KNIT WORLD International Exhibition

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KNIT WORLD International Exhibition

Knit World International Exhibition: International Exhibition on Knitting-Garment-Allied Machines Established by Mr. G. Mr. Narinder Mohan Sharma, son of Mr.

Knit World International Exhibition:

With 20 years' of experience The Knit World International Exhibition has become a highly professional exhibition specializing in International knitting technology. The show is the preferred sourcing platform for entrepreneurs to get latest information. The exhibition runs through the upstream and downstream industry in order to showcase a comprehensive picture

of the latest knitting technology which lead the rapid development of the industry. Knit World provides buyers with one-stop sourcing and exchange platform, which has attracted numerous local and international buyers and associations to visit the show. In 2013, the exhibition reached an area of 8000 sq mtrs and displayed over 400 sets of high-end hosiery and knitting related machinery by exhibitors from India , including France, Germany, Hong Kong SAR, Italy, Korea, PR China, Sweden, Switzerland, Taiwan Province, Turkey and United Kingdom. The Journal’s Publication: Organizers

One of the oldest Publishing Firm in the Ludhiana industry, The Journal’s Publications has been serving the lot since 1932. Lal Tassavar, founding head, the firm started out as a publishing firm with its renowned magazine in the genres of Knitting and textile around the northern industry as Hosiery and Textile Journal. The magazine is celebrated across the industry as one of the highly sought after magazine for those who need to have a knack of the industry know-how. Narinder Mohan Sharma: Organizer/ Prop

It was in the affective leadership of Mr. Lal Tassavar an alumnus of Govt. Institute of Textile Chemistry and Knitting Technology, that the idea of bringing the buyers and sellers of Knitting - Garment – Allied Machines & Accessories on a single platform in the form of KNIT WORLD exhibition was conceived, which was the first ever exhibition to exhibit the international technique of the industry in house and overseas in 1995 in Ludhiana, Punjab, India. His unrelenting dedication ,in-depth knowledge and strive to bring Ludhiana at par to the international standards that today the name KNIT WORLD has become a brand in itself providing the best in the Industry worldwide and most vied for Exhibition who look for internationally acclaimed market in the growing sectors of Ludhiana Knitting and Hosiery Industry.

23/02/2023

𝐁𝐮𝐲 𝐕𝐚𝐫𝐝𝐡𝐦𝐚𝐧 𝐓𝐞𝐱𝐭𝐢𝐥𝐞𝐬, 𝐭𝐚𝐫𝐠𝐞𝐭 𝐩𝐫𝐢𝐜𝐞 𝐑𝐬 𝟒𝟒𝟎: 𝐄𝐦𝐤𝐚𝐲 𝐆𝐥𝐨𝐛𝐚𝐥

Emkay Global has buy call on Vardhman Textiles with a target price of Rs 440. The current market price of Vardhman Textiles is Rs 309.65.

Vardhman Textiles, incorporated in the year 1973, is a Mid Cap company (having a market cap of Rs 8940.65 Crore) operating in Textiles sector.

Vardhman Textiles key Products/Revenue Segments include Yarn, Fabric, Export Incentives, Garments, Others, Service Income for the year ending 31-Mar-2022.

𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥𝐬
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 2436.92 Crore, down -2.52 % from last quarter Total Income of Rs 2499.98 Crore and down -8.62 % from last year same quarter Total Income of Rs 2666.80 Crore. Company has reported net profit after tax of Rs 95.12 Crore in latest quarter.

The company’s top management includes Mr.Shri Paul Oswal, Ms.Sagrika Jain, Mr.Prafull Anubhai, Dr.Parampal Singh, Dr.Subash Khanchand Bijlani, Mr.Ashok Kumar Kundra, Mr.Sachit Jain, Mrs.Harpreet Kaur Kang, Mr.Neeraj Jain, Mrs.Suchita Jain, Mr.Udeypaul Singh Gill. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-12-2022, the company has a total of 29 Crore shares outstanding.

𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐑𝐚𝐭𝐢𝐨𝐧𝐚𝐥𝐞
The brokerage maintains its BUY recommendation, with Dec-23E target of Rs 440, as it believes earnings have bottomed out.

𝐏𝐫𝐨𝐦𝐨𝐭𝐞𝐫/𝐅𝐈𝐈 𝐇𝐨𝐥𝐝𝐢𝐧𝐠𝐬
Promoters held 63.86 per cent stake in the company as of 31-Dec-2022, while FIIs owned 7.07 per cent, DIIs 16.85 per cent.

