Rupee fell 3 paise to close at 83.73 this evening versus the US dollarIndian benchmark indices snapped their five-day losing streak. Nifty closed higher today, July 26, with the index hitting a fresh lifetime high of 24,861.15. At market close, Sensex closed at 81,332.72, up 1,292.92 points or 1.62 per cent. Nifty closed at 24,834.80, up 428.70 points or 1.76 per cent.Read more :- Flooding Causes Rs 100 Crore Daily Loss to Surat Textile Trade
Flooding Costs the Surat Textile Trade Rs. 100 Crore Every DaySurat's textile industry is facing severe financial setbacks due to ongoing flooding in areas around Kadodara Road since Monday, leading to a daily loss of over Rs 100 crore. The floods have disrupted operations in at least 20 textile markets and halted the activities of 200 transport firms. Businesses anticipate that it will take several days for the floodwaters to recede, allowing market operations to resume normally.Thousands of daily wage workers have been affected, losing their income due to the shutdowns. In Saroli, water has inundated textile markets, and while some markets have avoided direct water damage, submerged connecting roads have impeded access. The full extent of the damage to goods and property stored in shops and warehouses will only be known once the water recedes. Kapil Arora, president of DMD Market, expressed concern over the recurring flooding issue, noting, "Every year we face flooding, but there is no solution to the problem."The situation has left many traders stranded, with Vishal Bansal from RKLP Market noting that operations cannot return to normal until the roads are passable again. Kailash Hakim, president of the Federation of Surat Trade and Textile Associations (FOSTTA), highlighted the need for a permanent solution to the recurrent flooding, emphasizing the significant loss of business. Sunil Jain, chairman of the South Gujarat Textile Traders Association, pointed out the compounded issues due to power outages, leaving the markets largely inactive.The flooding has also severely impacted the 250 textile goods transporters, with around 200 based in the affected Saroli and Kadodara Road areas. These transporters are facing a daily business loss of over Rs 15 lakh due to the inability to access markets and warehouses. Yuvraj Desle, president of the Surat Textile Goods Transport Association, confirmed that the majority of transport operations have been halted, severely impacting the supply chain.Read More :> Textile Associations Forge Strategic Partnership with Madhya Pradesh Government
Textile Associations and the Government of Madhya Pradesh Form a Strategic PartnershipIn a significant move aimed at bolstering the textile industry, the Tiruppur Exporters’ Association (TEA), Southern India Mills’ Association (SIMA), and Indian Cotton Federation (ICF) formalized an agreement with the Madhya Pradesh government on Thursday. This strategic partnership is focused on promoting the cultivation of Extra Long Staple (ELS) cotton in the state, recognized for its superior quality.J. Thulasidharan, Chairman of the ICF, highlighted that Madhya Pradesh is already known for producing the finest ELS cotton in India, a variety highly sought after by textile mills in Tamil Nadu. The initiative will not only aim to expand the cultivation area but also enhance the yield of ELS cotton. Additionally, a new Cotton Development Board will be established as part of the effort to support and sustain the growth of this premium cotton variety.This collaboration is expected to address the increasing demand for ELS cotton, essential for high-quality textile manufacturing, and position Madhya Pradesh as a key player in the national cotton market. By leveraging this partnership, the stakeholders aim to strengthen the supply chain and ensure consistent availability of top-grade cotton to meet both domestic and international market needs.Read More :>35 thousand hectare reduction in cotton sowing area
