'The state governments of Gujarat, Maharashtra and Tamil Nadu will be encouraged to consider measures of their own as the employment and economy in such export-oriented states will be affected.'
Finance Minister Nirmala Sitharaman launched a strong attack on Rahul Gandhi and the Congress party, accusing them of compromising India's interests on the world stage and selling out farmers and the poor during their time in power.
According to an industry expert, companies such as Trident, Welspun India, Arvind, KPR Mill, Vardhman Textiles, Page Industries, Raymond, and Alok Industries stand to gain, as revenue from the US market accounts for 20-60 per cent of their earnings.
Capex, infrastructure development, and prudent fiscal management are the key focus areas in the Budget, says Nilesh Shah.
Prime Minister Narendra Modi on Tuesday announced the signing of the India-EU Free Trade Agreement (FTA), saying it accounts for 25 per cent of global GDP and one-third of global trade.
New Delhi will substantially reduce tariffs on industrial and agricultural goods while continuing to protect sensitive sectors. Tariffs on some agricultural products that are not traditionally considered sensitive will be brought down to zero, while in the case of relatively sensitive items, duties will be reduced in a graded manner and quotas will be imposed.
'Grassroots-level corruption, which disrupts the last-mile work, cannot be ignored in your enthusiasm and drive to get going to complete the project.' 'Like it was in MGNREGA, in some states, it is the case with the Jal Jeevan mission.' 'The last minute levels of corruption can ruin the intent of the project itself.' 'When you see that people can game a particular well-intended and well-crafted project, you need to correct that.'
Textile exports from India are expected to register a 25 per cent growth during this year, a senior textile ministry official said on Monday.
The government's estimate that 300,000 to 500,000 people will lose their jobs -- is well below the projections of industry lobby groups, which put the number at around 1 million. The textiles and garments industry is the second-largest employer in India after agriculture. It directly employs 35 million people and indirectly provides livelihood to about 88 million people.
Next week's three-nation foreign tour of Prime Minister Narendra Modi will see India and Oman sign a free trade deal. The visit will also pave the way for agreements with Ethiopia and Jordan to increase India's bilateral trade and investments.
Pratibha Pawar, wife of NCP (SP) chief Sharad Pawar, was allegedly stopped from entering the premises of Baramati Hi-Tech Textiles Park in Pune district on Sunday for half an hour. This was informed by the office of Baramati MP Supriya Sule. Notably, Deputy Chief Minister Ajit Pawar's wife and Rajya Sabha member Sunetra Pawar is the chairperson of the Baramati Hi-Tech Textiles Park. A video shared by Supriya Sule's office shows female aides of Pratibha Pawar and Sule's daughter Revti Sule asking a security guard at the Park to open the gate as they wanted to do some purchasing. The guard told them he was instructed by one Anil Wagh to not open the gate. A male aide accompanying Pratibha Pawar and Revti Sule confirmed to PTI that they were not allowed to enter the premises for at least 30 minutes. When contacted, Textile Park chief manager Anil Wagh said he was not aware that Pratibha Pawar was supposed to visit the premises. He claimed he instructed security personnel to not allow any political rally inside. When he was told that Pratibha Pawar had arrived, he immediately asked security guards to open the gate and allow them inside. According to Wagh, Pratibha Pawar and Revti Sule visited some companies on the premises of the Park and interacted with women workers. Baramati Hi-Tech Textile Park is one of 26 parks approved by the Union Ministry of Textiles. Under the chairmanship of Sunetra Pawar, this park was set up in the year 2008 over an area of 65 acres in Baramati in Pune district. A fierce electoral battle is playing out in the Baramati assembly constituency between Ajit Pawar, who revolted against uncle Sharad Pawar last year, and his nephew Yugendra Pawar.
'The US slump could hit our hosiery market hard since 40 per cent of our exports go there.' 'Job losses could be severe if the government doesn't step in fast.'
The United States action of levying 25 per cent additional tariff on Indian goods is 'unfair, unjustified and unreasonable', India said on Wednesday in a firm reaction, signalling increasing tensions between the two strategic partners over New Delhi's energy ties with Moscow.
After registering a positive growth for two months, India's exports slipped into negative territory again, contracting 2.17 per cent year-on-year to $38.73 billion in May due to a fall in global petroleum prices, while trade deficit narrowed at $21.88 billion during the month.
The proposed 'Next Gen GST' with sweeping reforms, lower tax rates, and just two slabs, aims to boost the economy amid tariff threats and set the stage for a single tax rate regime by the time India becomes a developed nation, government sources said.
