February Issue 2021 by communion. sales

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FEBRUARY 2021

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February 2021

Budget Highlights Mega Investment Textiles Parks (MITRA) ... Tax Proposals Summary of Economic Survey-2020-21 Textile industry welcomes setting up 7... Customs duty on cotton imports disappoints ... Measures envisaged in Budget 2021-22 will .... Transparency, tax stability key guiding ... Union Budget 2021-22 has provided impetus ... Textiles industry .... Union Budget 2021-22 Budget to lay strong .... growth: CITI Budget aims ..... clothing sector: NITMA Budget growth-oriented; .... concern: TEXPROCIL SIMA appeals for withdrawal of import duty on cotton ITF welcomes thrust given to textile sector in Budget Budget to .... export of MMF garments: AEPC TEA terms Union Budget 2021-22 as ‘pragmatic’ Seven mega textiles parks highlight of Budget: CMAI Imported cotton c....polyester cheaper Textiles industry .... to touch pre-Covid level: ICRA Agri-tech provides ...textile industry Moody’s sees 17% nominal growth .... A growth oriented and ambitious Budget: FISME

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Textiles Committee,.... Evaluation Centre, Japan Shri U P Singh ....in Textiles Ministry GST Revenue collection for January 2021 ... Indian e-com ... $90-100 bn by 2025: Flipkart KVIC revives Assam’ oldest Khadi Institution Enhanced revenue... Creation Limited

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China: Apparel export falls in 2020 China: Karl Mayer’s TM 3 tricot ...China China: Chinese firm proposes ... cluster in Myanmar Bangladesh: Apparel .....COVID-19 battered units China: Gerber Technology Experiencing .. Pakistan: Textile firm ....unit in US Pakistan: EU remains big market for textile sector

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Printed, Published, Edited and Owned by Ramesh Kumar Tripathi From 2943/13, 2nd Floor, Ranjeet Nagar, New Delhi-8, India. Ph: 011-25891475, 25894740 Fax: 011-25892138 E-mail: communionadvt@gmail.com, sales@communiononline.com Printed at Mystical Graphics, A-26 Phase-II, Naraina Indusrial Area, New Delhi, India.

VOLUME 14

INDIA

| ISSUE 2

Pakistan: December textile ....high Pakistan: Cotton production declines Pakistan: Trade deficit widens in January Vietnam: Garment-textile ...in exports Philippine: Garments, ... likely to grow 15% Smartturf® Launches ...Turf Treated With Microban® Cordura® Brand Launches Digital Fabric Finder

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Freudenberg Introduces ECO-CHECK DSM and Clariter ... recycling solution for Dyneema® ITMA to Highlight ...through innovation Sustainable, cost-effective indigo dyeing process Kornit Wins 2020 EDP ... Robusto Softener Italian textile machinery orders down 5% in Q4 Techtextil & Texprocess to be held in June 2022 Amazon’s Jeff Bezos to ...to Andy Jassy ThirdLove launches new virtual Fitting Room platform Naked Brand Group to ,... focus on e-com ADD on Viscose Spun Yarn: NITMApleads for speedy notification Years to understand ... COVID-19, say experts

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Highlights of Budget 2021

Editorial

Finance Minister Mrs. Nirmala Sitharaman presented first paperless Union Budget 2021-22 on February 01, 2021. Budget got mixed reaction from the industry. In the budget announcement, setting up of seven mega textiles parks under MITRA, and duty reduction on nylon raw materials and caprolactam, incentive scheme under PLI Scheme for MMF and technical textiles are appreciated by the industry. However, the levy of 10% import duty on cotton and additional 5% on raw silksaw mixed reaction within the industry. Allocation for textile sector has been increased to Rs. 3614.64 crores, which is 10% higher than the revised budget of 2020-21. Industry had faced very difficult time during last one year due to corona virus. 3-4 months long lockdown period led to cancellation of orders, deferment of orders, shortage of materials and labour. MSMEs were almost broken down. The economic package announced by the Government could not be able to provide relief which industry wanted. The budget was eagerly awaited by the industry with a hope that something special would be announced for the textile sector. However, no major initiatives except few were seen in the budget. Emphasis on Infrastructure Development and Research & Capacity Building have been given in the budget, which is a good initiative in long run but emphasis would have also been given to sectors such as agriculture and textile, which was a missing element in the budget. In totality we could say that budget is comparatively good under the present circumstances and hope that with the active support and cooperation of the government, the textile industry will become globally competitive, attract large investments and boost employment generation and exports in the years ahead.

FEBRUARY 2021

Budget Special Key Highlights of Union Budget 2021-22 Presenting the first ever digital Union Budget, Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman stated that India’s fight against COVID-19 continues into 2021 and that this moment in history, when the political, economic, and strategic relations in the post-COVID world are changing, is the dawn of a new era – one in which India is well-poised to truly be the land of promise and hope. The key highlights of the Union Budget 2021-22 are as follows:

6 pillars of the Union Budget 2021-22: 1. 2. 3. 4. 5. 6.

Health and Wellbeing Physical & Financial Capital, and Infrastructure Inclusive Development for Aspirational India Reinvigorating Human Capital Innovation and R&D Minimum Government and Maximum Governance

Health and Wellbeing • Rs. 2,23,846crore outlay for Health and Wellbeing in BE 2021-22 as against Rs. 94,452 crore in BE 2020-21 – an increase of 137% • Focus on strengthening three areas: Preventive, Curative, and Wellbeing • Steps being taken for improving health and wellbeing:

• Vaccines

3382 block public health units in 11 states o Critical care hospital blocks in 602 districts and 12 central institutions o Strengthening of the National Centre for Disease Control (NCDC), its 5 regional branches and 20 metropolitan health surveillance units o Expansion of the Integrated Health Information Portal to all States/UTs to connect all public health labs o 17 new Public Health Units and strengthening of 33 existing Public Health Units o Regional Research Platform for WHO South-East Asia Region o 9 Bio-Safety Level III laboratories

• Nutrition • Mission Poshan 2.0 to be launched: o To strengthen nutritional content, delivery, outreach, and outcome o Merging the Supplementary Nutrition Programme and the Poshan Abhiyan o Intensified strategy to be adopted to improve nutritional outcomes across 112 Aspirational Districts

• Universal Coverage of Water Supply

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• Rs. 35,000 crorefor COVID-19 vaccine in BE 2021-22 • The Made-in-India Pneumococcal Vaccine to be rolled out across the country, from present 5 states – to avert 50,000 child deaths annually

• Health Systems • Rs. 64,180 crore outlay over 6 years for PM Aatma Nirbhar Swasth Bharat Yojana –a new centrally sponsored scheme to be launched, in addition to NHM • Main interventions under PM Aatma Nirbhar Swasth Bharat Yojana: o National Institution for One Health o 17,788 rural and 11,024 urbanHealth and Wellness Centers o 4 regional National Institutes for Virology o 15 Health Emergency Operation Centers and 2mobile hospitals o Integrated public health labs in all districts and

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Highlights of Budget 2021 • Rs. 2,87,000 croreover 5 years for Jal Jeevan Mission (Urban) - to be launched with an aim to provide: o 2.86 crore household tap connections o Universal water supply in all 4,378 Urban Local Bodies o Liquid waste management in 500 AMRUT cities

• Swachch Bharat, Swasth Bharat • Rs. 1,41,678crore over 5 years for Urban Swachh Bharat Mission 2.0 • Main interventions under Swachh Bharat Mission (Urban) 2.0: o Complete faecal sludge management and waste water treatment o Source segregation of garbage o Reduction in single-use plastic o Reduction in air pollution by effectively managing waste from construction-and-demolition activities o Bio-remediation of all legacy dump sites

• Clean Air • Rs. 2,217 crore to tackle air pollution, for 42 urban centers with a million-plus population

• Scrapping Policy • Voluntary vehicle scrapping policy to phaseout old and unfit vehicles • Fitness tests in automated fitness centres: o After 20 years in case of personal vehicles o After 15 years in case of commercial vehicles

2. Physical and Financial Capital and Infrastructure

• Production Linked Incentive scheme (PLI) • Rs. 1.97 lakh crore in next 5 years for PLI schemes in 13 Sectors • To create and nurture manufacturing global champions for an Aatma Nirbhar Bharat

• To help manufacturing companies become an integral part of global supply chains, possess core competence and cutting-edge technology • To bring scale and size in key sectors • To provide jobs to the youth

• Textiles

Mega Investment Textiles Parks (MITRA) scheme, in addition to PLI:

o 7 Textile Parks to be established over 3 years • Textile industry to become globally competitive, attract large investments and boostemployment generation &exports

• Infrastructure • National Infrastructure Pipeline (NIP) expanded to 7,400 projects: o Around 217 projects worth Rs. 1.10 lakh crore completed • Measures in three thrust areas to increase funding for NIP: i. Creation of institutional structures ii. Big thrust on monetizing assets iii. Enhancing the share of capital expenditure

i. Creation of institutional structures: Infrastructure Financing o Rs. 20,000 crore to set up and capitalise a Development Financial Institution(DFI)–to act as a provider, enabler and catalyst for infrastructure financing o Rs. 5 lakh crore lending portfolio to be created under the proposed DFI in 3 years o Debt Financing by Foreign Portfolio Investors to be

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Highlights of Budget 2021 enabled by amending InvITs’ and REITs’ legislations

ii. Big thrust on monetizing assets

o National Monetization Pipeline to be launched o Important asset monetization measures: a. 5 operational toll roads worth Rs. 5,000 crore being transferred to the NHAIInvIT b. Transmission assets worth Rs. 7,000 crore to be transferred to the PGCILInvIT c. Dedicated Freight Corridor assets to be monetized by Railways, for operations and maintenance, after commissioning d. Next lot of Airports to be monetized for operations and management concession e. Other core infrastructure assets to be rolled out under the Asset Monetization Programme: • Oil and Gas Pipelines of GAIL, IOCL and HPCL • AAI Airports in Tier II and III cities • Other Railway Infrastructure Assets • Warehousing Assets of CPSEs such as Central Warehousing Corporation and NAFED • Sports Stadiums

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crore allocated in BE 2020-21 : • Over Rs. 2 lakh crore to States and Autonomous Bodies for their Capital Expenditure. • Over Rs. 44,000 crore for the Department of Economic Affairs to provide for projects/programmes/ departments exhibiting good progress on Capital Expenditure • Roads and Highways Infrastructure • Rs. 1,18,101 lakh crore, highest ever outlay, for Ministry of Road Transport and Highways –of which Rs. 1,08,230 crore is for capital • Under the Rs. 5.35 lakh croreBharatmala Pariyojana, more than 13,000 km length of roads worth Rs. 3.3 lakh crore awarded for construction: o 3,800 km have already been constructed o Another 8,500 km to be awarded for construction by March 2022 o Additional 11,000 km of national highway corridors to be completed by March 2022

• Economic corridors being planned: o Rs. 1.03 lakh crore outlay for 3,500 km of NHs in Tamil Nadu o Rs. 65,000 crore investment for 1,100 km of NHs in Kerala o Rs. 25,000 crore for 675 km of NHs in West Bengal

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Highlights of Budget 2021 o Over Rs. 34,000 crore to be allocated for 1300 km of NHs to be undertaken in next 3 years in Assam, in addition to Rs. 19,000 crore works of NHs currently in progress in the State

management system in all new 4 and 6-lane highways:

• Measures for passenger convenience and safety:

• Flagship Corridors/ Expressways:

o Speed radars o Variable message signboards o GPS enabled recovery vans will be installed

• Railway Infrastructure

o Aesthetically designed Vista Dome LHB coach on tourist routes for better travel o High density network and highly utilized network routes to have an indigenously developed automatic train protection system, eliminating train collision due to human error

o Delhi-Mumbai Expressway –Remaining 260 km to be awarded before 31.3.2021 o Bengaluru-Chennai Expressway –278 km to be initiated in the current FY; construction to begin in 2021-22 o Kanpur-Lucknow Expressway –63 km expressway providing an alternate route to NH 27 to be initiated in 2021-22 o Delhi-Dehradun economic corridor –210 km to be initiated in the current FY; construction to begin in 2021-22 o Raipur-Vishakhapatnam –464 km passing through Chhattisgarh, Odisha and North Andhra Pradesh, to be awarded in the current year; construction to start in 2021-22 o Chennai-Salem corridor –277 km expressway to be awarded and construction to start in 2021-22 o Amritsar-Jamnagar –Construction to commence in 2021-22 o Delhi-Katra –Construction will commence in 2021-22

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• Rs. 1,10,055 crore for Railways of which Rs. 1,07,100 crore is for capital expenditure • National Rail Plan for India (2030): to create a ‘future ready’ Railway system by 2030 • 100% electrification of BroadGauge routes to be completed by December, 2023 • Broad Gauge Route Kilometers (RKM) electrification to reach 46,000 RKM, i.e. 72% by end of 2021 • Western Dedicated Freight Corridor (DFC) and Eastern DFC to be commissioned by June 2022, to bring down the logistic costs –enabling Make in India strategy • Additional initiatives proposed: o The Sonnagar-Gomoh Section (263.7 km) of Eastern DFC to be taken up in PPP mode in 2021-22 o Future dedicated freight corridor projects – • East Coast corridor from Kharagpur to Vijayawada • East-West Corridor from Bhusaval to Kharagpur to Dankuni • North-South corridor from Itarsi to Vijayawada

• Urban Infrastructure

• Raising the share of public transport in urban areas by expansion of metro rail network and augmentation of city bus service • Rs. 18,000 crore for a new scheme, to augment public bus transport: o Innovative PPP models to run more than 20,000 buses o To boost automobile sector, provide fillip to economic growth, create employment opportunities for our youth • A total of 702 km of conventional metro is operational and another 1,016 km of metro and RRTS is under construction in 27 cities • ‘MetroLite’ and ‘MetroNeo’ technologies to provide metro rail systems at much lesser cost with similar experience in Tier-2 cities and peripheral areas of Tier-1 cities. • Central counterpart funding to:

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Highlights of Budget 2021 a. Kochi Metro Railway Phase-II of 11.5 km at a cost of Rs. 1957.05 crore b. Chennai Metro Railway Phase –II of 118.9 km at a cost of Rs. 63,246 crore c. Bengaluru Metro Railway Project Phase 2A and 2B of 58.19 km at a cost of Rs. 14,788 crore d. Nagpur Metro Rail Project Phase-II and Nashik Metro at a cost of Rs. 5,976 crore and Rs. 2,092 crore respectively.

• Power Infrastructure

• 139 Giga Watts of installed capacity and 1.41 lakh circuit km of transmission lines added, and additional 2.8 crore households connected in past 6 years • Consumers to have alternatives to choose the Distribution Company for enhancing competitiveness • Rs. 3,05,984 crore over 5 years for a revamped, reforms-based and result-linked new power distribution

J&K • An independent Gas Transport System Operator to be set up for facilitation and coordination of booking of common carrier capacity in all-natural gas pipelines on a non-discriminatory open access basis

sector scheme • A comprehensive National Hydrogen Energy Mission 2021-22 to be launched • Ports, Shipping, Waterways • Rs. 2,000 crore worth 7 projects to be offered in PPP-mode in FY21-22 for operation of major ports • Indian shipping companies to get Rs. 1624 crore worth subsidy support over 5 years in global tenders of Ministries and CPSEs • To double the recycling capacity of around 4.5 Million Light Displacement Tonne (LDT) by 2024; to generate an additional 1.5 lakh jobs

• Petroleum & Natural Gas

• Financial Capital

• Extention of Ujjwala Scheme to cover 1 crore more beneficiaries • To add 100 more districts to the City Gas Distribution network in next 3 years • A new gas pipeline project in

• A single Securities Markets Code to be evolved • Support for development of a world class Fin-Tech hub at the GIFT-IFSC • A new permanent institutional framework to help in development of Bond market by purchasing investment grade debt securities both in stressed and normal times • Setting up a system of Regulated Gold Exchanges: SEBI to be notified as a regulator and Warehousing Development and Regulatory Authority to be strengthened

FEBRUARY 2021

Highlights of Budget 2021 • To develop an investor charter as a right of all financial investors • Capital infusion of Rs. 1,000 crore to Solar Energy Corporation of India and Rs. 1,500 crore to Indian Renewable Energy Development Agency

• Increasing FDI in Insurance Sector

• To increase the permissible FDI limit from 49% to 74% and allow foreign ownership and control with safeguards

• Stressed Asset Resolution • Asset Reconstruction Company Limited and Asset Management Company to be set up

• Recapitalization of PSBs

• Rs. 20,000 crore in 2021-22 to further consolidate the financial capacity of PSBs

• Deposit Insurance

• Amendments to the DICGC Act, 1961, to help depositors get an easy and time-bound access to their deposits to the extent of the deposit insurance cover • Minimum loan size eligible for debt recovery under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 proposed to be reduced from

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• Company Matters

• To decriminalize the Limited Liability Partnership (LLP) Act, 2008 • Easing Compliance requirement of Small companies by revising their definition under Companies Act, 2013 by increasing their thresholds for Paid up capital from “not exceeding Rs. 50 Lakh” to “not exceeding Rs. 2 Crore” and turnover from “not exceeding Rs. 2 Crore” to “not exceeding Rs. 20 Cr”. • Promoting start-ups and innovators by incentivizing the incorporation of One Person Companies (OPCs): o Allowing their growth without any restrictions on paid up capital and turnover o Allowing their conversion into any other type of company at any time, o Reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and o Allowing Non Resident Indians (NRIs) to incorporate OPCs in India. • To ensure faster resolution of cases by: o Strengthening NCLT framework o Implementation of e-Courts system o Introduction of alternate

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FEBRUARY 2021

methods of debt resolution and special framework for MSMEs • Launch of data analytics, artificial intelligence, machine learning driven MCA21 Version 3.0 in 2021-22

• Disinvestment and Strategic Sale

• Rs. 1,75,000 crore estimated receipts from disinvestment in BE 2020-21 • Strategic disinvestment of BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam limited etc. to be completed in 2021-22. • Other than IDBI Bank, two Public Sector Banks and one General Insurance company to be privatized • IPO of LIC in 2021-22 • New policy for Strategic Disinvestmentapproved; CPSEs except in four strategic areas to be privatized • NITI Aayog to work out on the next list of CPSEs to be taken up for strategic disinvestment • Incentivizing States for disinvestment of their Public Sector Companies, using central funds • Special Purpose Vehicle in the form of a company to monetize idle land