Reduction of 35,000 hectares in cotton sowing areaThe area of cotton, the main crop in the dry land belt, has decreased by 35 thousand hectares this year, compared to last year. Farmers have given priority to sowing soybean due to not getting the expected price and profit in the open market.This year, soybean has been sown in the highest 38 percent area in the Kharif season in the district. The district's share in cotton production is only 33 percent. Sowing of this year's Kharif season has ended. According to the Agriculture Department, out of the average 6 lakh 81 thousand 779 hectares, sowing has been done in 6 lakh 31 thousand 276 hectares.Although soybean has been sown the most, it is one and a half thousand hectares less than last year. Cotton area has decreased by 35 thousand 800 hectares. There was a possibility that the high price received for tur in the last season would have an impact on the sowing area, but it has not been found in reality, and the area of tur has increased by only four thousand hectares. There are also signs of reduction in the area of sowing of moong and urad.This year the total sowing area in Kharif season is 20 thousand 600 hectares less than last year. Out of the average sowing area of 6 lakh 81 thousand 779 hectares this year, sowing has been completed in 6 lakh 31 thousand 276 hectares, which is 92 percent of the total. Soybean has been sown in 2 lakh 50 thousand 907 hectares, which is 38 percent of the average area. While cotton has been sown in 2 lakh 25 thousand 651 (33 percent) and tur in 1 lakh 11 thousand 7 hectares. This year the area of cotton has decreased by 45 thousand hectares.Read More :> Whitefly Threat Looms Over Cotton Belt
In early trade, the rupee climbs 9 paise to 83.69 against the US dollar.Sensex soars 300 pts, Nifty crosses 24,500; Bharti Airtel, Infosys up 2% eachIndian bourses opened on a positive note on Friday, with BSE Sensex adding 119 points to 80,158, while the Nifty50 index rose marginally by 17 points to 24,423 levels.Read More :> India's Textile Sector Set to Grow with 28% Budget Increase: NITMA
This evening, the rupee appreciated by 2 paise to close at 83.70 against the US dollarAt the close of trading, the BSE Sensex fell 109.09 points or 0.14% to close at 80,039.80. The NSE's 50-share index Nifty slipped 7.40 points or 0.030% to close at 24,406.10.Read more :- India's Textile Sector Set to Grow with 28% Budget Increase: NITMA
NITMA: India's Textile Industry to Expand with 28% Budget IncreaseLudhiana - India’s textile sector is poised for significant growth, with a 28 per cent increase in the budget allocated for the sector for 2024-25, announced Northern India Textile Mills Association (NITMA) President Sanjay Garg on Wednesday.This substantial boost in funding is expected to drive innovation, enhance productivity, and create new opportunities within the industry. The increased investment reflects the government’s commitment to fostering the growth and development of the textile sector, which is vital to the country's economy.With the enhanced budget allocation, the textile sector is well-positioned to capitalize on emerging trends and seize new opportunities in the global market. Garg highlighted that employment, skilling, and support for MSMEs are key focus areas of the Union Budget. He praised the new Credit Guarantee Scheme for MSMEs, which offers provisions for term loans to purchase machinery and equipment without requiring collateral or a third-party guarantee, with coverage up to Rs 100 crore, potentially for even larger loan amountsThe increase in the credit guarantee scheme limit is anticipated to stimulate investment in the textile sector. Garg also noted that budget allocations for cotton procurement, the Amended Technology Upgradation Fund Scheme for the National Technical Textiles Mission, and increased funding for PM MITRA will provide crucial support to the industry.Read More :>Whitefly Threat Looms Over Cotton Belt
Rupee-US Dollar Drops to Record Low of 83.72Sensex plunges 450 pts, Nifty tests 24,300; Axis Bank falls 6%, TaMo rises 3% Indian benchmark indices opened on a negative note Thursday, with BSE Sensex slipping 600 points to 79,542 points, while the Nifty50 index fell by 183 odd points to 24,230.Read More :Jalgaon Kharif Season: 92 percent of 'Kharif' sowing completed in the district, cotton sowing 101 percent
This evening, the rupee fell 3 paise to settle at 83.72 against the US dollarAt the close of trading, the BSE Sensex fell 280.16 points or 0.35% to close at 80,148.88. The NSE's 50-share Nifty closed at 24,438.95, down 40.10 points or 0.16%.Read more :- Whitefly Threat Looms Over Cotton Belt
