The Clothing Manufacturers Association of India (CMAI) has expressed concerns about the recent amendment to the Income Tax Act, which aims to address delayed payments to small and medium enterprises (MSMEs). While acknowledging the government's efforts, the CMAI argues that the amendment has unintended consequences for the domestic garment industry.

CMAI believes, the amendment allows MSMEs to claim a deduction on their income tax for delayed payments received from buyers. It leads to order cancellations from retailers due to the increased financial burden.

To avoid this, CMAI recommends a delayed implementation of the amendment. It advocates for a phased decrease in credit periods over three years, reaching 45 days by 2027.

The association also recommends   excluding payments between MSMEs from the amendment's scope. It urges for a general reduction in credit periods to 45 days.

CMAI opines, while intended to help MSMEs, the amendment creates financial strain for the garment industry. For its effective implementation, the government should make gradual changes and exemptions. It should adopt a shorter credit period to promote transparency and efficiency 

Overall, the CMAI urges the government to consider their recommendations and find a solution that balances the needs of both MSMEs and the garment industry.

Textile giants HKRITA and Seiko Epson are joining forces to develop a revolutionary recycling program that aims to breathe new life into discarded fabrics.

This partnership builds upon a 2023 agreement between the two organisations. Taking a step forward, the companies are applying HKRITA's expertise in textile recycling systems to Epson's innovative dry fiber technology. This technology, previously used to transform waste materials into water-free paper, will now tackle the challenge of defibrating complex fabrics like those blended with elastic or tightly woven.

HKRITA will play a crucial role by providing technical support throughout the recycling process and evaluating the quality of the recycled materials. Edwin Keh, CEO, HKRITA, says, this collaboration allows us to develop a truly comprehensive approach to sustainability, one that transcends industry limitations and opens doors to new opportunities."

Satoru Hosono, Technology Development, Epson, adds, the company’s collaboration with HKRITA aims to use a unique dry fiber technology to give new life to clothes and fabrics that would otherwise end up in landfills.

This partnership promises to extend the lifecycle of materials by recycling discarded fabrics and address the growing demand for recycled textiles.

In a bid to celebrate excellence and innovation in the global textile sector, the International Textile Manufacturers Federation (ITMF) announces the launch of the ITMF Awards 2024. 

This prestigious event features three distinct categories: the ITMF Sustainability & Innovation Award, the ITMF International Cooperation Award, and the ITMF Start-up Award. Companies and organizations eager to showcase their contributions are invited to submit applications by April 30, 2024.

The spotlight will shine on the winners during the ITMF Annual Conference 2024, slated for September 8-10 in Samarkand, Uzbekistan. Notably, victorious entities will have the platform to present their innovative projects at this esteemed gathering.

Founded in 1904, ITMF serves as a global nexus for the textile and related industries, boasting a membership that spans more than 40 countries and encompasses nearly 90 per cent of global production. 

The Lenzing Group, a global leader in specialty fibers for textiles and nonwovens, has reaffirmed its commitment to corporate transparency and climate action by earning a coveted spot on CDP's prestigious ‘A’ List for the third consecutive year. Out of more than 21,000 evaluated companies, Lenzing is among the elite ten achieving a triple ‘A’ rating for its performance in climate change mitigation, forest conservation, and water security.

CDP, renowned as the gold standard in environmental reporting, acknowledges Lenzing's alignment with the Task Force on Climate-Related Financial Disclosures (TCFD) and its significant contribution to fostering a sustainable, zero-carbon economy. With over 740 financial institutions representing trillions in assets leveraging CDP data for investment decisions, Lenzing's recognition underscores its pivotal role in driving environmental stewardship across industries.

Stephan Sielaff, CEO of the Lenzing Group, expressed pride in the company's sustainable initiatives, emphasizing the collective efforts of Lenzing's workforce in advancing sustainability goals. Sielaff highlighted Lenzing's relentless pursuit of a circular business model, emphasizing the need for industry-wide collaboration to effect meaningful change.

CDP CEO Sherry Madera commended Lenzing and other A List companies for their commitment to environmental transparency and urged continued action towards achieving a net-zero, nature-positive future. Recognizing the importance of comprehensive data in driving sustainability strategies, Madera underscored the pivotal role of A List companies in catalyzing industry-wide transformation.

Lenzing's sustainability strategy, anchored in decarbonization, responsible sourcing, and circularity, aligns with the United Nations Sustainable Development Goals (SDGs). Through sustainable raw material procurement and investments in renewable energy, Lenzing remains steadfast in its pursuit of environmental excellence.

The forthcoming publication of Lenzing's Annual and Sustainability Report 2023 on March 15, 2024, will provide a comprehensive overview of the company's sustainability progress and future commitments.