The rupee strengthened by 16 paise to close at 84.29 against the dollar this evening.Continuing its gains from the previous day, the BSE benchmark Sensex jumped 992.74 points, or 1.25 per cent, to close at 80,109.85. During the day, it rose 1,355.97 points, or 1.71 per cent, to 80,473.08.The NSE Nifty rose 314.65 points, or 1.32 per cent, to 24,221.90.Read more:- Cotton Farmers Urge Centre’s Intervention Amid CCI Procurement Hurdles
Amid CCI Procurement Obstacles, Cotton Farmers Demand the Center's Intervention Vijayawada: Cotton farmers in Andhra Pradesh face mounting distress as the Cotton Corporation of India (CCI) rejects their produce, citing high moisture content. The delays in procurement have left farmers vulnerable to middlemen and private traders, who are exploiting the situation to purchase cotton at significantly reduced prices, causing substantial losses to growers. The Centre had announced a Minimum Support Price (MSP) of ₹7,521 per quintal for the current crop season. However, due to CCI's hesitance, farmers are forced to sell their produce to local traders for as low as ₹5,000–₹5,500 per quintal, resulting in losses of ₹2,000–₹2,500 per quintal. Farmers Blame CCI for Deliberate Delays Farmers allege that CCI officials are intentionally rejecting stocks to benefit private traders. While CCI has established around 60 procurement centres at ginning mills and 11 centres at market yards across the state, the rejection rate remains unusually high. Many growers, unable to afford the transportation costs of taking their rejected produce back home, are left with no choice but to accept low offers from traders."The connivance between CCI officials and private exporters is evident. Instead of supporting farmers, they are creating opportunities for private players to exploit the situation," alleged CPI(M) district secretary Pasam Ramarao. Chief Minister Calls for Immediate Action Chief Minister N. Chandrababu Naidu has urged the Union government to intervene and rectify the procurement issues. Agriculture Minister K. Atchannaidu emphasized that CCI must streamline its operations to ensure that farmers are not subjected to unnecessary hardships. Naidu has already brought the issue to the attention of Union Agriculture Minister Giriraj Singh, requesting urgent action and clear instructions to CCI officials. Shifting Market Dynamics In recent years, high global demand for cotton had rendered CCI largely inactive, with 90–95% of the crop being purchased by private players at prices exceeding MSP, often reaching ₹10,000–₹12,000 per quintal. However, the current season has seen prices plummet to ₹5,000 per quintal, prompting CCI to step in. Farmers were optimistic about relief through government procurement but are now disheartened by the high rejection rates and delays. Ministerial Review Yields Limited Results Union Minister for Rural Development Pemmasani Chandrasekhar recently reviewed the cotton procurement process with CCI officials and urged them to adopt a more flexible approach. However, CCI maintains that it is bound by procurement norms set by the Centre. A Call for Fair Practices As private traders continue to exploit the farmers' distress, there is growing demand for CCI to act in good faith and adhere to its mandate of providing MSP. Farmer leaders and political representatives stress the urgent need for the Union government to intervene and ensure fair and timely procurement, safeguarding the interests of the farming community.Read More :> Andhra Pradesh cotton farmers grapple with delayed procurement and price cuts amid harsh weather
In early trading, the rupee climbs 8 paise to 84.38 against the US dollar.The rupee recovered from its lowest level and appreciated by 8 paise to 84.38 against the US dollar in early trade on Monday despite a stronger American currency and sustained outflow of foreign funds.Read More :> 61 CCI Centres Begin Cotton Procurement Today
