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Assures them that their investments would be safe and secure in India
Prime Minister Narendra Modi assured global investors on Friday that their investments in India will be safe. “To those who are already present in India, I would like to assure you that our democratic system, human values and strong judicial system will ensure the safety and security of your investments.”
“I will always be available to hold your hands in your journey,” he said in a 25-minute address, inaugurating the ninth edition of Vibrant Gujarat Global Summit (VGGS) 2019. He had conceived the three-day, biennial flagship event, originally christened as Vibrant Gujarat Global Investment Summit (VGGIS), as Gujarat Chief Minister in 2003. Doing business with India is a great opportunity for global investors,” the Prime Minister said.
Modi said India’s challenge is to develop horizontally to spread benefits of development to regions and communities that have lagged behind and vertically to meet enhanced expectations in terms of quality of life, services and infrastructure. “India is now ready for business as never before.”
In a rather uninspiring inaugural speech at the Global Summit—with the theme of “Shaping A New India”—he avoided mentioning any future plans or policies, perhaps in view of Parliament’s Session commencing in January-end, and the Budget or Vote on Account proposed to be tabled on February 1, ahead of the Lok Sabha polls due in April-May this year. He mostly reiterated achievements of the NDA Government he heads since 2014.
Participating business and industry heads who promised future investments in Gujarat included RIL Chairman Mukesh Ambani who said his Group’s existing investments of ?300,000 crore will be doubled in 10 years, Adani Group Chairman Gautam Adani (?55,000 crore in five years across solar energy, cement, lithium battery), Aditya Birla Group Chairman Kumar Mangalam Birla (?15,000 crore in three years in chemicals, textiles, mining and green energy and Torrent Group Chairman Sudhir Mehta (?10,000 crore in renewable energy, power distribution and compressed natural gas).
Those present included Rosneft’s Global Head of Downstream Didier Casimiro, who mentioned acquisition of the Essar refinery in Jamnagar in 2017, Tata Sons Chairman N Chandrasekaran, Suzuki Motors Chairman Toshihiro Suzuki.
Besides, Asian Infrastructure Investment Bank Chairman Jin Liquon, Heads of Governments from the Czech Republic, Denmark, Malta and Uzbekistan and Ministers from Japan, Morocco, The Netherlands, Thailand and South Korea and Prasoon Mukherjee, Vice Chairman of Singapore Indian Chamber of Commerce and Industry (SICCI) have also attended the Summit.
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Volatility in crude oil prices has hit synthetic textile manufacturers hard, with a frequent change in buying behaviour observed for both the raw material and finished products segments.
When crude prices hit their highest levels in 2018 at $86 a barrel (on October 3), raw material buyers placed massive orders steadily to build their pipeline inventory before any further rise.
However, the entire sentiment saw a reversal in two months, when crude oil prices slipped to trade at $49.73 a barrel (on December 24).
Raw material buyers in the synthetic textile industry disappeared from the market amid expectations of a further fall in prices.
Ironically, crude oil prices bounced back to trade at $59.74 a barrel on Wednesday, around 20 per cent from its December low.
The sudden spurt in prices prompted producers of man-made fibre and synthetic yarn manufacturers to start placing orders again.
Man-made fibres and yarns are made from petrochemicals, which are derivatives of crude oil. Their prices follow the movement in crude oil prices.
“A steady crude oil price trend is good for the synthetic textile industry. Raw material purchasers had deferred their purchase orders on expectations of a further decline in crude oil prices and, subsequently, prices of synthetic fibre and yarn. We believe the October-December quarter may not be good in terms of top line and bottom line. The industry may stabilise from the March quarter,” said Om Prakash Lohia, Chairman of Indo Rama Synthetics.
With crude oil prices moving up again, synthetic textile manufacturers heaved a sigh of relief, as orders have started flowing in again.
Meanwhile, synthetic textile manufacturers posted mixed results for the quarter ended September. For example, Filatex India reported a net profit of Rs 20.25 crore on a turnover of Rs 718.33 crore from their respectively levels of Rs 20.14 crore and Rs 704.43 crore from June 2018.