21/02/2023

𝐆𝐨𝐯𝐭 𝐦𝐚𝐲 𝐛𝐫𝐢𝐧𝐠 𝟏𝟓𝟏 𝐭𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐭𝐞𝐱𝐭𝐢𝐥𝐞 𝐢𝐭𝐞𝐦𝐬 𝐮𝐧𝐝𝐞𝐫 𝐪𝐮𝐚𝐥𝐢𝐭𝐲 𝐜𝐨𝐧𝐭𝐫𝐨𝐥 𝐨𝐫𝐝𝐞𝐫: 𝐎𝐟𝐟𝐢𝐜𝐢𝐚𝐥

The government is considering the inclusion of 151 technical textile items under the Quality Control Order, a move expected to curb substandard imports, an official said on Friday. The move assumes significance as India has heavy import dependence on machinery and specialty fibre for technical textiles.

To deliberate upon the issue, stakeholder consultations will be held on February 28, Joint Secretary in the Ministry of Textiles Rajeev Saxena said, adding that "151 items now we are considering to bring under quality control order".

Technical Textiles can be described as textile materials and products used primarily for their technical performance and functional properties rather than their aesthetics or decorative characteristics.

They can be classified into industrial, functional, performance, engineering, invisible and hi-tech categories.

Of USD 260 billion market size globally, India's technical textiles contribution was USD 20.5 billion in 2020.

18/02/2023

May the divine energies of Lord Shiva are always there to bring positivity in your life. Wishing a blessed and beautiful Maha Shivratri.”

13/02/2023

𝐈𝐧𝐝𝐢𝐚𝐧 𝐲𝐚𝐫𝐧 𝐞𝐱𝐩𝐨𝐫𝐭𝐞𝐫𝐬 𝐟𝐞𝐚𝐫 𝐢𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐞𝐚𝐫𝐭𝐡𝐪𝐮𝐚𝐤𝐞 𝐚𝐬 𝐢𝐭 𝐬𝐭𝐫𝐮𝐜𝐤 𝐦𝐚𝐣𝐨𝐫 𝐭𝐞𝐱𝐭𝐢𝐥𝐞 𝐦𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐜𝐞𝐧𝐭𝐫𝐞𝐬 𝐢𝐧 𝐓𝐮𝐫𝐤𝐞𝐲

LONDON: Many large Indian businesses that export manmade fibre and spun-cotton yarns to Turkey fear the devastating earthquake there will impact supply chains and their businesses.

India is a large exporter of synthetic and other yarns to leading textile manufacturing centres in Turkey, including Gaziantep and Kahramanmaras, where it gets turned into carpets, formal wear and fast fashion and exported to Europe and elsewhere.

Gaziantep province was the epicentre of the first major earthquake and Kahramanmaras province was where the second struck.

Amit Lath, CEO of Sharda Group, said: “We have 18 clients in that region and so far we have only been able to make contact with one. We have no idea if the factories are still standing or not. The client I spoke to said both his in-laws had both died and he had not ventured out to the factory yet. Some textile factories have gone to ground zero. This is going to impact Indian businesses. Many will see their turnover hit.”

The Sharda Group also buys open-end yarns from Turkey for European factories. “There is a shipment that was supposed to leave on Monday. We have paid the advance but we don’t even know if the factories sending the textiles still exist. I can’t ask the supplier as no one is in the right frame of mind. There could be shortages now as the factories use the open end yarn to make hospital bandages and mattresses.”

“The sentiment in Turkey for exports from India has gone down. People are afraid of closing orders,” said Updeep Singh Chatrath, president and CEO of Sutlej Textiles and Industries in Mumbai, which sells yarn to companies in Bursa, Adana, Gaziantep, and Istanbul.

Dr S N Modani, MD at Sangam India in Bhilwara, which exports yarn to Gaziantep and Adana, said: “I am aware of three casualties in one business associate’s family in Adana where the building collapsed. A lot of owners have left the earthquake areas and gone to stay elsewhere, so no one knows how the factories have been affected.

Rakesh Mehra, chairman of Banswara Syntex, which exports yarn to Istanbul and Adana, said it was premature to predict the impact on his business, but it had definitely brought pressure on yarn prices. “I have not asked our clients if their factories are running as I just rang them to ask if they are okay,” he said.