Jalgaon Kharif Season: 92% of the district's "Kharif" sowing has been finished, with 100% of the cotton sowing completed.The district has received an average rainfall of 258 mm (49 percent) so far, while the district's average is 632 mm. Farmers have completed 92.54 percent of 'Kharif' sowing, out of which the highest sowing of cotton has been done in 5 lakh 9 thousand 58 hectares of area. After heavy rains in the month of June, the district is receiving good rainfall in July as well.However, there has been less rainfall in areas like Chalisgaon, Raver, Jamner etc. Still, there has been 49 percent more rainfall than the average, due to which the farmers are satisfied. However, the dams are not completely filled yet, because experts believe that the dams will not be filled until the rivers and streams overflow.The total Kharif area in the district is 7 lakh 79 thousand 601 hectares, out of which sowing has been done in 7 lakh 12 thousand 153 hectares. The area of cotton is 5 lakh 1 thousand 568 hectares, out of which cotton has been planted in 5 lakh 9 thousand 58 hectares (101 percent)."So far 92 percent sowing has been done in the district. Farmers are now working on spraying pesticides.Read More :> Whitefly Threat Looms Over Cotton Belt
Danger of Whiteflies Hangs Over Cotton BeltAfter nearly a decade, the fear of whitefly infestations has returned to the cotton belt in the Malwa region, with reports of these pests appearing in parts of Mansa, Bathinda, and Fazilka districts. The State Agriculture Department has mobilized teams to visit affected villages, urging field officers to stay vigilant. Officials are advising farmers to inspect their crops closely and apply recommended sprays to mitigate the infestation.Announcements through village gurdwara loudspeakers have been made to inform farmers about the rising threat and the importance of following expert recommendations for pest control. Experts have noted that the current hot and humid weather is conducive to pest outbreaks. They also pointed out that many farmers planted moong crops during the summer, which may have exacerbated the whitefly problem.Whiteflies reproduce quickly and typically hide under leaves, making them difficult to eliminate without direct spraying. The agriculture department has recommended specific sprays effective only at the early stages of infestation.Farmers have reported a significant reduction in cotton cultivation, now at an all-time low of around 97,000 hectares, as many have shifted to growing paddy, pulses, and maize. This shift is partly due to successive governments' failure to adequately address pest issues.In a distressing incident, Kulwinder Singh from Bhagi Bander village reportedly destroyed his cotton crop on two acres after a whitefly attack. The situation is reminiscent of the August–September 2015 crisis, when about 60% of the cotton crop on 4.21 lakh hectares was damaged, leading to tragic farmer suicides due to the financial losses incurred.Jagseer Singh, Chief Agriculture Officer of Bathinda, acknowledged the widespread whitefly presence in the district, attributing it to the extended dry spell. He emphasized that early intervention with recommended sprays can be effective in controlling the pest.Read More :> Pink Bollworm Crisis Halves Cotton Cultivation in North India
In early trade, the rupee drops 1 paisa to 83.70 against the US dollar.Sensex, Nifty open flat; broader indices exhibit strengthThe benchmarks Sensex, Nifty saw a flattish start on Wednesday with Sensex slipping 89 points or 0.11 per cent to 80,339 levels, while the Nifty50 also fell marginally to 24,438, down 0.17 per cent. Read More :> India Budget 2024-25: Key Highlights for the Textile Sector
https://www.smartinfoindia.com/news-details-english/less-than-average-rainfall-in-bhiwani-crisis-on-kharif-cultivationIndia's Budget 2024–2025: The Textile Sector's High PointsFinance Minister Nirmala Sitharaman's Budget 2024-25 includes significant measures for the textile and leather sectors. The basic customs duty (BCD) on real down filling material from duck or goose has been reduced to boost export competitiveness. The list of exempted goods for manufacturing leather and textile garments, footwear, and other leather articles for export has been expanded. The BCD on methylene diphenyl diisocyanate (MDI) for spandex yarn production has been reduced from 7.5% to 5%, subject to conditions, and the export duty structure on raw hides, skins, and