India's FTAs with UK, US, EU to open new opportunities for Textiles sector: Margherita
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Free trade agreements (FTAs) with the US, UK and European Union (EU) will open new opportunities for the textiles sector in India, Minister of State for Textiles Pabitra Margherita said on Tuesday.He also said the country's textiles exports have crossed USD 34 billion, and it is aiming to reach USD 100 billion by 2030."On the trade front, the India-UK Free Trade Agreement and our ongoing negotiations with the EU and US will open new avenues for growth."These are high-value, quality-conscious markets, and we are committed to equipping Indian exporters with the right strategy, standards, and compliance to seize these opportunities," he said.Inaugurating the 73rd Edition of India International Garment Fair (IIGF) here at Yashobhoomi, Margherita said the textile and apparel industry contributes 2.3 per cent to India's GDP, 13 per cent to industrial production, and 12 per cent to exports."In 2023-24 alone, we exported textile products worth USD 34.4 billion, with apparel accounting for 42 per cent of that. We now aim to cross USD 100 billion in textile exports by 2030, and every MSME, every entrepreneur, and every exporter has a role in achieving this," Apparel Export Promotion Council (AEPC) quotes the minister as saying in a statement.AEPC is organising this three-day fair where more than 360 exhibitors from across the country and buyers from 80 countries are participating.Margherita also said it is Asia's largest garment fair, showcasing not only fabrics and fashion, but also creativity and craftsmanship.This year, buyers are coming from various countries and regions, including North America, Latin America, Europe, Asia, Oceania, Africa, and Eurasia.With over 80 per cent of India's textile sector being MSME-driven, it is important to focus on boosting productivity, ensuring steady raw material supply, and reducing import dependence to stay competitive, the minister said.Speaking on the occasion, AEPC Chairman Sudhir Sekhri said IIGF will provide a platform for the Indian apparel exporters to capitalise on 'Made in India' brands."With the right policy push, innovation, and global partnerships, this could be the decade where India emerges not just as a volume player, but a value-added global garment exports powerhouse," he said.India's garment exports are poised to touch USD 40 billion by 2030.The 12.8 per cent cumulative growth of the first two months of 2025-26 in apparel exports is a testament to this progress."This is despite the global headwinds such as war in the Middle East, war between Russia and Ukraine, global logistical challenge, tariff uncertainty by the US and slowdown in many global markets," Sekhri said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
32 minutes ago
- Time of India
'There's a lot being said about me, most of you don't know the full story. If ...,' says Soham Parekh, the techie accused of working for multiple companies simultaneously
Soham Parekh An Indian software engineer, Soham Parekh , is at the center of controversy following allegations of moonlighting at multiple US startups simultaneously. The accusations surfaced when Suhail Doshi , co-founder and former CEO of Mixpanel, publicly called out Parekh on Twitter, warning startup founders about his alleged deceptive practices. Doshi claimed that Parekh, who holds a Master's degree in computer science from Georgia Tech and a Bachelor's from the University of Mumbai, was secretly employed at three to four startups at once, targeting Y Combinator-backed companies. Doshi revealed that Parekh briefly worked at his company, Playground AI, but was terminated within a week after his alleged duplicity was uncovered. Doshi further escalated the issue by sharing Parekh's CV online, labeling it 'probably 90 per cent fake' and listing companies such as Dynamo AI, Union AI, Synthesia, Alan AI, and Fleet AI where Parekh allegedly held concurrent roles. Doshi stated he verified his claims with over six companies before going public. Soham Parekh responds to Suhail Doshi's post 'exposing' him In response, Parekh took to Twitter to address the allegations, defending his passion for building technology. Responding to Suhail Doshi's post, Soham Parekh wrote, "There's a lot being said about me right now, and most of you don't know the full story. If there's one thing to know about me, it's that I love to build. That's it. I've been isolated, written off, and shut out by nearly everyone I've known and every company I've worked at. But building is the only thing I've ever truly known, and it's what I'll keep doing," he wrote. Parekh claimed he has faced isolation and rejection from companies and peers but announced he had signed an exclusive deal as a founding engineer with a single company in the video AI space, set to launch later this month. 'I'm pissed. And I've got something to prove,' he added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo The controversy has sparked debates in the tech community about moonlighting, ethics, and transparency in the startup ecosystem. Neither Parekh nor the accused companies have released further statements, and the matter remains under scrutiny as the tech world awaits further developments Soham Parekh reaches out to Suhail Doshi Suhail Doshi later posted on X that Parekh reached out to him privately, asking him for advice on how to set this right. Without divulging his response, the entrepreneur simply wrote, "Vox Populi, Vox Dei". AI Masterclass for Students. Upskill Young Ones Today!– Join Now
NDTV
32 minutes ago
- NDTV
Will The EU Delay Enforcing Its AI Act?
