SRI SANKARA ARTS AND SCIENCE COLLEGE ENATHUR,

KANCHIPURAM

INDIAN TEXTILE AND APPAREL INDUSTRY ANALYSIS REPORT

2021

NAME : S.PAVITHRA
REG NO : 2001212036049
DATE : 09/08/2021
SUBJECT : SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT
SUBMITTED TO : S.SRINIVASAN SIR

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S.NO TABLE OF THE CONTENTS Pg.No

1 Introduction 3

2 Overview of an Indian apparel industry 4

3 Global apparel market 6

4 Overview of an Global Textile and Apparel industry (after COVID-19) 7

5 Impact of COVID-19 on apparel industry 9

6 India’s Textile and Apparel market (2020-21) 10

7 Financial analysis of top five players in Indian textile and apparel industry 13

8 Textile Index H1 FY21 18

Half yearly comparative sales trend analysis for the selected top players in
9 apparel market 19

10 Half yearly EBITDA margin trend analysis-H1 FY21 19

11 Index of Industrial Production 20

Govt. initiatives to recover textile and apparel industry from COVID

12 pandemic 20

13 Future of apparel industry in India 23

14 Conclusion 24

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 INDIAN TEXTILE AND APPAREL INDUSTRY ANALYSIS
REPORT 2021

ABSTRACT

Textile is one of India’s oldest industries and has a formidable presence in the national
economy in as much as it contributes to manufacturing value-addition, accounts for around
one-third of our gross export earnings and provides gainful employment to millions of people.
The textile industry occupies a unique place in our country. One of the earliest to come into
existence in India. This report explains the structure, growth and size of the Indian textile
industry, role of textile industry in economy, key advantages of the industry, textile industry
export and global scenario and strength, weakness, opportunities and treats of the Indian textile
industry.

INTRODUCTION

Indian textile industry is one of the largest in the world with a massive raw material and textiles
manufacturing base. Our economy is largely dependent on the textile manufacturing and trade
in addition to other major industries.

A textile is the largest single industry in India (and amongst the biggest in the world). It
provides direct employment to millions of people. Textile and clothing exports account for
one-third of the total value of exports from the country. There are 3,400 textile mills with a
spinning capacity of about 79.63 million spindles.

ABOUT THE INDIAN TEXTILE INDUSTRY ANALYSIS REPORT:

This report intends to provide a summarized overview and some key insights of the textile
industry in India, like the spending pattern of customers, their buying preferences, primary
drivers of growth in fashion, total apparel sales and also the future of apparel industry in India.

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OVERVIEW OF AN INDIAN APPAREL INDUSTRY (Before COVID-19):

In 2018, Indians spent INR5408 billion on clothing, while in 2010, it was only INR1924 billion,
thus clearly indicating a tremendous growth that can be attributed to following factors:

Higher disposable income – With better education, higher employment rates and
larger income scale, people today have more purchasing power than before.
Infrastructure – With cities and towns growing bigger and larger, the infrastructure in
the country has also been witnessing better growth.
Opening of brands in non-metro cities – Most fashion brands are tapping into semi
urban pockets as well, to widen their customer base.

Apparel sales in India

The total apparel sales in India (before covid pandemic) has significantly elevated over the
years due to people having higher exposure to retail stores and smart devices. Tier 1 cities like
Delhi etc top the list of major spenders.

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Here is a breakdown of the total apparel sales in India in 2019

• Men segment (41%)

o Found to be the major segment of the Indian apparel market.
o Shirts and trousers form the major sub segments.
o Denim and fitness wear are the fastest growing sub-segment
• Women segment (38%)
o Traditional/ethnic wear is the major sub-segment.
o The robust growth in this segment is mainly attributed to the rising
income levels, increase in the number of working women and more
college going females.
o Craving for Western styles are also steadily increasing.
• Kids segment (21%)
o Forms the smallest yet the fastest growing segment
o School uniforms form the largest sub-segment

Purchasing behaviour of consumers in India

Talking more about spending and purchasing, let’s have a look at who is buying what? Who
forms largest consumers of fashion and apparel in India?

• Youth within age group of 18- 25 years shop more.

• Women tend to be more selective and prefers online shopping, esp niche sites & social
media, than brick & mortar stores.
• Medium priced apparel holds the predominant share followed by economy range,
reflecting on the consumers value-conscious mentality.