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Highlights of Budget 2021 • Introducing a revised mechanism for ensuring timely closure of sick or loss making CPSEs

• Government Financial Reforms • Treasury Single Account (TSA) System for Autonomous Bodies to be extended for universal application • Separate Administrative Structure to streamline the ‘Ease of Doing Business’ for Cooperatives

(in Rs. crore) 2013-14 2019-20 2020-21 Wheat Rs. 33,874 Rs. 62,802 Rs. 75,060 Rice Rs. 63,928 Rs. 1,41,930 Rs. 172,752 Pulses Rs. 236 Rs. 8,285 Rs. 10,530 • SWAMITVA Scheme to be extended to all States/UTs, 1.80

enhanced to Rs. 16.5 lakh crore in FY22 - animal husbandry, dairy, and fisheries to be the focus areas • Rural Infrastructure Development Fund to be enhanced to Rs. 40,000 crore from Rs. 30,000 crore • To double the Micro Irrigation

2013-14

2019-20

2020-21

3. Inclusive Development for Aspirational India

Wheat

Rs. 33,874

Rs. 62,802

Rs. 75,060

Rice

Rs. 63,928

Rs. 1,41,930

Rs. 172,752

• Agriculture

Pulses

Rs. 236

Rs. 8,285

Rs. 10,530

• Ensured MSP at minimum 1.5 times the cost of production across all commodities. • With steady increase in the procurement, payment to farmers increased as under:

lakh property-owners in 1,241 villages have already been provided cards

• Agricultural credit target

Fund to Rs. 10,000 crore • ‘Operation Green Scheme’ to be extended to 22 perishable products, to boost value addition in

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FEBRUARY 2021

Highlights of Budget 2021 agriculture and allied products • Around 1.68 crore farmers registered and Rs. 1.14 lakh crore of trade value carried out through e-NAMs; 1,000 more mandis to be integrated with e-NAM to bring transparency and competitiveness. • APMCs to get access to the Agriculture Infrastructure Funds for augmenting infrastructure facilities • Fisheries • Investments to develop modern fishing harbours and fish landing centres – both marine and inland • 5 major fishing harbours – Kochi, Chennai, Visakhapatnam, Paradip, and Petuaghat to be developed as hubs of economic activity • Multipurpose Seaweed Park in Tamil Nadu to promote seaweed cultivation

• Migrant Workers and Labourers • One Nation One Ration Card scheme for beneficiaries to claim rations anywhere in the country migrant workers to benefit the most o Scheme implementation so far covered 86% of beneficiaries across 32 States and UTs o Remaining 4 states to be integrated in next few months • Portal to collect information on unorganized labour force, migrant

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workers especially, to help formulate schemes for them • Implementation of 4 labour codes underway o Social security benefits for gig and platform workers too o minimum wages and coverage under the Employees State Insurance Corporation applicable for all categories of workers o Women workers allowed in all categories, including night-shifts with adequate protection o Compliance burden on employers reduced with single registration and licensing, and online returns

• Financial Inclusion • Under Stand Up India Scheme for SCs, STs and women, o Margin money requirement reduced to 15% o To also include loans for allied agricultural activities • Rs. 15,700 crore budget allocation to MSME Sector, more than double of this year’s BE

4. Reinvigorating Human Capital • School Education

• 15,000 schools to be strengthened by implementing all NEP components. Shall act as exemplar schools in their regions for

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mentoring others • 100 new Sainik Schools to be set up in partnership with NGOs/ private schools/states

• Higher Education • Legislation to be introduced to setup Higher Education Commission of India as an umbrella body with 4 separate vehicles for standard-setting, accreditation, regulation, and funding • Creation of formal umbrella structure to cover all Govt. colleges, universities, research institutions in a city for greater synergy. o Glue grant to implement the same across 9 cities • Central University to come up in Leh for accessibility of higher education in Ladakh

• Scheduled Castes and Scheduled Tribes Welfare • 750 Eklavya model residential schools in tribal areas: o Unit cost of each school to be increased to Rs. 38 crore o For hilly and difficult areas, to Rs. 48 crore o Focus on creation of robust infrastructure facilities for tribal students • Revamped Post Matric Scholarship Scheme for welfare of SCs o Rs. 35,219 crore enhanced Central Assistance for 6 years till

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FEBRUARY 2021

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Highlights of Budget 2021 2025-2026 o 4 crore SC students to benefit

• Skilling • Proposed amendment to Apprenticeship Act to enhance opportunities for youth • Rs. 3000 crore for realignment of existing National Apprenticeship Training Scheme (NATS) towards post-education apprenticeship, training of graduates and diploma holders in Engineering

• Initiatives for partnership with other countries in skilling to be taken forward, similar to partnership: o With UAE to benchmark skill qualifications, assessment, certification, and deployment of certified workforce o With Japan for a collaborative Training Inter Training Programme (TITP) to transfer of skills, technique and knowledge 5. Innovation and R&D • Modalities of National Research Foundation announced in July 2019 – o Rs. 50,000 crore outlay over 5 years o To strengthen overall research ecosystem with focus on national-priority thrust areas • Rs. 1,500 crore for proposed scheme to promote digital modes of payment • National Language Translation Mission (NTLM) to make governance-and-policy related knowledge available in major Indian languages • PSLV-CS51 to be launched by New Space India Limited (NSIL) carrying Brazil’s Amazonia Satellite and some Indian satellites • As part of the Gaganyaan mission activities: o 4 Indian astronauts being trained on Generic Space Flight aspects, in Russia Best in class garment and fashion accessories, assured quality products, wide selection to choose from, reliable service, pan India timely delivery, bespoke, competitive prices, value for money-

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FEBRUARY 2021

Highlights of Budget 2021 o First unmanned launch is slated for December 2021 • Rs. 4,000 crore over five years for Deep Ocean Mission survey exploration and conservation of deep sea biodiversity 6. Minimum Government, Maximum Governance • Measures being undertaken to bring reforms in Tribunals to ensure speedy justice • National Commission for Allied Healthcare Professionals already introduced to ensure transparent and efficient regulation of the 56 allied healthcare professions • The National Nursing and Midwifery Commission Bill introduced for the same in nursing profession • Proposed Conciliation Mechanism with mandate for quick resolution of contractual disputes with CPSEs • Rs. 3,768 croreallocated for first digital census in the history of India

Fiscal Position

• RE for Expenditure is Rs. 34.50 lakh crore as against original BE expenditure of Rs. 30.42 lakh crore

o Quality of expenditure has been maintained as Capital Expenditure estimated as per RE is Rs. 4.39 lakh crore in 2020-2021 as against Rs. 4.12 lakh crore in BE 2020-21 • Estimates of Rs. 34.83 lakh crore BE for expenditure in 2021-2022 including Rs. 5.5 lakh crore as capital expenditure, an increase of 34.5% to give required push to economy • The fiscal deficit in BE 2021-2022 is estimated to be 6.8% of GDP. The fiscal deficit in RE 2020-21 is pegged at 9.5% of GDP - funded through Government borrowings, multilateral borrowings, Small Saving Funds and short term borrowings o Gross borrowing from the market for the next year

Item

Original BE 2020-21

RE 2020-21

BE 2021-22

Expenditure

30.42 lakh crore

34.50 lakh crore

34.83 lakh crore

Capital Expenditure

4.12 lakh crore

4.39 lakh crore

5.5 lakh crore

9.5%

6.8%

Fiscal Deficit (as % of GDP) • Rs. 300 crore grant to the Government of Goa for the diamond jubilee celebrations of the state’s liberation from Portuguese • Rs. 1,000 crore for the welfare of Tea workers

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FEBRUARY 2021

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Highlights of Budget 2021 o It will be achieved by increasing the buoyancy of tax revenue through improved compliance, and secondly, by increased receipts from monetisation of assets, including Public Sector Enterprises and land o Deviation Statement under Sections 4(5) and 7(3) (b) of the FRBM Act tabled necessitated by this year’s unforeseen and unprecedented circumstances o Amendment to FRBM Act proposed to achieve targeted Fiscal Deficit levels • The Contingency Fund of India is to be augmented from Rs. 500 crore to Rs. 30,000 crore through Finance Bill

Net borrowing of the States:

• Net borrowing for the states allowed at 4% of GSDP for the year 2021-2022 as per recommendation of 15th FC

o Part of this earmarked for incremental capital expenditure o Additional borrowing ceiling of 0.5% of GSDP will be provided subject to conditions • States expected to reach a fiscal deficit of 3% of GSDP by 2023-24, as recommended by the 15th Finance Commission

Fifteenth Finance Commission: • The final report covering 202126 was submitted to the President, retaining vertical shares of states at 41% • Funds to UTs of Jammu and Kashmir and Ladakh would be provided by Centre • On the Commission’s recommendation, Rs. 1,18,452 crore have been provided as Revenue Deficit Grant to 17 states in 2021-22, as against Rs. 74,340 crore to 14 states in 2020-21

Tax Proposals

ision of a transparent, efficient tax system to promote investments and employment in the country with minimum burden on tax payers

1. Direct Taxes

Achievements: • Corporate tax rate slashed to make it among the lowest in the world • Burden of taxation on small taxpayers eased by increasing rebates • Return filers almost doubled to6.48 crore in 2020 from 3.31 crore in 2014 • Faceless Assessment and Faceless Appeal introduced

Relief to Senior Citizens: • Exemption from filing tax returns for senior citizens over 75 years of age and having only pension and interest income; tax to

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FEBRUARY 2021

Highlights of Budget 2021 be deducted by paying bank

Reducing Disputes, Simplifying Settlement: • Time limit for re-opening cases reduced to 3 years from 6 years • Serious tax evasion cases, with evidence of concealment of income of Rs. 50 lakh or more in a year, to be re-opened only up to 10 years, with approval of the Principal Chief Commissioner • Dispute Resolution Committee to be set up for taxpayers with taxable income up to Rs. 50 lakh and disputed income up to Rs. 10 lakh • National Faceless Income Tax Appellate Tribunal Centre to be established • Over 1 lakh taxpayers opted to settle tax disputes of over Rs. 85,000 crore through Vivad Se Vishwas Scheme until 30th January 2021

Relaxation to NRIs: • Rules to be notified for removing hardships faced by NRIs regarding their foreign retirement accounts

Incentivising Digital Economy: • Limit of turnover for tax audit increased to Rs. 10 crore from Rs. 5 crore for entities carrying out 95% transactions digitally

Relief for Dividend: • Dividend payment to REIT/ InvIT exempt from TDS • Advance tax liability on dividend income only after declaration/ payment of dividend • Deduction of tax on dividend income at lower treaty rate for Foreign Portfolio Investors

Attracting Foreign Investment for Infrastructure: • Infrastructure Debt Funds made eligible to raise funds by issuing Zero Coupon Bonds • Relaxation of some conditions relating to prohibition on private funding, restriction on commercial activities, and direct investment

Supporting ‘Housing for All’: • Additional deduction of interest, up to Rs. 1.5 lakh, for loan taken to buy an affordable house extended for loans taken till March 2022 • Tax holiday for Affordable Housing projects extended till March 2022 • Tax exemption allowed for notified Affordable Rental Housing Projects

Tax incentives to IFSC in GIFT City: • Tax holiday for capital gains from incomes of aircraft leasing companies • Tax exemptions for aircraft lease rentals paid to foreign lessors • Tax incentive for relocating foreign funds in the IFSC • Tax exemption to investment division of foreign banks located in IFSC

Ease of Filing Taxes: • Details of capital gains from listed securities, dividend income, interest from banks, etc. to be prefilled in returns

Relief to Small Trusts: • Exemption limit of annual receipt revised from ₹1 crore to ₹5 crore for small charitable trusts running schools and hospitals

Labour Welfare: • Late deposit of employee’s contribution by the employer not to be allowed as deduction to the employer • Eligibility for tax holiday claim for start-ups extended by one more year • Capital gains exemption for investment in start-ups extended till 31st March, 2022

2. Indirect Taxes GST:

•

Measures taken till date:

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FEBRUARY 2021

Highlights of Budget 2021 o Nil return through SMS o Quarterly return and monthly payment for small taxpayers o Electronic invoice system o Validated input tax statement o Pre-filled editable GST return o Staggering of returns filing o Enhancement of capacity of GSTN system o Use of deep analytics and AI to identify tax evaders

Custom Duty Rationalization: • Twin objectives: Promoting domestic manufacturing and helping India get onto global value chain and export better • 80 outdated exemptions already eliminated • Revised, distortion-free customs duty structure to be put in place from 1st October 2021 by reviewing more than 400 old exemptions • New customs duty exemptions to have validity up to the 31st March

Chemicals:

following two years from its issue date

Electronic and Mobile Phone Industry: • Some exemptions on parts of chargers and sub-parts of mobiles withdrawn • Duty on some parts of mobiles revised to 2.5% from ‘nil’ rate

• Calibrated customs duty rates on chemicals to encourage domestic value addition and to remove inversions • Duty on Naptha reduced to 2.5%

Gold and Silver: • Custom duty on gold and silver to be rationalized

Iron and Steel:

Renewable Energy:

• Customs duty reduced uniformly to 7.5% on semis, flat, and long products of non-alloy, alloy, and stainless steels • Duty on steel scrap exempted up to 31st March, 2022 • Anti-Dumping Duty (ADD) and Counter-Veiling Duty (CVD) revoked on certain steel products • Duty on copper scrap reduced from 5% to 2.5%

• Phased manufacturing plan for solar cells and solar panels to be notified • Duty on solar invertors raised from 5% to 20%, and on solar lanterns from 5% to 15% to encourage domestic production

Capital Equipment: • Tunnel boring machine to now attract a customs duty of 7.5%; and its parts a duty of 2.5% • Duty on certain auto parts increased to general rate of 15%

Textiles: • Basic Customs Duty (BCD) on caprolactam, nylon chips and nylon fiber & yarn reduced to 5%

MSME Products:

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Highlights of Budget 2021 • Duty on steel screws and plastic builder wares increased to 15% • Prawn feed to attract customs duty of 15% from earlier rate of 5% • Exemption on import of duty-free items rationalized to incentivize exporters of garments, leather, and handicraft items • Exemption on imports of certain kind of leathers withdrawn • Customs duty on finished synthetic gem stones raised to encourage domestic processing

Agriculture Products:

• New procedure for administration of Rules of Origin

Achievements and Milestones during the COVID-19 pandemic • Pradhan Mantri Garib Kalyan Yojana (PMGKY): o Valued at Rs. 2.76 lakh crore o Free food grain to 80 crorepeople o Free cooking gas for 8 crore

“Faith is the bird that feels the light and sings when the dawn is still dark.”

• Customs duty on cotton increased from nil to 10% and on raw silk and silk yarn from 10% to 15%. • Withdrawal of end-use based concession on denatured ethyl alcohol • Agriculture Infrastructure and Development Cess (AIDC) on a small number of items

Rationalization of Procedures and Easing of Compliance: • Turant Customs initiative, a Faceless, Paperless, and Contactless Customs measures

– Rabindranath Tagore

families o Direct cash to over 40 crore farmers, women, elderly, the poor and the needy • AatmaNirbhar Bharat package (ANB 1.0): o Estimated at Rs. 23 lakh crore –more than 10% of GDP • PMGKY, three ANB packages (ANB 1.0, 2.0, and 3.0), and announcements made later were like 5 mini-budgets in themselves • Rs. 27.1 lakh crore worth of financial impact of all three ANB

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packages including RBI’s measures – amounting to more than 13% of GDP • Structural reforms: o One Nation One Ration Card o Agriculture and Labour Reforms o Redefinition of MSMEs o Commercialisation of the Mineral Sector o Privatisation of Public Sector Undertakings o Production Linked Incentive Schemes • Status of India’s fight against COVID19: o 2 Made-in-India vaccines –medically safeguarding citizens of India and those of 100-plus countries against COVID-19 o 2 or more new vaccines expected soon o Lowest death rate per million and the lowest active cases 2021 - Year of milestones for Indian history • 75th year of India’s independence • 60 years of Goa’s accession to India • 50 years of the 1971 IndiaPakistan War

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Highlights of Budget 2021 • Year of the 8th Census of Independent India • India’s turn at the BRICS Presidency • Year for Chandrayaan-3 Mission • Haridwar MahaKumbh Vision for AatmaNirbhar Bharat • AatmaNirbharta –not a new idea –ancient India was selfreliant and a business epicentre of the world • AtmaNirbhar Bharat –an expression of 130 crore Indians who have full confidence in their capabilities and skills • Strengthening the Sankalp of: o Nation First o Doubling Farmer’s Income o Strong Infrastructure o Healthy India o Good Governance o Opportunities for Youth o Education for All

o Women Empowerment o Inclusive Development • 13 promises made in the Union Budget 2015-16, and resonating

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Rupee Comes from Corporation Tax 13%

Borrowing and Other Liabilities 36%

Income-Tax 14%

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Non-Debt Capital Receipts 5% Non-Tax Revenue 6%

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FEBRUARY 2021

Highlights of Budget 2021

Summary of Economic Survey-2020-21

ndia’s real GDP to record a growth of 11 per cent in 2021-22 and nominal GDP by 15.4 per cent-the highest since independence. The Vshaped economic recovery is supported by the initiation of a mega vaccination drive with hopes of a robust recovery in the services sector and prospects for robust growth in consumption and investment. The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Economic Survey 2020-21 in Parliamenty, which states that the rebound will be led by the low base and continued normalization in economic activities

as the rollout of COVID-19 vaccines gathers traction. The fundamentals of the economy remain strong as gradual scaling back of lockdowns along with the astute support of Atmanirbhar Bharat Mission have placed the economy firmly on the path of revival. This path would entail a growth in real GDP by 2.4 percent over the absolute level of 2019-20-implying that the economy would take two years to reach and go past the pre-pandemic level. These projections are in line with IMF estimate of real GDP growth of 11.5 per cent in 2021-22 for India and 6.8 per cent in 2022-23. India is

