Apparel exporters urged to expand production capacities
Bilateral trade negotiations between India and the US are progressing positively, said Union Commerce Minister Piyush Goyal to A. Sakthivel, vice chairman of the AEPC, recently.
A press release said Mr. Sakthivel met the Minister in New Delhi and briefed him on the current status and challenges faced by the apparel industry. He also thanked the Minister for the India - UK Free Trade Agreement.
Regarding the progress of the ongoing negotiations with the US, Mr. Goyal said the discussions were progressing positively and were expected to conclude with a mutually beneficial agreement that would be an encouraging development for Indian exporters, the release said.
Mr. Sakthivel said the scope for apparel export growth was promising and the exporters should now gear up for large business opportunities. They should look at expanding the production capacities, he said in the release.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
4 minutes ago
- New Indian Express
Positive start likely for markets ahead of RBI interest rate decision
CHENNAI: The Indian stock market is set to open on a positive note today, Tuesday, June 3, 2025, with investors closely monitoring global developments and the upcoming interest rate decision by the Reserve Bank of India (RBI). Market Indicators GIFT Nifty Futures: As of 8:15 AM IST, GIFT Nifty futures were trading at 24,845.5, indicating a higher start compared to Nifty50's Monday close of 24,716.6. Global Markets: Asian indices were mixed, with Japan's Nikkei 225 falling 0.34%, while Hong Kong's Hang Seng futures suggested a positive opening. Key Factors Influencing Today's Market RBI Interest Rate Decision: The RBI is anticipated to reduce its benchmark rate by 25 basis points for the third consecutive time, aiming to support economic growth amid global uncertainties. Global Economic Developments: The European Central Bank cut interest rates by 25 basis points to 2.5%, citing slowing inflation and weak economic growth. US Market Trends: US markets ended mixed, with the S&P 500 and Nasdaq gaining, while the Dow Jones Industrial Average slipped. Notable stock movements included Nvidia (+3.1%) and Amazon (-4% in extended trade after underwhelming Q1 forecasts). Market Outlook The Indian market is expected to open higher, supported by positive global cues and anticipation of the RBI's rate cut. However, investors remain cautious, awaiting further economic data and policy decisions. Key stocks to watch today include Britannia Industries, HCLTech, and Maruti Suzuki, which are expected to be in focus due to recent developments. Traders should monitor the opening session closely for any significant movements and adjust their strategies accordingly.
Mint
13 minutes ago
- Mint
President Trump deeply admires, respects India, we are going to have great relationship together: Commerce Secretary Lutnick
Washington, Jun 3 (PTI) The core population of India has drive and ambition and that's why its economy will always continue to thrive, US Commerce Secretary Howard Lutnick has said, underlining that President Donald Trump deeply admires and respects India and the two countries are going to have a "great relationship together." India has one of the most extraordinary economies, Lutnick said in his keynote address at the eighth edition of the US-India Strategic Partnership Forum (USISPF) Leadership Summit here on Monday. "The key that makes an extraordinary economy is the determination of the people. How much do your people care about being in business? How entrepreneurial are they? How much do they drive to be better for their families?" he said. "From what I know about India, the core population of India has that drive and ambition, and that's why the Indian economy will always continue to grow and thrive because it has that from the underpinning and so you can do things in India that many other countries, you just can't get done.' He added that while President Trump thinks 'America first', he does not think 'America only' or 'America exclusively'. 'First, he's got to take care of home so we're big and strong, but then he's going to take care of his allies. He's going to make sure he takes care of India, who he deeply, deeply admires and respects and we are going to have a great, great relationship together," Lutnick said. Responding to a question on Indian talent in the US against the backdrop of ongoing visa and immigration discussions, Lutnick said the success of Indian entrepreneurs in America, individuals of Indian nationality leading and running so many of the 'great companies' of America 'because they're fantastic entrepreneurs, fantastic business people, smart, thoughtful, educated in every way. 'But I think the ordinary path of immigration for America is changing. The Trump Card is coming out. I expect the Trump Card will create really an enormous opportunity for people to have the ability to come to America,' he said, referring to the USD 5 million 'Trump Gold Card', on the lines of a Green Card, that will fast-track the process for foreigners to live and work in the US. Lutnick said he feels 'we are going to be incredibly successful in India. So when people ask me, 'When are you coming to India?' I'd say, 'When I launch the Trump Card, I promise you I'm coming to India'.' He said it's a wonderful opportunity for people to be part of two economies - the Indian economy and the American economy, and people will be able to come to America and participate in America. 