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Global apparel deals flowing into India amid Bangladesh crisis 1) The Tiruppur knitwear export hub has swung export orders worth Rs 450 crore in the last two weeks from Bangladesh in the wake of the political unrest there. 2) Global brands like KiK from Germany, Zeeman from Netherlands, and Pepco of Poland, among others, placed orders to be delivered before the Christmas and New Year and the average price of the garment ordered is to the tune of $3, said KM Subramanian, president of Tiruppur Exporters' Association (TEA).

'Tamil Nadu's New Textile Policy will be aligned with Tiruppur's primacy in value-chain' 1) The new textile policy of Tamil Nadu will be aligned to strengthen Tiruppur's high standing in value-chain in apparel business, Dharmendra Pratap Yadav, Principal Secretary, Handlooms, Handicrafts, Textiles and Khadi Department, said here on Wednesday. 2) With service sector accounting for 65% of the State's GDP, the challenge was in enlarging the contribution of manufacturing sector since it was employment oriented next only to agriculture, Mr. Yadav said.

India's textile sector aims for $350 bn valuation by 2030 with sustainability at core 1) India's textile sector, a major contributor to the Indian economy, is heading towards a greener future in light of the worrying carbon footprint left by the global textile industry, which accounts for around 10% of global carbon emissions. 2) As a major employer and exporter, the textile business is aiming to balance economic expansion with a vision to safeguard the environment and its elements. 3) The textile business is currently valued at USD 175 billion, including exports of 38 to 40 billion dollars and aspires to reach USD 350 billion by 2030, this transition is all about inculcating sustainable practices such as employing biodegradable materials and implementing energy-efficient technologies in the sector's operations.

Industries department issues order enhancing capital subsidy under special scheme for technical textiles 1) Tamil Nadu Industries, Investment, Promotion and Commerce Department has issued a government order enhancing the capital subsidy under the existing special scheme for technical textiles to 25% from 15%, which will be disbursed over a period of 10 years and expanding the scheme to cover medium enterprises. 2) On March 18, 2023, Chief Minister M.K. Stalin had released the special scheme for technical textiles, Man-Made Fibre (MMF) yarn from recycled products, MMF fabric and apparel manufacturing in the State.

Other headlines: India central bank likely intervening to prevent rupee from slipping to record low, traders say Cotton pulls back on Wednesday U.S. crude oil falls below $70 per barrel to nine-month low amid uncertainty over OPEC+ production Pakistan: Cotton market: Mills show little interest in fresh buying To read complete news articles and check yarn rates of spinning mills, download the YarnLIVE Mobile App for free on your Android mobile or iPhone. If you have any questions, call YarnLIVE on 9036722351.

Tamil Nadu textile mills facing multiple challenges to sustain business 1) Tamil Nadu's textile factories have been struggling for nearly two years due to a decline in demand, high electricity costs, and comparatively higher raw material prices. 2) In order to avoid losing market share to competitors from other States, the industry is looking for actions from the Central and State Governments to address its problems. 3) With 24 million spindles, the State's 2,100 textile mills have suffered a decline in production over the past two years to the point that over 500 of them have ceased operations and 1,000 more are operating at reduced capacity.

Cotton prices gained as cotton acreage trails by 9% at 110 Lh 1) Cottoncandy prices increased by 1.48% to settle at 58,860, fuelled by concerns over declining acreage and potential supply tightness. 2) The cotton acreage in the current Kharif cropping season has dropped by approximately 9% to 110.49 lakh hectares, down from 121.24 lakh hectares during the same period last year.

Container carrier profits soar on record volumes, higher rates 1) The global container shipping industry saw profits surge to more than $10 billion in the second quarter on record volumes and rising freight rates after Red Sea diversions, according to a new analysis. 2) Net income for the world's major container carriers, including Denmark's A.P. Moller-Maersk A/S and China's Cosco Shipping Holdings Co., almost doubled from the first three months of the year and topped the $8.88 billion haul from the second quarter of 2023, according to a report released Saturday by industry veteran John McCown.

India's factory activity growth hits three-month low, PMI shows 1) India's manufacturing activity growth eased to a three-month low in August as demand softened significantly, a private-sector survey showed on Monday, casting another shadow over the otherwise robust economic outlook. 2) Growth in Asia's third-largest economy slowed to 6.7% last quarter from 7.8% as government spending fell, official data showed on Friday.

Other headlines: USD/INR recovers as Indian PMI hits three-month low of 57.5 Crude oil down as market expects increase in production output Pakistan: Spot rate drops Rs 700 per maund Amman: PM inaugurates new Karak garment factory to create 1,000 jobs To read complete news articles and check yarn rates of spinning mills, download the YarnLIVE Mobile App for free on your Android mobile or iPhone. If you have any questions, call YarnLIVE on 9036722351.