On Monday, the value of the Indian rupee in relation to the US dollar finished at 84.07At the close of trading, the BSE Sensex fell 73.48 points or 0.09 per cent to close at 81,151.27. The NSE's 50-share index Nifty slipped 72.95 points or 0.29 per cent to close at 24,781.10.Read More :- The rupee closed unchanged at 84.07 against the dollar this evening
Diwali Turns Gloomy for Farmers as Unseasonal Rains Destroy Cotton Crop, Causing ₹15 Lakh LossUnseasonal rains in Gujarat’s Amreli district have dealt a severe blow to farmers, leaving many facing heavy financial losses. In Chamardi village of Babra taluka, a farmer’s 90 bigha cotton crop has been completely destroyed, resulting in an estimated loss of around ₹15 lakh.Manubhai Kanjibhai Selia, a farmer from Chamardi, cultivates cotton, groundnut, and soybean using traditional farming practices and has consistently achieved strong yields in previous years. Typically, he harvested 80–90 maunds of cotton and 45–50 maunds of groundnut annually.Recalling the damage, Manubhai said, “I had sown cotton across 90 bighas using quality seeds, fertilizers, and proper care. However, the unseasonal rains over the past three days have completely ruined my crop. The cotton bolls have fallen, and the entire field is scattered due to heavy rainfall. There is no chance of recovery, leaving us in deep distress.”He added, “Last year, I produced around 1,800 maunds of cotton from the same land, and this year too the crop was ready for harvest. Unfortunately, the untimely rains struck just before picking and ginning. Now, production may not even reach 500 maunds, with nearly 1,000–1,200 maunds already damaged. Had the crop remained intact, the estimated loss stands at nearly ₹15 lakh.”Farmers across the region are grappling with similar setbacks, highlighting the growing vulnerability of agriculture to erratic weather patterns.Read More :- Cotton farmers in Yadgir are facing losses as heavy rainfall damages their crops.
Yadgir's cotton farmers are losing money because of crop damage from excessive rain.Recent downpours in Yadgir district, caused by a weather depression, have created a cold and cloudy atmosphere over the past few days, posing a serious threat to cotton crops. Many fields, especially cotton farms, are either waterlogged or have sustained damage due to the rain.For the kharif season, the target for cotton sowing in the district was 1,86,296 hectares, with 1,66,662 hectares (89.46%) achieved so far. Farmers across the district had begun sowing as soon as the monsoon rains started, although some delayed due to a mid-monsoon rain shortage. As a result, the cotton crop is at varying stages of growth. While early planters are currently harvesting, in many areas, the crops have just reached maturity.The recent rains, however, threaten to damage the lower buds of the cotton plants, which could impact the final yield. “Continuous rainfall is endangering the cotton crops. Early rains during the onset of the monsoon were beneficial, which encouraged large-scale sowing. If it hadn't rained now, most farmers would have already harvested their crops," explained farmer Mallikarjun Patil.Adding to their woes, cotton growers are also dealing with a drop in market prices. Currently, cotton prices range between ₹6,130 and ₹6,500 per quintal, depending on quality. This price, however, does not cover the costs incurred by farmers for seeds, fertilizers, chemicals, and labor.Despite the unprofitable rates, many farmers are forced to bring their harvest to market due to obligations like loan repayments. Chamaras Malipatil, honorary president of the Karnataka Rajya Raita Sangha, emphasized the need for legislation on Minimum Support Price (MSP) for agricultural products. “The only solution is to introduce a law guaranteeing MSP for farm produce. If the central government enacts such a law, farmers can confidently sell their produce, whether in APMC Yards or to private traders,” he said.Read More :> Cotton Crops in Medak, Telangana, Are Devastated by Heavy Rains
In early trade, the rupee adds 1 paisa to 84.06 against the US dollar.The rupee showed a recovery from its lower level and gained marginally by 1 paisa to 84.06 against the US dollar in early trade on Monday, tracking positive cues from domestic equity markets and a soft American currency.However, sustained outflow of foreign funds and an upward momentum in the crude oil prices weighed on the local unit, forex traders said.Read More :> Textile Exporters Optimistic as September Sees Strong Growth
This evening, the rupee held its value versus the dollar at 84.07At the close of trading, the BSE Sensex rose 218.14 points or 0.27 per cent to close at 81,224.75. The NSE's 50-share index, Nifty, rose 113.55 points or 0.46 per cent to close at 24,863.40.Read More :- Textile Exporters Optimistic as September Sees Strong Growth
