Fashion
CITI hails RBI rate cut, seeks lower borrowing & better MSME credit
The Confederation of Indian Textile Industry (CITI) is very thankful to the Reserve Bank of India (RBI) for announcing a cut in the repo rate by 25 basis points to 5.25 per cent and remains hopeful that this would translate into lower cost of borrowing and ease of capital availability for micro, small and medium enterprises (MSMEs) in the textile and apparel sector in future.
CITI thanked the RBI for cutting the repo rate to 5.25 per cent, saying it should ease borrowing and improve capital access for MSME-dominated textile and apparel firms.
Chairman Ashwin Chandran welcomed RBI’s 7.3 per cent GDP growth and softer inflation outlook.
He noted the sector remains hit by the US’ 50 per cent tariff, with exports there at about $11 billion.
“The latest cut in the repo rate is an extremely positive measure taken by the RBI to fast-track overall growth and development,” CITI chairman Ashwin Chandran said.
“Our expectation now would be that this would get reflected in lower cost of borrowing and banks easing access to capital for MSMEs in the textile and apparel sector, many of whom often face a challenge on this front,” Chandran added. Banks are often reluctant/slow to pass on rate cuts to customers.
Most companies in India’s textile and apparel sector, one of the largest job-generators in the country, are MSMEs.
Chandran said it was heartening to note that the RBI has projected real GDP growth for the financial year 2025-26 at 7.3 per cent. “The resilience shown thus far by the Indian economy to global headwinds is commendable and stands testimony to the inherent strength of our domestic economy,” he added.
The CITI chairman said the RBI forecast of an overall softening in inflation was also good news. The RBI has revised downward its projections for average headline inflation in 2025-26 and Q1 of 2026-27. The RBI has now said that both headline and core inflation are expected to be around the 4 per cent target during the first half of 2026-27.
India’s textile and apparel sector is among those hit hardest by the 50 per cent tariff imposed by the United States on Indian goods, effective August 27.
The US is the single-largest market for India’s textile and apparel items, with around 28 per cent of these Indian goods being sold in the world’s No. 1 economy. India’s textile and apparel exports to the US in the financial year 2024-25 stood at nearly $11 billion.
Fibre2Fashion News Desk (HU)
In the course of a meeting with Hun Manet at the Peace Palace in Phnom Penh, Ambassador DesRoches expressed appreciation for the long-standing diplomatic ties, highlighting the steady progress in bilateral relations, particularly in trade and Canadian investment in Cambodia.
The envoy underscored his country’s commitment to supporting Cambodia’s successful hosting of the 20th Francophonie Summit. He stressed Canada’s commitment to further strengthening and expanding cooperation between the two countries, especially in trade and economic relations, while also reaffirming support for Cambodia’s development priorities.
Cambodian PM Hun Manet and Canadian ambassador to the country Christian DesRoches recently discussed strengthening economic ties, while advancing preparations for the 20th Francophonie Summit scheduled for November.
The envoy stressed Canada’s commitment to further strengthening and expanding bilateral cooperation, especially in trade and economic ties, and reaffirmed support for development priorities.
He thanked Cambodia for its support in promoting Canada’s economic cooperation with the Association of Southeast Asian Nations (ASEAN) and advancing negotiations for the ASEAN-Canada Free Trade Agreement (ACFTA), expected to be concluded and signed soon, according to Cambodian media reports.
Fibre2Fashion News Desk (DS)
CBP is developing the Consolidated Administration and Processing of Entries (CAPE) functionality within the Automated Commercial Environment (ACE) to streamline the submission and processing of valid refund requests for duties imposed under the International Emergency Economic Powers Act (IEEPA), as authorised by court order or applicable law.
US Customs and Border Protection will launch on April 20 an electronic system that importers can use to claim tariff refunds authorised by court order or applicable law.
Phase 1 will be limited to certain unliquidated entries and certain entries within 80 days of liquidation.
Refunds will be issued within 60-90 days of the Consolidated Administration and Processing of Entries declaration getting accepted.
Phase 1 will be limited to certain unliquidated entries and certain entries within 80 days of liquidation.
CAPE is designed to consolidate refunds of IEEPA duties including interest rather than processing refunds on an entry-by-entry basis.
CBP plans to implement CAPE through a phased development approach, adding more functionality in subsequent phases for more complicated scenarios, it said in a release.
Valid IEEPA refunds will generally be issued within 60-90 days following acceptance of the CAPE declaration, unless a compliance concern requires further CBP review.
However, certain scenarios, such as entries that are extended, suspended or under review, and warehouse entries, will maintain their liquidation status with validated refunds issued at liquidation.
Fibre2Fashion News Desk (DS)
Named in honor of Gap Inc. co-founder Doris Fisher, the program reflects her legacy of creativity, curiosity, and belief in people. It also builds on Gap Inc.’s commitment to helping bridge the opportunity gap by creating stronger connections between education and careers in the fashion industry.
Gap Inc., led by Richard Dickson, has launched The Doris Fisher Creators Program with the Fashion Institute of Technology to mentor students in fashion careers.
Starting Fall 2026, the programme will offer structured mentorship, industry exposure, and networking for select students, honouring Doris Fisher and strengthening pathways from education to careers.
“Gap Inc. is a house of iconic American brands guided by our purpose — to bridge gaps to create a better world. That includes bridging the opportunity gap. FIT embodies that same spirit, bringing education and industry together to unlock talent and expand what’s possible. We’re committed to opening doors, investing in emerging creatives, and building meaningful pathways into this industry for the next generation,” said Dickson.
The Doris Fisher Creators Program will connect FIT students with Gap Inc. leaders and creatives through a structured mentorship experience designed to provide exposure to the business of fashion, industry insights, and meaningful professional connection.
The program will launch in Fall 2026 and run through the academic year, and the inaugural cohort will include students from select disciplines, including Fashion Design, Graphic Design (Apparel), and Fabric Styling.
“Supporting emerging talent is a core expression of Gap Inc.’s purpose in action. Through initiatives such as The Doris Fisher Creators Program — alongside This Way ONward, the Rotational Management Program, and our broader internship and mentorship efforts — the company continues to bridge the opportunity gap for young people looking to start meaningful careers in fashion and retail,” added Amy Thompson, Chief People Officer at Gap Inc.
“We are incredibly proud to be the first public college to partner with Gap Inc. on this groundbreaking mentorship program. This remarkable opportunity with one of the world’s most iconic brands will support 30 talented FIT students over the next year, placing them at the intersection of innovation and impact,” said Jason S. Schupbach, president of FIT.
A benefit for the FIT Foundation, this year’s FIT Annual Gala honored Gap Inc. President & CEO Richard Dickson and was attended by distinguished guests and alumni including Ciara, Aloe Blacc, Zac Posen, Bob Fisher and others.
The FIT Foundation provided scholarships totaling more than $3 million in 2025.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
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