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The rupee strengthened by 1 paise to close at Rs 83.15 against the dollar this evening.Today, the Sensex closed at 72641.19 points with a gain of around 539.50 points. At the same time Nifty closed at the level of 22011.95 points with an increase of 172.85 points.Read more....👇🏻👇🏻👇🏻👇🏻Exporters Seek Exemption from 45-Day Payment Rule to MSMEs

Exporters Seek Exemption from 45-Day Payment Rule to MSMEsIndian exporters, represented by 15 export promotion councils, including the Federation of Indian Export Organisations, are urging for an exemption from a new rule mandating payment to micro and small enterprises (MSMEs) within 45 days.Around 150,000 exporters have raised concerns, stating that the provision will impact their liquidity, considering exports payments often have an average lag of 120 days.The rule, Section 43B(h) of the Income Tax Act, aims to address delayed payments to UDYAM-registered micro and small entities, but exporters are seeking an extension to 120 days.Exporters argue that the move could affect their competitiveness internationally, and they stress the need for a level playing field compared to other countries where credit terms are more generous.Industry representatives highlight challenges, including increased cash flow difficulties amidst geopolitical uncertainties, and propose exempting supplies from MSMEs to exporters from this provision.While acknowledging the importance of timely payments, exporters advocate for a phased reduction in time to address concerns from both sides.The handicrafts industry, facing credit periods of 180 days, finds the 45-day payment rule particularly challenging, given the extended timeframes involved in export shipments and payment realization.Overall, exporters seek exemptions to help them adjust to the new provision and maintain competitiveness in the global market.Read More....👇🏻👇🏻👇🏻👇🏻Positive Projections CCPC Forecasts Growth in Indian Cotton Industry

Textiles Exports Surge by 17% Year-on-Year in FebruaryThe textiles industry is celebrating a significant milestone as it records robust export performance for February, marking positive growth trends for the 11-month period of the current financial year.Data released by the Confederation of Indian Textile Industry (CITI) indicates substantial growth in key segments such as cotton yarn, fabrics, and made-ups, with exports experiencing a remarkable 17% surge in February compared to the previous year.This promising uptick bodes well for Gujarat’s textiles sector, with exports of these products showing resilience over the past 11 months, boasting a commendable 6.7% increase compared to the corresponding period last year.In February 2024, Indian textiles exports grew by 19.54% year-on-year, while apparel exports also saw a respectable uptick of 4.88% during the same timeframe.The cumulative exports of textiles and apparel during February 2024 displayed a growth of 12.49% over the preceding year.However, the overall scenario for the April 2023 to February 2024 period presents a mixed picture, with Indian textiles exports registering a modest growth of 1.75% year-on-year, juxtaposed with a notable decline of 11.42% in apparel exports during the same timeframe. The cumulative exports of textiles and apparel during this period showcased a decrease of 4.25% compared to the corresponding period in the previous fiscal year.Industry experts attribute this positive trajectory in cotton yarn and fabric exports to India’s competitive cotton prices throughout the current financial year, which have bolstered demand in international markets, particularly in countries like Bangladesh and China.Gujarat has notably benefited from this trend, enjoying a substantial share in cotton yarn, fabric, and made-up exports.Conversely, the apparel segment has faced challenges, experiencing a decline primarily due to heightened input costs and subdued demand in various countries amidst soaring inflation. Bharat Chhajer, former chairman of Powerloom Development and Export Promotion Council (PDEXCIL), highlighted the ongoing conflict between Russia and Ukraine, coupled with the Red Sea crisis, which has increased business costs and pricing pressures. Additionally, stiff competition from nations like Vietnam and Bangladesh, along with the reduction in cotton prices, has contributed to the decrease in the value of apparel exports from India.Read More....👇🏻👇🏻👇🏻👇🏻Rapid rise in gin cotton prices has created concern among textile manufacturers and traders

Today the rupee opened with a strength of 11 paise against the dollar.The rupee opened strongly against the dollar today. Today the rupee opened 11 paise stronger at Rs 83.05 against the dollar. At the same time, on Wednesday, the rupee closed at Rs 83.16 against the dollar with a weakness of 12 paise. There is a need to do business in dollars very wisely, otherwise the investment may be affected.  Today BSE Sensex opened with a rise.Today BSE Sensex opened at 72668.64 points with a gain of about 566.95 points. Whereas NSE's Nifty opened at 22007.75 points with a gain of 168.65 points. Today, trading started in a total of 2,273 companies on BSE.Read More....👇🏻👇🏻👇🏻👇🏻CCI purchased 6.35 lakh quintals of cotton in Madhya Pradesh

