Soon after Sintex Industries, a popular textile and yarn manufacturer, disclosed in June 2019 about a Rs 900 million default on bonds, Invesco Asset Management (India) Pvt Ltd had filed a petition against the Gujarat-based firm.
Browsing: Industry Update
While the global man-made fibre (MMF) garments trade stands at $ 200 billion, India exports only $1.6 billion of MMF garments.
Piyush Goyal, the Commerce & Industry Minister, announced the launch of the DGFT ‘Trade Facilitation’ mobile application to make automated processing systems, online data exchange, and trading, easier for importers and exporters.
To boost supply chain transparency, Lenzing will offer E-branding services via online certification and licensing of its VEOCEL brand, for the nonwoven industry. It will help partners and brand-owners raise brand value.
Despite being the second-largest textile manufacturer in the world, India faces many challenges and competition, which can be resolved with central government incentives, structural reforms and lower import duty.
Though the pandemic and crackdown by the US and other western countries on Chinese enterprises, have not affected the exports of some firms in North Western Xinjiang, many companies are exploring the domestic market.
While India's textile & clothing (T&C) exports to European Union (EU-27)
declined by 20.8% in 2020 compared to 2019, exports of China to EU-27 increased by
whooping 46.9%