CALL US : 
WAPP : 
Ever since being elected as the prime minister, Narendra Modi has been promoting Khadi and mentioned it in his radio address multiple times. He even talked about the growth of the Khadi industry in this year’s Independence Day address.
Last year, in his 36th monthly radio address – Mann Ki Baat, prime minister Narendra Modi had urged people to come forward and promote Khadi. He had said that poor are getting jobs because the sales of Khadi have increased and the recent data revealed by Khadi and Village Industries Commission (KVIC) backs the claim. KVIC Chairman Vinai Kumar Saxena told PTI that 18,39,887 jobs were created by KVIC till September 2018.
Ever since being elected as the prime minister, Narendra Modi has been promoting Khadi and mentioned it in his radio address multiple times. He even talked about the growth of the Khadi industry in this year’s Independence Day address.
In September 2017, he had said that Khadi is not just a piece of cloth but an idea. “I am not asking people to only wear Khadi but since there are so many fabrics with people, why not one of Khadi as well? Youth is also getting attracted to Khadi. The sale of Khadi has increased because of which poor are getting jobs,” PM Modi had said.
In its progress report, KVIC has acknowledged the attention it has got from the prime minister.
“KVIC has also benefitted from the personal attention and commitment provided by the prime minister towards the promotion of Khadi and Village Industries Commission and accomplished many firsts and feats,” it said.
The average sales of Khadi sector stood at Rs 914.07 crore between 2004 and 2014. This increased by a whopping 100.02% between 2015 and 2018 to Rs 1828.30 crore. The average export of Khadi and village industries products also increased from Rs 87.77 crore between 2004 and 2014 to Rs 204.75 crore between 2015 and 2018.
Saxena said that the commission plans to create another 13,83,130 jobs from November 2018 to March 2020. According to KVIC’s vision document presented to the MSME ministry, over 11.3 lakh jobs will be created under PMEGP between November 2018 and March 2020. Another 48,222 jobs shall be generated by Khadi and 24,000 jobs by the ‘Solar Vastra’ during the period.
“Thanks to the ministry’s timely approvals, in the last four years, while the total employment created by KVIC till September 2018 is 18,39,887; we have planned to create another 13,83,130 jobs during November 2018 to March 2020,” Saxena said.
Apart from this, KVIC has estimated that 44,029 jobs would be created through other village industries, 20,285 jobs through the Honey Mission and 1,09,200 jobs from the Kumbhar Sashaktikaran Mission by March 2020.
Archives
According to Angel Commodities, MCX Nov cotton slump to 7 – week lower on Tuesday tracking weakness in international prices and balanced demand – supply situation in domestic market.
MCX Nov cotton slump to 7 – week lower on Tuesday tracking weakness in international prices and balanced demand – supply situation in domestic market. The Indian Cotton Federation (ICF) has estimated cotton crop for 2018 – 19 in the country to be 373 lakh bales of 170 kg a bale. Uneven distribution and lower rains in cotton growing regions going to hamper the yield for the kharif 2018 – 19 season will result in to lower overall output. Farmers in Gujarat – the largest grower – fear picking may come down from normal 4 – 5 to merely one or two this year. The CAI has revised downward the cotton production estimate for the country by 4.75 lakh bales, pegging it at 343.25 lakh bales of 170 kg for the current season 2018 – 19 (Oct – Sep ).
Outlook
Cotton futures expected to trade sideways to lower on steady demand but expectation of higher arrivals may keep prices under pressure in coming weeks. Moreover, export demand from China, Bangladesh, Vietnam & opening up of Pakistan market to keep prices high this season.
Softening of global crude prices could have an impact on export growth and the country may find it difficult to reach the $350-billion shipment target set for 2018-19.
Crude prices are like a double edged sword as its spike impacts imports and the current account deficit. However, the softening of fuel prices affects shipments as it is a major contributor to the export basket.
“Maintaining export growth from November onwards will be a challenge. We expect the import bill to come down, but the bigger challenge is that the base effect of crude price will kick in along with lower crude prices and so maintaining a strong export growth will be a challenge,” Ajay Sahai, director-general and CEO of the Federation of Indian Export Organisations (FIEO), said.
