PLI Advantages Are Probably Going to Spread to More Textile ProductsThe government is planning to extend the Production Linked Incentive (PLI) scheme to additional items in the textiles, pharmaceuticals, and solar photovoltaics (PV) sectors, while also considering increasing its duration from five to six years. This move is aimed at boosting domestic manufacturing, driving investments, and increasing production and exports. Launched in 2021 with a budget of ₹1.97 lakh crore, the PLI scheme offers subsidies to manufacturers based on their production output and capital spending in key sectors like semiconductors, among others. Although the scheme has seen considerable success in mobile manufacturing and holds potential for electronics, telecom, and food processing industries, its progress has been slower in areas like textiles and solar PV. In response, the government is now considering expanding PLI benefits to cotton garments, in addition to its current focus on man-made fiber (MMF) apparel, MMF fabrics, and technical textiles. Cotton garments represent a significant portion of India’s textile exports, which largely come from small mechanized looms.The expansion is intended to support large-scale industrial parks linked to global value chains, with a specific focus on man-made fibers and technical textiles, which have struggled due to lower investment levels. According to officials, cabinet notes on the proposed expansion have been submitted to the Prime Minister’s Office and are awaiting final approval.Since its launch, the PLI scheme has attracted ₹1.5 lakh crore in investments, generated production worth ₹10 lakh crore, and facilitated the disbursement of ₹10,000 crore in incentives. Despite these successes, the textile and apparel sector has seen a decline in exports, dropping to $35.94 billion in 2023-24 from a record high of $44.51 billion in 2021-22, according to the commerce ministry.In the pharmaceutical and solar PV sectors, additional items are also being considered for inclusion in the PLI scheme to improve its overall impact and utilization.PLI Benefits Likely to Expand to More Textile ItemsThe government is planning to extend the Production Linked Incentive (PLI) scheme to additional items in the textiles, pharmaceuticals, and solar photovoltaics (PV) sectors, while also considering increasing its duration from five to six years. This move is aimed at boosting domestic manufacturing, driving investments, and increasing production and exports. Launched in 2021 with a budget of ₹1.97 lakh crore, the PLI scheme offers subsidies to manufacturers based on their production output and capital spending in key sectors like semiconductors, among others. Although the scheme has seen considerable success in mobile manufacturing and holds potential for electronics, telecom, and food processing industries, its progress has been slower in areas like textiles and solar PV. In response, the government is now considering expanding PLI benefits to cotton garments, in addition to its current focus on man-made fiber (MMF) apparel, MMF fabrics, and technical textiles. Cotton garments represent a significant portion of India’s textile exports, which largely come from small mechanized looms.The expansion is intended to support large-scale industrial parks linked to global value chains, with a specific focus on man-made fibers and technical textiles, which have struggled due to lower investment levels. According to officials, cabinet notes on the proposed expansion have been submitted to the Prime Minister’s Office and are awaiting final approval.Since its launch, the PLI scheme has attracted ₹1.5 lakh crore in investments, generated production worth ₹10 lakh crore, and facilitated the disbursement of ₹10,000 crore in incentives. Despite these successes, the textile and apparel sector has seen a decline in exports, dropping to $35.94 billion in 2023-24 from a record high of $44.51 billion in 2021-22, according to the commerce ministry.In the pharmaceutical and solar PV sectors, additional items are also being considered for inclusion in the PLI scheme to improve its overall impact and utilization.Read More :> Farmers of North Gujarat worried about monsoon devastation