09/02/2023

𝐅𝐨𝐜𝐮𝐬 𝐨𝐧 𝐄𝐋𝐒 𝐜𝐨𝐭𝐭𝐨𝐧 𝐢𝐧 𝐭𝐡𝐞 𝐛𝐮𝐝𝐠𝐞𝐭 𝐜𝐚𝐧 𝐛𝐨𝐨𝐬𝐭 𝐈𝐧𝐝𝐢𝐚’𝐬 𝐠𝐚𝐫𝐦𝐞𝐧𝐭 𝐞𝐱𝐩𝐨𝐫𝐭𝐬, 𝐬𝐚𝐲𝐬 𝐓𝐄𝐀

Tirupur, Feb 1 (KNN) With the union budget laying emphasis on enhancing the yield of Extra Long Staple (ELS) cotton, K.M. Subramanian, President, Tiruppur Exporters Association (TEA) said that it is a long requirement of textile industry which will help to increase manufacturing of value added garments and also reduce the import of ELS Cotton.

Lauding the union budget presented by the Union Minister of Finance Nirmala Sitharaman on Wednesday, Subramanian said it’s a growth oriented and people centric budget.

He specifically mentioned that the seven priorities “Saptarishi” would together trigger for the economic growth of our country.

While welcoming the increased budget allocation of Rs 900 Crore for ATUF Scheme for 2023-24 against Rs 600 crore allocated in last year 2022-23, he expressed hope that the increased allocation would help to clear the ATUFS pending claims which is necessary for the textile industry.

As imparting skill to the workers is a paramount importance to enhance the productivity, quality and for reduction of waste including soft skills, he welcomed the announcement of PM Kaushal Vikaas Yojana 4 (PMKVY 4) for another three years and mentioned that the Tirupur Knitwear sector will get benefit out of it.

TEA chief hailed the increase in tax exemption limit with consequent more disposable income for Indian taxpayers in Union Budget 2023-24 is a positive development.

06/02/2023

𝐁𝐮𝐝𝐠𝐞𝐭 𝐰𝐢𝐥𝐥 𝐭𝐫𝐢𝐠𝐠𝐞𝐫 𝐠𝐫𝐨𝐰𝐭𝐡, 𝐬𝐚𝐲 𝐭𝐞𝐱𝐭𝐢𝐥𝐞 𝐛𝐨𝐝𝐢𝐞𝐬

Major textile bodies in the region on Wednesday welcomed the Union Budget by terming it as one aiming at strong and stable economic growth. President of Tirupur Exporters Association (TEA) K M Subramanian said the budget mentions the seven priorities "Saptarishi" that would trigger the economic growth. In a statement, he said the priority for infrastructure development would reduce logistics cost. He said he appreciates the focus given to green growth. While welcoming the increased allocation of ..

However, there was no announcement on continuance of ATUF scheme in this budget and he was hopeful that government would announce it in the near future, he said.

The focus on enhancing the yield of extra-long staple (ELS) cotton would help increase the manufacturing of value-added garments and also to reduce import of ELS cotton.

He welcomed the extension of the credit guarantee scheme for MSMEs with an infusion of Rs 9,000 crore, collateral for Rs 2 lakh crore loans to MSMEs, effective from April 1, 2023. In a statement, chairman of Southern India Mills Association Ravi Sam appreciated the thrust on inclusive growth and skill development that would help the labour- and capital- intensive textile industry. He thanked the government for considering the proposal submitted by SIMA and announcing a scheme for increasing the production of extra-long staple cotton. SIMA can match international ELS cotton varieties and would take initiatives to increase the production, he said. After introduction of BT technology only for long staple cotton, the industry started facing shortage of ELS cotton, he said.

The industry requirement of ELS cotton is around 20 lakh bales while the country produces only 5 lakh bales and heavily depends on imports of superior quality ELS cotton, he said adding that this is an initiative towards the Aatmanirbar Bharat benefit for the whole textile value chain, including the cotton farmers.

30/01/2023

𝐆𝐨𝐯𝐭 𝐜𝐥𝐞𝐚𝐫𝐬 𝟏𝟓 𝐑&𝐃 𝐭𝐞𝐱𝐭𝐢𝐥𝐞 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬 𝐢𝐧 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐚𝐫𝐞𝐚𝐬

The 5th Mission Steering Group chaired by Union minister Piyush Goyal on Friday cleared 15 R&D projects worth around Rs 32.25 crore in key strategic areas such as speciality fibre, protective textiles, high-performance textiles, geotextiles, medical textiles, sustainable textiles and textiles for building materials. The projects have been approved by the government under the National Technical Textiles Mission.