Exporters of textiles are upbeat as September shows rapid growth.Kolkata: Textile and apparel exporters are optimistic about growth as India’s geopolitical and economic environment improves. Industry players are hopeful that this positive momentum will continue, marking a significant turnaround for the sector.According to data from the Confederation of Indian Textile Industry (CITI), apparel exports surged by 17.3%, while textile exports saw a 9.5% increase in September.Textile exports for the month amounted to ₹13,800 crore, with garment exports reaching ₹7,896 crore.Former CITI chairman Sanjay Jain noted that the past two years had been challenging for garment exports, but the outlook is now improving. He expects the next 18 months to be promising, driven by rising demand from the US and European markets. "Much of the business has shifted from Bangladesh since August, and this trend is expected to continue into the next quarter," Jain said. He also highlighted that raw material prices have begun to stabilize, further supporting growth. Read More :> Cotton Crops in Medak, Telangana, Are Devastated by Heavy Rains
Cotton Crops in Medak, Telangana, Are Devastated by Heavy RainsRecent rainfall across the former Medak district has dealt a severe blow to cotton farmers, causing widespread crop damage, color deterioration, and price volatility. Farmers are anxious that the damaged cotton will fetch lower prices, leading to heavy financial losses.In Sangareddy alone, cotton has been planted on 3.5 lakh acres, with officials estimating a 20 percent loss due to the rains.“Because of the rain, the color of the cotton is changing,” said Rajasekhar, a farmer from Sangareddy. “The Minimum Support Price (MSP) is over ₹7,000 per quintal, but if the crop fails, we are in for serious trouble.”Farmers from Ramayampeta in Medak, like Srinivas Reddy, report that cotton plants have fallen over large areas. In Medak and Siddipet districts, the damage has also been extensive, with 200 acres affected in Medak alone, where 30,000 acres are under cotton cultivation.In Siddipet, where cotton is grown on 1.5 lakh acres, farmers are facing significant losses.The recent typhoon, coupled with continuous rainfall, has been identified as the primary cause of the damage. Farmers are now urging the state government to procure the damaged cotton at the MSP and offer support to help mitigate the rising costs of farming.Read More :- USDA Revises Bangladesh's MY 2024-25 Cotton Consumption Forecast to 7.8 Million Bales
In early trade, the rupee falls 1 paisa to 84.07 against the US dollar.The rupee slipped 1 paisa to 84.07 against the US dollar in early trade on Friday, as the weakening American currency failed to support the local unit amid negative domestic equity markets and higher crude oil prices.Read More :> USDA Revises Bangladesh's MY 2024-25 Cotton Consumption Forecast to 7.8 Million Bales
This evening, the rupee fell 7 paise to settle at 84.07 vs the US dollarAt the close of trading, the BSE Sensex fell 494.75 points or 0.61 per cent to close at 81,006.61. The NSE's 50-share index, Nifty, fell 220.55 points or 0.88 per cent to close at 24,750.75.Read More :- Surat’s Man-Made Fibre Industry Set for Major Boost with New Textile Policy
In early trade, the rupee gains 2 paise versus the dollar.The rupee witnessed a range-bound trade and strengthened marginally by 4 paise to 84 against the US dollar on Wednesday as easing crude oil prices supported investor sentiments. Read More :> Surat’s Man-Made Fibre Industry Set for Major Boost with New Textile Policy
This evening, the rupee gained 4 paise against the US dollar, closing at 84.00At the close of trading, the BSE Sensex fell 318.76 points or 0.39 per cent to close at 81,501.36. The NSE 50-share index, Nifty, rose 86.05 points or 0.34 per cent to close at 24,971.30.Read More :- Surat’s Man-Made Fibre Industry Set for Major Boost with New Textile Policy
A Significant Uplift for Surat's Man-Made Fibre Sector Thanks to New Textile PolicyFibre Industry Set for Major Boost with New Textile PolicySurat: The man-made fibre (MMF) industry in South Gujarat is set to gain significant momentum following the announcement of the new textile policy on Tuesday.Fulfilling a long-standing demand, the government has delivered a Diwali gift to the industry. Under the new policy, textile units in Category 3, particularly those involved in garmenting and technical textiles, will be eligible for capital subsidies of up to ₹50 crore.Weaving, knitting, and processing units in these areas will be entitled to subsidies of up to ₹40 crore. "Similarly, units in Category 1 engaged in weaving, knitting, processing, and spinning will be eligible for capital subsidies of up to ₹50 crore, while garmenting and technical textile units could receive as much as ₹100 crore," said Vijay Mevawala, president of the Southern Gujarat Chamber of Commerce and Industry (SGCCI).Mevawala further highlighted that the PM Mitra Park has been classified as a Category 1 zone, offering substantial benefits to textile units operating there. For the first time, spinning units producing yarn from fibre have been included in the new Textile Policy 2024.The industry has welcomed the capital subsidy announcement with enthusiasm. "This is the first time a capital subsidy has been introduced, and the electricity subsidy will benefit the entire sector, encouraging new investment and creating jobs," said Ashok Jirawala, president of the Federation of Gujarat Weaver Welfare Association (FOGWWA).Ashish Gujarati, president of the Pandesara Weavers Co-operative Society, highlighted the importance of the interest subsidy: "In addition to the capital subsidy, the interest subsidy will offer tremendous advantages, sustaining the industry's growth in the region."Mayur Golwala, secretary of the Sachin Industrial Society, called the new policy a "game-changer," stating, "Several measures are being implemented for the first time in the state's history. This will help prevent the migration of textile units to neighboring states, though effective implementation of the policy will be crucial."Read More :> India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment Expected
