The rupee appreciated 2 paise vs the dollar this evening, closing at Rs 83.54Now talking about equity benchmark indices, the BSE Sensex today closed at 80,519.34 with a gain of 622.00 points i.e. 0.78 percent and the Nifty 50 closed at 24,502.15 with a jump of 186.20 points i.e. 0.77 percent. Intra-day, the Sensex reached a high of 80,893.51 and the Nifty reached a high of 24,592.20.Read more :- Cotton Prices Plummet by 40% in Ramanathapuram Market, Farmers Seek Government Aid
Pakistan: The Government Agrees to Increase the Production of CottonFederal Minister for Industries, Production, and National Food Security Rana Tanveer Hussain reaffirmed the government’s commitment to promoting the cotton industry during a meeting of the Pakistan Central Cotton Committee’s governing body on Thursday.He emphasized that Pakistan's economy heavily relies on cotton production, linking the growth of the textile industry to good cotton yields."The textile industry has been granted a subsidy of Rs 10 per unit on electricity, which will significantly alleviate its financial burdens and ease its difficulties," the minister stated.He highlighted the importance of prioritizing research and development, assuring comprehensive government support to farmers, ginners, and all relevant stakeholders. The minister revealed that the country's annual cotton production currently stands at 8.4 million bales, with a target to increase this to 15 million bales by 2025."Yield per acre can be increased with modern agricultural practices and technology," he added. Recommendations are being sought for the restructuring of the Pakistan Central Cotton Committee (PCCC) in light of a report from the Food and Agriculture Organization. The next meeting of the governing body is scheduled for next week.Read More :> Cotton Prices Plummet by 40% in Ramanathapuram Market, Farmers Seek Government Aid
Ramanathapuram Market Cotton Prices Fall by 40%, and Farmers Request Government AssistanceDespite a strong yield, cotton farmers in Ramanathapuram are struggling to secure favorable prices for their harvest. Prices have dropped by over 40% compared to last year and off-season rates, falling below Rs 50 per kg in the open market. Both traders and farmers are troubled by the declining demand and are calling on the state government for support.Cotton is the second most cultivated crop in Ramanathapuram, following paddy, covering over 9,000 hectares. An increase in acreage by 1,000 hectares has been noted as farmers opted for cotton cultivation for a second season. The harvest season, which began in March, is now nearing its end.Officials from the Agriculture Marketing Department have stated that they offer assistance to farmers in selling cotton through regulated markets, as most cotton is currently sold in open markets. As of Wednesday, cotton prices ranged from Rs 49 to Rs 55 per kg, depending on quality."Last year, cotton prices ranged from Rs 70 to Rs 100 per kg. This year, there's been a significant drop, making it difficult to afford enough workers for the harvest season, as each worker needs to be paid over Rs 250 per day, leading to substantial losses for farmers," said Selvam, a cotton farmer."Many cotton mills have shut down, and the remaining few are reluctant to purchase cotton. We have sufficient stock, but mills are not willing to buy it, putting us in a financial crisis. The second-season cotton is of inferior quality, which could be why prices have plummeted below Rs 50. Despite the losses, we buy cotton to stay in business," said Sivakumar, a cotton trader.P. Suresh, a cotton farmer and trader, remarked, "Most farmers grow conventional cotton varieties, which have poor demand due to inferior quality. The state government should promote hybrid seed cultivation, which could lead to higher demand and better quality cotton. Farmers should also plan to harvest in the off-season, when demand is high and prices are better."He added that although the union government has set the Minimum Support Price (MSP) for cotton at Rs 70, the market price is much lower. He urged the government to purchase cotton at MSP, similar to paddy, to aid farmers.Read More :> Record Sowing in Maharashtra: Soybean, Maize, Cotton, and Tur Crops Surge
