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

Despite unfavourable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations, Indian <keyword id="21353395" type="General" weightage="100" keywordseo="textile-exports" source="keywords">textile exports</keyword> grew by 9.59 per cent compared to the previous year in May 2024, the Confederation of <keyword id="22064995" type="General" weightage="20" keywordseo="Indian-textile" source="keywords">Indian Textile</keyword> Industry (CITI) said in a report. Simultaneously, <keyword id="22064997" type="General" weightage="20" keywordseo="Indian-apparel-exports" source="keywords">Indian apparel exports</keyword> saw a growth of 9.84 per cent during the same period. The CITI in its report highlighted that the cumulative exports of textiles and apparel during May 2024 registered a growth of 9.70 per cent over May last year. The country's overall exports for May 2024 surged to USD 68.29 billion. This was a substantial year-on-year increase of 10.2 per cent, according to data released by the Commerce Ministry on June 14. The analysis noted that during Apr -May' 24, Indian textile exports registered a growth of 6.04 per cent over the previous year, while apparel exports registered a growth of 4.46 per cent during the same time period. The cumulative exports of textiles and apparel during April-May 2024 saw a surge of 5.34 per cent as compared to the same period last year. The recently released export data revealed that sectors such as electronic goods, drugs and pharmaceuticals, organic and inorganic chemicals, engineering goods, petroleum products, plastics &amp; linoleum, cotton yarn/fabs made-ups ( textiles manufactured), handloom products, etc., man-made yarn/fabs./made-ups, handloom products etc. performed well in the exports from the country. Other merchandise products, such as meat, dairy and poultry products, mica, coal and other ores, minerals including processed minerals, RMG of all textiles, tea, coffee, rice, tobacco, carpet and handicrafts, oil seeds; and fruits and vegetables, did well too. On Friday, AshwKumar, President of the Federation of Indian Export Organisations (FIEO), highlighted that a positive trajectory was seen in May 2024, driven by robust order bookings. Among the top ten export markets for India were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and France. Considerably, in these markets, the exports registered a double-digit growth rate. Breaking down export data released yesterday, the merchandise exports witnessed a 9.1 per cent rise to USD 38.13 billion, while service exports climbed by 11.7 per cent, reaching USD 30.16 billion. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank">Hyundai Motor India files draft papers with SEBI for India’s biggest IPO</a><a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank">Tata Group reportedly looking to acquire a majority stake in Vivo India</a><a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank">KKR beats MI in terms of brand value, CSK and RCB continue to lead</a>

Indian textile exports surge by 9.59% in May despite global economic challenges

<ul><li><keyword id="944686" type="General" weightage="20" keywordseo="renew-power" source="Orion">ReNew Power</keyword>, India’s largest <keyword id="1540064" type="General" weightage="20" keywordseo="renewable-energy-company" source="Orion">renewable energy company</keyword>, got listed on the Nasdaq in the US on Tuesday.</li><li>The company got listed through a special purpose acquisition company (<keyword id="1817616" type="General" weightage="20" keywordseo="spac" source="Orion">SPAC</keyword>) route and hit $4.5 billion in market capitalisation.</li><li>The renewable energy producer has merged with Nasdaq-listed RMG Acquisition Corp II for the listing.</li></ul>Indian renewable energy company ReNew Power made it to the US exchange Nasdaq on Tuesday through a special purpose acquisition company (SPAC) route by merging with Nasdaq-listed RMG Acquisition Corp II. ReNew Power is among the country’s leading solar and <keyword id="83273" type="General" weightage="20" keywordseo="wind-energy" source="Orion">wind energy</keyword> producers. “The listing opens much wider opportunities for us to help not only India, but the world to accelerate the clean energy transition for a fossil free tomorrow,” said Ajay Tripathi, chief human resource officer of the company on Twitter. The company reportedly said that it is fully-funded at this point in time to get to 18.5 gigawatts of fully-owned capacity by 2025. "We took the decision late last year and at that time SPAC seemed the best decision for us. It gives us access into a very deep and liquid pool of global investors -- both emerging markets as well as ESG investors -- which we think is very important for us to tap into and access for future and long-term growth in our sector," said Sumant Sinha, chairman and managing director of ReNew Power in a CNBC-TV18 <a href="https://www.cnbctv18.com/energy/renew-power-lists-on-nasdaq-via-spac-management-says-fully-funded-to-achieve-185-gw-capacity-by-2025-10481991.htm">interview</a>. Sinha said the company is primarily focused on the Indian market at this time. <a href="https://timesofindia.indiatimes.com/business/india-business/renew-power-lists-in-us-via-spac-mcap-hits-4-5bn/articleshow/85607683.cms">Reportedly</a>, around $700 million of gross proceeds from the listing will accrue to the company, which will be used to set up new power production facilities. ReNew’s current commissioned capacity as of March 31, 2021 represents about 1.4% of India’s total installed capacity and avoids 0.5% of India’s carbon emissions annually. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zerodha-founder-shares-lessons-from-disappointing-listings-of-cartrade-aptus-chemplast-and-nuvoco-vistas-ipo/articleshow/85614310.cms">Cut the price or wait a bit ⁠— what the market is telling IPO aspirants</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-starts-testing-message-reactions/articleshow/85614302.cms">WhatsApp is testing message reactions — you might soon be able to react to messages with heart, laugh, like and other emojis</a>

