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*Take action against traders buying cotton below MSP: Fadnavis*Nagpur: Deputy Chief Minister Devendra Fadnavis has issued instructions to register crimes if traders do not buy cotton at the minimum support price (MSP). The mandate is not new but during the cabinet meeting on Monday, Fadnavis again stressed on its implementation besides strict monitoring of cotton procurement.Cotton growers of Vidarbha, who had held back their crop in the hope of getting better prices, are now disappointed.Needing cash, farmers have started selling cotton, but they are getting rates below the MSP, which is Rs 7,020 per quintal for the long staple grade.If the cotton is taken to the ginning mill, the market rates range between ₹6,800 to ₹6,500. Some farmers TOI spoke to said that if the producer sells directly from the farm, the rate is ₹6,100 to ₹6,000.According to farmers, private ginners are paying less by saying that the quality is inferior. A group of farmers in Yavatmal had submitted a memorandum to the district collector seeking his intervention in ensuring fair price of cotton.Manish Jadhav of Swabhimani Shetkari Paksha said that the memorandum states that the government should take action against traders who are paying less than the MSP. It was also demanded that the Cotton Corporation of India(CCI) should open more centers in the area.Sources in the state agricultural marketing department said that even though farmers have to sell cotton at MSP to CCI, it has to be of a certain grade called Fair Average Quality (FAQ). CCI does not buy cotton below FAQ. He said that even traders should buy only FAQ grade at MSP.FAQ There are basic minimum requirements such as mature cotton in bolls, staple length and moisture. The farmer said that the quality has been affected due to unseasonal rains, which has led to rejection.According to a state government source, a large quantity of cotton is still of FAQ grade and should be purchased at MSP by traders. “However, farmers are not getting a fair deal from traders,” the source said.This year, Maharashtra State Cotton Producers Marketing Federation has not entered into MSP procurement. The federation buys cotton and sells it to CCI. However, now only CCI has procurement centres, which may lead to reduced reach, sources said.Meanwhile, a senior CCI official said 120 procurement centers have been opened across the state and 11 lakh quintals of cotton has been purchased so far. “There is not much crowd of farmers at the centres. The quantity purchased is not unprecedented. The quality has been affected due to rain in some parts of the state. Some farmers with additional superior grades are getting prices above the MSP,” the official said.

This evening, the rupee closed at Rs 83.06 with a weakness of 14 paise against the dollar.Today Sensex closed at 71731.42 points with a fall of 354.21 points. Whereas Nifty closed at the level of 21771.70 points with a fall of 82.10 points.

Cotton prices dip below MSP; CCI acquires 6 lakh quintals in Madhya PradeshCotton procurement by the Cotton Corporation of India (CCI), a nodal agency set up under the ministry of textiles for trade and procurement of cotton, has procured around 6 lakh quintal in Madhya Pradesh till date from the start of the new cotton season.CCI has set up 21 procurement centers in MP and this is the highest procurement in the last two years.Cotton arrivals picked up from October in spot markets and as cotton prices slipped below govt set Minimum Support Prices (MSP), CCI intervened and started procurement from the spot markets.“We have procured around6 lakh quintal cotton so far in MP since October. We will continue purchases until farmers bring their produce to the spot markets. Market prices have improved and ruling around MSP,” said a senior official involved in the procurement exercise in MP wishing anonymity.The nodal agency is procuring cotton from leading cotton cultivating states in the country The government has fixed MSP for medium staple cotton at Rs 6,620 per quintal and for long staple cotton at Rs 7,020 per quintal.Cotton arrivals have gradually dropped in the spot markets and are expected to slip further in coming weeks, said traders.“Flow of arrivals from farmers was very high in November but now daily supplies are gradually coming down. Going ahead there will be further drop in supplies but until we get supplies as per our parameters, we will continue purchases. Last year, we did not enter the market because prices were well above the MSP,” said the official.The trade body Cotton Association of India in January had said that the season was depressing for farmers as cotton rates were trading under MSP by 5 to 20 per cent. Though a jump in supplies lately, aided processing in spinning mills with mills in north India and central India running at almost 100 per cent capacity and in south India at around 80 per cent capacity.source : TOI

The rupee opened with weakness against the dollar today.The rupee opened with weakness against the dollar today. Today the rupee opened with a weakness of 12 paise at Rs 83.04 against the dollar. At the same time, on Friday, the rupee strengthened by 5 paise and closed at Rs 82.92 against the dollar. Today BSE Sensex opened with a decline.Today, BSE Sensex opened at 72028.13 points with a fall of about 57.50 points. Whereas NSE's Nifty opened with a fall of 3.10 points at the level of 21850.70 points. Today, trading started in a total of 2,545 companies on BSE.

This evening, the rupee strengthened by 5 paise and closed at Rs 82.92 against the dollar.Whereas today the Sensex closed at the level of 72,085.63 with a gain of 440.33 points or 0.61 percent. Nifty closed at 21853.80 with a gain of 156.35 points or 0.72 percent.

