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The <keyword id="21233022" type="General" weightage="20" keywordseo="Indian-textile-industry" source="keywords">Indian textile industry</keyword> is set to experience developments in 2024, driven by improving demand in <keyword id="21017131" type="General" weightage="20" keywordseo="export-markets" source="keywords">export markets</keyword>, resilient consumer spending in key sectors, and favourable geopolitical conditions, according to the B&amp;K Securities report. In the ready-made garments (RMG) sector, the demand offtake in export markets is anticipated to show substantial improvement in 2024. While domestic demand is expected to remain moderate due to lower discretionary spending and overstocking from the previous fiscal year, the recovery in export demand is promising. The domestic market could see a boost in the second half of FY25, supported by an increase in wedding days and festive season, although the rise in realisations is likely to be marginal. The export growth in RMG is expected to be driven by a combination of factors including restocking by Western retailers, increased demand for spring-summer collections, and a general uptick in retail sales. The anticipated interest rate cuts in the US will further stimulate demand. India's RMG exports will also benefit from stable cotton prices and uninterrupted supply, enhancing cost competitiveness on the global stage. The ongoing crisis in Bangladesh, a major player in the global RMG market, presents a temporary tailwind for Indian exporters. However, the benefits for India are expected to be short-lived due to differences in product portfolios and Bangladesh's trade agreements with the European Union. Over the medium to long term, India could see more substantial gains as global buyers continue to diversify their <keyword id="19959553" type="General" weightage="20" keywordseo="supply-chains" source="keywords">supply chains</keyword> away from China and Bangladesh, particularly as Bangladesh faces challenges such as rising wages and the loss of its Least Developed Country (LDC) status by 2029. The <keyword id="21356289" type="General" weightage="20" keywordseo="home-textiles" source="keywords">home textiles</keyword> segment is poised to continue its growth trajectory, primarily driven by robust consumer spending in the United States, which accounts for approximately 60 per cent of India's home <keyword id="21353395" type="General" weightage="100" keywordseo="textile-exports" source="keywords">textile exports</keyword>. The market share of Indian players in the US has been steadily increasing, supported by the China+1 strategy adopted by big box retailers to diversify their supply chains. India's competitive advantage in raw material costs and increased domestic capacity will likely sustain its dominance in the US home textiles market. The Free Trade Agreement (FTA) negotiations with the UK and the European Union offer additional opportunities for growth, potentially leading to higher margins and increased market share for Indian players. While the industry is on a positive trajectory, it faces near-term challenges such as logistical disruptions due to the Red Sea crisis and uncompetitive domestic cotton prices. Moreover, as sustainability becomes a major theme in <keyword id="21977676" type="General" weightage="20" keywordseo="western-markets" source="keywords">Western markets</keyword>, <keyword id="804823" type="General" weightage="20" keywordseo="Indian-textile" source="Orion">Indian textile</keyword> companies will need to invest in compliance with these evolving norms to remain competitive. (ANI)

Indian textile exports to remain strong amid global shifts; FTA negotiations with EU to offer growth opportunities

New Delhi, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> does not 'rush' into any Free Trade Agreement (<keyword id="20000557" type="General" weightage="20" keywordseo="fta" source="keywords">FTA</keyword>) if the pact is not equitable, balanced, and fair for the country, Commerce and Industry Minister <keyword id="19895367" type="General" weightage="20" keywordseo="piyush-goyal" source="keywords">Piyush Goyal</keyword> on Friday said. He said that the ground realities in India have changed now and the offers made by partner countries in these agreements are "not at all" comparable to what India is offering to the world. At present, negotiations for FTAs with the UK, Oman, and the four-nation European Free Trade Association (EFTA) are nearing conclusion. EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. The minister also said that India should never rush for trade negotiations as they are going to impact the country for years and years to come. "We enter into negotiations with our eyes wide open, we do extensive stakeholder negotiations...we do a lot of inter-ministerial consultations. We crystal gaze into the future and see that India offers the best business opportunities. "Sometimes trade negotiations take time because the other sides take time to understand what really is happening in India, how the India story is panning out, how new India is emerging. And some people also live in a colonial mindset of the past, so it takes us some more time to get them to understand that ground realities have changed. What is on the offer on their side is not at all comparable to what we are offering to the world and therefore unless it is a very equitable, balanced, and fair trade agreement, India does not rush into trade agreements anymore," he said. <keyword id="19895372" type="General" weightage="20" keywordseo="goyal" source="keywords">Goyal</keyword> said this at the Raisina Dialogue 2024 here. He was replying to a question about why trade negotiations with the UK and the EU (<keyword id="19895384" type="General" weightage="20" keywordseo="european-union" source="keywords">European Union</keyword>) are proving more complicated. He added that some free trade agreements signed by the previous government have issues as adequate due diligence was not followed. In some cases, a little bit of rush to enter into an FTA was also there earlier, he said. India and the UK launched the talks for an FTA in January 2022 with a view to boost economic ties between the two nations. There are 26 chapters in the agreement, which include goods, services, investments, and intellectual property rights. The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22. The seventh round of India-European Union talks is underway here. In June 2022, India and the EU restarted the negotiations for the long-pending trade and investment agreement after a gap of over eight years.

