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India's FY24 Cotton Exports Increase by 76%This year marks the second highest cotton consumption out of the last ten years, as shared by the textile commissioner at the press conference following the committee meeting.Cotton exports increased significantly from 270,130 tonnes in FY23 to 476,000 tonnes in FY24, according to provisional data released by the Committee on Cotton Production and Consumption (COCPC), which met yesterday. This sharp rise highlights the growing demand for Indian cotton in the international market.The textile commissioner noted that this year has seen the second-highest consumption of cotton in the past decade. "To enhance transparency and ensure better quality, every bale is now under QR code traceability, providing information on the village of procurement, the factory where it was processed, and the date of sale," stated Lalit Gupta, Chairman of the Cotton Corporation of India.The provisional data indicates that cotton imports have declined from 248,200 tonnes to 204,000 tonnes. Despite this reduction, cotton production has grown by a nominal 7.7 lakh bales. On the demand side, exports have nearly doubled from 15.89 lakh bales in the 2022-23 cotton season to 28 lakh bales in the 2023-24 season. While non-textile consumption remained stagnant, both MSME and non-MSME consumption saw substantial growth.The COCPC includes all textile industry stakeholders, including representatives from the central government, the textile industry, and the ginning and pressing sectors, according to the Ministry of Textiles' press release. The committee shared detailed data on imports, exports, and cotton consumption by MSMEs and non-MSMEs.This season's supply has been significantly higher than the demand in the previous season. The press release also provided data on state-wise area, production, and yield. Gujarat recorded the highest yield again this season; however, the state's yield in 2023-24 of 574.06 kg per hectare was lower than the 2022-23 yield of 601.91 kg per hectare.The north zone, which includes Punjab, Haryana, and Rajasthan, saw a substantial rise in all three parameters. Despite an increase in the area under production, Rajasthan experienced a reduction in both cotton production and yield.Madhya Pradesh saw the highest increase in yield, resulting in a higher production of 18.01 lakh bales of 170 kg each during the 2023-24 season compared to 14.33 lakh bales in the 2022-23 season.Conversely, the south zone, which includes Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu, experienced a reduction in production over the year 2023-24. Nevertheless, the south zone's production of 81.30 lakh bales exceeded that of the north zone, which stood at 47.60 lakh bales.Read more :-  CCI Introduces QR Code Traceability for Cotton Bales in India

India's CCI Offers QR Code Traceability for Cotton BalesThe Cotton Corporation of India (CCI) has taken a significant step towards enhancing transparency in the traceability of cotton produced in India by introducing QR codes for each bale. This initiative will allow buyers to access relevant information about the cotton, such as the village of procurement, the processing factory, and the date of sale, via a QR code.Lalit Kumar Gupta, Chairman and Managing Director of CCI, announced this initiative during the third meeting of the Committee on Cotton Production and Consumption (COCPC) for the Cotton Season 2023-24, held yesterday in Mumbai. Gupta emphasized the importance of this move in providing detailed traceability for every bale of cotton.The meeting, chaired by Textile Commissioner Roop Rashi, included representatives from the central and state governments, the textile industry, the cotton trade, and the ginning and pressing sectors. The participants discussed the cotton scenario, covering state-wise area, production, import, export, and consumption.In a post-meeting press conference, Rashi assured that the industry would have adequate raw material availability. She noted that cotton consumption has increased, marking the second-highest level of consumption in the past ten years. "The industry is on a good path, and we look forward to better consumption statistics," she added.According to the COCPC, the total supply of cotton for the current season 2023-24, ending September 30, is estimated at 398.38 lakh bales of 170 kg each. This includes an opening stock of 61.16 lakh bales, production of 325.22 lakh bales, and imports of 12 lakh bales. Last season, the total supply was 390.68 lakh bales, with 39.48 lakh bales as opening stock, 336.60 lakh bales of production, and 14.60 lakh bales of imports.The closing balance for the current season is projected to be 47.38 lakh bales, compared to 61.16 lakh bales last season. Total demand is expected to increase to 351 lakh bales this season, up from 329.52 lakh bales last year. Exports are also anticipated to rise from 15.89 lakh bales to 28 lakh bales this season.Read more :-  TASMA Urges CCI Not to Sell Cotton to Traders

The rupee strengthened by 3 paise to close at 83.43 against the US dollar this evening.At the close of trading, the BSE Sensex rose 712.45 points or 0.92% to close at 78,053.52. It touched a new high of 78,164.71 during the day. The NSE's 50-share index Nifty rose 183.45 points or 0.78% to close at 23,721.30. It also made a new all-time high of 23,754.15 during the day.READ MORE:-  Farmers in Karaikal Feel Relieved as Cotton Prices Rise

Farmers in Karaikal Feel Relieved as Cotton Prices RiseKaraikal farmers have found relief as cotton prices have improved, surpassing the minimum support price (MSP) at the regulated market on the first day of auction. This forced private traders to increase their prices as well.In recent weeks, cotton prices had fallen below ₹50 per kilogram in the open market in Karaikal. However, on Saturday, the weekly cotton auction began at the Agriculture Department’s Regulated Market in the town, and the price of cotton rose to ₹68 per kilogram, compared to the MSP of ₹66 per kilogram. As a result, private traders offered ₹62 per kilogram on Sunday in the district.Approximately 85 quintals of cotton were brought to the Regulated Market by farmers. The maximum price reached ₹7,190 per quintal, with a minimum of ₹6,289 and an average of ₹6,739 per quintal, according to J. Senthil, Secretary of the Karaikal Marketing Committee.Mr. Senthil credited the presence of mill representatives from Tamil Nadu for the good rates farmers received. "We have learned that private local traders have now increased their prices. We urge farmers to take advantage of the weekly Saturday auctions," he added.N. Palaniraja, a farmer from Melaoduthurai village, expressed satisfaction with the outcome. "Earlier, traders offered only ₹45 to ₹52 per kilogram. We waited to sell our produce through the regulated market and are happy with the good price we received. Farmers are often cheated by middlemen, so we appreciate the Regulated Market’s efforts in organizing the auction," he said.Read more  :- Cotton Area Shortfall Poses Challenge for Textile Industry