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expected to emerge as the fastest growing economy in the next two years as per IMF. The Survey says, India’s mature policy response to this “once-in-acentury” crisis provides important lessons for democracies to avoid myopic policymaking and demonstrates the significant benefits of focusing on long-term gains. India adopted a unique four-pillar strategy of containment, fiscal, financial, and long-term structural reforms. Calibrated fiscal and monetary support was provided given the evolving economic situation, cushioning the vulnerable in the lockdown and boosting consumption and investment while unlocking, mindful of fiscal repercussions and entailing debt sustainability. A favorable monetary policy ensured abundant liquidity and immediate relief to debtors via temporary moratoria, while unclogging monetary policy transmission. The Survey says, India’s GDP is estimated to contract by 7.7 per cent in FY2020-21, composed of a sharp 15.7 per cent decline in first half and a modest 0.1 per cent fall in the second half. Sector-wise, agriculture has >>P25

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Highlights of Budget 2021

<<P24 remained the silver lining while contact-based services, manufacturing, construction were hit hardest, and have been recovering steadily. Government consumption and net exports have cushioned the growth from diving further down. As anticipated, while the lockdown resulted in a 23.9 per cent contraction in GDP in Q1, the recovery has been a V-shaped one

as seen in the 7.5 per cent decline in Q2 and the recovery across all key economic indicators. Starting July, a resilient V-shaped recovery is underway, as demonstrated by the recovery in GDP growth in Q2 after the sharp decline in Q1. As India’s mobility and pandemic trends aligned and improved concomitantly, indicators like E-way bills, rail freight, GST collections and power consumption not only reached pre-pandemic levels but

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also surpassed previous year levels. The reignited inter and intra state movement and record-high monthly GST collections have marked the unlocking of industrial and commercial activity. A sharp rise in commercial paper issuances, easing yields, and sturdy credit growth to MSMEs portend revamped credit flows for enterprises to survive and grow. Dwelling on the sectoral trends, the Survey says that the >>P26

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Highlights of Budget 2021 <<p25 year also saw manufacturing sector’s resilience, rural demand cushioning overall economic activity and structural consumption shifts in booming digital transactions. It adds that Agriculture is set to cushion the shock of the COVID-19 pandemic on the Indian economy in 2020-21 with a growth of 3.4 per cent in both Q1 and Q2. A series of progressive reforms undertaken by the government have contributed to nourishing a vibrant agricultural sector, which remains a silver lining to India’s growth story of FY 2020-21. A palpable V-shaped recovery in industrial production was observed over the year. Manufacturing rebounded and industrial value started to normalize. Indian services sector sustained its recovery from the pandemic driven declines with PMI Services output and new business rising for the third straight month in December. Bank credit remained subdued in FY 2020-21 amid risk aversion and muted credit appetite. However, credit growth to agriculture and allied activities accelerated to 7.4 per cent in October 2020 from 7.1 per cent in October 2019. October 2020 saw resilient credit flows to sectors such as construction, trade and hospitality, while bank credit remained muted to the manufacturing sector. Credit growth to the services sector accelerated to 9.5 per cent in October 2020 from 6.5 per cent in October 2019. High food prices remained a major driver of inflation in 2020. However, inflation in December, 2020 fell back into the RBI’s target range of 4+/-2 per cent to reach 4.6 per cent to reach 4.6 per cent year-on-year as compared to 6.9 per cent in November. This was driven by a step fall in food prices, particularly of vegetables, cereals, and protein products and favorable base effects. The external sector provided an effective cushion to

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growth with India recording a current account surplus of 3.1 per cent of GDP in the first half of the year, largely supported by strong services exports, and weak demand leading to a sharper contraction in imports (with merchandise imports contracting by 39.7%) than exports (with merchandise exports contracting by 21.2%). Consequently, the Foreign exchange reserves rose to cover 18 months of imports in December 2020. External debt as a ratio to GDP rose marginally to 21.6 per cent at end-September 2020 from 20.6 per cent at end-March 2020. However, the ratio of foreign exchange reserves to total and short-term debt (original and residual) improved because of the sizable accretion in reserves. India remained a preferred investment destination in FY 2020-21 with FDI pouring in amidst global asset shifts towards equities and prospects of quicker recovery in emerging economies. Net FPI inflows recorded an all-time monthly high of US$ 9.8 billion in November 2020, as investors’ risk appetite returned, with a renewed search for yield, and US dollar weakened amid global monetary easing and fiscal stimulus packages. India was the only country among emerging markets to receive equity FII inflows in 2020. Buoyant Sensex and NIFTY resulted in India’s marketcapitalisation to Gross Domestic Product (GDP) ratio crossing 100 per cent for the first time since October 2010. This, however, raises concerns on the disconnect between the financial markets and real sector. Exports are expected to decline by 5.8 per cent and imports by 11.3 per cent in the second half of the year. India is expected to have a Current Account Surplus of 2 per cent of GDP in FY21, a historic high after 17 years. On the supply side, Gross Value Added (GVA) growth is pegged at -7.2 per cent in 2020-21 as against 3.9 per cent in FY:2019-20. Agriculture is set >>P27 High Speed Nylon Zipper Spiraling Machine

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Highlights of Budget 2021 <<p26 to cushion the shock of the Covid19 pandemic on the Indian economy in 2020-21 with a growth of 3.4 per cent, while industry and services are estimated to contract by 9.6 per cent and 8.8 per cent during the year. The Survey underlines that the year 2020 was dominated by the COVID19 pandemic and the ensuing global economic downturn, the most severe one since the Global Financial Crisis. The lockdowns and social distancing norms brought the already slowing global economy to a standstill. Global economic output is estimated to fall by 3.5 percent in 2020 (IMF January 2021 estimates). In view of this, Governments and central banks across the world deployed a range of policy tools to support their economies such as lowering key policy rates, quantitative easing measures, loan

guarantees, cash transfers and fiscal stimulus measures. India recognized the disruptive impact of the pandemic and charted its own unique path amidst dismal projections by several international institutions of the spread in the country given its huge population, high population density and an overburdened health infrastructure. The Survey observes that the intense lockdown implemented at the start of the pandemic – when India had only a 100 confirmed cases – characterized India’s unique response in several ways. First, the policy response was driven by the findings from both epidemiological and economic research. Specifically, faced with enormous uncertainty about the potential spread of the pandemic, the policy implemented the Nobel-prize winning research in Hansen and Sargent (2001) that recommends a

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policy focussed on minimising losses in a worst case scenario. Faced with an unprecedented pandemic, loss of scores of human lives captured this worst case scenario. Moreover, epidemiological research highlighted the importance of an initial, stringent lockdown especially in a country where high population density posed difficulties with respect to social distancing. Therefore, India’s policy humane response that focused on saving human lives, recognised that the short-term pain of an initial, stringent lockdown would lead to long-term gains both in the lives saved and in the pace of the economic recovery. The scores of lives that have been saved and the V-shaped economic recovery that is being witnessed bear testimony to India’s boldness in taking short-term pain for long-term gain. Second, India >>P28

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Highlights of Budget 2021 <<P27 recognised that the pandemic impacts both supply and demand in the economy. The slew of reforms – again unique amidst all major economies – were implemented to ensure that the supply-side disruptions, which were inevitable during the lockdown, are minimized in the medium to long-run. The demand side policy reflected the understanding that aggregate demand, especially that for nonessential items, reflects precautionary motives to save, which inevitably remains high when overall uncertainty is high. Therefore, during the initial months of the pandemic when uncertainty was high and lockdowns imposed economic restrictions, India did not waste precious fiscal resources in trying to pump up discretionary consumption. Instead, the policy focused on ensuring that all essentials were taken care of, which included direct benefit transfers to the vulnerable sections and the world’s largest food subsidy programme targeting 80.96 crore beneficiaries. Government of India also launched Emergency Credit Line Guarantee Scheme to provide much needed relief to stressed sectors by helping entities sustain employment and meet liabilities. During the unlock phase, when

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uncertainty declined and the precautionary motive to save subsided, on the one hand, and economic mobility increased, on the other hand, India has ramped up its fiscal spending. A favorable monetary policy ensured abundant liquidity and immediate relief to debtors via temporary moratoria, while unclogging monetary policy transmission. India’s demand-side policy, thus, underscores the idea that pressing on the accelerator while the brakes are clamped only wastes scarce fuel. The year 2020 threw at the world a bedlam of novel COVID-19 virus, threatening all that was taken for granted –mobility, safety, and a normal life itself. This, in turn, posed the most formidable economic challenge to India and to the world in a century. Bereft of a cure or a vaccine, public health policy became central to tackling this all-pervasive crisis. The imperative of flattening the disease curve was entwined with the livelihood cost of an imminent recession, which emanated from the restrictions in economic activities from the lockdown required to contain the pandemic. This inherent trade-off led to the policy dilemma of “lives versus livelihoods”. Mega Investment Textiles Parks (MITRA) scheme The Government has proposed a scheme of Mega Investment Textiles Parks (MITRA) to enable the textile industry to become globally competitive, attract large investments, boost employment generation and exports. Presenting the Union Budget 2021-22 in the parliament, Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman said that this will create world class infrastructure with plug and play facilities to enable create global champions in exports.

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MITRA will be launched in addition to the Production Linked Incentive Scheme(PLI). Commenting on Mega Investment Textiles Parks, Union Textiles and Women and Child Development Minister, Smt. Smriti Zubin Irani said in a tweet, “(MITRA) will be a game changer for the Indian Textiles Industry. Along with the Production Linked Incentive (PLI) scheme, MITRA will lead to increased investments and enhanced employment opportunities. In another tweet she said, “Emphasis on state-of-the-art infrastructure through MITRA will give our domestic manufacturers a level-playing field in the international textiles market & pave the way for India to become a global champion of textiles exports across all segments”. Emphasis on state-of-the-art infrastructure through MITRA will give our domestic manufacturers a level-playing field in the international textiles market & pave the way for India to become a global champion of textiles exports across all segments.Mega Investment Textiles Parks (MITRA) will be a game changer for the Indian Textiles Industry. Along with the Production Linked Incentive (PLI) scheme, MITRA will lead to increased investments and enhanced employment opportunities. Mentioning about the need to rationalize duties on raw material inputs to man-made textile, the Finance Minister announced of bringing nylon chain on par with polyester and other man-made fibers. Announcing uniform deduction of the BCD rates on caprolactam, nylon chips and nylon fiber and yarn to 5 per cent, the Minister said that the move will help the textile industry, MSMEs and exports too.

Highlights of Budget 2021

FEBRUARY 2021

Highlights of Budget 2021

Textile industry welcomes setting up 7 mega textiles park

he textile industry welcomed the setting up of 7 mega textiles parks proposed in the Union Budget 2021-22, saying this will make the industry globally competitive, but the imposition of a 10 per cent basic customs duty (BCD) on raw cotton will increase the domestic prices. “The Mega Investment Textiles Parks (MITRA), under which seven textile parks will be established over a period of three years, is a positive step that will enable the industry to become globally competitive, attract large investments and boost employment generation,” Cotton Textiles Export Promotion Council (TEXPROCIL) Chairman Manoj Patodia said. He stated that the Budget has proposed to reduce the basic customs duty on caprolactam, nylon chips and nylon fiber and yarn to 5 per cent, which will encourage the growth of the Man Made Fibre (MMF) sector especially the MSMEs. However, Patodia expressed his concern over the imposition of 10 per cent BCD on raw cotton, which will make imports of extra-long staple cotton costly, especially Giza Cotton from Egypt and Supima Cotton from the US. The TEXPROCIL chairman also said the imposition of import duty on cotton will increase the domestic prices. Clothing Manufacturers Association of India (CMAI) President Rajesh Masand also said the 7 mega textiles parks were the highlight of the Budget directly impacting the textile industry. This is in line with the government’s intention to encourage mega projects and increase the scale of operations in the textile industry, he said. The incorporation of the plug-and-play model will enable the

members of such parks to avoid huge capital expenditure outlays. Masand also said lack of scale has been the bane of our efforts to increase the industry’s share in the global trade, especially in the apparel sector. “However, the government also has to closely study why the textile parks have not really succeeded in the past. It is crucial to avoid errors of omission and commissions in the past. “Otherwise, this will remain one more well-intended scheme, which fails to lift the fortunes of the textile industry,” he added. Masand also said the increase of import duty on cotton and cotton fibre has come at a time when the industry is reeling from an unprecedented increase of raw material prices especially yarn and could send a wrong signal. Crisil Research Director (Textiles) Hetal Gandhi said setting up of 7 mega textile parks will aid Indian textile exporters to improve global competitiveness against countries like Vietnam and Bangladesh by providing access to sophisticated infrastructure and facilities. “India’s share in RMG (readymade garments) exports to the US and the EU remained almost stable at 4-6 per cent, while that of competitors improved during the last 5 years,” she added. Gandhi said that setting up of textile parks along with the production-linked incentive scheme for technical textile and MMF producers will help apparel exporters to enhance export share in global markets in the medium term. Icra Senior Vice-President and Group Head (Corporate Sector Ratings) Jayanta Roy said that by addressing Manufacturer of Narrow Woven Elastic Tapes and Laces www.ranjittape.com

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Highlights of Budget 2021 some of the existing infrastructural and cost inefficiencies, which the domestic players face, this could enable India to garner a larger pie of the global apparel trade. The Union Budget 2021 has announced a Mega Textile Investment Scheme, which aims to create global champions in exports by establishing seven textile parks across the country, with plug-and-play facilities, he noted. “The announcement comes at an opportune time, as sizable opportunities are available in the global markets, owing to increasing focus on diversifying the vendor base beyond China,” he added. Welspun India Joint Managing Director and CEO Dipali Goenka said the Budget is encouraging and growthoriented and supports the achievement of the ‘Aatmanirbhar Bharat’ vision, and fuels post-pandemic recovery. “We foresee revival of consumer confidence with the budget impetus on inclusive human capital development, infrastructure development and universal healthcare,” she said. Goenka added that announcement for setting up of 7 textile parks in the next 3 years, in addition to the recent PLI scheme for technical textiles and manmade fibers,

promises to strengthen the global leadership of Indian textiles. “The Budget proves to be a strong enabler of women empowerment in the country, with the measures announced by Finance Minister Nirmala Sitharaman that promote women working in night shifts across all sectors, with adequate safety,” she added.

Customs duty on cotton imports disappoints textile sector

he textile and clothing sector here has expressed disappointment over the levy of customs duty on cotton imports in the Union Budget. Manoj Patodia, chairman of the Cotton Textiles Export Promotion Council, said that the plan to establish seven mega investment textile parks in three years was a positive step towards making the industry globally competitive. It would attract investments and boost employment. However, the plan to levy customs duty on cotton imports would make import of branded cotton expensive.T. Rajkumar, chairman of >>P32

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Highlights of Budget 2021 <<P31 Confederation of Indian Textile Industry, pointed out that levy of customs duty on cotton and cotton waste, that so far came under nil duty, comprises 5% basic customs duty and another 5% Agriculture Infrastructure and Development Cess (AIDC) on cotton and 10 % basic customs duty on cotton waste. The new import duty comes into effect from February 2, 2021. He appealed to the Prime Minister to withdraw the levy to sustain the global competitiveness of Indian textiles and apparel industry.

Apparel Export Promotion Council chairman A. Sakthivel said the mega textile parks would help create world class infrastructure for the industry and increase exports. Tiruppur Exporters Association president Raja Shanmugham said allocation of Rs. 100 crore for skill development and higher allocation for technology upgrade were much needed measures for the industry. The Indian Texpreneurs Federation said reduction of basic customs duty on nylon would help the MMF sector.

Previously NRIs were not allowed to incorporate OPCs. Now any natural person, who is an Indian citizen, whether resident in India or otherwise, would be allowed to form an OPC. The amendments also reduce the residency period to 120 days from 182 days for NRIs, for being considered as a resident in India. This would help a number of overseas Indians establish businesses in India. DPIIT Secretary said that the provisions permit conversion of One Person Company into a Public Company or a Private company anytime, removing the compulsory wait period of two years. It will substantially help startups to grow and enhance their ease of doing business. Similarly, the limitation of Paid-up capital and turnover presently applicable for OPCs (paid-up share capital of fifty lakhs rupees and an average annual turnover of two crore rupees) has been done away with so that there are no restrictions on the growth of OPCs. He reiterated that these provisions will help India’s startups and

support the growth of startups in the country. A credit guarantee fund for start-ups is to be established with a corpus of Rs 2000 crore. The scheme will provide a guarantee to Banks, FIs, NBFCs and AIFs for collateral free loans to DPIIT recognized Startups up to Rs. 10 crores. The National Credit Guarantee Trustee Company Ltd. (NCGTC) shall manage the day to day operations of the CGSS as the Trustee. It would target coverage of guarantees for approximately Rs. 15,000 crores with 3,000 units with an average loan size of Rs.5 crores to the eligible borrower, he added. The secretary said that the establishment of the Credit Guarantee Fund for providing portfolio guarantees under CGSS is expected to provide an incentive to financial intermediaries to lend to Startups, thus resulting in increased availability of funding for Startups. This would go a long way in encouraging innovation and entrepreneurship, apart from fulfilling the country’s agenda for development >>P33

Measures envisaged in Budget 2021-22 will boost startups: Secretary DPIIT

epartment for Promotion of Industry and Internal Trade (DPIIT) Secretary, Ministry of Commerce and Industry, Guruprasad Mohapatra said that the measures envisaged in the Budget for 2021-22 will further boost the Start-ups in the country. In a press briefing held here, Dr. Mahapatra said that measures such as Incentivizing incorporation of One Person Companies (OPCs) directly benefits Startups and Innovators in the country, according to an official release. The budget incentivizes the incorporation of One Person Companies (OPCs) by amending the Companies (Incorporation) Rules to allow OPCs to grow without any restrictions on paid-up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow NonResident Indians (NRIs) to incorporate OPCs in India. He said that these amendments will be effective from 01 April 2021.

Otherwise, there will be a fall in the exports of cotton textile and clothing products, he said. Southern India Mills Association chairman Ashwin Chandran said that the imports were cotton varieties that are not produced in India and cater to some of the niche segments in the domestic and international markets. The levy of customs duty on cotton has come as a “rude shock” to the industry. When the government introduced customs duty on cotton in 2008 the entire textile value chain went on a nationwide bandh.

FEBRUARY 2021

Highlights of Budget 2021

Transparency, tax stability key guiding principles of Budget 2021-22: FM

inance Minister Nirmala Sitharaman said transparency and tax stability were the key guiding principle of Budget 2021-22. Contrary to the expectations of a COVID-19 tax, the government has chosen to fund the budget stimulus through higher borrowing rather than increased taxes, she said while addressing members of industry chamber CII. While the Union Budget 2021-22 provides for enhanced capital expenditure by the government, it also envisages private sector participation in a big way, the finance ministry said in a statement quoting the minister.On the Budget announcement of setting up a Development Finance Institution (DFI), Sitharaman said the government will provide some capital and will also raise funds from the market.

