The Indian MSME sector is a powerhouse of innovation and entrepreneurship, with over 63 million enterprises contributing over 30% to the nation's GDP.

The ET MSME Awards 2023 is a prestigious programme that celebrates and honours India's top MSMEs for their exceptional achievements in business performance and contributions to the country's socio-economic growth.

The awards will feature 26 award categories, each representing a different facet of MSME excellence. Winners will not only receive well-deserved recognition but also be honoured with beautifully crafted trophies and certificates.

The ET MSME Awards 2023 will also host a series of high-impact panel discussions, fireside chats, masterclasses, and presentations by industry experts, policymakers, and top business leaders.

29 August 2023, Mumbai

Soaring prices of tomatoes and onions have pushed food inflation to a three-year high in India.

This has squeezed household budgets and dampened consumer spending, especially on discretionary items like clothing and footwear.

Fashion retailers across India are feeling the pinch, as shoppers stay away from malls and urban shopping districts.

Sales are slow, foot traffic is low, and many brands are offering deeper and longer discounts than usual to attract customers.

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"The situation has also raised doubts about the recovery of consumer spending, which had already been slowing down before the food price shocks," said a Reuters report.

The clothing and footwear retail industry is facing a tough challenge amid the bleak economic outlook.

Some stores are resorting to unconventional methods to boost sales, but it remains to be seen if these efforts will be enough to revive the sector.

Latest Textile Events

Ecosoft is an advancement over conventional viscose fibers.

• It excels in managing moisture, resulting in fabrics that offer exceptional breathability, aiding in temperature regulation.
• It is also known for its soft, lightweight textures.

Bamboo is a resource-efficient alternative to other natural fibers.

• It is grown rapidly, with some varieties maturing in as little as 4-6 months.
• The bamboo pulp used for Ecosoft is sourced from sustainably managed forests.

Ecosoft is traceable through its supply chain.

• It is integrated with a molecular tracer that allows manufacturers to track its journey through a detailed transaction certificate.

23 August 2023, Mumbai

The Commerce and Industry Ministry is finalizing the national e-commerce policy:

• No more drafts will be issued for public feedback.
• The policy will be presented to the highest levels of government for final approval.
• The policy will consider the interests of all stakeholders, including investors, manufacturers, MSMEs, traders, retailers, startups, and consumers.
• The policy will aim to create a conducive environment for the holistic and harmonious growth of the e-commerce sector.
• The policy will also address data localization and other regulatory concerns.

Background

The ministry had previously released two drafts of the national e-commerce policy in 2018 and 2019.

The 2019 draft covered six key aspects of the e-commerce ecosystem: data, infrastructure development, e-commerce marketplaces, regulatory concerns, stimulation of the domestic digital economy, and promotion of exports through e-commerce.

The draft included discussions on measures such as cross-border data flow restrictions, handling sensitive data locally before storing it abroad, measures to combat the sale of counterfeit goods, restricted items, and pirated content.

Current status

The ministry has held extensive discussions with representatives from e-commerce companies and a domestic traders' association on the proposed policy. A significant level of consensus has been reached among the concerned parties. The focus is now on obtaining final approval for the policy.

Next steps

• The policy will be presented to the highest levels of government for final approval.
• The policy will be implemented once it is approved by the government.

Short Message

The national e-commerce policy is a significant step towards regulating the e-commerce sector in India. The policy is expected to create a conducive environment for the growth of the sector and protect the interests of all stakeholders.

Latest Textile Events

07 September 2023, Mumbai

IN BRIEF

The EPCH India Pavilion kicked off at NEC, Birmingham, UK on September 4, 2023, with Dr. Shashank Vikram, Consul General, joining member exhibitors.

Running from September 3 to 6, this event spotlights India's culture and crafts. R. K. Verma, EPCH Executive Director, noted regional member exporters' involvement, while Dr. Vikram praised EPCH's global promotion of Indian handicrafts. Dileep Baid, EPCH Chairman, highlighted the Pavilion's diversity.

The UK's market potential was emphasized, offering sourcing opportunities from India. EPCH, a handicraft export promoter, achieved Rs. 30,019.24 Crores ($3,728.47 Million) in exports during 2022-23.

Latest Textile Events

21 August 2023, Mumbai

Revolutionizing the Landscape of Protective Gear

Researchers at IIT-Delhi have introduced the world's lightest bulletproof jackets, designed specifically for frontline soldiers. These state-of-the-art jackets offer unparalleled protection while significantly reducing the overall weight burden.