TASMA Requests CCI Not to Provide Traders with CottonThe Tamil Nadu Spinning Mills Association (TASMA) has appealed to the Cotton Corporation of India (CCI) to avoid selling unsold cotton stocks to traders. In a letter to CCI, TASMA President A.P. Appukutti highlighted the recent positive revival in the spinning sector due to the influx of garment orders. "Spinning mills are experiencing a resurgence, and their normal activities are picking up again. This resurgence means they will require more cotton," Appukutti stated.Appukutti emphasized the importance of CCI retaining its cotton stocks, expressing confidence that TASMA members will lift the stocks by the end of August. He warned that selling cotton to traders could lead to a cascading effect on the value chain. Traders, driven by profit motives, might escalate costs, which would adversely affect the spinning mills.By ensuring that the cotton stocks remain with CCI and are available to the mills, TASMA believes it can prevent a raw material shortage. This approach is seen as essential for maintaining the steady supply needed to support the ongoing revival in the spinning sector. The association's request underscores the need for strategic management of cotton stocks to safeguard the interests of the spinning mills and ensure the stability of the textile industry.Read More :> India's monsoon advances, set to bring relief from heatwave

Rupee against dollar opens at 83.46.At the interbank foreign exchange market, the local unit opened at 83.46 and gained further to trade at 83.44 against the greenback in initial deals, registering an increase of 3 paise from its previous closing level.READ MORE :> Cotton Area Shortfall Poses Challenge for Textile Industry

This evening, the rupee gained 7 paise against the US dollar to settle at 83.46.At the close of trading, the BSE Sensex rose 131.18 points or 0.17% to close at 77,341.08. The NSE's 50-share index Nifty rose 36.75 points or 0.16% to close at 23,537.85.Read more :- Cotton Area Shortfall Poses Challenge for Textile Industry

Lack of Cotton Creates Problems for Textile IndustryThe agriculture sector is facing a significant challenge as cotton cultivation fell short of the target by 21 percent, potentially impacting the textile industry and rural livelihoods. Cotton is a crucial crop for the country, contributing significantly to exports and providing income for many, including laborers in the textile industry and poor women in rural areas who rely on cotton picking.Official sources indicate that North Punjab missed its cotton target by 26.8 percent, with the Sargodha and Faisalabad divisions achieving 71 and 87 percent of their respective goals. South Punjab, a major cotton hub, also fell short by 21 percent, with the Multan, DG Khan, and Bahawalpur divisions reaching 73, 61, and 87 percent of their targets, respectively.The textile sector, which is vital to the economy, may face challenges due to the reduced cotton supply. This sector supports millions of jobs and contributes significantly to exports.Addressing this shortfall collaboratively can help mitigate potential impacts. Secretary of Agriculture for South Punjab, Saqib Ateel, stated that climate change played a major role in the shortfall. He added that adverse weather conditions affected the wheat harvest, delaying the availability of fields for timely cotton sowing.Read more :- India's monsoon advances, set to bring relief from heatwave

This evening, the rupee gained 12 paise against the US dollar, closing at 83.53.At the close of trading, the BSE Sensex fell 269.03 points or 0.35% to close at 77,209.90. The NSE's 50-share index Nifty fell 65.90 points or 0.28% to close at 23,501.10.Read more :- Telangana Cotton Farmers Await Crucial Showers

In early trade, the rupee advances 1 paisa to 83.60 against the US dollar. The Indian rupee declined to a record low against the US dollar on Thursday weighed down by broader strength in the greenback amid demand from local importers.Rupee fell to its all-time low of 83.62 against the US dollar. The local currency had closed at 83.4550 in the previous sessionREAD MORE :> India's monsoon advances, set to bring relief from heatwave

India's monsoon is expected to relieve the heatwave.India's monsoon is advancing after stalling for more than a week and rains are set to cover central parts of the country in the next few days, bringing relief from the heatwave in the grain-growing northern plains, two senior weather officials said.Summer rains, critical for 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."Monsoon is reviving. It was stuck after covering most of Maharashtra, but by the weekend, it will enter Madhya Pradesh," an official of the India Meteorological Department (IMD) told Reuters."Western and southern regions will receive heavy rains from the next week. Central parts would also start getting rains," added the official, who spoke on condition of anonymity because they were not authorised to speak to the media.The monsoon arrived nearly two days ahead of schedule in the western state of Maharashtra, home to the commercial capital of Mumbai, but its progress in central and eastern states of the country stalled for nearly a week.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 monsoon is expected to advance swiftly from next week and bring down temperatures in northern India, another weather official said.The heatwave in northern states will ease by the weekend, he said.The maximum temperature in India's northern states ranges between 42 degrees Celsius and 46 degrees C (108 degrees Fahrenheit to 115 degrees F) this week, which is nearly 3 degrees C to 5 degrees C above normal, the IMD data showed.India has received 18% less rainfall than normal since the season began on June 1, the IMD says.Read more :- Telangana Cotton Farmers Await Crucial Showers