19 January 2022, Mumbai:

Manufacturers are better able to manage supply-chain issues and deal with a curtailed workforce, but hospitality feels the pinch.

Unlike the first

Two waves of Covid-15, India Inc has managed to take the current rise in Covid-19 infections largely in its stride and ensured relatively less disruption to business even as restaurants, hotels, and multiplexes face hurdles on account of curbs on indoor gatherings and weekend lockdowns.

The experience gained by dealing with the previous two Covid outbreaks is helping manufacturers better manage supply-chain Issues and deal with a curated workforce, reports show.

What also helps is that there are comparatively fewer restrictions on the movement of people and goods compared with the previous waves, allowing retail to keep ticking.

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13 January 2022, Mumbai:

Stakeholders in the Indian cotton industry have urged the Central government to take immediate action against MCX and NYCE speculators for hedging and trading of Cotton Kapas.

In a letter to the Prime Minister, R C Jain, Chairman, TT Ltd writes, Piyush Goyal, Union Minister of Textile and Railways had called a stakeholders’ meeting in November to discuss the issue of hike in cotton prices despite an unprecedented yield this year.

Unauthorized speculation a worry

The meeting had concluded price rise is mainly a result of the unauthorized speculation indulged in by MNC hoarders and Indian speculators for monetary gains at the cost of entire textile industry in India. Price rise had halted cotton exports for a few weeks in November. Export of garments and all other accessories also are badly affected due to the new Omicron and COVID waves.

Stakeholders have questioned the government’s failure to include cotton in the list of banned agricultural commodities for hedging and trading on MCX and NYCE to stop speculations on cotton prices.

The hedging and trading on MCX and NYCE have led to 80 per cent rise in cotton prices in the last three months and still continues to rise, stakeholders say.

Any failure to take action against these activities by the government may lead to halt in power, hosiery and apparel industry activities in the country, they add. Jain has urged the PM to take immediate action to stop hedging and trading of Kapas and cotton by speculators on MCX and NYCE.

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17 January 2022, Mumbai:

Domestic traders' body the Confederation of Indian Traders Association (CAIT) has filed a fresh petition before the Competition Commission of India (CCI) to block the acquisition of Cloudtail India by Amazon Asia Pacific.

Last month e-commerce giant announced its plans to take full control of Cloudtail - the largest seller on its platform. It had approached the CCI for approval to acquire Narayana Murthy-led Catamaran Ventures stake in Prione which operates Cloudtail.

In its prayer to the commission CAIT said, "Pass an order blocking or keeping in abeyance the proposed combination of acquisition of Prone Business Services Pvt Ltd by Amazon Asia Pacific Resources Pvt Ltd in C-20210120893 till pendency of Case no. 40/2019".

ET

(The news article has not been edited by DFU Publications staff)

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13 January 2022, Mumbai:

Aditya Birla Apparel and Retail Limited (ABFRL), India's largest fashion manufacturer, is working with Germany's GIZ to improve its circular business processes.

The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is a government-owned company with activities all over the world. It backs the German government's efforts in the areas of international development cooperation and international education.

Material innovation, minimising dangerous substance inputs, enhancing textile-to-textile recycling, creating alternatives to plastic packaging, and encouraging traceability will be emphasised areas of collaboration, according to a joint statement from ABFRL and GIZ.

This project is part of the 'develoPPP programme,' and it is being carried out on behalf of the German Federal Ministry for Economic Cooperation and Development by ABFRL and GIZ (BMZ). It will complement existing company strategies such as downcycling, recycling, and reusing, as well as introduce new sustainable manufacturing techniques.

ABFRL and Indian industry players would be able to exploit circular business practices and embrace complicated procedures that are technically better and consumer friendly with the help of GIZ, according to the statement. This will aid the industry's ability to balance supply and demand, which has been hampered by resource restrictions.

"There is a need to self-disrupt' present' methods and migrate to a more circular strategy," stated Ashish Dikshit, MD, ABFRL. Promoting a shared understanding is therefore critical for the whole textile sector in India's long-term growth. We hope to raise awareness among key stakeholders, working with GIZ, to promote circular methods, decrease waste, and establish closed-loop systems.``

"The partnership with ABFRL has significant potential to assist enhance the sustainability of the Indian textile sector," said Ashish Chaturvedi, GIZ India Director Environment, Climate Change, and Natural Resource Management.

Combining the strengths of both public and private partners, in our perspective, is a win-win situation, as it may provide both developmental and commercial advantages to the local community."

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18 January 2022, Mumbai:

Under the flagship programme National Technical Textiles Mission, the Ministry of Textiles (MoT) has approved 20 important projects totaling Rs. 30 crore in the fields of speciality fibres and geotextiles (NTTM).

The project was approved in a meeting presided over by Union Textiles Minister Piyush Goyal. Sixteen of the 20 research projects involve specialised fibres, including five in healthcare, four in industrial and protective applications, three in energy storage, three in textile waste recycling, one in agriculture, and four in geotextiles (infrastructure).

