This evening, the rupee held steady at 83.96 against the US dollarAt the close of trading, the BSE Sensex fell 581.79 points or 0.73 per cent to close at 78,886.22. The NSE's 50-share index, Nifty, fell 180.50 points or 0.74 per cent to close at 24,117.00.Read more :- Agricultural productivity: Cotton, soybean productivity to increase
Although unrest disrupts Bangladesh's textile sector, Karnataka sees an opportunity.Karnataka stands poised to capitalize on the disruption facing Bangladesh’s textile industry, as recent unrest in the neighboring country presents a potential advantage for India’s garment sector, according to Textiles Minister Shivanand Patil. Speaking at an event commemorating National Handloom Day on Wednesday, Patil emphasized that the instability in Bangladesh could benefit India’s textiles sector, and the state is preparing to leverage this situation.Patil noted that the turmoil in Bangladesh's garment industry creates a favorable opportunity for Karnataka. “The disruptions in Bangladesh are likely to impact their garment industry. This is an opportunity for us to explore and make the most of,” he said.Addressing the challenges faced by Karnataka's handloom sector, Patil highlighted the decline in income levels which has led many weavers to abandon their craft. He added that despite various welfare schemes provided by both state and central governments—including subsidies for electricity, low-interest loans, and educational scholarships for weavers’ children—the profession is struggling to attract and retain workers.Read More :> Agricultural productivity: Cotton, soybean productivity to increase
Productivity in agriculture: productivity for cotton and soybeans will riseMaharashtra News: Cotton and soybean are expected to produce good yields, leading the state's Kharif season this year. Agriculture department sources said that the productivity of both crops is likely to increase this year. Meanwhile, due to heavy rains in some parts of the state, water has accumulated in the fields of low-lying areas and the crops have started turning yellow and getting spoiled.If we look at sowing of soybean in the state since 2017, the average area has been 41 lakh hectares. However, this year farmers have increased the sowing area by 10 lakh hectares to 50 lakh hectares.The state's five-year average cotton area had become 42 lakh hectares. But in some areas, farmers switched from cotton to soybean. Due to this, cotton cultivation decreased to about 40 lakh hectares in the last season. It was estimated that the area would decrease further this year. But now it is clear that due to good rains, the area of cotton will not increase much this year, but it will not decrease either.Soybean crop has now reached the budding, branching to flowering stage. So cotton is now in the germination and sprouting stage in Vidarbha, Marathwada. According to the agriculture department, though cotton is in good condition, farmers and ginners should be cautious of pink bollworm. Keeping the ginning area clean and removing the previous fungus can help prevent bollworm infestation.Soybean and cotton are now facing two threats: excessive rainfall or rain at the time of harvesting. Last season, farmers had grown 66 lakh tonnes of soybean. Soybean productivity may increase from 1299 kg to 1413 kg per hectare compared to last year. If this happens, the total soybean production in the state is likely to exceed 72 lakh tonnes this year, believes the agriculture department.This year cotton production is also expected to increase from 88 lakh bales to 92 lakh bales (170 kg per bale). Last season, farmers got an average cotton productivity of 355 kg per hectare. If the weather remains favorable till harvesting, the productivity of cotton will increase by 40 to 50 kg this year. It is estimated that this year farmers can get about 400 kg of cotton per hectare.Read More :Bt Cotton Boosts Yield by 3-4 Quintals per Acre: Government Reports in Lok Sabha
Before the RBI MPC meeting, the rupee gains 1 paisa to 83.94 against the US dollar.Sensex down 280 pts, Nifty at 24200 reached upThe Sensex was down 288.27 points or 0.36 percent at 79,179.74, and the Nifty was down 91.60 points or 0.38 percent at 24,205.90. About 1796 shares advanced, 1231 shares declined, and 126 shares unchanged.Read More :> Ministry of Textiles empowers Ginners to produce Kasturi Cotton Bharat brand
This evening, the rupee ended the day 1 paisa down against the US dollar, at 83.96At the close of trading, the BSE Sensex rose 874.94 points or 1.11 per cent to close at 79,468.01. The NSE's 50-share index, the Nifty, rose 304.95 points or 1.27 per cent to close at 24,297.50.Read more :- Ministry of Textiles empowers Ginners to produce Kasturi Cotton Bharat brand
Ginners are authorized by the Ministry of Textiles to create the Kasturi Cotton Bharat trademark.Kasturi Cotton Bharat programme of Ministry of Textiles is a pioneering effort in traceability, certification and branding of Indian cotton. The details of Kasturi Cotton Bharat program and implementation of block chain technology for traceability.Kasturi Bharat initiative, a collaboration between the Government of India, trade bodies, and industry, was formalized with a budgetary support of Rs 30 crore including Rs15 crore from Trade & Industry Bodies through a MoU signed on15.12.2022 between Cotton Corporation of India on behalf of Government of India, Ministry of Textiles and The Cotton Textiles Export Promotion Council.To provide complete traceability of Kasturi Cotton Bharat tagged bales across the supply chain, QR based certification technology are being used at each stage of the processing and a Block-chain based software platform will provide end to end traceability and transaction certificate. In this regard, Microsite with QR code verification and Block Chain technology has been developed.The Kasturi Cotton Bharat programme is operational at the national level and