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Time of India
12 hours ago
- Business
- Time of India
Piyush Goyal to meet exporters on June 30 amid global tensions
Commerce and industry minister Piyush Goyal will meet exporters and industry representatives on June 30 to discuss issues related to India's goods and services exports amid the tensions in West Asia and New Delhi's ongoing trade pact talks with the developed countries. Last month, India's goods exports declined by 2.17% year-on-year to $38.73 billion, breaking a two-month streak of growth, while the trade deficit narrowed to $21.88 billion. The government is targeting $900 billion in goods and services exports in the current fiscal year FY26. "The meeting is a regular stock-taking one," said an official. It comes at a time when Indian trade negotiators are visiting Washington for the next round of talks for an interim trade deal with the US ahead of the July 9 deadline, when the 90-day reciprocal-tariff pause period ends. Recently, officials were in London to finalise the India-UK free trade agreement (FTA), which was announced last month and is expected to be signed soon. Separately, talks are also on to conclude the India-EU FTA by the end of this year. As per an industry representative, the geopolitical situation has improved over the last few days, aiding predictability in shipping routes for Indian goods via the Strait of Hormuz. The Strait carries Nearly 25% of global oil shipments, about two-thirds of India's crude oil and half of its LNG imports pass through the Strait of Hormuz, which remains open for now. Escalation of tensions in West Asia could impact India's trade. An official had said earlier that the government is keeping an eye on insurance rates and freight costs amid the uncertainties. India's trade with the West Asian countries is worth more than $100 billion and the country is heavily dependent on energy imports from the Gulf region. In this backdrop, the ceasefire between Iran and Israel has brought some relief to New Delhi. Textile protection Goyal has assured industry bodies that the government will protect the interests of the textiles and apparel sector in the proposed trade agreement with the US. The minister met textile industry representatives in the wake of recent reports suggesting that reciprocal tariffs of up to 26% may be imposed after the July 9 deadline, which could have a significant impact on India's textile and apparel exports to the US.
The Print
19 hours ago
- Business
- The Print
From cotton to carbon fibre, Modi government is quietly rewriting India's textile script
This is not a revival. It is reinvention. To build a Viksit Bharat by 2047, the foundations must reach beyond concrete and steel. They must be grounded in communities, livelihoods and cultural continuity. Nowhere is this vision more vividly realised than in the textile sector. As the second-largest employer with 4.6 crore people, it is more than an industry. It is a living ecosystem of skill, identity, and opportunity. Once seen as lagging, it has quietly transformed into a modern economic engine. Traditional weaves are entering global markets, while technical textiles are making inroads into aerospace and agriculture. And at the grassroots, every loom and spindle carries a deeper story of dignity, renewal, and quiet strength. This revolution was not televised. It was woven. While the world tracked digital breakthroughs and infrastructure booms, something quieter and more profound was unfolding on Bharat's looms. Under Prime Minister Narendra Modi's leadership, what was once dismissed as a legacy industry has been recast into a force of resilience, innovation and pride. From Bhagalpur's shimmering silk to Panipat's recycled threads, the transformation has been slow, steady and stunning. We often speak of textiles in the language of trade. Exports and imports, deficits and surpluses. But that narrow lens misses the scale of what's truly at work. The strength of Bharat's textile sector doesn't lie only in its foreign shipments. It is anchored in something far more enduring. A rising population, a domestic engine that refuses to slow down, and an evolving taste for both heritage and innovation. It is driven by 143 crore Indians seeking comfort, identity, and aspiration in what they wear, the homes they furnish, and the traditions they uphold. Also read: Why India's critical textile sector, employing 4.5 crore people, is facing challenges A decade of growth When our government assumed office in 2014, India's textile