This evening, the rupee fell by 12 paise and closed at Rs 83.16 against the dollar.Today Sensex closed at 72101.69 points with a gain of 89.64 points. Whereas Nifty closed at the level of 21839.10 points with a gain of 21.65 points.Read more....👇🏻👇🏻👇🏻👇🏻Rapid rise in gin cotton prices has created concern among textile manufacturers and traders

Rupee opened 3 paise higher against dollar  The rupee opened strongly against the dollar today. Today the rupee opened 3 paise stronger at Rs 83.01 against the dollar. At the same time, on Tuesday, the rupee closed at Rs 83.04 against the dollar with a weakness of 13 paise.Today BSE Sensex opened with a rise.Today BSE Sensex opened with a rise of 24.81 points at the level of 72036.86 points. Whereas NSE's Nifty opened at 21843.90 points with a gain of 26.45 points. A total of 1,933 companies started trading on BSE today.Read More....👇🏻👇🏻👇🏻👇🏻CCI purchased 6.35 lakh quintals of cotton in Madhya Pradesh

This evening, the rupee fell by 13 paise and closed at Rs 83.04 against the dollar.Today Sensex closed at the level of 72012.05 points with a fall of 736.37 points. Whereas Nifty fell by 238.25 points and closed at the level of 21817.45 points.Read more....👇🏻👇🏻👇🏻👇🏻CCI purchased 6.35 lakh quintals of cotton in Madhya Pradesh

CCI purchased 6.35 lakh quintals of cotton in Madhya PradeshThe Cotton Corporation of India (CCI) has procured approximately 6.35 lakh quintals of cotton from the markets of Madhya Pradesh in the current season. Procurement was halted in February as market prices improved. CCI had established 21 procurement centers in MP due to declining prices across many centers in the country. Cotton arrivals in spot markets have decreased, with expectations of further decline. Textile mills are experiencing increased demand for cotton and are operating at full capacity. The Cotton Association of India predicts a decline in cotton output in Madhya Pradesh to 18 lakh bales compared to 19 lakh bales last year, with a target of 14 lakh bales for cotton exports in 2023-24.Read More....👇🏻👇🏻👇🏻👇🏻Positive Projections CCPC Forecasts Growth in Indian Cotton Industry

Rupee weak against dollar, opened 3 paise lowerThe rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 3 paise at Rs 82.94 against the dollar. At the same time, on Monday, the rupee closed at Rs 82.91 against the dollar with a weakness of 3 paise. There is a need to do business in dollars very wisely, otherwise the investment may be affected.Today BSE Sensex opened with a decline.Today BSE Sensex opened at 72371.80 points with a fall of about 376.62 points. Whereas NSE's Nifty opened with a fall of 114.00 points at the level of 21941.70 points. Today, trading started in a total of 2,799 companies on BSE.Read More....👇🏻👇🏻👇🏻👇🏻Rapid rise in gin cotton prices has created concern among textile manufacturers and traders

This evening, the rupee fell by 3 paise and closed at Rs 82.91 against the dollar.At the end of trading, BSE Sensex closed at 72,748.34, up 104.91 points or 0.14%. Whereas NSE's 50-share index Nifty closed at 22,051.15, up 27.80 points or 0.13%.Read more....👇🏻👇🏻👇🏻👇🏻Rapid rise in gin cotton prices has created concern among textile manufacturers and traders

Rapid rise in gin cotton prices has created concern among textile manufacturers and tradersThe price of ginned cotton has increased by Rs 7,000 per candy (356 kg) within a month, causing concern among textile manufacturers and traders. After remaining stable around Rs 55,000 per candy for almost two months, prices started rising in February. Recently, they touched more than Rs 62,000 per candy before closing at Rs 61,100 on Saturday.Despite minor fluctuations throughout the week, the Indian cotton market remained largely stable, with the Gujarat spot rate hovering around Rs 61,650 by the end of the week. Factors such as supply chain disruptions, global demand and weather conditions impacted these modest movements, reflecting a cautious sentiment among traders amid ongoing uncertainties in the market.Bharat Chhajer, former chairman of PDEXCIL, said the sudden price hike has hit domestic demand, but prices are expected to remain stable in the near future.Read More....👇🏻👇🏻👇🏻👇🏻Government Mulls Enhancements to MSME Apprenticeship Programs