"Encouraging young engineering minds to pursue technical textiles in India is the need of the hour. A broad guideline under start-up scheme was discussed and may be finalised on priority targeting aspiring innovators, entrepreneurs and young scientists," an official statement said.

Addressing the meeting, textiles minister Goyal said leading textile manufacturers and institutes should come together to indigenously develop strategic and high-value technical textile products with support of National Technical Textiles Mission.

Among these 15 R&D (Research & Development) projects, 7 projects of speciality fibres, 2 from protective textiles, 2 from high-performance textiles, 1 from geotextiles, 1 from medical textiles, 1 from sustainable textile, 1 from textiles for building materials were approved.

Technical textile machinery and equipment development has been a major challenge which needs collaborative interventions from the government, industry and academia, including commercialisation of the develop machines, Goyal said.

The minister urged premier public and private academic and engineering institutes and industries to apply under the education and internship guidelines already launched under the National Technical Textiles Mission on priority basis.

He also reviewed the progress of previously sanctioned R&D projects under NTTM during the meeting.

In addition, the way forward and action plan for propelling India's technical textiles sector was discussed and recommended.

27/01/2023

𝐓𝐞𝐱𝐭𝐢𝐥𝐞 𝐞𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫𝐬 𝐡𝐨𝐩𝐞 𝐟𝐨𝐫 𝐛𝐞𝐭𝐭𝐞𝐫 𝐬𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐰𝐢𝐭𝐡 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.

Exploring and sharing of knowledge in adding value to the spinning sector, research on domestic and global 'textile and fashion' trends were also discussed during the meet, he said.

21/01/2023

𝐁𝐮𝐝𝐠𝐞𝐭 𝟐𝟎𝟐𝟑: 𝐓𝐞𝐱𝐭𝐢𝐥𝐞 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐚𝐧𝐠𝐥𝐞𝐬 𝐟𝐨𝐫 𝐜𝐡𝐚𝐧𝐠𝐞𝐬 𝐢𝐧 𝐢𝐦𝐩𝐨𝐫𝐭-𝐞𝐱𝐩𝐨𝐫𝐭 𝐥𝐞𝐯𝐢𝐞𝐬

The textiles sector is among those hit hard by the Covid-19 pandemic. And just when the production and exports began recovering, the ongoing Russia-Ukraine war and its spillovers of high inflation and monetary tightening knocked down the sector as developed markets slowed.

𝐈𝐬𝐬𝐮𝐞𝐬 𝐚𝐧𝐝 𝐜𝐨𝐧𝐜𝐞𝐫𝐧𝐬
-> Exports have slowed amid downturn in global demand.
-> Domestic demand also tepid amid a rural sluggishness.
-> Industry expects cotton shortage.
-> Rs 10,683 cr Production Linked Incentive scheme in place.
-> Man Made Fibre (MMF), garments, technical textiles focus areas.
-> 7 PM Mega Integrated Textile Region & Apparel Parks planned.
-> MITRA scheme providing complete value chain support for textile.
-> $100 billion export target by 2030.

𝐊𝐞𝐲 𝐝𝐞𝐦𝐚𝐧𝐝𝐬 𝐟𝐫𝐨𝐦 𝐁𝐮𝐝𝐠𝐞𝐭
-> Incentive scheme for textile value chain.
-> Cotton Price Stabilisation Fund Scheme to push exports.
-> Replace Technology Upgradation Fund Scheme with PLI type plan.
-> Issue claims for 40,000 pending cases in ATUFS.

17/01/2023

𝐍𝐓𝐂 𝐟𝐨𝐫𝐦𝐬 𝐩𝐚𝐧𝐞𝐥 𝐟𝐨𝐫 𝐫𝐞𝐡𝐚𝐛𝐢𝐥𝐢𝐭𝐚𝐭𝐢𝐧𝐠 𝐩𝐞𝐨𝐩𝐥𝐞 𝐥𝐢𝐯𝐢𝐧𝐠 𝐨𝐧 𝐦𝐢𝐥𝐥 𝐥𝐚𝐧𝐝, 𝐬𝐚𝐲𝐬 𝐏𝐢𝐲𝐮𝐬𝐡 𝐆𝐨𝐲𝐚𝐥

To expedite the redevelopment of the mill land, the National Textile Corporation (NTC) has formed a committee to study and suggest ways for rehabilitating the people living in the premises of nine of its defunct mills in the central areas of the megapolis, Union industry and commerce minister Piyush Goyal said on Sunday. The city is home nearly a dozen shuttered cotton/textile mills and tens of thousands of people still live in the dilapidated hutments/chawls in these mill premises.

