1. New Textile Policy in Andhra Pradesh to Attract ₹10,000 Crore Investment
The Andhra Pradesh
government is preparing to unveil a comprehensive new textile policy designed
to boost investment in the state’s textile sector. The policy aims to attract
₹10,000 crore in investments, focusing on key areas like weaving, processing, and
garment manufacturing. It also includes significant incentives for integrated
units, with the goal of creating employment opportunities for 2 lakh people.
Chief Minister N. Chandrababu Naidu chaired a review meeting at the
Secretariat, emphasizing the importance of a robust policy framework to
strengthen the textile industry and stimulate economic growth in the region.
2. Textile Sector Under
Pressure to Adopt ESG Principles
The Pakistan Readymade
Garments Manufacturers and Exporters Association (PRGMEA) has called for a
collaborative effort to integrate environmental, social, and governance (ESG)
principles into the textile sector. Addressing the Federal Minister for
Commerce and key government bodies, PRGMEA North Zone Chairman Dr. Ayyazuddin
highlighted the global demand for sustainable practices, citing frameworks like
the Corporate Sustainability Due Diligence Directive and ILO conventions. He
proposed establishing task forces under the National Compliance Centre to
tackle export challenges, ensuring the industry aligns with evolving
international standards. This step aims to safeguard the textile industry,
which contributes $16.5 billion annually to Pakistan's exports, from the
growing pressures of global sustainability requirements.
3. Cotton Prices Drop Amid
Weak Yarn Demand and Payment Issues
Cotton prices in India
dropped by 0.52% to ₹55,910, reflecting challenges like weak demand in yarn
markets and payment constraints. The country’s cotton production for 2024/25 is
expected to decline by 7.4% to 30.2 million bales due to lower acreage and
adverse weather conditions. Farmers in regions like Gujarat have shifted to
more lucrative crops like groundnuts, reducing the planted area. Meanwhile,
imports are projected to rise to 2.5 million bales, while exports are likely to
fall to 1.8 million bales. Globally, cotton production is expected to see
slight growth, but weakened import demand—particularly from China—has caused
global trade to dip. With these dynamics at play, cotton markets remain under
pressure, impacting prices and trading activities.
4. Textile Parks to Be Set
Up in Anantapur and Kurnool Districts
The Andhra Pradesh
government has announced plans to establish textile parks in Pamidi and
Rayadurg in Anantapur district, as well as Emmiganur and Mylavaram in Kurnool
district. According to Handlooms and Textiles Minister S. Savitha, the
initiative will create over 5,000 jobs and provide significant support to local
weavers, including a 90% subsidy on tools. Plans are also underway to set up
weaver stalls across the state. Minister Savitha noted that the groundwork for
the Emmiganur textile park had been initiated back in 2015 but faced delays due
to legal challenges. The current government is committed to revitalizing the
project, with additional support coming from MPs contributing funds through
MPLADS.
0 Comments