Weighing an astonishingly low 8.2 kg, the newly developed jacket showcases extraordinary resilience, capable of withstanding up to eight bullets fired from AK-series rifles.

A 15-Year Journey to Make Frontline Soldiers Safer

The inception of this ground-breaking project dates back 15 years, triggered by an insightful conversation between Professor Naresh Bhatnagar from IIT Delhi's Centre of Excellence on Personal Body Armour and an Army Major with frontline experience.

The Major emphasized the urgent requirement for lighter bulletproof jackets, given the impracticality of the existing iron-based counterparts, which weighed between 22-25 kg and hindered combat effectiveness.

Diverging from conventional approaches, IIT-Delhi's researchers integrated advanced polymer and ceramic materials into their innovative jacket design.

Setting a New Global Standard in Bulletproof Technology

The endeavor garnered substantial academic investment, engaging the expertise of 25 M.Tech and 12 Ph.D. students.

Endorsed by the Bureau of Indian Standards following meticulous evaluation, these jackets are slated for presentation at an upcoming NATO conference in Germany.

Latest Textile Events

10 August 2023, Mumbai

Bluesign, a leading provider of sustainable textile solutions, has launched its IMPACT services in India. The new services offer brands affordable impact reporting to help them reduce their environmental impact.

The IMPACT services are based on the bluesign® SYSTEM, which is a set of standards that eliminates harmful substances from the textile supply chain. The services also provide brands with guidance on how to improve their environmental performance.

Bluesign is confident that the IMPACT services will help Indian brands become more sustainable. The company already has a strong presence in India, with over 800 system partners.

The launch of the IMPACT services is a major step forward for Bluesign and for the Indian textile industry. The services will help Indian brands meet the growing demand for sustainable textiles and make a positive impact on the environment.

Latest Textile Events

05 September 2023, Mumbai

The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) will soon launch a dashboard that will provide comprehensive information on technical textile products.

The dashboard will include information on products that are experiencing increasing demand, the countries that export each product, and the countries that import various technical textile products.

India's technical textile exports are currently primarily driven by package textile products (packatech), with the United States, Japan, and various West Asian countries being key buyers.

Data points

Bhadresh Dodhia, Chairman of the SRTEPC, reported a 6% growth in exports of technical textile products for the current year.

However, manmade fiber and fabrics, excluding garments, are projected to experience a decline of 8-10% in the current financial year.

Dodhia attributed this drop in exports to shifting global consumption patterns.

Aspirational

The dashboard is expected to be a valuable resource for stakeholders in the technical textile industry, providing them with insights into market trends and opportunities.

It will also help to promote the growth of the industry by providing information to potential buyers and investors.

Latest Textile Events

The much-anticipated e-commerce policy is set to be released by the Union Commerce and Industry Ministry within the next two weeks or after the current parliament session.

Policy to promote ONDC

This policy is expected to incorporate provisions for the Open Network for Digital Commerce (ONDC), a government-supported initiative aimed at democratizing e-commerce in India.

One of the primary objectives of the policy is to strengthen the grievance redressal system for consumers who face issues with e-commerce companies.

This move aligns with the government's recent efforts to crack down on unfair trade practices prevalent in the e-commerce sector.

Decoding

Furthermore, the policy is designed to distinguish between the inventory-led and marketplace models of e-commerce, providing consumers with clear information about the different types of e-commerce platforms, enabling them to make well-informed choices.

This policy marks a significant advancement for the Indian e-commerce sector as it seeks to create a more level playing field for all market players and safeguards consumers against unfair trade practices.

Strengthen ‘Grievance Redressal Mechanism’

In addition to the above details, the policy will be in line with the Amendment to Consumer Protection (Ecommerce) Rules, 2020, which aims to address complaints related to "unfair trade" practices. Furthermore, the policy will prioritize inclusive growth by encouraging Small and Medium Enterprises (SMEs) to adopt digital technology and enhance exports through e-commerce.

Opposition

The Confederation of All India Traders (CAIT), a trade body representing small retailers, has urged the government to ensure that the policy treats all stakeholders fairly and avoids favoritism towards large e-commerce companies.

Moreover, the policy is expected to include guidelines regarding fallback liability for e-commerce companies, offering greater clarity on grievance redressals.