21st August 2021, Mumbai:

The apparel industry is pleased with Minister of Commerce, Industry, and Textiles Piyush Goyal's announcement that there is "very positive momentum" in terms of FTAs with the United Kingdom, the European Union, Australia, Canada, the United Arab Emirates, Israel, and the Gulf Cooperation Council countries.

“We are delighted to hear that negotiations on FTAs with several countries are proceeding quickly,” said Dr. A. Sakthivel, Chairman of the Apparel Export Promotion Council (AEPC). We've been pleading with the government to expedite trade agreements.

In several areas, FTAs would eliminate tariff disadvantages for Indian clothing. Early Harvest Agreements with the United Kingdom and Australia may help India increase its clothing exports to these countries in the next three years.”

He stated that the government is making serious efforts to reach the objective of $400 billion in merchandise exports for the current fiscal year, with both the Prime Minister and the Commerce Minister taking the lead in having rapid meetings with Export Promotion Councils (EPCs).

“With the proactive leadership given by the present Government, we will not only meet the ambitious objective of US $ 400 billion this year, but we will also achieve the 2030 export target of US $ 2 trillion, with equal contributions from product and services exports,” he added.

Dr. A.Sakthivel also discussed the Interest Equalisation Scheme (IES), raw material export difficulties, the prolongation of the export requirement period till March 31, 2022, freight support, RoDTEP issues, FTAs, and banking challenges that garment exporters encounter.

TOP 5:

• Cotton Corporation of India Ltd (CCI) market intervention meaningless till cotton prices rule firm
• Flipkart, an Indian e-commerce behemoth, has created 4,000 new positions
• Rs. 1,100 crore investment! SVP Global Ventures, an Indian textile company, has opened a facility in Oman
• In the current fiscal year, Indian textile exporters are expected to expand by 20-25 percent, according to ICRA
• In July, apparel sales in India were at 63 percent of pre-pandemic levels

19th August 2021, Mumbai:

Vardhman Textiles, a major textile company situated in Ludhiana, and Christian Medical College, Ludhiana, have inked an agreement to renovate and upgrade hospital infrastructure in order to give better healthcare to patients.

Dr. William Bhatti, Director of Christian Medical College Society, and SP Oswal, CMD of Vardhman Textiles, signed a Memorandum of Understanding. CMC Hospital's Dr. Joseph John and Director DK Sindwani, as well as Vikas Kumar, VP-HR from Vardhman, were in attendance.

Vardhman will support the construction of a state-of-the-art Vardhman Multi-Speciality Ward, Vardhman Bone Marrow Transplant (BMT) Cell, and Vardhman CMC Rehabilitation Centre as part of the remodeling project. The project's projected cost is Rs. 6.30 crore. Once completed, these buildings will significantly increase the hospital's capacity for admitting patients while also offering modern medical care. “We design all of our CSR efforts after assessing the necessity. “We strive to make sure that the benefit reaches the people who need it the most,” Vikas Kumar added.

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“The organization is contributing to the people and the county by offering support in areas that touch a big number of people,” Dr. William said of Vardhman's assistance and value addition to the hospital in helping it better serve the community. Vardhman, as a responsible corporate citizen, seeks to make a positive contribution to the development of a healthier and better society through its CSR efforts. The firm has been offering cash donations to well-known charitable and government-run hospitals for the treatment of underprivileged people on a regular basis. During the second wave, it also assisted in the development of a Level 3 Covid care ward at CMC.

TOP 5:

• Cotton Corporation of India Ltd (CCI) market intervention meaningless till cotton prices rule firm
• Flipkart, an Indian e-commerce behemoth, has created 4,000 new positions
• Rs. 1,100 crore investment! SVP Global Ventures, an Indian textile company, has opened a facility in Oman
• In the current fiscal year, Indian textile exporters are expected to expand by 20-25 percent, according to ICRA
• In July, apparel sales in India were at 63 percent of pre-pandemic levels

17th August 2021, Mumbai:

Piyush Goyal, the Union Minister of Commerce, Industry, and Textiles, has stated that the Indian start-up ecosystem has the potential to become India the world's innovation and invention powerhouse. The Indian government wants to see new businesses flourish across the country, particularly in Tier 2 and Tier 3 areas.

It will increase job creation and enhance both forward and backward connections. During a virtual meeting of the National Startup Advisory Council (NASC), he stated that putting concepts like funding, mentorship, and taxation into action will help us develop our start-up ecosystem even more.

The Minister stated that India's start-up ecosystem reflects the energy, excitement, and agility of Indian youth and that the Startup India movement has resulted in a "shift in attitude" from "can do" to "will do." “Our start-up ecosystem has the potential and promises to make India the world's innovation and invention center, and NSAC has been diligently working to pave the road forward for India's emerging start-up entrepreneurs. He stated that the NSAC will support start-ups in their efforts to improve their competitiveness and make India the start-up capital of the world.