leather has been simplified.A new centrally sponsored scheme will skill 20 lakh youth over five years, upgrading 1,000 Industrial Training Institutes (ITIs) with industry-aligned courses. Special attention is given to MSMEs and labour-intensive manufacturing. A Credit Guarantee Scheme will facilitate term loans for MSMEs without collateral, providing guarantee cover up to ₹100 crore. Public sector banks will develop in-house credit assessment capabilities based on MSMEs' digital footprints. A new mechanism will support MSMEs in maintaining bank credit during stress periods with government fund guarantees.E-Commerce Export Hubs will be set up in public-private partnership (PPP) mode to help MSMEs and traditional artisans sell products internationally. Investment-ready “plug and play” Industrial Parks will be developed in or near 100 cities, with twelve industrial parks under the National Industrial Corridor Development Programme being sanctioned. Rental housing with dormitory-type accommodation for industrial workers will be facilitated in PPP mode with viability gap funding (VGF) support. Rules for Foreign Direct Investment (FDI) and Overseas Investments will be simplified to facilitate FDIs, prioritize investments, and promote the use of the Indian Rupee in overseas investments.Read more :- Less than average rainfall in Bhiwani, crisis on Kharif cultivation
This evening, the rupee ended the day 3 paise down versus the US dollar at 83.69At the close of trading, the BSE Sensex fell 73.04 points or 0.09% to close at 80,429.04. The NSE's 50-share index Nifty slipped 30.20 points or 0.12% to close at 24,479.05.Read more :-Pink Bollworm Crisis Halves Cotton Cultivation in North India
North Indian Cotton Cultivation Is Halted by the Pink Bollworm CrisisFor nearly four years, the pink bollworm has devastated cotton crops in the northern Indian states of Punjab, Haryana, and Rajasthan. This infestation has led to a significant decrease in cotton cultivation, falling from around 160,000 hectares last year to only 100,000 hectares this year, as of the first week of July.Pink Bollworm Infestation First Detected in 2017The pink bollworm (PBW), also known as gulabi sundhi among farmers, damages cotton crops by burrowing its larvae into the cotton bolls, resulting in the lint being cut and stained, making it unfit for use. Effective techniques to prevent PBW attacks exist but have not been widely adopted by farmers.The pest first appeared in North India during the 2017-18 season in select locations of Haryana and Punjab, primarily affecting Bt cotton. By 2021, it began causing significant damage in several districts in Punjab, including Bathinda, Mansa, and Muktsar, where approximately 54% of the area under cotton production experienced varying degrees of PBW infestation. Adjoining areas in Rajasthan also reported PBW infestation during that period.Spread and Impact of PBW in North IndiaSince 2021, PBW attacks have increased annually in Punjab, Haryana, and Rajasthan. In Punjab, the affected districts include Bathinda, Mansa, and Muktsar. In Rajasthan, Sri Ganganagar and Hanumangarh are impacted, while in Haryana, Sirsa, Hisar, Jind, and Fatehabad are affected. Two months after sowing this year, reports of PBW infestation are emerging across these states.Methods to Control PBW Spread: PBW spreads through the air and infected crop residues left in fields, with infected cotton seeds being another source. Experts advise spraying insecticides once PBW is detected; frequent applications can save uninfested bolls. Fields with PBW should not be planted with cotton for at least one season, and crop residues should be promptly burned, avoiding the mixing of healthy and unhealthy seeds.Preventive Measures: Applying synthetic pheromone paste to cotton plant stems can prevent male insects from finding females. This paste should be applied to 350-400 plants per acre at 45-50 days, 80 days, and 110 days after sowing. Another technique, PBKnot Technology, uses thread knots with pheromone dispensers to confuse male moths, and these should be tied to cotton plants when they are 45-50 days old. Challenges with Adoption: Farmers are hesitant to adopt new techniques and technologies due to the extra cost and lack of immediate benefits. There is a lack of awareness and training among farmers about these preventive techniques. Intensive training programs, awareness campaigns, field demonstrations, and financial aid from the government and private sector can help make these technologies more accessible.Coordinated Efforts Required: Effective PBW management requires coordinated efforts among states. Poor management in one state can potentially destroy crops in neighboring states as the pest can travel through the air.Read More :>Heavy rain damages cotton crop in Jalgaon