Farmers in North Gujarat fear the destruction caused by the monsoonMehsana: This year monsoon is proving to be a curse for the farmers of North Gujarat. Continuous rains have ruined major crops like cotton and castor. Crops are rotting due to waterlogging in the fields, which has wasted the hard work of the farmers and increased their concern.Due to heavy rains last week, most of the fields were submerged in water, and the water had not yet receded when the rain started again. Due to this, the cotton crop standing in the fields is on the verge of drying up. Farmers are losing sleep in the struggle to save their crops.The situation is especially serious in Kansa village of Visnagar taluka of Mehsana district, where the problem of waterlogging has increased due to sticky soil. About 15 to 17 thousand population of this village is dependent on agriculture, where cotton, castor and oilseeds are the main crops. This year continuous rains have caused heavy damage to these crops, and the concern of the farmers is increasing.Mukeshbhai Patel, a farmer of Kansa village, says that he has five bighas of land on which he had cultivated cotton, castor and oilseeds. But due to heavy rains, the castor and sesame crops have been completely ruined, while the production of cotton has also decreased drastically. Where usually 35 to 40 maunds of cotton were produced in one bigha, this time due to waterlogging, the production will hardly be even 20 maunds.This condition of the farmers has happened due to the uncertainty of monsoon and excessive rain, due to which their season has been completely affected.Read More :- Farmers of North Gujarat worried about monsoon devastation
This evening, the rupee strengthened by 3 paise to close at 83.95 against the dollar.At the end of trading, the Sensex closed at 81,183.93, down 1017.23 points or 1.24%. The Nifty closed at 24,852.15, down 292.98 points or 1.17%.Readmore:- Indian Textile Industry Poised to Reach $300 Billion by 2030, Aims for $100 Billion in Exports: Government
In early trade, the rupee gained 2 paise to 83.95 against the US dollar.Mumbai, Sep 6 (PTI) Rupee rose by 2 paise to 83.95 against the US dollar in early trade on Friday amid a weaker dollar against major currencies overseas.Read More :> Indian Textile Industry Poised to Reach $300 Billion by 2030, Aims for $100 Billion in Exports: Government
The rupee closed 1 paisa lower at 83.98 against the US dollar this evening.At the close of trading, the BSE Sensex fell 151.48 points or 0.18 per cent to close at 82,201.16. The NSE's 50-share index, Nifty, fell 53.60 points or 0.21 per cent to close at 25,145.10.Read more:- Rains and Floods Ravage Over 20 Lakh Acres of Crops in Telangana
The Indian government projects that the textile industry will generate $300 billion by 2030 and export $100 billion.The Indian textile industry has the potential to grow into a $300 billion powerhouse by 2030, with $100 billion expected to come from exports, the government announced on Wednesday. Currently valued at $175 billion, including $38-40 billion in exports, the industry is playing a crucial role in driving India's GDP, according to Pabitra Margherita, Minister of State for Textiles and External Affairs.At Assocham’s ‘Global Textile Sustainability Summit,’ the minister highlighted the importance of sustainability in shaping the future of India's textile sector. He emphasized the need for India to take the lead in sustainable textiles while promoting global responsibility. Margherita advocated for innovation and collaboration, stating that economic growth must align with social responsibility and inclusivity.“India’s textile sector offers unique opportunities to set new standards in sustainability. Our progress must be guided by these principles, ensuring the industry thrives while also positively impacting the planet,” Margherita said during the event.Rohit Kansal, Additional Secretary at the Ministry of Textiles, identified four major trends driving the sector: steady growth with a compound annual growth rate (CAGR) of 8% in the domestic market, increased digitization, automation, and the integration of artificial intelligence (AI).Kansal also highlighted government policy initiatives, such as the production-linked incentive (PLI) scheme, PM Mega Integrated Textile Region and Apparel (PM MITRA) parks, and the National Technical Textile Mission (NTTM), all of which are creating world-class infrastructure, encouraging investment, and generating employment in the textile industry.“Our goal is not just to position India as a hub for sustainable textiles but to inspire a global shift toward a more responsible textile industry. Achieving sustainability will require commitment, collaboration, and innovation,” Kansal said.MS Dadu, Chairman of Assocham’s Textiles and Technical Textiles Council, noted the importance of adopting advanced technologies like waterless dyeing, digital processing, and energy-efficient garment manufacturing. “By embracing these innovations, we are setting a global standard for a more environmentally conscious industry,” Dadu added.Read More :> Tamil Nadu Textile Mills Struggling Amid Multiple Challenges
