Latest news with #CITI
Time of India
a day ago
- Business
- Time of India
Industry calls for innovation to revive textile sector
Ludhiana: The textile industry of Ludhiana, a city long hailed as the powerhouse of India's hosiery and knitwear sector, is facing an urgent need for reinvention amid rising global competition, bureaucratic red tape, and lack of govt support. These concerns, alongside future opportunities, were the focus of an event organised by the Confederation of Indian Textile Industry (CITI) along with ITMA. Titled "Challenges and opportunities in the Ludhiana textile industry," the event saw key industry leaders, experts, and association heads, including representatives from the Confederation of Indian Textile Industry (CITI), United Cycle and Parts Manufacturers Association (UCPMA), and the Knitwear Club. Jagbir Singh Sokhi, president of the Ludhiana Sewing Machine Technology Park Association, said, "We are no longer those self-reliant Indians. We've become copycats, proud to own iPhones and imported brands, but where is the pride in our own innovations? Where is the spirit of 'vocal for local'?" A recurring theme throughout the conference was the alarming lack of innovation. Sokhi pointed out how Punjab once led the world in sewing machine production, but in just two decades, Chinese brands like Zach have taken over 75% of the Indian market share. "They've even handed over machines to local tailors, collecting only a share of their earnings. We are now OE (original equipment) manufacturers for foreign brands, but where is our own brand identity?" he asked. Vinod Thapar, chairman of the Knitwear Club, emphasised challenges in attracting women to the workforce. A survey conducted jointly by UNIDO and the Knitwear Club years ago found that women excelled in the hosiery sector across countries like China, Bangladesh, and Sri Lanka. Yet, Ludhiana has only 10% female participation in the sector, leaving a 40% vacuum in workforce potential. Thapar also raised concerns about a lack of workplace infrastructure and facilities for women. Avtar Singh Bhogal, senior vice-president of UCPMA, was blunt in his comparison of Indian and Chinese industrial environments. "While we are stuck in red tape just to buy land or get clearances, Chinese companies are already producing and exporting finished goods at the price it costs us to manufacture just the components." He added that Indian bikes weigh 15 kg, while the demand in Europe is for 1.5 kg carbon fibre bikes, which India is ill-equipped to produce due to lack of infrastructure and technology. Rajesh Bansal, another industry figure, focused on the environmental compliance costs that have hamstrung local manufacturers. "We face serious pollution concerns, but where are the subsidies for effluent treatment equipment? Processing of fibre and fabric manufacturing is lagging due to poor support," he said. Chandrika Chatterjee, secretary general of CITI, provided some optimism by speaking about the PM MITRA scheme and the Free Trade Agreement with the UK. She emphasised the untapped potential for increasing Indo-UK textile trade, which currently stands at $10 billion but could expand by an additional $4–5 billion. "The world is looking beyond China and Bangladesh. India has a real opportunity here, if we can address the bottlenecks," she said. Highlighting the urgency to foster innovation and startups in the sector, Suraj Dhawan of ITMA suggested organising hackathons to crowdsource fresh ideas and solutions for industry pain points. Sidharth Khanna, chairman of NITMA, and other senior members pointed out the need for deeper collaboration between govt bodies and the private sector to overcome export barriers and technology gaps.
New York Times
4 days ago
- Sport
- New York Times
Connections: Sports Edition hints for June 26, 2025, puzzle No. 276
Need help with today's Connections: Sports Edition puzzle? You've come to the right place. Welcome to Connections: Sports Edition Coach — a spot to gather clues and discuss (and share) scores. A quick public service announcement before we continue: The bottom of this article includes one answer in each of the four categories. So if you want to solve the board hint-free, we recommend you play before continuing. Advertisement You can access Thursday's game here. Game No. 276's difficulty: 2 out of 5 Scroll below for one answer in each of the four categories. . . . . . . . . . . . . . . . . . . . . Yellow: WUNDERKIND Green: CITI Blue: ASHE Purple: HOME PLATE The next puzzle will be available at midnight in your time zone. Thanks for playing — and share your scores in the comments! (Illustration: John Bradford / The Athletic)
Fibre2Fashion
5 days ago
- Business
- Fibre2Fashion
India extends export obligation for QCO-free VSF imports to 18 months
India has extended the export obligation period for imports of viscose staple fibre (VSF) exempted from the Quality Control Order (QCO) to 18 months, following consistent demands from the textile industry. The move is expected to ease the burden on exporters who import QCO-exempted VSF and are required to re-export the same. The Confederation of Indian Textile Industry (CITI) has welcomed the decision. According to industry sources, the government has allowed Export Oriented Units (EOUs), Special Economic Zone (SEZ) units, and Advance Authorisation holders to import VSF without adhering to the QCO under pre-import conditions. Under the Advance Authorisation scheme, exporters are typically granted 18 months to re-export duty-free imported raw materials. While this timeline was initially applied to QCO-exempted imports as well, it was later shortened to 180 days. India has extended the export obligation period for QCO-exempt viscose staple fibre (VSF) imports to 18 months, restoring the original timeline after industry appeals. This move benefits EOUs, SEZs and Advance Authorisation holders by easing pressure on re-export requirements. CITI welcomed the decision, citing it as a significant relief for exporters and a step towards smoother QCO implementation. Exporters had urged the government to restore the original 18-month period. Responding to the appeal, the government has now agreed to reinstate the extended timeline. 'We are delighted that our request for a relaxation in the export obligation period has been accepted by the authorities,' CITI chairman Rakesh Mehra said. 'The step will prove immensely beneficial for companies as they will now get more time to discharge their export obligations.' He pointed out that CITI has been working closely with the authorities on the issue of quality control orders (QCOs) to ensure their effective implementation. Fibre2Fashion News Desk (KUL)
India.com
22-06-2025
- Business
- India.com
Big win for India as it becomes global hub in..., defeats China and Bangladesh, Pakistan in tension because...