In early trade, the rupee advances 4 paise to 83.62 against the US dollar.The rupee appreciated 4 paise to 83.62 against the US dollar in early trade on Tuesday, ahead of the Budget presentation.Forex traders said the local currency gained strength as crude oil prices and the American currency retreated from their elevated levels. Moreover, foreign fund inflows also supported the rupee.Read More :> Less than average rainfall in Bhiwani, crisis on Kharif cultivation
The rupee finished at 83.66 versus the dollar this evening, unchangedNow talking about equity benchmark indices, the BSE Sensex is currently down 102.57 points or 0.13 percent at 80,502.08 and the Nifty 50 is down 21.65 points or 0.62 percent at 24509.25.Read more :- Less than average rainfall in Bhiwani, crisis on Kharif cultivation
Bhiwani's below-average rainfall and the dilemma affecting Kharif farmingThere is a flood situation in many states of the country, but this time Haryana and especially Bhiwani have received less than average rainfall. An average of 40 mm of rain has not been recorded in Bhiwani district so far. Due to this, farmers are worried about sowing and people are troubled by humidity and heat.Agricultural scientists believe that pollution is the reason for less rainfall. According to the data of the Meteorological Department, clouds are not raining here. There has been fluctuations in the weather for the last one week. Along with the increase in temperature, humidity has also increased. Dr. Devi Lal, scientist of Krishi Vigyan Kendra, said that the activity of monsoon had increased in the last week of June, but till now there has been no rain in all parts. Due to this, farmers may face problems in sowing and production of Kharif crop.Pulses crop is sown in about 25 thousand acres in Bhiwani district, which is completely dependent on rain. The area under Guar is also large, but due to lack of rain, farmers are reluctant to sow Guar. Meteorologists say that Bhiwani is a desert area, where farmers are dependent on rain. Farmers are producing some crops by irrigating them with the help of tube wells and bore wells.So far, Bhiwani district has not received rain as expected. Farmers are busy sowing Kharif season crops. The Agriculture Department has prepared a possible target for Kharif sowing and every effort is being made to achieve it.Read More :>Heavy rain damages cotton crop in Jalgaon
Jalgaon's cotton harvest is harmed by heavy rain.Due to heavy rains, crops have suffered heavy damage in many areas of Jalgaon. Heavy rains caused drains to burst along the Vadgaon road in Gram Panchayat Adavad and flooded the fields, washing away cotton crops and drip pipes.485 women of Bhagwati caste group of Adavad had cultivated cotton in five acres near Vadgaon road, in which drip irrigation was used. Due to heavy rains at night two-three days ago and lack of sewerage system, all the water entered the field. Due to the strong flow of water, the cotton and drip line of Bhagwati Caste field were completely washed away. Due to a hole in the tubewell, the casing opened and the tubewell also broke to a depth of eight to ten feet, causing a loss of lakhs of rupees.This situation has been seen in many parts of Jalgaon, where drains and water cesspools burst due to heavy rains and flooded the fields, causing extensive damage to the cotton crop. Farmers have suffered huge financial loss due to this damage and they are now waiting for help from the government.Read More :>DGFT, Customs Process Overhaul, Textile PLI Scheme Revamp, QCO Suspension to Aid Exports: GTRI
