Knitswear

The 51st IFKT

The 51st IFKT Congress was all about innovation

It was the coming together of the global knitting community in Brampton, Canada, for a purposeful & quite meaningful two-day(2) congress, recently concluding on August 23rd.

Delegates from multiple countries shared very conducive business environment expertise explored cutting-edge techniques, and celebrated the timeless craft of knitting with a clear focus on the scope of innovations in the knitting growth story.

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Takeaways included:

- Launch of a 65th-anniversary commemorative book was a key highlight
- Cross-border business discussions facilitated by the City of Brampton were well received
- Interesting showcasing of innovative knitting technology was written all across
- Canadian sock manufacturing at The Great Canadian Sox Knitting Co. Inc. gave deep trade insights to the attendees
- It was a great showcase of the latest yarns, fabrics, and knitting tools from diverse exhibitors

"IFKT President Hitesh Kumar Sharma hailed the event's resounding success in bringing together the global knitting community and driving innovation shaping the future of this centuries-old industry. As the organization moves ahead optimistically to the coming congress in Croatia, it remains steadfastly committed & dedicated to honoring the transformative power of knitting underpinning the need for innovation."

CREDITS: Knitting Industry

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E-CommerceExports

India Aims to Become E-commerce Export Giant with Hub Strategy

India's Ambitious Plan to Lead Global E-commerce Exports

Ambition and Execution

- Reach $100 billion in e-commerce exports within five years
- Establish over 50 dedicated hubs across the country, leveraging public-private partnerships
- Develop ten hubs in the current financial year and finalize a regulatory framework for e-commerce exports by next month

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How things look

- Current e-commerce exports: $5 billion, a fraction of China's $300 billion market share
- Domestic e-commerce sector: Booming, with 22% year-over-year growth in GMV in fiscal year 2023, reaching $60 billion
- Prognosis`: Tripling of the sector by 2030, reaching $300 billion

Hindsight learning

- China's dominance: Well-developed infrastructure, streamlined customs procedures, and favorable government policies
- US and UK success: Secured significant shares of the global e-commerce export market through similar advantages

Empowering Businesses and Boosting Exports

- E-commerce export hubs: To be established across all states, including Northeastern states
- Benefits: Streamlined operations, connection to global markets, and government support

Success mantra

- Fast start: 10 hubs to be developed within the current financial year
- Regulatory framework: Streamlined regulations for e-commerce exports expected by next month
- Efficiency focus: Prioritizing improved efficiency and reduced logistical bottlenecks

Challenges and Opportunities

- Logistics and infrastructure: Addressing last-mile connectivity, warehousing capabilities, and customs procedures
- Product compliance: Ensuring products meet international standards and comply with regulations
- Regulatory environment: A clear and efficient regulatory environment essential for seamless cross-border e-commerce transactions

Crystal gazing

- Vast growth potential: India's large and expanding internet user base, thriving domestic e-commerce market, and supportive government policies position it to become a major player in the global e-commerce export landscape.

CREDITS: DFU Publications

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