DECEMBER 20238TOP STORIESMANMADE FIBRE TEXTILES EXPORTS TO SOAR 75 PERCENT BY 2030The industry forecasts India's exports of manufactured fiber (MMF) textiles to climb 75 percent to $11.4 billion in 2030, from roughly $6.5 billion in 2021-22, thanks to the Production Linked Incentive (PLI) plan and free trade agreements with the UAE and Australia.India is the second largest producer of MMF after China. Curtains, drapes and interior blinds, curtain or bed valances of synthetic fibres, tents of synthetic fibres and tarpaulins are some of the products which can drive this growth, as per economic times."Technical textiles is a sunrise sector and the future of this industry," said a government official, adding that ambitious targets have been set for it.MMF now accounts for 72 percent of worldwide textile fibre usage, while natural fiber accounts for 28 percent. Because of the inherent limits of cotton and other natural fiber development, the percentage of MMF has continuously increased. The industry's goal involves expanding into new markets such as Vietnam, Japan, China, and Poland, in addition to established countries like as the United States, Turkey, the United Kingdom, and Brazil, where India accounts for around 5 percent of MMF textile exports.The plan also includes increasing the capacity of filament-based woven and knitted fabrics, as well as the processing of man-made filament yarn-based fabrics. RELIANCE TO EXPAND ITS BIOENERGY PORTFOLIO BEYOND OIL & GASIn the recent breaking development, multinational conglomerate company, Reliance Industries is seeking to widen its presence in the bioenergy segment - a step that would significantly broaden its new energy footprint while also speeding up its efforts to diversify its entire energy portfolio beyond oil and gas. Reliance has drastically boosted its compressed biogas plant aim to 100 in the next five years after building the first compressed biogas plant in ten months. The goal is to manufacture biogas from 5.5 million mt of agricultural residue and organic waste, so reducing roughly 2 million mt of carbon emissions and creating 2.5 million mt of organic manure yearly."Today every country and every corporate have a big responsibility to fight the climate crisis and save our planet. To make the world a better place for our future generations, we must act now and transition speedily from fossil fuels to clean, green and renewable energy. Reliance is carrying out this responsibility with multiple initiatives in new energy, including bioenergy," Reliance Chairman Mukesh D. Ambani said recently.According to analysts the firm is having a strategic transformation to be a complete energy conglomerate, shifting away from its substantial Reliance on sales of transport fuels. To diversify its product line, the corporation is investing heavily in green energy, the bioenergy industry, as well as hydrogen and solar energy, and renewable fuels.
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