In addition, the DFI Bill will provide legislative space for private DFIs. The government proposes to set up a Rs 20,000 crore DFI with a view to mobilise Rs 111 lakh crore required for funding of the ambitious National Infrastructure Pipeline (NIP). NIP, a first-of-its-kind initiative to provide world-class infrastructure across the country and improve the quality of life for all citizens, will be crucial for attaining the target of becoming a USD 5 trillion economy by FY 2025. Similarly, she said, the Asset Reconstruction Company (ARC) for the management of non-performing assets (NPAs) will be floated as a holding company by the banks themselves, with support from the government. >>P34

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Highlights of Budget 2021

Union Budget 2021-22 has provided impetus to growth: RBI

he Union Budget 2021-22 has introduced several measures to provide an impetus to growth, and the projected increase in capital expenditure augurs well for capacity creation thereby improving the prospects for growth and building credibility around the quality of expenditure, the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has said. “The recovery, however, is still to gather firm traction and hence continued policy support is crucial. Taking these developments into consideration, the MPC in its meeting decided to continue with an accommodative stance of monetary policy till the prospects of a sustained recovery are well secured while closely monitoring the evolving outlook for inflation,” the MPC said in its Monetary Policy Statement. On the basis of an assessment of the current and evolving macroeconomic situation, the MPC decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0 per cent. Consequently, the reverse repo rate under the LAF would remain unchanged at 3.35 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 4.25 per cent. The MPC also decided to continue with the <<P33 Elaborating on the thrust areas, the finance minister said the focus has been on segments with high multipliers, such as infrastructure like power, roads, ports and airports which would facilitate the private sector. Healthcare and agriculture have been the other priorities. The finance minister also promised a ‘honest leakagefree implementation’ of the Budget proposals.

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accommodative stance as long as necessary – at least during the current financial year and into the next financial year – to revive growth on a durable basis and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. “These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth,” the statement said. On the outlook for the Indian economy, MPC said that the Union Budget 2021-22, with its thrust on sectors such as health and well-being, infrastructure, innovation and research, among others, should help accelerate the growth momentum. Taking these factors into consideration, real GDP growth is projected at 10.5 per cent in 2021-22 – in the range of 26.2 to 8.3 per cent in H1 and 6.0 per cent in Q3.

Textiles industry broadly welcomes Union Budget 2021-22

he Indian textiles and clothing industry has broadly welcomed the Union Budget 2021-22 presented by finance minister Nirmala Sitharaman in Parliament on February 1. Setting up of 7 mega textiles parks under MITRA, and reducing duty on nylon raw materials are welcomed by all trade bodies, while there is a mixed reaction to 10 per cent import duty on cotton. The grant to the textiles and clothing sector in Union Budget 2021-22 is Rs. 3,614.64 crore, which is about 10 per cent higher than the revised >>P35 ®

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Highlights of Budget 2021 >>P34 budget of Rs. 3,300 crore in 2020-21. The budget also puts emphasis on Infrastructure Development and Research & Capacity Building as the grant for these sectors has been increased by about 43.7 per cent and 77.5 per cent respectively as compared to last year. Share of these sectors in total textile and apparel budget allocation for 2021-22 stands at about 6 per cent and 10 per cent respectively. The Budget allocates Rs. 700 crore for Amended Technology Upgradation Scheme (ATUFs) against Rs. 545 crore in last Budget, which will help to clear the pending capital subsidy. It allocates Rs. 30 crore for Export Promotion Studies against Rs. 5 crore in last Budget, and Rs. 100 crore for Integrated Scheme for Skill Development. Welcoming the first paperless Budget presented by Union finance minister, the Confederation of Indian Textile Industry (CITI) has said it will lay a strong foundation for future growth of the textiles and clothing industry in India. The announcement on setting up of seven mega textiles parks is the highlight of the Union Budget 2021-22, directly impacting the textile industry, The Clothing Manufacturers Association of India (CMAI), the

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Highlights of Budget 2021 <<P35 direction, as it will bring nylon chain on par with polyester and other man-made fibres. Rajkumar also welcomed rationalisation of exemption on import of duty-free items as an incentive to exporters of garments, leather, and handicraft items. “All these items are domestically produced in excellent quantity and quality by our MSMEs and help the textile industry and exports too,” he said. As per Union Budget 2021-22, cotton and cotton waste which is currently under nil rate of import duty is being subjected to 10 per cent import duty through the budgetary announcement comprising of 5 per cent Basic Customs Duty (BCD) and another 5 per cent Agriculture Infrastructure and Development Cess (AIDC) on cotton and 10 per cent BCD on cotton waste. The new import duty came into effect from February 2, 2021. CITI and The Southern India Mills’ Association (SIMA) has described this as a severe blow for the ailing cotton textiles and apparel industry. The associations appealed to the Prime Minister to immediately withdraw the levy of 10 per cent import duty on cotton and cotton waste to sustain the global competitiveness of Indian textiles and apparel industry and prevent job losses for several lakhs of people, prevent fall in the exports and also curb cheaper imports of value added products from the SAFTA countries like Bangladesh, Sri Lanka, etc. “The levy of 10 per cent duty will not benefit the cotton farmers as the normal import of 12 to 14 lakh bales per year accounts for only around 3 per cent of Indian cotton production and consumption and such cotton is not produced in India. But this is essential to sustain the share of value added / niche markets of India, both in global and domestic markets,” SIMA chairman Ashwin Chandran said in a press release.

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He added that after the introduction of Bt cotton that accounts for over 97 per cent of the cotton produced in the country, the cotton textile industry has to import extra-long staple (ELS) cotton, organic cotton, contamination free cotton to the tune of 10 to 12 lakhs bales per year to meet the demands of the global customers and also the value added made-ups and apparel segments of the domestic market. “The sudden announcement of levying import duty on cotton has come as a rude shock for the industry that is just coming out of the ill effects of COVID-19. The levy on cotton has also defeated yet another government policy of addressing inverted duty structure in the GST, as the cotton value chain attracts 5 per cent GST and will add the cost to the customers and discourage value addition,” he added. The imposition of 10 per cent BCD on raw cotton was surprising, said The Cotton Textiles Export Promotion Council (TEXPROCIL) chairman Manoj Patodia in a media statement. This will make imports of ELS cotton costly, especially Giza cotton from Egypt and Supima cotton from the US. He expressed his apprehension that the imposition of import duty on cotton will increase the domestic prices of cotton, which will now be based on the import parity price plus the BCD, which in turn will increase cost for value-added products like fabrics, made ups and garments. He also pointed out that there has been a decline in imports of cotton by a sharp 77 per cent during January-November 2020 as compared to the same period in 2019, and as such there is no case for an imposition of import duty on cotton. He added that if the BCD on cotton is not withdrawn immediately, it will have an adverse impact on employment and investments in the value-added textile and clothing sector. Among other Budget announcements, CITI welcomed the >>P37

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Highlights of Budget 2021 <,P36 move of allowing women to work in all categories and also in the night-shifts with adequate protection, as well as the modified definition of small companies: companies with a paid-up capital not exceeding Rs. 2 crore and a turnover not exceeding Rs. 20 crore are to be considered small companies, implementation of the 4 labour codes, minimum wages to all categories of workers, and all will be covered by the Employees State Insurance Corporation (ESIC). SIMA chairman thanked the government for announcing the Production Linked Incentive (PLI) Scheme by allocating Rs. 1.97 lakh crore, including Rs. 10,683 crore for textile industry, giving thrust to develop the global competitiveness in the MMF textile value chain. He said that the focus product incentive scheme under PLI Scheme for MMF and technical textiles would give enormous opportunity for the growth of Indian MMF and technical textile products. On the MITRA scheme, Chandran said that Tamil Nadu being the largest textile manufacturing state, is planning to develop three mega parks under the scheme, as Andhra Pradesh and Telangana are already having one such park each. “This would facilitate attracting large scale investments including FDI and JVs.”

While applauding the government’s intention to encourage mega projects and increasing the scale of operations in the textile Industry, CMAI president Rajesh Masand added a note of caution: “The government also has to very closely study why the textile parks have not really succeeded in the past. It is very crucial to avoid errors of omission and commissions in the past. Otherwise, this will remain one more well intended scheme which fails to lift the fortunes of the textile industry.” The permission to form a one-person company may also indirectly benefit the smaller apparel manufacturers, many of whom are in the micro sector and one-man shows. They are likely to get much more banking support than before. The increase of the tax audit slabs should also benefit the smaller members of the apparel sector, according to CMAI. “I sincerely thank the finance minister for taking care of all the sectors including the apparel sector. This is one of the finest budgets considering the current situation due to the coronavirus pandemic. All key sectors like health, agriculture, infrastructure, finance and skilling have been covered well. It will improve the economy,” Apparel Export Promotion Council (AEPC) chairman Dr A Sakthivel said in a media release.

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Highlights of Budget 2021 Sakthivel thanked the government for the Budget decisions that will promote production and export of MMF based garments. “Our main request was related to MMF garments and that has been considered by the government. The Rs. 10,683 crore Production Linked Incentive (PLI) scheme for MMF garments and technical textiles, along with new Mega Investment Textile Parks scheme for setting up seven textile parks in India over three years will bring in huge investment in the MMF sector,” he said. The focus on infrastructure highways, railways and ports is a welcome decision as it will go a long way in improving the logistics and reduce the cost of doing business, according to Sakthivel. Further, the rationalisation of GST and customs will also help in easy access to raw materials and export of value-added products. “The reduction in custom duty on nylon will further promote the MMF garments,” said AEPC chairman, adding that the doubling of budget provision to micro, small and medium enterprises (MSME) sector with the allocation of Rs. 15,700 crore in the coming fiscal will strengthen the sector crucial for employment, manufacturing and exports.

Coimbatore-based Indian Texpreneurs Federation (ITF) welcomed the thrust given to textile sector in Union Budget 2021-22, particularly with the announcement of establishment of seven mega textile parks. “With the concept of these mega parks with a plug and play model, Indian textile and apparel sector, particularly SMEs, can work on scale and build competitiveness in manufacturing. Further, these parks can be aligned with ESG (Environmental, Social and Governance) goals to attract international buyers as well as investors,” ITF convenor Prabhu Dhamodharan said. “The mention of 3-year time period is a welcome one to capitalise the opportunities emerging from brands’ China plus one strategy. Tamil Nadu with a robust manufacturing eco-system should work towards getting 2 parks.” Meanwhile, the Tiruppur Exporters Association (TEA) has termed the Budget as ‘pragmatic’ as it addresses issues of all sectors at a time when the Indian economy is getting back to normalcy. TEA president Raja M Shanmugham welcomed the fund allocation to roads and highways infrastructure facilities, specifically to Tamil Nadu State. In her Budget speech, Sitharaman proposed 3,500 km of

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National Highway works in the state of Tamil Nadu at an investment of Rs. 1.03 lakh crore. She also announced the Chennai-Salem corridor: a 277 km expressway will be awarded, and construction would start in 2021-22. In its pre-Budget memorandum to the finance minister, TEA had sought support for migrant workers. Shanmugham thanked the minister for allowing a new tax exemption for the notified Affordable Rental Housing Projects. The proposal to allow women workers in all categories in the night shifts with adequate protection, and reduction of compliance burden on employers with single registration and licensing, and online returns, are also welcome steps, TEA said in a While stating that the taxation changes proposed in the Budget will benefit MSMEs in a big way, NITMA’s Garg said there is an urgent need of raising customs duty on man-made yarns to 10 per cent. “The man-made yarn sector is one of the largest employment generating segments within the textile industry, and it is highly capital and labour intensive industry as well. The unreasonably lowpriced imports of man-made yarn into India have been causing considerable amount of injury to domestic >>P39

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Highlights of Budget 2021

Budget to lay strong foundation for future growth: CITI

elcoming the first paperless Budget presented by Union finance minister Nirmala Sitharaman in Parliament, the Confederation of Indian Textile Industry (CITI) has said it will lay a strong foundation for future growth of the textiles and clothing industry in India. However, the levy of 10 per cent import duty on cotton has come as a severe blow, it added. The announcement of setting up of seven textile parks within three years under the scheme Mega Investment Textile Parks (MITRA) will create world class infrastructure with plug and play facilities to enable create global champions in textile exports, CITI

chairman T Rajkumar said in a press release. “The Production Linked Incentive (PLI) scheme for manmade fibres and technical textiles with a total outlay of Rs. 10,683 crore will also help the textile industry to become globally competitive, attract large investments and boost employment generation. Moreover, to achieve the target of $350 billion from the current size of $167 billion, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains, possess core competence and cuttingedge technology,” Rajkumar said. >>P40

<<P38 manufacturers for the last 5 years or so. Industry has deep concerns over the rise in import quantities being dumped into India, which can potentially cause a permanent damage to domestic MMF sector with the cascading effect, from closure of units to NPAs, and eventually resulting in huge employment loss,” Garg said.According to him, the increase in customs duty on cotton from nil to 10 per cent and on raw silk and silk

yarn from 10 per cent to 15 per cent will benefit domestic cotton and silk growers. He said the custom duty policy announced has dual objectives of promoting domestic manufacturing and helping India get on to global value chain and export better. He added that the domestic textile industry will get easy access to raw materials and exports of value-added products, which will make textile industry globally competitive.

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Highlights of Budget 2021 <<P39 He pointed out that that the government well recognises the fact that the textile industry significantly contributes to the Indian economy and creates huge employment opportunities to the masses, especially to the poorer sections of the society majorly covering illiterate and down-trodden women. “To further enhance this scope and achieve the target of making Indian economy a $ 5-trillion economy by 2025, reduction of customs duty on caprolactam, nylon chips and nylon fibre & yarn to 5 per cent is step in the right direction. This will bring nylon chain on par with polyester and other man-made fibres.” Rajkumar also welcomed rationalisation of exemption on import of duty-free items as an incentive to exporters of garments, leather, and handicraft items. “All these items are domestically produced in excellent quantity and quality by our MSMEs and help the textile industry and exports too,” he said. “However, the levy of 10 per cent import duty on cotton and cotton waste has come as a severe blow for the ailing cotton textiles and apparel industry,” the release said. Cotton and cotton waste which is currently under nil rate of import duty is being subjected to 10 per cent import duty through the budgetary announcement comprising of 5 per cent Basic Customs Duty and another 5 per cent Agriculture Infrastructure and Development Cess (AIDC) on cotton and 10 per cent BCD on cotton waste. Rajkumar appealed to the Prime Minister to consider the immediate withdrawal of the levy of 10 per cent import duty on cotton and cotton waste to sustain the global competitiveness of Indian textiles and apparel industry, and prevent job losses for several lakhs of people, prevent fall in the exports and also curb cheaper imports of value added products from the

SAFTA countries like Bangladesh, Sri Lanka, etc. The move of allowing women to work in all categories and also in the night-shifts with adequate protection, as well as the modified definition of small companies: companies with a paid-up capital not exceeding ₹2 crore and a turnover not exceeding ₹20 crore are to be considered small companies, implementation of the 4 labour codes, minimum wages to all categories of workers, and all will be covered by the Employees State Insurance Corporation (ESIC) are welcome decisions for the upliftment of Indian economy, CITI said.

Budget aims at boosting textile & clothing sector: NITMA

everal measures initiated in the Union Budget 202122 are aimed at giving a boost to the textile and clothing sector, the Northern India Textile Mills’ Association (NITMA) has said. The taxation changes proposed in the Budget will benefit MSMEs in a big way, however, there is an urgent need of raising customs duty on man-made yarns to 10 per cent. The grant to the textiles and clothing sector in Union Budget 2021-22 is Rs. 3,614.64 crore, which is about 10 per cent higher than the revised budget of Rs. 3,300 crore in 2020-21. The budget also puts emphasis on Infrastructure Development and Research & Capacity Building as the grant for these sectors has been increased by about 43.7 per cent and 77.5 per cent respectively as compared to last year. Share of these sectors in total textile and apparel budget allocation for 2021-22 stands at about 6 per cent and 10 per cent respectively, NITMA president >>P42

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Highlights of Budget 2021 <<P41 Sanjay Garg said. Seven textile parks are to be established over 3 yearsunder the Mega Investment Textiles Parks (MITRA) scheme. “With the active support and cooperation of the government, the textile industry will become globally competitive, attract large investments and boost employment generation and exports in the years ahead,” said Garg. The uniform reduction of basic customs duty (BCD) rates on caprolactam, nylon chips and nylon fibre and to 5 per cent will spur textile industry, MSMEs, and exports, according to Garg. The increase in customs duty on cotton from nil to 10 per cent and on raw silk and silk yarn from 10 per cent to 15 per cent will benefit domestic cotton and silk growers, Garg added. Stating that the taxation changes proposed in the Budget will help and benefit MSMEs in a big way, Garg said, “Measures taken to simplify GST are praiseworthy with the hope that the government will take corrective measures to smoothen the GST further by removing anomalies such as the inverted duty structure.” He added that the custom duty policy announced has dual objectives of promoting domestic manufacturing

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Highlights of Budget 2021

Budget growth-oriented; BCD on cotton a concern: TEXPROCIL

elcoming the Union Budget for 2021-22 as growth-oriented, The Cotton Textiles Export Promotion Council (TEXPROCIL) has added that the imposition of basic customs duty (BCD) on cotton is a matter of deep concern. It has urged the government to withdraw the duty immediately to avoid adverse impact on employment and investments in the textile sector. The Union Budget has announced Mega Investment Textiles Parks (MITRA), under which seven textile parks will be established over a period of three years. “This is a very positive step which will enable the textile industry to become globally competitive, attract large investments and boost employment generation,” said TEXPROCIL chairman Manoj Patodia in a press release. The Budget has reduced

cotton, which will now be based on the import parity price plus the BCD, which in turn will increase cost for value-added products like fabrics, made ups and garments. He also pointed out that there has been a decline in imports of cotton by a sharp 77 per cent during JanuaryNovember 2020 as compared to the same period in 2019, and as such there is no case for an imposition of import duty on cotton.He appealed to the government to withdraw the BCD on cotton in the interest of the textile & clothing sector and its orderly development, especially as India is a cotton surplus country. He further stated that if the BCD on cotton is not withdrawn immediately, it will have an adverse impact on employment and investments in the value-added textile and clothing sector.