Today, 61 CCI Centers Start Purchasing Cotton In a significant relief for cotton farmers, 61 procurement centres under the Cotton Corporation of India (CCI) will become fully operational starting Saturday. Previously, only 40 centres were active, while the remaining 21 faced delays due to pending fire department approvals and other logistical challenges. The limited number of operational centres had forced farmers to travel long distances, incurring extra transportation costs and enduring prolonged waiting times to sell their produce. Acknowledging these challenges, Union Minister of State for Rural Development and Communications, Dr. Pemmasani Chandra Sekhar, raised the issue with Union Textile Minister Giriraj Singh. Acting promptly, Singh instructed CCI to address the matter. Enhanced Facilities for Farmers Following a review meeting with CCI officials, ginning mill owners, and farmers, Dr. Chandra Sekhar announced a series of measures to streamline the procurement process. Key changes include extending the working hours of procurement centres until 7:30 PM and ensuring same-day processing of paperwork. The centres will now operate from Monday to Saturday, accommodating tenant farmers, who make up 60% of the farming community and often face scheduling conflicts during weekdays. Addressing Moisture Content Concerns One major issue raised by farmers was the high moisture content in cotton, which affects its market value. Dr. Chandra Sekhar assured farmers that the Centre and State governments, along with agricultural experts, are exploring solutions to mitigate this problem. Factors such as climate, transportation, and storage methods contribute to moisture retention, and the minister pledged swift action to address these challenges. Additionally, he proposed extending procurement operations until March 2025 to ensure all farmers’ produce is purchased without delays.Read More :- Cotton prices jump amid concerns of lower production in 2024/25
The rupee appreciated 4 paise against the dollar this evening, closing at Rs 84.45On the last trading day of the week, the Sensex rose 1,961.32 points to close at 79,117.11 while the Nifty rose 557.35 points to close at 23,907.25. Know the detailed market situation.Read More :- Andhra Pradesh cotton farmers grapple with delayed procurement and price cuts amid harsh weather
Early trading sees the rupee gain 1 paisa to 84.49 against the US dollar.Sensex was above 77,300, Nifty50 was near 23,400.BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Friday. At 9:17 AM, BSE Sensex was trading at 77,329.15, up 173 points or 0.22%. Nifty50 was at 23,403.50, up 54 points or 0.23%.Read More:> Andhra Pradesh cotton farmers grapple with delayed procurement and price cuts amid harsh weather
Andhra Pradesh cotton growers struggle with delayed procurement and price cutbacks despite bad weatherCotton farmers in Andhra Pradesh are facing a growing crisis due to delayed procurement and price cuts, aggravated by unfavourable weather conditions. The Cotton Corporation of India (CCI) has set up 31 procurement centres across the state, but only 20 are operational, leaving farmers in many areas unable to sell their produce.After suffering losses last season due to fake seeds and falling prices, farmers had hoped for better returns this year. However, heavy rains have significantly affected the quality of the crop, adding to their woes. The minimum support price (MSP) set by the government for cotton is ₹7,521, attracting farmers to CCI centres in search of a fair price.*Rejection due to moisture levels*Prolonged rains and cool temperatures have led to very high moisture content in harvested cotton, with levels exceeding the acceptable 8%-12% limit. As a result, CCI officials have rejected a large amount of produce, leaving farmers unable to sell their produce at MSP rates. Many farmers are forced to sell their cotton to middlemen at much lower prices."It costs us more than Rs 15,000 to transport cotton to the procurement centre. If our produce is rejected, this cost doubles, further increasing our financial burden," lamented K Raghava Rao, a farmer from Medikonduru.Allegations of deliberate delayFarmers from Kurantula village have accused the local CCI officials of delaying procurement citing server problems and making them wait for hours. They expressed their disappointment to Union Minister of State for Rural Development Pemmasani Chandrasekhar during his visit to the procurement centre.Government interventionResponding to farmers' complaints, the minister raised the issue with Union Textiles Minister Giriraj Singh. Following this, Central Marketing Director Vijay Kuradagi has been appointed as the special inspection officer to investigate the matter.Farmers are now requesting the government to address their concerns by either increasing the permissible moisture limit or adjusting procurement rates for weather-affected crops. Without intervention, they fear falling further prey to middlemen and deepening financial losses.Read More :- Cotton prices jump amid concerns of lower production in 2024/25
