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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