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News
Textiles, Apparel Exports Seen to Rise By 10% This Year
Mumbai: India's cotton and apparel exports are set to climb by around 10 per cent this year as higher wages, political instability and concerns about workplace conditions in other producing MARKETS steer international buyers toward Indian exporters, industry officials said.
The rise in textile shipments from India - currently around 4.5 per cent of world TRADE - may eat into top exporter China's 36 per cent share of the MARKET and will be a boon for Indian textile merchants keen to exploit rising demand stemming from weak cotton prices and global economic growth.
"My orders have increased by about 20 per cent so far this FINANCIAL year. It's a golden period for the Indian textiles industry," said Vijay Agarwal, chairman of Mumbai-based Creative Group, a leading apparel exporter.
Buoyed by fresh export orders, Mr Agarwal is keen to expand his business by INVESTING Rs. 200 crore ($32.71 million) next year.
The main markets for Indian textiles at the moment are the United States and European Union.Mr Agarwal and other Indian exporters are anticipating a rise of roughly 5 per cent in global demand for textiles and apparel this year.
Monday, September 29, 2014
Article
Modi at the UN: Asserting India’s global role
The earth did not quite shake as Prime Minister Narendra Modi addressed the 69th United Nations General Assembly, but the PM did make his presence felt as the representative of a sixth of humanity, seeking to set the agenda for the multilateral organisation and proposing a global, comprehensive convention to tackle terror.
Modi dealt with Pakistan with welcome restraint, refusing to be drawn into a verbal duel over Kashmir to which Pak prime minister Nawaz Sharif’s speech at the UN had constituted an invitation. Modi reiterated India’s stand that Kashmir is a bilateral matter and that discussions cannot take place with a terror gun held to India’s head. By stressing the need to focus on the recent calamitous floods in Kashmir, Modi sought to present a contrast between Pakistan’s political preoccupation with Kashmir and India’s concern for the welfare of the people of the state.
As speeches go, this is fine, but actual concern has to be demonstrated by action on the ground, not by sweeping rhetoric. After a flood of waters, Kashmir now needs not a flood of words but systematic relief and rehabilitation. Restoring the traditional storm water channels that had allowed water to drain away, contingency plans to deploy heavy pumps to pump out water from low-lying areas where posh colonies have come up, and other such things have low rhetorical yield but address the real concerns of the flood-affected.
News
Sony enthusiastic, looks to restart factory in India
On a day PM Narendra Modi announced the `Make in India' initiative, Japanese electronics giant Sony said it may finally re-establish a factory in India as the company is “enthusiastic“ about making the country as a manufacturing base.
“Sony is committed to the Indian market and we welcome the recent initiatives by the Indian government, including inviting foreign companies to manufacture in India. While no decision has been made yet, initiatives like these have made Sony's management enthusiastic about looking at India as a potential manufacturing base,“ Sony India MD Kenichiro Hibi told TOI.
Sony used to manufacture in India earlier, but shut its fa cility in 2004 as it preferred to import products from plants in Thailand, Malaysia, China and Japan. A relatively-smaller business size in India at that time did not justify a production facility as the company found it more efficient to import, especially in view of India’s free-trade agreements with some of the countries.
But, Sony’s business has been growing in India at a time when some of its key markets in the West are not giving encouraging results. Sony's rivals like LG and Samsung, the Korean giants, are already making products in India.
News
Private investments to help develop 100 smart cities planned by govt: Venkaiah Naidu
New Delhi: Private sector investments will play a key role in financing and building the 100 smart cities that the government is planning, urban development minister Venkaiah Naidu said at the second annual ET Infra Focus Summit in New Delhi.
"I want to make it clear today that the key to building smart cities is private investments. That is how private sector can drive economic growth by investing in urban projects," he said.
The other means of resource mobilisation could be through multi-lateral and bilateral development agencies, municipal bonds, pooled municipal debt obligation facility, real estate investment trusts and infrastructure investment trusts.
The minister said that a high-powered committee set up by his ministry has reported that Rs 7.5 trillion would be needed over 20 years to improve infrastructure relating to transport, water supply, sewage and sanitation in the selected cities.
News
Microsoft keen to team up with India: Satya Nadella
BANGALORE: On a day when Prime Minister Narendra Modi made a pitch for "i-ways for a Digital India" and asked industry captains to seize the initiative, the Hyderabad-born chief executive of Microsoft has offered a partnership to help accelerate the country's growth.
"Every time I visit, I'm energised to see the advancements India is making and truly believe technology is a key enabler for India to thrive and create more opportunities for every individual and business in its economy," . " said Satya Nadella, who was appointed as successor to Steve Ballmer in February. "We are keen to partner with the government and industry at large to help make this vision a reality," he told ET in an exclusive interview.
Nadella, 47, gave the interview ahead of chairing the meeting of a jury that will select the winners of The Economic Times Awards for Corporate Excellence 2014. The 11-member jury of industry luminaries deciding the awards will meet in Mumbai on Monday, September 29.
On Sunday, Nadella will be a guest in New York at the Indian-origin community's reception for the prime minister. Earlier this week, Microsoft's main rival Google announced that it is joining hands with the government to promote several of the aims of the Digital India effort.
Modi, who has been elected on the plank of development, has made the government's 'Digital India' initiative for a connected economy one of the important elements of his plan to modernise India.
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