India's largest renewable energy producer is now a $4.5 billion company listed on Nasdaq

<ul><li>ASCI introduces new guidelines to make real-money gaming advertising safer.</li><li>The advertisements will not be allowed to present ‘Online gaming for real money winnings’ as an income opportunity or an alternative employment option now.</li></ul>The Advertising Standards Council of India (ASCI) has introduced guidelines to make real-money gaming advertising safer and more responsible. The guidelines have been developed to ensure that such advertising makes users aware about financial and other risks that are associated with playing online games with real money winnings. As per a recent KPMG study, online gaming grew 45% in FY20 with the user base surpassing 365 million by March 2020 on real-money games (RMGs). The card-based and fantasy segments both achieved strong traction. As India is a mobile-first country, more than 90% of online gamers play games on their phones. The online gaming market, worth more than $500 million now, could be worth $1.1 billion by 2021. In 2019, around 5.6 billion mobile gaming apps were downloaded in India – the highest in the world and representing nearly 13% of gaming apps globally. Internet penetration in India is 31% and KMPG expects it to reach 53% by 2021 – which would give over 700 million people access to the internet and its wealth of gaming options. The rapid growth, and the real danger of the negative impacts of RMG advertisements, prompted ASCI to develop <keyword id="10323569" type="UNKNOWN" weightage="20" keywordseo="advertising-guidelines">advertising guidelines</keyword> to ensure users are aware of the financial and addiction risks. The government, via the Ministry of Information &amp; Broadcasting, The Department of Consumer Affairs as well as Ministry of Electronics &amp; Information Technology, have given these <keyword id="10323570" type="UNKNOWN" weightage="20" keywordseo="asci-guidelines">ASCI guidelines</keyword> their full support and backing to comprehensively address growing concerns about the potential misleading and harmful advertisements in the sector. The guidelines will be effective from the 15th of December 2020, and apply to advertisements that are legally permitted. The guidelines: <ol><li>No gaming advertisement may depict any person under the age of 18 years, or who appears to be under the age of 18, engaged in playing a game of ONLINE GAMING FOR REAL MONEY WINNINGS, or suggest that such persons can play these games</li><li>Every such gaming advertisement must carry the following disclaimer: a. Print/static: This game involves an element of financial risk and may be addictive. Please play responsibly and at your own risk Such a disclaimer should occupy no less than 20% of the space in the advertisement It should also SPECIFICALLY meet disclaimer guidelines 4 (i) (ii) (iv) and (viii) laid out in the ASCI code b. Audio/video: “This game involves an element of financial risk and may be addictive. Please play responsibly and at your own risk.” Such a disclaimer must be placed in normal speaking pace at the end of the advertisement It must be in the same language as the advertisement For audio-visual mediums, the disclaimer needs to be in both audio and visual formats</li></ol>3. The advertisements should not present ‘Online gaming for real money winnings’ as an income opportunity or an alternative employment option. 4. The advertisement should not suggest that a person engaged in gaming activity is in any way more successful as compared to others. Manisha Kapoor, Secretary General of ASCI, said: “We have observed gaming advertisements target youth and families by suggesting that these can become sources of income and livelihood for them. We have noted concerns about such advertisements, both from consumers as well as the government. The key fact that is completely suppressed in most of these advertisements is the real possibility of losing money. Millions of users of these apps come from lower income families, who can ill afford to lose their hard earned money. The frequent use of celebrities in many of these advertisements make them more attractive to consumers, and consumers tend to trust their heroes and role models blindly. Combined with the fact that these games are highly addictive, these advertisements end up being not just misleading, but also harmful to individuals and society. And therefore, they are violative of the ASCI code. The idea of framing specific guidelines for advertisement of such games is to inform advertisers as well as members of the public what criteria we will use to scrutinize advertisements against which we receive complaints. While the government will take a decision on the legal issues surrounding the sector, we believe these advertising guidelines will make the online gaming for real money winnings more transparent and safer. We are particularly happy with the wholehearted support and backing of the government to ASCI in implementing these guidelines, and this is yet another demonstration of the belief in the strength of self-regulation. We hope that these guidelines will usher in an era of more responsible and truthful advertising in this sector.”

