1. PM MITRA, PLI Schemes to
Bring Rs 95,000 Cr Investment into the Textile Sector
India’s textile sector is
expected to attract Rs 95,000 crore in investments over the next 3-5 years from
the PM MITRA mega textile parks and the Production Linked Incentive (PLI)
scheme for man-made fabrics and technical textiles, according to Textiles Secretary
Rachna Shah. These investments will stem from the seven PM MITRA parks and
other initiatives like foreign direct investment (FDI).
The upcoming Bharat Tex 2025 event in February is also anticipated to generate substantial outcomes in terms of investments, MoUs, and business growth. The seven PM MITRA parks will be located in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra, each expected to bring in Rs 10,000 crore in investments. The PLI scheme, approved in 2021 with a Rs 10,683 crore budget, has already started attracting investments in man-made fiber (MMF) and technical textiles. (Read More)
2. Spinning Mills in Gujarat
and North India Seek High-Quality Cotton from Raichur
With ongoing rains
threatening the cotton crop across key producing states, spinning mills in
Gujarat and North India have turned to regions like Raichur in Karnataka and
Adoni in Andhra Pradesh to source high-quality cotton. These regions have so
far produced superior quality cotton compared to other parts of the country,
where rains have raised concerns over crop size and quality.
3. Cotton Prices Drop Amid
Weak Yarn Market Demand
Cotton prices dropped by
0.79%, closing at Rs 56,460 due to weak demand in the yarn market and payment
constraints. Despite this, limited downside was observed because of lower
production forecasts from the USDA. India's cotton production is projected to
fall to 30.72 million bales for the 2024-25 season due to excessive rains and
pest infestations, leading to a decline in ending stocks. However, global
cotton production estimates were raised, with increases in China, Brazil, and
Argentina offsetting reductions in the US and Spain.
India's cotton acreage
dropped by 9%, while imports surged to 17.5 lakh bales in 2023-24. Cotton
exports rose by 84%, driven by demand from countries like Bangladesh and
Vietnam. In the US, Hurricane Helene caused significant damage to cotton
fields, reducing production estimates to 14.2 million bales.
4. Jordan’s Leather and
Textile Industry Creates 1,500 Jobs
Jordan's leather and textile
sector created 1,500 jobs between January and September 2024, marking a 4%
increase in employment year-on-year. Ihab Qadri from the Jordan Chamber of
Industry highlighted that the sector now employs over 29,000 Jordanians and
remains on a positive growth trajectory, with exports rising by 21% over the
past seven months.
The industry aims to
generate thousands of additional jobs through initiatives like the Textile
Cluster project, which supports value-added supply chains. Key factors for
further growth include the development of skilled labor through vocational
training programs and curriculum advancements.
1 Comments
Thanks for the update ✨
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