It should be noted that India has one of the greatest start-up ecosystems in the world, with almost 60 unicorns. In the last six months, India has created 21 unicorns. With open doors, open arms, and an open mind, he urged DPIIT to now function as a "facilitator." Many notables attended the meeting, including Rajan Anandan, MD, Sequoia Capital; Ritesh Agarwal, Founder, OYO Rooms; Manoj Kohli, Country Head, Softbank India; Abhiraj Bhal, Co-founder, UrbanCompany; Kunal Bahl, Co-founder, Snapdeal; Sanjeev Bhikchandani, Co-founder, InfoEdge; Mohandas Pai, Co-founder & Chairman.

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• A start-up from Tamil Nadu, India, has won an award for innovation in textile waste management
• India's clothing will assist the country meet its $400 billion export goal: Chairman of the AEPC
• Label Makers, a Bangladeshi company, would spend $1.14 million in the Dhaka EPZ

21st August 2021, Mumbai:

Piyush Goyal, Minister of Textiles, Commerce, and Industry, met with the Export Promotion Councils (EPCs). The conference was called to get feedback on the sectors' export performance as well as to get comments on a variety of topics.

This meeting was attended by the chairmen and heads of about 35 EPCs, commodity boards, and senior government officials. The problem of rate enhancements under the Remission of Duties and Taxes on Exported Products (RoDTEP) program was highlighted by Raj Kumar Malhotra, Chairman of EPCH.

They asked the Minister to intervene because handicrafts exporters, who previously received higher MEIS rates, now factor in the MEIS incentive in their pricing, and low RoDTEP rates will make their products uncompetitive. He emphasized the need of increasing RoDTEP rates for the handicrafts industry, citing the fact that the handicrafts sector employs 7 million craftsmen, and every rise or drop in exports has an impact on their livelihood.

He also brought up issues such as the reinstatement of duty-free imports of essential handicraft embellishments, trimmings, tools, and consumables; the reinstatement of MAI provisions for the opening of showrooms, warehouses, and marketing offices abroad, as well as display in international department stores; high container charges levied by shipping lines; and policy framework for B2B e-commerce, among others.

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TOP 5:

• Cotton Corporation of India Ltd (CCI) market intervention meaningless till cotton prices rule firm
• Flipkart, an Indian e-commerce behemoth, has created 4,000 new positions
• Rs. 1,100 crore investment! SVP Global Ventures, an Indian textile company, has opened a facility in Oman
• In the current fiscal year, Indian textile exporters are expected to expand by 20-25 percent, according to ICRA
• In July, apparel sales in India were at 63 percent of pre-pandemic levels

19th August 2021, Mumbai:

Cotton Corporation of India Ltd (CCI) state-run firm although is keeping a close tab on the market dynamics staying prepared for MSP operations at the 1st opportunity.

What contributes to this fragile demand supply equation

WATCH: https://www.youtube.com/watch?v=G2blP2du9aE

Sustained demand from mills, depleting & dwindling local stocks, surprisingly higher & sustained than exports traction on the back of global trade growth and an consistent decline in hectarage area being currently sown under the cotton crop are clearly factors leading to cotton prices buoyancy & bullishness.

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TOP 5:

• Delhi HC to implement order stalling Future Group Deal
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• Louis Philippe (Aditya Birla Fashion and Retail) launches new premium casual collection

17th August 2021, Mumbai:

Re-Tailors, a waste management start-up located in Trichy, has gotten a lot of attention after winning the Tamil Nadu Student Innovators (TNSI) 2020 award from the state's Entrepreneurship Development and Innovation Institute (EDII).

The state government has given the startup a cash reward of Rs. 1 lakh. Shrinidhi Umanathan, a final-year M.Com student at Cauvery College for Women in Trichy, is believed to have suggested Re-Tailors as a business idea.

The company's goal is to gather fabric scraps from tailor shops and wholesale textile units, clean them, and then come up with designs for household textile items including curtains, rugs, pillow coverings, and doormats. The final items are offered through e-commerce sites once they have been recycled. “If we don't collect the fabric scraps, the garbage would be a burden on the municipal government. The tailor shops gain as well, because we provide a way for them to get rid of their growing waste,” Umanathan explained.

Currently, the start-up employs about 50 freelancers, including 18 women and 18 people with disabilities (PWD) who have sewing machines. To sew the finished product, the freelancers are given a scrap of material and a design pattern.

“Faculties at our in-house incubation centre mentored the plan,” said Dr. V. Sujatha, Principal of Cauvery College for Women, in response to the development. Other students will be encouraged to pursue entrepreneurship as a result of the recognition that has come after multiple layers of scrutiny.”

