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Dear Friends,
The World Bank, in a recent report, has revised India’s Gross Domestic Product (GDP) growth estimate to 7 per cent for FY25, up from its previous prediction of 6.6 per cent. The World Bank stated that the global trade landscape is challenging and undergoing significant changes, yet India has considerable untapped potential to leverage international trade for development. India could further leverage Global Value Chains (GVCs) to their full potential, generating more jobs and enhancing productivity, the report noted.
With a view to leverage the global opportunities in textiles, the consortium of Textile Export Promotion Councils (EPCs) supported by the Ministry of Textiles have announced the organising of the second edition of India’s mega textile fair ‘Bharat Tex 2025’.
Curtain Raiser - Bharat Tex 2025
A Curtain Raiser for ‘Bharat Tex 2025’ was held in New Delhi on September 4, 2024. Scheduled to be held from February 14-17, 2025, BHARAT TEX 2025 is positioned as a global scale textile trade fair and knowledge platform. The second edition of Bharat Tex will be held simultaneously at two state-of-the-art venues, Bharat Mandapam, New Delhi and India Expo Centre and Mart, Greater Noida.
Shri Giriraj Singh, Hon’ble Union Minister for Textiles, was the Chief Guest at the Curtain Raiser along with Shri Pabitra Margherita, Minister of State for Textiles and Smt. Rachana Shah, Secretary. I along with, Shri Vijay Kumar Agarwal, Vice Chairman, and Dr. Siddhartha Rajagopal, Executive Director of the Council attended the event.
Spanning 200,000 square meters, the mega textile expo will host over 5,000 Exhibitors, 6,000 international buyers from over 110 countries and over 1,20,000 visitors are expected to participate in this year’s event. Around 100 international speakers are also going to participate in the event.
TEXPROCIL has been allocated 6,500 square meters, to set up a pavilion for showcasing the choicest range of textile products under the Council’s purview. I appeal to all our members to support the event by booking large stalls under TEXPROCIL pavilion and benefit from the focussed buyer program being planned for the exhibition.
Yarn Expo & Intertextile Shanghai Apparel Fabrics
The Council organized participation of 49 member exporters at the Yarn Expo Autumn and the InterTextile Apparel Fabrics at the National Exhibition & Convention Centre, Shanghai, China from 27th to 29th August, 2024. The event was organized by Messe Frankfurt, Hong Kong.
At the InterTextile Apparel Fabric Show, over 100,000 visitors from 115 countries attended the event. The Top 10 visiting countries included South Korea, India, Hong Kong China, Taiwan China, Japan, Russia, Türkiye, Vietnam, Indonesia & Thailand.
At the Yarn Expo, 22,000 visitors from 81 countries attended the event. The top 10 visiting countries included Hong Kong, Taiwan, South Korea, India, Japan, Vietnam, Pakistan, Russia, Turkey & USA.
The meetings by Indian participants are expected to generate good business in view of the recent reports, wherein, the Indian Government has expressed readiness to extend relaxation on trade with China.
Intex South Asia
TEXPROCIL, in its efforts to explore opportunities for increasing exports of yarn & fabrics, organized an India Pavilion in Intex South Asia, textiles exhibition from 7-9 August 2024 at the Bandaranaike Memorial International Conventional Hall (BMICH), Colombo, Sri Lanka.
The Council organized group participation of 16 Indian companies by setting up the India Pavilion at the fair under the MAI Scheme of Government of India. The participation was highlighted with special promotions highlighting the ‘Incredible Textiles of India’ programme of the Ministry of Textiles, Govt. of India. Other Indian companies participating in the fair included 64 companies participating directly through the organizers by setting-up large stalls.
The underlying theme of the exhibition and the conferences held was that the India-Sri Lankan alliance holds immense potential in view of the diverse value chains existing in both the countries and India-Sri Lanka Free Trade Agreement (ISFTA), expected to be concluded by the end of this year. Sri Lanka being an important garment conversion centre, trade facilitation measures like banking reforms, special rates on fabrics, speedy logistics, etc. can provide impetus for growth of India’s textile exports into Sri Lanka.
Bangladesh crisis
The apparel industry in Bangladesh has been in deep turmoil over the month long protests followed by the fall of the Government. Last year Bangladesh shipped USD 54 billion-worth of garments, second only to China, which are expected to fall by 10-20% this year owing to incessant problems. Empowered by the protests, several groups, including textile workers, have taken to the streets with fresh demands for the new interim government. The country has also been beset by power failures. Gas shortages this year have forced factories to operate at lower capacity.
The question looming on everybody’s mind is whether other countries (including India) can take advantage of this situation. Recently there have been reports from Indian exporters based in Tiruppur and Delhi receiving fresh orders because of the unrest in Bangladesh. However, experts believe that the current unrest is likely to be short-term and may not impact Bangladesh’s dominance in the global apparel business. Factories are already operating again and the situation is improving, as per the experts.
70th AGM of TEXPROCIL
The 70th Annual General Meeting of the Members of the Council will be held at 2.00 p.m. on Wednesday, 25th September, 2024 at TEXPROCIL Head Office in Mumbai in Hybrid Mode (Video Conferencing as well as physical).
The Notice calling the AGM has been uploaded on the website of TEXPROCIL. The AGM provides an opportunity to members to interact and take stock of various developments affecting our trade. I appeal to all the concerned to make it convenient to attend the AGM physically at the Council’s H.O. in Mumbai.
Way Forward
Friends, economists have suggested that India has made progress in facilitating trade and re-engaging with global markets, but progress is limited by new barriers affecting goods, services, and investments. They believe that while FTAs have a strong impact on India’s exports, recent agreements that exclude key areas like digital trade limit the country’s potential in growing its exports.
Given the slowdown in orders and slower revival of trade levels, it is necessary to develop a new strategic plan to diversify exports, leverage the changing geopolitical landscape, reduce trade costs, and improve trade facilitation.
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