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
The cash-starved Indian textile industry is of the view that the Technology Upgradation Fund Scheme, or Tufs, flagship scheme of the textiles ministry, has lost its shine, as economic slowdown has put modernisation and expansion plans of companies on hold. The industry says there are more basic problems that the government needs to address.
Another priority in the first 100 days could be the launch of an e-platform -- Trade Connect -- to help exporters connect with stakeholders of international trade.
According to sources close to the development, the ministry feels that the National Textile Corporation (NTC), which has put the land on sale, will get better prices than the bid put in by Lodha Developers. The company, which had initially placed a bid of Rs 657.90 crore (Rs 6.57 billion), later hiked it to Rs 710 crore (Rs 7.1 billion), following a request from NTC.
The textile ministry, in its Budget wish list, has recommended additional tax benefits and increased interest subsidy for exporters.
Talking to media persons after taking charge of the new portfolio, she side-stepped questions about Bharatiya Janata Party president Amit Shah being behind her shift saying it is not individuals but the party who takes such decisions.
'If you don't fulfil whatever they ask, you are in trouble.'
The commerce ministry is working on different scenarios to assess the possible fallout of reciprocal tariffs to be imposed by the US administration on April 2 on its key trading partners including India, sources said. US President Donald Trump has said that April 2 will be 'Liberation Day' as he plans to announce tariffs or import duties to bring down America's trade deficit, and promote the country's manufacturing.
The country has generated an additional income of Rs 10,000 crore (Rs 100 billion) to Rs 12,000 crore (Rs 120 billion) annually because of its higher yield, J N Singh, joint secretary in the Union textiles ministry, told Business Standard.
The textile ministry had organised a show at Elephanta Caves in Mumbai to promote the artisans and revive arts and culture.
India and the United States will finalize the contours, schedule of negotiations, and terms of reference for a proposed bilateral trade agreement (BTA) during a three-day meeting beginning Tuesday. The agreement is expected to be finalized in two tranches, with the first phase focusing on goods trade. The US team, led by Assistant US Trade Representative for South and Central Asia Brendan Lynch, will be in India from March 25-29 to discuss the agreement. Both countries are aiming to conclude the first phase of the agreement by fall 2025.
Union Budget has given mixed bag of response for the recommendations of Textile Industry. Some of the provisions in the budget that could have a direct and indirect bearing on the Textile and Clothing Industry are as follows.
The Budget for 2024-25 should focus on employment generation, besides promoting the manufacturing sector, economists attending the pre-Budget consultation meeting with Finance Minister Nirmala Sitharaman here on Wednesday said. The meeting was attended by National Co-convenor Swadeshi Jagran Manch Ashwani Mahajan, Director and Chief Executive of the Institute for Studies in Industrial Development (ISID) Nagesh Kumar, and TCA Anant among others.
Among the new entrants to the Union cabinet, former Madhya Pradesh chief minister Shivraj Singh Chouhan has been given the agriculture and rural development portfolios, Bharatiya Janata Party president J P Nadda the health portfolio and former Haryana chief minister Manohar Lal Khattar the power portfolio.
The new guidelines, effective from August 1, aim to expedite visa approvals for nationals from China and other countries sharing land borders with India.
The Textile Ministry on Tuesday said it was awaiting clearance from the Maharashtra government for the International Convention Centre to come up at Mumbai with an approximate investment of Rs 700 crore (Rs 7 billion).
It is for the first time in the history of Independent India that not a single Muslim is part of the Union Cabinet.
The government is expediting visa-related issues to bring technicians to India from any country, not just China, as and when required, to ensure the smooth implementation of the flagship production-linked incentive (PLI) scheme aimed at boosting domestic manufacturing. "If those under the PLI scheme need to get their equipment installed, we try to expedite the ability to get technicians into India from any country, whichever it may be," Union Commerce and Industry Minister Piyush Goyal told Business Standard in an interview.
Textile exports are expected to reach $50 billion by 2014-15 on the back of new markets.
'There will be 200 ITIs developed as hubs, while 800 will be developed as spoke, connected with five National Skill Training Institutes.'
Here is the complete list of ministers in Modi 3.0 and their portfolios:
In a move that could improve the weakening sentiment in the Indian textile industry, the government is set to sign a free trade agreement (FTA) with the European Union (EU) by the end of the current calendar year.
In addition, 22,533 'Make in India' ventilators have been delivered to various states, Union territories and central institutions, the ministry said, adding that the Centre is also ensuring the installation and commissioning of the machines.
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