Textile Sphere News Roundup - 20th September 2024
1. Low Cotton Sowing in
Kharif Season May Impact India’s Textile Export Target
Cotton sowing has dropped to
11.24 million hectares as of September 13, raising concerns about India's
ability to meet its $40 billion textile export target for FY25. With production
showing a downward trend, the hopes of increased readymade garment shipments
due to the Bangladesh crisis are dimming. In recent years, cotton production
has fluctuated, with figures decreasing from a peak of 36 million bales in FY20
to just 32 million bales in FY24.
2. Textile and Clothing
Exports Rebound in August
Pakistan's textile and
clothing exports rebounded significantly in August, recording nearly a 13%
increase year-on-year, reaching $1.64 billion. This follows a contraction in
July and reflects a positive trend for the sector despite ongoing challenges.
Notably, readymade garments and knitwear exports saw substantial growth,
although yarn exports fell sharply by 47.7%. The government’s new measures,
including tax adjustments, aim to bolster competitiveness in the region.
3. PM Modi to Attend
‘Vishwakarma’ Event and Lay Foundation Stone of Textile Park in Maharashtra
Prime Minister Narendra Modi
will visit Maharashtra to celebrate the first anniversary of the 'PM
Vishwakarma' scheme and lay the foundation for a textile park in Amravati. The
event will include the distribution of certificates and loans to artisans, highlighting
the government's commitment to supporting the textile sector and small-scale
artisans. A commemorative stamp will also be released to honor the initiative’s
achievements.
4. CAI Partners with
International Cotton Association to Promote Fair Business Practices
The Cotton Association of
India (CAI) has signed a Memorandum of Understanding (MoU) with the
International Cotton Association Ltd (ICA) to enhance cooperation in promoting
fair business practices within the cotton industry. This partnership aims to
expand the member base of ICA in India and strengthen contract sanctity,
benefiting stakeholders across the sector.
At Textile Sphere, we strive
to bring you news from reliable sources, ensuring that you have access to the
most accurate and relevant information in the textile industry
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