Rupee Gains 4 Paise Against US Dollar to 83.97The Indian rupee appreciated by 4 paise to 83.97 against the US dollar in early trade on Thursday, supported by a weakening American currency and positive domestic equities.Read More :> Rains and Floods Ravage Over 20 Lakh Acres of Crops in Telangana
This evening, the rupee closed at 83.97 against the dollar without any change.At the close of trading, the BSE Sensex fell 202.80 points or 0.25 per cent to close at 82,352.64. The NSE's 50-share index, Nifty, fell 81.15 points or 0.32 per cent to close at 25,198.70.Readmore:- Abohar Flooded After Continuous Rain, Cotton Farmers Fear Crop Damage
In Telangana, Rain and Floods Destroy Over 20 Lakh Acres of Crops Telangana has been severely affected by recent heavy rains and floods, leading to widespread crop damage across the state. Initial estimates suggested crop losses in about 4.15 lakh acres, but sources now indicate that over 20 lakh acres may have been destroyed. Final figures will be confirmed after a thorough assessment, but officials are already concerned about a significant decline in crop production this season.The worst-affected districts include Mahabubabad, Mulugu, Khammam, Nalgonda, Nagarkurnool, Mahabubnagar, Hanamkonda, Bhadradri Kothagudem, and Jangaon. Early assessments show that paddy, cotton, and maize have suffered the most, with cotton at particular risk since it was in the flowering stage. Standing water in fields could cause the plants to turn red and dry out, leading to further losses.Agricultural scientists warn that the situation could deteriorate if the rains continue, especially for cotton, which is cultivated on nearly 42.6 lakh acres in the state. Cotton cultivation has already decreased by nearly eight lakh acres during the current Vanakalam (Kharif) season, down from the normal sown area of 50.4 lakh acres.The ongoing heavy rains have severely disrupted agricultural activities, with sowing operations covering only 1.1 crore acres, compared to the season's normal sown area of 1.29 crore acres. Paddy is being cultivated in about 48 lakh acres and cotton in 42.6 lakh acres, both of which are now likely to see reduced production due to the adverse weather conditions.The relentless downpour has caused widespread concern among farmers, with 85,323 farmers already reporting significant losses across the state. Khammam district alone has seen 46,374 farmers affected, followed by Mahabubabad with 18,089 and Suryapet with 9,227.In addition to waterlogging, the majority of crops, including paddy, cotton, maize, soybean, sorghum, and millets, are facing an increased threat of pests, which could further impact production. The Agriculture Department is currently assessing the damage, with a full report expected soon to provide a comprehensive understanding of the losses. Read More :- Tamil Nadu Textile Mills Struggling Amid Multiple Challenges
Rupee Gains 2 Paise Against US Dollar to 83.96 Mumbai, Sep 4 (PTI) The rupee rose 2 paise to 83.96 against the US dollar in early trade on Wednesday aided by a weakening dollar against major currencies overseas and a drop in crude oil prices.Read More :> Tamil Nadu Textile Mills Struggling Amid Multiple Challenges
The rupee closed 5 paise lower at 83.97 against the US dollar this evening.At the close of trading, the BSE Sensex closed at 82,555.44, down 4.41 points or 0.0053 per cent. The NSE's 50-share index, Nifty, closed at 25,279.85, up 1.15 points or 0.0046 per cent.Read more:- Tamil Nadu Textile Mills Struggling Amid Multiple Challenges
