes of Textile and Fiber Research Denkendorf (Germany)

Second Winner: Fibers365, Truly Carbon-Negative Virgin Fibres from Straw - Fibers365 (Germany)

Third Winner: Sustainable Menstruation Panties: Application-driven Fibre Functionalisation – Kelheim Fibres (Germany)

About the conference

Cellulosic fibres are the fastest growing fibre group in the textile industry and also the largest investment sector in the global bioeconomy.

The challenge now is to achieve a balance between the ongoing capacity expansion and the growing demand, to avoid overcapacity while still meeting rising demand from the major brands.

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08 February 2022, Mumbai:

The export of cotton yarns in India has been a source of intense debate in recent months, as garment makers have repeatedly expressed their worries about growing local yarn costs, which have made garment production more expensive!

Despite these atrocities, according to the most recent official statistics, India's cotton yarn export profits in 2021 were US $ 4.69 billion, or a 79.64 percent year-on-year increase.

Bangladesh was at the top of the list, with India earning US $ 1.72 billion from cotton yarn exports in 2021, an increase of 162.25 percent over 2020! With a value of US $ 949.90 million in cotton yarn imports from India, China remained in second place.

It's worth noting that while the China-India relationship has been shaky in recent years, the export of India's textile raw materials to the world's top textile exporter appears to be unaffected; in fact, it's rising at a rapid rate.

Portugal favored India's cotton yarn, with imports of the commodity reaching US $ 210.79 million in 2021, up 62 percent year on year.

Apart from Bangladesh, China, and Portugal, Vietnam, Egypt, Peru, South Korea, Turkey, Colombia, Sri Lanka, Guatemala, Germany, Italy, Jordan, and the United States were among the nations that expanded cotton yarn sourcing from India in 2021.

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

06 February 2022, Mumbai:

India’s textile and clothing exports increased by 25 per cent in rupee terms from April-December 2021 compared to the corresponding period in 2019, according to data available.

While the total textile and apparel exports in April - December 2019 were to the tune of $ 25 billion, it increased to almost $30 billion during the same period last year.

In rupee terms, the exports grew from Rs 177,803 crore to Rs 221,528 crore. While cotton yarn, fabric and made-ups grew by over 40 per cent in dollar and rupee terms, ready made garment grew only 2.69 per cent in rupee terms compared to the same period in 2019 and saw a negative growth of 2.81 per cent in dollar terms.

Overall textile and clothing exports are expected to be a little more than $ 40 billion this financial year (2021-2022) compared as against the target of $ 44 billion. The main area of concern is exports of apparel.

Many garments units, especially those located in Tamil Nadu, Karnataka, the national capital region (NCR), and Punjab remained shut between April and June in 2021 because of the spread of COVID-19.

Raja M. Shanmugham, President, Tiruppur Exporters’ Association (TEA), says garment exports from Tiruppur this fiscal is expected to be almost Rs 32,000 crore as against Rs 24,000 crore last financial year.

But, the growth is mainly in terms of value. While the exporters have orders, high raw material prices are a deterrent to increase in volume. If the current trend in raw material prices continues, sustaining this will also be a challenge, he said.

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09 February 2022, Mumbai:

FAS Mumbai (Post) forecasts marketing year (MY) 2021/2022 cotton production at 27.4 million 480 lb. bales on an area of 12.1 million hectares. Farmers continue to limit market arrivals due to rising seed cotton prices, increasing input costs for textile value chains.

Post estimates mill consumption at 26.5 million 480 lb. bales based on robust export demand for value-added textiles and prospective orders. Exports of fiber, cotton yarn and cotton products remain steady.

Despite the expectations of local industry, the Government of India maintained its import duty on cotton in its recent budget announcement, but rising domestic prices are prompting mills to procure less expensive cotton supplies through imports.

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08 February 2022, Mumbai:

As per a new report by IndexBox, cotton prices in India are expected to rise by 5 per cent in 2022 on account of strong global demand and limited supply.

In 2021, the average cotton price surged by 41 per cent Y-o-Y to $2.23 per kg. Despite the global cotton production rebounded after a 2020's drop last year, reaching the pre-pandemic level of 26.3M tonne, growing demand outstrips supply.

In H1 2022, cotton prices are projected to increase, as global production at the beginning of the year is lower than in the previous months due to smaller crops in India and the U.S. This year, the average annual cotton price is expected to pick up by 5 per cent Y-o-Yto approximately. to $2.34 per kg.

Instigated by boosting demand and high domestic cotton prices, China is forecast to ramp up imports sharply, also stimulating the price rally.

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06 February 2022, Mumbai:

Union Minister for Commerce and Industry,  Textiles and Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal today termed the Union Budget 2022-23 as a direction setting budget, addressing both macro-economic and micro-econimic concerns, looking at inclusive development.

Speaking at a Public Function to explain the nuances of the Union Budget in Mumbai today, the Minister said “the Budget should be seen as an exercise in continuity to make India future ready”.  

Recalling Prime Minister Narendra Modi’s vision of converting crisis into opportunity, Shri Goyal said, the Government has been pro-actively announcing new projects and schemes through the year, and Union Budget has attempted to show the way ahead for the next 25 years.

Shri Goyal said the budget has laid a big thrust on infrastructure development and highlighted the importance of the PM Gati Shakti National Plan. He said the plan will leverage data and inter-connected national maps to better align infrastructure projects.

Explaining how the nation adopted to the Covid 19 pandemic by swiftly moving to remote working mode, Shri Goyal asserted that India did not let down a single international obligation, thanks to Digital India and thrust given on expansion of broadband connectivity.  He said despite the pandemic, India’s services export remained robust and would achieve $240 bn target.

Shri Goyal said that India produces second-highest number of STEM (Science, Technology, Engineering, Mathematics) graduates and this should encourage us to become not only the Start-up Capital but also the R&D and innovation hub.

The Commerce & Industry Minister further added that India has been working on a number of Free Trade Agreements (FTAs). Citing the India-UAE FTA, Shri Goyal said the entire process was completed in just 88 days. He informed that India-Australia FTA is also in advanced stage of finalization.  FTAs with UK, Canada are also in the pipeline, even as GCC also wants to sign an FTA with India.

“The world wants to work with us, we have to seize the initiative” the Minister added.

The Minister also spoke about the enhanced capital spending of Rs 10.5 lakh crores provided by the Budget 2022-23 to have a multiplier effect of 3-4 times, leading to enhanced demand and increased job opportunities benefitting all people.

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