Page 2 - Textile

Govt may soon tweak PLI schemes for pharma, textiles to boost investment

The government may soon tweak the production-linked incentive scheme for pharmaceuticals, drones and textiles sectors to encourage investment and boost manufacturing, an official said. These sectors have been identified after inter-ministerial consultations on the performance of the scheme for various products. The official also said that disbursement of production-linked incentives (PLI) for white goods (AC and LED lights) would start this month and that would push the amount of disbursement, which was only Rs 2,900 crore till March 2023. The scheme was announced in 2021 for 14 sectors such as telecommunications, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones and pharma with an outlay of Rs 1.97 lakh crore. "We have identified the sectors. We are going to send the combined note to seek approval of the Union Cabinet. The changes include extending some ti

Prismx Global Ventures Limited Secures Lucrative Textile Order from France, Propelling Stock into Spotlight

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Centre announces up to Rs 50 lakh grant for technical textiles startups

The government on Tuesday said it will provide a grant-in-aid of up to Rs 50 lakh for startups and individuals to promote innovation in the niche technical textiles segment. The Startup Guidelines for Technical Textiles - Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) providing grant-in-aid of up to Rs 50 lakh for up to a period of 18 months has been approved, Rajeev Saxena, Joint Secretary, Ministry of Textiles, said. With a strong emphasis on developing the Startup Ecosystem in Technical Textiles, the guidelines focus on supporting individuals and companies to translate prototypes to technologies & products, including commercialisation, he told reporters here on the important developments in the National Technical Textiles Mission (NTTM). "We are going to support up to Rs 50 lakh in the form of grant-in-aid without any royalties or equity. Only a minimum of 10 per cent contribution has to be made by the incubatee. All of this is .

India likely to present incentives for ailing textile by Dec: Trade body

Earlier this month, govt officials reviewed the PLI scheme, launched in 2020, under which govt proposed to offer around Rs 2,400 crore in cash incentives to 14 sectors

Indians may soon be able to shop for 'INDIAsize' garments: Textile Ministry

The Textiles Ministry will soon rollout 'INDIAsize' -- measurements and standards designed to better suit the Indian body types, Textiles Secretary Rachna Shah said on Tuesday. Once the initiative is launched, Indians will soon be able to shop for clothes that would fit them better. Presently, international and domestic brands available in India use measurements from the US or the UK for garments, having 'small', 'medium' and 'large' sizes. However, Western body types differ from Indians in terms of height, weight or specific measurements of body parts, which sometimes causes fitting issues. "We are hoping... that will happen very soon," Shah told PTI when asked about the rollout of the INDIAsize initiative. The Textiles Secretary said the government's goal is to take the domestic technical textiles segment to USD 40-50 billion in the next five years or so, from USD 22 billion at present. "Our exports of technical textiles is presently at USD 2.5 billion, our objective is to enhan

India actively considering CEPAs, FTAs to boost textile exports: Goyal

Union Minister Piyush Goyal on Monday said India is actively considering entering into free trade pacts and comprehensive economic partnership agreements to tap new markets, increase exports and create opportunities for the domestic textile industry. The Minister of Textiles highlighted that the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) Park is being established across 7 states to promote India's textile sector in a significant manner. Goyal said PM MITRA Parks will lead to a reduction of logistic costs due to a cluster-based approach to manufacturing and production of quality products with appropriate testing facilities. The minister emphasised that countrymen deserve the best quality of garments and this should be ensured by all the stakeholders. He encouraged the industry to focus on quality and test their products to comply with quality standards. Goyal said India is pioneering sustainable textiles, contributing to a lesser carbon footprint and promo

Spinning mills fret over clamp on CU India from certifying organic textiles

Industry bodies move global accreditation body IOAS, seeking a relief; organic cotton contributes to 10% of the total cotton produced in the country

Textiles minister Piyush Goyal pitches for freeze in fee hikes at NIFT

Union Textiles Minister Piyush Goyal on Friday said he is all for a freeze in fee hikes at the National Institute of Fashion Technology (NIFT). Speaking at the convocation of NIFT Mumbai at the Kharghar node, Goyal said the entire admission process also needs to be "replanned" in such a way that students enter on merit and are not asked about their fee-paying ability. Those who cannot afford the education will get scholarships which will also be increased, he said. "I have asked the governing council to consider a freeze for some time on your fees," he said, addressing the graduating students at the campus here," However, it was not clear if the proposal is only for the Mumbai campus or all the 18 campuses of the institute. As per the NIFT website, non-NRI students pay about Rs 3 lakh as fee for the two semesters in an academic year. Goyal said the 35-year-old institution also requires a facelift and promised to hold a call with architect Hafeez Contractor to give the 10-acre cam