National Textile Corporation, along with the Maharashtra government, including Mhada and MMRDA, has formed a committee to speed up the redevelopment of the land under nine of its mills in the city, Goyal told reporters without specifying which are those mills being identified.

These nine mills can release 56,000 square meters of land for redevelopment, he said, adding there are 11 chawls on the non-mill land parcels as well.

Goyal further said the said committee has already appointed realty consultant Cushman & Wakefield to submit a plan on rehabilitation of these chawls. They will not report on redevelopment of the land parcels where there are chawls, he specified.

Goyal expects the panel to complete the inspection of the identified land banks over the next few weeks by that time Cushman & Wakefiled will also submit their report.

Over the next 30-45 days, there will be some significant development, he said, adding the whole process will have the active involvement of both the state's housing body Mhada and the Mumbai planning body MMRDA.

Till about the middle of the last century the city had over 130 cotton mills, the first of which was Bombay Spinning Mill set up by Cowasji Nanabhai Davar in 1854. But today none of them are functional today their ruins covered with moss are the only remaining traces of its mill culture and history.

Some of the noted redevelopments are the High Street Phoenix Mall in Lower Parel, which has a spanky shopping mall a five-star hotel, a multiplex, commercial space, and a residential tower. Phoenix Mill's history dates back to 1905.

14/01/2023

On this auspicious day dedicated to harvesting, I hope that the almighty give you the strength to harvest all the happiness and success that you and your family deserve.
Happy Makar Sankranti!

13/01/2023

Makki de roti te sarson da saag,
suraj diyaan kirna, khushiyaan di bahaar,
nachde ne saare te vich baldi aag,
dhol di awaaj te nachdi mutiyaar,
Mubaarak hove tuhanu Lohri da tyohaar.
HAPPY LOHRI!!

11/01/2023

𝐈𝐧𝐝𝐢𝐚’𝐬 $𝟐𝟎𝟎-𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐞𝐱𝐭𝐢𝐥𝐞 𝐬𝐞𝐜𝐭𝐨𝐫 𝐢𝐬 𝐟𝐚𝐜𝐢𝐧𝐠 𝐭𝐡𝐞 𝐛𝐥𝐮𝐞𝐬 𝐚𝐬 𝐦𝐚𝐣𝐨𝐫 𝐦𝐚𝐫𝐤𝐞𝐭𝐬 𝐔𝐒 𝐚𝐧𝐝 𝐄𝐮𝐫𝐨𝐩𝐞 𝐜𝐮𝐭 𝐛𝐚𝐜𝐤 𝐨𝐧 𝐬𝐩𝐞𝐧𝐝𝐢𝐧𝐠

NEW DELHI/MUMBAI, Dec 16 (Reuters) - India's $200 billion textile and apparel industry is facing a crisis as consumers in the United States, Europe and other big markets have cut spending on clothing following a surge in inflation after the war in Ukraine, industry officials said.

While the overall economy is relatively strong and is outperforming major economies, 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 that employs more than 45 million people.

Exports, which constitute about 22% of the industry, have fallen for five months in a row - declining over 15% year-on-year in November to $3.1 billion. Domestic sales are sluggish despite strong growth in the overall economy because of high costs and cheap imported garments, manufacturers say.

After bumper sales earlier this year, local textile factories are now cutting production - contributing to a 4.3% contraction in manufacturing output in July-September quarter that has raised concerns among policymakers.

09/01/2023

𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐰𝐨𝐫𝐭𝐡 `𝟑,𝟐𝟎𝟎 𝐜𝐫 𝐢𝐧 𝐭𝐞𝐱𝐭𝐢𝐥𝐞 𝐬𝐞𝐜𝐭𝐨𝐫 𝐚𝐥𝐨𝐧𝐞, 𝐬𝐚𝐲𝐬 𝐀𝐧𝐦𝐨𝐥 𝐆𝐚𝐠𝐚𝐧 𝐌𝐚𝐧𝐧

Punjab Investment Promotion Minister Anmol Gagan Mann Thursday that the state has successfully secured investments of more than Rs 3,200 crores in textiles, technical textiles and apparel sectors in the last nine months.

She told that the investment of Rs.3200 crores secured in the textile sector is likely to create employment opportunities for more than 13,000 skilled workers in textile industry. She emphasised that this investment highlights the initiatives taken by the state government which is focused on creating an industrial ecosystem in the state that is conducive to business.

