Business
US deal to play pivotal role in India achieving USD 100 billion textiles exports in 2030
New Delhi: The India-US trade agreement is expected to play a pivotal role in India achieving its intended target of $100 billion textiles exports in 2030, the government said on Saturday.
The deal is expected to provide the requisite momentum, with the US to contribute to more than one-fifth of this target, according to Ministry of Textiles.
The ministry welcomed the landmark agreement between India and the US as a major catalyst enhancing the textile trade relations between the nations.
The textile industry expressed the hope that this is a major economic game changer for the sector.
For textiles exports, the deal opens up a USD 118 billion US global imports market of textiles, apparels and made ups. With the US being India’s largest export destination of around USD 10.5 billion exports, comprising around 70 per cent apparel and 15 per cent made ups, this is a major opportunity.
The 18 per cent reciprocal tariffs on all the textiles products including apparel and made-ups will not only remove the disadvantage that Indian exporters had, but would place them in a better position than most competitors like Bangladesh (20 per cent), China (30 per cent), Pakistan (19 per cent) and Vietnam (20 per cent) who have higher reciprocal tariffs.
“This would alter the market dynamics as large buyers would surely relook at their sourcing in the light of this agreement,” said the ministry.
The agreement would also enable the industry to be cost competitive and diversify their risks by sourcing intermediates for the textiles sector from the US.
This would facilitate manufacturing of value-added textiles in the country and diversify our production and exports. The deal would generate additional employment and encourage investments by US entities, said the ministry.
The US trade agreement framework represents a historic milestone for India’s textiles and apparel sector.
Business
Ads for British beef and milk banned following Chris Packham complaint
Two ads promoting British beef and milk have been banned after television presenter and environmental campaigner Chris Packham complained that they misled consumers about the products’ carbon footprints.
Both ads for the Agriculture and Horticulture Development Board’s (AHDB) Let’s Eat Balanced campaign used the carbon footprint of British beef and milk to promote the products, firstly stating: “British beef not only tastes great, but has a carbon footprint that’s half the global average*.”
The asterisk linked to text that stated: “Full lifecycle emissions of CO2 eq (carbon dioxide equivalent) per kg of beef.”
The ad for milk stated: “British milk not only tastes good, but is also produced to world-class standards, and has a carbon footprint a third lower than the global average.”
Packham complained to the Advertising Standards Authority (ASA) that the ads, and specifically the carbon footprint claims, were misleading as they did not reflect the full environmental impact of British meat and dairy.
The AHDB said the ads’ mention of carbon emissions would be understood in relation to the environmental impact of beef and milk that occurred between the “cradle-to-retail” stages.
But the ASA said the average consumer “being reasonably well-informed, observant and circumspect” would understand the claims to apply beyond the retail stage and include actions such as cooking and wastage.
The ASA said: “While we acknowledged the potential difficulties in producing post-retail emissions data, the claims in the ads suggested those emissions were included and we therefore expected the evidence provided to also include them.
“We therefore concluded that the evidence presented was insufficient to support the full life-cycle claims in the ads, which was how the average consumer was likely to interpret them.
“We reminded AHDB that environmental claims should be based on the full life cycle unless the ad stated otherwise.”
AHDB’s director of communications and market development, Will Jackson, said: “Let’s Eat Balanced is doing what it was designed to do, providing clear, factual, evidence-led information about British food, nutrition and farming standards.
“Since the investigation began, we have conducted independent consumer research which found that the majority of respondents interpreted these adverts as relating to the production phase only, from farm to retail.
“This research provides important insight into consumer understanding and supports our belief that consumers were not misled by the information we shared in these two specific adverts.”
Business
Gen Z pros embrace ‘portfolio careers’ as side hustles surge – The Times of India
BENGALURU: India’s Gen Z workforce is embracing what experts describe as “portfolio careers” – balancing multiple professional identities and income streams simultaneously. New research from LinkedIn shows that 75% of Gen Z entrepreneurs in India now manage multiple income streams, significantly higher than the 62% among Gen X entrepreneurs. The findings point to a growing preference among younger professionals for flexibility, autonomy and diversified sources of income. “We’re also seeing the rise of the ‘portfolio era’, with more professionals creating multiple income streams and redefining what a career can look like. This shift is making entrepreneurship more accessible than ever before,” said LinkedIn India country manager Kumaresh Pattabiraman.Rather than depending on a single full-time role, many professionals are simultaneously building businesses, freelancing, consulting, creating online content and monetising specialised skills through digital platforms. The trend comes amid a broader rise in entrepreneurial activity in India. LinkedIn recorded a 104% year-on-year increase in members adding “Founder” to their profiles – the highest growth among all global markets.AI is also emerging as a major enabler of this shift. The report found that 85% of Gen Z entrepreneurs consider AI and digital tools important to their business operations.
Business
Elon Musk said control of OpenAI should go to his children, Sam Altman tells jury
Sam Altman said Elon Musk tried many times for total control of OpenAI, which he’s now suing.
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