Daily Newsletter

15 January 2024

Daily Newsletter

15 January 2024

Indian Union Minister eyes ‘widespread inclusivity’ at Bharat Tex 2024

The Indian Minister for Textiles, Consumer Affairs, Food and Public Distribution and Commerce and Industry, Piyush Goyal shared his vision and new ideas for branding and promoting Bharat Tex 2024, emphasising the importance of widespread "inclusivity."

Shemona Safaya January 12 2024

The Union Minister also chaired a review of the steering committee on 10 January, ahead of the upcoming textiles event, Bharat Tex 2024.

He recommended the creation of an online directory of all participating exhibitors, serving as a comprehensive encyclopedia for the entire textile industry.

While interacting with textile Export Promotion Councils (EPC) representatives, officers and others, Goyal said: "The success of Bharat Tex is contingent on the meticulous planning and execution by the Core Committee and Steering Committee. Your dedication and strategic vision are instrumental in positioning Bharat Tex as a global textile showcase, and I am confident that the event will contribute significantly to the growth of the textile sector in India."

The organising committee highlighted the "massive interest" shown by the domestic industry in participating in the textile event, with several successful roadshows and investor roundtables conducted in India and globally.

It added that multiple rounds of interactions with Foreign Embassies in India and Indian Missions abroad have been conducted to generate international interest and participation in the event.

The Indian states Uttar Pradesh and Madhya Pradesh have been appointed as the partner state and focus state, respectively, for Bharat Tex 2024.

Other participants include the Indian conglomerates Aditya Birla Group and Reliance Industries Ltd, participating as Platinum and Gold partners, respectively. Whereas, Arvind Ltd, Indorama Ventures, Trident Group, and Welspun are partnering as Silver partners.

Bharat Tex 2024 is scheduled to be held next month from 26-29 February 2024 in India's capital city New Delhi, where the spotlight will be on sustainability and resilient supply chains.

It is being organised by a consortium of 11 Textile Export Promotion Councils and supported by the Ministry of Textiles and promises to be a tapestry of “tradition and technology” attracting the best and the brightest from the textile world.

Global menswear market dynamics

Global menswear market is expected to grow at a CAGR of more than 4% by 2027, as consumer confidence takes time to rebuild following inflationary pressures. The popularity of the resale market will also somewhat hinder menswear retail growth, as more shoppers will divert spend away from traditional retailers and brands to secondhand channels, in a bid to save money and protect the planet.

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