India imports over 80 per cent of its crude needs. Oil imports in October totalled $14.21 billion, up 52.64 per cent from a year earlier, the data showed. Brent crude prices increased 39.66 per cent in October from the same period last year.
Petroleum exports contribute over 17 per cent of the country’s overall trade basket.
The trade deficit related to fuel items widened to $9.7 billion in October 2018 from $6.5 billion in September 2018.
Sahai said: “In the 17.86 per cent growth in exports in October, the net export, or the value of exports, is much less than the value in September, which was negative. In September, we suffered a negative growth. In October, we have a growth of around 17 per cent but still the value of exports in October is less than September”.
The October trade numbers showed that exports jumped over 17 per cent to $26.98 billion compared with $22.89 billion last year. However, when compared with September, the month-on-month dip was 3.47 per cent in October, down from $27.95 billion.
Analysts expect crude prices to moderate in the coming months and are likely to remain below $70 a barrel and exports could be in the region of 10-12 per cent.
However, the silver lining is the trade war between the US and China, which will provide a window of opportunity for Indian goods. Sahai said: “Reaching the $350-billion target would be difficult, but the trade war provides a glimmer of hope. It is allowing new markets for Indian products and opening up Chinese markets for products such as sugar and non-basmati rice.” Last fiscal, exports grew 9.8 per cent to $303 billion. In the April-October period this year, exports grew 13.27 per cent to $191 billion. Imports were up 16.37 per cent to $302.47 billion.
Central Cotton Research Institute’s (CCRI) variety BT CIM-632 got commercial license and farmers could cultivate it for getting produce upto 40 maund per acre.
The Punjab Seed Council has issued the license to the CCRI.
Earlier, the variety was prepared and trialled by scientists of Central Cotton Research Institute for period of two years.
After getting approval from National Coordinated Varietal Trial (NCVT), a national level forum of scientists hailing from all provinces for complete inspection of new cotton varieties, the CCRI variety CIM-632 was presented to Punjab Seed Council for issuance of commercial license.
Recently, Punjab Seed Council awarded commercial license for the new variety.
The new variety of CCRI is capable of good resistance against climate change, pink boll worm, white flies, and other viruses.
CCRI sources informed the variety would bring about revolution in cotton sector. It is considered as one of the leading production variety in the country.
To a query about its expected production, the CCRI officials informed that it had capacity to offer over 4O maunds/per acre.
It is pertinent to mention here that an average productionof cotton in the country is nearly 21 to 25 maund per acre.
A group set up to improve safety in Bangladesh’s garment industry after the Rana Plaza disaster in 2013 is warning global fashion firms that they will have to stop sourcing from some factories if the watchdog is forced to close next week. The threat to the apparel sector, which accounts for the bulk of Bangladesh’s exports, comes at a precarious time for the country ahead of a bitterly contested election in December, when Prime Minister Sheikh Hasina is seeking another term.
“The consequences of a closure of the Accord liaison office in Bangladesh will be significant, immediate, and damaging,” said Joris Oldenziel, the deputy director of the Accord on Fire and Building Safety in Bangladesh.
More than 200 firms – including the world’s top fashion retailers like Zara-owner Inditex (ITX.MC) and H&M (HMb.ST) – signed the legally-binding, five-year Accord after at least 1,100 people were killed when the Rana Plaza complex collapsed.
German delegation of 16 companies will visit Egypt to study investment opportunities in the market next week, according to Jan Noether CEO of German-Arab Chamber of Industry and Commerce-AHK.
Noether told Daily News Egypt that the delegation includes Germany’s largest textile machinery manufacturer.
He explained that the German companies specialise in the manufacture of machines for all stages of textile production, whether printing or dyeing, textile and others.
Additionally, Noether pointed out that the delegation will arrive on 25 November and is scheduled to meet with Egyptian companies working in the field of spinning and textiles.
He predicted the arrival of several trade delegations from Germany, during the next year, with a strong focus on some industrial sectors.
Noether praised the efforts exerted by the Egyptian government to stabilise prices and achieve sustainable growth of the Egyptian economy.