Customs Duty and another 5 per cent Agriculture Infrastructure and Development Cess (AIDC) on cotton and 10 per cent BCD on cotton waste. The new import duty comes into effect from February 2, 2021. “This has come as a severe blow for the ailing cotton textiles and apparel industry,” SIMA chairman Ashwin Candran said in a press release. He appealed to the Prime Minister to immediately withdraw the levy of 10 per cent import duty on cotton and cotton waste to sustain the global competitiveness of Indian textiles and apparel industry and prevent job losses for several lakhs of people, prevent fall in the exports and also curb cheaper imports of value added products from the SAFTA countries like Bangladesh, Sri Lanka, etc.

“The levy of 10 per cent duty will not benefit the cotton farmers as the normal import of 12 to 14 lakh bales per year accounts for only around 3 per cent of Indian cotton production and consumption and such cotton is not produced in India. But this is essential to sustain the share of value added / niche markets of India, both in global and domestic markets,” Chandran said. He added that after the introduction of Bt cotton that accounts for over 97 per cent of the cotton produced in the country, the cotton textile industry has to import extra-long staple (ELS) cotton, organic cotton, contamination free cotton to the tune of 10 to 12 lakhs bales per year to meet the demands of the global customers and also the value added made-ups >>P44

SIMA appeals for withdrawal of import duty on cotton

tating that the imposition of 10 per cent import duty on cotton is a severe blow for the cotton textile value chain, The Southern India Mills’ Association (SIMA) has appealed to the Prime Minister for withdrawal of the duty. However, it has hailed the announcement of MITRA scheme aiming at developing seven mega textile parks with plug and play facility. India has been globally competitive only in the cotton textile manufacturing, thereby accounting for 80 per cent of its total exports. As per Union Budget 2021-22, cotton and cotton waste which is currently under nil rate of import duty is being subjected to 10 per cent import duty through the budgetary announcement comprising of 5 per cent Basic

the BCD on caprolactam, nylon chips and nylon fibre & yarn to 5 per cent. This will encourage the growth of the MMF sector especially the MSMEs, according to the chairman, TEXPROCIL. On the direct taxes front, the Budget has reduced the time-limit for re-opening of assessment to 3 years from the present 6 years. “This is a welcome step and it will remove the uncertainty for the assesses,” the release said. However, the imposition of 10 per cent BCD on raw cotton was surprising, said Patodia. He added that this will make imports of Extra Long Staple (ELS) cotton costly, especially Giza cotton from Egypt and Supima cotton from the US.Patodia expressed his apprehension that the imposition of import duty on cotton will increase the domestic prices of

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Highlights of Budget 2021 the foreign exchange also got affected,” Chandran said while urging the Prime Minister to withdraw the duty on cotton and cotton waste to sustain the global competiveness of the cotton textile value chain and make Aatmanirbar Bharat vision a reality. SIMA chairman thanked the government for announcing the Production Linked Incentive (PLI) Scheme by allocating Rs. 1.97 lakh crore, including Rs. 10,683 crore for textile industry, giving thrust to develop the global competitiveness in the MMF textile value chain. He said that the focus product incentive scheme under PLI Scheme for MMF and technical textiles would give enormous opportunity for the growth of Indian MMF and technical textile products. Hailing the announcement of MITRA scheme aiming at developing seven mega textile parks with plug and play facility and facilitate 40 to 50 leading textile players to become global champions, Chandran said that Tamil Nadu being the largest textile manufacturing state, is planning to develop three mega parks under MITRA, as Andhra Pradesh and Telangana are already having one such park each. “This would facilitate attracting large scale investments including FDI and JVs.”

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Welcoming the allocation of Rs. 700 crore for TUF Scheme and Rs. 80 crore for SITP, Chandran hoped that additional allocations would be made liberally based on the claims filed by the ministry of textiles. He added that there is a backlog of over Rs. 10,000 crore under TUFS for several years and hoped that the Government would release the same during the financial year 2021-22 to enable the industry to make investments and create jobs under different schemes.

ITF welcomes thrust given to textile sector in Budget

he thrust given to textile sector in Union Budget 2021-22, particularly with the announcement of establishment of seven Mega Integrated Textile Region and Apparel Parks (MITRA) is welcome, Coimbatore-based Indian Texpreneurs Federation (ITF) has said. It added that the reduction of basic customs duty (BCD) on nylon will help the MMF sector in a big way. “With the concept of these mega parks with a plug and play model, Indian textile and apparel sector, particularly SMEs, can work on scale and build >>P45

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<<p42 and apparel segments of the domestic market. He said the sudden announcement of levying import duty on cotton has come as a rude shock for the industry that is just coming out of the ill effects of COVID-19. The levy on cotton has also defeated yet another government policy of addressing inverted duty structure in the GST, as the cotton value chain attracts 5 per cent GST and will add the cost to the customers and discourage value addition. “The MSME and decentralised nature of the yarn, fabric and garment manufacturers in the country will not be in a position to take advantage of Advance Authorisation Scheme and such scheme would benefit only the vertically integrated units that account less than 10 per cent of the exports,” the release said. “The Government had withdrawn the import duty on cotton during July 2008 consequent to the severe recession faced by the industry and also a nation-wide bandh by the entire cotton textile value chain. When the import duty was there, the multinationals used to cover major volume of cotton and export, and thereafter the industry had to import cotton at higher price and thereby

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Highlights of Budget 2021

Budget to boost production, export of MMF garments: AEPC

elcoming the Union Budget 2021-22 presented by finance minister Nirmala Sitharaman, Apparel Export Promotion Council (AEPC) chairman Dr A Sakthivel said the Budget takes care of all the sectors and will ensure robust economic recovery going forward. He thanked the ministry of textiles for the encouragement given to the man-made fibre (MMF) sector. “I sincerely thank the finance minister for taking care of all the sectors including the apparel sector. This is one of the finest budgets considering the current situation

due to the coronavirus pandemic. All key sectors like health, agriculture, infrastructure, finance and skilling have been covered well. It will improve the economy,” Sakthivel said in a press release. He particularly thanked the government for the Budget decisions that will promote production and export of MMF based garments. “Our main request was related to MMF garments and that has been considered by the government. The ₹10,683 crore Production Linked Incentive (PLI) scheme for MMF garments and

technical textiles, along with new Mega Investment Textile Parks scheme for setting up seven textile parks in India over three years will bring in huge investment in the MMF sector,” Sakthivel said. “The mega textile parks with plugand-play facilities by the government will create global export champions. These will help in creating world class infrastructure in the textile sector, bring in investment, increase exports and provide employment,” he added. The focus on infrastructure highways, railways >>P46

<<P44 competitiveness in manufacturing. Further, these parks can be aligned with ESG (Environmental, Social and Governance) goals to attract

international buyers as well as investors,” ITF convenor Prabhu Dhamodharan said in a press release.“The mention of 3-year time period is a welcome one to capitalise

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Highlights of Budget 2021

TEA terms Union Budget 2021-22 as ‘pragmatic’

he Tiruppur Exporters Association (TEA) has termed the Union Budget 2021-22 as ‘pragmatic’ as it addresses issues of all sectors at a time when the Indian economy is getting back to normalcy. The association also welcomed the announcement of setting up seven mega textile parks in the country over a period of 3 years with ‘plug and play’ facilities. TEA president Raja M Shanmugham welcomed the fund allocation to roads and highways infrastructure facilities, specifically to Tamil Nadu State. In her Budget speech, Sitharaman proposed 3,500 km of National Highway works in the state of Tamil Nadu at an investment of Rs. 1.03 lakh crore. She also announced the Chennai-Salem corridor: a 277 km expressway will be awarded, and construction would start in 2021-22. Welcoming the launching of much talked Mega Investment Textiles Parks Scheme and establishing 7 textiles parks in the country, Shanmugham said this will enable to create global champions in exports and was hopeful that Tiruppur exporters will opt to setup their units in these parks.

Shanmugham thanked the finance minister for allocation of Rs. 700 crore for Amended Technology Upgradation Scheme (ATUFs) against Rs. 545 crore in last Budget, which will help to clear the pending capital subsidy. He appreciated the allocation of Rs. 30 crore for Export Promotion Studies against Rs. 5 crore in last Budget, a requirement to the industry to know the export potential available for specified products in the unexplored markets. He was also happy to note that allocation of Rs. 100 crore for Integrated Scheme for Skill Development, a need of the hour for the textiles industry. On rationalisation of duties on raw material to man-made textiles, Shanmugham said the reduction of Basic Customs Duty (BCD) on nylon chips, nylon fibre and yarn, caprolactam to 5 per cent will help for the promotion of textiles industry and exports. He lauded the allocation of Rs. 50,000 crore over five years for National Research Foundation (NRF) to strengthen eco-system of the country and was hopeful that Tiruppur would also benefit out of this allocation. In its pre-Budget memorandum to >>P47

<<P45 and ports is a welcome decision as it will go a long way in improving the logistics and reduce the cost of doing business, according to Sakthivel. Further, the rationalisation of GST and customs will also help in easy access to raw materials and export of value-added products. “The reduction in custom duty on nylon will further promote the MMF garments,” said AEPC chairman, adding that the doubling of budget provision to micro, small and medium enterprises (MSME) sector with the allocation of Rs. 15,700 crore in the coming fiscal will strengthen the sector crucial for employment,

manufacturing and exports. He also lauded the announcements related to the shipping sector wherein an allocation of Rs. 1,624 crore has been made. A scheme to promote flagging of merchant ships in India will be launched by providing subsidy support to Indian shipping companies in global tenders floated by ministries and CPSEs. “This will help in reducing our shipping costs,” he said. Finally, Sakthivel also welcomed the government’s decision to increase the capital expenditure to Rs. 5.54 lakh crore in FY’22 from revised estimate of Rs. 4.39 lakh crore in FY’21, saying it will prop up the economy by improving aggregate demand.

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Highlights of Budget 2021

Seven mega textiles parks highlight of Budget: CMAI

he announcement on setting up of seven mega textiles parks is the highlight of the Union Budget 2021-22, directly impacting the textile industry, The Clothing Manufacturers Association of India (CMAI), the apex association of the apparel industry of the country, has said. Several announcements impacting consumer spending will help the apparel sector. Welcomed the Union Budget presented in the Parliament by the Union finance minister Nirmala Sitharaman, CMAI president Rajesh Masand said the announcement of mega textiles parks is in line with the government’s intention to encourage mega projects and increasing the scale of operations in the textile Industry. “This has to be applauded. A particular positive aspect of this scheme is the incorporation of <<P46 the finance minister, TEA had sought support for migrant workers. Shanmugham thanked the minister for allowing a new tax exemption for the notified Affordable Rental Housing Projects. The proposal to allow women workers in all categories in the night shifts with adequate protection, and JIUNN LONG CIRCULAR KNITTING MACHINE, TAIWAN. ART OF BEING FINEST

Plug & Play model which will enable the members of such parks to avoid huge capital expenditure outlays.” “Lack of scale has been the bane of our efforts to increase our share in the global trade, especially in the apparel sector. However, the government also has to very closely study why the textile parks have not really succeeded in the past. It is very crucial to avoid errors of omission and commissions in the past. Otherwise, this will remain one more well intended scheme which fails to lift the fortunes of the textile industry,” added Masand. The increase of import duty on cotton and cotton fibre may not impact the industry too adversely, since the current imports are at a miniscule level. “However, this does come at a time when the industry is reeling from an unprecedented >>P48 reduction of compliance burden on employers with single registration and licensing, and online returns, are also welcome steps, TEA said in a press release. On the proposal to reduce the time limit for reopening of assessment for income tax proceedings from the present 6 years to 3 years, TEA said this help taxpayers to concentrate in their mainstream business.

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Highlights of Budget 2021

Imported cotton clothes to cost more, polyester cheaper

ost of cotton shirts, dresses and home linen textiles will go up after 10% basic customs duty (BCD) was imposed on the import of cotton in the Union Budget. Select cotton varieties that are not locally cultivated in the country like Giza, Pima, extra-long staple (ELS) and organic cotton are usually imported in India. “Rise in cost of imported cotton will cause an increase in yarn prices and subsequently will trigger an estimated 5% rise in the cost of apparels as well. These varieties of cotton are used to produce fine-count shirts, trousers and a range of home linen products as well,” said Sanjay Jain, chairman, ICC National Textiles Committee.Estimates by Confederation of Indian Textile Industries (CITI) suggest that the volume of import is barely 5% of the total consumption of cotton by mills in India. CITI data suggests that India imports up to 15 lakh bales of cotton

annually vis-a-vis around 390 lakh bales of crop size cultivated in the country. However, consumers buying sarees, dupattas, kurtis and other apparels made of nylon yarn will find it cheaper with the 5% BCD reduction on caprolactam, nylon chips and nylon fibre and yarn. Caprolactam is the basic raw material for manufacturing nylon chip, using which, nylon yarn and eventually fabric is made. Surat alone produces 6,000 metric tonne nylon chips – 37% of total national production.Nylon chips manufacturer, Rakesh Choudhary said, “BCD reduction on nylon chips, caprolactam and nylon yarn will reduce working capital requirement of weavers and thus, benefits can be passed on to the end-consumers. Reduced cost of production will also positively impact the tyre, fishnet, automobile and technical textile sectors where nylon chips are used.”

Textiles industry to be stable in FY22, expected to touch pre-Covid level: ICRA

ating agency ICRA said the textile industry’s performance will recover to pre-Covid levels in the next fiscal on account of boost in demands from domestic as well as export markets.The agency assigned outlook for the sector as “stable” for FY2022. The recovery in the domestic textile sector, that picked up pace in Q3 FY2021, is likely to continue in the

upcoming quarters, said ICRA. This will be supported by the opening up of economies and markets, improved consumer confidence levels and continued pick up in discretionary spending, it added. Commenting on it, ICRA Senior VP & Group Head, Corporate Sector Ratings, Jayanta Roy said the textile sector appears to be on a firm >>P49

<<P47 increase of raw material prices, especially yarn, and could send a wrong signal,” a CMAI press release said. In an indirect manner though, the Budget has made several announcements which will have a positive impact on consumer spending – such as increases in infrastructure and overall government expenditure – and this will help the industry, especially the apparel

sector, the release added. Further, the permission to form a one-person company may also indirectly benefit the smaller apparel manufacturers, many of whom are in the micro sector and one-man shows. They are likely to get much more banking support than before. The increase of the tax audit slabs should also benefit the smaller members of the apparel sector.

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Highlights of Budget 2021 <<P48 footing with the worst of the pandemic impact behind us, and favourable progress on vaccination rollouts. “As demand continues to normalise in domestic as well as export markets, we expect the textile sector performance to recover to pre-Covid levels in FY2022 at a broader level. Accordingly, ICRA’s textiles sector outlook for FY2022 is Stable,” he said. After witnessing a major setback in Q1 FY2021 following the Covid-19 pandemic and the ensuing lockdowns, the domestic textile sector started reporting a gradual recovery from Q2 FY2021 onwards. This was supported by opening up of the markets and resumption of activity across the value chain. “Based on an analysis for samples of large, listed players across segments, ICRA expects cotton spinning and apparel export segments to report relatively lower contraction in FY2021 vis-a-vis other segments (including fabrics and domestic apparels), considering higher dependence of these segments on exports,” it said.Similarly, the recovery is slated to be faster for these segments in FY2022. “Revenues for the cotton spinning and the apparel export segments in FY2022 are likely to grow by 15-20 per cent, following a contraction in mid-teens, estimated for FY2021,” it added. While operating margins for spinners are likely to revert

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closer to pre-Covid levels, those for apparel exporters may remain marginally lower than the pre-Covid levels amid a competitive operating environment, wherein buyers could be expected to negotiate for steeper discounts. “For fabric and domestic apparel categories, the revenue growth in FY2022 is projected at 30-35 per cent and 35-40 per cent, respectively, with these segments estimated to report steeper contraction vis-a-vis other segments in FY2021,” it said.

Agri-tech provides huge potential for technical textile industry

nion Textiles Minister Smriti Irani said the agri-tech sector provides the technical textiles industry a huge opportunity to partner with the government as well as the agrarian community and leverage their capabilities. “I feel that agri tech is one large area where the industry can partner not only with the government, but also citizens in the agrarian part of our economy. My hope is that given the agricultural expanse of our economy, the chamber (IMC Chamber of Commerce and Industry) will assist in discussion on issues concerning agri-tech,” the minister said. She was addressing an inaugural session at the virtual conference on >>P50

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Highlights of Budget 2021 <<p49 ‘Technical Textile - The Future of Indian Textile Industry’ organised by IMC Chamber of Commerce and Industry. Irani also said agri-tech will give equal opportunities to those who are from agricultural families to leverage their capabilities. Besides agri tech, there is a huge growth potential in med-tech, geo-tech, sports-tech, and infratech, among others, she said. The minister further said it is important to reach out to small and medium enterprises (SMEs), and standards have been made known to them so that they can also be part of the growth. “I appeal IMC to reach out to the SMEs and share the know-how of the standard manufacturing process so that the country witness a growth in the downstream as well as in the smaller components of the industry,” she stated. Irani said there were only two manufacturers of N95 masks in

March 2020, which has now increased to 200. “By transforming a COVID-19 crisis to an opportunity, India has proven its ability to innovate and rise to the challenge with limited resources and time,” she added. The government has embarked on a journey for the National Technical Textiles Mission and is committed to ensuring that skill development in technical textile commences with the introduction of six new courses, she said. “Another 20 new courses for enhancement on upgradation of skills are currently under preparation,” she added. IMC Chamber of Commerce and Industry President Rajiv Podar said the domestic textiles and apparel industry contributes 2 per cent to India’s GDP, 7 per cent of industry output in value terms and 12 per cent of the country’s export earnings. Technical textile accounts for about 13 per cent of India’s total textile and apparel market and contributes to 0.07 per cent of

India’s GDP, he said. There is a huge potential to fulfil a large demand gap as the consumption of technical textiles in India is still only at 5-10 per cent as against 30-70 per cent in some of the advanced countries, Podar added. “The domestic demand for technical textile products is picking up. Companies in India have started developing technical textiles for automobiles, safety-related textiles such as used by soldiers at high attitudes, ballistic fabrics, even for healthcare such as PPE kits,” he said. He said the technical textiles sector in India is estimated to be growing at 12 per cent per annum. To achieve the potential of nearly 20 per cent annual growth in this sector, there is a need for proactive approach towards expanding the existing market, promoting usage of technical textiles, encouraging international collaborations, and investment promotions, among others, he added.

growth at 14.4 per cent. The agency had pegged India’s fiscal deficit for the current fiscal at 7.5 per cent of GDP and 5.5 per cent for the next fisscal, while the budget put the figures at 9.5 per cent and 6.8 per cent for 2020-21 and 2021-22 respectively. “However, compared with previous budgets, the gap between our forecasts and the government’s, largely reects increased transparency on subsidy spending and more credible overall assumptions,” the report said, adding that it expects the nal gure to be lower based on stronger revenue generation during the fourth quarter of 2020-21. In terms of the consolidation roadmap, without providing the

explicit path, the targeted deficit of 4.5 per cent by 2025-26 implied an average annual deficit reduction of about 0.5 per cent of GDP over four years. Combined with the expected rise in debt burden to over 90 per cent in the ongoing fiscal, the “gradual pace of consolidation will prevent any material strengthening in the government’s scal position over the medium term,” Moody’s said. The agency counted the opening up of the insurance sector to 74 per cent foreign direct investment from 49 per cent as a credit positive and said achieving the disinvestment target of Rs. 1.75 lakh crore would be key to achieving other budget targets.