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GLOBAL APPAREL MARKET:

Category-wise Share of Global T&A Trade (US$ Billion)

Category Share

8% 6%
3%
6%

19%

58%

Fibre Yarn Fabric Apparel Home Textiles Others

Apparel dominated T&A trade with a 58% share in the overall trade value, followed by fabrics with a
share of 19%.

1000
70
60
839
66
52 776 51
50
42 641
43 600
27 502 482
32 444
348
267

148 160 180

114 129
21 27 29 26 30
41 52 53 53 60
2005 2010 2015 2019 2025(P)

Fibre Yarn Fabric Apparel Home Textiles Other Total

The global textile and apparel trade has grown at a CAGR of 4% since 2005 to reach US$ 839 billion
in 2019 and is expected to reach US$ 1 trillion by 2025, growing at a CAGR of 3%.

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GLOBAL TEXTILE & APPAREL INDUSTRY OVERVIW (After COVID19):

2020- A YEAR THAT WAS

• The year 2020 has been the most challenging year in our lifetimes. What started as a promising
year for fashion industry quickly turned into a difficult one. COVID-19 pandemic brought the
entire world to a standstill, equitably affecting markets and supply chains globally.
• Consumer purchase of textile and apparel were hit badly due to the global lockdowns and
economic recession. The global apparel consumption is estimated to have shrunk by 22% in
2020. However, 2021 looks brighter given the onset of vaccination drives, growth in e-
commerce sales of apparel, and resumption of global supply chains.
• This report present the review of the Indian textile and apparel industry in 2020. This
document covers key industry statistics - consumption, production, export, import, and
financial health.

Global GDP Contraction:

Annual GDP change(%)

2020 2021

COUNTRY 2019 Pre covid Revised Pre Covid Revised

forecast Estimate Forecast Forecast

China 6 6 2.3 5.8 8.2

EU 1.3 1 -7.2 1.5 4.2

US 2.2 1.7 -3.4 1.8 5.1

India 4.2 5.8 -8 6.5 11.5

World 2.8 3.3 -3.5 3.3 5.5

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GLOBAL APPAREL MARKET:

REGION 2019 2020 Y-o-Y PROGECTED 2025(p)

CHANGE CAGR 2019-25

EU27 264 219 -17% 1% 280

US 235 171 -27% 2% 265

CHINA 181 173 -4% 11% 340

JAPAN 106 83 -21% 0.50% 110

INDIA 78 55 -29% 10% 135

BRAZIL 48 34 -30% 4% 60

CANADA 33 27 -19% 2% 37

ROW 690 517 -25% 2% 780

WORLD 1635 1280 -22% 3.50% 2007

Global apparel market shrunk by 22%, coming down from US$ 1,635 billion in 2019 to US$
1,280 billion in 2020. The consumption is expected to reach to pre-Covid levels over next
couple of years and then retrace its growth path to reach US$ 2,007 billion by 2025.

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IMPACT OF COVID ON TEXTILE & APPAREL INDUSTRY:

MANUFACTURING SHUTDOWN:

The industry faced a complete shutdown for around 2-3 months, while a few manufacturers
who dedicated their production systems for PPE manufacturing were permitted to function.
However, most of the units operated at suboptimal utilization levels for next several months.

LOGISTICS SUSPENDED:

Disrupted logistics and frozen external trade caused due to the pandemic affected the entire value
chain alike. India’s April and May 2020 net trade were around 50% lower month-on-month compared
to that of the previous year.

CANCELLED ORDERS:

Due to the uncertainty across the market, international and domestic buyers cancelled or
suspended their orders, adding to the woes of the industry.

SLUMP IN PHYSICAL RETAIL STORES:

Lockdown restrictions across the country resulted in a slump in the retail sales of apparel for
at least 4-5 months. Moreover, the festive and wedding season sales were deeply impacted.

NEW CONSUMERS TRENDS EMERGED

India’s e-commerce sale of goods and apparel saw a steep rise in 2020, thanks to an increased
market. Work-From-Home drove the demand for casual wear apparel over formals.