In early activity, the rupee gains 2 paise against the US dollar to 83.51.Sensex gains 226 points, Nifty above 24,398 amid positive global cuesIn the early trade, the 30-share BSE Sensex climbed 226.11 points to 80,123.45 Meanwhile, the Nifty was also up by 82.1 points to 24,398.05.Read More :>Vietnam's Cotton Imports Surge to US$1.53 Billion in H1
This evening, the rupee finished 4 paise worse versus the US dollar at 83.56At the close of trading, the BSE Sensex fell 27.43 points or 0.034% to close at 79,897.34. The NSE's 50-share index Nifty fell 8.50 points or 0.035% to close at 24,315.95.Read more :- Vietnam's Cotton Imports Surge to US$1.53 Billion in H1
Vietnam Imports $1.53 Billion in Cotton in H1Vietnam imported 766,000 tonnes of cotton worth US$1.53 billion in the first half of this year, marking a 21.6 per cent increase in volume and a 9 per cent rise in value compared to the same period last year, according to the General Statistics Office.The average import price during this period was $1,995.5 per tonne.Vietnam's cotton imports come from 11 main markets, including:- Brazil: $443 million (up 111 per cent),US: $400 million (down 18 per cent),Australia: $196 million (down 23 per cent),India: $85 million (up 116 per cent).Notably, cotton imports from Pakistan surged by 3,380 per cent to 5,186 tonnes in the first five months of this year, with revenue increasing from $0.2 million to $9.1 million.Conversely, imports from the Republic of Korea dropped by 72 per cent to 324 tonnes.The highest average price was for cotton imported from China at $3,832.3 per tonne, followed by the Republic of Korea at $2,179 per tonne, the US at $2,098 per tonne, and Australia at $2,092 per tonne. The lowest price was for cotton from Indonesia at $1,360 per tonne.Vietnam is the third-largest cotton importer globally, with an annual import volume of around 1.5 million tonnes, primarily serving its textile industry. Vietnam is also the sixth-largest textile producer and the third-largest garment producer in the world, after China and Bangladesh.According to the Vietnam Textile and Apparel Association, domestic cotton production meets only 1 per cent of the sector's demand, fiber 30 per cent, and fabric 20 per cent.The International Cotton Advisory Committee forecasts that global cotton prices will trend upward in 2024, driven by recovering demand and declining output.Read More :> Cotton Farmers Struggle with Labour Costs and Declining Profits
Maharashtra Sets Record for Sowing: Soybean, Maize, Cotton, and Tur Crops IncreaseThis year's Kharif season has seen unprecedented sowing of soybean, maize, cotton, and tur crops in Maharashtra. As of Wednesday, July 10, sowing has been completed on 11.638 million hectares, accounting for 81.94% of the average Kharif area.Marathwada leads the state in sowing activities. The Agriculture Department reports that the total average Kharif area in Maharashtra is 14.2 million hectares. By July 10, the Pune division has achieved the highest sowing, followed by the Chhatrapati Sambhajinagar and Latur divisions.In detail, the Konkan division has sown 96,870 hectares (23.42% of the average), while the Nashik division has sown 1,657,788 hectares (80.29% of the average). The Pune division has surpassed its average with 1,084,163 hectares, reaching 101.79%. The Kolhapur division has sown 539,103 hectares, achieving 74.03% of its average.Chhatrapati Sambhajinagar has sown 1,944,826 hectares, reaching 93.05% of the average. The Latur division has completed sowing on 2,546,683 hectares, achieving 92.04% of the average. In the Amravati division, 2,758,446 hectares have been sown, which is 87.32% of the average. The Nagpur division has sown 1,010,154 hectares, reaching 52.76% of the average.Maize sowing has reached 101% with 895,737 hectares, and tur sowing stands at 81% with 1,054,406 hectares. Urad dal sowing is at 82% with 305,069 hectares. Soybean sowing has achieved 108% with 4,487,844 hectares. Cotton sowing is at 90% with 3,768,214 hectares. Overall, grain sowing is at 47%, pulses at 75%, and oilseeds at 105%.Thanks to widespread good rainfall, record sowing has been achieved by July 10 in the Kharif season. With sowing continuing through August, it is expected that total Kharif sowing will exceed the average of 14.2 million hectares. Fertilizers and seeds are readily available across the state, according to Vinaykumar Awate, Director of Agriculture, Extension, and Development.READ MORE :> Textile Industry Sees Revival Amid Rising Domestic and Export Demand