sector stood at a crossroads, rooted in legacy but adrift in a globalising competitiveness. Once marked by stagnation, the textile sector's scale and structure have been rewoven through targeted skilling under Samarth, bold new-age investments via the Mission for Cotton productivity, PLI scheme, and world-class infrastructure through PM MITRA Parks. Employment in Bharat's textile sector has risen sharply from 3 crore in 2014 to 4.6 crore today, marking a robust expansion in both opportunity and capacity to absorb skilled and unskilled labour. Market size has surged from $112 billion to $176 billion, propelled by growing domestic demand and enhanced production depth. Garment exports, long a cornerstone of the sector, have grown from $14 billion to $18 billion, reflecting consistent gains in value-added output. The long-pending India-UK FTA has finally been sealed under the leadership of PM Modi. It promises a decisive edge for Bharat's labour-intensive textile sector by opening the door for the nation to rise as a global hub for manufacturing and exports. But these are more than numbers. They signal a strategic reset. Moving from ad-hoc interventions to long-term vision, our government has broadened the industry's horizon beyond its cotton core to embrace man-made fibres, new-age fibres and technical textiles. The areas once overlooked are now poised for global competitiveness. The vision is no longer stitched to domestic threads alone. It is about integrating Bharat's textiles into global value chains with resilience, skill, and sustainability. This transformation is not by chance. It is the result of focused governance, bold reforms, and unwavering commitment under the leadership of Prime Minister Narendra Modi. Cotton fields to carbon fibre Bharat's textile story today stretches far beyond traditional threads, spanning from cotton fields to carbon fibre, from handlooms to high-performance technical textiles. At the grassroots, the government has extended unprecedented support to natural fibres. With the new Mission for Cotton Productivity, India aims to increase cotton production from 5.70 to 7.70 MMT and productivity from 439 to 612 kg/hectare by 2030. At present, cotton holds 3.16 per cent and Kasturi Cotton holds just 1 per cent of the global cotton export market. Under the Mission for Cotton Productivity, our goal is to position it as 10 per cent of premium global cotton exports by 2030. Cotton procurement by the Cotton Corporation of India has risen 338 per cent in the last 11 years, while Minimum Support Prices for both medium and long staple cotton have more than doubled, delivering direct gains to farmers. Silk production is up by over 58 per cent. Even jute, once a declining segment, has seen renewed momentum. Jute exports have more than doubled from Rs 1,470 crore in 2014 to over Rs 3,000 crore in 2024, driven by a surge in demand for diversified jute products, whose exports have more than tripled over the decade. As Bharat strengthens its roots in natural fibres, it is also reaching decisively toward the future. The Production Linked Incentive Scheme, with Rs 10,683 crore in outlay and over 3 lakh jobs created, has helped position Bharat as a global producer of PPE kits. The technical textile market, once virtually non-existent in exports and modest in scale, has surged to an estimated $26 billion in 2025. From negligible exports, Bharat now records $3 billion in outbound trade. From Agrotech and Meditech, Bharat is making decisive strides across all twelve verticals of technical textiles by positioning itself as a rising global leader in this high-value, innovation-driven domain. Seven PM MITRA Parks are being developed as integrated plug and play, one stop solution textile hubs bringing together the entire value chain from fibre to fashion. Together, they are expected to draw Rs 70,000 crore in investment and generate more than 22 lakh jobs, with Rs 22,000 crore already committed. Apart from PM MITRA Parks, 50 textile parks have been developed under the Scheme for Integrated Textiles Parks, attracting Rs 15,000 crore investment and creating 1.3 lakh jobs. From the cotton farmer to the carbon fibre innovator, the Modi government is quietly rewriting the script. From agriculture to aerospace, Bharat's textile transformation is stitching together the fabric of a truly Viksit Bharat. Also read: North Indian artisans carry a photo of this textile historian — she helped revive their craft Bharat's green textile economy Research and innovation were long the blind spots of Bharat's