Page 4 - Textile Industry

Budget Watch: Textile sector seeks a stitch in time as govt mulls tax cuts

Budget 2024: Centre is considering tax incentives and other measures to support the textile and apparel industry, including reducing customs duties on imported cotton and revising the PLI scheme

Imports from Bangladesh aggravate jute sector crisis: Stakeholders to govt

A body of jute suppliers have written to Union Minister Giriraj Singh, alleging that raw material imports from Bangladesh, either directly by mills or through third parties, have adversely impacted the industry and farmers. In a letter to the textile minister, the Jute Balers' Association has raised concerns over the "unregulated import of raw jute" from the neighbouring country and "low orders" for mills have led to a severe payment crisis for domestic raw jute suppliers. Indian Jute Mills Association has also raised concerns over the issue and sought intervention from the central and state governments to tide over the crisis. A meeting between the industry stakeholders and the ministry is expected later on Monday, an official said. The balers' association, which has been serving the sector for over 115 years, outlined the critical issues threatening the industry's survival. "Despite a bumper crop year in 2023-24, where domestic supply was sufficient, mills have continued to impo

Battleground 2024: Ludhiana's textile industry wants govt to stitch up FTAs

The past eight years have been a rollercoaster ride for this labour-intensive industry

Arvind Ltd Q4 result: Profit rises by 7.32% as demand remains steady

Consolidated revenue from operations in FY24 stood at Rs 7,737.75 crore as against Rs 8,382.48 crore in FY23

LS polls: Tumkur hopes yarn will spin again for its textile industry

The sector is facing multiple challenges like labour shortage, falling exports and bureaucratic delays

CRISIL SME Tracker: Textile revenue to rebound after 2 years of contraction

The cotton prices are likely to remain stable as cotton consumption continues to be lower than production, supporting the cost competitiveness of the cotton textile value chain

Roll-out of PM MITRA to help attract large investments in textiles: Experts

Expeditious implementation of the ambitious scheme to develop seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks will help in attracting large investments, including FDI, in the sector besides generating huge employment, said industry experts. After inaugurating 'Bharat Tex 2024', one of the largest-ever global textile events to be organised in the country, Prime Minister Narendra Modi threw light on the government's expansive plans to create seven PM MITRA parks in various states and underlined the emphasis on the creation of opportunities for the entire textile sector. The parks are coming up in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh and Maharashtra. Nearly Rs 70,000 crore investment and 20 lakh employment generation is envisaged through these parks. The valuation of the Indian textiles market is estimated at Rs 12 lakh crore. The Union Ministry of Textiles is overseeing the execution of these projects. A special purpose vehicl

Over 1 lakh people attend textile expo 'Bharat Tex'; 63 MoUs announced

Over one lakh trade visitors attended the four-day mega textile expo 'Bharat Tex', where 63 MoUs were announced in various fields, including entrepreneurship, skilling and sustainability, the government said on Friday. India's largest global textile event 'Bharat Tex 2024', organised at two venues -- Bharat Mandapam and Yashobhoomi, concluded on February 29. "The four-day event, which was inaugurated on 26 February 2024 by Prime Minister Narendra Modi at Bharat Mandapam witnessed an overwhelming response not just from Indian, but also global players, including top brands and retailers," an official statement said. Over 10,000 artisans, weavers, design and fashion students, factory workers, NGOs and producer companies visited and participated in the Bharat Tex 2024 as special invitees. Built on the twin pillars of trade and investment and a focus on sustainability, the 4-day event attracted, besides policy-makers and global CEOs, 3,500 Exhibitors, 3,000 Buyers from 111 countries and

Piyush Goyal urges textiles industry to work on long road map for sector

Union Minister Piyush Goyal on Monday asked the textiles industry stakeholders to work on a long roadmap for growth of the sector, "which has huge potential". The textile minister said the industry needs to focus on the world market as it would help make the sector competitive. "We are looking at a team working from across sectors to prepare the roadmap for India," he said at textiles industry function here. He said the Indian economy is likely to reach USD 35 million by 2047, "so we have to see what will be the share" of textiles in that.