In early trade, the rupee drops 2 paise to 84.06 against the US dollar.Sensex trades in green, at 81,800, Nifty at 25,050; Oil, financials gainAt opening bell, the BSE Sensex was at 81,621, down 198 points, or 0.24 per cent, while the Nifty 50 was at 25,009, down 48 points, or 0.19 per cent.Read More :>USDA Revises Bangladesh's MY 2024-25 Cotton Consumption Forecast to 7.8 Million Bales
This evening, the rupee gained 2 paise against the US dollar, closing at 84.04At the close of trading, the BSE Sensex fell 152.93 points or 0.19 per cent to close at 81,820.12. The NSE's 50-share index, Nifty, rose 70.60 points or 0.28 per cent to close at 25,057.35.Read More :- USDA Revises Bangladesh's MY 2024-25 Cotton Consumption Forecast to 7.8 Million Bales
Bangladesh's MY 2024–25 Cotton Consumption Forecast Is Updated by USDA to 7.8 Million BalesThe US Department of Agriculture (USDA) has adjusted its cotton consumption forecast for Bangladesh in the 2024-25 marketing year (MY) to 7.8 million bales, marking a slight increase from earlier projections. Of this total, 7.7 million bales are expected to be imported, a 2 percent rise from the previous year.In its April 2024 report, the USDA initially estimated Bangladesh’s cotton consumption at 8 million bales for MY 2024-25. This figure was later revised down to 7.7 million bales in August and September before being raised again in the latest update.The import and consumption of cotton yarn in Bangladesh saw growth last year, while cotton prices declined 15 percent year-on-year (YoY) during July-September, dropping to $1.79 per kg from $2.11 a year earlier, according to World Bank commodity price data.Local reports noted a sluggish domestic cotton market in July and August, with demand beginning to rebound by late September. In MY 2022, Bangladesh’s cotton consumption reached 8.8 million bales, driven by the demand from its export-oriented knitwear sector, the country’s leading export industry. However, consumption declined in subsequent years, with total use falling to 7.75 million bales in MY 2024.Bangladesh sources a significant portion of its cotton from West Africa, followed by imports from India, Brazil, the United States, and Australia, according to the USDA.Read More :- India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment Expected
The rupee fell 2 paise to Rs 84.07 against the US dollar in early trade.Sensex, Nifty Open Session In Green, BPCL Shares Up Over 2 Per CentThe two key equity benchmark indices, Sensex and Nifty, on Tuesday began trading on a positive note and inched higher in the morning hours. As of 9:22 AM, the BSE Sensex jumped a little over 200 points and surpassed the 82K mark to trade at 82,177.09, while the NSE Nifty50 gained more than 50 points to trade at 25,184.45Read More :> India's Cotton Imports Likely to Increase in 2024-25 Crop Year
| title | Created At | Action |
|---|---|---|
| The Indian rupee closed unchanged at 84.07 against the US dollar on Monday | 21-10-2024 23:44:10 | view |
| Diwali Marred for Farmers as Unseasonal Rains Wipe Out Cotton Crop | 21-10-2024 20:11:40 | view |
| Cotton farmers in Yadgir are facing losses as heavy rainfall damages their crops. | 21-10-2024 19:30:17 | view |
| Rupee gains 1 paisa to 84.06 against US dollar in early trade | 21-10-2024 17:17:28 | view |
| The rupee closed unchanged at 84.07 against the dollar this evening | 18-10-2024 23:31:37 | view |
| Textile Exporters Optimistic as September Sees Strong Growth | 18-10-2024 19:10:47 | view |
| Cotton Crops in Medak, Telangana, Are Devastated by Heavy Rains | 18-10-2024 18:05:26 | view |
| Rupee slips 1 paisa to 84.07 against US dollar in early trade | 18-10-2024 17:23:31 | view |
| The rupee declined by 7 paise to close at 84.07 against the US dollar this evening | 17-10-2024 23:34:15 | view |
| Rupee rises 2 paise against dollar in early trade | 17-10-2024 17:18:54 | view |
| The rupee strengthened by 4 paise to close at 84.00 against the US dollar this evening | 16-10-2024 23:57:44 | view |
| Surat’s Man-Made Fibre Industry Set for Major Boost with New Textile Policy | 16-10-2024 19:24:41 | view |
| Rupee falls 2 paise to 84.06 against US dollar in early trade | 16-10-2024 17:27:25 | view |
| The rupee strengthened by 2 paise to close at 84.04 against the US dollar this evening | 15-10-2024 23:31:18 | view |
| USDA Revises Bangladesh's MY 2024-25 Cotton Consumption Forecast to 7.8 Million Bales | 15-10-2024 22:08:31 | view |
| The rupee fell 2 paise to Rs 84.07 against the US dollar in early trade. | 15-10-2024 17:41:28 | view |