The cabinet minister explained that the industry friendly policies of the Punjab government under the able leadership of the Chief Minister, Punjab’s connectivity in terms of roads, railways and airways,friendly labour relations with no domicile restrictions and uninterrupted power supply offer a conducive environment for businesses looking to set up their operations in Punjab.

07/01/2023

𝐌𝐚𝐝𝐡𝐲𝐚 𝐏𝐫𝐚𝐝𝐞𝐬𝐡 𝐬𝐞𝐭 𝐭𝐨 𝐨𝐫𝐠𝐚𝐧𝐢𝐬𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐬𝐮𝐦𝐦𝐢𝐭 𝐢𝐧 𝐈𝐧𝐝𝐨𝐫𝐞

CM Shivraj Singh Chouhan said MP's policy of providing facilities to investors was the best in the country. The state government has committed itself to extending full cooperation to investors

‘Invest in Madhya Pradesh’ Global Investors Summit will take place from January 11-12, 2023, in Indore, Madhya Pradesh, the state’s government has announced. The summit seeks to expand the investment opportunities in Madhya Pradesh’s overall ecosystem and is expected to enhance the growth of the textile and apparel sector in the country.

Madhya Pradesh also accounts for 43 per cent of India’s and 24 per cent of the world’s organic cotton production. During the last three years, the state has witnessed 60 per cent compounded annual growth rate (CAGR) in organic cotton production. The state houses more than 60 large textile mills, 2.5 million spindles and over 4,000 looms.

The state allotted 840 acres to 384 industrial units in the past 17 months, with an estimated investment of ₹11,000 crore, according to state chief minister Shivraj Singh Chouhan’s statement in September 2022.

05/01/2023

𝐓𝐞𝐱𝐭𝐢𝐥𝐞 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐜𝐨𝐮𝐥𝐝 '𝐬𝐩𝐫𝐢𝐧𝐭 𝐚𝐧𝐝 𝐬𝐨𝐚𝐫' 𝐰𝐢𝐭𝐡 𝐅𝐓𝐀𝐬, 𝐆𝐨𝐯𝐭 𝐩𝐮𝐬𝐡

Brokerage firm Emkay Global has initiated coverage on textile firms Vardhman, and with a buy rating as the government’s incentives for the sector, the shift in business from China to other countries, and trade agreements could help the domestic industry ‘sprint and soar’.

“New FTAs (Free Trade Agreements) would offer opportunities to large established players, capturing a higher wallet share by entering into adjacencies in existing geographies,” said Emkay’s analysts Abhineet Anand and Chinmay in a recent note to clients.

“Textile PLI (Production Linked Incentive) schemes by the government are largely focused on MMF (Man-Made Fibre) — a weak point presently, for the Indian textile industry — which will help to build an ecosystem similar to cotton textiles’, over the medium term.”

01/01/2023

Before the New Year arrives and life takes on a million waves of happiness and joy,
We want to thank everyone for supporting Knitworld.
Let’s toast a spectacular year of upright togetherness. Have a healthy, peaceful, and prosperous year!
Happy New Year 2023!

31/12/2022

𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐰𝐨𝐫𝐭𝐡 𝐑𝐬 𝟏,𝟓𝟑𝟔 𝐜𝐫 𝐦𝐚𝐝𝐞 𝐛𝐲 𝐭𝐞𝐱𝐭𝐢𝐥𝐞𝐬 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐮𝐧𝐝𝐞𝐫 𝐏𝐋𝐈 𝐬𝐜𝐡𝐞𝐦𝐞: 𝐌𝐢𝐧𝐢𝐬𝐭𝐫𝐲

Investments to the tune of about Rs 1,536 crore have been made so far in the textiles industry under the Production-Linked Incentive, said the Ministry of Textiles.

As part of its Atmanirbhar plan, the Government launched Production Linked Incentive (PLI) schemes in varied sectors to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports.

Applications under the PLI scheme for textiles were received through the portal from January 1, 2022, to February 28, 2022.

A total of 67 applications have been received and the selection committee chaired by Secretary (Textiles) has selected 64 applicants.

Of them, 56 applicants have completed the mandatory criteria for the formation of a new company, and approval letters have been issued to them, the ministry said in a year-ender review of the Department.

Further, the Government had approved the setting up of 7 (seven) PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks to develop world-class infrastructure with an outlay of Rs 4,445 crore for a period up to 2027-28.

29/12/2022

May Guru Govind Singh Ji gives you, the courage and strength to fight the evil, and stand by the side of truth. Happy Guru Gobind Singh Jayanti!