Cotton prices rise on concerns about decreased output in 2024/25Cotton candy prices rose 0.2% to close at ₹54,480 on fears of a reduction in cotton production in India. The USDA has lowered its forecast for India's 2024/25 cotton production by 7.4% to 30.72 million bales, citing excessive rainfall and pest infestation. Cotton acreage fell by 9% to 11.29 million hectares, as many farmers in Gujarat have started cultivating peanuts, which gives them better returns.This reduction is expected to increase India's cotton imports by up to 2.5 million bales, significantly higher than last year's 1.75 million bales, while exports may fall to 1.8 million bales from 2.85 million bales.Globally, the USDA has raised cotton production estimates by 200,000 bales, with growth in China, Brazil and Argentina offsetting declines in the US and Spain. US cotton production is estimated at 14.2 million bales, down by more than 300,000 bales due to Hurricane Helen. US cotton exports are also expected to fall by 11.5 million bales due to weak global demand. The final estimate of worldwide stocks is 76.3 million bales, slightly lower than the previous forecast.Spot prices in Rajkot, a major cotton trading hub, fell 0.41% to ₹25,814.95.Read More :- Lower Cotton Projections Raise Concerns in Textile Sector
The rupee fell 7 paise versus the dollar to settle at Rs 84.49 this eveningOn the fourth trading day of the week, the Sensex closed with a huge decline of 422 points at 77,155.79 points, while the Nifty slipped 168 points to close at 23,349.90 points.Midcap stocks also witnessed a volatile environment throughout the day. Nifty Midcap 50 closed at 15,167.55 points with a gain of 105 points till the market closed.Read More :- Lower Cotton Projections Raise Concerns in Textile Sector
Concerns in the Textile Sector Are Raised by Lower Cotton ProjectionsThe textile sector is voicing apprehensions over a dip in cotton production this year, driven by reduced sowing areas. Cotton associations estimate India’s cotton output at 302 lakh bales (1 bale equals 170 kg). In Gujarat, a key cotton-growing state, cultivation has shrunk to 23.71 lakh hectares, down from 26.82 lakh hectares last year. Industry experts stress the urgent need to introduce new seed varieties to boost productivity, given the state’s robust ginning and spinning infrastructure. Agricultural department data shows Gujarat’s cotton cultivation area fluctuating in recent years, from 25.49 lakh hectares in 2022 to 26.82 lakh hectares in 2023, before falling to 23.71 lakh hectares in 2024. A senior agriculture department official explained, “Crop damage from pests has lowered productivity and delayed arrivals. Many farmers have switched to groundnut this year for better returns.” Reflecting this shift, groundnut cultivation in Gujarat surged to 19.08 lakh hectares, up from 16.35 lakh hectares the previous year.Read More :> CCI Begins Cotton Procurement at Minimum Support Price in Five States
Due to fluctuating crude prices, the rupee flattens at 84.42 against the US dollar.The rupee turned flat at 84.42 against the US dollar in early trade on Thursday amid volatile crude oil prices and lackluster sentiment in the domestic equity markets.Read More :> Telangana Farmers Protest Over Cotton Purchases Falling Below MSP
This evening, the rupee fell 3 paise versus the dollar to settle at Rs 84.42The 30-share BSE benchmark Sensex closed up 239 points, or 0.31%, at 77,578. The broader NSE Nifty closed up 65 points, or 0.28%, at 23,518. During the session, the Sensex touched an intraday high of 78,451, while the Nifty 50 touched 23,780.Read More :- Telangana Farmers Protest Over Cotton Purchases Falling Below MSP