textile sector. Under previous governments, the industry remained tethered to conventional fibres, with little effort to modernise or lead in sustainability. The Modi government has reversed this inertia by placing R&D at the core of its textile strategy and backing the exploration of next-generation fibres that blend environmental responsibility with global competitiveness. Since 2020, under National Technical Textile Mission, 168 research projects worth Rs 509 crore have been approved, signalling a decisive shift from neglect to strategic investment. With a target to double the sector's value to $350 billion by 2030, sustainability is no longer an afterthought. This comes at a critical time. As fast fashion gains momentum, it is expected to grow into a $50-$60 billion market by 2030. With that, it brings a surge in textile waste driven by quick-changing trends. In response, Bharat has moved swiftly to build a circular and sustainable economy. Panipat has emerged as the world's largest hub for pre and post-consumer textile recycling, anchoring Bharat's leadership in sustainable manufacturing. Today, it is the world's second-largest producer of recycled fibre, converting over 40 billion plastic bottles annually. Over 90 per cent of PET bottles are recycled, among the highest rates globally. To further strengthen sustainable practices, six projects have been approved under the Integrated Processing Development Scheme to promote Zero Liquid Discharge (ZLD) systems and Common Effluent Treatment Plants (CETPs). This momentum is feeding into the broader bio economy, which contributes 4.25 per cent to the national GDP. It is valued at $165.7 billion and projected to nearly double in the coming years. A key pillar of this transformation is the rise of alternative fibres. Ramie, Milkweed, Flax, Sisal are natural materials that are both high-performance and climate-friendly. Milkweed, once considered agricultural weed, is now being refined into insulation-grade textile for high-end use. By fusing biotechnology with traditional wisdom and scaling research investments, the Modi government is reshaping Bharat's textile future. One that strengthens rural livelihoods, leads in sustainability, and aligns with Atmanirbhar Bharat. From local to global Heritage in Bharat is no longer a memory preserved, it is a movement in motion. It has become a source of identity, empowerment, and economic renewal. Nowhere is this transformation more visible than in the handloom sector. On Republic Day, the launch of the e-Pehchaan card marked a quiet revolution. What began as a digital registry for 35 lakh weavers has since grown into a dynamic movement, bringing 35,000 new weavers into the fold. This is more than inclusion, it is revival. The loom is returning to homes, and a new generation is taking it up with pride. While in the handicrafts sector, over 30 lakh artisans have been registered under the Pehchaan card, ensuring formal identity and access to government support. Before 2014, support through the MUDRA scheme reached just 1.25 lakh weavers. Today, over 3 lakh have benefitted. A clear shift from tokenism to meaningful empowerment. The loom is no longer just a symbol of tradition. It is a tool of aspiration, enabling small businesses and opening pathways to global markets. Handicrafts have witnessed a similar resurgence. Exports have risen from Rs 29,000 crore in 2014 to over Rs 49,000 crore, as artisans step confidently onto the world stage. With 313 GI tags, two editions of Bharat Tex, and a growing global footprint, traditional crafts have been repositioned as drivers of economic value and cultural prestige. Today, a Banarasi weaver or a Kutch embroiderer is not just preserving a legacy; she is defining contemporary luxury and powering exports. At the centre of this transformation is Samarth, the government's flagship skilling programme launched in 2017. More than 4.3 lakh individuals, predominantly women, rural youth, and traditional artisans, have been trained to meet industry standards. Since 2014, over 12.55 lakh people have been trained under the Integrated Skill Development Scheme and Samarth. With new skills and focused support, they are not just surviving, they are leading. Platforms like ONDC and India Handmade have enabled them to bypass middlemen, access global markets, and build sustainable, self-owned enterprises. This growing pool of skilled talent is fuelling a new creative economy. One where design, innovation, and tradition come together to shape Bharat's global edge. With four new campuses