Big win for India as it becomes global hub in…, defeats China and Bangladesh, Pakistan in tension because… The global textile industry has been witnessing a major change recently. Major buyers are now turning away from China and Bangladesh and moving towards India. India is emerging as a new major hub in this sector with the country's textile exports have registered a significant increase. 11.3% Growth In Textile Industry In May As per the available data from the textile industry body Confederation of Indian Textile Industry (CITI), the textile export of the country has increased by 11.3 percent in May 2025 as western buyers are now considering it as a reliable option ignoring China and Bangladesh. Impact Of Political Turmoil In Bangladesh It is to be noted that the ongoing political turmoil in Bangladesh, following the change of the Sheikh Hasina-led government in August last year, has impacted the country in several ways, including the textile industry. The situation has turned the buyers towards India. As per a report by The Economic Times, garment exports grew by 17.3 percent in September and 24.35 percent in October. US-China Tariff Policy and India US tariffs on Chinese goods inadvertently boosted India's competitiveness, enabling its exporters to significantly increase their market share in the United States. This surge in demand led to requests from international buyers for increased Indian production capacity and compliance with relevant certifications. Furthermore, these tariffs also facilitated preferential treatment for Indian sugar exports. India Compared To China Notably, the share of India in the US apparel market is around USD10 billion, while China's share is USD30 billion. Along with textile exports, raw cotton imports have also witnessed a rise. As per Cotton Association of India, the estimated imports in 2024-25 will be 3.3 million bales (170 kg per bale), compared to 1.52 million bales in 2024. India compared to Pakistan As per Pakistan Bureau of Statistics (PBS), Pak's apparel exports stood at USD2.92 billion during July-August 2024-25. While India's textiles and apparel exports increased to USD6.180 billion during the first two months of the financial year 2025-26. Why India? Political stability and US tariff benefits have played a crucial role in elevating India's position in the global textile market. The country is moving ahead by balancing export growth, raw material imports and global demand.
CTV News
19-06-2025
- Business
- CTV News
Price of gold could drop to US$2,500: commodities expert
Sorry, we're having trouble with this video. Please try again later. [5006/404] Gold's rally may be over, according to a commodities expert who predicts prices to drop substantially late next year to well under US$3,000 an ounce. Max Layton, global commodities head at CITI Research, predicts gold will trade at about $2,500 to $2,700 in the second half of next year, down about $900 or so less than where it is today. 'Our call is very much a 2026 bearish gold call,' Layton told BNN Bloomberg in a Thursday interview. 'Near term, we have it averaging around $3,200 in the third quarter and $3,000 in the fourth quarter.' Gold reached $3,382.40 per ounce Thursday and is up by more than 70 per cent over the past two years. Layton said CITI had been bullish on gold for the last couple of years as investors flocked to the precious metal. He said people are buying gold to hedge against a downside risks to their household wealth over fears of slowing economic growth and global uncertainty. 'The move from $2,600 to $3,300 this year has been all about investors buying bars and coins, particularly bars because they're hedging against a downside in U.S. and global growth, as well as a downside in equities related to that downside in U.S. and global growth, which has come about because of the combination of still extremely high interest rates in the U.S. by historical standards, and the tariffs.' He however expects a drop in prices due to weakening investment demand, anticipated U.S. interest rate cuts and improved economic prospects. 'We're getting close to this One Big Beautiful Bill Act passing Congress,' said Layton. 'We think that is going to mark a shift in sentiment towards U.S. growth and basically a slight reduction, or even a moderate reduction, or even possibly by the end of next year, heading into the mid terms with lower interest rates as well.' The bill has a section citing 'remedies against unfair foreign taxes.' It is expected to hit Canadians and international investors with a higher tax on dividends they received from U.S.-based investments, placing more money in American coffers to evidentially lead to growth in the U.S.' This bill, the passing of it being net stimulatory for the U.S. economy, is going to reduce fears about growth and lead to a bit more positivity and a little less investment buying of gold,' said Layton. 'With that, you basically unwind the primary driver of the last $700 move in the old price higher from $2,600 to $3,300.' While CITI paints a bleak picture for gold prices, major financial institutions such as Goldman Sachs project prices to rise to $3,700 by late 2025 and $4,000 by mid-2006 thanks to robust central bank buying. Bank of America as well predicts prices to rise to $4,000 within 2026.