Textile Mills in Tamil Nadu Are Struggling Despite Several ObstaclesTextile factories in Tamil Nadu are grappling with severe challenges, including declining demand, high electricity costs, and elevated raw material prices, which have persisted for nearly two years. To prevent losing market share to competitors from other states, the industry is urging both Central and State Governments to intervene and address these issues.Tamil Nadu, home to 24 million spindles across 2,100 textile mills, has seen a significant decline in production. Over the past two years, more than 500 mills have shut down, and 1,000 others are operating at reduced capacity.Ravi Sam, a former president of the Southern India Mills’ Association (SIMA), highlighted that yarn from states like Madhya Pradesh, Gujarat, Maharashtra, and Odisha is priced Rs. 20 to Rs. 25 per kilogram lower than Tamil Nadu's yarn, making it difficult for the state's mills to compete.A. Sakthivel, honorary chairman of the Tiruppur Exporters’ Association, noted that Tiruppur's knitwear units have started sourcing yarn from mills in other states due to more competitive pricing.S.K. Sundararaman, SIMA's current chairman, explained that Tamil Nadu mills produce various types and quality levels of yarn. However, the hosiery yarn market, crucial to Tiruppur's knitwear industry, is being lost to mills in other states. He suggested that Tamil Nadu’s mills need to shift to producing higher count yarn, invest in integrated plants, add value, or secure nominations from garment buyers.Additionally, states like Gujarat, Madhya Pradesh, and Odisha offer attractive packages, significantly impacting Tamil Nadu’s mills. As Tamil Nadu cannot produce enough cotton, mills are forced to import from other states, adding Rs. 8 to Rs. 10 per kilogram to the cost. This, coupled with subsidies in other states for power, capital investment, and talent development, has further eroded the competitiveness of Tamil Nadu’s mills.Industry experts recommend that Tamil Nadu focus on increasing the production of extra long staple cotton and consider providing some form of electricity subsidy to its mills. They also suggest that the Central Government should lower import duties on cotton and relax Quality Control Orders to help MSME textile mills remain competitive.Read More :> Abohar Flooded After Continuous Rain, Cotton Farmers Fear Crop Damage
Rupee drops to 83.95 in relation to the USDMumbai, Sep 3 (PTI) The rupee declined 4 paise to 83.95 against the US dollar in early trade on Tuesday due to a stronger greenback in global markets and weak domestic manufacturing data.Read More :>Cotton prices rise in Maharashtra ahead of new season
This evening, the rupee closed 6 paise lower at Rs 83.92 against the dollar.At the close of trading, the BSE Sensex closed at 82,559.84, up 194.07 points or 0.24 per cent. During the day's trading, the Sensex touched a new all-time high of 82,725.28 points. On the other hand, the NSE's 50-share index, Nifty, closed at 25,278.70, up just 42.80 points or 0.17 per cent. During the day's trading, the Nifty touched a new highest level of 25,333.65.Read more:- Cotton prices rise in Maharashtra ahead of new season
Rupee drops 3 pip to 83.88 against the US dollar.Rupee depreciates 3 paise to 83.88 against the US dollar in early trade on Monday, influenced by fluctuating crude oil prices and volatility in international dollar trade. Positive domestic equity market and foreign fund inflow capped the fall.Read More :> Floods in Bangladesh Disrupt Cotton Imports, Shipments May Shift to India
Imports of cotton are disrupted by flooding in Bangladesh; shipments may go to IndiaFlooding in Bangladesh has severely disrupted cotton supplies to the country’s garment factories, one of the world’s largest clothing production hubs. This disruption, coupled with recent political turmoil, has slashed garment production by 50%, according to industry officials. The floods have hindered transportation from Chittagong port, further aggravating delays in completing orders.With Bangladesh being a leading global cotton importer, the impact is significant. Industry leaders warn that if the supply chain issues aren't quickly resolved, the situation could worsen, potentially causing Bangladeshi manufacturers to lose 10%-15% of business to competitors.Amid these challenges, some cotton shipments may be redirected to India, Pakistan, and Vietnam. Analysts have noted increased interest from these countries for prompt cotton deliveries. Additionally, new garment orders originally destined for Bangladesh might shift to southern India.The Bangladesh garment industry, already grappling with power shortages, faces ongoing uncertainty as floods persist. This has led buyers to adopt a cautious approach, possibly delaying new orders and further straining the industry.Read More :- Cotton prices rise in Maharashtra ahead of new season