He pointed out that the Chamber is working to support the economic relations between Egypt and Germany, and provide economic and industrial information and the adoption of industrial or operational networks, in addition to providing a variety of services to link individual business interests of Egyptian companies with those in Germany.
Last year, trade exchange between the two countries reached €5.814bn, compared to €5.568bn in 2016, an increase of 5%, making Egypt the third largest trade partner for Germany in the Middle East after the UAE and Saudi Arabia.
Moreover, German investments in Egypt currently amount to $641m in 1,107 projects in the fields of industry, services, agriculture, construction, communications, information technology and finance. Egypt’s total investment in Germany is $35.5m in finance, medicine, furniture, medical equipment, tourism and trade.
The Minister of Science and Technology Dr. Ogbonnaya Onu has launched the transgenic cotton seed aimed at boosting the textile industry.
Dr. Onu said the introduction of new cotton seeds will boost the economy by giving birth to more Small and Medium Scale Enterprises (SMEs) in the production of cotton seedlings and its by-products.
The new cotton seedlings will also result in higher yields and better pest-resistant varieties, he added.
Garment, textile expected to outdistance last year export turnover
At present, many enterprises are rushing to complete orders signed last year to deliver goods on schedule and negotiate new orders for 2018. This is a good signal showing that businesses have well adapted to fluctuations in the market economy as well as headed towards sustainable development, said chairman of HCMC Association of Garments, Textiles, Embroidery and Knitting (Agtek) Pham Xuan Hong.
According to Mr. Vu Duc Giang, chairman of Vietnam Textile and Apparel Association (Vitas), with currently positive market signals, US$35 billion export turnover is likely obtainable for the garment and textile industry.
Experts believed that garment and textile production and export by domestic firms this year continue growing strongly. Big brand names have been sending orders to Vietnam to enjoy tax incentives from free trade agreements.
However, they still warn of challenges in global supply chain.
Economic expert Le Dang Doanh said that Vietnam’s garment and textile products have faced severe competition from Bangladesh, Cambodia, Laos, Sri Lanka and Myanmar. So he prompted businesses to improve competitive ability to grasp opportunities and stand firm in the volatile market.
In addition, the US will track the origin of materials used for making garment products imported to the country to impose additional taxes on products made from Chinese materials.
Vietnamese products will be most put on the sight as Vietnam is the neighboring country of China. Therefore businesses should shift into using other material sources rather than Chinese materials to avoid risks, advised experts.
Multilateral trading system is under stress, says Minister
Commerce Minister Suresh Prabhu on Monday said he was in talks with at least 150 countries to work out the way forward for reforming the World Trade Organisation (WTO). He said that the multilateral trading system was under stress and a number of fresh trade-restrictive measures, which would affect global trade and economic growth, had surged.
“It is necessary that we look at making the WTO improve further,” Mr. Prabhu said at a conference on a strategic alliance for the WTO and trade remedy laws. “The WTO has to change, and change for the better. We are preparing an agenda that does not exclude any country in the process of making the WTO better.”
He said that he had personally met with 150 trade ministers to move a reformed WTO agenda forward. “I am getting a positive response from all concerned, including the Director General of WTO, in our endeavour to take all countries on-board.”
“Expansion of global trade hinges on rules and processes determined by the WTO and unless global trade expands, national economies will not benefit,” he said. “It is important that all substantive issues that have been agreed to at the Doha and other trade rounds, as well as new issues that have cropped up, are addressed with a sense of urgency.”
The Indian government should begin negotiation and enter into a free trade agreement (FTA) with Russia, so as to reap the benefit of potential market at the earliest, Tiruppur Exporters’ Association (TEA) has said. Since Russia imports more winterwear, Indian manufacturers should also concentrate on producing such synthetic based products.
“Russia has already given a green signal to our competing country Bangladesh for import of garments duty free and this would help them to increase their exports,” TEA president Raja M Shanmugham said in a press release.
Russia is a huge market and many leading retail stores are setting up shops there, Shangmugham said.
He pointed out that the Indian government had initiated negotiations for a trade deal with the Eurasian Economic Union (EAEU) comprising of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, but there has been no progress in it.
In 2017-18, Russia has imported `241 crore worth of knitwear garments and `295 crore worth of woven garments from India.