In early trade, the rupee climbs 2 paise to 83.49 against the US dollar. This comes after the rupee stayed range-bound and settled 2 paise lower at 83.51 against the US dollar on Wednesday amid rising crude oil prices overseas and selling in domestic equities.Read More :> "Govt May Ease 45-Day Payment Requirement for MSMEs in Upcoming Budget"
The rupee ended the day down by 3 paise, closing at 83.52 against the US dollar.At the close of trading, the BSE Sensex fell 426.87 points or 0.53% to close at 80,351.64. It had touched a new high of 80,481.36 during the day. The NSE's 50-share index Nifty fell 108.75 points or 0.45% to close at 24,324.45. It also made a new all-time high of 24,443.60 during the day.readmore:-Cotton Farmers Struggle with Labour Costs and Declining Profits
"Govt May Ease 45-Day Payment Requirement for MSMEs in Upcoming Budget"The government is considering easing the requirement for large buyers to pay Micro, Small, and Medium Enterprises (MSMEs) within 45 days to prevent these buyers from seeking alternative suppliers, according to sources. The announcement could be made in the Budget presentation on July 23. This potential change is in response to suggestions made during pre-Budget consultations, aimed at amending Section 43B(h) of the Income Tax Act.The clause, introduced in the previous year’s Budget, mandates that if a large company fails to pay an MSME within 45 days, it cannot deduct that expense from its taxable income, potentially leading to higher taxes. While the provision was intended to ensure timely payments to MSMEs, there are concerns that large buyers might avoid doing business with MSMEs registered under Udyam, opting instead for non-registered MSMEs or larger firms.Sources indicate that MSMEs fear this provision may drive large corporations to shift their sourcing to bigger firms or compel vendors to forfeit their MSME registration to maintain business relations. In May, Finance Minister Nirmala Sitharaman acknowledged that any changes to this rule would be addressed in the full Budget in July under the new government, based on representations from MSMEs.The MSME sector is crucial to India’s economy, contributing 30% to the GDP and being the second-largest employer after agriculture. MSMEs also account for 45.56% of the country’s total exports.Read more :- Textile Industry Sees Revival Amid Rising Domestic and Export Demand
Growth in Domestic and Export Demand Drives the Textile Industry's RevivalThe textile industry is seeing a moderate revival due to rising domestic demand and a significant increase in cotton yarn exports driven by lower domestic cotton prices. Slight improvements in demand from the US and European markets have also contributed to this recovery.According to Niryat Portal data, exports of readymade garments, cotton yarn, and fabrics reached $17.9 billion from October 2023 to May 2024, up from $17.5 billion in the same period the previous year. Yarn exports alone grew by 51% in volume.Despite these positive signs, experts caution that the recovery is fragile and requires policy support. The demand remains below pre-Covid levels, and recent spikes in cotton prices have neutralized cost advantages for manufacturers.Bharat Boghra, Chairman of the Spinners Association (Gujarat) (SAG), noted the competitive edge of Indian cotton due to higher production and lower prices compared to the US and Brazil. However, he warned of potential challenges due to ongoing geopolitical crises and short order cycles.*Ramakrishnan M, Managing Director of Primus Partners, highlighted steady domestic demand bolstered by expanding e-commerce in tier 2 and 3 areas. However, he expressed concerns over rising production costs, global inflation, and muted consumer confidence impacting the industry's outlook.Bhavin Parikh, MD & CEO of Globe Textiles India, pointed to the China+1 policy and changing consumer behavior as factors aiding the industry's recovery. Still, the short order cycle reflects a lack of confidence in global economic growth.Textile Minister Giriraj Singh recently announced plans to include garments in the PLI Scheme for the Textile sector and revive the Scheme for Integrated Textile Parks (SITP), aiming for $50 billion in shipments this year.Read More :> Cotton Farmers Struggle with Labour Costs and Declining Profits
