Textile Market News

Facing delays for seven years, the Chamundeshwari Mega Silk Cluster is finally set to be developed on a 10-acre plot near Belavadi. Sanctioned by the government in 2017 at a budget of Rs 49 crore, the project aims to revitalize sericulture, a traditional industry in Mysuru, Chamarajanagar, Mandya, and Ramanagar districts.

Lindstrom India, a global textile rental leader, is weaving sustainability into its workwear line by utilizing recycled polyester made from PET bottles. This aligns with their science-based climate targets and highlights their commitment to environmental responsibility.

Prime Minister Narendra Modi opened Bharat Tex 2024, a landmark international textile event, at New Delhi's Bharat Mandapam. He toured the exhibition showcasing India's textile heritage and contemporary advancements.

The global wool worsted yarn market is poised for steady growth, reaching an estimated $2.12 billion by 2029, according to a new report by QYResearch. This translates to a compound annual growth rate (CAGR) of 5.3 per cent, driven by consumer demand for high-quality and durable textiles.

India's textile industry is primed for a global takeover, fueled by the strategic integration of spandex into its knit fabrics. Inviya, the leading domestic spandex supplier, plays a pivotal role in driving this transformation through innovation, product development, and sustainability.

Textile waste is a major environmental problem, but New York-based non-profit Accelerating Circularity is tackling it head-on with their new Building Circular Systems (BCS) initiative.

Pakistan could significantly reduce its annual Rs 67 billion silk import bill and generate employment opportunities for rural women by producing silk locally, feel experts. Currently, Pakistan relies heavily on silk imports, primarily from China, for its textile industry, which forms a substantial portion of its exports.

The textile industry in India is happy as the government eliminates import duty on extra-long staple (ELS) cotton. This move, however, comes with mixed reactions on its impact.

Starting February 20, 2024, the Indian government has eliminated import duties on cotton under HS Code 52010025, per CBIC Notification No.10/2024-Customs. Additionally, Notification No.11/2024-Customs, also issued on February 19, 2024, exempts Agriculture Infrastructure and Development Cess (AIDC) on goods within this tariff category.

In a mid-February twist, Brazilian cotton prices defied the international trend, rising 2.18 per cent to settle at BRL 4 per pound. This surge contrasts with steady global climbs, creating a wider gap between domestic and overseas prices. Here's a quick breakdown:

The Tamil Nadu textile industry, facing stiff competition from other states, has welcomed several key announcements in the recent state budget that aim to boost its competitiveness and retain its position as the country's leader.

The US cotton industry is bracing for a bumpy ride in 2024. While global demand is expected to inch up, it's still lagging behind expectations, putting pressure on the entire supply chain. Farmers are facing tough choices: plant less cotton due to high costs, or risk losing money if prices don't rise.