Early trading saw the rupee gain 2 paise to 84.40 against the US dollar.The rupee rose 2 paise to 84.40 against the US dollar in early trade on Tuesday amid a recovery in domestic equity markets and a weaker American currency against major Asian rivals. Read More :> Telangana Farmers Protest Over Cotton Purchases Falling Below MSP
Sensex down 240 pts, Nifty ends below 23500 Among sectoral indices, the Nifty IT index led the losses, falling more than 2 percent. Energy and Healthcare were other major losers, falling nearly 1 percent. Nifty Metals index was the top gainer, but pared gains to 2 percent. Nifty Auto, Nifty FMCG, and Nifty Bank posted modest gains of 0.3-0.7 percent each.This evening, the rupee closed at 84.39 against the dollar without any change.Readmore:- Telangana Farmers Protest Over Cotton Purchases Falling Below MSP
Early trading saw the rupee rise 8 paise to 84.38 against the US dollarBSE's Sensex fell 156.72 points to 77,423.59 in early trade. NSE's Nifty fell 64.25 points to 23,468.45.Read More :- Telangana Farmers Protest Over Cotton Purchases Falling Below MSP
Telangana Farmers Protest as Cotton Prices Fall Below MSPCotton farmers in Telangana have staged protests over declining prices, alleging that traders in the Khammam agricultural market yard are purchasing cotton below the government-declared Minimum Support Price (MSP).Farmers claim that even Cotton Corporation of India (CCI) is not offering the expected support, with prices falling significantly short of the MSP of ₹7,521 per quintal. According to growers, the highest price received was around ₹6,850 per quintal, and that too by only a few farmers, while many were forced to sell at even lower rates of ₹6,400 per quintal.Expressing disappointment, farmers said they had anticipated prices between ₹8,000 and ₹11,000 per quintal. The current situation, they argue, is leading to heavy financial losses.Adding to their concerns, farmers have accused traders of manipulating prices by manually assessing the moisture content of cotton instead of using standard machines. They allege that a trader syndicate is influencing rates unfairly.Despite intervention by District Collector Muzamil Khan, who visited the market yard and warned traders against violating MSP norms, farmers claim that the ground situation remains unchanged.Meanwhile, K. Praveen Kumar Reddy, Secretary of the Khammam cotton market yard, stated that notices have been issued to traders and further action will be taken after reviewing their responses.Currently, around 45,000 bags of cotton are arriving daily at the Khammam market yard from across the erstwhile district, intensifying pressure on procurement and pricing systems.Read More :- CCI Begins Cotton Procurement at Minimum Support Price in Five States
| title | Created At | Action |
|---|---|---|
| This evening, the rupee rose 16 paise versus the dollar to settle at Rs 84.29. | 25-11-2024 23:40:58 | view |
| Cotton Farmers Urge Centre’s Intervention Amid CCI Procurement Hurdles | 25-11-2024 18:27:04 | view |
| Rupee rises 8 paise to 84.38 against US dollar in early trade | 25-11-2024 17:16:42 | view |
| 61 CCI Centres Begin Cotton Procurement Today | 23-11-2024 18:26:02 | view |
| This evening, the rupee strengthened by 4 paise to close at Rs 84.45 against the dollar | 22-11-2024 23:24:03 | view |
| Rupee rises 1 paisa to 84.49 against US dollar in early trade | 22-11-2024 17:22:41 | view |
| Andhra Pradesh cotton farmers grapple with delayed procurement and price cuts amid harsh weather | 22-11-2024 00:19:42 | view |
| Cotton prices jump amid concerns of lower production in 2024/25 | 21-11-2024 23:51:03 | view |
| This evening, the rupee closed at Rs 84.49 against the dollar with a weakness of 7 paise | 21-11-2024 23:26:43 | view |
| Lower Cotton Projections Raise Concerns in Textile Sector | 21-11-2024 17:55:08 | view |
| Rupee turns flat at 84.42 against US dollar amid volatile crude prices | 21-11-2024 17:20:27 | view |
| The rupee closed at Rs 84.42 this evening with a weakness of 3 paise against the dollar | 19-11-2024 23:42:00 | view |
| Rupee rises 2 paise to 84.40 against US dollar in early trade | 19-11-2024 17:20:31 | view |
| Sensex declines, Nifty closes under | 19-11-2024 00:05:30 | view |
| Rupee rose 8 paise to 84.38 against the US dollar in early trade | 18-11-2024 17:35:43 | view |
| "Telangana Farmers Protest Over Sub-MSP Cotton Prices" | 16-11-2024 18:28:31 | view |
