Covid-19 virus that has thrown the economic activity out of gear across the world has also halted the Indian textile industry to a grinding halt.
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Without modernisation of its entire value chain, India can never become global champion in textile sector.
Grasim Industries Limited has signed a definitive agreement to acquire 100 per cent equity shareholding of Soktas India Private Limited (SIPL) for an enterprise value of Rs 165 crore, subject to net debt and working capital adjustments, as of the closing date.
Uzbek President Shavkat Mirziyoyev has signed a decree to deepen reforms in the textile industry to fully reprocess raw cotton domestically and increase export potential of the country
Kymira, a producer of human-powered infrared sportswear, has developed a cardiac monitoring t-shirt. The garment wirelessly transmits the wearer’s heart rhythm to a mobile device and can accurately identify an unusual heart rhythm that could cause a sudden cardiac arrest.
FICCI welcomes the recent multi-faceted measures taken by the government to address the problems of the textile industry. Increase in import duty on 76 textile items from 10 to 20 per cent and GST reduction on carpets and handicraft items have given a big relief to domestic textile, carpet and handicraft manufacturers, said Shishir Jaipuria, Chairman, FICCI Textile Committee.
Arvind would invest Rs 1,500 crore in three years to increase its garment making capacity from fabric by six fold to meet the rising demand for branded apparel and fashion garments, a senior executive told.