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Time of India
4 days ago
- Business
- Time of India
Investment intent of Rs 7,808cr at textile summit
1 2 3 4 5 Bhubaneswar: State govtsigned 33 memoranda of understanding with investment intent of Rs 7,808 crore and the potential to create jobs for over 53,300 people in the textile and apparel sector during the inaugural session of Odisha Tex 2025 investment summit here on Friday. Inaugurating the summit, chief minister Mohan Charan Majhi said, "Odisha is going to be the textile hub of eastern India. Odisha TEX 2025 is not just an event, it is a declaration that Odisha is ready to lead eastern India's textile revolution." The strategic move is set to transform Odisha into a hub for apparel and technical textiles, with participation from more than 160 companies, including industry giants like Page Industries, First Step Baby Wear, KPR Mills and Sportking. Among the MoUs, Hindalco Industries Limited will invest Rs 200 crore to set up apparel manufacturing units in Keonjhar and Sambalpur districts. The two units have the potential to create direct employment for 2,400 people, official sources said. Majhi announced an increase in employment cost subsidy under the Odisha Technical Textile & Apparel Policy 2022, raising it from Rs 5,000 to Rs 6,000 per month for male workers and from Rs 6,000 to Rs 7,000 per month for female workers. He announced the formation of a dedicated task force under the industries department to ensure fast-track implementation and full govt support for investors. "Odisha offers the most attractive incentive packages in the country under its Industrial Policy Resolution 2022 and the Odisha Apparel & Technical Textiles Policy 2022, backed by excellent infrastructure and governance," said the CM. Besides, two state-of-the-art textile and footwear parks with plug-and-play facilities for global standard manufacturing were launched, and modern workers' hostels to enhance industrial stability were announced. The govt also signed MoUs for skill development, enabling youth and especially women, to gain expertise in automated garmenting, textile machinery and wearable technologies. The CM also announced an ambitious vision to create over 1 lakh jobs in textiles and apparel by 2030, with plans to expand new textile clusters in Balangir, Keonjhar, Sambalpur, Jagatsinghpur, Ganjam and Cuttack. The event, organised by the state govt, attracted over 650 delegates, including global brands, leading textile and apparel companies, investors, technology providers, startups and senior govt officials. The CM also declared that Odisha Tex will become an annual event, showcasing the state's rich handloom legacy and its foray into modern textiles, apparel, and technical textiles ecosystems. Industries minister Sampad Chandra Swain, minister for handloom, textiles and handicrafts, Pradeep Bal Samant, Chief secretary Manoj Ahuja, development commissioner Anu Garg, and industries secretary Hemant Sharma, among others, were present.
The Hindu
4 days ago
- Business
- The Hindu
Odisha signs MoUs with 33 companies in textile sector
Odisha has signed 33 Memoranda of Understanding (MoU) with textile and apparel sector companies on Friday (July 25, 2025) that entail collective investment of ₹7808 crore expected to generate 53,300 employment. Besides, the State has also received several investment commitments that may help transform Odisha's apparel landscape. More than 160 companies including big names like Page Industries, First Step Baby Wear, KPR Mills, Sportking, Adarsh Knitwear and Anubhav Apparels participated in Odisha TEX 2025, The State launched two state-of-the-art textile and footwear parks with plug-and-play facilities for global-standard manufacturing, in addition to introduction of modern workers' hostels to enhance industrial stability. Chief Minister Mohan Charan Majhi announced that the employment cost subsidies under Odisha Technical Textile and Apparel Policy 2022 will be increased from ₹5000 to ₹6000 per month per male workers and from ₹6000 to ₹7000 per month per female worker. Mr. Majhi announced a dedicated task force under industries department to fast-track grounding of investment. Odisha has set an ambitious vision to create over one lakh jobs in textiles and apparel by 2030, while expanding new textile clusters in Bolangir, Keonjhar, Sambalpur, Jagasinghpur, Ganjam, and Cuttack. 'With world-class infrastructure, progressive policies, and a skilled workforce, we are creating unmatched opportunities for investors and livelihoods for our people,' Mr Majhi said.
Economic Times
09-07-2025
- Business
- Economic Times
Textile Stocks: Textile stocks rally after US hikes tariffs on Bangladesh garments
Jhunjhunwala said valuations are factoring in structural opportunities from the US Free Trade Agreement, the India-US trade deal, and a potential deal between the EU and India, but near-term uncertainty is expected to persist. Indian textile stocks saw a surge following the United States' decision to impose tariffs on Bangladeshi garment imports. This move sparked optimism for Indian companies, anticipating improved export prospects. Analysts suggest a potential trade deal between India and the US could further benefit the sector. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Textile stocks jumped up to 9% on Tuesday after US President Donald Trump imposed 35% tariffs on garment imports from Bangladesh - one of the biggest exporters of garments to the US - effective from August 1. The move spurred optimism in Indian textile stocks, in anticipation that lower tariffs on Indian exports could lead to better prospects for these said a trade deal between India and the US could lead to lower tariffs, which may improve business for textile companies."The imposition of a higher rate of tariffs on key garment exporters like Bangladesh puts Indian textile exporters in a favourable position," said Kaustubh Pawaskar, VP - lead analyst (consumption), ICICI Securities (retail). "Any positive development in the India-US trade deal could result in further gains."However, until the uncertainty over the deal persists, near-term volatility cannot be ruled stocks gave up some of the gains but still closed higher on Tuesday. Raymond Lifestyle gained 5%, while KPR Mills and Trident advanced 3.6% and 3.3%, respectively. Gokaldas Exports and Garware Technical Fibres rose 2.7% and 2.1%, respectively, while Welspun Living moved 0.6% higher."The 35% tariffs on Bangladesh and 36% on Cambodia and 40% on Myanmar-major textile exporting nations - may be favourable for India, as the expected trade deal between the US and India may include a lower tariff rate for India, which prompted the buying interest in textile stocks today," said Prerna Jhunjhunwala, VP, equity research - textile and retail, Elara said valuations are factoring in structural opportunities from the US Free Trade Agreement, the India-US trade deal, and a potential deal between the EU and India, but near-term uncertainty is expected to persist."With Bangladesh's key exports - woven apparel ($4.78B) and knitwear ($2.63B) - now costlier, India's own exports in knit & woven garments ($2.55B each) and home textiles ($2.21B) are set to gain share," said Dharan Shah, Founder, - an investment platform. "Gokaldas Exports, Vardhman Textiles, and KPR Mills are best positioned to benefit from this sourcing shift, especially in high-demand US apparel segments," he said.