'Here's the key. You can become like a green card holder, the equivalent of it, it's the Trump Gold Card. You can do it that way and pay global tax, or you can keep everything the way it is and just pay US tax on US assets, and you pay nothing on your global assets and no inheritance tax, and none of that kind of stuff either. 'And that's what we're going to call it an international entrepreneur. That's a special category, and I think it will be very, very well received amongst the great people of India who want to participate and have the means to participate in America," he said. In response to a question on whether the US will be doing more to help push more manufacturing in India, Lutnick said America wants to bring advanced manufacturing back to the United States. 'That's a key industrial platform for us, to bring back domestic manufacturing and reshoring in America,' he said, adding that there are an enormous number of product categories that 'we are going to be delighted for India to produce.' He said that there will be a trade deal that says certain kinds of industries would be great for India to produce. 'And in fact, there are enormous numbers of industries that we'd really like to go to India. What happens is, you create the sort of trade deal that puts India in a unique position because it'll have a special relationship with the United States and certain industries. 'It will have a better tariff relationship than most other countries in the world, which means India will be the beneficiary of those kind of products,' he said, adding that some will need to be reshored to America but they'll be replaced with incredible opportunity for India, which has one of the most extraordinary economies. On whether he sees opportunities for collaboration between India and the US in areas such as artificial intelligence, cybersecurity, and emerging tech, Lutnick said, 'Our idea is that we want to embrace our allies and our friends in a way that is much more open than the Biden administration, not even on the same hemisphere. 'So we love our allies. We want our allies to participate in the AI revolution with us. And if India is interested, which of course it is, and it wants to build giant data centres and be a part of that model, we are ready, willing and look forward to embracing India as a partner and friend in that path," he said.
Time of India
13 minutes ago
- Time of India
Stock market today: Nifty50 gives up early gains; BSE Sensex down over 300 points
Market experts anticipate continued consolidation amidst unfavourable global indicators. (AI image) Stock market today: Nifty50 and BSE Sensex , the Indian equity benchmark indices, were volatile in opening trade on Tuesday. While Nifty50 went below 24,650, BSE Sensex was near 81,000. At 9:35 AM, Nifty50 was trading at 24,644.90, down 72 points or 0.29%. BSE Sensex was at 81,045.85, down 328 points or 0.40%. Market experts anticipate continued consolidation amidst unfavourable global indicators, though robust domestic economic factors and possible RBI interest rate reductions might provide support. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, 'During a consolidation phase, where the market moves within a range, buy on dips is the ideal strategy. And this strategy is working well now. With a lot of uncertainty in geopolitics, tariffs and trade the market will continue to remain volatile. Therefore, investors may persist with the strategy of buying on dips. 'The concern in the market now is the high valuation, particularly in the broader market. But the trends in money flows into the market and the healthy trend of retail investors persisting with their investment for longer periods, indicate that Indian equities will remain at higher valuations for an extended period of time. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Promoções imperdíveis de voos baratos Voos | Anúncios de Pesquisa Saiba Mais Undo Since the MPC is expected to cut policy rate by 25 bp in the policy meet on 8th, rate sensitives are likely to be favoured in the coming days. " The S&P 500 finished positively on Monday, with investors remaining hopeful about trade negotiations between the US and its partners, despite President Donald Trump's announcement to increase tariffs on steel and aluminium imports. Asian markets displayed a mixed opening on Tuesday, following US gains driven by technology sector recovery. Oil prices increased during early Asian trading on Tuesday, influenced by supply concerns as Iran prepares to decline US nuclear agreement proposals, whilst Canadian production faces disruption from wildfires. Gold prices reached a near four-week peak on Tuesday, benefiting from dollar weakness and increased uncertainty surrounding US-China trade relations. Foreign portfolio investors recorded net sales of Rs 2,589 crore on Monday, whilst domestic institutional investors showed net purchases of Rs 5314 crore. FII net short positions in futures trading increased from Rs 83,684 crore on Friday to Rs 89,066 crore on Monday. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