India does not rush into trade agreements if it is not fair, balanced, equitable: Goyal

Prime Minister Rishi Sunak has said that the UK government remains committed to working "as quickly as possible" towards a successful conclusion to the ongoing free trade agreement (<keyword id="6381659" type="General" weightage="80" keywordseo="fta" source="Orion">FTA</keyword>) talks with <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, as the majority of the substantive negotiation conversations were completed at the end of last month. At a House of Commons session on the G20 Summit in Indonesia on Thursday, the British Indian leader updated <keyword id="6354721" type="General" weightage="50" keywordseo="parliament" source="Orion">Parliament</keyword> that he reviewed progress on the FTA during his first meeting with Prime Minister Narendra Modi since taking charge at 10 Downing Street. He was questioned by <keyword id="3438106" type="General" weightage="50" keywordseo="opposition-labour-party" source="Orion">Opposition Labour Party</keyword> Leader Keir Starmer and his own <keyword id="107792" type="General" weightage="50" keywordseo="conservative-party" source="Orion">Conservative Party</keyword> MPs on the timeline for the completion of the agreement with India. "I discussed the free trade agreement with India, and both the Prime Minister of India and I committed our teams to working as quickly as possible to see if we can bring a successful conclusion to the negotiations," said Sunak. "Without negotiating all these things in public, I am pleased that the majority of the substantive negotiation conversations were concluded by the end of October. We will now work at pace with the Indian teams to try to resolve the issues and come to a mutually satisfactory conclusion," he said. More broadly, he reiterated the UK government's stance since the Diwali deadline for the FTA was missed, that he would not "sacrifice quality for speed" because it is important to take the time to get trade deals right. Sunak was questioned about his other discussions with Modi and whether he raised issues such as India's stance over the Russia-Ukraine conflict and also the UK being an exception within Europe to not be offered the e-visa facility - something he confirmed was discussed and will remain on the government's agenda. On India's "non-aligned" position on the Ukraine conflict, he claimed "enormous comfort" from the fact that the G20 communique "contained strong language of condemnation about Russia's aggression". "Our relationship and partnership with India are much broader than just a trading relationship. I was pleased to discuss increasing our security cooperation with India," said Sunak. "We also announced the mobility scheme to enable young people from India to come here and young Brits to go there, which is a sign of what is possible. Such exchanges are positive both for our countries and for the young people who benefit," he said, with reference to the new UK-India Young Professionals Scheme launched at the summit earlier this week involving 3,000 new reciprocal visa offers annually for under-30s - dubbed as "good for both Indian students and British students who want to go back and forth". On the new scheme, Labour's Indian-origin MP Tanmanjeet Singh Dhesi questioned the move against the backdrop of "dog whistle" anti-immigrant rhetoric from <keyword id="6363870" type="General" weightage="50" keywordseo="home" source="Orion">Home</keyword> Secretary Suella Braverman's "incendiary remarks against international students that so incensed people in India". The <keyword id="312687" type="General" weightage="50" keywordseo="labour-leader" source="Orion">Labour Leader</keyword> also attacked Braverman for putting the FTA deal with India in doubt after indicating that she would not support it, with reference to her controversial remarks on Indians being the largest group of visa overstayers. "The Home Secretary is rightly focused - there is nothing 'dog whistle' about it - on clamping down on illegal migration, which the British people rightly expect and demand, and it is something that she and this government will deliver," Sunak said in defence of his <keyword id="6355513" type="General" weightage="50" keywordseo="cabinet" source="Orion">Cabinet</keyword> minister. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/draft-data-protection-bill-proposes-six-types-of-penalties/articleshow/95604456.cms">Draft Data Protection Bill proposes six types of penalties</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/pakistans-total-debt-surges-to-rs-12-trillion-in-first-quarter/articleshow/95603384.cms">Pakistan's total debt surges to Rs 12 trillion in first quarter</a>

Rishi Sunak says UK is committed to working quickly on free trade agreement with India