Indo Rama Synthetics posted a net loss of Rs 32.62 crore on a turnover of Rs 394.41 crore in September, against Rs 29.20 crore net loss on a turnover of Rs 355.54 crore in June.
“The impact of volatility in crude oil prices has been nullified by the rising demand of synthetic textile products in India. Polyester is slowly replacing cotton, thereby increasing the production of manmade fibres. Demand for synthetic textiles is rising with rapid urbanisation and low-cost options available in the clothing segment,” said Madhu Sudhan Bagheria, Chairman and Managing Director of Filatex India.
Scientists have devised an innovative technique that could be used to incorporate batteries, wireless devices and sensors into fabrics like paper and cotton textiles.
The researchers from Imperial College London in the UK used the technique to print metals such as silver, gold and platinum onto fabrics.
Ultimately these technologies could be used for new classes of low-cost medical diagnostic tools, wirelessly powered sticker-sensors to measure air pollution or clothing with health monitoring capabilities, they said.
Metals have been printed onto fabrics, but until now the process has essentially coated the fabric with plastic which renders the fabric waterproof and brittle.
Described in the journal Advanced Functional Materials, the approach would allow metal inks to cover entire fibres rather than simply coating the surface of the fabric.
“Fabrics are ubiquitous and some forms such as paper, are ancient. With this new method of metallising fabrics it will be possible to create new classes of advanced applications,” said Max Grell, a PhD candidate at Imperial College London.
To coat the fibres, the researchers first covered them in microscopic particles of silicon, and then submerged the material into a solution containing metal ions.
This preparatory process, known as SIAM, allows metals to ‘grow’ throughout the material as the ions are deposited on the silicon particles.
This approach coats metal throughout the fabric, allowing paper and textiles to maintain their ability to absorb water and their flexibility alongside providing a large metallic surface.
These properties are important to the functioning of many advanced technologies, particularly sensors and batteries, where ions in solution must interact with electrons in metals.
The team dropped the silicon ink by hand onto the fabrics, but the process could be scaled up and performed by large conventional printers.
The researchers demonstrated its ability to fabricate the elements required for a number of examples of advanced technologies.
The team also used the method to deposit silver onto paper and then added zinc onto the same paper to form a battery.
The new approach was also used to produce a range of sensors. This included a paper-based sensor to detect the genetic indicators of a disease that is fatal to grass-eating animals and associated with Crohn’s disease in humans.
According to the researchers, sensors fabricated within natural fabrics would be cheaper, easy to store and transport, and ultimately could be used in clothing that monitors health.
“We chose applications from a range of different areas to show how versatile and enabling this approach could be,” said Grell.
“It involved a lot of collaboration and we hope we have demonstrated the potential of this method so people who specialise in different areas can then develop these applications,” he said.
Lack of understanding in choosing the right technology solution and low impact on overall profitability are among the key challenges in adoption of technologies among MSMEs.
Digital adoption among micro, small and medium enterprises (MSME) is still a long way to go as only 5% out of the 2,700 MSMEs, surveyed by the private sector lender Yes Bank, have fully embraced digital adoption. The full-scale technology adoption, according to the survey, includes the use of cloud services, ERP, CRM, account management software, digital banking etc.
Lack of understanding in choosing the right technology solution and low impact on overall profitability are among the key challenges in adoption of technologies followed by lack of skilled manpower to operate technology, lack of trust in technology, and the high cost of equipments.
While 63% of the MSME surveyed said that they are going digital, only 50% perceive profitability and operational efficiency as benefits of going digital and over 80% of all digitized MSMEs indicated overall positive digital experiences, the survey said.’
“The macro business environment that MSMEs are operating under is undergoing a transition. Digitisation is becoming increasingly vital for long term survival and future growth,” said Sumit Gupta, senior group president – mid-segment, multinational corporate banking, government banking, agribusiness & knowledge, Yes Bank.
MSMEs in sectors including IT & ITeS, food processing, engineering, manufacturing, healthcare and pharmaceuticals have high levels of digital adoption, the survey found.
Getting a competitive advantage and increase in productivity are among the key reasons for the adoption among 60% of businesses using advanced technologies.