The rupee strengthened by 1 paisa to close at 83.86 against the US dollar.At the close of trading, the BSE Sensex rose 231.16 points or 0.28 per cent to close at 82,365.77. During the day's trading, the Sensex touched a new all-time high of 82,637.03 points. On the other hand, the NSE's 50-share index, Nifty, rose by just 83.95 points or 0.33 per cent to close at 25,235.90. During the day's trading, the Nifty touched a new highest level of 25,268.35.Read more:- Severe Weather Threatens Gujarat's Cotton and Peanut Crops Ahead of Harvest
Prior to the new season, cotton prices in Maharashtra increaseAhead of the start of the new cotton season, cotton prices have risen by about 3 per cent in the last 15 days. Currently, the available stock of cotton in the country has decreased, and cotton cultivation has also decreased by about 10 per cent. Along with this, crops have been damaged by rain in Gujarat and Maharashtra, due to which the market is seeing improvement.The new cotton season in India starts in October, while the arrival of cotton in the northern states starts from September itself, as cotton cultivation starts earlier there. Usually before the new season, cotton prices remain high during the off-season, but prices start softening before the new goods come to the market, as the supply increases.This year, however, the market witnessed a decline during the off-season due to several reasons. Cotton prices in the international market reached the lowest level in the last four years, which also put pressure on the domestic market. But, cotton prices in India remained stable compared to the international market, which ranged between Rs 6,800 and Rs 7,300. The main reason for this was the low supply in the country, which kept the prices stable.There was constant pressure in the cotton market for the last three months, raising concerns about the new season. Usually, prices rise in the off-season, but this year prices fell, creating uncertainty in the market. However, cotton prices have improved in the last two weeks due to three major reasons, giving a positive start to the season.Low cotton stockThe country currently has low cotton stock. Production was low last season, while consumption by domestic industries increased and exports are also estimated to be around 28 lakh bales. It is estimated that only 20 lakh bales of cotton will remain in the new season this year. If the arrival of new cotton is delayed due to rain, the shortage of cotton may increase furtherReduction in cultivationCotton cultivation has decreased by about 10 percent compared to last year. There has been a significant reduction in cultivation in northern states like Punjab, Haryana and Rajasthan. Apart from this, cotton acreage has also decreased in Gujarat and Maharashtra. Last season, cotton was cultivated in 122 lakh hectares in the country, which has come down to 111 lakh hectares this year. The decline in cultivation will reduce production, which has supported the prices.Heavy rainsIn recent days, many important cotton producing areas of Gujarat and Maharashtra have received heavy rains, causing damage to the crop. The same situation is in some parts of Madhya Pradesh. The market has already been affected due to low sowing and crop damage. Apart from this, good rains are also expected in September, which may affect the cotton crop. Due to all these reasons, prices are seeing improvement in the market.Read More : - Abohar Flooded After Continuous Rain, Cotton Farmers Fear Crop Damage
Abohar Flooded Following Nonstop Rain, Worries Cotton Growers About Crop DamageAbohar town and its neighboring villages have been battered by continuous rain for the past 24 hours, leading to severe waterlogging in several areas, including the Sub-divisional Administrative Complex. The situation has left farmers deeply concerned about the cotton crop, as many fields are now submerged.The rain continued intermittently throughout the day, exacerbating water accumulation in the city. The flooding in administrative offices disrupted operations, causing difficulties for both staff and visitors.Residents have expressed frustration that the state government relocated the divisional office of the Punjab Water Supply and Sewerage Board, leaving only junior engineers in Abohar. They also criticized the lack of budget and heavy equipment necessary to clean the main sewage lines before the monsoon season.Read More :> Severe Weather Threatens Gujarat's Cotton and Peanut Crops Ahead of Harvest
