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The rupee fell 11 paise to open at 83.93 against the dollar in early tradeRupee opened at 83.91 per dollar in early trade at the Interbank Foreign Exchange market. After initial deals, it reached 83.93 per dollar, which shows a decline of 11 paise from the previous close price.Read More :- ICF Appeals to Centre to Remove Cotton Import Duty

This evening, the rupee ended the day 3 pip down versus the US dollar at 83.82At the close of trading, the BSE Sensex fell 33.49 points or 0.04 per cent to close at 84,266.29. The NSE's 50-share index, Nifty, fell 13.95 points or 0.054 per cent to close at 25,796.90.Read More :-  Bumper arrival of cotton in Khargone market, farmers got price up to Rs 7250

ICF Requests the Center to Eliminate the Import Tax on CottonThe Indian Cotton Federation (ICF), formerly known as the South India Cotton Association, held its 45th Annual General Meeting at GKS Cotton Chambers on September 29, 2024.J. Thulasidharan was re-elected as President of ICF for 2024–2025, with Adhitya Krishna Pathy and P. Nataraj continuing as Vice Presidents. Nishanth A. Asher and Chetan H. Joshi retained their positions as Honourary Secretary and Honourary Joint Secretary, respectively.During the meeting, J. Thulasidharan highlighted that the previous fiscal year was one of the most challenging due to a decline in textile demand. However, the industry is optimistic about the upcoming cotton season (2024–25), expecting higher yields compared to the previous season. Current estimates suggest the cotton crop could range between 330 to 340 lakh bales, which is a significant increase from last year’s figures. Incentives and a rise in the Minimum Support Price (MSP) have encouraged farmers to focus on improving both yield and quality.Thulasidharan pointed out that India’s raw material (cotton) prices are higher than global rates due to the prevailing import duty. He urged the government to address this issue to benefit both farmers and the industry. Lower interest rate financing and securing raw material availability were emphasized as critical for the sector’s growth.He also mentioned that Union Textile Minister Giriraj Singh, during a July 2024 meeting of the Textile Advisory Group (TAG), promised to review the parity between domestic and global cotton prices and explore reintroducing a new strain of BT cotton to enhance yields.Nishanth Asher reiterated that to maintain competitiveness, the Government must play a central role in addressing challenges such as price volatility, supply chain issues, and trade barriers. He emphasized that ICF would continue advocating for policies that support farmers, businesses, and trade.The federation’s primary appeal to the Union Government was to remove the import duty on cotton. Thulasidharan explained, "India's cotton prices are currently higher than global rates due to the import duty. Removing this duty would create a level playing field and help the Indian textile industry grow."Read More :> Bumper arrival of cotton in Khargone market, farmers got price up to Rs 7250

Surge in cotton prices in Khargone market, with farmers receiving up to Rs 7250Khargone: These days, there is a huge arrival of white gold, i.e. cotton in the major cotton market of Madhya Pradesh, due to which the faces of the farmers are blooming. The prices of cotton in the market have reached Rs 7250 per quintal, due to which there is enthusiasm among the farmers. On Monday, a record arrival of 7000 quintals of cotton was recorded in the market, in which high quality cotton was sold at high prices. Other crops like wheat, maize, and soybean also got fair prices, but their arrival was relatively less.Major cultivation of cotton in Khargone districtCotton is cultivated on a large scale in Khargone district, where farmers grow cotton on about 2 lakh 18 thousand hectares of land. According to market sources, on Monday, farmers arrived with 7000 quintals of cotton through 25 bullock carts and 470 other vehicles. The maximum price of high quality cotton was Rs 7250 per quintal, while the minimum price was recorded at Rs 4000 per quintal. The average price of cotton was Rs 5500 per quintal, which gave good income to the farmers.Read More :- Gujarat High Court Nullifies GST Orders on Cotton Seed Oil Cakes

Cotton Seed Oil Cakes: GST Orders are nullified by the Gujarat High CourtThe Gujarat High Court has set aside tax demands related to the supply of cotton seed oil cakes to traders, providing relief to the petitioner, a partnership firm involved in extracting and supplying cotton seed oil cakes.The petitioner argued that the product, known as "khol" in Gujarat, is used exclusively as cattle feed, with no other commercial purpose. However, GST officials rejected this claim during an audit, contending that the GST exemption applied only if the cakes were supplied directly for cattle feed, not for further trade. They claimed the petitioner had failed to prove that the cakes were specifically used as cattle feed, leading to short-payment of GST.The petitioner countered by asserting that it had sold the cakes for cattle feed purposes and was not responsible for verifying their ultimate use after sale. Therefore, it had rightly claimed the GST exemption.The court ruled in favor of the petitioner, stating that the supply to traders alone does not determine GST liability, as the end use of the product was not disputed. The ruling is particularly relevant in light of a government notification issued on September 29, 2017, exempting cotton seed oil cakes from GST. However, authorities had argued that the exemption was not retroactive, as the case involved transactions from an earlier period.Sandeep Sehgal, a tax partner at AKM Global, noted that the decision brings considerable relief to businesses within the cattle feed supply chain, ensuring they can claim GST exemption irrespective of whether the product is supplied to traders or directly to consumers.Read More :> Maharashtra Govt Distributes ₹2,399 Cr As Subsidy To Cotton & Soybean Farmers Ahead Of Assembly Elections