since 2014, NIFT is at the centre of this design revolution by blending tradition with innovation at scale. Through home-grown tools like VisioNxt for trend forecasting and India Size for indigenous sizing, Bharat is no longer following the West. It is setting its own standard. The artisan is no longer on the margins. She is a creator, a change maker, an entrepreneur of a new Bharat. This is not a return to the past, it is the shaping of a future, one skilled hand at a time. Also read: Men get all the credit for bandhani. Zakiya Khatri is on a mission to change that Aligned with Viksit Bharat 2047 Bharat's textile journey is no longer about threads and tradition alone. It is about shaping the nation's future. Under our government, the sector has evolved from a legacy industry into a strategic force with creating jobs, boosting exports, upskilling youth, and placing sustainability at its core. It honours its roots while responding to global demands with precision and purpose. Today, Bharat's textile sector is not just growing, it is leading. It is green, it is global, and it is future-ready. As the world searches for models that are inclusive, resilient, and sustainable, India is not waiting for its turn. It is stepping forward to lead. The world is demanding. Bharat is delivering. And with every step, Modi Sarkar is walking beside its weavers, artisans, and entrepreneurs, turning vision into action, and tradition into triumph. Giriraj Singh is the union minister of textiles. Views are personal. (Edited by Theres Sudeep)
Canada News.Net
21 hours ago
- Business
- Canada News.Net
British High Commissioner visits Karnataka Soaps and Detergents Limited; appreciates production activities
Bengaluru (Karnataka) [India], June 25 (ANI): British High Commissioner to India, Lindy Cameron, and Deputy High Commissioner for Karnataka and Kerala, Chandru Iyer, visited the state-run Karnataka Soaps and Detergents Limited (KSDL) on Wednesday and observed its production activities. During their visit, they were briefed on the company's history, market reach, financial performance, and future expansion plans, which they appreciated. The dignitaries were warmly welcomed by MB Patil, Minister for Large and Medium Industries, and CS Nadagouda, Chairman of KSDL. On this occasion, they were shown a live presentation highlighting KSDL's legacy and achievements. A special exhibition was also arranged to showcase the company's wide range of products. Cameron and Iyer were intrigued to learn about the British connection in the establishment of the company. Speaking on the occasion, Lindy Cameron noted that the Free Trade Agreement (FTA) between India and the United Kingdom would benefit both countries and, by extension, industrial states like Karnataka. 'We should share expertise in ways that serve mutual interests without compromising our respective goals,' she said. Minister Patil, while recounting KSDL's origins, explained that the then Maharaja of Mysuru, Nalvadi Krishnaraja Wadiyar, had sent a representative to Britain to study the soap-making process. The establishment of KSDL was later made possible through the efforts of the Maharaja and the visionary M Visvesvaraya, he noted. 'KSDL currently exports its products to 23 countries. We now plan to further expand the reach of products like Mysore Sandal Soap and shower gels into European markets,' said the Minister, adding that cooperation from the UK would help achieve this goal. S Selvakumar, Principal Secretary, Department of Industries; Gunjan Krishna, Commissioner, Department of Industries; Prashanth, Managing Director, KSDL; and Aravinda Galagali, Technical Advisor to the Minister, were also present during the visit. (ANI)
Zawya
a day ago
- Business
- Zawya
Kenya accounts for 43pc of EAC's trade with Europe
The volume of trade between the East African Community (EAC) and Europe grew 28.4 percent to $8.86 billion last year, at a time the EAC was re-evaluating its commercial relations with the European bloc and seeking alternative markets. Some countries have signed free trade agreements (FTA) with third-party countries such as United Arab Emirates (UAE), Pakistan and Indonesia. Trade statistics from the European Commission (EC) and the EAC Secretariat show that the volume of trade between the two sides rose from $6.9 billion in 2023. Kenya accounted for the bulk (43 percent) of the total trade, attributed to its bilateral trade deal with Europe, which came into force in July 2024. The EU is the EAC's second-largest export market for coffee, cut