Gujarat's Cotton and Peanut Crops Face Danger From Severe Weather Before HarvestGujarat, India's leading cotton and peanut-producing state, is facing a severe threat from ongoing heavy rains and impending strong winds, just as the harvest season approaches. These adverse weather conditions could lead to flooding, endangering key crops in the region.The India Meteorological Department (IMD) has predicted significant rainfall for the Saurashtra and Kachchh regions of Gujarat, continuing for three days through Saturday. The situation is further aggravated by a deep depression near the coast, which is expected to intensify into a cyclone by Friday. Wind speeds could escalate to as high as 85 kilometers (53 miles) per hour, according to a Thursday bulletin.If the cotton crops suffer severe damage, India may be forced to increase its cotton imports, which could provide a boost to global cotton prices that have dropped nearly 15% this year. Meanwhile, a potential decline in peanut production could tighten supplies in the domestic market, impacting a nation that already imports approximately 60% of its vegetable oil needs.Earlier this week, parts of Gujarat experienced flash floods due to heavy rainfall, with one town recording up to 300 millimeters of rain in just 24 hours by Thursday morning, the IMD reported.The National Disaster Response Force (NDRF) has been dispatched to the affected regions, successfully rescuing over 500 individuals from waterlogged areas across several districts of Gujarat, the agency shared on social media.The IMD has issued warnings to oil exploration companies and port operators along the Gujarat and Maharashtra coasts, advising them to monitor the developing weather closely and take appropriate measures until Friday. Fishermen have also been cautioned to avoid the Arabian Sea due to the dangerous conditions.Read More :> Indian Textile Industry Urges Extension of MIP on All Knitted Fabrics to Curb Imports
| title | Created At | Action |
|---|---|---|
| PLI Benefits Likely to Expand to More Textile Items | 07-09-2024 10:57:16 | view |
| Farmers of North Gujarat worried about monsoon devastation | 06-09-2024 17:32:36 | view |
| This evening, the rupee gained 3 paise against the dollar, ending the day at Rs 83.95. | 06-09-2024 16:34:50 | view |
| Rupee rose by 2 paise to 83.95 against the US dollar in early trade | 06-09-2024 10:36:45 | view |
| This evening, the rupee finished at Rs 83.98 per dollar, marking a decline of 1 paisa. | 05-09-2024 16:33:54 | view |
| Indian Textile Industry Poised to Reach $300 Billion by 2030, Aims for $100 Billion in Exports: Government | 05-09-2024 14:00:36 | view |
| Rupee Rises 4 Paise to 83.97 vs US Dollar | 05-09-2024 10:21:58 | view |
| This evening, the rupee remained steady, closing at 83.97 against the dollar. | 04-09-2024 16:52:44 | view |
| Rains and Floods Ravage Over 20 Lakh Acres of Crops in Telangana | 04-09-2024 16:05:31 | view |
| Rupee Rises 2 Paise to 83.96 vs US Dollar | 04-09-2024 10:18:20 | view |
| This evening, the rupee finished 5 paise lower at 83.97 against the US dollar. | 03-09-2024 16:32:18 | view |
| Tamil Nadu Textile Mills Struggling Amid Multiple Challenges | 03-09-2024 12:35:00 | view |
| Rupee Falls to 83.95 Against US Dollar | 03-09-2024 10:22:24 | view |
| This evening, the rupee fell by 6 paise, ending at Rs 83.92 against the dollar. | 02-09-2024 16:54:36 | view |
| Rupee Falls 3 Paise to 83.88 vs US Dollar | 02-09-2024 10:26:06 | view |
| Floods in Bangladesh Disrupt Cotton Imports, Shipments May Shift to India | 30-08-2024 18:47:59 | view |
| The rupee gained 1 paisa, ending at 83.86 per US dollar. | 30-08-2024 16:46:49 | view |
| Cotton prices rise in Maharashtra ahead of new season | 30-08-2024 16:35:50 | view |
| Abohar Flooded After Continuous Rain, Cotton Farmers Fear Crop Damage | 30-08-2024 11:19:35 | view |
| Severe Weather Threatens Gujarat's Cotton and Peanut Crops Ahead of Harvest | 30-08-2024 10:58:14 | view |