Economic Times
09-07-2025
- Business
- Economic Times
Textile stocks rally after US hikes tariffs on Bangladesh garments
Mumbai: Textile stocks jumped up to 9% on Tuesday after US President Donald Trump imposed 35% tariffs on garment imports from Bangladesh - one of the biggest exporters of garments to the US - effective from August 1. The move spurred optimism in Indian textile stocks, in anticipation that lower tariffs on Indian exports could lead to better prospects for these companies. ADVERTISEMENT Analysts said a trade deal between India and the US could lead to lower tariffs, which may improve business for textile companies. "The imposition of a higher rate of tariffs on key garment exporters like Bangladesh puts Indian textile exporters in a favourable position," said Kaustubh Pawaskar, VP - lead analyst (consumption), ICICI Securities (retail). "Any positive development in the India-US trade deal could result in further gains." However, until the uncertainty over the deal persists, near-term volatility cannot be ruled out. The stocks gave up some of the gains but still closed higher on Tuesday. Raymond Lifestyle gained 5%, while KPR Mills and Trident advanced 3.6% and 3.3%, respectively. Gokaldas Exports and Garware Technical Fibres rose 2.7% and 2.1%, respectively, while Welspun Living moved 0.6% higher. "The 35% tariffs on Bangladesh and 36% on Cambodia and 40% on Myanmar-major textile exporting nations - may be favourable for India, as the expected trade deal between the US and India may include a lower tariff rate for India, which prompted the buying interest in textile stocks today," said Prerna Jhunjhunwala, VP, equity research - textile and retail, Elara Capital. ADVERTISEMENT Jhunjhunwala said valuations are factoring in structural opportunities from the US Free Trade Agreement, the India-US trade deal, and a potential deal between the EU and India, but near-term uncertainty is expected to persist."With Bangladesh's key exports - woven apparel ($4.78B) and knitwear ($2.63B) - now costlier, India's own exports in knit & woven garments ($2.55B each) and home textiles ($2.21B) are set to gain share," said Dharan Shah, Founder, - an investment platform. "Gokaldas Exports, Vardhman Textiles, and KPR Mills are best positioned to benefit from this sourcing shift, especially in high-demand US apparel segments," he said. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
09-07-2025
- Business
- Time of India
Textile stocks rally after US hikes tariffs on Bangladesh garments
Mumbai: Textile stocks jumped up to 9% on Tuesday after US President Donald Trump imposed 35% tariffs on garment imports from Bangladesh - one of the biggest exporters of garments to the US - effective from August 1. The move spurred optimism in Indian textile stocks, in anticipation that lower tariffs on Indian exports could lead to better prospects for these companies. Analysts said a trade deal between India and the US could lead to lower tariffs, which may improve business for textile companies. "The imposition of a higher rate of tariffs on key garment exporters like Bangladesh puts Indian textile exporters in a favourable position," said Kaustubh Pawaskar, VP - lead analyst (consumption), ICICI Securities (retail). "Any positive development in the India-US trade deal could result in further gains." However, until the uncertainty over the deal persists, near-term volatility cannot be ruled out. The stocks gave up some of the gains but still closed higher on Tuesday. Raymond Lifestyle gained 5%, while KPR Mills and Trident advanced 3.6% and 3.3%, respectively. Gokaldas Exports and Garware Technical Fibres rose 2.7% and 2.1%, respectively, while Welspun Living moved 0.6% higher. "The 35% tariffs on Bangladesh and 36% on Cambodia and 40% on Myanmar-major textile exporting nations - may be favourable for India, as the expected trade deal between the US and India may include a lower tariff rate for India, which prompted the buying interest in textile stocks today," said Prerna Jhunjhunwala, VP, equity research - textile and retail, Elara Capital. Jhunjhunwala said valuations are factoring in structural opportunities from the US Free Trade Agreement, the India-US trade deal, and a potential deal between the EU and India, but near-term uncertainty is expected to persist. "With Bangladesh's key exports - woven apparel ($4.78B) and knitwear ($2.63B) - now costlier, India's own exports in knit & woven garments ($2.55B each) and home textiles ($2.21B) are set to gain share," said Dharan Shah, Founder, - an investment platform. "Gokaldas Exports, Vardhman Textiles, and KPR Mills are best positioned to benefit from this sourcing shift, especially in high-demand US apparel segments," he said.