Interestingly, 56% of respondents believe that the government is doing enough to boost technology adoption among MSMEs. However, around 60% feel that tax incentives and subsidized loans for purchasing equipment would help in better adoption of technology.
Further, the survey says that 51% MSMEs have so far availed digital banking services, using largely internet and mobile banking services followed by digital wallets, payment solutions, and online bill payments.
The survey made key recommendations focusing on a Skill India program for MSMEs to improve their technology know-how, a centralized MSME support centre for services such as finance, HR, marketing etc, building awareness around ICT solutions and government schemes, training programs in association with academia over educating MSMEs to form a basic digital footprint etc.
A water-repelling, biodegradable material inspired by lotus leaves has been developed by a joint team of researchers from India, Switzerland and Italy. Super-hydrophobic or water repellent materials are used in various industrial and other applications, such as healthcare, self-cleaning textiles, oil spill management, corrosion resistance, sensor manufacturing, robotics and 3D printing. However, most of these materials are made using petroleum derivatives, fluorinated compounds and textured inorganic materials.
The newly developed material is fully organic and biodegradable. It is inspired by lotus leaves that are composed of cellulose as base substance and utilize naturally formed wax to achieve water repelling property. A technique called soft lithography was used to create micro-pillars of cellulose that facilitate extreme water repellency.
In order to mould the cellulose, cellulose powder dissolved in trifluoroacetic acid was used. After this, acid was removed through controlled drying to ensure environmental sustainability. Finally, textured cellulose was coated with carnauba wax – a natural wax found in palm trees and which is similar to the one found in lotus leaves. The new material is not only biodegradable bur can also be made flexible by adding glycerol, which is a natural plasticizer.
Dr. Chander Shekhar Sharma, a member of the team at Indian Institute of Technology (IIT) Ropar, told India Science Wire, “our work can be further developed to achieve commercial, environmentally sustainable super-hydrophobic material by upscaling the fabrication process. It can be suitable for applications where short term functionality and environmental friendliness is required, such as one time use bioanalytical tests, cell cultures, drug delivery and foldable and disposable electronics”.
Dr. Athanasios Milionis of ETH Zurich University, Switzerland was the lead researcher of the study. The research team included Professor Dimos Poulikakos, Dr. Raoul Hopf,. Michael Uggowitzer (ETH Zurich University) and Dr I S Bayer (Italian Institute of technology, Italy). The study results have been published in journal Advance Material Interfaces.
Modi assures investors of safety and security of their investments
GANDHINAGAR, JANUARY 18
Prime Minister Narendra Modi assured global investors on Friday that their investments in India will be safe. “To those who are already present in India, I would like to assure you that our democratic system, human values and strong judicial system will ensure the safety and security of your investments.”
“I will always be available to hold your hands in your journey,” he said in a 25-minute address, inaugurating the ninth edition of Vibrant Gujarat Global Summit (VGGS) 2019. He had conceived the three-day, biennial flagship event, originally christened as Vibrant Gujarat Global Investment Summit (VGGIS), as Gujarat Chief Minister in 2003. “Doing business with India is a great opportunity for global investors,” the Prime Minister said.
Modi said India’s challenge is to develop horizontally to spread benefits of development to regions and communities that have lagged behind and vertically to meet enhanced expectations in terms of quality of life, services and infrastructure. “India is now ready for business as never before.”
In the inaugural speech at the Global Summit — with the theme of “Shaping A New India”— the Prime Minister avoided mentioning any future plans or policies, perhaps in view of the Parliament session commencing in January-end, and the Budget or Vote on Account proposed to be tabled on February 1, ahead of the Lok Sabha polls due in April-May. He mostly reiterated achievements of the NDA Government since 2014.
Investment promise
Participating business and industry heads who promised future investments in Gujarat included RIL Chairman Mukesh Ambani who said his Group’s existing investments of Rs. 300,000 crore will be doubled in 10 years, Adani Group Chairman Gautam Adani ( Rs. 55,000 crore in five years across solar energy, cement, lithium battery), Aditya Birla Group Chairman Kumar Mangalam Birla ( Rs. 15,000 crore in three years in chemicals, textiles, mining and green energy) and Torrent Group Chairman Sudhir Mehta ( Rs. 10,000 crore in renewable energy, power distribution and compressed natural gas).
