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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

The rupee closed unchanged at 84.06 against the dollar this eveningAt the close, the Sensex was up 591.69 points or 0.73 per cent at 81,973.05, and the Nifty was up 163.70 points or 0.66 per cent at 25,128. Around 1952 stocks advanced, 1919 declined and 140 stocks remained unchanged.Read more:-  India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment Expected

Rupee rises 4 paise to 84.06 against US dollar in early tradeSensex up 500 pts, at 81,900, Nifty over 25,100;  At 10 AM, the BSE Sensex was up 467.29 points, or 0.57 per cent, at 81,848.65, and the Nifty 50 was at 25,099, up 135.15 points, or 0.54 per cent.READ MORE :> India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment Expected

Today evening, the rupee closed at Rs 84.06 against the dollar with a weakness of 9 paise.Now talking about equity benchmark indices, the BSE Sensex today closed at 81,381.36 with a slip of 230.05 points i.e. 0.28 percent and the Nifty 50 closed at 24,964.25 with a fall of 34.20 points i.e. 0.14 percent. Intra-day, the Sensex slipped to 81,304.15 and the Nifty slipped to 24,920.05.Read more:-  India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment Expected

India's Textile Sector Is Expected to Grow by $350 Billion by 2030, With Investment of Rs 90,000 CroreIndia’s textile sector is projected to grow into a $350 billion industry by 2030, with over Rs 90,000 crore expected to be invested in the next 3-5 years through initiatives like the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) scheme, the Ministry of Textiles announced on Thursday.The ministry highlighted that India's textile sector is experiencing robust expansion, with a 11% year-on-year growth in readymade garment exports across all textile categories. The promising August export figures underscore the sector’s bright outlook.Seven PM MITRA parks have been approved across the country, each expected to attract investments of Rs 10,000 crore. These parks are forecasted to generate nearly 1 lakh direct jobs and 2 lakh indirect jobs.Additionally, the PLI scheme is projected to drive investments of over Rs 28,000 crore, with a potential turnover of more than Rs 2 lakh crore. The initiative aims to create around 2.5 lakh jobs by boosting the production of man-made fiber (MMF) apparel, fabrics, and technical textile products, helping the industry scale and achieve greater global competitiveness.The ministry also noted that several major investment plans are in the pipeline, signaling a healthy future for India’s textile industry. India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment ExpectedIndia’s textile sector is projected to grow into a $350 billion industry by 2030, with over Rs 90,000 crore expected to be invested in the next 3-5 years through initiatives like the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) scheme, the Ministry of Textiles announced on Thursday.The ministry highlighted that India's textile sector is experiencing robust expansion, with a 11% year-on-year growth in readymade garment exports across all textile categories. The promising August export figures underscore the sector’s bright outlook.Seven PM MITRA parks have been approved across the country, each expected to attract investments of Rs 10,000 crore. These parks are forecasted to generate nearly 1 lakh direct jobs and 2 lakh indirect jobs.Additionally, the PLI scheme is projected to drive investments of over Rs 28,000 crore, with a potential turnover of more than Rs 2 lakh crore. The initiative aims to create around 2.5 lakh jobs by boosting the production of man-made fiber (MMF) apparel, fabrics, and technical textile products, helping the industry scale and achieve greater global competitiveness.The ministry also noted that several major investment plans are in the pipeline, signaling a healthy future for India’s textile industry.Read More :> Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh

In early trade, the rupee advances 2 paise to 83.96 against the US dollar.Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.11 per cent to 102.87 points.Read More :> India's Cotton Imports Likely to Increase in 2024-25 Crop Year

The rupee strengthened by 1 paisa to close at 83.97 against the dollar this evening.On October 10, Indian benchmark indices ended with gains amid volatility with the Nifty hovering around 25,000. At the close, the Sensex was up 144.31 points or 0.18 per cent at 81,611.41, and the Nifty was up 16.50 points or 0.07 per cent at 24,998.50.Read more:-  India braces for above – average rains, rising temperatures in October

This evening, the rupee ended the day at 83.96 against the US dollar, unchanged.At the end of the trading session, the Sensex fell 167.71 points or 0.21 per cent to close at 81,467.10 and the Nifty fell 31.20 points or 0.12 per cent to close at 24,982.Read More :-  Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh

In early trade, the rupee advances 5 paise to 83.92 against the US dollar.The rupee appreciated 5 paise to 83.92 against the US dollar in early trade on Wednesday, ahead of the Reserve Bank of India's monetary policy announcement.READ MORE :> Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh

The rupee strengthened by 2 paise to close at 83.96 against the US dollar this evening.At the close of trading, the BSE Sensex rose 584.81 points or 0.72 per cent to close at 81,634.81. The NSE's 50-share index, Nifty, rose 217.40 points or 0.88 per cent to close at 24,817.30.Readmore:-  Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh