Page 3 - Indian Textiles

When Jamsetji did not shy away from shutting the 1st biz of Tata Group

Known for the successful ventures he established, Jamsetji Tata, founder of the Tata Group, did not shy away from taking tough calls and making strategic choices to exit from unviable business as shown by the shutting of Tata Shipping Line in the 1890s, according to a new book. He had started the 'Tata Line', the first ever business of the Tata Group which bore the Tata name, with a view to challenge the monopoly of the English P.&O., the pre-eminent shipping line that carried exports from India during the 1880s and 1890s. The English P.&O. which had the support of the then British India government, had a virtual monopoly on shipping from India and charged Indian merchants exorbitant freight rates, while providing greater rebates on British and Jewish firms thereby creating an uneven playing field for Indians, according to the book titled 'Jamsetji Tata - Powerful Learnings For Corporate Success'. "Jamsetji Tata, who was in the textile business at that time, was adversely ...

Here's why EU's ecodesign regulation can hurt export of textiles, footwear

EU's ecodesign regulation mandates rigorous energy performance and environmental sustainability, prohibiting the disposal of unsold textiles and footwear, potentially impacting India's export volumes

Govt to give focused attention to promote textiles' exports, says secy

The government will accord focused attention to promote India's textiles exports, which declined for the second year in a row in 2023-24, Textiles Secretary Rachna Shah said. The government has set an ambitious target to achieve USD 100 billion export for textile products by 2030. The cumulative exports of textiles and apparel from India during April 2023-March 2024 registered a de-growth of 3.24 per cent at USD 34.4 billion, as compared to USD 35.5 billion in April 2022-March 2023. In 2021-22, outward shipments of textiles and apparel were recorded at over USD 41 billion. "We had challenges like the Red Sea crisis making it slightly more challenging," Shah said on the decline in India's textiles exports in 2023-24. Although geo-political challenges remain, the textiles secretary said some exporters have reported improvement in their order books in the first quarter and the shipments are likely to improve in the coming months. "We will be looking at more focused attention on prod

Bharat Tex 2024 to display India's vibrant textile heritage, innovation: PM

Organized by a consortium of 11 Textile Export Promotion Councils and supported by the Centre, it emphasizes trade, investment, and sustainability

Get Ready for Threads of Innovation: Bharat Tex 2024 Opens its Doors on February 26th!

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Govt mulls tweaking PLI schemes in textile, food processing, pharma: Report

The government is considering tweaking production linked incentive (PLI) schemes for certain sectors including textiles, food processing, and pharmaceuticals, a senior official said on Tuesday. The official said that a Cabinet note is finalised to seek approval for the changes from the top authorities. The changes would help these sectors attract more players. The scheme was announced in 2021 for 14 sectors, including telecommunication, 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. While certain sectors like electronics are doing well, others are not performing up to the mark. The government has disbursed Rs 4,415 crore under PLI schemes for eight sectors, including electronics and pharma, till October this fiscal. A total of Rs 1,515 crore was disbursed in FY24 till October, while it was Rs 2,900 crore

Bharat Tex Expo next month to attract over 3,500 exhibitors: Textiles secy

Over 3,500 exhibitors and more than 3,000 overseas buyers are expected to participate in Bharat Tex 2024 -- a global textile expo to be held here from February 26-29, a senior official said on Tuesday. The expo is expected to bring together stakeholders across the textile value chain, including government and industry representatives, Secretary in the Ministry of Textiles Rachna Shah said. The mega event will provide a unique opportunity to India to showcase itself as a global sourcing and investment destination. "We expect participation of over 3,500 exhibitors from India and abroad, more than 3,000 overseas buyers and 40,000 business visitors at the Bharat Tex Expo, along with participation of policymakers, government representatives from India and abroad, the industry and buyers," she said. Elaborating on the various initiatives of the Ministry of Textiles, Shah said a "Centre of Sustainable Fashion Technology" is proposed to be established to promote capacity building and resea

Jute stocks in demand; Ludlow Jute, Cheviot rally up to 17%; here's why

The Government on Friday approved mandatory packaging of 100 per cent food grains and 20 per cent sugar in diversified jute bags for the Jute year 2023-24.

Textile stocks in demand; Nitin Spinners, Vardhman, RSWM rally up to 14%

The signing of free trade agreements (FTAs) with multiple countries, and stability in export incentive policy presents an opportunity for Indian exporters to gain global market share.

Govt may tweak textile PLI scheme to attract more private players

The textiles ministry has sought the Cabinet's approval to add more product lines under the scheme

Textile stocks rally up to 9%; Welspun, Indo Count hit fresh 52-week highs

Despite a slowdown in demand for various sectors, including textiles, Indian exporters are optimistic about a strong performance in 2023-24

43% of India's exports to EU to be hit by green regulations: Report

Textiles, chemicals, certain consumer electronics products among trade categories that could be affected

Alok Industries up 13% in muted market as 116 million shares change hands

On August 14, billionaire Mukesh Ambani-owned Reliance Industries said it would likely invest around Rs 14,200 crore in its subsidiaries in the current financial year

Indo Count hits 52-week high, up 10% on healthy Q4 operational performance

The demand trajectory for home textiles, which had materially slowed down in key geographies such as the US, UK and Europe was gradually picking up pace.

Vardhman Textiles' net profit up 52% QoQ; declares Rs 3.5 dividend a share

The company reported a net profit of Rs 749 crore for the financial year 2022-23 (FY23) on a standalone basis

Despite dip in sales, India's clothing market expands 15% on price hike

The branded apparel segment now accounts for 30% of the market, which was only 25% five years ago

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

Karnataka CM Bommai instructs to start mini textile parks in 25 taluks

'I have close links with weavers individually and saw their problems from the closeness. The weavers must focus on the quality of products and come forward for exports'

PLI scheme for textiles attracts Rs 1,536 crore in investments: Govt

The Rs 10,683-crore production-linked incentive scheme for India's textiles sector attracted investments of Rs 1,536 crore as approval letters were issued to 56 applicants who met the eligibility criteria, the government said on Monday. Applications under the PLI Scheme for textiles were received through a web portal from January 1, 2022, to February 28, 2022. The Centre launched the PLI Scheme with an approved outlay of Rs 10,683 crore to promote the production of MMF apparel, MMF fabrics and Products of Technical Textiles in the country to enable the textiles industry to achieve size and scale and to become competitive. "Selection Committee chaired by Secretary (Textiles) has selected 64 applicants under the scheme. 56 applicants have completed the mandatory criteria for the formation of a new company and approval letters have been issued to them. Investment to the tune of Rs 1,536 crore has been made so far," an official statement said. The ministry said that domestic cotton ...

Domestic textile industry faces tough times as consumers cut spending

While overall economy is relatively strong, the textile sector is a notable exception and orders suggest the downturn will continue well into 2023, raising the risk of layoffs in an industry