flowers, avocados, tobacco, cocoa beans and fish fillets, after the UAE. EAC's imports from the EU are dominated by machinery, appliances, chemicals, foodstuff and wood products. The EAC's Economic Partnership Agreement (Epa) with the EU provides for duty-free, quota-free access of EAC goods to the European market. The other EAC countries were allowed duty-free exports to EU, as they are least developed countries. The EAC countries at the time, Burundi, Kenya, Rwanda, Tanzania, and Uganda, had finalised negotiations for the trade agreement with the EU on October 16, 2014. Kenya and Rwanda signed the trade agreement, initially, in September 2016, but only Kenya ratified it, and it could therefore not be applied. The EAC's heads of state in February 2021 allowed Nairobi to move forward under the principle of variable geometry, which allows members of a bloc to negotiate and accede to a common agreement with another bloc. This saw Nairobi and Brussels engage to advance a bilateral implementation of the EU-EAC Epa, which was signed on December 18, 2023, in Nairobi and entered into force on July 1, 2024. A ministerial retreat is planned for September this year to review the draft report. While the stalemate over the implementation of the Epa persists, EAC member states are working on frameworks to actualise new FTAs with third-party countries. In May 2025, EAC's Sectoral Council of Ministers of Trade Industry Finance and Investment (SCTIFI) directed the Secretariat to identify key areas of interest for FTA negotiations with prioritised third parties by December 31, 2025, and develop a roadmap to start FTA negotiations with the prioritised third parties by January 30, 2026. The ministers directed the Secretariat to notify the UAE of the partner states' intention to negotiate a Comprehensive Economic Partnership Agreement (Cepa) as a bloc, and to conduct a cost-benefit analysis by October 30, 2025, to determine whether the EAC should pursue a trade agreement with Indonesia. According to the report of the May meeting held in Arusha, the EAC is working on a memorandum with Pakistan to establish a Joint Trade Committee (JTC) aimed at expanding and diversifying bilateral trade, enhancing communication, and promoting mutual economic growth, with a long-term goal of establishing an FTA. The areas of cooperation include removing trade barriers, promoting goods and services, harmonising standards, exchanging trade delegations, participating in exhibitions, improving market access, encouraging investment, protecting intellectual property rights, promoting environmental sustainability, and building capacity. In January 2025, Kenya signed a Cepa with the UAE.
Barnama
a day ago
- Business
- Barnama
South Korea–Malaysia FTA To Deepen Ties, Says Envoy
BUSINESS By Nur Atiq Maisarah Suhaimi & & Nur Elysa Amirah Suhaimi KUALA LUMPUR, June 27 (Bernama) -- South Korean Ambassador to Malaysia, Yeo Seung Bae, expressed Seoul's strong commitment to concluding a free trade agreement (FTA) with Malaysia, saying the partnership is poised to become stronger and more comprehensive. Yeo said both leaders have reaffirmed their intention to strengthen mutually beneficial cooperation across a wide range of sectors, including trade, investment, green growth, infrastructure, digital transformation, and the defence industry. 'Having held more than nine rounds of negotiations, we have now entered the final phase. 'So I expect when the two leaders meet, likely on the occasion of the ASEAN summit in late October, FTA negotiations will be finalised, which would be very good news for both peoples," he told Bernama. He said the Korea–Malaysia FTA is not merely a conventional trade and investment agreement, but a comprehensive one that also covers digital transition, the digital economy, the green economy, and the bio-economy. "These are so-called future industry, high-value, high-tech industry. So through this bilateral free trade agreement, not only Korean businesses or Korean people, but also Malaysian people and Malaysian people's businesses, farmers and even fishers will get some benefit. "Because the contents of FTA are not revealed publicly yet, so I cannot say more details about that, but what can I say, yes, we have a very promising future for both countries in terms of industry and business cooperation," he added. On June 23, Malaysian Prime Minister Anwar Ibrahim and South Korean President Lee Jae Myung agreed to expand bilateral cooperation in a substantive and mutually beneficial manner, including efforts to conclude the FTA.
