Page 2 - Textile Market

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

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

ZODIAC Presents The 2024 Positano Collection

Pure Linen Shirts InColours Inspired By The Italian Riviera

Welspun Living expects its revenue from Indian market to triple by 2026-27

Share of Welspun Living's retail and emerging businesses, including flooring and advanced textiles, in its total revenue is also expected to go up by FY27

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 ..

The Red Sea conflict: Agri, textile exporters hold back shipments

The cost of freight and insurance has risen due to ships being compelled to avoid the region and take a longer route around the Cape of Good Hope

Tiruppur's sustainable fashion materials gain traction in global market

Seeing interest from Primark, Marks & Spencer, Tesco, Decathlon

Manufacturing sector expected to reach $1 trn by 2025-26 led by Gujarat

The automobile, electronics, and textile sectors in India have witnessed surge in investment and will lead the manufacturing sector's growth in India, according to a report by Colliers

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

A holistic approach can grab space vacated by China in textile sector: SIMA

Textile and clothing sectors must have a holistic approach with a long-term vision to seize the opportunity in the global market, industry officials said on Saturday. Textiles and clothing industries are the second largest employment provider after agriculture generating Rs 30,000 crore as Goods and Services Tax revenue and USD 44 billion foreign exchange earnings, officials of Southern India Mills' Association said. The industries have been facing challenges in the recent past mainly due to structural issues on the raw material front, high cost of production, scale of operation among others, SIMA Chairman S K Sundararaman said. The Association would strive to address structural issues and enhance global competitiveness, he said. According to association officials, the NDA government has been giving major thrust for enhancing the global competitiveness of the textiles and clothing industry and addressed several issues. "However, the policy pitfalls in certain areas and delay in ..

Falling demand, strong price competition pushing textile market into crisis

Many believe that two major reasons for erosion of India's global competitiveness are the 11 per cent import duty levied on cotton and high volatility in cotton prices during the last two years

India can emerge as key player in global technical textiles market: Goyal

According to Goyal, to meet the growing internal and global demand for sustainable and circular products, India is also bracing itself

Softening cotton prices turning tides in favor of textile players: Analysts

Increased capacity utilisation, softening cotton prices set to help sector: Analysts

Textile minister discusses unutilised production capacity in man-made fibre

Union minister Piyush Goyal on Tuesday discussed high levels of unutilised production capacities of man-made fibre due to imports with stakeholders at a meeting here. Holding the first meeting, the newly constituted Textile Advisory Group for Manmade Fibre (MMF) at Vanijya Bhavan, the minister said the government will expedite enforcement of all the Quality Control Order (QCO) on the MMF products. "Goyal suggested that different segments of the value chain need to be supportive to each other's requirements and challenges for the holistic growth of the sector," an official statement said. The textiles ministry stated that high levels of unutilised production capacities of man-made fibre due to import was discussed, adding that stakeholders suggested various possible solutions to strengthen and revamp the MMF value chain. The matters of import surge of cheap imports of PTA and MEG into India was also discussed. Goyal said the government will expedite enforcement of all the Quality ..

Textiles major Welspun India Q3 net profit declines 66.55% to Rs 43.83 cr

Home textiles major Welspun India on Monday reported a 66.55 per cent decline in consolidated net profit at Rs 43.83 crore in the third quarter ended December 2022, impacted by lower sales. The company had posted a consolidated net profit of Rs 131.06 crore in the same quarter last fiscal, Welspun India said in a regulatory filing. Consolidated total income during the quarter under review stood at Rs 1,904.05 crore as against Rs 2,437.92 crore in the year-ago period, it added. "The global environment remained challenging during Q3 FY23 due to inflation and slowdown across our key markets," Welspun Group Chairman B K Goenka said. Despite the challenges, he said, "Our domestic consumer business continued to consolidate its leadership position with 'Welspun' brand footprint at over 10,600 outlets and clocking its highest ever quarterly revenues during the quarter, growing in excess of 39 per cent YoY." During the quarter, the home textiles segment clocked a revenue of Rs 1,757.50 cro

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

Welspun India expects revenue to cross over 60% to Rs 15,000 crore in FY26

Home textiles major Welspun India expects revenue to cross the Rs 15,000 crore-mark by FY26, growing around 60 per cent in the next three years, according to a regulatory filing. The firm, which also operates in segments such as flooring solutions, advanced textiles, retail, hospitality, and wellness is looking at "multiple drivers for growth" in the domestic market besides strengthening the export market. In an investor presentation, Welspun India said it is poised to grow at "3X of the market growth rate" in the domestic textile market. Overall, Welspun India said, "FY26 expected to be upwards of Rs 15,000 crore at a CAGR (Compound Annual Growth Rate) of 24 per cent (over FY23 expected)." Export is expected to play a key role in the company meeting its targets. Welspun India, which is a prominent player in terry towels and sheets, said though the Indian cotton prices remained considerably out-priced against competing global peers for a large part of FY22, from October onwards it

Single-window exports clearance system roll-out likely next year, in phases

First phase is expected early next fiscal year; CBIC in talks with six major concerned regulatory agencies with the vast majority of export matters

House panels recommends rationalising GST on inputs of man-made textiles

The problem of inverted duty structure arises when the finished product is at a lower tax bracket compared to the input raw materials