Textile Sphere News Roundup - 21 Nov 2024
1. Union Textiles Minister
Urges Panipat Industry to Innovate and Aim High
Union Textiles Minister
Giriraj Singh recently visited Panipat, one of India's most prominent textile
hubs, known globally for its handloom and carpet production. Addressing a
gathering of manufacturers and exporters, Singh emphasized the need for innovation
and sustainability in the textile sector. He proposed exploring modern blends
such as jute-bamboo and recycled cotton-synthetic fibers to enhance product
diversity and global competitiveness. Highlighting the government's ambitious
goal of achieving a $350 billion textile market by 2030, including $150 billion
in exports, he encouraged industries to adopt 100% green energy solutions to
meet their growing power requirements. Panipat’s textile sector currently
generates ₹12,000 crore annually, employing millions and contributing significantly
to India’s export economy.
2. Vietnam Targets $48
Billion in Textile Exports by 2025
Vietnam’s textile and
garment sector is setting ambitious targets for 2025, aiming to achieve export
turnover of $47-48 billion. This follows a robust performance in 2024, with
exports reaching $44 billion, marking an 11.26% year-on-year increase. Despite
global economic challenges, the sector has shown resilience, supported by
strong demand from the United States, Vietnam's largest market, which accounted
for $16.71 billion in exports this year. Vu Duc Giang, Chairman of the Vietnam
Textile and Apparel Association (VITAS), highlighted these achievements as the
sector prepares to celebrate VITAS’s 25th anniversary. The association continues
to play a vital role in supporting its nearly 1,000 members in achieving
sustainable growth and competitiveness in global markets.
3. Cotton Farmers in Andhra
Pradesh Struggle with Delayed Procurement
Cotton farmers in Andhra
Pradesh are facing significant challenges due to operational inefficiencies at
Cotton Corporation of India (CCI) procurement centers. Recent heavy rains have
affected crop quality, with high moisture content causing delays in procurement
and forcing farmers to sell to middlemen at lower prices. These delays, coupled
with rejection costs and increased transportation expenses, are creating
financial hardships for many farmers. Textile Minister Giriraj Singh has
responded by directing inspections to address these issues and ensure that
farmers receive fair treatment. Despite being a critical crop for the state,
the current crisis underscores the need for better support systems and timely
government intervention to protect farmer livelihoods.
4. Maharashtra’s Cotton and
Soy Farmers Become Electoral Focal Point
In the lead-up to the Maharashtra assembly elections, the plight of cotton and soybean farmers has taken center stage. Declining global cotton prices, which have dropped by 35%, have led to local rates falling below the government-mandated Minimum Support Price (MSP). This has fueled unrest among farmers, who are crucial voters in over 80 constituencies. To address these concerns, the BJP has introduced the "Bhavantar Yojana," a compensation scheme aimed at bridging the gap between market prices and MSPs. Meanwhile, opposition parties have promised higher MSPs and improved support for farmers. With agriculture being a cornerstone of the state’s economy, these developments could significantly influence the election outcomes.
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