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19th August 2021, Mumbai:

Textile exporters predict an increase in order volumes as a result of the revised rates announced by the Centre under the Rebate on Duties and Taxes on Export Products (RoDTEP) program. According to the revised rates, RoDTEP offers a 2.5 percent to 4.5 percent incentive on the export of various types of yarn and textiles.

Despite the fact that procurement price limitations have been set in order to qualify for the benefit, textile exporters claim the refund will significantly boost their cost competitiveness.

WATCH: https://www.youtube.com/watch?v=mRSKhp9xNeA

“One of the biggest problems Indian exporters confront is price competition from textile manufacturers in Vietnam and Bangladesh. Both of these nations have FTAs with European and other markets, providing them a significant advantage over Indian manufacturing. This is especially true for garments and made-ups, where the government's withdrawal of the Merchandise Export Incentive Scheme (MEIS) made it impossible for Indian textile manufacturers to remain cost-competitive, according to Chintan Thaker, head of Assocham – Gujarat state council.

TOP 5:

• Cotton Corporation of India Ltd (CCI) market intervention meaningless till cotton prices rule firm
• Flipkart, an Indian e-commerce behemoth, has created 4,000 new positions
• Rs. 1,100 crore investment! SVP Global Ventures, an Indian textile company, has opened a facility in Oman
• In the current fiscal year, Indian textile exporters are expected to expand by 20-25 percent, according to ICRA
• In July, apparel sales in India were at 63 percent of pre-pandemic levels

18th August 2021, Mumbai:

SVP Global Ventures, a leading global cotton yarn producer, has begun commercial operations at its massive textile factory in Oman. In Oman's Sohar Free Trade Zone, the Group has spent US $ 150 million (about Rs. 1,100 crores) in the installation of 1.5 lakh spindles and 3,500 rotors.

The facility is anticipated to achieve full capacity next month and contribute significantly to the company's overall income. SVP Global is an approved supplier for a number of well-known brands, including IKEA and Zara.

SVP Group, founded in 1898 by Shri Vallabh Pittie, specializes in the production of polyester, polyester & cotton mix, and 100% cotton yarn at three state-of-the-art manufacturing facilities in Jhalawar (Rajasthan), Ramnad (Coimbatore), and Sohar (Rajasthan) (Oman). This extension will provide long-term strategic operational and logistical benefits. It provides 100% foreign ownership, a cheap cost of capital, and lower electricity costs, in addition to a 25-year corporation tax break. In comparison to India's domestic market, power costs are 40% cheaper.

Oman also has FTAs with the United States, Turkey, and a number of other nations. It also has zero import and re-export tariffs. The company's overall operational capacity has grown to 4 lakh spindles and 5,900 rotors with the completion of the expansion at Sohar. “The robust demand for high-margin combed compact cotton yarn, along with sales off-take agreements, will allow us to fully use the expanded capabilities and add value for our stakeholders,” says the company. Chirag Pittie, the company's Director, stated, "We have a mission to be the world's top integrated textile producer."

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“Our Group is now poised to venture into the full value chain of textile,” stated Major Gen OP Gulia, SM, VSM (Retd.). The company's order book presently stands at Rs. 5,000 crore, which is enough to cover income for the next 2-3 years.” It's worth noting that the company's financials for the first quarter of FY22 were strong, with net sales of Rs. 412 crore, up over 300 percent year on year, and a net profit of Rs. 39 crore (PAT margin of 9.5 percent). The firm recorded a total income of Rs. 1,422 crore and profit after tax of Rs. 25 crores for FY21. The firm claims to be among the top 2% of Indian manufacturers, with technology less than 5 years old and the industry's maximum production of 153-154 grams per spindle each shift.

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17th August 2021, Mumbai:

Label Makers Ltd, a Bangladeshi firm, would invest $1.14 million in the Dhaka Export Processing Zone (EPZ) to establish a garments accessories sector.

It will manufacture 1,633 million labels, hang tags, elastic, paper packaging, seal cords, loops, self-adhesive stickers, RFID labels, polybags, PET film image, and heat transfer labels, employing 285 people.

According to a BEPZA news statement, the firm and the Bangladesh Export Processing Zones Authority (BEPZA) recently inked an agreement to that effect in Dhaka. On behalf of their organisations, BEPZA member for engineering and investment promotion (extra charge) Mohammad Faruque Alam and Label Makers managing director Mohammad Shahriar signed the agreement.

19th August 2021, Mumbai:

Various textile trade associations have expressed gratitude to the government for announcing the rates of the Remission of Duties and Taxes on Exported Products (RoDTEP) program, which has long been a desire of Indian textile exporters who were not covered by the RoSTCL scheme.