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INDIA’S DOMESTIC TEXTILE AND APPAREL MARKET (2020-21)

India’s Domestic Textiles and Apparel Market Size ( US$billion)

190
13

42

-30%

8 106
20
6.5 75
135
15
4 50
11 78
5 28
2 55
35
21

2005-06 2010-11 2019-20 2020-21 2025-26

Apparel Technical Textiles Home Textiles Total

The textiles and apparel industry can be broadly divided into two segments - yarn and fibre and
processed fabrics and apparel. The domestic textiles and apparel market was estimated at US$
100 billion in FY19. The textile industry has around 4.5 crore workers including 35.22 lakh
handloom workers all over the country. In FY19, growth in private consumption was expected
to create strong domestic demand for textiles.

After Global Corona virus pandemic Indian domestic textile and apparel market is estimated
at US$ 75 billion in 2020-21. The market fell 30% from US$ 106 billion in 2019-20. The
market is expected to recover and grow at 10% CAGR from 2019-20 to reach US$ 190 billion
by 2025-26. Apparel constitutes ~73% share of the total T&A market in India.

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INDIAN TEXTILE AND APPAREL EXPORTS:

Indian Textile and Apparel exports (US$ billion)

65
4

11

-15%

30
2 33.5
1 29 5
2 28.4
4
4.8

1 18 12 15.5
2 12 10
9 4
5 4
4 7
3 4 3.8
2 4 2 1.8 3
1
2005-06 2010-11 2019-20 2020-21(Est) 202526(p)

Fiber Yan Fabric Apparel Home Textiles Other Total

India is the world's second largest exporter of textiles and clothing. Increased penetration of
organised retail, favourable demographics, and rising income level are likely to drive demand
for textiles. Exports of textiles (RMG of all textiles, cotton yarn/fabs./made-ups/handloom
products, man-made yarn/fabs./made-ups, handicrafts excl. handmade carpets, carpets and jute
mfg. including floor coverings) reached US$ 33.5 billion in 2019-20.

Due to the impact of Covid-19, India’s T&A exports are expected to fall around 15% to reach
US$ 28.4 billion in 2020-21. India’s exports of T&A are expected to grow to US$ 65 billion
by 2025-26, growing at a CAGR of 11%.

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INDIAN TEXTILE AND APPAREL IMPORTS:

Indian Textile and Apparel imports (US$ billion)

15.2
1.4

2.7
-35% 1.9

0.8 8.6
1.5 4.1
1.1 0.5 5.6
1 0.9
0.32
0.16 4.1 2.3 0.7
0.2
0.2
0.2 2.7
0.1 1.61 0.5 1.5
1.3 0.3 4.3
0.29 2.4
0.1 1.52 1.6
1
2005-06 2010-11 2019-20 2020-21(Est) 2025-26(P)
Fiber Yarn Fabric Apparel Home Textiles Others Total

India’s T&A imports were US$ 8.6 billion in 2019-20. However, they are expected to decline
by around 35% to reach US$ 5.6 billion in 2020-21. The imports of T&A are expected to grow
at a CAGR of approx. 10% to reach US$ 15.2 billion by 2025-26.

Category-wise Recovery in Domestic Market after covid 19 Impact:

Consumption in all the apparel categories was impacted negatively in 2020. However, the pace of
recovery for each category was different. Sales for kids wear and casual wear recovered faster, while
ethnic wear and formal wear were the worst hit segments.

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FINANCIAL ANALYSIS OF TOP FIVE PLAYERS IN INDIAN TEXTILE AND
APPAREL INDUSTRY:

Arvind Ltd:

• Revenue: Rs 5,073 Cr

• Employees: 42,000

Arvind Ltd is one of the largest Textile Companies in India. Today, the fabric made by Arvind
can go around the earth 6 times over. 2 pieces of apparel are sold by an Arvind managed brand,
every second in India.

• Market Cap: 2,636 Cr.

• Stock P/E: 35.2

• ROCE: 4.62 %

• ROE: -0.23 %

• Sales Growth (3Yrs): -3.75 %

Arvind owns 22 global patents for environmental solutions, and is the largest fire protection
fabric producer in the country; Also managing 15 global apparel brands of the likes of Tommy
Hilfiger, US Polo, CK, GAP, Nautica, and Sephora. Arvind is one of the best textile brands in
India.

CURRENT STOCK PRICE: Rs.102 BOOK VALUE: Rs.105

PROS:

• Stock is trading at 0.97 times its book value

CONS:

• Company has low interest coverage ratio.