The rupee fell 2 paise to 83.81 against the US dollar in early trade.Mumbai, Oct 1 (PTI) Rupee fell 2 paise to 83.81 against the US dollar in early trade on Tuesday, tracking massive outflow of foreign funds amid volatile global markets.Read More :> India's monsoon rains hit four – year high in boost to crop output

The monsoon rains in India reached a four-year high, increasing crop yieldIndia's monsoon rainfall this year was its highest since 2020, with above-average precipitation for three consecutive months, helping the country recover from last year's drought, the state-run weather department said on Monday.India's annual monsoon provides almost 70% of the rain it needs to water farms and replenish reservoirs and aquifers, and is the lifeblood of a nearly $3.5 trillion economy. Without irrigation, nearly half of Indian farmland depends on the rains that usually run from June to September.Rainfall over the country from June through September was 107.6% of its long period average, the highest since 2020, according to the India Meteorological Department (IMD).India received 11.6% more rainfall than average in September, following 9% and 15.3% above-average rainfall in July and August respectively, the IMD data showed.Above-average rainfall in September, arising from a delayed monsoon withdrawal, damaged some summer-sown crops like rice, cotton, soybean, corn, and pulses in certain regions of India.However, the rains may also enhance soil moisture, benefiting the planting of winter-sown crops such as wheat, rapeseed, and chickpea.India badly needed good rainfall in 2024 after its driest year in five years in 2023, which depleted reservoir levels and trimmed production of some crops. This forced New Delhi to impose curbs on exports of rice, sugar and onions.Rainfall distribution was generally good, which helped farmers expand areas under most crops, said Ashwini Bansod, vice president, commodities research at Phillip Capital India."This means we could have larger harvests of some summer-sown crops, potentially helping the government to relax trade restrictions in certain cases," she said.India on Saturday lifted curbs on exports of non-basmati white rice. That came a day after New Delhi cut export duty on parboiled rice to 10%, buoyed by a new crop in the offing and higher inventories in state warehouses.Read More :-  Maharashtra Govt Distributes ₹2,399 Cr As Subsidy To Cotton & Soybean Farmers Ahead Of Assembly Elections

Before the assembly elections, the Maharashtra government distributes ₹2,399 Cr in subsidies to farmers of cotton and soybeansWith the Maharashtra assembly elections a month away, the Mahayuti government is focusing on farm issues, especially cotton and soybean growing farmers. In the cabinet meeting held on Tuesday, the government made a major announcement of distribution of Rs 2399 crores as subsidy to soya-cotton farmers.In the first phase, Rs 2,398 crore 93 lakh rupees are being deposited in the accounts of 49 lakh 50 thousand account holders. A total of Rs 4,194 crores are alloted through the DBT system, out of which Rs 1,548 crore 34 lakh have been provided for cotton and Rs 2,646 crore 34 lakh for soybeans growers. Total 96 lakh account holder farmers will benefit out of this scheme, said state minister Dhananjay Munde."The distribution of subsidies to cotton and soybean farmers for the kharif season of 2023 was launched today (Monday, September 30) in the state cabinet meeting. Chief Minister Eknath Shinde, Deputy Chief Minister Devendra Fadnavis and Ajit Pawar deposited the subsidy in the farmers' accounts online," the chief minister's office informed.Read More :-  Cotton farming crisis in Andhra Pradesh: rising costs and falling yields

This evening, the rupee fell 9 paise to settle at 83.79 against the US dollarAt the close of trading, the BSE Sensex fell 1,272.07 points or 1.49 per cent to close at 84,299.78. The NSE's 50-share index, Nifty, fell 368.10 points or 0.41 per cent to close at 25,810.85.Read More :-  Cotton farming crisis in Andhra Pradesh: rising costs and falling yields

In early trade, the rupee drops 6 paise to 83.75 against the US dollar.Rupee depreciated 6 paise to 83.75 against the US dollar in early trade on Monday amid negative equity market sentiment and outflow of foreign funds.Read More  :>Cotton farming crisis in Andhra Pradesh: rising costs and falling yields

Andhra Pradesh's cotton agricultural crisis: declining yields and growing expendituresFarmers who have been struggling with cotton farming for four consecutive years are still sowing the crop with hope, but due to bad weather and pests, they are continuously suffering losses.Increase in pesticide cost:Infestation of pests on clothes and indiscriminate use of pesticides is increasing the cost of farmers. Cotton yield has decreased due to lack of rain and pest attack, due to which farmers are in debt.Disorganized procurement centersAlthough cotton picking has started, the government has not yet set up procurement centers. Private traders have brought down the prices of cotton to Rs 5,500 to Rs 6,500 per quintal, causing losses to farmers. Farmers have demanded the government to immediately intervene and set up CCI procurement centers.Debt and yield problemsThe cost of cotton cultivation is increasing, while the amount of yield per acre has decreased to only 4-5 quintals. Farmers say that if the price of cotton does not increase, they will have to suffer even bigger losses.Outbreak of Jaju diseaseThe outbreak of Jaju disease has increased on cotton plants, affecting the yield. Cotton leaves are turning red and production is falling drastically. Farmers are worried about this crisis and are demanding help from the government.Read More :> Textile Mills Urge Cotton Corporation of India to Establish Warehouses in Tamil Nadu