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This evening, the rupee held its value versus the dollar at 84.07At the close of trading, the BSE Sensex rose 218.14 points or 0.27 per cent to close at 81,224.75. The NSE's 50-share index, Nifty, rose 113.55 points or 0.46 per cent to close at 24,863.40.Read More :-   Textile Exporters Optimistic as September Sees Strong Growth

Exporters of textiles are upbeat as September shows rapid growth.Kolkata: Textile and apparel exporters are optimistic about growth as India’s geopolitical and economic environment improves. Industry players are hopeful that this positive momentum will continue, marking a significant turnaround for the sector.According to data from the Confederation of Indian Textile Industry (CITI), apparel exports surged by 17.3%, while textile exports saw a 9.5% increase in September.Textile exports for the month amounted to ₹13,800 crore, with garment exports reaching ₹7,896 crore.Former CITI chairman Sanjay Jain noted that the past two years had been challenging for garment exports, but the outlook is now improving. He expects the next 18 months to be promising, driven by rising demand from the US and European markets. "Much of the business has shifted from Bangladesh since August, and this trend is expected to continue into the next quarter," Jain said. He also highlighted that raw material prices have begun to stabilize, further supporting growth. Read More :> Cotton Crops in Medak, Telangana, Are Devastated by Heavy Rains

Cotton Crops in Medak, Telangana, Are Devastated by Heavy RainsRecent rainfall across the former Medak district has dealt a severe blow to cotton farmers, causing widespread crop damage, color deterioration, and price volatility. Farmers are anxious that the damaged cotton will fetch lower prices, leading to heavy financial losses.In Sangareddy alone, cotton has been planted on 3.5 lakh acres, with officials estimating a 20 percent loss due to the rains.“Because of the rain, the color of the cotton is changing,” said Rajasekhar, a farmer from Sangareddy. “The Minimum Support Price (MSP) is over ₹7,000 per quintal, but if the crop fails, we are in for serious trouble.”Farmers from Ramayampeta in Medak, like Srinivas Reddy, report that cotton plants have fallen over large areas. In Medak and Siddipet districts, the damage has also been extensive, with 200 acres affected in Medak alone, where 30,000 acres are under cotton cultivation.In Siddipet, where cotton is grown on 1.5 lakh acres, farmers are facing significant losses.The recent typhoon, coupled with continuous rainfall, has been identified as the primary cause of the damage. Farmers are now urging the state government to procure the damaged cotton at the MSP and offer support to help mitigate the rising costs of farming.Read More :-  USDA Revises Bangladesh's MY 2024-25 Cotton Consumption Forecast to 7.8 Million Bales

In early trade, the rupee falls 1 paisa to 84.07 against the US dollar.The rupee slipped 1 paisa to 84.07 against the US dollar in early trade on Friday, as the weakening American currency failed to support the local unit amid negative domestic equity markets and higher crude oil prices.Read More :> USDA Revises Bangladesh's MY 2024-25 Cotton Consumption Forecast to 7.8 Million Bales

This evening, the rupee fell 7 paise to settle at 84.07 vs the US dollarAt the close of trading, the BSE Sensex fell 494.75 points or 0.61 per cent to close at 81,006.61. The NSE's 50-share index, Nifty, fell 220.55 points or 0.88 per cent to close at 24,750.75.Read More :-  Surat’s Man-Made Fibre Industry Set for Major Boost with New Textile Policy

In early trade, the rupee gains 2 paise versus the dollar.The rupee witnessed a range-bound trade and strengthened marginally by 4 paise to 84 against the US dollar on Wednesday as easing crude oil prices supported investor sentiments.  Read More :> Surat’s Man-Made Fibre Industry Set for Major Boost with New Textile Policy

This evening, the rupee gained 4 paise against the US dollar, closing at 84.00At the close of trading, the BSE Sensex fell 318.76 points or 0.39 per cent to close at 81,501.36. The NSE 50-share index, Nifty, rose 86.05 points or 0.34 per cent to close at 24,971.30.Read More :-   Surat’s Man-Made Fibre Industry Set for Major Boost with New Textile Policy

A Significant Uplift for Surat's Man-Made Fibre Sector Thanks to New Textile PolicyFibre Industry Set for Major Boost with New Textile PolicySurat: The man-made fibre (MMF) industry in South Gujarat is set to gain significant momentum following the announcement of the new textile policy on Tuesday.Fulfilling a long-standing demand, the government has delivered a Diwali gift to the industry. Under the new policy, textile units in Category 3, particularly those involved in garmenting and technical textiles, will be eligible for capital subsidies of up to ₹50 crore.Weaving, knitting, and processing units in these areas will be entitled to subsidies of up to ₹40 crore. "Similarly, units in Category 1 engaged in weaving, knitting, processing, and spinning will be eligible for capital subsidies of up to ₹50 crore, while garmenting and technical textile units could receive as much as ₹100 crore," said Vijay Mevawala, president of the Southern Gujarat Chamber of Commerce and Industry (SGCCI).Mevawala further highlighted that the PM Mitra Park has been classified as a Category 1 zone, offering substantial benefits to textile units operating there. For the first time, spinning units producing yarn from fibre have been included in the new Textile Policy 2024.The industry has welcomed the capital subsidy announcement with enthusiasm. "This is the first time a capital subsidy has been introduced, and the electricity subsidy will benefit the entire sector, encouraging new investment and creating jobs," said Ashok Jirawala, president of the Federation of Gujarat Weaver Welfare Association (FOGWWA).Ashish Gujarati, president of the Pandesara Weavers Co-operative Society, highlighted the importance of the interest subsidy: "In addition to the capital subsidy, the interest subsidy will offer tremendous advantages, sustaining the industry's growth in the region."Mayur Golwala, secretary of the Sachin Industrial Society, called the new policy a "game-changer," stating, "Several measures are being implemented for the first time in the state's history. This will help prevent the migration of textile units to neighboring states, though effective implementation of the policy will be crucial."Read More :> India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment Expected

In early trade, the rupee drops 2 paise to 84.06 against the US dollar.Sensex trades in green, at 81,800, Nifty at 25,050; Oil, financials gainAt opening bell, the BSE Sensex was at 81,621, down 198 points, or 0.24 per cent, while the Nifty 50 was at 25,009, down 48 points, or 0.19 per cent.Read More :>USDA Revises Bangladesh's MY 2024-25 Cotton Consumption Forecast to 7.8 Million Bales

This evening, the rupee gained 2 paise against the US dollar, closing at 84.04At the close of trading, the BSE Sensex fell 152.93 points or 0.19 per cent to close at 81,820.12. The NSE's 50-share index, Nifty, rose 70.60 points or 0.28 per cent to close at 25,057.35.Read More :-  USDA Revises Bangladesh's MY 2024-25 Cotton Consumption Forecast to 7.8 Million Bales

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