In early trade, the rupee climbs 6 paise to 83.37 against the US dollar.The local unit, however, faced resistance due to a stronger American currency and higher crude oil prices overseas, forex traders said.Read More :> Aus, Brazil, US Cotton Shippers Sign MoU
This evening, the rupee appreciated by 15 paise to settle at Rs 83.41 versus the US dollar.The Sensex rose 374 points to touch 77,366 during the trade. However, a slight decline was seen after this. The Sensex rose 308 points to close at 77,301.At the same time Nifty also made an all time high of 23,579 today. However, it also came down a bit later and closed at 23,557 with a gain of 92 points.Read more :- India's monsoon has brought 20% less rainfall
In early trade, the rupee climbs 3 paise to 83.52 against the US dollar.Sensex jumps 300 pts to hit fresh record high, Nifty zooms past 23,500 for 1st timeRead More :> India's monsoon has brought 20% less rainfall
Rainfall from India's monsoon has decreased by 20%.India's monsoon has brought 20% less rainfall than usual this season, posing concerns for the crucial agricultural sector, according to the India Meteorological Department (IMD). Typically starting in the south around June 1 and spreading nationwide by July 8, the monsoon is essential for planting crops like rice, cotton, soybeans, and sugarcane.Data shows a significant shortfall across most regions, with central India, which grows soybeans, cotton, and sugarcane, experiencing a 29% deficit. The paddy-growing southern region, however, received 17% more rain due to an early monsoon onset. The northeast saw 20% less rainfall, while the northwest had a 68% shortfall, exacerbated by heat waves.Monsoon rains are vital for India's nearly $3.5-trillion economy, providing 70% of the water needed for agriculture and replenishing reservoirs. About half of India's farmland relies on these annual rains, which typically continue until September.An IMD official noted that the monsoon's progress has stalled but could recover quickly. Northern states are expected to endure heat waves for a few more days, with temperatures 4-9°C above normal, but a cooldown is anticipated by the weekend.Read more :- Aus, Brazil, US Cotton Shippers Sign MoU
Cotton Shippers Connect in Aus, Brazil, and the USThe Australian Cotton Shippers Association (ACSA), American Cotton Shippers Association, and Brazilian Cotton Shippers Association (ANEA) have signed a memorandum of understanding (MoU) to advance the global cotton industry. This agreement aims to ensure the long-term economic and social vitality of their respective industries through a collaborative approach to global industry issues.The MoU was formalized at the American Cotton Shippers Association Annual Convention in Scottsdale, Arizona, on June 14. ACSA chairman Tony Geitz emphasized the importance of working together to lead discussions on policy-making and global supply chains. American Cotton Shippers Association CEO Buddy Allen highlighted the collective goals despite being competitors, aiming to keep cotton the universal fiber of choice. ANEA president Miguel Faus stressed the partnership's goal to strengthen mutual understanding and enhance consumer and policymaker awareness about cotton's positive contributions.Australia, the US, and Brazil, the top three cotton exporters, are optimistic about the MoU's impact on global cotton uptake. The USDA’s June report increased Australia's 2024-25 export projection to 5.4 million bales and maintained the US and Brazil forecasts at 13 million and 12.5 million bales, respectively. The report also adjusted projections for other regions and increased the forecast for global ending stocks.Read nore :- TAMILNADU Nagapattinam Cotton Growers in Distress as Prices Plummet After Off-Season Rain
Cotton Growers in Tamil Nadu's Nagapattinam Are in Crisis as Prices Drop Following Off-Season RainsLocal traders are offering only ₹40 to ₹46 per kg, compared to ₹80 to ₹110 per kg last year, according to farmers; unions are urging government intervention to assist them.Cotton farmers in Nagapattinam are facing severe distress due to a significant drop in prices, exacerbated by recent untimely rains. Despite the minimum support price (MSP) being set at ₹66 per kg this year, local traders are buying cotton at only ₹40 to ₹46 per kg.P. Balasubramanian, president of Alathur Panchayat in Tirumarugal block, where cotton is cultivated on 220 hectares, highlighted that low procurement prices have driven farmers into debt. "At least ₹50,000 is needed to cultivate cotton on one acre. Due to recent