No gaming advertisement may depict any person under the age of 18 years, or who appears to be under the age of 18: ASCI

Coimbatore,Feb 22 () The Indian Texpreneurs Federation(ITF), an association representing the entire value chain oftextile manufacturing in Tamil Nadu, has decided to focus onfour core areas to improve the overall business performance ofthe industry as the Mission for the 202021 financial year.These include setting up an advisory cell with industryand external experts to guide members to step intointegration, value creation through sustainability ascompetitive advantage and empowering people and unleashingpeople power. The ITFCRISIL Research report on Financial Performance ofthe textile sector for the past four years and the recent ninemonth ended listed company financials show a clear trend ofdifferentiation in margins between Standalone Spinning (Vs)Semi-integrated and Integrated companiesAt EBIDTA (Earnings before Interest, Tax, Depreciationand Amortization) is a measure level, there is a cleardifference of 250 to 350 basis points and 500 basis pointsdifference in ROCE (Return on Capital Employed) levels betweenstandalone spinning and integrated semi-integrated companies,ITF convenor Prabhu Dhamodharan said in a release Saturday.With ITF member base of 87 Lakh spindles, only 20 percent have built Integration as a business model and therefore,it was the right time for standalone spinning companies tomove up the value chain towards the target of making valueadded finished products, he said.ITF would set up an Advisory Cell with Industry andexternal experts to guide members to step into integrationwith the aim of making high value-added products to improvetheir financial performance, Damodaran said. Spinning Mills are nowadays selling Yarn at 60 days creditdue to a changed credit environment and this integration wouldhelp them use a portion of their own yarn as raw materialinstead of long credit selling.On value creation through sustainability as competitiveadvantage, he said the Tamil Nadu Textile sector has built allmajor aspects of Sustainability-ZLD processing,efficient watermanagement, waste reduction, maximum usage of green energy inmanufacturing, global benchmark in energy conservation,recycling and circular economy in Textile products. "As an Association,we are driving members towards gettingtheir GreenCo Certification and Higg Index," he said.ITF has formed a committee with younger generationentrepreneurs to study all positive aspects of the sector andbrand it to position itself as the most sustainable textilecluster of India and would take up more digital strategies toreach Indian and global brands with this theme, he said.Referring to Financial Restructuring, he said 30 to 40per cent of the members units were facing working capitalissues.ITF had submitted CRISIL Research report with a largesample size of 1,800 Spinning and RMG companies to theTextiles Ministry and requested for a financial restructuringpackage for needy units.The Ministry has assured support in taking the issueforward to the Finance Ministry and ITF would focus on thissubject to resolve Working capital issues to turnaround andimprove efficiencies, Damodaran said.On Empowering People and Unleashing People Power, he saidevery business would still be a peoples business. EmbracingTechnology as a key enbler was crucial for companies in allindustries and economic sectors, but at the end of the day, itis the people that would still make a difference.ITF, he said, initiated the ITF Leadership Academy tobuild a robust leadership ecosystem in the textile sector andtrained 400 managers, supervisors in the past one year througha 9-month unique program.After witnessing a great transformation, ITF has decidedto extend the leadership series and was aiming to providetraining on Leadership to 1,000 Managerial and supervisoryemployees from the industry to create more happy workplaces,Damodran said. NVM APRAPR APR

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

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Indian textile exports surge by 9.59% in May despite global economic challenges

ANI

India's largest renewable energy producer is now a $4.5 billion company listed on Nasdaq

Bhakti Makwana

No gaming advertisement may depict any person under the age of 18 years, or who appears to be under the age of 18: ASCI

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ITF to focus on 4 core areas to improve biz performance

PTI