Cotton Growers Face Labor Expenses and Falling ProfitsCotton, once hailed as “White Gold” by farmers in Akola, has now become a crop of "compulsion." Farmers in Maharashtra are grappling with high production costs and labour concerns, finding cotton less profitable than it once was.Ganesh Nanote, a farmer from Akola who cultivates cotton on 15 of his 40-acre holding in the village of Nimbhara in Barsitakli taluka, describes the annual increase in production costs, particularly for labour, as making the crop almost non-viable. "But there is no other option – tur, urad, and other pulses have their own problems. Farmers take cotton out of compulsion and not profit anymore," he explains.This year, cotton traders nationwide fear a 10-15% decrease in planting area, driven by low prices and disappointing yields. The shift is especially evident in North India, where farmers are opting for paddy over cotton, despite a higher government-declared Minimum Support Price (MSP) of Rs 7,121/quintal. Bhagirath Choudhary, founder director of the South Asia Biotechnology Centre (SABC), attributes the shift largely to the Pink Bollworm infestation (PBW), a notorious pest affecting cotton crops. "The agriculture department needs to increase awareness among farmers on pest control," he adds.Pradeep Jain, founder president of the Khandesh Cotton Gin/Press Factory Owners and Traders Development Association, notes a 20% decline in cotton sowing areas in North Maharashtra. "Farmers did not get yield or price as per their expectation. Many have shifted to maize, pulses, and other crops," he says. Nationwide, he speculates a 10% decrease in cotton acreage for the upcoming season.Read More :> Textile Industry Seeks Robust Support for Spinning Sector in Union Budget 2024-25
The rupee gained 1 paisa today, ending at 83.49 against the US dollar.At the close of trading, the BSE Sensex rose 391.26 points or 0.49% to close at 80,351.64. It touched a new high of 80,397.17 during the day. The NSE's 50-share index Nifty rose 112.65 points or 0.46% to close at 24,433.20. It also made a new all-time high of 24,443.60 during trading.readmore:- Monsoon Reverses Deficit, Boosting Sowing Operations for Pulses and Oilseeds
Union Budget 2024–2025: Textile Industry Seeks Sturdy Support for Spinning SectorThe textile industry is eagerly anticipating significant support, particularly for the spinning sector, in the upcoming Union Budget for fiscal 2024-25, to be presented on July 23 by Finance Minister Nirmala Sitharaman.Industry stakeholders, including RK Vij from the Textile Association of India (TAI) and the Polyester Textile and Apparel Industry Association (PTAIA), are highlighting several key demands. These include ensuring a steady supply of raw materials such as cotton, polyester, and viscose at globally competitive prices and standards. Vij also advocates for increased duties on garment imports to boost domestic manufacturing competitiveness.Vij emphasizes the extension of the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme beyond its current deadline in September 2024. He raises concerns over the inverted duty structure of GST and urges streamlined tax rates across various textile products, suggesting higher taxes on downstream items.Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI), echoes these sentiments. He calls for policies to ensure competitive raw material prices and proposes a Technology Upgradation Fund Scheme (TUFS) to stimulate investments in textile processing and value addition.Dr. SK Sundararaman, Chairman of The Southern India Mills’ Association (SIMA), stresses the need for fair trade policies and advocates for the availability of high-quality cotton at prices 10% lower than international markets. He calls for removing import duties on cotton to facilitate easier access to global supplies and enhance domestic cotton production.Sanjay Garg, President of the Northern India Textile Mills’ Association (NITMA), emphasizes the need for a minimum import price (MIP) on all fabric types to curb imports and prevent market manipulation. Garg also supports