Moody’s sees 17% nominal growth for India in next fiscal

ating agency Moody’s Investor Service recently projected India’s nominal growth at 17 per cent for the coming fiscal, up from the earlier 14.3 per cent based on the ‘pro-growth’ budget, but highlighted weak prospects of fiscal consolidation. “The budget’s focus on higher capital expenditure, financial sector reforms and asset sales will help to stimulate growth and supply broadbased credit support,” it said in a report.The larger-than-expected deficit projections reflected both credible budgetary assumptions and greater transparency, but the government’s weak fiscal position is likely to remain a key credit challenge, Moody’s said. The latest budget forecast nominal gross domestic product (GDP)

FEBRUARY 2021

Highlights of Budget 2021

A growth oriented and ambitious Budget: FISME

he Indian Micro Small and Medium Enterprises (MSMEs) have welcomed the Union Budget presented by Finance Minister Nirmala Sitharaman. “The Budget makes a big bet on infrastructure and social spending to fuel growth and yet does not look inflationary”, says their chief representative body FISME- the Federation of Indian Micro, Small & Medium Enterprises. FISME particularly lauded reduction in Customs duties of the Steel and on ferrous and non-ferrous scrap (copper) as it was the top demand they placed during pre-budget consultations before the Finance Minister.The Customs duty has been reduced uniformly to 7.5% on semis, flat, and long products of non-alloy, alloy, and stainless steels. “To provide relief to metal re-

cyclers, mostly MSMEs, I am exempting duty on steel scrap for a period up to 31st March, 2022. Further, I am also revoking ADD and CVD on certain steel products. Also, to provide relief to copper recyclers, I am reducing duty on copper scrap from 5% to 2.5%”, the Finance Minister said in her Budget speech. A positive intervention through the Budget has been to rationalize duties on raw material inputs to manmade textiles and to bring the nylon chain at par with polyester and other man-made fibers. “We are uniformly reducing the BCD rates on caprolactam, nylon chips and nylon fiber & yarn to 5%. This will help the textile industry, MSMEs, and exports, too”, she had added. The Union Budget proposed an increase in Customs duties for several MSME products specially the auto components to 15%.

FISME has also reacted positively to the Budget announcement regarding strengthening of NCLT framework, implementing e-Courts system and developing an alternate methods of debt resolution and special framework for MSMEs shall be introduced. According to FISME this could pave way for establishment of a mechanism for proprietorship and partnership firms also which constitute 97% of MSME sector under the Insolvency and Bankruptcy Code. FISME appreciated doubling of the outlay for Ministry of MSMEs to over Rs. 15,000 cr which is largely to be used primarily for capitalizing the Credit Guarantee Fund running the Emergency Credit Line Guarantee Scheme (ECLGS) announced as part of recovery package during COVID pandemic last year.

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Textiles Committee, signs MoU with M/s Nissenken Quality Evaluation Centre, Japan

formal Memorandum of Understanding (MoU) signing ceremony was heldbetween Textiles Committee, Ministry of Textiles, Government of India and M/s. Nissenken Quality Evaluation Centre Japan, through video conferencing. The Union Cabinet chaired by Hon’ble Prime Minister in its meeting held on 2nd

September, 2020 had given the approval for signing of a Memorandum of Understanding (MoU) between the two organisations. The signing ceremony was Presided over by Hon’ble Minister of Textiles and Minister of Women and Child Development , Smt. Smriti Zubin Irani on the Indian side and by His Excellency Mr. Yasumasa Nagasaka, Hon’ble State Minister of Economy, Trade and Industry, Govt. of Japan from the Japanese side. The main objective of the MoU is to provide re-

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quired support to textile’s trade and industry for ensuring quality as per the requirement of Japanese buyers through Testing, Inspection & Conformity Assessment, Training & Capacity Building, Research & Development (R&D) and Consultancy. It is expected that the MoU will strengthen the bilateral trade by enhancing India’s export of Textile and Apparels (T&A) to Japan, which is the third largest export destination of the world. This MoU will formalize mutual interaction and strengthen the relationship in accordance with their respective areas of specialisation. Both the institutions have agreed to share and exchange relevant technical information and documentation on a regular basis and carry out activities relating to standards, quality assurance norms, joint research projects on testing, development of user friendly tools for dissemination of data to the industry and facilitate sourcing across the Textiles Value Chain (TVC) from both the countries. Speaking on the occasion of the signing ceremony, Smt. Smriti Zubin Irani fondly recalled the friendship and long history rooted in spiritual affinity and strong cultural and civilizational ties between India and Japan. She also extolled about the further deepening and strengthening of the India-Japan relationship under the able leadership of Hon’ble Prime Minister Shri Narendra Modi ji. The Minister further highlighted the challenge relating to stringent quality standards for >>P54

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INDIA <<P52 exports to Japan and expressed confidence that the MoU will help in creating awareness on the various quality parameters being sought by the importers based in Japan and extending hand-holding support to the Indian exporters to adopt and upgrade their technology so as to enhance the quality of products and satisfy the stipulations as required by the Japanese importers.She also spoke about the synergy in the working of the two organisations and expressed confidence that it will inter alia boost the Technical Textiles sector as well and improve sourcing from India. She also urged the T & A industry to make full use of the opportunity in furthering Indian Interests.Speaking on the occasion, the Japanese State Minister of Economy, Trade and Industry, ShYasumasaNagasaka highlighted that India is a huge market for Japanese industry and expressed confidence that going forward, there will be substantial development in the India- Japan trade relationship. India and Japan have signed a Comprehensive Economic Partnership Agreement (CEPA) in 2011 which inter-alia facilitates import of garments from India to Japan at zero duty. Despite CEPA, the growth in trade in Textiles and Apparel (T&A) between the two countries has been moderate. Japan is third largest importer of T&A in the world and India is 6th largest exporter and there is huge untapped potential for trade which remains unharnessed. It is in this backdrop, a high level delegation from Ministry of Textiles was mounted in February, 2019 with a view to enhance exports and co-operation in textile sector and to identify areas for optimizing the benefit of CEPA. As an outcome of these developments, the Textiles Committee entered into negotiation with M/s.Nissenken Quality Evaluation Centre, Japan for providing valuable services to the textile trade and industry of both the countries through collaborative efforts between the two organisations. The Textiles Committee was established in the year 1963 by an Act of Parliament and is a statutory body under the Ministry of Textiles with a mandate, inter alia, to ensure Acc No. M3112041IN An ISO 9001: 2015 Certified Company

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FEBRUARY 2021

INDIA

Indian e-com sector to touch $90-100 bn by 2025: Flipkart

he pandemic has brought in a shift in consumer behaviour, offering a major fillip to the Indian e-commerce industry that is now poised to touch $90-100 billion in three to four years, according to Flipkart Group chief executive officer (CEO) Kalyan Krishnamurthy, who recently said while challenges brought in by the pandemic affected businesses, many new avenues also opened up. “The opportunities that modern retail present are significant for businesses of all sizes, including the kirana ecosystem. Flipkart is also doing its best to help small businesses and artisans embrace the power of technology and be a part of the modern retail opportunity,” he was quoted as saying by a news agency.Krishnamurthy noted that e-commerce has been gaining traction over the years and in 2019, more than 10 per cent of Indians had already shopped something online.This trend was further accelerated after the lockdown forced people to stay indoors. “Close to 100 per cent of pin codes in India have seen e-commerce adoption. This includes categories like fashion, appliances, furniture...More than 60 per cent of

transactions and orders in India come from tier two cities and smaller towns. We still believe that we are scratching the surface when it comes to e-commerce adoption in India,” he said.He pointed out that only 3.5 per cent of Indian commerce is online as compared to more than 25 per cent e-commerce adoption in China, and other developed economies that have 10-25 per cent adoption rates.“COVID-induced spike (in e-commerce) has actually changed several categories, there is a new normal. And the meaning of essential categories has also completely changed. We believe the Indian e-commerce economy has seen a permanent shift for the positive,” Krishnamurthy said. “The pre-COVID growth rates of e-commerce were roughly 26-27 per cent but if you look at the post-COVID estimates, it has gone closer to 30 per cent...In the next three to four years, what we were estimating the e-commerce market size was roughly in the range of about USD 50-60 billion, today, the same numbers are actually close to USD 90-100 billion,” he added.

KVIC revives Assam’ oldest Khadi Institution

ne of the oldest Khadi institutions in Assam, which remained in a vandalized state bearing the scars of Bodo insurgency for over 30 years, has been now revived and turned into a silk reeling centre by Khadi and Village Industries Commission (KVIC).The workshed, one of the oldest Khadi institutions in Assam, is located at village Kawali in Baksa district. It is around 90 kilometres from Guwahati.The workshed was constructed by a Khadi institution called Tamulpur Anchalik Gramdan Sangh which shifted to Assam from Arunachal Pradesh following the Chinese aggression in 1962. It began operations with mustard oil production and by the year 1970, spinning and weaving activities also started there providing livelihood to 50 artisan families. However, tragedy struck when the institution was burnt down by extremists in 1989 and it remained defunct since then.

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KVIC Chairman Vinai Kumar Saxena said the revival of this Khadi workshed assumed historical significance and that resumption of Khadi activities would create employment for the locals.“To begin with, KVIC will develop this unit for reeling of elegant Eri Silk of Assam. Other Khadi activities like manufacturing of village industry products will also be started in future. This centre will become a major employment creator for the local artisans,” Saxena said.” This initiative is aligned with Khadi’s core Gandhian principle of “rural resurgence” which also coincides with the Hon’ble Prime Minister’s vision – Sabka Sath, Sabka Vikas,” Saxena added. In recent years, KVIC has revived several such Khadi institutions in states like Uttar Pradesh, Uttarakhand, Assam, Odisha and Tamil Nadu that were lying defunct for many decades. www.authen�citygroup.com

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Enhanced revenue reported by Nandani Creation Limited

andani Creation Limited popularly known by its brand JaipurKurti. com reported revenue of 12.06 Crore in the 3rd quarter of F.Y. 2020-21. The company reported total revenue of Rs. 33.87 crore till the end of 3rd Quarter of the FY 2020-21. Declaring the results, Nandani Creation Limited said, “Q1 FY21 was impacted as foreknown due to the COVID-19 pandemic and subsequent lockdowns in the country and its effect was clearly visible for the e-commerce businesses like ours.”Known for its Jaipurkurti.com brand, Nandani Creation Limited’s revenue from operations was up by 1.51 per cent to Rs 12.06 crore during the quarter under review as against Rs 11.88 cr in the corresponding period of the previous fiscal.“With our new spring-summer 2021 collection, we are coming up with ‘’NEW NORMAL’’ with amazing themes and attires. During the Lockdown 1.0 and 2.0,

our retail stores remained closed and gradually reopened from Lockdown 3.0 onwards with some restrictions,” the company said while talking about future plans.“The company is witnessing that consumer sentiment is gradually picking up across the country owing to the easing of restrictions and increased consumer spending will bring a much-needed recovery in the Online as well as Retail Business,” Nandani Creation said.Elaborating about the plans, the company said, “Since, we know that hygiene has become the most important factor during this pandemic. Textile Industry will be benefited by this new opportunity. PPE Kits, Mask etc are new areas where the manufacturers can take the lead. We have launched a new brand “Value Plus” and started the manufacturing of “N95 Masks”. We have been granted BIS Product Certification License No. 8400165811 from Bureau

INDIA

of Indian Standards for our product: Respiratory Protective Devices-Filtering Half Masks to Protect against particles- Class FFP2 as per IS 9473:2002 which only a handful of companies possess throughout the country.” “We are the authorized Suppliers of Mask in many Government agencies and are currently supplying to “ BUREAU OF PUBLIC PHARMACEUTICALS OF INDIA” (“BPPI”) - Under Department of Pharmaceuticals, Government of India which are procuring for their shops at PAN India basis and to Gujarat Medical Services Corporation Limited (GMSCL) - A Government of Gujarat Undertaking. We have a production capacity of appx. 45,00060,000 pcs per day.”Nandani Creation believes that as the covid-19 cases are now witnessing downslide, the textile industry will again experience the boom.

FEBRUARY 2021

ASIA

Asia C

China: Apparel export falls in 2020

hina’s apparel exports fell in the beginning of 2020 with Covid-19 outbreak. Apparel exports plunged 39.23 per cent in January 2020 to $7.63 billion from $12.55 billion in December 2019. The exports dipped 15.11 per cent for the year 2020 (January to November) to $112.54 billion (2019: $132.57 billion). Coronavirus severely impacted apparel value chain as it emerged from the manufacturing epicentre

Wuhan. Wuhan is in Hubei province of China where the infection was first reported, is a major industrial and transport hub in the centre of the country, where there are at least 11 apparel factories, as well as thread and textile factories, printing and dyeing facilities, and footwear manufacturers. The trade disruption got triggered in February 2020 with full or partial lockdowns in 13 Chinese cities that had severely restricted key land, air, and maritime

transport routes from across the country. Nevertheless, the trade recovered in June with 53.86 per cent rise to $11.74 billion compared to January, as China Customs Statistics (CCS) reported that the country’s garment exports started rising from April 2020 and gained momentum in June 2020 with loosening of government restrictions and increased product flow across the textiles and apparel supply chain.

With a working width of 280” which can be extended by 10”, it is much wider than its predecessor with 180” and/or maximum 186” and just as fast, according to Karl Mayer. The extra width available also increases flexibility when producing several fabric lines. The number and width of the textile strips can be varied in a higher band width. The TM 3 offers further versatility, thanks to its ability to process elastane. For this purpose, the standard version is modified by an optional unit for the guiding and tension monitoring of the elastic yarns in the ground guide bar GB 3. In particular for the manufacturers of elastic velour articles, this equipment variant might be extremely interesting, Karl Mayer said in a media statement. As a further option, the standard 32” beam superstructure for the ground guide bar GB 1 can be replaced by an 40” variant when using DTY yarns.

The longer running length maximises the beam change intervals and, thus, minimises downtime. In addition, like all machines of the third generation, the new TM 3 offers the features of KAMCOS 2 and the advantages of bars made of carbon fibre reinforced plastic. The high-tech material is extraordinarily light and provides a temperature stability that meets the requirements of the high working width. The spring elements of the tension rail could also be optimised by a solution of fibre-reinforced plastic. The result of this improvement is maximum effects when compensating yarn tensions and, thus, a smooth yarn run-in as an important prerequisite for an exact fabric appearance. The machine with the extraordinary performance at an excellent price is offered in gauges of E 28 and E 32. The patterning is done by an N-gear, Karl Mayer said.

China: Karl Mayer’s TM 3 tricot machine a hit in China

arl Mayer’s TM 3 290” tricot machine has proved to be a hit in China. By the end of October 2020, the company had sold over 350 machines. The forecasts for the following months assume that demand will remain high. Karl Mayer offers solutions for warp knitting and flat knitting, technical textiles, warp preparation for weaving, and digitalisation. The innovative tricot machine is mainly used for the manufacture of rigid and elastic velour and raised articles for clothing and furniture. The bestsellers include various velour articles, suede leather, or articles with a cotton look. At ITMA 2019, Karl Mayer’s HKS 3-M ON was successfully introduced to the market as high-tech model of the latest tricot machine generation. With the TM 3, the basic machine range will follow in the generation change. The new TM 3 is characterised by a further optimised price-performance ratio. 58

FEBRUARY 2021

ASIA

China: Chinese firm proposes building garment cluster in Myanmar

hina’s Eastern Development International (Myanmar) Co. Ltd. under the Dongzhan Textile Group has submitted a proposal to implement a textile manufacturing cluster project in a town in Myanmar’s Sagaing city, an economic hub, at an expected cost of over $370 million, according to the latter’s ministry of planning, finance and industry (MOPFI). According to Myanmar’s directorate of investment and company administration, the company was registered in 2018 as a manufacturer of readymade garments. Both directors of the company are Chinese citizens and it is wholly-owned by foreigners. Sagaing city is home to a number of major state-owned textile factories. The Sagaing region borders India and its economy is largely dependent on trade with the neighbour.The Myanmar Project Bank said the proposed project will comprise two phases at an estimated total cost of $371.40 million on 356.47 acres in Sagaing owned by No. 3 Heavy Industries Enterprise, a state-owned company. It will involve construction of a total of 17 garment related factories, an international textile-related market at a ginning factory in Sagaing, and other related infrastructures. According to the Project Bank, construction is expected to be complete within 10 years. Phase 1 will include construction of 12 new garment-related factories,

Bangladesh: Apparel trade group plans insolvency policy for COVID-19 battered units

knitting fabric factories, dyeing and printing factories, down and feather factories and residential buildings for employees, according to Myanmarese media reports. The second phase will include construction of five garment related factories, an embroidery factory, a carton factory, a polyester wadding factory and the international textile related market. Under the proposal, the industrial cluster would be linked with other textile factories across Sagaing Region. The Chinese company had already carried out a preliminary feasibility study for the project. However, the ministry is reportedly planning to launch a Swiss Challenge to invite other interested bidders. Under the Swiss Challenge process, an initial development proposal put forward by a company will be made public to allow qualified firms to challenge it with better terms, on the basis that they strictly adhere to the terms and conditions of the tender assessment criteria.The project is a part of the government’s plan for the privatisation of state-owned enterprises as the country intends to transform from a cut, make and pack (CMP) manufacturer to a freight–on-board (FOB) one.