Those present included Rosneft’s Global Head of Downstream Didier Casimiro, Tata Sons Chairman N Chandrasekaran and Suzuki Motors Chairman Toshihiro Suzuki.
Asian Infrastructure Investment Bank Chairman Jin Liquon, Heads of Governments from the Czech Republic, Denmark, Malta and Uzbekistan and Ministers from Japan, Morocco, The Netherlands, Thailand and South Korea and Prasoon Mukherjee, Vice-Chairman of Singapore Indian Chamber of Commerce and Industry (SICCI), also attended the summit.
Danfoss India is expecting 2019 to be better than earlier years. Without sharing numbers, Ravichandran Purushothaman, President, Danfoss India, told BusinessLine that the company registered strong double-digit growth in 2018. Sectors such as food and food processing, home chain infrastructure, earth moving equipment and energy have done reasonably well. The downside was due to the poor pick up in the capex cycle and the banking system.
“2019 is expected to be better. The capex cycle is very close to pick up. The capacity utilisation of cement has gone up and we expect bank lending to go up. It’s an election year,” he added.
Commenting on food loss, he said the cold chain capacity has grown from 30 million tonnes to 38 million tonnes. “Food policies are aggressive. The TN government has been aiding farmers with good agricultural practices.
Banana loss has fallen by half in the last two years from a high of 18-20 per cent. There is a lot of improvement in pre and post-harvest practices such as grading, sorting and so on.
Further, Tamil Nadu’s agro-climatic conditions are favourable for bananas. There is still lots to be done as only 30 to 35 per cent of the bananas are ripened in a scientific way. Certification is mandatory for export. “Tamil Nadu incidentally does not have an APEDA certified lab. We hope to have one soon,” he said.
Purushothaman emphasised on the need for roping in the younger generation into farming. “We have a number of agro climatic zones in the country and multiple technological interventions as well. The mindset has to change. Value addition to agriculture produce is the way forward. If we do not change the way of agriculture, give it an industry status, we will not progress,” he said.
“Forty per cent of the start-ups are focussed on agriculture and food processing. But bank lending has been a huge challenge for small companies. The cost of doing business is still “pretty high” in India. There is need for intervention to bring down the cost,” Purushothaman said.
He was in the city to inaugurate the new wind tunnel centre at PSG College of Technology here.
The centre, established in collaboration with the National Aeronautics Laboratory, Bengaluru, has been developed to conduct aerodynamic research and experiments for automotive, aerospace, aerodynamic civil construction and specific consumer products.
Companies with monthly sales below 100,000 yuan ($14,761) will be exempt from value-added tax, the ministry said in a statement. The previous threshold was below 30,000 yuan in monthly sales
Beijing: China’s Finance Ministry on Friday announced further tax cuts for small companies as part of an effort to create jobs and promote economic stability.
Companies with monthly sales below 100,000 yuan ($14,761) will be exempt from value-added tax, the ministry said in a statement. The previous threshold was below 30,000 yuan in monthly sales.
The tax cuts for small firms took effect this month and run to the end of 2021, the ministry said.
Premier Li Keqiang said this month that tax cuts targeting smaller companies will help to support employment and economic stability, and expand the country’s tax base over the long term.
The garment and textile sector was forecast to suffer the most from goods origin regulations under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said Bùi Kim Thùy, the country representative for Vi?t Nam at the US-ASEAN Business Council.
The CPTPP, which took effect in Vi?t Nam earlier this week, is expected to bring huge opportunities and also challenges to Vi?t Nam. However, materials for the garment and textile sector may still prove a headache.
“Everyone said with the CPTPP, the textile and garment industry would benefit the most, but if there is no appropriate support, opportunities could turn into challenges,” said Tr??ng V?n C?m, vice chairman of the Vi?t Nam Textile and Apparel Association.
The country’s garment and textile sector claimed second position in the world in terms of export turnover with US$36.1 billion in 2018. However, Vi?t Nam had to import around 80 per cent of its materials for production. The heavy demand on imported material had become a serious problem for the industry, C?m said.