the removal of import duties on cotton to address cost discrepancies compared to global rates.Jaikrishna Pathak, President of The Bombay Yarn Merchants Association and Exchange, underscores the need to streamline the polyester textile value chain and reduce GST on raw materials to rectify the inverted duty structure.Collectively, these industry experts seek proactive measures from the government to support raw material availability, enhance competitiveness, and stimulate investment across various segments of the textile sector ahead of the upcoming budget presentation.Read More:> Monsoon Reverses Deficit, Boosting Sowing Operations for Pulses and Oilseeds
Monsoon Increases Oilseed and Pulse Sowing Operations and Reverses DeficitWith monsoon rains shifting from an 11% deficit on June 30 to a 2% surplus by July 8, sowing operations for Kharif (summer sown) crops have surged, pushing overall acreage 14% higher than the same period last year.Recent data from the agriculture ministry reveals that as of last Friday, total sown area reached 378 lakh hectares, up by 47 lakh hectares compared to the previous year. This significant increase is largely driven by a 50% rise in the acreage of pulses and oilseeds. In contrast, the area dedicated to water-intensive paddy has increased by only 19%.Despite a greater monsoon deficit in June this year (11%) compared to last year (9%), the acreage for Kharif crops was notably higher, with 59 lakh hectares (over 32%) more sown by June 28 this year compared to the same period in 2023. The total sown area as of June 28 was 240 lakh hectares, significantly up from 181 lakh hectares last year.“Due to insufficient rainfall in June, farmers opted for less water-consuming crops like pulses (arhar) and oilseeds (soybean) over water-intensive paddy, leading to increased acreage this June,” said an official.With a forecast of above-normal rainfall for July, further increases in sown area are anticipated. "Well-distributed rainfall from July to September should boost Kharif acreage beyond the normal (five-year average) for this season," the official added.READ MORE :> Aurangabad: ₹191 Crore Aid Announced for 6 Lakh Cotton Growers
In the opening session, the Rupee and the US dollar trade at 83.50. Domestic equity markets were trading higher in early trade, supporting the local unit. Benchmark Sensex rose 194.25 points or 0.24 per cent to 80,154.63 while broader Nifty was up 42.35 points or 0.17 per cent at 24,362.90. Read More :> Government Set to Revive Cotton Technology Mission with ₹500 Crore Allocation for Five-Year Plan
| title | Created At | Action |
|---|---|---|
| Today evening, the rupee strengthened by 2 paise against the dollar and closed at Rs 83.54 | 12-07-2024 23:25:02 | view |
| Pakistan: Government Pledges to Boost Cotton Production | 12-07-2024 18:13:28 | view |
| Cotton Prices Plummet by 40% in Ramanathapuram Market, Farmers Seek Government Aid | 12-07-2024 17:42:59 | view |
| Rupee edges up 2 paise to 83.51 against US dollar in early trade | 12-07-2024 17:15:10 | view |
| The rupee closed 4 paise lower at 83.56 against the US dollar this evening | 11-07-2024 23:43:14 | view |
| Vietnam's Cotton Imports Surge to US$1.53 Billion in H1 | 11-07-2024 18:53:55 | view |
| Record Sowing in Maharashtra: Soybean, Maize, Cotton, and Tur Crops Surge | 11-07-2024 18:53:07 | view |
| Rupee rises 2 paise to 83.49 against US dollar in early trade | 11-07-2024 17:17:12 | view |
| The rupee closed 3 paise lower at 83.52 against the US dollar this evening. | 10-07-2024 23:33:35 | view |
| "Govt May Ease 45-Day Payment Requirement for MSMEs in Upcoming Budget" | 10-07-2024 23:23:30 | view |
| Textile Industry Sees Revival Amid Rising Domestic and Export Demand | 10-07-2024 18:55:02 | view |
| Cotton Farmers Struggle with Labour Costs and Declining Profits | 10-07-2024 18:46:55 | view |
| The rupee strengthened by 1 paisa to close at 83.49 against the US dollar this evening. | 09-07-2024 23:52:05 | view |
| Textile Industry Seeks Robust Support for Spinning Sector in Union Budget 2024-25 | 09-07-2024 21:29:44 | view |
| Monsoon Reverses Deficit, Boosting Sowing Operations for Pulses and Oilseeds | 09-07-2024 18:26:35 | view |
| Rupee trades flat at 83.50 against US dollar in opening session | 09-07-2024 17:18:45 | view |