DGFT, Redesign of the Textile PLI Scheme, QCO Suspension to Promote Exports: GTRIThe Global Trade Research Initiative (GTRI) has recommended several measures to boost India’s garment exports. These include suspending quality control orders (QCO) on polyester and viscose staple fibre to allow domestic manufacturers to become more competitive, expanding product coverage and relaxing criteria in the textile production linked incentive (PLI) scheme, overhauling Directorate of Foreign Trade (DGFT) and Customs procedures, and addressing monopolistic practices of domestic suppliers.GTRI highlighted that complex procedures, import restrictions, and domestic vested interests are hindering the growth of India’s garment export sector. The think tank identified sourcing quality raw fabric, particularly synthetic fabric, as a major challenge for exporters.This report gains importance as India continues to lag behind other countries in garment exports despite a steady rise in textile imports. In 2023, China led with $114 billion in garment exports, followed by the EU with $94.4 billion, Vietnam with $81.6 billion, Bangladesh with $43.8 billion, and India with only $14.5 billion. “This shows India significantly trails behind,” said Ajay Srivastava, co-founder of GTRI.Between 2013 and 2023, Bangladesh’s garment exports grew by 69.6%, Vietnam’s by 81.6%, while India’s exports rose by only 4.6%. Consequently, India's global market share in garment trade has declined. The share of knitted apparel dropped from 3.85% in 2015 to 3.10% in 2022, and non-knitted apparel decreased from 4.6% to 3.7%.Srivastava pointed out that QCOs have undermined the MMF supply chain’s competitiveness by limiting access to affordable and specialized raw materials. The Bureau of Indian Standards is slow in registering foreign suppliers, forcing exporters to buy from domestic monopolies at higher prices. Unlike exporters in Bangladesh and Vietnam, who can easily access quality imported fabrics, Indian exporters face daily struggles due to high import duties and complex DGFT and Customs procedures. These challenges force exporters to meticulously account for every inch and type of fabric imported.Between 2018 and 2023, garment imports rose by 47.9%, while India’s textile imports increased by 20.86%.GTRI also noted that firms obtain advance authorisations from DGFT for importing duty-free inputs for export production. The DGFT currently requires that unutilised authorisations be surrendered with a non-utilisation letter/certificate from Customs, which increases transaction costs.Read More :> Gujarat Textile Traders Set 100-Day Payment Limit Amid New Tax Regulations
| title | Created At | Action |
|---|---|---|
| Rupee closed 3 paise lower at 83.73 against the US dollar this evening | 26-07-2024 16:39:48 | view |
| Flooding Causes Rs 100 Crore Daily Loss to Surat Textile Trade | 26-07-2024 12:30:24 | view |
| Textile Associations Forge Strategic Partnership with Madhya Pradesh Government | 26-07-2024 11:38:37 | view |
| 35 thousand hectare reduction in cotton sowing area | 26-07-2024 10:52:24 | view |
| Rupee rises 9 paise to 83.69 against US dollar in early trade | 26-07-2024 10:26:54 | view |
| The rupee strengthened by 2 paise to close at 83.70 against the US dollar this evening | 25-07-2024 16:38:10 | view |
| India's Textile Sector Set to Grow with 28% Budget Increase: NITMA | 25-07-2024 11:18:37 | view |
| Rupee Hits Record Low of 83.72 Against US Dollar | 25-07-2024 10:24:24 | view |
| The rupee declined by 3 paise to close at 83.72 against the US dollar this evening | 24-07-2024 16:29:27 | view |
| Jalgaon Kharif Season: 92 percent of 'Kharif' sowing completed in the district, cotton sowing 101 percent | 24-07-2024 13:03:13 | view |
| Whitefly Threat Looms Over Cotton Belt | 24-07-2024 11:16:51 | view |
| Rupee falls 1 paisa to 83.70 against US dollar in early trade | 24-07-2024 10:20:37 | view |
| India Budget 2024-25: Key Highlights for the Textile Sector | 23-07-2024 16:55:35 | view |
| The rupee closed 3 paise lower at 83.69 against the US dollar this evening | 23-07-2024 16:20:17 | view |
| Pink Bollworm Crisis Halves Cotton Cultivation in North India | 23-07-2024 11:17:03 | view |
| Rupee rises 4 paise to 83.62 against US dollar in early trade | 23-07-2024 10:33:31 | view |
| This evening, the rupee closed unchanged at 83.66 against the dollar | 22-07-2024 16:27:17 | view |
| Less than average rainfall in Bhiwani, crisis on Kharif cultivation | 22-07-2024 11:46:58 | view |
| Heavy rain damages cotton crop in Jalgaon | 22-07-2024 11:06:05 | view |
| DGFT, Customs Process Overhaul, Textile PLI Scheme Revamp, QCO Suspension to Aid Exports: GTRI | 22-07-2024 10:43:22 | view |