• Promoter holding has decreased over last quarter: -2.44%
• The company has delivered a poor sales growth of -8.73% over past five years.
• Company has a low return on equity of 3.91% for last 3 years.
• Debtor days have increased from 58.76 to 78.55 days.

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Vardhman Textiles Ltd:
Vardhaman Textiles is the Second largest Textile Companies in India With more than five
decades of presence, Vardhman is today among the leading textile conglomerates in the
country. Beginning humbly in the year 1965, Vardhman Group has evolved over the years into
a modern-day textile major under the dynamic leadership of its chairman, Mr. S. P. Oswal.
Vardhman Textiles Limited today stands as an epitome of perpetual business growth and rich
industry experience.

• Revenue: Rs 6,140 Cr

• Employees: 22939 (Including contractual manpower)

Engaged in the business of manufacturing of Yarn, Fabric, Acrylic Fibre, Garments, Sewing
Threads and Alloy Steel, the Group has over the years developed as a business conglomerate
with presence in India and in 75 countries across the globe

• Market Cap: 10,924 Cr.

• Stock P/E: 13.8

• ROCE: 8.10 %

• ROE: 6.55 %

• Sales Growth (3Yrs): -1 %

Current Price ₹ 1,895 Book Value ₹ 1,123

PROS

• Company is expected to give good quarter

CONS

• The company has delivered a poor sales growth of 0.98% over past five years.
• Company has a low return on equity of 9.10% for last 3 years.
• Dividend payout has been low at 12.56% of profits over last 3 years
• Debtor days have increased from 49.62 to 61.74 days.

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Welspun India Ltd

Welspun India is the third Largest Textile Companies in Welspun Group, Welspun India Ltd.
is a global leader in home textiles, supplying to 17 of the top 30 global retailers. The Companies
manufacturing facilities, located in India, are equipped to deliver high-quality products,
benchmarked to international standards.

• Revenue: Rs 7240 Cr

• Employees: 22,194 permanent employees

Welspun is among the list of top textile brands in India. Presently over 70% of the business for
advanced textiles comes from exports. So it Third among the top 10 textile companies in india
based on turnover.

• Market Cap: 13,584 Cr.

• Stock P/E: 19.2

• ROCE: 14.9 %

• ROE: 16.3 %

• Sales Growth (3Yrs): 7 %

Current Price₹ 135 Book Value₹ 36.3

PROS

• Company has reduced debt.

• Company is expected to give good quarter
•

CONS

• Stock is trading at 3.73 times its book value

• The company has delivered a poor sales growth of 4.38% over past five years.
• Company might be capitalizing the interest cost
• Dividend payout has been low at 12.32% of profits over last 3 years

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Raymond Ltd

Raymond is a diversified group with majority business interests in Textile & Apparel sectors
as well as presence across diverse segments such as FMCG, Engineering, and Prophylactics in
national and international markets. It is the Fourth-largest among top 10 textile companies in
India

• Revenue: Rs 3,446 Cr

• Employees: 7087

Being a vertically and horizontally integrated manufacturer of Textiles, Raymond produces

‘The finest fabric in the world’. With over 1100 exclusive stores spread across 380+ cities and
an expansive network of over 20,000 points-of-sale in India, Raymond and its brands are also
available in tier IV & V cities.

• Market Cap: 2,924 Cr

• ROCE: -3.76 %

• ROE: -12.6 %

• Sales Growth (3Yrs): -16%

Current Price₹ 439 Book Value₹ 315

PROS

• Company is expected to give good quarter

CONS

• Company has low interest coverage ratio.

• The company has delivered a poor sales growth of -7.81% over past five years.
• Company has a low return on equity of 0.91% for last 3 years.
• Earnings include an other income of Rs.160.24 Cr.
• Debtor days have increased from 78.86 to 101.46 days.

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K P R Mill Ltd

KPR Mill Limited is one of the largest vertically integrated Apparel manufacturing
companies in India producing Yarn, Knitted Grey & Dyed Fabric and Readymade Garments.

• Revenue: Rs 3,530 Cr

• Employees: 13,424

The Yarn division has 3,53,616 spindles with a production capacity of 90,000 MT (Capacity
Doubling is underway) per annum. With the most modern machinery of International
Standards, KPR produces Combed, Grey Melange , Carded & Compact yarn meant for apparels
of world’s Leading Brands.