28/12/2022

𝐓𝐞𝐱𝐭𝐢𝐥𝐞, 𝐚𝐩𝐩𝐚𝐫𝐞𝐥 𝐮𝐧𝐢𝐭𝐬 𝐢𝐧 𝐦𝐚𝐧𝐲 𝐬𝐭𝐚𝐭𝐞𝐬 𝐢𝐬𝐬𝐮𝐞 𝐂𝐨𝐯𝐢𝐝 𝐚𝐝𝐯𝐢𝐬𝐨𝐫𝐲

Labour-intensive textile, apparel, diamond and engineering units in states including Gujarat, Tamil Nadu and Maharashtra have issued advisories asking workers to abide by Covid-19 protocol so as to prevent a resurgence of the pandemic. The development comes in the wake of reports of mounting cases of the infection in China.

The Tiruppur Exporters Association issued an advisory to its 1.2 million workers and sought to allay fears about a fresh wave of the pandemic among migrant workers so that they do not leave their workplaces. “The workers in Surat and Mumbai units have started observing the Covid-19 protocol. For the gems and jewellery industry, the news of Covid-19 in China has not been a good one and it will impact our exports in the current fiscal,” said Vipul Shah, chairman, Gem & Jewellery Export Promotion Council.

27/12/2022

𝐓𝐞𝐱𝐭𝐢𝐥𝐞𝐬 𝐏𝐋𝐈 𝐠𝐞𝐭𝐬 ₹𝟏,𝟓𝟑𝟔 𝐂𝐫 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐭𝐢𝐥𝐥 𝐧𝐨𝐰

Investment worth ₹1,536 crore has been made so far under the Production Linked Incentive (PLI) Scheme for man-made fibre apparel, fabrics and products of technical textiles, the government said on Monday.

A total of 67 applications were received, of which 64 were selected and 56 applicants have completed the mandatory criteria for formation of a new company and approval letters have been issued to them. The government had launched the ₹10,683 crore PLI scheme to promote 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 become competitive.

"A total of ₹621.41 crore subsidy was released in 3,159 cases under Amended Technology Upgradation Fund Scheme and special campaigns organised at major clusters for settling backlog cases," the ministry said, adding that an investment of ₹10,218 crore was confirmed by the industry in 2,443 subsidy cases.

21/12/2022

𝐆𝐨𝐯𝐭 𝐚𝐢𝐦𝐬 𝐭𝐨 𝐫𝐚𝐢𝐬𝐞 𝐫𝐚𝐢𝐥 𝐟𝐫𝐞𝐢𝐠𝐡𝐭 𝐬𝐡𝐚𝐫𝐞 𝐛𝐲 𝟒𝟓% 𝐢𝐧 𝐧𝐞𝐱𝐭 𝟏𝟎 𝐲𝐫𝐬

Indian Railways seeks to increase its modal share in freight by 45% from the existing 27% to 45% in 10 years, according to the draft National Rail Plan 2030, released on Friday. The draft provides a road map for upgrading railway infrastructure to achieve this target, Railway Board chairman Vinod Kumar Yadav said.

The railways has been facing severe capacity constraints considering that infrastructure development had failed to keep up with traffic growth, which led to network congestion.

“Suboptimal rail modal share has adversely impacted logistics cost and industry competitiveness…. It is important to reduce transit time and cost," Yadav said at a virtual briefing. The national transporter aims to reduce the overall cost of rail transportation by nearly 30% and pass on the benefits to customers, he said. The aim is also to reduce the transit time of freight substantially by increasing the average speed of freight trains from 22kmph to 50kmph.

The proposed plan includes northeast connectivity projects (288km) by March 2023, 111km of Udhampur-Srinagar-Baramula project by 2022, and the phased implementation of dedicated freight corridors. “In effect, the National Rail Plan envisages an initial surge in capital investment right up to 2030 to create capacity ahead of demand and increase the modal share of the Indian Railways in freight by 45%. Post-2030, the revenue surplus would be adequate to finance future capital investment and also take the burden of debt service ratio of the capital already invested. The exchequer would not be required to fund railway projects," the ministry said.

17/12/2022

𝐈𝐧𝐝𝐢𝐚'𝐬 𝐭𝐞𝐱𝐭𝐢𝐥𝐞 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐟𝐚𝐜𝐞𝐬 𝐭𝐨𝐮𝐠𝐡 𝐭𝐢𝐦𝐞𝐬 𝐚𝐬 𝐜𝐨𝐧𝐬𝐮𝐦𝐞𝐫𝐬 𝐜𝐮𝐭 𝐬𝐩𝐞𝐧𝐝𝐢𝐧𝐠

India's $200 billion textile and apparel industry is facing a crisis as consumers in the United States, Europe and other big markets have cut spending on clothing following a surge in inflation after the war in Ukraine, industry officials said.

