Amid a subdued demand scenario in the domestic as well as the international markets, intensifying competition and lags witnessed in the clearance of export incentives, most players across the sector are expected to close FY20 with muted sales growth and moderation in profitability and liquidity.
An analysis of the first 1500 responses, indicates the significant crisis is brewing in the domestic garment industry. Only a comprehensive support package from government can cushion the potential collapse of the Industry.
“The Mission Steering Group is fully empowered to approve all financial norms in respect of all Schemes, Components and Programme of the NTTM. In addition, all scientific / technological research projects under the NTTM shall require approval of the Mission Steering Group,” the ministry said.
Textiles minister Smriti Zubin Irani said that a pilot shopping festival at Bengaluru is proposed to be organized in 2020-21. She also said that in order to promote e-marketing of handloom products, a policy frame work was designed and under which any willing e-commerce platform with good track record can participate.
This is another instance in recent times when KVIC has sought a ban on imports from China. Recently, the commission moved the commerce ministry to ban agarbattis or incense sticks, which were being imported on China, which, again, it alleged, was impacting the domestic industry.
The Khadi and Village Industries Commission (KVIC) has reached out to the commerce ministry seeking a ban on import of silk and silk products from China, alleging that it is hurting the local silk industry in India.
Apart from reduction in the bank interest rate and extension of soft loans, the industry body has asked for a moratorium for repayment of principal and interest amount to the banks for four quarters. The textile and clothing Industry employs over 105 million people and also earn around US $ 40 billion forex, apart from substantial revenue under GST and other taxes.
Under the current scenario, especially the constant preventing measures being taken and awareness created by the government to fight against the coronavirus pandemic, majority of the workers are not reporting for work and the migrant workers are also returning to their native places.
In a 60-page order, the Competition Commission of India (CCI) said the company has abused its dominant position in the market for supply of VSF to spinners in India by charging discriminatory prices to its customers, besides imposing supplementary obligations upon them.
The Indian apparel exporters are passing through testing times, with several internal and external challenges.
Different stakeholders consultation meetings are also underway under broad topics such as cotton, silk, jute, wool, man-made fibre, handloom, handicrafts, powerloom, technical textiles, technology & machinery upgradation, infrastructure (spinning, weaving and processing), and human resource development.
As per the amended rule, "of all items of textiles required by the central government departments, it shall be mandatory to make procurement of at least 20 per cent, from amongst items of handloom origin, for exclusive purchase from KVIC and/ or handloom clusters".
Swedish fast-fashion retailer Hennes & Mauritz (H&M) said it will launch sarees in India by mid-April as part of its partnership with designer Sabyasachi Mukherjee, the first-ever instance of any ethnic product being launched by the world’s second-largest clothing firm globally.
The mission envisages export promotion of technical textiles, enhancing it from the current annual value of approximately Rs 14,000 crore to Rs 20,000 crore by 2021-22, and ensuring 10 per cent average growth in exports per year up to 2023-24.
A senior government official told ET that a policy is being finalised to address the lacunae under existing textile-related schemes and come up with parameters that will help identify states through the challenge method to set up textile parks with all forward and backward linkages available in the same place to make India cost competitive.
A release issued by the association on Thursday said that the prevailing situation in China along with the uncertainty of production commencing is posing a major issue for Indian manufacturers who are dependent on supply of raw materials from China.
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