1. Bengal Set to Receive Textile Cluster Following Modi-Biden Trade Talks
Kolkata: West Bengal is
poised to benefit from a new textile cluster as part of trade discussions held
between Prime Minister Narendra Modi and U.S. President Joe Biden. This
initiative is part of India's plan to establish 75 textile clusters across the
country to enhance export capabilities. The recent MoU signed between the
Ministry of Micro, Small and Medium Enterprises and the U.S. Small Business
Administration emphasizes the importance of fostering collaboration between
small and medium-sized enterprises in both countries, focusing on trade and
export finance, technology, and the green economy. Experts view this initiative
as a strategic move to strengthen India's trade with the U.S. and reduce its
trade deficit with China. The Union government aims to increase India's textile
market value from the current ₹10 lakh crore to over ₹20 lakh crore within the
next five years. This growth will be supported by the establishment of multiple
production units, with the Ministry of Commerce and Industry serving as the nodal
agency for this initiative.
2. Pakistan and Belarus Sign
MoU in the Textile Sector at the 7th Session of JMC
Islamabad: Pakistan and
Belarus have strengthened their textile sector ties by signing a memorandum of
understanding (MoU) at the 7th Session of the Pakistan-Belarus Joint
Ministerial Commission (JMC) held in Islamabad. The session was hosted by
Pakistan’s Ministry of Economic Affairs, with Jam Kamal Khan representing
Pakistan and Aleksei Kushnarenko, the Belarusian Minister for Energy,
representing Belarus. The MoU aims to enhance cooperation in trade and
investment in sectors such as textiles, heavy machinery, agriculture, and
automobiles. Both sides discussed opportunities for trade diversification,
emphasizing the potential for growth in textiles. The collaboration between
Pakistan and Belarus signifies an important step towards bolstering textile trade
between the two countries.
3. Indian Home Textile
Industry Forecasted to Grow 8-10% in FY25 Amid Global Recovery
The Indian home textile
industry is set for a resurgence, with sales expected to grow by 8-10% in FY25,
driven by rising per capita income, urbanization, a booming real estate market,
and increased hygiene awareness post-COVID-19. As per CareEdge Ratings, the
global home textile market is projected to reach USD 134 billion in 2024,
growing at a CAGR of 5-5.5%, with China leading the market. Despite challenges
in FY23, such as high cotton prices and elevated freight costs, India’s textile
exports have shown signs of recovery, especially in the U.S. market. The
industry is expected to sustain an operating margin of 14-15% in FY25, supported
by stable raw material prices and growing demand from major markets. India's
strategic focus on sustainable and eco-friendly products, along with the
China+1 strategy, offers opportunities for Indian exporters to expand their
market presence.
4. CITI-CDRA and Beetle
Regen Join Forces to Revolutionize Cotton Farming with Regenerative Agriculture
The Confederation of Indian
Textile Industry's (CITI) Cotton Development and Research Association (CDRA)
has partnered with Beetle Regen Solutions to promote regenerative agriculture
in Khargone, Madhya Pradesh. This initiative aims to empower smallholder
farmers with advanced agronomic practices, including high-density planting
systems (HDPS) and biochar applications. The goal is to boost cotton yields,
restore soil health, capture carbon, and align Indian cotton farming with
global sustainability efforts. This transformative approach aims to enhance
farmers' livelihoods, improve cotton quality, and contribute to climate
solutions. The partnership marks a significant step toward establishing Indian
cotton farming as a leader in regenerative agriculture, combining environmental
sustainability with economic empowerment. Rakesh Mehra, Chairman of CITI,
highlighted the initiative’s potential to make cotton farming both sustainable
and transformative, providing better incomes for farmers while contributing to
environmental regeneration.
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
0 Comments