While the overall economy is relatively strong and is outperforming major economies, 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 that employs more than 45 million people.

Exports, which constitute about 22% of the industry, have fallen for five months in a row - declining over 15% year-on-year in November to $3.1 billion. Domestic sales are sluggish despite strong growth in the overall economy because of high costs and cheap imported garments, manufacturers say.

The shock comes as Prime Minister Narendra Modi's government struggles to create employment for millions of youngsters entering the job market each year.

In India, the manufacturing sector, contributing 16% of GDP, has been hit by rising raw material costs and weak demand, despite bright growth elsewhere. Manufacturing showed no signs of growth in the first half of the current April-March fiscal year while the overall economy, helped by agriculture and services, expanded 6.3%.

In the textile industry, manufacturers say higher domestic cotton prices and other costs have hit profit margins, while overseas orders for next summer are down by about one-third and domestic demand remains weak.

Sahid Khan, a garments manufacturer in Ahmedabad, the textile hub in Modi's home state of Gujarat, said despite a fall in cotton prices by about 40% from record highs hit in 2022, profit margins were down due to lower sales in the domestic market.

Local cotton is at least 10% more expensive than global benchmarks, said Atul Ganatra, president of the Cotton Association of India (CAI).

The industry has sought duty free imports of cotton, an interest subsidy on bank loans and expansion of production linked incentives to face the crisis.

The government could soon consider the demands, and an announcement is likely in the annual budget due in February, said a government official with direct knowledge of matter, asking for anonymity as he was not authorised to speak to media.

15/12/2022

𝐈𝐧𝐝𝐢𝐚 𝐢𝐧𝐬𝐢𝐬𝐭𝐬 𝐨𝐧 𝐝𝐮𝐭𝐲 𝐟𝐫𝐞𝐞 𝐚𝐜𝐜𝐞𝐬𝐬 𝐟𝐨𝐫 𝐭𝐞𝐱𝐭𝐢𝐥𝐞 𝐞𝐱𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐅𝐓𝐀𝐬, 𝐬𝐚𝐲𝐬 𝐆𝐨𝐲𝐚𝐥

Commerce and industry minister Piyush Goyal on Wednesday said India insists on getting duty free access for its textiles exports in its free trade agreements (FTA) and that the country would achieve the $100 billion textiles exports target by 2030.

"The UK FTA, for example, has 9-12% import duties on different items. If that goes away, it will certainly give a big boost to our textile industry," he said at the two-day textile conclave in Varanasi coinciding with Kashi Tamil Sangamam.

India is negotiating an FTA with the UK and has already implemented one such agreement with the UAE. The FTA with Australia will come into force from December 29.

On Mega Integrated Textile Region and Apparel (PM MITRA) parks, Goyal said 18 proposals have been received from different states and would be finalised after the Parliament session.

12/12/2022

𝐀𝐬𝐢𝐚𝐧 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐁𝐚𝐧𝐤 𝐀𝐩𝐩𝐫𝐨𝐯𝐞𝐬 $𝟐𝟓𝟎 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐋𝐨𝐚𝐧 𝐓𝐨 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧 𝐋𝐨𝐠𝐢𝐬𝐭𝐢𝐜𝐬 𝐒𝐞𝐜𝐭𝐨𝐫

The Asian Development Bank (ADB) on Friday said it had approved a USD 250 million policy-based loan to support India's wide-ranging reforms that aim to strengthen and modernise the country's logistics infrastructure, improve efficiency and lower costs.

The loan will finance the first sub-program of the strengthening multimodal and integrated logistics ecosystem program, which supports the government's efforts to create a comprehensive policy, planning, and institutional framework at the federal, state, and city level, it said in a release.

"This will rationalise India's high cost of logistics and reduce greenhouse gas emission," the ADB said.

It further said the program would help to strengthen supply chains by simplifying external trade logistics and domestic cargo movements, modernising warehouses, improving business processes with integrated digital platforms, and stimulating private investments in the sector.

The recently approved National Logistics Policy and the Prime Minister Gati Shakti-National Master Plan provide transformative institutional and regulatory frameworks for holistic development of the logistics ecosystem in the country and lay the foundation for building a modern and efficient logistics sector, it added.

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