Various leading Indian institutes, centres of excellence, and government organisations, including IITs, DRDO, and BTRA, among others, took part in the session, which approved projects that are strategic for the development of the Indian economy and a step toward Atmanirbhar Bharat, particularly in the healthcare, industrial and protective, energy storage, textile waste recycling, agriculture, and infrastructure sectors.

"Building convergence with academics, scientists, and researchers is the need of the hour," Piyush Goyal stated to the distinguished group of Scientists and Technical Technologists. The focus should be on developing a structure of brainstorming around issue statements and focusing on worldwide high value-added goods.

Furthermore, recruiting big research initiatives in the country necessitates inter-ministerial collaboration." Last year, the MoT approved 11 research projects totaling Rs. 78.60 crore.

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15 January 2022, Mumbai:

With the spread of Omicron across India, a flood of fashion and jewellery trade exhibits and events have been cancelled, just as many event firms had only lately resumed their schedules.

Many jewellery fairs, both consumer and business-to-business, were scheduled for January and February in preparation for the forthcoming wedding season, when fine jewellery is generally in high demand. However, due to Covid-19 worries, events like the Jewellery Show of India, which was planned to take place in Bengaluru from January 14 to 16, have been postponed.

Owing to safety concerns, some events have elected to postpone their forthcoming editions, while others have been forced to do so due to local rules. A weekend and evening curfew in Delhi implies that any weekend or evening gatherings are immediately postponed, and similar laws exist in other states, as well as limits on the number of people who can congregate in one spot.

The organisers of the Home and Personal Care Ingredients Exhibition and Conference, which was scheduled for January 27 to 28, recently stated that it has been postponed owing to the pandemic for safety considerations. The Cosmohome Tech Expo, which was slated to take place in Mumbai from February 3 to 4, has also been postponed.

In several regions, business-to-customer retail events are also being postponed. The Haat, a fashion event that introduces new audiences to Indian designers, has postponed its January Raipur and Kolkata editions, according to a Facebook announcement.

"In the light of the recent coronavirus epidemic in Kolkata and Raipur, the government has issued an advice prohibiting mass assembly in public locations," according to a statement from The Haat.

"As soon as the issue is under control, we will notify you of the future dates." Because shopping events like The Haat focus on emerging and smaller businesses, a delay of shopping fairs may compound the financial challenges that these labels are already facing.

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13 January 2022, Mumbai:

The National Company Law Appellate Tribunal (NCLAT) on Thursday sought CCI's response to Amazon's petition challenging the antitrust body's order that suspended its approval to the US company's investment in Future Coupons. It also asked the Future Group to file its reply.

SOURCE: ET dt 14-01-2022

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18 January 2022, Mumbai:
The semblance is $400 bn targets of merchandise exports is looking like happening.

Goyal exhorts service sector should strive for achieving $250 bn exports

Government is fully supportive in terms of policy intervention and hand-holding wherever required besides assuring support to EPCs.

Commerce and industry minister Piyush Goyal expressed confidence on Monday that it is workable to hit exports of $650 billion in this financial year, as In December alone country touched 7 billion goods exports despite Omicron's concern weighing on the global economy as of now. India achieved $300 billion merchandise exports in the first nine months of this fiscal.

Chairing a review meeting of all major Export Promotion Councils (EPCs), the minister said the $400 billion targets of merchandise exports is almost likely to happen & exhorted that the services sector should aim for delivering $250 billion exports.

Goyal gave confidence & assurance to the EPCs that govt will do whatever It takes for hand- molding the EPCs and resolving their issues to ensure we are up there.

Goyal also alluded optimistically that we would do a much higher goods exports target in the ongoing last quarter of his fiscal.

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15 January 2022, Mumbai:

Lenders of Future Retail are likely to seek buyers for the small-format stores to recover dues amounting to Rs 3494.5 crore after the Kishore Biyani promoted hypermarket failed to honour payments scheduled on 31 December, said two people aware of the matter.

Banks led by the State Bank of India may soon invite expressions of interest for the small format chains - Easyday in Northern India and Heritage Fresh in Southern India, they said.

The lenders may take this step since the account would be classified as a non-performing loan if the payment does not come through during the grace period that ends on January 30 as per the one-time restructuring scheme signed between them and Future Retail in April 2021.

ET (The news article has not been edited by DFU Publications staff)

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14 January 2022, Mumbai:

RIL to back green energy with 6L crores

Create 10L jobs

The Mukesh Ambani-led Reliance Industries (RIL) signed an MoU on Thursday with the Gujarat government for a total investment of Rs 5.95 lakh crore as part of promotional activity for Vibrant Gujarat Summit 2022.

These projects will create 10 lakh direct and indirect employment, opportunities in the state, the company said.

RIL, will invest another Rs 60,000 crore in setting up new energy manufacturing integrated renewable facilities including solar PV module (for the manufacture of polysilicon. wafer cell & module), electrolyzer, energy-storage battery, and fuel cells. Additional investments to the tune of Rs 25,000 crores will be made by RIL.

Reliance Retail to invest Rs 3,000 crores over next 5 years.

SOURCE: TOI dt 14-01-2022 

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