• Market Cap: 13,519 Cr

• Stock P/E: 21.7

• ROCE: 25.7 %

• ROE: 24.4 %

• Sales Growth (3Yrs): 5 %

Current Price ₹ 1,965 Book Value ₹ 342

PROS

• Company has reduced debt.

• Company is expected to give good quarter
• Company has delivered good profit growth of 19.62% CAGR over last 5 years
• Debtor days have improved from 46.14 to 33.19 days.
•

CONS

• The company has delivered a poor sales growth of 6.30% over past five years.
• Company might be capitalizing the interest cost.

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TEXTILE INDEX – H1 FY21

Top listed textile companies in terms of sales turnover in FY20 have been included for financial
analysis

S.No Company name Annual Sales* -FY20 (Rs. Crore)

1 Arvind 6,705

2 Vardhman 6,325

3 Welspun India 5,324

4 Trident 4,699

5 Raymond 3,186

6 KPR Mill 2,898

7 Filatex 2,782

8 RSWM 2,771

9 Sutlej 2,379

10 Nahar Spinning 2,083

* Sales constitutes total operating income, standalone financials have been considered for
analysis

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HALF YEARLY COMPARATIVE SALES TREND ANALYSIS FOR THE SELCTED
TOP PLAYERS IN APPAREL MARKET:

Half yearly Sales Trend – H1 FY21 (Rs. Crore)

-53% -26% -5% -28% -83% -17% -52% -45% -49% -19%
3520

3111
2896
2738
2626
2304

1879
1663 1607
1494
1377 1398
1243 1278

928
769 750
654 656

278

Arvind Vardhman Walspun Trident Raymond KPR Mill Fillatax RSWM Sultaj Nahar
India textiles Spinning

H1 FY20 H1 FY21

HALF YEARLY EBITDA MARGIN TREND ANALYSIS – H1 FY21

22%
21%
20%
19% 19%
18%
15%

10%
8% 8%
7%
6% 6% 6% 6%
3%
2%
1%

Arvind Varhman Welspun Trident Raymond KPR Mill Fillatex RSWM Sultej
-1%T Nehar
India extiles Spinning
-4%

H1FY20 H1FY21

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INDEX OF INDUSTRIAL PRODUCTION:

Average IIP for apparel decreased by 47% in H1 FY21 as compared to H1 FY20, while that of
textiles showed a decline of 44%.

Government Initiatives to recover textile and apparel industry from COVID pandemic:

India is working on major initiatives, to boost its technical textile industry. Owing to the
pandemic, the demand for technical textiles in the form of PPE suits and equipment is on rise.
Government is supporting the sector through funding and machinery sponsoring.

Rising Government focus and favourable policies is leading to growth in the textiles and
clothing industry. The Ministry of Textiles is encouraging investment through increasing focus
on schemes such as Technology Up-gradation Fund Scheme (TUFS). In Union Budget 2020-
21, the Government has allocated Rs. 761.90 crore (US$ 109.01 million) for Amended
Technology Upgradation Fund Scheme (A-TUFS). The Cabinet Committee on Economic
Affairs (CCEA), Government of India has approved a new skill development scheme named
'Scheme for Capacity Building in Textile Sector (SCBTS)'.

The Government announced a special package to boost export by US$ 31 billion, create one
crore job opportunities and attract investment worth Rs. 80,000 crore (US$ 11.93 billion)
during 2020. Cumulative FDI (Foreign Direct Investment) inflow in the textiles sector stood at
over US$ 3.46 billion between April 2000 to September 2020.

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In Union Budget 2020-21, the Government of India has allocated around Rs. 3,515 crore (US$
502.93 million) to the Ministry of Textiles and Rs. 80 crore (US$ 11.45 million) for the scheme
on Integrated Textile Parks. The Ministry of Textiles has announced Rs. 690 crore (US$ 106.58
million) for setting up 21 readymade garment manufacturing units in seven states for
development and modernisation of Indian textile sector. National Technical Textiles Mission
is proposed for a period from 2020-21 to 2023-24 at an estimated outlay of Rs. 1,480 crore
(US$ 211.76 million).

Under the production linked incentive scheme, government has approved Rs. 10,683 crore
(US$ 1.44 billion) for manmade fibre and technical textiles manufacturing.

