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Time of India
10 hours ago
- Business
- Time of India
Indian apparel sector to clock 11 pc growth over FY24-FY29: HSBC
HighlightsThe Indian apparel sector is expected to achieve an 11 percent compound annual growth rate from fiscal year 2024 to fiscal year 2029, following a similar growth trend of 11 percent from fiscal year 2020 to fiscal year 2024. The branded segment of the apparel market has experienced significant growth, recording a 16 percent compound annual growth rate from fiscal year 2012 to fiscal year 2024, compared to a 5 percent growth rate for the unbranded segment. India's Textile and Apparel exports have shown positive momentum, with apparel exports growing by 14.43 percent year-on-year in April 2025, reaching approximately $1.37 billion. The Indian apparel sector is projected to clock a 11 per cent compound annual growth rate (CAGR) over FY24-FY29, a report showed on Friday. India's apparel sector expanded at an 11 per cent CAGR over FY20-24, in line with nominal GDP and private final consumption expenditure (PFCE) growth, according to HSBC Global Investment Research. Driven by increasing penetration and affordability, branded segment has seen a 16 per cent CAGR over FY12-24 (unbranded 5 per cent CAGR). Going forward, across different apparel sub-segments, non-formal wear has higher growth expectations with active wear (25 per cent FY24-29 CAGR driven by post COVID-19 trend of casual wear) and organised value retail (16 per cent CAGR FY24-29, the biggest beneficiary of shift from unorganized) expected to clock highest growth. Apparel though remains a competitive market disrupted by e-commerce, foreign brands, and changing fashion cycles, said the report. There are two major business models - Format focused (retail outlets with distribution primarily limited to the company's own outlets and e-commerce) and Brand focused (fixed asset-light business but working capital-intensive due to distribution mix). "We believe format model has an advantage due to its broader customer base and better control over their supply chains. Also, formats are better suited to navigate the emerging risks in the apparel space," the report mentioned. The report prefers value fashion formats given the size of the retail opportunity and limited disruption from e-commerce. Meanwhile, India's Textile and Apparel (T&A) exports have continued their upward trajectory, recording a growth of 7.45 per cent in April 2025 compared to the same month of the previous year. This positive trend was primarily driven by the strong performance of the apparel segment, which registered a robust 14.43 per cent growth year-on-year, an analysis of the data released by the Ministry of Commerce showed. During April 2025, Indian textile exports were about 2.61 per cent higher as compared to the same month last year, while apparel exports registered a growth of 14.43 per cent during the month to touch the $ 1.37 billion mark compared with $ 1.2 billion in April last year.
The Star
a day ago
- Business
- The Star
China-Türkiye businesses eye closer cooperation in beauty sector
ISTANBUL, June 19 (Xinhua) -- Around 60 Turkish firms and 20 Chinese companies gathered on Thursday in Istanbul for a business matchmaking event aimed at boosting bilateral cooperation in the beauty industry. The event, organized by China's Ministry of Commerce, focused on facilitating discussions between buyers and suppliers across diverse categories such as beauty, skincare, haircare, and packaging. Min Yan, a representative of Guangzhou Qiaojiang Packaging Co., Ltd., said that through the event, she discovered strong potential for Chinese products in the regional market and expressed her intention to return to Türkiye in the future to further explore the market. Trade in beauty and hair care products between China and Türkiye has seen strong growth in recent years. According to China's Ministry of Commerce, bilateral trade in hairdressing appliances neared 58.96 million U.S. dollars in 2024, representing a year-on-year increase of 34.8 percent. Trade in cosmetics, beauty products, and personal care items totaled 46.78 million dollars, up 17.6 percent from the previous year.
Business Recorder
2 days ago
- Business
- Business Recorder
Pakistan reveals National Tariff Policy draft, aims to eliminate RDs, ACDs in 5 years
The federal government has unveiled the draft for the National Tariff Policy (NTP) 2025–30 at the Regulatory Reforms Conference on Wednesday. The conference, organised by the Board of Investment (BoI), aimed at advancing regulatory simplification and industrial competitiveness, bringing together federal ministers, diplomats, and private sector representatives for a strategic dialogue on Pakistan's economic direction. 'The National Tariff Policy 2025–30 is designed to create a predictable, transparent, and investment-friendly tariff structure,' said Rana Ihsaan Afzal, Coordinator to the Prime Minister on Commerce, read a statement released by the Ministry of Commerce. Afzal underscored the government's strong commitment to rationalising Pakistan's tariff regime, simplifying business processes, and fostering export-led growth. National Tariff Policy: govt approves phased elimination of import duties 'By facilitating duty-free access to raw materials, phasing out Additional Customs Duties (ACDs) and Regulatory Duties (RDs), and supporting nascent and green industries, this policy paves the way for innovation, employment generation, and sustained economic growth,' he added. The NTP 2025–30 outlines ambitious reform goals, including the phasing out of ACDs in four years, elimination of RDs and the 5th Schedule within five years, and the establishment of a simplified four-slab Customs Duty structure (0%, 5%, 10%, 15%). The ministry says that the policy aims to benefit key sectors, including textiles, engineering, pharmaceuticals, and IT, while encouraging investment and reducing production costs across the board. Afzal highlighted that the implementation will begin with the reduction of tariffs on approximately 7,000 tariff lines, largely focused on raw materials and intermediate goods, yielding an estimated Rs200 billion in benefits to trade and industry. 'These reforms will enable Pakistan's industries to scale, compete globally, and shift towards higher value-added exports,' he said. 'With these changes, we anticipate not just stronger GDP growth, but also increased employment, improved industrial productivity, and enhanced investor confidence.' The conference was also attended by Federal Minister for Industries and Production Haroon Akhtar, Federal Minister for the Board of Investment Qaiser Ahmed Sheikh, senior officials, diplomats, and leading figures from the private sector.