Textile maker Arvind Ltd profit declines 11.62% to Rs 87 cr in Oct-Dec

Textile manufacturer Arvind Ltd on Wednesday reported an 11.62 per cent decline in consolidated net profit from continuing operations to Rs 87 crore in the third quarter ended December 31, 2022. The company had posted a consolidated net profit from continuing operations of Rs 98.44 crore in the same period last fiscal, Arvind Ltd said in a regulatory filing. Revenue from operations during the quarter under review were at Rs 1,979.79 crore as against Rs 2,270.07 crore in the year-ago period, it added. Total expenses were lower at Rs 1,899.7 crore as compared to Rs 2,134.54 crore in the same period last fiscal, the company said. In July 2022, Arvind Ltd said the parent company sold its 100 per cent stake of wholly owned subsidiary, Arvind Internet Ltd to Bigfoot Retail Solutions Pvt Ltd for a consideration of Rs 159 crore and accordingly, the group has considered its wholly owned subsidiary Arvind Internet Ltd as discontinued operations. Overall textile revenues were lower as volume

Textile entrepreneurs hope for reduction in freight charges, cotton prices

Textile entrepreneurs have discussed key issues to bring in stability in the sector eyeing a reduction in cotton prices and freight charges, an industry official has said. Participating in an interactive session here, around 120 managing directors of spinning mills discussed various issues including cotton prices and freight rates, according to Indian Texpreneurs Federation, the organisers of the event. Sharing of benchmark numbers regarding productivity, cost reduction techniques, best practices to be adopted on periodic basis to improve manufacturing were some of the key points discussed, ITF convenor Prabhu Dhamodharan said. Andhra Pradesh Textile Mills Association, Telangana Spinning and Textile Mills Association, Spinners Association, Gujarat and ITF participated in the event. Market trends and quality parameters, yarn and fabric market intelligence regarding domestic and export markets were also discussed as 'common cooperation task between the associations', he said. Explor

Vaxtex Cotfab Limited Repays 100% of Secured Debt

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Indo-Aus trade pact from Dec 29; several goods to get duty-free access

The interim free trade agreement between India and Australia will come into force on Thursday, providing duty-free access to thousands of domestic goods such as textiles, and leather in the Australian market. The agreement will help almost double the bilateral commerce to USD 45-50 billion in around five years, according to exporters and industry players. The Economic Cooperation and Trade Agreement (ECTA), which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery in the Australian market. Labour-intensive sectors which would gain immensely include textiles and apparel, a few agricultural and fish products, leather, footwear, furniture, sports goods, jewellery, machinery, and electrical goods. Federation of Indian Export Organisations (FIEO) Vice-President Khalid Khan said that Australia is one of the key markets for Indian exporters. "This agreement will give immense

How India dressed up: National Museum recreates saga from old manuscripts

The 'Chitram Vastram' exhibition held in the National Museum here, records the journey of the Indian textile industry and sartorial styles through Jain manuscript paintings

Rajasthan is making efforts to achieve Rs 1 trn exports target: REPC chief

Rajasthan has traditionally exhibited strength in the export of handicrafts, gems and jewellery, dimensional stones, agro & food, and textile products

Welspun India's Q2 net profit down 96% at Rs 8.33 cr due to high input cost

Home textiles major Welspun India Ltd on Tuesday reported a 95.86 per cent decline in its consolidated net profit to Rs 8.33 crore for the second quarter ended September 30, mainly due to high input costs. It had posted a consolidated net profit of Rs 201.50 crore in the July-September quarter a year ago, Welspun India said in a regulatory filing. Its revenue from operations slipped 15.04 per cent to Rs 2,113.46 crore during the quarter under review. It was Rs 2,487.63 crore in the year-ago period. The company's total expenses in the September quarter fell 4.29 per cent to Rs 2,122.85 crore. Its revenue from home textiles was Rs 2,011.41 crore and Rs 159.59 crore from the flooring segment. Welspun Group Chairman BK Goenka said: "In view of the macro environment that continues to be challenging, the Company's operating and financial performance demonstrates the trust it enjoys among its global customers. This is evident in the growth registered by the company's brands portfolio and

Bangladesh, Vietnam seen as competitors in textile and garment trade

With a share of about 13 per cent, UP is one of the top three domestic textile players. Bangladesh, Vietnam, and Indonesia are the leading textile exporters in the Asia region.

Pakistan's textile units shut down due to shortage of cotton after floods

The already fragile Pakistan economy, hit hard by the devastating floods, now faces the shutdown of textile factories as the cotton crop has been destroyed

Tiruppur exporters brace for slowdown, see demand dipping by 40%

Tiruppur contributed around 54.2 per cent of the country's textile exports last fiscal

'Adverse global conditions present a challenge for textile demand'

Cotton Council International executives say zero tariff regime should continue as it is beneficial to mills

Lindstrom increases capacity of Tamil Nadu unit, set to employ 100 people

Textile service company Lindstrom India, subsidiary of Lindstrom Oy, Finland, has ramped up its operations in the workwear service unit here as it aims to serve the growing demand in the southern parts of the country, a company official said on Wednesday. With the expansion in operations, the Chennai unit is expected to employ about 100 people, Lindstrom Group, President and CEO Juha Laurio said. The expanded workwear service unit at Singaperumalkoil, about 45 kilometres from here, will serve the growing demand in various segments including electronics, food industry, pharmaceuticals, healthcare and automobile industries in south India. "Chennai has been a strategic choice for us. In accordance with our strategy, we want to be located close to our customers and serve them in the markets where they operate. The state-of-the-art business unit in Chennai not only increases capacity by 100 per cent but it is designed to support Lindstrom's sustainability goals to be carbon neutral by ..