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he apparel trade group plans to develop insolvency or exit policy framework to salvage the industry battered by the pandemic. The framework will detect early and resolve the financial distress in entities, including the current provisions of corporate debt restructuring mechanism. It will resolve bankruptcy and insolvency through a considered balance between reorganization and liquidation according to the Terms of Reference prepared by BGMEA. The framework will be prepared by forming a working group with the participation from both in the public and private sectors, garment entrepreneurs, international buyers, legal professionals, chartered accountants,

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FEBRUARY 2021

ASIA

China: Gerber Technology Experiencing Tremendous Revenue Growth

n the last 9 months, Gerber has experienced tremendous revenue growth in China driven by its digital transformation and innovation initiatives to help brands, retailers and manufacturers get the efficiency, productivity, quality and ROI they need to stay competitive. Over the last several months, Gerber has set forth an aggressive plan to digitize the fashion, furniture, automotive and technical textile industries by introducing new innovations to the Chinese market that will drive business transformation to improve productivity. “With much uncertainty still ahead, we are very proud to support the digitalization initiatives of our customers in China. We are committed to being the best partner for our customers,” said Edward Wang, vice president and general manager of APAC for Gerber Technology. “Through our recent Shanghai Innovation Center expansion initiative and the launch

of the Gerber Atria™ Digital Cutter, we are proud to offer our customers the best experience and innovations to help them achieve greater productivity and accelerate digital transformation initiatives.” Gerber’s Shanghai Innovation Center demonstrates the latest innovations for both mass production and on-demand manufacturing, demonstrating how companies can digitally transform their supply chain and achieve best in class performance. The recently upgraded innovative space features a full made-to-measure workflow that turns orders into final products in less than one hour. The workflow is complete with TG3D’s body scanning technology, the powerful AccuMark® Made-to-Measure, AccuMark, and AccuNest™ software and Gerber’s vision-based single ply cutters.At its annual ideation conference in November, Gerber launched the Gerber Atria Digital Cutter, which provides significant

throughput uplift and excellent cutting quality. Since its release less than 60 days ago, 17 different companies have decided that Atria is the solution they need on their digital transformation journey. “I am very impressed by Gerber Technology’s industry leading end-to-end solutions,” said Peter Liu, vice president of China National Apparel Technology & Innovation Institute, after he visited the Shanghai Innovation Center. “The automated customization solution that Gerber Technology offers is not only unique, but also very costcompetitive. I look forward to the important role that Gerber is going to play in shaping the future customization industry with their innovation DNA and technologies.” Throughout the pandemic, the Gerber team has continued to invest in its products and services in China and recently expanded its team in Northern China to better support those customers.

Pakistan: Textile firm acquires manufacturing unit in US

major Pakistani textile unit has acquired a manufacturing facility in the US as a sign of increasing demand for Pakistani products in the international market. Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood shared the news on his official Twitter account and congratulated Artistic Milliners on the development.

“It is with great interest that I read through proper channel, as it that Artistic Milliners has acquired a increases outreach in the global manufacturing facility in California,” market and thereby increases our he tweeted. SUBSCRIBE! market share.” The PM’s adviser He further said encouraged Pakistani that Pakistani For 1 year Rs. 1500 companies to go global companies, For 2 years Rs. 2800 through acquisitions. For 3 years Rs. Rs. 4000 formally reaching More Details: “Our local companies out across the Tel. +91-11-25891475/ 25892138/ 25894740 should acquire overseas globe, is a Email:communionadvt@gmail.com companies and brands, welcome sign.

retired senior policy makers, retired high court officials, experienced liquidators, economic policy experts and bankers. A technical exercise will be conducted by the group to facilitate improvements and reforms in Bangladesh’s business exit regime

and practices. The BGMEA has initiated the formal exercise to assess the current exit or insolvency regime and practices, and identify necessary improvement measures, reflecting pertinent improvements relevant to the garment sector, she said.

FEBRUARY 2021

COMMUNION

It would support the government for enacting the necessary reforms or improvements in the legal and regulatory framework for business exit, she added. Through the exercise, the group will identify necessary improvement measures.

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ASIA

Pakistan: EU remains big market for textile sector

he textile sector of Pakistan has immense potential for further expanding its share in the European Union (EU) market. These views were expressed by Zaheer A. Janjua, Ambassador of Pakistan to Belgium, Luxembourg and the European Union, during a virtual meeting with CEO of the Pakistan Textile Council, Ms Saleha Asif, and other board members. Appreciating the performance of the textile sector during the COVID-19 pandemic, Ambassador Janjua

textile sector. While emphasising the need for making textile sector internationally competitive, he stressed the need for innovation, value addition, diversification and modernisation to make Pakistan’s products more attractive. The CEO of Pakistan Textile Council Ms Saleha Asif apprised the Ambassador about plans for enhancing textile exports through R&D and its efforts to secure greater market access in the European bloc.

bales while 70,200 bales were picked up by exporters. Currently, only 90 ginning mills are functioning in Pakistan. Cotton production in Pakistan is integral to the economic development of the country. The nation is largely dependent on the cotton industry and its related textile sector, and the crop has been given a principal status in the country. Cotton is grown as an industrial

crop in 15 per cent of the nation’s land during the monsoon months of May to August, known as the Kharif period, and is grown at a smaller scale between February and April. Record production of cotton was reported at 15 million bales of 470 pounds each in the form of phutti during 2014–15, which was an 11 per cent rise compared to the previous season.

trade deficit increased 8.24pc to $14.96bn from $13.82bn in the corresponding period last year. Earlier, the country’s trade deficit during FY20 had narrowed to $23.099bn from $31.820bn. Official data available with Dawn showed the country’s imports have been rising since September 2020. The duty-free import value recorded an unprecedented growth of 80pc in December while it grew by 30pc in January. In the July-January period of 2020-21, the duty-free imports

witnessed an increase of 27pc in terms of dollars over the last year. In overall imports, the share of dutyfree import has surged 42pc in the seven months this year from 35pc over the same period last year. As a result of the increase in dutyfree imports, in January, the import bill rose by 14.68pc year-on-year to $4.725bn as against $4.120bn over the corresponding month last year. Meanwhile, on a month-on-month basis, imports in January dipped by 5.59pc compared to December.

remarkable given global demand dropped by over 22 per cent, it said. Vietnam was the only among the world’s top five garment-textile exporters not to have ceased production last year. Vinatex recorded a total revenue of 15.5 trillion VND ($670.7 million) and combined profits of 628.9 billion VND, equal to 106 per cent and 164.8 per cent of the set targets respectively, a

news agency reported.Vinatex chairman Le Tien Truong urged the government to cut long-term interest rates, saying garment-textile firms would find it hard to access loans after a year of low business efficiency. Under government management, the sector has reduced non-production costs, especially those for logistics services through the national logistics network, and other non-tariff costs.

Pakistan: Cotton production declines

akistan’s cotton production declined 35 per cent to 5.57 million bales till January 31, 2021. The country had produced 8.487 million bales of cotton during the same period last year. This decline is attributed to climate change and increase in the sugarcane production area, wiping a vast area of the cotton belt. Of the total production, textile mills bought 5.046 million

underlined that Pakistan’s exports in textile and clothing products to EU had increased in recent months. He said that the surge in textile exports was the result of government’s smart lockdown strategy, reopening of industry, as well as recently announced energy package to help exporters recuperate from the effects of the pandemic.He said that GSP Plus facility had been instrumental in substantial growth of Pakistan’s exports to the EU, especially in the

Pakistan: Trade deficit widens in January

akistan’s trade deficit widened by 20.84 per cent to $2.597 billion in January from $2.149billion over the same month last year mainly on account of surging dutyfree imports, reports Dawn. The trade deficit swelled for the second consecutive month suggesting that consumption is reviving. An increase in export could mean recovering global economy and improvement in domestic production.During the first seven months (July-January) of FY21 the

Vietnam: Garment-textile sector eyes $39 bn in exports

ietnam’s garment-textile sector has set a target of $39 billion in export revenue this year, equal to the 2019 figure, according to the Vietnam National Textile and Garment Group (Vinatex), which recently said the country’s garment-textile exports was worth only $35 billion last year due to the pandemic, US-China trade tensions, trade protectionism and Brexit. However, the figure last year was 62

FEBRUARY 2021

ASIA

Philippine: Garments, hard goods exports likely to grow 15%

xports of garments and hard goods in the Philippines are expected to grow by as much as 15 per cent to about $1.4 billion this year as buyers have reinstated orders cancelled last year due to the pandemic. Foreign Buyers Association of the Philippines (FOBAP) president Robert Young hoped that 2021 could be a recovery year for garments, hard goods, furniture and housewares sectors. “FOBAP has adopted an ‘optimistic playbook’ for 2021 based on gathered data and fearless forecast, plus non-stop appeal for our principals for more production orders,” he was quoted as saying by media reports in the country. New orders worth $280 million have been received by domestic factories, he revealed. “From sewing floor to store shelf,

roughly $80 million from stores like the 2021 outlook for troubled mid to TJMax, Crate & Barrel, Target and high fashion items are dim and Costco. hazy, therefore a price recosting/ The country expects to receive fresh re-levelling is a must. Only the orders in March this year, Young basics and essentials, such as said. undergarments, fast fashion are He said 70 per cent of the orders now staying alive,” said Young. come from the United States, while In addition, he said there have been the rest from European Union, confirmed export orders for the Canada, country’s soft Australia and goods 2943/13, 2nd floor, Ranjeet nagar, South Patel Nagar, New Delhi-110008. India other comprising Ph: +91-11-25891475, 25892138, 25894040 nations. mostly Email: communionadvt@gmail.com. wwww.communiononline.com “Most of garments of these orders are coming from the about $200 million for the first relocated foreign factories in China. quarter. Buyers include are Wacoal, Also, the Philippines will have Adidas, Ralph Lauren, Ann Taylor, added volume for the more JCPenny, among others. complicated items jackets/ Last year’s Philippine garment sportswear which are not the export was estimated at $900 million production preference of other only.In addition, Philippine hard countries. They opt for more basic goods and home fixtures or wares wearables,” he added. also received reinstated orders

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FEBRUARY 2021

WORLD

World Smartturf® Launches Antimicrobial Athletic Turf Treated With Microban®

icroban® International, a global supplier of antimicrobial and odor control and prevention solutions, announces that its longtime partner SmartTurf has launched a range of athletic turf products for health and sports clubs, along with athletic arenas. The new product range offers the first athletic artificial turf product with built-in antimicrobial protection and was designed for businesses across the county looking for answers to heightened concerns around cleanliness and enhanced safety measures in fitness, sports and athletic facilities. Smart Turf Athletic Turf is made with a proprietary, high-performance

Home, parent company of Smart Turf. “The built-in antimicrobial technology is key in that it never washes off, works 24/7, and is active for the entire life of the athletic turf.” Fitness guru and competitor, Rob Riches, fully endorses Smart Turf Athletic Turf because he is confident that built-in Microban antimicrobial technology in athletic turf is a game changer for the fitness industry. “I’m thrilled to be a Smart Turf Athletic Turf partner. Being able to work out on athletic turf that is soft and comfortable on my feet and that is 99 percent cleaner than unprotected areas offers peace of mind.”

more quickly and efficiently. As the world is changing and moving to digital design and prototyping, Cordura is adapting to provide product and services that facilitate customer needs. Cordura believes that it can accelerate time to market while consuming fewer resources by providing a digital experience for brand designers to explore and shop Cordura fabrics. The brand will increase accessibility to its fabric offering with an easy-touse digital interface. The Fabric Finder will create a mutual benefit for strategic partner mills by promoting its certified fabric portfolio in a collaborative and transparent platform that will enable sharing of brand partner

opportunities, unmet needs, and insights. The Cordura Fabric Finder will: • Educate designers on Cordura brand portfolio offerings and technologies, and showcase new and trending Cordura fabrics; • Provide detailed photography of Cordura fabric offering; • Expedite the turnaround time for fabric selection; • Create a customer-first experience that focuses on meeting the ever-growing digital needs of the designer community; and • Reduce waste by creating an environment that allows the designer to navigate our portfolio and select the fabrics that work for them.

Cordura® Brand Launches Digital Fabric Finder

he Cordura® brand launched the Cordura® Fabric Finder — a digital fabric library that will allow brands to navigate a user-friendly digital interface to view an assortment of more than 500 fabrics and growing. The Fabric Finder will include images of all fabric angles, and close-up details as well as fabric content information so that partners can choose the best fabric fit for their upcoming collections. In the past, Cordura brand partners needed to request fabrics based on characteristics to be shipped to them for in-person viewing, but the Cordura Fabric Finder will allow partners to self select fabrics, and build their next season’s offerings

polyethylene which offers superb resiliency while remaining soft to the touch. The Microban antimicrobial technology is manufactured into the turf blades to provide permanent, built-in protection from the growth of bacteria, mold and mildew on the athletic turf. “After identifying the lack of a similar product on the market in a time when health and sports club owners are looking for ways to instill public confidence around returning to their facilities, we felt strongly about expanding our partnership with Microban to include a built-in solution for this category,” said Duane Jensen, president of Catalina

FEBRUARY 2021

WORLD

Freudenberg Introduces ECO-CHECK

reudenberg Performance Materials (Freudenberg) has now begun using the ECO-CHECK label to identify particularly sustainable products within its portfolio. The label helps customers to quickly and clearly identify sustainable products. Freudenberg products bearing the ECO-CHECK label meet demanding criteria in at least one of four categories: Saving resources, eco-efficiency for customers, reduced environmental impact at the end of the product’s life, or extended durability. “The ECO-CHECK label quickly and accurately indicates to our customers at a glance that the relevant product offers a significant advantage in terms of environmental protection compared to our standard products or those of our competitors”, explained John McNabb, CTO Freudenberg Performance Materials.

Four demanding environmental aspects

A Freudenberg product bearing the ECO CHECK label fulfills at least one of four demanding environmental aspects: 1) Its manufacture saves resources; 2) It improves the manufacturing footprint of our customers;

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3) It is recyclable, biodegradable or can be disposed of in an environmentally friendly manner after use. 4) Certain features contribute to a long service life of the product. Many of Freudenberg’s products bearing the ECOCHECK label contain a high proportion of recycled polyethylene terephthalate (PET), derived for example from plastic bottles. In this case, the most important environmental advantage is the reduction in CO2 emissions. Typical examples of products offering this benefit are carpet backings and components for shoes and clothing, including comfortemp® materials. Increased durability, raw material savings and improved eco-efficiency for customers are the main features of numerous Evolon® fabrics, which are used by consumers in the form of bed linen, bath towels and reusable cleaning cloths, for example. The ECO-CHECK label also demonstrates the significant sustainability advantage of a small number of manufacturing and processing steps for a particular healthcare product: a hydrophilic PU foam with a direct coating of silicone adhesives, which is used in modern wound care.

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DSM and Clariter partner to pursue chemical recycling solution for Dyneema®

oyal DSM, a global sciencebased company in Nutrition, Health and Sustainable Living, and Clariter, an international cleantech company, announced a strategic partnership to pursue a next-generation chemical recycling solution for products based on

DSM’s Dyneema®, an ultra-highmolecular-weight polyethylene (UHMWPE) fiber. As a first step, sample products – including ropes, nets, and ballistic materials made with Dyneema® – were successfully converted at Clariter’s pilot plant in Poland, demonstrating the recyclability potential of Dyneema® and underlining the active commitment of DSM Protective Materials to shape a more sustainable world. In line with its ambitious sustainability targets, and following the successful launch of bio-based Dyneema® (mass balance), DSM Protective Materials is actively

possibilities of reducing the environmental impact of Dyneema® across all product life stages. Petra Koselka, Clariter Chief Operations Officer, said: “To stretch and explore boundaries of the next circular solution requires courage, foresight, and tenacity, which DSM has demonstrated with abundance. Looking at the logistics challenge to collect many tons of used marine ropes, nets, and ballistic materials is daunting. However, when an economical route presents itself, suddenly the next horizon seems within reach. We are pleased to work with DSM to perform R&D on what we have dubbed ‘exciting exotics’, and plan to use it as part of our raw materials in the full-scale plants we will build in Europe.” Roeland Polet, President DSM Protective Materials, said: “Following our successful efforts to introduce bio-based Dyneema® (mass balance), these results mark the next important step on the circularity journey of DSM Protective Materials. Recyclability is key to us, our customers, and society at large and achieving it requires crossvalue chain efforts. To this end, we’re looking forward to continue building our partnership with Clariter, and to continue using our science-based capabilities to deliver on our purpose of creating brighter lives for all.”

World of Textiles’. It is supported by four sub-themes: advanced materials, automation and digital future, innovative technologies, and sustainability and circularity. Mr Ernesto Maurer, president of CEMATEX, the European Committee of Textile Machinery

Manufacturers, which owns the ITMA exhibition, elaborated: “ITMA 2023 will highlight innovations and new approaches that serve as catalysts to inspire and help textile and garment manufacturers grow their business, scale and sustain their transforma-

ITMA to Highlight Industry Transformation through innovation

he world’s largest textile and garment technology showcase, ITMA will continue to present and share innovative manufacturing technology and materials with the industry at its 19th edition in Milan. ITMA 2023 will feature the theme, ‘Transforming the

pursuing reuse and recycling solutions for end-of-life Dyneema®based products. To drive technical recycling solutions, DSM Protective Materials and Clariter partnered to test the feasibility of using Dyneema® as a feedstock in Clariter’s chemical recycling process. Sample products made with Dyneema® were used in Clariter’s tests at its pilot plant in Poland. The positive results confirm the technical viability of transforming Dyneema®-based end-products into high-value, industrial grade, product families: oils, waxes, and solvents via Clariter’s patented 3-step chemical recycling process. These can be further used as ingredients to manufacture new end- and consumer products. Moving forward, DSM Protective Materials and Clariter will continue to drive this initiative to shape a more sustainable world. Specifically, building on the success of the lab-scale trial, Clariter has scheduled commercial-scale trials at its facility in South Africa for 2021, with the aim to use Dyneema®derived feedstock in its full-scale European plants that will be built in the coming years. In addition, DSM will continue to actively explore the

FEBRUARY 2021

WORLD tion journey.” “We are in the midst of the 4th Industrial Revolution that is filled with business and technological advances, hence, transformation is even more critical for the continued success of the textile and garment industry. Speed and agility are also of the essence to effectively tackle the ecological and medical challenges that we face today.”Mr Charles Beauduin, chairman of ITMA Services, which organises ITMA, added: “As the world’s leading exhibition, ITMA offers the industry an unrivalled platform to present and share industry innovation and to collaborate with other stakeholders. As the Covid-19 pandemic has adversely affected the business environment, we will be monitoring the situation closely, mindful about the importance of health and safety of all participants and staff. At the same time, we will be launching several initiatives to create additional opportunities to help our exhibitors better connect and do business with potential customers. We will be announcing the new initiatives and enhancements to ITMA 2023 very soon.” ITMA 2023 will be held from 8 to 14 June at Fiera Milano Rho, Milan. Space application will open on 3 March 2021. The last ITMA exhibition, held in Barcelona in 2019, featured exhibits from the entire textile and garment making value-chain, including raw materials and fabrics. It drew a record-breaking participation of 1,717 exhibitors from 45 countries and visitorship of almost 105,000 from 136 countries.