untimely rain, only 2 to 2.5 quintals of cotton are harvested per acre, compared to the usual 4 to 4.5 quintals. With private traders offering just ₹40 to ₹46 per kg, we cannot cover our costs, forcing us to take loans even for basic family needs," he said.R. Kavya, a farmer from Tirumarugal, expressed similar concerns. "The current price is only ₹42 per kg. I cultivated cotton on around 2 acres this year, hoping to use the profit for my children's education and to remodel our house. But the price drop has left me in a hopeless situation. I even need financial assistance to shift to paddy in the coming season," she said.S.R. Tamil Selvan from the Tamizhaga Vivasayigal Pathukappu Sangam called for government intervention. "Cotton farmers are severely affected, and the government has not stepped in. The Cotton Corporation of India (CCI) should procure directly from farmers to save them from middlemen who do not pay the MSP," he urged.An official from the Agriculture Department confirmed the statewide trend of price drops, noting that last year, good quality cotton sold at ₹110 per kg and average quality at ₹80 per kg. "Cotton is cultivated on 2,700 hectares in Nagapattinam, and we've reported to the State government that crops on 1,300 hectares were lost due to untimely rain. Among those unaffected, the price drop has hurt farmers badly. The CCI can step in, but it has many norms, such as managing transportation costs for ginning, which must be borne by farmers. Farmers need to be united to persuade the CCI to help them, but most prefer local traders who purchase directly from the field despite the huge price differences," said a senior Agriculture Department official.Sources in the Agriculture Marketing Department mentioned plans to open a regulated market for cotton in the district soon. "It is challenging to attract traders who will procure at higher prices," said an official.Read More :> India's Goods Exports Surge by 9.1% in May 2024 to $38.13 Billion
India’s Merchandise Exports Rise 9.1% in May 2024 to $38.13 Billion; Trade Deficit WidensIndia’s merchandise exports increased by 9.1% year-on-year in May 2024, reaching $38.13 billion, supported by strong performance in engineering goods, petroleum products, electronics, pharmaceuticals, and textiles. The growth reflects a revival in global demand, according to government data released on Friday.Imports Increase, Trade Deficit WidensImports in May 2024 rose by 7.7% to $61.91 billion, driven by higher shipments of petroleum, transport equipment, silver, and vegetable oil. As a result, the trade deficit widened to $23.78 billion, the highest level in seven months.Positive Economic OutlookCommerce Secretary Sunil Barthwal noted that easing inflation in advanced economies has improved consumer purchasing power, leading to stronger demand. He expressed confidence that the export growth trend is likely to continue.Exporters also remain optimistic, citing rising global order bookings and expectations of stronger trade growth in 2024, as projected by the WTO, IMF, and OECD. In 2023, global trade had slowed due to high inflation, rising interest rates, and weak demand conditions.FIEO President Ashwani Kumar said that improved demand from the European Union, the UK, West Asia, and the United States is expected to support export growth. He added that a more than 10% rise in order bookings signals recovery in labor-intensive export sectors.Strong Start to FY25India’s exports had declined by 3.1% to $437 billion in 2023–24. However, FY25 began on a positive note, with exports rising in both April and May 2024. Total exports for April–May increased by 5.1% to $73.12 billion. During the same period, imports rose by 8.89% to $116.01 billion, resulting in a trade deficit of $42.89 billion compared to $36.97 billion in the previous year.Sectoral DeclinesSome sectors recorded declines in May 2024, including gems and jewellery, marine products, iron ore, cashew, and oil meals. Notably, spice exports fell by 20% to $361.17 million, following recalls of certain Indian spice products in markets such as Hong Kong and Singapore.Key Export DestinationsThe top export destinations showing strong year-on-year growth in May 2024 were Malaysia (86.95%), the Netherlands (43.92%), the United Kingdom (33.54%), the United Arab Emirates (19.43%), and the United States (13.06%).Major Import SourcesThe leading sources of import growth included Angola (1274.95%), Iraq (58.68%), the UAE (49.93%), Indonesia (23.36%), and Russia (18.02%).Read more :- Did farmers turn their back on cotton this year?