The National Handloom Development Programme has been allocated Rs. 388.21 crore (US$
55.55 million), whereas, the Integrated Processing Development Scheme has received Rs. 50
crore (US$ 7.15 million) in Union Budget 2020-21.

In March 2021, Minister of Textiles Smriti Irani announced that India will be fully self-reliant
in silk production in the next two years.

To support the handloom weavers/weaver entrepreneurs, the Weaver MUDRA Scheme was
launched to provide margin money assistance at 20% of the loan amount subject to a maximum
of Rs. 10,000 (US$ 134.22) per weaver. The loan is provided at an interest rate of 6% with
credit guarantee of three years.

In April 2021, Union Minister Smriti Irani has assured strong support from the Textile Ministry
to reduce industry’s dependence on imported machine tools by partnering with engineering
organisations for machinery production. She also stated that the PLI scheme for the textile
industry is almost ready. The scheme aims to develop Man Made Fiber (MMF) apparel and
technical textiles industry by providing incentive from 3-15% on stipulated incremental
turnover for five years.

In March 2021, Natco Pharma announced its expansion into pheromone-based technology in
order to provide Indian farmers with an integrated pest control solution. The company is
planning to introduce its first green-label pheromone product to control ‘pink bollworm’ in
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cotton fields. For the pheromone-based mating disruption technology, its Crop Health Science
(CHS) division will collaborate with ATGC Biotech Pvt. Ltd. (ATGC).

In March 2021, the state-run Odisha Industrial Infrastructure Development Corporation

(IDCO) and Indian Oil Corporation Limited (IOCL) signed an MoU to establish a plastic park
in Paradip, Odisha.

In January 2021, the Indian Texpreneurs’ Federation (ITF) suggested a six-pronged strategy to
achieve double-digit growth in the textiles and apparel sector. ITF published the strategy under
the theme ‘2021-A year of progress for Indian Textile & Apparel Sector’.

In January 2021, the Indo–Tibetan Border Police (ITBP) signed an MoU with Khadi and
Village Industries Commission (KVIC) for supplying 1.72 lakh cotton khadi durries every year
for the Central Armed Police Forces (CAPF).

Barriers for apparel industry growth in India:

• Income gap and corruption – According to Transparency International, India

ranks 81st in terms of Corruption Perception Index. This reflects a high level of
disparity in income levels. The gap between the top one percent of earners and the
middle class is at its peak, in 92 years.

• Poor infrastructure – Nearly 40 percent of the Indian road network was unpaved
as of 2016. Lack of proper infrastructure has been key in making last mile delivery
gruesome.

• Licences – A significant number of licenses are required for new entrants, so

executives should beware of the potential for complicated negotiations. Stringent
government regulations are also another barrier to growth of fashion.

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Future of apparel industry in India:

Despite the primary challenges like inequality, infrastructure and market fragmentation, there
is a strong expected growth in the economy and a rise in the levels of tech-savviness. These
coupled together can make India the next big global opportunity in textile and apparel industry.
In short, the Indian market holds great promise.

• By 2022, 690mn people are expected to be online on smart devices, attributing to

elevated exposure to e-commerce portals.

• 300+ international fashion brands are expected to open stores in India in the next
two years. Zara and H&M have already crossed a turnover of INR 1,000 crores in
India.

• Craving for Western styles are likely to increase, though traditional wear is still
expected to account for 65 percent of the market share by 2023

• Significant growth in luxury spending in Delhi, Mumbai and Bangalore. Kolkata,

Chennai, Pune and Hyderabad have emerged as new centres of luxury consumption

23
CONCLUSION:

The Indian textile industry has a significant presence in the Indian economy as well as in the
international textile economy. Its contribution to the Indian economy is manifested in terms of
its contribution to the industrial production, employment generation and foreign exchange
earnings. The industry also contributes significantly to the world production of textile fibres
and yarns including jute. Textile & Apparel Industry is providing one of the most basic needs
of people and the holds importance; maintaining sustained growth for improving quality of life.
The Government of India has also included new schemes to provide a boost to the textile sector.
These include schemes for Foreign Investment Promotion to attract foreign direct investment
in textiles, clothing and machinery etc. In a changing marketplace, Textile & Apparel industry
will continue to expand their product lines and marketing reaches to be more powerful in
global.

24