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WORLD <<P67 as hazardous if inhaled or ingested, or in case of contact with the skin or the eye. It is also considered very toxic to aquatic life. No new equipment or capital expenses are needed to implement the CleanKore technology, which works on all denim fabric, including dark indigo, sulfur top/bottom and sulfur black. This is where Archroma comes into the picture. Its global technical team of denim coloration specialists will provide support to denim mills seeking to implement the CleanKore technology and develop the desired looks and effects - with the right colors and chemical systems for their production set-up. CleanKore estimates that the technology allows to save up to 15 liters of water per garment, or the equivalent to the drinking needs of 5

Umberto Devita, Global Indigo Manager at the Archroma Global Competence Center for Denim & Casualwear, adds: “CleanKore is perfectly aligned with the 3 pillars of ‘The Archroma Way to a Sustainable World: Safe, efficient, enhanced’. ‘Safe’ through the elimination of a potentially harmful substance and the protection of the denim workers, ‘Efficient’ through the reduction of resource consumption, improved productivity and cost-effective profile. And ‘Enhanced’ through the gorgeous colors and effects allowed with Archroma’s innovations and systems, in particular our anilinefree* Denisol® Pure Indigo and Diresul® sulfur dyes. We look forward to help promoting an innovation that will help with many of the challenges facing our denim customers throughout the world. Because it’s our nature.”

outstanding in their field.” The EDP Awards are Europe’s only technology assessment in the industry and an open competition for all products announced and launched in the market within a year. The winners are selected by a commission of experts (the EDP Technical Committee), which evaluate the submitted products according to criteria such as innovation, quality, performance, and cost. Due to these strict criteria, there are no voting or other public votes. It is about technical criteria, not popularity. This is the only way EDP can guarantee manufacturers’ achievements in developing new technologies will be recognized. The award is a recognition of Kornit’s innovation as it continues its journey to become a complete, sustainable textile printing solutions provider.Kornit’s Softener solution is

applied seamlessly during the printing process. No additional time, labor, or equipment is needed, and most importantly, it is a sustainable solution carrying Eco Passport certification and GOTS verification. “Kornit Presto with Softener is changing the game for on-demand production, making pigment-based digital print a serious contender for even the most demanding fashion houses,” says Chris Govier, KDEU Managing Director. “Kornit is proud to be recognized for its innovations, and we strive to continue exceeding the market’s demands for efficient, eco-friendly, profitable solutions regardless of the new trends and challenges facing the textile industry.”

Kornit Wins 2020 EDP Award for its NeoPigment™ Robusto Softener

ornit Digital, a worldwide market leader in digital textile printing technology, is proud to be named among 29 winners of the 2020 EDP Awards, presented by the European Digital Press Association (EDP). The company’s NeoPigment™ Robusto Softener solution, which ensures superior hand feel for substrates imprinted using the Kornit Presto system for roll-to-roll, direct-to-fabric digital production, was selected “Best Coating and Varnish” in the Consumables category. “Products have been judged not only on innovation, but also on better price, ease of use or even a clever solution that were added to a current product,” said judge Mike Horsten. “Also this year, market trends and customer needs were taken into account. We believe that this year’s winners with the solutions they offer are truly

people per day, and up to 0.51 kWh of energy per garment, or the equivalent of five 100-watt light bulbs on for 1 hour. The CleanKore technology also leads to a 10% to 20% increase in production throughput, as a result of a faster garment wash-down and the elimination of PP spray. For CleanKore CEO Darryl Costin Jr., the announcement comes at an ideal time for CleanKore: “We have successfully proven the technology with mill partners such as Arvind and other denim mills in Pakistan, Bangladesh, China, Vietnam, Thailand and the United States. The response from the industry has been overwhelmingly positive. Having a partner in Archroma, one that is highly respected for their innovation and emphasis on sustainability throughout the industry, will allow us to take CleanKore to the next level.”

FEBRUARY 2021

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Italian textile machinery orders down 5% in Q4

he index of orders intake for Italian textile machinery compiled by ACIMIT, the Association of Italian Textile Machinery Manufacturers, for the period from October-December 2020 was down by 5% compared to the same period in 2019. The index value remained at 90.0 points (2015 basis = 100). “The negative performing trend both abroad and in Italy has weighed on the overall result. On foreign markets, orders intake recorded a 5% decline, while the domestic market recorded a decline of 6% on the fourth quarter of 2019,” ACIMIT said in a statement. “On an annual basis, the total index declined by 26% compared to 2019. This result is primarily due to a marked downsizing in orders intake for the first half of the year, which was not entirely balanced by the progressive recovery in the last two quarters of 2020. The decrease amounted to 25% abroad and 30% on the domestic side.” ACIMIT president Alessandro Zucchi commented: “Severe travel restrictions along with the cancellation of most trade fairs, as evident consequences of the pandemic, have heavily influenced business operations, already compromised by a general

slowdown in investments in the textile sector.” Zucchi added: “A deep sense of uncertainty also affects 2021, with no signs of a recovery in this first half of the year. The vaccination campaign has begun slowly, jeopardizing the restoring of safety conditions that would otherwise enable technicians and salesmen to travel. We do expect a partial recovery, but only as of the second half of the year.” In the meantime, ITMA 2023 - the world’s foremost textile machinery trade show, scheduled to be held in Milan - was officially launched. Following the success of 2015, Milan is once again ready to host the essential event that features a high level of innovation on show by exhibiting manufacturers. “I won’t hide how proud our Association and indeed all Italian textile machinery manufacturers are to be able to host the event in Italy,” states ACIMIT’s president. “Although still a long way off, ITMA 2023 is a goal towards which our companies are already working, allowing us to speed up the process of continuous innovation that is a hallmark of Italy’s textile machinery industry,” Mr Zucchi concluded.

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Techtextil & Texprocess to be held in June 2022

he next edition of Techtextil and Texprocess in Frankfurt am Main will be held from June 21-24, 2022 and shift to even years. Techtextil and Texprocess are the leading trade fairs for technical textiles and nonwovens and for the processing of textile and flexible materials. The fairs will also change their event cycle and shift permanently to even years. The dates for 2024 have also been set and they will take place from April 9-12, 2024. The next edition of Techtextil and Texprocess in June 2022 is planned as a hybrid event that, in addition to the fair and a comprehensive programme of events, will include a variety of digital services. In 2022, Techtextil and Texprocess will occupy the western section of Frankfurt Fair and Exhibition Centre (halls 8, 9, 11, and 12) for the first time, as was originally planned for the 2021 edition, Messe Frankfurt said.“We are delighted that, after close consultations with the sector and our partners, it was quickly possible to find

new dates for the postponed Techtextil and Texprocess trade fairs. The biennial event cycle for the two fairs has proved to be in the best interests of the sector so that, together, we have decided to maintain this rhythm from 2022”, Olaf Schmidt, vice president textiles and textile technologies of Messe Frankfurt said in a press release by the company.“We have been in even closer contact with the members of our association and our global sister associations about the pandemic over recent months. There is a widespread need to present innovations live so that postponing the Techtextil and Texprocess until 2022 currently represents the optimal solution for the sector. Moreover, the new cycle of fairs fits in even better with the sector’s international calendar of events and thus opens up better processes for all involved,” Elgar Straub, managing director of VDMA textile care, fabric, and leather technologies, the conceptual partner of Texprocess said in a Messe Frankfurt press release.

Amazon’s Jeff Bezos to pass on CEO mantle to Andy Jassy

eff Bezos, the founder and chief executive officer of American multinational technology company Amazon, will transition to the role of executive chair in the third quarter of 2021. Andy Jassy will become chief executive officer at that time. Jassy is currently the CEO of Amazon Web Services, which he helped in the development since its inception in 2006. “Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalised recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more,” said Bezos while announcing the decision along with Amazon’s financial results for the fourth quarter ended December 31, 2020. “If you do it right, a few years after a surprising

invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention. Right now, I see Amazon at its most inventive ever, making it an optimal time for this transition,” added Bezos. For the full year 2020, Amazon’s net sales increased 38 per cent to $386.1 billion, compared with $280.5 billion in 2019. Excluding the $1.4 billion favourable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 37 per cent compared with 2019. Operating income increased to $22.9 billion, compared with operating income of $14.5 billion in 2019. Net income increased to $21.3 billion, or $41.83 per diluted share, compared with net income of $11.6 billion, or $23.01 per diluted share, in 2019.

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ThirdLove launches new virtual Fitting Room platform

hirdLove, the third largest e-commerce women’s lifestyle brand in the US, has announced the introduction of the brand’s new interactive online fit quiz called, The Fitting Room. The Fitting Room is the next iteration of ThirdLove’s original ground-breaking Fit Finder quiz and helps customers find the best fit of curated bra and underwear options.The new Fitting Room provides experiential moments for customers with innovative 3D animations, friendly educational content, and style preferences that result in a personalised selection of products. ThirdLove paved the way in Fit Technology, offering one of the very first online consumer fit quizzes, which revolutionised the way women could shop for bras from the comfort of their home. Since launching ThirdLove’s original Fit Finder quiz in 2016, more than 17.6 million women have used Fit Finder to find a bra that best fits their body, resulting in over 100 million fit insights, which the brand leveraged in product development decisions including its half-cup and 80 sizes that it has developed, according to ThirdLove. Built to be fun and engaging, the Fitting Room takes into account the user’s individual needs; including lifestage, body changes, and fit issues. The Fitting Room guides the user through a series of interactive questions that result in a personalised size recommendation and a variety of bra and underwear styles based on their preferences. This one-of-a-kind technology uses 3D rendering and animations while guiding

users with positive affirmations and a little bit of humour. After initial answers are logged, users can continue utilising the platform to refresh their top drawer, with an option to confirm sizes and skip to conditional and style-related questions, based on previous responses, ThirdLove said. “We created ThirdLove to provide a positive alternative to the traditional in-person bra shopping experience, in hopes of eliminating the frustration that often comes with trying to find your correct size. We’re proud to continue to be a pioneer in the industry, launching the next generation of Fit Technology with 3D designs that transform the way you can shop for bras and underwear online,” Heidi Zak, co-founder and CEO of ThirdLove said in a press release. “While we received a terrific response from our original Fit Finder quiz, we learned that our customers are craving a more visual and engaging fitting process, which served as the catalyst for the advanced Fitting Room platform. Since finding the right style is just as important as finding the perfect fit, we redesigned the Fitting Room experience to emulate a personalised in-store fitting session, in which we can both recommend appropriate sizes, and share products and styles from new categories, as we continue to expand offerings and grow the business into a lifestyle brand,” Ra’el Cohen, co-founder and chief creative officer of ThirdLove said.

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Naked Brand Group to restructure business, focus on e-com

aked Brand Group Limited, which manufactures intimate apparel and swimwear, recently announced its plans to undertake a transformative restructuring in which it will shed its brick-and-mortar operations to focus exclusively on the planned rapid acceleration of its e-commerce business. The company’s brands include Bendon, Frederick’s of Hollywood, Fayreform, Pleasure State, Lovable, Naked, Hickory, Bendon Man, Davenport. Naked will seek to leverage its brand, platform and build out proprietary technology to meet the needs of consumers in the digital world, a company press release said.“Consumer trends are rapidly evolving away from brick and mortar towards online shopping, with e-commerce expected to represent 22 per cent of global retail sales by 2023 or $6.5 trillion, according to eMarketer,” said Justin Davis-Rice, chairman of Naked. “We have experienced success with our e-commerce business and are prepared to rapidly expand our existing digital footprint as we pursue the development of a single, world-class technology platform serving the intimate apparel industry and seek to become the conduit for consolidation,” he said.In conjunction with the strategic restructuring, Naked has signed a non-binding and non-exclusive term sheet to divest itself of its Bendon subsidiary, allowing Naked to focus on its profitable e-commerce business. The divestment of the Bendon subsidiary

would be accomplished through its sale to a group composed of existing management of Naked, including Davis-Rice. In the current environment, our capital-intensive brick-and-mortar legacy business has proven challenging to sustain. This divesture will allow us to remove all group debt and transition to a pure-play, technology-rich e-commerce platform focused on intimate apparel with our existing digital business, FOH Online. FOH Online currently generates annualized revenue of approximately $20 million in the USA,” Davis-Rice added.Under the proposed terms of the divestment, the management group would assume the existing liabilities of Bendon of approximately NZ$32.5 million, after repayment by Naked of Bendon’s senior secured credit facility, with a cash adjustment to the purchase price based on a target inventory amount. In addition, Naked would have the right to receive future payments based on Bendon’s net profits, and upon any subsequent sale of Bendon, during specified periods following the closing. Naked would provide subordinated debt financing to Bendon and Bendon would provide management services to Naked under a management services agreement. Naked intends to enter into a definitive agreement for the sale in February this year to seek shareholder approval for the transaction in March 2021 and to close in April 2021.

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Disclaimer Readers are requested to verify & make appropriate enquires to satisfy themselves about veracity of an advertisement before responding to any published in this magazine. World Impex Inc, the publisher & owner of this magazine, does not vouch for the authenticity of any advertisement. In no event can the publisher of this magazine be held responsible/liable in any manner. FEBRUARY 2021 72

ADD on Viscose Spun Yarn: NITMApleads for speedy notification

resident NITMA, Shri Sanjay Garg pleads for quick notification on ADD on Viscose Spun Yarn originating from Indonesia, Vietnam and China PR , as recommended by DGTR vide its notification dt.30.12.2020. Shri Sanjay Garg further added that such cheap imports are also not in favor of Government’s “Make in India” initiative and acts as a big disincentive for the downstream industry from investment’s perspective, which restricts the growth and expansion of domestic industry.Shri Garg also informed that representation on the above has already been sent to Ministry of Finance.

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President NITMA, Shri Sanjay Garg, admired & congratulated the Hon’ble Finance Minister for promising union budget 2021 especially for textile & clothing sector .As a closing remark, Shri Garg humbly appealed for expeditious issuance of notification for levying Anti-Dumping Duty on Viscose Spun Yarn originating in or exported from Indonesia, Vietnam & China PR and imported into India to save domestic industry from the cheap imports into the country as it had been causing considerable amount of injury to domestic manufacturers .

Years to understand the full impact of COVID-19, say experts

xperts speaking on a podcast at the Leeds University said, it would take experts years to understand the full long-term impact of the coronavirus pandemic on the fashion and textiles industry.Entitled ‘How COVID-19 has increased the complexity of the fashion industry and its supply chains’, the podcast was hosted by Dr Matthew Davis, an associate professor at the business school, with speakers Dr Mark Sumner, a lecturer in sustainability and fashion at the university’s School of Design, and Fergus Dowling, a research assistant working on a project looking at the impact of COVID-19 on modern slavery.Davis opened the discussion

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EXHIBITION SCHEDULE 2021 GMMSA EXPO February 26-1st March Dana Mandi, Bahadur Ke Road Ludhiana (Pb) India Garments Machinery Manufacturers & Suppliers Association

F& A SHOW March 5-7 Trade Centre, KTPO, White Field Bangalore Yarn, Fabrics & Accessories

F&A SHOW March 19-21 Dana Mandi (Ludhiana) Yarn, Fabrics & Accessories

YARN EXPO April 17-19 The Southern Gujarat Chamber of Commerce & Industry International Technology of various types of Yarn. This will bring together manufacturers and suppliers of yarns and related GTE May 28-31 B-209, Ground Floor, Okhla Indl. Area, Phase-1, New Delhi-110020 South Asia’s Largest and Most Comprehensive Garment Machinery, Fabrics & Accessories Expo APPAREL SOURCING FAIR July 1-3 Pragati Maidan, Delhi (INDIA) fashion accessories and the entire retail fraternity to interact

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F&A SHOW / YARNEX July 1-3 Pragati Maidan, New Delhi, India Yarn, Fabrics & Accessories

GARTEX TEXPROCESS INDIA August 6-8 Pragati Maidan, New Delhi, India Gartex Texprocess India is a comprehensive tradeshow on garment textile machinery & Accessories KNIT SHOW August 27-29 Velan Hotel Fair Ground, Kangayam Road,(TIRUPUR) Machinery, Garments Accessories, Fabrics YARNEX September 16-18 India Knit Fair Complex, Tirupur, India. Yarn, Fabrics & Accessories

INDIA ITME December 8-13 Grater Noida (U.P.) INDIA Fibers, Yarns & Fabrics, Spinning, Winding & Texturing, Nonwovens Etc

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FEBRUARY 2021

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Buttons, Bell Stoppers, Buckles, Snap Buttons, Jeans Buttons, Rivets Eyelets, Zippers, Pullers, Badges, Chain Labels, Stone Buttons, Resin Buttons Coconut Buttons, MOP Shell Buttons, Metal Coat Buttons, Embroidery Labels, Flower Brooches, Metal Pins, Party Wear Brooches, Neck-Line Brooches, Heat-Transfer, Stickers, Flocking, Reflective Heat-Transfers, PU Matte, TPU-Hot Melt, 3D Silicone-Heat Transfers, IIIusion Transfers, Offset-Heat Transfers, Polyester Reflective Pipings, All Types of Laces.

FEBRUARY 2021