With less than a month to go before parts of the European Union's AI Act come into force, companies are calling for a pause in the provisions and getting support from some politicians. Groups representing big U.S. tech companies such as Google owner Alphabet and Facebook owner Meta, and European companies such as Mistral and ASML have urged the European Commission to delay the AI Act by years. What Is The August 2 Deadline? Under the landmark act that was passed a year earlier after intense debate between EU countries, its provisions would come into effect in a staggered manner over several years. Some important provisions, including rules for general purpose AI (GPAI) models, are due to apply on August 2. GPAI, which includes foundation models like those made by Google, Mistral and OpenAI, will be subject to transparency requirements such as drawing up technical documentation, complying with EU copyright law and providing detailed summaries about the content used for algorithm training. The companies will also need to test for bias, toxicity, and robustness before launching. AI models classed as posing a systemic risk and high-impact GPAI will have to conduct model evaluations, assess and mitigate risks, conduct adversarial testing, report to the European Commission on serious incidents and provide information on their energy efficiency. Why Do Companies Want A Pause? For AI companies, the enforcement of the act means additional costs for compliance. And for ones that make AI models, the requirements are tougher. But companies are also unsure how to comply with the rules as there are no guidelines yet. The AI Code of Practice, a guidance document to help AI developers to comply with the act, missed its publication date of May 2. "To address the uncertainty this situation is creating, we urge the Commission to propose a two-year 'clock-stop' on the AI Act before key obligations enter into force," said an open letter published on Thursday by a group of 45 European companies. It also called for simplification of the new rules. Another concern is that the act may stifle innovation, particularly in Europe where companies have smaller compliance teams than their U.S. counterparts. Will It Be Postponed? The European Commission has not yet commented on whether it will postpone the enforcement of the new rules in August. However, EU tech chief Henna Virkkunen promised on Wednesday to publish the AI Code of Practice before next month. Some political leaders, such as Swedish Prime Minister Ulf Kristersson, have also called the AI rules "confusing" and asked the EU to pause the act. "A bold 'stop-the-clock' intervention is urgently needed to give AI developers and deployers legal certainty, as long as necessary standards remain unavailable or delayed," tech lobbying group CCIA Europe said. The European Commission did not respond immediately to requests for comment.