Higher budgetary support for cotton procurement by the Cotton Corporation of IndiaRoSCTL extended for garment exports, which will provide the stable policy regime essential for long-term planning in the textile sectorThe Interim Budget 2024 presented on Thursday saw ₹1,000 crore higher allocation for the textile and apparel sector. Of the total allocation of ₹4,392.85 crore compared with ₹3,443.09 crore last year, the Budget provided ₹600 crore for the procurement of cotton by the Cotton Corporation of India (CCI) under the price support scheme, though there was almost no allocation for this in the previous financial year. With a slump in cotton prices, the CCI is buying cotton from farmers in several parts of the country at the minimum support price (MSP) since the beginning of the cotton season in October 2023.The Budget also increased the allocations for schemes for handicraft development, the National Technical Textiles Mission, and the PM MITRA scheme.Also read: Central govt. wants to create 75 textile hubs across India, says Piyush GoyalThough textile and apparel exports have been declining for more than a year, allocations for export promotion studies and activities was reduced to ₹5 crore from ₹59 crores in 2023-2024.Meanwhile, in a separate press release, the Ministry of Textiles said the Union Cabinet chaired by Prime Minister Narendra Modi had approved the continuation, till March 31, 2026, of the Rebate of State and Central Taxes and Levies (RoSCTL) scheme for the export of apparel and garments. This will provide the stable policy regime essential for long-term planning in the textile sector.The Cabinet had approved the scheme till the end of March 2020 and extended it till March 31, 2024. Now, it will continue for another two years. The Budget allocation for the scheme this year is ₹9,246 crore.Welcoming the extension of the RoSCTL, the textile industry hoped the full Budget would address the need for changes in customs duties. Source : The Hindu

The rupee opened strongly against the dollar today.The rupee opened strongly against the dollar today.Today, the rupee opened 9 paise stronger at Rs 82.87 against the dollar. At the same time, on Thursday, the rupee strengthened by 8 paise and closed at Rs 82.96 against the dollar.Today BSE Sensex opened with a rise.Today, BSE Sensex opened at the level of 72200.96 points with a gain of about 555.66 points. Whereas NSE's Nifty opened with a gain of 171.30 points at the level of 21868.80 points. A total of 2,137 companies started trading in BSE today.

This evening, the rupee strengthened by 7 paise and closed at Rs 82.97 against the dollar.Whereas today the Sensex closed at the level of 71,645.30 with a fall of 106.81 points or 0.15 percent. Whereas Nifty closed at the level of 21697.45 with a fall of 28.25 points or 0.13 percent.

Telangana : Sangareddy Cotton farmers protest as CCI closes purchasing centreFarmers led by CPI (M) activists staged a protest as the Cotton Corporation of India has decided to close the cotton purchasing centre at Sadasivapet town from February 1While a few lorries and tractors carrying the cotton lined up at the CCI purchasing centre, the CCI officials have decided to close the Centre for five days informing the farmers that the jinning mill was filled with the cotton due to increased arrivals during the last few days.However, the farmers have alleged that the CCI was planning to close it down permanently for this year though a huge number of farmers have not yet sold their produce this year.

Recycled yarn: Mills’ new spin on sustainability goalsAhmedabad: Cotton spinning mills in Gujarat are taking a sustainable approach by recycling old clothes into recycled yarn. This eco-friendly initiative is gaining traction, with global brands actively retailing clothes made from recycled yarn. Typically, these recycled yarns consist of 70% of fresh cotton and 30% of recycled cotton yarn. Five spinning mills in the state have adopted this practice.Dr Bharat Boghra, chairman of the Spinners’ Association Gujarat (SAG), said, “The trend of recycling can be seen in various sectors. Five spinning mills have embraced this initiative due to growing demand, and more mills will follow suit if the concept proves successful.”Sources reveal that spinning mills reduce their reliance on the market by recycling old clothes. Omax Cotspin Pvt Ltd in Dhrangadhra, for example, recycles around 500 tonnes of old garments a month, producing recycled yarn to blend with virgin cotton yarn for global and domestic brands. Jayesh Patel, director of Omax Cotspin, said, “International consumers are aware about the usage of water, energy and manpower needed to produce clothes. Many global brands have set different goals for sustainability by 2030 and have increased focus on recycling to achieve their targets. We have installed a shredding machine in our factory and recycle around 500 tonnes of old garments every month. A number of global and domestic brands encourage the use of recycled yarn and we supply to them. We supply fresh yarn and recycled yarn based on demand.”Vaibhavlaxmi Spinning Mills Pvt Ltd in Kadi has also joined the initiative. Niranjan Patel, the company’s director, said, “We recycle waste generated during yarn-making and old fabric to turn it into fibre again. Increasing awareness of sustainability and steady demand for recycled yarn are driving factors.” The company incorporates 5-7% recycled yarn in its total production.

The rupee strengthened by 7 paise to close at Rs 83.04 against the dollar this evening.Today, the Sensex closed at the level of 71752.11 points with an increase of about 612.21 points. At the same time Nifty closed at the level of 21725.70 points with an increase of 203.60 points.