Have farmers abandoned cotton this year?Even having to make efforts to buy seedsAmravati, June 13 - Cotton sowing has been decreasing in West Vidarbha for the last few years. Cotton, known as white gold, is leading farmers to losses. In the last Kharif season, cotton was sown on 10.83 lakh hectares. This year it is expected to decrease to 10.70 lakh hectares.Cotton rates were low in the last season. Initially, the price was Rs 7,000 per quintal, but in the last phase of the season, the price fell to Rs 7400, due to which farmers did not get any benefit. In West Vidarbha, where most cotton is sown, cotton sowing area has been continuously decreasing for the last one and a half decade. After the arrival of BT seeds in the market, the infestation of bod jhali decreased for 4-5 years and productivity increased, but after that the attack of pink bod dawi on cotton and the attack of the sap sucking insect increased the cost of spraying pesticides.- Average area of cotton: 10 lakh 36,961 hectares- Sowing area for 2023-24: 10 lakh 82,450 hectares- Proposed area for 2024-25: 10 lakh 70,430 hectaresProduction is decreasingIn West Vidarbha, 90% of cotton is grown in non-irrigated area and its productivity is very low. Cotton is getting low prices for the last two years. The cotton kept at home in the hope of increasing prices is also not being sold at the expected price. Due to storage of cotton, the members of the farmer family are getting skin disorders like boils on the body, itching etc. Two years ago, cotton got a price of Rs 12 thousand per quintal, which fell to Rs 7 thousand in the last season. Because of this, farmers are worried.This year's Kharif season is starting. Still, there is no increase in the prices of cotton, while on the other hand, the prices of grains and pulses are good. Therefore, farmers can give priority to these crops this year. Cotton producers are facing the problem of laborers. Laborers are not available on time to pick cotton and they have to be paid more wages. This year, farmers are having to work hard even to get cotton seeds.Read more :- Mali’s Cotton Crisis: Unpaid Farmers Threaten Economic Stability
This evening, the rupee ended the day 2 paise weaker versus the US dollar, at 83.56.At the close of trading, the BSE Sensex rose 181.88 points, or 0.24%, to close at 76,992.77. The NSE's 50-share index Nifty gained 66.70 points, or 0.29%, to close at 23,465.60. During the day's trading, it had hit a new high of 23,490.40.Read more :- Textile industry in TN looks up to central govt to regain its past glory
This evening, the rupee appreciated by 1 paisa to settle at Rs 83.54 against the US dollar.At the close of trading, the BSE Sensex closed at 76,810.90, up 204.33 points or 0.27%. During the day's trading, it touched a new high of 77,145.46. On the other hand, the NSE's 50-share index Nifty closed at 23,398.90, up 75.95 points or 0.33%. It also reached a new high of 23,481.05 points during the day's trading.Read more :- Mali’s Cotton Crisis: Unpaid Farmers Threaten Economic Stability
Unpaid Farmers in Mali's Cotton Crisis: Endangering Economic StabilityMali’s cotton growers face severe financial hardship due to months of unpaid wages, jeopardizing future production and creating widespread economic instability. Many cotton cooperatives, especially in rural areas like Defina, have not received payments for their 2023 harvest. This financial strain threatens the livelihoods of countless farmers who have long been the backbone of Mali’s economic development, particularly in cotton-growing regions. Frustration is mounting, with calls for the resignation of the CMDT’s Managing Director, who is seen as responsible for resolving the crisis.Cotton is Mali’s second-largest export, vital for national income, with gold being the top export. However, 2023 cotton exports fell significantly, 29% short of initial forecasts, worsening the situation. Former Prime Minister Moussa Mara has urged the CMDT to prioritize paying farmers before the Tabaski holiday. Timely payments are essential to encourage continued cotton production and help Mali regain its previous position as Africa’s leading producer, a title currently held by Benin.Mali’s cotton production crisis threatens both farmers’ well-being and national economic stability. Economists emphasize the urgency for authorities to take action, ensuring payments and boosting production. Only decisive steps can help Mali reclaim its position as a leading cotton producer in Africa.