Currently, Vi?t Nam has to import up to 99 per cent of cotton, 70 per cent of fibre and 80 per cent of fabric from foreign countries. The biggest shortcoming, according to the vice chairman, is that only 10 per cent of fabric is imported from Japan and countries that are part of the CPTPP.
The biggest bottleneck is that Vi?t Nam has been unable to produce fabrics for export.
Nguy?n S?n, vice chairman of Vi?t Nam Cotton and Spinning Association, said in order to build supply chains for the textile and garment industries, South Korea and China had developed effective industrial park models.
Association needed
Vi?t Nam is in the top three biggest exporters of garments and textiles in the world following China and India. The country has an abundant labour force and golden population period. The sector has attracted $17.5 billion in foreign direct investment so far.
C?m said to take advantage of the opportunities from the CPTPP, Vietnamese firms should gain a deeper understanding of the sector, their advantages and markets in the CPTPP.
In order to solve the bottleneck, strong enterprises must work together with local authorities. The Government needs to develop policies for the next 10 to 15 years to take advantage of this agreement.
A prototype of a garment which could save the lives of offshore workers in the event of an accident at sea has been unveiled today (Thursday 17th January).
Dundee-based Iron Ocean has worked with the Oil & Gas Innovation Centre (OGIC) and Heriot-Watt University to develop the Centurion 3, an offshore survival system, which comprises of a three-layer upper body garment that produces heat when immersed in cold water and is designed to be worn under the traditional offshore survival suit.
The three-layers are tear resistant, fire retardant and compression fit, making the Centurion 3 less bulky and restrictive compared to traditional suits, giving the wearer increased mobility and protection. Current garments worn under the survival suit do not provide active heating.
Consequently, immersion into the cold waters of the North Sea for instance, causes the body temperature of the wearer to very rapidly decrease with an estimated life expectancy of 10 – 12 minutes. By comparison, the newly developed material incorporated into Centurion 3 immediately activates when in contact with water and produces a heat output above the average body temperature for more than 20 minutes.
The self-heating material therefore allows the wearer to retain body heat, during a critical period, preventing the fatal effects of cold water immersion.
Throughout the project Iron Ocean has worked with Heriot-Watt University’s schools of Engineering and Physical Sciences and Textiles and Design. This Heriot-Watt team developed innovative smart materials for incorporation into Centurion 3, which either individually or in combination, provide new offshore survival garments that withstand even the harshest conditions.
Simon Lamont, founder of Iron Ocean, and former industry health and safety manager, said: “I came up with the initial concept of the Centurion 3 following the 2009 Super Puma crash. I realised something had to be done to protect workers from the harsh elements of the North Sea in the event of an offshore incident. OGIC’s support at the very beginning of this journey was invaluable, having their backing opened the door for me to work with the expertise of Heriot-Watt University and provided the technical expertise to make my idea a reality.
“With all of our prototype garments now complete, the next step for us is to introduce the Centurion 3 to market so it can begin saving lives offshore. There is also great potential to bring this innovative technology to other industries including leisure, military and maritime to improve safety in harsh environments.”
The development of the Centurion 3 involved two phases of research co-funded by OGIC. Phase one saw the development of the water-triggered heat-generating materials, which led to phase two, within which the heat-storage material was further developed for use within the prototype Centurion 3 garments.
Mhairi Begg, OGIC project manager, added: “The development of the Centurion 3 is an excellent example of how an innovative idea can become a reality. Having worked with Iron Ocean from the start we saw the potential this project had for improving safety offshore and what a disruptive technology it will be when brought to market.
“Often when people think about innovations in oil and gas the focus is on engineering technology, however, this project shows just how much potential there is for innovations to take place across the whole industry including new materials to benefit health and safety.
“Translating the initial Iron Ocean concept from materials chemistry principles right through to prototype development has come with many scientific and technical challenges. It is however, immensely satisfying to now see the garments, knowing that one day they could save lives.”
Iron Ocean has also been shortlisted for the HSE Innovation accolade in the 2019 Offshore Achievement Awards, which recognises developments which have improved individual, plant or operational safety.