Hans India
42 minutes ago
- Hans India
Amazon India announces Prime Day 2025 Deals
· Three days, three times the excitement: This year, Prime Day 2025 brings the biggest deals, amazing launches, entertainment and savings like never before! · New launches and deals from top brands: Prime members will get early access to thousands of new product launches from over 400 top Indian & global brands along across categories including Smartphones, Electronics and Appliances, Fashion, Beauty products, Home and Kitchen essentials, Grocery and more · Exciting offers from leading partner banks: Save Big with 10% savings on payment using ICICI Bank Credit & Debit cards, SBI Credit Cards and EMI transactions on ICICI Bank Credit Cards and SBI Credit Cards* · Blockbuster Entertainment: Prime Video announces an exciting line-up of 17 Indian and international series and movies across multiple languages leading up to this Prime Day. Prime members can enjoy the best of entertainment from India and across the world, including from the US, Japan and Korea Amazon India today announced the most anticipated Prime Day 2025 deals, exclusively for Prime members. Starting from 12:00 AM on July 12 to 11:59 PM on July 14, shoppers can look forward to 72 hours of non-stop shopping, unbeatable deals, and blockbuster entertainment. Whether you're looking to upgrade your tech, refresh your wardrobe or home, Prime Day brings fantastic savings across categories including Smartphones, Consumer Electronics, TVs, Appliances, Amazon Devices, Fashion and Beauty, Home and Kitchen, Furniture, Everyday Essentials, and much more. It's the perfect time to shop, indulge, and make the most of your Prime membership with offers curated specially for Prime members. Customers can save big with 10% savings on payments using ICICI Bank Credit & Debit cards, SBI Credit Cards and EMI transactions on ICICI Bank Credit Cards and SBI Credit Cards.* Prime Day 2025 Deals* – A Sneak Peek! Smartphones and Accessories ● Prime Day Premiers will host new launches across top smartphone brands. Customers can get their hands on the latest launches in mobile technology, offering a variety of new features and vibrant colours. ● The line-up includes Samsung Galaxy M36 5G, OnePlus Nord 5, OnePlus Nord CE5, iQOO Z10 Lite 5G, realme NARZO 80 Lite 5G, HONOR X9c 5G, OPPO Reno14 Series, LAVA Storm Lite 5G and iQOO 13, among others ● Avail up to 40% off on Smartphones and Accessories along with exciting offers such as Instant bank discounts, up to 24 months of No Cost EMI, Exchange offers worth up to INR 60,000 and many more. ● Get exciting deals on Samsung Galaxy S24 Ultra 5G, iPhone 15, OnePlus 13s, iQOO NEO 10R and many more flagship smartphones Consumer Electronics and Personal Computing Prime Day features top brands across multiple categories including laptops from HP, Dell, Lenovo, Apple, and Asus; tablets from Apple, Samsung, Lenovo, Xiaomi, and OnePlus; wearables from Samsung, Boat, Noise, Amazfit, and Fireboltt; headphones from Boat, Sony, Boult, JBL, and Bose; speakers from JBL, Boat, Bose, Zebronics, and Sony; and cameras from Sony, GoPro, Insta360, DJI, and Tapo ● Up to 80% off on electronics, accessories and headphones ● Up to 50% off on wearables, cameras and accessories along ● Up to 40% off on laptops and up to 60% off on tablets ● Up to 60% off on speakers Home Entertainment Bring home the cinema experience with big savings on large screen latest televisions. Shop from more than 600 latest TVs along with more than 55 Prime day special launches and avail exciting offers on top TV brands like Sony, Samsung, LG, TCL and Xiaomi: ● Up to 65% off on televisions with 10% instant bank discount, additional coupons, No Cost EMI options up to 24 months, extended warranty up to 3 years and exchange offers from top brands. ● Premium television entertainment starting at just ₹99 per day with additional savings up to ₹20,000 through combined coupon and bank offers, plus upgrade old for new with exchange offers up to ₹7,000 when trading in your existing television. ● Shop stress-free from 600+ television options with up to 4 years extended warranty, complimentary shipping and professional installation services included. Home Appliances Up to 65% off on home appliances from top brands including LG, Samsung, Haier, Godrej, and Carrier, with customers enjoying exchange discounts up to ₹17,000 and additional coupon discounts up to ₹5,000 on the latest energy-efficient refrigerators, washing machines, air conditioners, and other essential home appliances. ● Up to 60% off on washing machines from LG, Samsung, Bosch, IFB amongst others and air conditioners from Carrier, Daikin, Panasonic, LG and more ● Up to 55% off on refrigerators from Samsung, Haier, LG, Godrej amongst others and up to 50% off on dishwashers from Bosch, IFB, Faber and more ● Up to 65% off on chimney from Faber, Elica, Glen, Crompton amongst others and up to 60% off on microwaves from Samsung, LG, Haier and more