This evening, the rupee appreciated by 2 paise to close at 83.55 against the US dollar.At the close of trading, the BSE Sensex rose 149.98 points or 0.20% to close at 76,606.57. The NSE's 50-share index Nifty rose 58.70 points or 0.25% to close at 23,323.55.Read more :- Textile industry in TN looks up to central govt to regain its past glory
North sources claim that India's fizzling monsoon could prolong the heatwave.India's monsoon rains have lost momentum after covering western regions ahead of schedule, and their arrival in northern and central states could be delayed, extending a heatwave in the grain-growing plains, two senior weather officials told Reuters.Summer rains, critical to spur economic growth in Asia's third-largest economy, usually begin in the south around June 1 before spreading nationwide by July 8, allowing farmers to plant crops such as rice, cotton, soybeans, and sugarcane."The monsoon has slowed down after reaching Maharashtra and may take a week to regain momentum," an official of the India Meteorological Department (IMD) told Reuters.The monsoon arrived nearly two days ahead of schedule in the western state home to the commercial capital of Mumbai, but its progress in central and northern states will be delayed by a few days, added the official, who sought anonymity.The lifeblood of the nearly $3.5-trillion economy, the monsoon brings nearly 70% of the rain India needs to water farms and refill reservoirs and aquifers.In the absence of irrigation, nearly half the farmland in the world's second-biggest producer of rice, wheat and sugar depends on the annual rains that usually run from June to September.The maximum temperature in India's northern states ranges between 42 degrees Celsius and 46 degrees C (108 degrees Fahrenheit to 115 degrees F), which is nearly 3 degrees C to 5 degrees C (5 degrees F and 9 degrees F) above normal, the IMD data showed.India's northern and eastern states, such as Uttar Pradesh, Bihar, Punjab, Haryana, Uttarakhand and Odisha, are likely to experience days of heatwave in the next two weeks, another weather official said."Weather models are not indicating any early respite from the heatwave," the official said. "The delay in the monsoon's progress will increase temperatures in the northern plains." Both officials sought anonymity because they were not authorised to speak to the media.India is among several parts of Asia wilting in an unusually hot summer, a trend scientists say has been worsened by human-driven climate change.Read More :> Textile industry in TN looks up to central govt to regain its past glory
TN's textile sector turns on the federal government to restore its former grandeur.The textile industry in Tamil Nadu is appealing to the central government to remove the 11% import duty on cotton to regain its competitive edge in the global market.COIMBATORE: The decline in orders from Western countries has severely impacted at least 35% of spinning mills and fabric manufacturers in Coimbatore and Tiruppur districts. Industry associations report difficulty in competing with Bangladesh, China, and Vietnam, despite the price of cotton candy falling from ₹1.10 lakh in 2021-22 to ₹57,000 - ₹60,000. The 11% duty on cotton imports and quality control orders on certain fibre varieties are major hurdles.K. Selvaraju, Secretary General of The Southern India Mills’ Association (SIMA), emphasized the issue, stating, "Despite falling cotton prices, mills can't benefit due to cheaper cotton and synthetic fabric imports from Bangladesh, which are 15% and 8%-15% cheaper respectively. Exports are also suffering as orders from Western countries have dropped significantly. The government must remove the 11% import duty on cotton to help India become competitive globally."Selvaraju also suggested easing import norms for synthetic fibre, as under the current quality control