According to T. Rajkumar, Chairman of the Confederation of Indian Textile Industry (CITI), textile exports have deteriorated in recent years due to the lack of duty-free access.

He went on to say that the withdrawal of certain export benefits for yarns, fabrics, and other products, such as incremental export incentives, focus product and focus market export incentives, interest subvention, and so on, has pushed India to sixth place in the global textile trade from second place. He went on to say that the Indian textile sector was paying embedded taxes of 6-8 percent on cotton yarn and cotton fabric goods and that these taxes were never returned to them.

“The program would put Indian textile exporters on a level playing field with foreign rivals, allowing them to expand their market share and making the Indian textile sector Atmanirbhar in every sense,” he added. It will go a long way, according to Manoj Kumar Patodia, Chairman of TEXPROCIL, not only in guaranteeing the healthy growth of the value chain but also in enhancing India's competitiveness in international markets. He also mentioned that the RoDTEP Rates will help clusters manufacture raw materials, provide completed items, create jobs, and realize the goal of an "Atmanirbhar Bharat."

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TOP 5:

• Cotton Corporation of India Ltd (CCI) market intervention meaningless till cotton prices rule firm
• Flipkart, an Indian e-commerce behemoth, has created 4,000 new positions
• Rs. 1,100 crore investment! SVP Global Ventures, an Indian textile company, has opened a facility in Oman
• In the current fiscal year, Indian textile exporters are expected to expand by 20-25 percent, according to ICRA
• In July, apparel sales in India were at 63 percent of pre-pandemic levels

17th August 2021, Mumbai:

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16th August 2021, Mumbai:

MMF and its blended textile product exports account for 60 to 80 percent in most competitive countries, but only around 25 percent in India, owing to the high cost of raw materials. With effect from August 12, the Department of Revenue has issued a notification canceling the anti-dumping duty on VSF.

"Following the industry delegation's meeting with the Prime Minister in December 2019 and subsequent representations, the NDA Government has removed the anti-dumping duty on PTA and rejected proposed anti-dumping duties on PSF, MEG, and other products, making polyester staple fiber and yarn available at international prices," according to a SIMA statement.

MMF and its blended textile product exports account for 60 to 80 percent in most competitive countries, but only around 25 percent in India, owing to the high cost of raw materials. During the previous eleven years, however, anti-dumping duties were imposed on viscose staple fiber. The Directorate General of Trade Remedies (DGTR) proposed that the anti-dumping tax on VSF be removed in its Sunset Review final finding Notification No. Case No. SSR AD – 03/2021 dated July 31, 2021. As a result, on August 12, 2021, the Department of Revenue issued a notice removing the anti-dumping tax on VSF with effect from the date of the notification.

Southern India Mills Association (SIMA) Chairman Ashwin Chandran stated, "Unlike other manmade fibers, viscose staple fiber produced by a single indigenous manufacturer was extremely expensive, costing Rs.20 per kg, though the domestic manufacturer has recently reduced the price to match the international price to some extent. Because the industry is primarily MSME and fragmented, the indigenous manufacturer's presumed export pricing idea has a significant impact on the power loom and downstream sectors." Anti-dumping duties on VSF varied from $ 0.103 USD per kilogram to $ 0.512 USD per kg, according to SIMA.

According to Chandran, the industry began to experience a scarcity of viscose fibers since supply was limited to just about 200 spinning mills, but polyester fiber was made freely available across all segments. "The MSME segment was denied access to viscose staple fiber, which had a significant impact on the power loom and MSME clothing industries. The elimination of anti-dumping duties on VSF would be extremely beneficial to the MSME sector "he stated. 

"The government recently launched the Production Linked Incentive Scheme, which would spend Rs.10,683 crores in the MMF value chain by selecting 42 HS Codes for MMF apparel, 10 MMF Technical Textiles items, and 14 MMF fabrics. The elimination of anti-dumping duties would make it easier to meet the goal of producing 40 to 50 world champions in MMF goods, as the majority of these items are made of viscose and its blended fabrics "Chandran stated.

According to the SIMA press release: "The VSF spinning segment has been hit hard by duty-free imports of VSF spun yarn from ASEAN nations, despite the fact that it benefitted the power loom and downstream sectors. In recent years, over two lakh power looms in Tamil Nadu have switched to VSF fabric manufacturing, and the elimination of the levy would encourage power looms in Tamil Nadu and other areas of the country to develop at an exponential rate."

TOP 5:

• Malls in India record 80% sales rebound in June-July
• New government initiatives to benefit the industry: Sanjay Jain,TT Ltd
• Clovia looks at tech adaptation to meet customer needs
• 'CHIC Shanghai' fashion and lifestyle trade show to happen on October 9-11
• Dollar Industries looks to strengthen global presence with new collections