Bharat Tex: What is 'Five F' roadmap, Centre's plan to boost textile sector

To boost the textile sector's capabilities, India is organising a four-day event, 'Bharat Tex 2024', a global textile event being held at Delhi's Bharat Mandapam

At Bharat Tex, PM Narendra Modi asks textile industry to think globally

PM Modi said that the industry should come up with a report based on the fashion choices in various countries of the world

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

PM Modi to inaugurate global textile event 'Bharat Tex 2024' today

Prime Minister Narendra Modi will inaugurate Bharat Tex - 2024, one of the largest-ever global textile events to be organised in the country, at Delhi's Bharat Mandapam on Monday. Bharat Tex - 2024 is being organised from Monday to Thursday. Drawing inspiration from the 5F Vision of the prime minister, the event has a unified farm to foreign via fibre, fabric and fashion focus, covering the entire textiles value chain, a statement issued by the Prime Minister's Office said on Sunday. Modi will inaugurate the event at 10:30 am on Monday. Bharat Tex will showcase India's prowess in the textiles sector and reaffirm its position as a global textile powerhouse. Organised by a consortium of 11 Textile Export Promotion Councils and supported by the Centre, Bharat Tex - 2024 is built on the twin pillars of trade and investment, with an overarching focus on sustainability, the statement said. The four-day event will feature more than 65 knowledge sessions with over 100 global panelists ..

Grasim Industries Q3 results: Net profit rises 48% to Rs 1,514 crore

On a standalone basis, the net profit for the quarter was Rs 236 crore in the December 2023 quarter as compared to Rs 257 crore reported in December 2022

Bengal's garment industry buyers; sellers meet generates Rs 850 cr biz

The 55th Garment Buyers and Sellers Meet of WBGMDA generated an estimated Rs 850 crore in business transactions in wholesale deals, an official said on Friday. Over 900 national and international brands participated in the three-day event of the West Bengal Garment and Manufacturer and Dealers Association (WBGMDA), a statement said. "This industry already boasts one of the largest workforces in the country, with over 50 lakh employees engaged directly or indirectly," said Hari Kishan Rathi, president of WBGMDA. "The Rs 850 crore in business transactions, driven by participation from 900 national and international brands, reinforces the potential of this meet to elevate Bengal's readymade garment industry. We are deeply grateful for the government's continued support for the textile and garment sector, particularly in promoting clothing businesses and marketing opportunities," he said. The association has requested the state government for land for a dedicated showroom hub for garme

Coming apart at the seams: Why is India's cotton dream turning sour?

Since 2002, no new Bt technology has been introduced in India for cotton, which has also spawned a big market for illegally devel­oped Bt that is causing more harm to farmers

1,000 acres of defunct textile mills in UP to give way for new firms

These defunct units collectively owe liabilities of almost Rs 3,000 crore to different agencies, including financial institutions, and have little chances of revival

From the hub: Shades of distress colour Punjab's weaves and drapes

The second of a three-part series on export slowdown looks at the textile hub in Ludhiana, often referred to as India's Manchester, to understand the setbacks and challenges there

Arvind profit falls 36% in Sept qtr as textiles drag despite low costs

Textile companies have hit a rough patch due to low cotton arrivals, higher import duty and energy costs, and an inventory pile-up, analysts said

Sangam India eyes Rs 4,000 cr revenue by FY25 following Rajasthan expansion

Cotton, PV-dyed yarn and ready-to-stitch fabric producer Sangam India expects to achieve a revenue of around Rs 4,000 crore by 2024-25, following capacity expansion at its seven production units in Bhilwara in Rajasthan, a top company executive has said. "We recorded Rs 2,730 crore revenue in FY23, and this financial year we are expecting to touch Rs 3,000 crore. With our capacity expansion in various product categories, we are targeting close to Rs 4,000 crore revenue by 2024-25," Sangam India Managing Director and CEO S N Modani told PTI over phone. However, in this financial year the company's profit will be impacted as the market is under pressure following global economic conditions, he added. The long-term debt of the company, which employs over 1,200 people, is Rs 600 crore. The company has seven production units in Bhilwara with over 2,36,000 spindles and 3,000 rotors. It manufactures 35 million metres of PV (polyester viscose) fabric and 48 million metres of denim fabric .