Time of India
3 days ago
- Automotive
- Time of India
Some Chinese cities pause car-buying subsidies as funds run out
At least six cities and municipalities across China have suspended trade-in subsidies for car buyers in June, according to Reuters' review of government announcements, which could slow new car sales in the world's second-biggest economy. Notices from governments in Zhengzhou and Luoyang blamed the subsidy pause on the first round of funding allocated by Beijing for the programme running out, while Shenyang and Chongqing said the suspension was due to adjustments to improve capital efficiency. The northwestern region of Xinjiang issued a similar suspension. China's government has leaned on subsidies for big-ticket items, including cars, home appliances and some electronics to get people spending as consumer sentiment in the country remains sluggish amid a prolonged property slump and concerns over wage growth and unemployment. The programmes have been embraced with some enthusiasm. As of May 31, there were more than 4 million applications submitted this year for car-specific trade-in subsidies, according to the country's Ministry of Commerce. Chinese retail sales data for May released earlier this week surprised on the upside with subsidies cited as one reason for the higher-than-expected 6.4% growth. While there has been no official announcement about when more funds from the central government will be released for programmes, China's National Development and Reform Commission and Ministry of Finance have said the subsidies would continue throughout 2025, leading analysts to expect new funds for the third quarter to be made available from July. The subsidy programme has also met with controversy, however, particularly in the auto sector. China's auto industry, the world's largest, has attracted criticism from regulators over a deepening price war that has sapped the sector's profitability. Official media in China's Henan province, where Zhengzhou is the capital, last week reported, citing unnamed sources, that China's central government had taken note of some loopholes in the subsidy schemes and would look to make adjustments. One of the major issues identified by Chinese media and regulators is so-called " zero-mileage used cars ", which refers to the practice of selling brand new cars as heavily discounted second-hand vehicles to get rid of inventory. The report in Henan government-owned newspaper Dahe Daily added that sales of "zero-mileage used cars" were one of the key factors leading to subsidies being used up ahead of expectations, necessitating the suspensions. Some businesses were disguising new or nearly new cars as used cars that they could trade in to obtain the subsidies, the newspaper said. The People's Daily, a national newspaper that often signals the positions of China's top leaders on a variety of issues, also called for a crackdown on the zero-mileage used cars, weeks after Great Wall Motor's Chairman Wei Jianjun publicly condemned the practice. China's industry ministry in early June summoned automakers to a meeting where it called for the sector to halt its price wars, Reuters reported last week.
Observer
3 days ago
- Business
- Observer
Invest Oman hosts ‘Advantage Oman' dialogue in Brussels
BUSINESS REPORTER MUSCAT, JUNE 17 As part of its strategic agenda to expand global investment partnerships, Invest Oman , operating under the Ministry of Commerce, Industry, and Investment Promotion, convened the 'Advantage Oman – Kingdom of Belgium' Business Dialogue in Brussels. The event was held in collaboration with the Embassy of the Sultanate of Oman in Belgium and the Arab-Belgian-Luxembourg Chamber of Commerce (ABLCC). Designed to highlight the Sultanate's evolving investment landscape, the dialogue aimed to foster deeper economic and trade relations between Oman and Belgium. It brought together a distinguished audience of Belgian investors, industry leaders, and senior decision-makers, with a focus on high-potential sectors such as renewable energy, pharmaceuticals and life sciences, and tourism and leisure. The platform facilitated direct engagement between Omani and Belgian stakeholders, enabling exploration of joint investment opportunities and commercial synergies. The Omani delegation presented Oman's strategic megaprojects, regulatory enhancements, and investor-centric reforms—underscoring the Sultanate's commitment to creating a competitive and future-ready business environment. Pankaj Khimji, Foreign Trade and International Cooperation Adviser at the Ministry of Commerce, Industry, and Investment Promotion, stated: 'Oman places great emphasis on forging long-term partnerships with Belgium. This dialogue is a strategic step toward elevating our economic cooperation, introducing Oman's competitive advantages, and enabling Belgian enterprises to expand within a high-potential, future-ready market.' Rua bint Issa Al Zadjali, Ambassador of the Sultanate of Oman to the Kingdom of Belgium, remarked: 'This initiative reflects Oman's broader vision to strengthen economic diplomacy and create meaningful engagement with key international markets. It is a timely platform to deepen ties with Belgium's business community and highlight Oman's role as a trusted and strategic investment destination.' The 'Advantage Oman – Kingdom of Belgium' Business Dialogue is part of Oman's ongoing global outreach to position itself as a regional gateway for investment and trade. Belgium continues to emerge as a key partner across several priority sectors, as Oman actively builds enduring economic bridges with European markets.