order, polyester staple fibre can only be purchased from BIS licensees.S. Jagadesh Chandran, Secretary of the South Indian Spinners Association (SISPA), noted that "around 25% of the 2000 spinning mills in Tamil Nadu have ceased operations, as leading brands now import fabric from Bangladesh. Factors such as electricity tariffs and labor costs further impact the mills. Regardless of their size, mills incur an operating loss of around ₹20 per kilo of yarn produced."Prabhu Dhamodharan, Convener of the Indian Texpreneurs Federation (ITF), highlighted, "Retailers in developed markets exhausted their inventory in the last two quarters of 2023 and have been purchasing since the beginning of this year. Although orders are returning, we face intense competition from Bangladesh and Vietnam. The current stability in cotton prices is favorable, but we need to build competitiveness and diversify products to mitigate pressure from competition."Dhamodharan added that the industry anticipates new government measures to regain competitiveness and specialization to leverage the China-plus-one strategy. He expressed optimism, saying, "We expect a considerable drop in the import of dyed knitted fabric from China after the imposition of additional duty, which will allow the domestic sector to gain volumes from July."READ MORE :> IMD Weather Update: Heatwave Conditions Expected in Parts of India Until June 15
In early trade, the rupee climbs 5 paise to 83.54 against the US dollar. Indian equity benchmark indices, Sensex and Nifty 50, opened higher on Wednesday. The indices rose 0.6% each in early trade led by gains in tech stocks. The rupee rose 5 paise to 83.54 against the US dollar in early trade.READ MORE :> Hanumangarh: Fear of pink caterpillar leads to massive reduction in cotton sowing area
The rupee lost 6 paise vs the dollar this evening, closing at 83.57 rupees.At the close of trade, the BSE Sensex closed down 33.48 points or 0.044% at 76,456.59. At the same time, NSE's 50-share index Nifty closed at 23,264.85 with a marginal gain of 5.65 points or 0.024%.Read more :- Hanumangarh: Fear of pink caterpillar leads to massive reduction in cotton sowing area
| title | Created At | Action |
|---|---|---|
| Rupee rises 6 paise to 83.37 against US dollar in early trade. | 19-06-2024 17:25:28 | view |
| The rupee strengthened by 15 paise to close at Rs 83.41 against the dollar this evening. | 18-06-2024 23:46:56 | view |
| Rupee rises 3 paise to 83.52 against US dollar in early trade | 18-06-2024 17:25:32 | view |
| India's monsoon has brought 20% less rainfall | 18-06-2024 00:28:47 | view |
| Aus, Brazil, US Cotton Shippers Sign MoU | 17-06-2024 19:07:39 | view |
| TAMILNADU Nagapattinam Cotton Growers in Distress as Prices Plummet After Off-Season Rain | 17-06-2024 18:37:24 | view |
| India Exports Grow 9.1% in May 2024, Trade Deficit Hits 7-Month High | 15-06-2024 21:15:10 | view |
| Did farmers turn their back on cotton this year? | 15-06-2024 01:13:19 | view |
| The rupee closed 2 paise lower at 83.56 against the US dollar this evening. | 14-06-2024 23:33:16 | view |
| The rupee strengthened by 1 paisa to close at Rs 83.54 against the dollar this evening. | 13-06-2024 23:27:42 | view |
| Mali’s Cotton Crisis: Unpaid Farmers Threaten Economic Stability | 13-06-2024 19:50:07 | view |
| The rupee strengthened by 2 paise to close at 83.55 against the US dollar this evening. | 12-06-2024 23:25:04 | view |
| India's fizzling monsoon could prolong heatwave in north, sources say | 12-06-2024 21:13:30 | view |
| Textile industry in TN looks up to central govt to regain its past glory | 12-06-2024 18:29:32 | view |
| Rupee rises 5 paise to 83.54 against US dollar in early trade | 12-06-2024 17:34:00 | view |
| This evening, the rupee closed at 83.57 rupees with a weakness of 6 paise against the dollar. | 11-06-2024 23:23:17 | view |