New Delhi, Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Monday said <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> and the UK are exploring the possibility of listing debt instruments and shares at IFSC-GIFT City and the <keyword id="117776" type="General" weightage="80" keywordseo="london-stock-exchange" source="Orion">London Stock Exchange</keyword> (LSE). The UK has expressed its willingness to further expand its footprint in the IFSC-Gujarat International Finance Tec-City (GIFT City) and foster robust fintech partnership, <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> said after the conclusion of the 12th India-UK Economic and Financial Dialogue. "We have mentioned earlier once that we are looking at listing, commencing with the IFSC, so once that is done, we may look at moving further, and that's where you heard the Chancellor saying soon after that, it is for India to consider listing in London. So, at this stage, we have said that we are looking at listing in IFSC first," she said. Debt, including Masala and green bonds, can be listed on these platforms to raise foreign capital. Post-meeting, UK Chancellor of Exchequer <keyword id="353657" type="General" weightage="80" keywordseo="jeremy-hunt" source="Orion">Jeremy Hunt</keyword> appreciated the efforts being made for the direct listing of Indian companies on the London Stock Exchange (LSE). "We are particularly pleased to have made a big step forward with the first confirmation by India that it will explore the LSE as an international destination for the direct listing of Indian companies. "Alongside that, there is a new Pensions and Insurance Partnership, the establishment of knowledge and expertise-sharing and the new UK Infrastructure Financing Bridge and a deepened partnership on the developmental GIFT City. So, we can really support each other's plans to strengthen the relationship and the way the next step of this is a comprehensive FTA and Bilateral Investment Treaty," Hunt said. The LSE is the largest global centre for Masala Bonds, having raised over 50 per cent of the total aggregate amount originated globally. Over the last 5 years, Indian firms have raised 13.41 billion pounds in masala, dollar and green bonds listed on the LSE. UK banks were among the first international banks to set up shops in GIFT City.

India, UK explore possibility of bonds, shares listing at GIFT City, LSE

<ul><li>UK and <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> have signed an MoU mutually recognising each other’s education degrees.</li><li>The two countries also signed two more agreements – on maritime education and a framework agreement on the healthcare workforce.</li><li>Negotiations for the India-UK free trade agreement (FTA) are ongoing and will be concluded by August 31, commerce secretary <keyword id="6641896" type="General" weightage="80" keywordseo="bvr-subrahmanyam" source="Orion">BVR Subrahmanyam</keyword> said.</li></ul>The United Kingdom is one of the most popular choices among Indian students, as the country is home to some renowned universities like Oxford, Cambridge, LSE etc. On Thursday, July 21, the Indian government signed a memorandum of understanding (MoU) with the UK government, which will be highly beneficial for Indian students who wish to study in the island nation. “From today onwards, UK degrees will be recognised as equivalent to Indian degrees. You can take a degree there (in the UK) and will be eligible for employment in India. However, professional degrees such as medicine, pharmacy, engineering, architecture will not be covered under the pact,” commerce secretary BVR Subrahmanyam said at a media briefing on July 21. Undergraduate and postgraduate degrees will now be recognised in both the countries. This means that an Indian student who has a degree from one of the Indian colleges will now be eligible to pursue higher studies in the UK and vice versa. This also means that Indian degree holders will now be treated on par with UK degree holders and will be eligible for jobs in the UK as well. The UK government has plans to attract more international students to its universities and hence, will be giving an economic boost. “The agreement will make UK universities even more appealing to Indian applicants and is likely to provide an economic boost, as the benefit to the UK of welcoming non-EU students is estimated by industry to be around £109,000 per person,” the UK government said in a statement. The two countries also signed two more agreements – on maritime education and a framework agreement on the healthcare workforce. The latter pact will facilitate the training of healthcare professionals and nurses in India by the UK government, as the country is facing a shortage. The maritime MoU paves the way for the governments to recognise the degrees, training and competency in maritime education in the respective countries. The MoUs are part of the UK-India Enhanced Trade Partnership (ETP), which was agreed upon by Prime Minister <keyword id="6380867" type="General" weightage="50" keywordseo="boris-johnson" source="Orion">Boris Johnson</keyword> and Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> last year. Negotiations for the India-UK free trade agreement (FTA) are ongoing and will be concluded by August 31, said Subrahmanyam. Currently, the fifth round of negotiations for the FTA is underway. “In August, we will be negotiating every day. The hope is to conclude the deal by August 31 and I am confident that we are on track,” Subrahmanyam said. The trade between both the countries is worth $24 billion. “Our investment relationship supports over half a million jobs. Since 2017 the UK Government has secured new access to India’s market, which businesses estimate will unlock approximately £92m of additional UK exports every year in spirits, oats, pork products, and more. India is projected to become the world’s third largest economy by 2050,” the UK statement read. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/thrifting-is-the-latest-trend-on-indian-instagram-and-it-is-a-great-one-for-the-environment/articleshow/93052751.cms">Thrifting is the latest trend on Indian Instagram, and it is a great one for the environment</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-had-3x-more-women-pilots-than-the-global-average/articleshow/93044874.cms">India had 3x more women pilots than the global average</a>

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Indian textile exports to remain strong amid global shifts; FTA negotiations with EU to offer growth opportunities

ANI

India does not rush into trade agreements if it is not fair, balanced, equitable: Goyal

PTI

Rishi Sunak says UK is committed to working quickly on free trade agreement with India

PTI

India, UK explore possibility of bonds, shares listing at GIFT City, LSE

PTI

Now you can get a job in the UK with an Indian degree — Here’s everything you need to know

Vaamanaa Sethi

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