its promotion is being made at national and international platform. Hence, the allocation of funds is not at state level.The implementation of Block chain Technology under the Kasturi Cotton Bharat program is designed for stakeholders across the entire Indian cotton value chain including Andhra Pradesh.All the ginners in the country including Andhra Pradesh have been empowered to produce Kasturi Cotton Bharat brand as per stipulated protocol and about 343 modernised ginning and pressing units including 15 ginning and pressing units of Andhra Pradesh have been registered so far for participating Kasturi Cotton initiative and about 100 bales of Andhra Pradesh have been certified under Kasturi Cotton Bharat brand.This information was given by the Union Minister of State for Textiles, Pabitra Margherita in a written reply today in the Lok Sabha.Read More :> Bt Cotton Boosts Yield by 3-4 Quintals per Acre: Government Reports in Lok Sabha
Government Reports in the Lok Sabha Show That Bt Cotton Increases Yield by 3–4 Quintals per Acre.The Indian Council of Agricultural Research (ICAR) has partnered with private companies to develop crop varieties, transfer technologies, and build capacity. A recent study by ICAR's Central Institute for Cotton Research (CICR) in Nagpur found that Bt cotton can increase yield by 3-4 quintals per acre.In a written reply in the Lok Sabha on Tuesday, Ramnath Thakur, Union Minister of State for Agriculture and Farmers’ Welfare, reported that ICAR-CICR observed a significant yield increase with the adoption of Bt cotton. The study also highlighted increased income for farmers due to higher yields and reduced insecticide costs against the cotton bollworm.ICAR-CICR conducted the study to evaluate the impact of Bt cotton in Maharashtra during 2012-13 and 2013-14 and also assessed its effects on soil ecology. The findings showed a drastic reduction in bollworm infestations and a decrease in the number of insecticide applications from eight to four. The study found no adverse effects of Bt cotton cultivation on soil ecological parameters.According to the Minister, the current net return from Bt cotton is estimated at ₹25,000 per hectare in rainfed conditions with appropriate agronomy. With the rapid adoption of Bt cotton, over 96% of the cotton cultivation area is now under Bt cotton.One Scientist, One Product’ InitiativeResponding to a query on ICAR's initiatives, Bhagirath Choudhary, Union Minister of State for Agriculture and Farmers’ Welfare, mentioned the 'One Scientist, One Product' approach to enhance research productivity in agriculture, animal husbandry, fisheries, and allied sectors. Agricultural scientists are involved in various research projects, producing technologies, models, concepts, methodologies, and publications.As part of the Centre’s 100-day action plan, ICAR aims to develop 100 new seed varieties and 100 farm technologies. Over the past decade, ICAR has developed 150 bio-fortified varieties, including 132 field crops and 18 horticultural crops.ICAR PartnershipsChoudhary also stated that ICAR has signed agreements with private companies to scale up crop varieties, transfer technologies, and build capacity. These memoranda of understanding (MoUs) focus on technology dissemination without involving intellectual property rights issues or financial costs for ICAR. About 176 MoUs with farmer organizations aim to enhance capacity building and technology dissemination.APMC and MSPRegarding Agricultural Produce Market Committee (APMC) regulated markets, Ramnath Thakur informed that there are 7,085 APMC-regulated markets in India, with Maharashtra having the most at 929, followed by Uttar Pradesh with 633. The government supports strengthening APMCs by improving services and infrastructure.On the Minimum Support Price (MSP), Thakur stated that the government fixes MSPs for 22 mandated agricultural crops based on the Commission for Agricultural Costs and Prices (CACP) recommendations. The government paid ₹2.48 lakh crore in MSP during 2023-24, up from ₹2.37 lakh crore in 2022-23.Read More :> Cotton Spinning Units Worried Over Escalating Situation in Bangladesh
Cotton Spinning Units Concerned About Bangladesh's Getting WorseThe Indian cotton spinning industry, already grappling with sluggish global demand, is now facing additional uncertainty due to the political turmoil in Bangladesh, the largest textile player after China.Ripple Patel, Managing Director of Fiotex Cotspin Private Limited, expressed concerns over the recent developments, stating, “The industry is worried about the uncertainty surrounding the fate of the containers en route to Bangladesh and the pending orders. With this turmoil, the yarn industry will face tremendous heat as spinning units are already suffering losses due to muted global demand caused by ongoing geopolitical crises in Europe and the Middle East.”Patel noted that payment delays resulting from the closure of banking and trading activities in Bangladesh would further strain the industry. In FY24, India exported raw cotton and cotton yarn worth $2.4 billion, with 34.9% of its total cotton exports going to Bangladesh, which is twice the amount exported to China. India and Bangladesh conducted bilateral trade totaling $11.1 billion in this financial year, with imports at $1.8 billion and a trade surplus of $9.22 billion.*Patel added that since textiles are one of Bangladesh's largest industries, the next government will likely protect its interests. However, the next two to three months could be particularly challenging for the Indian spinning industry. Orders destined for Bangladesh are now in limbo, and spinners will struggle to find new buyers.Industry sources estimate that around 200 to 250 containers of cotton yarn are exported to Bangladesh each month. Industry players are in discussions with ministries, embassy officials, and authorities at Chittagong Port to closely monitor the situation and formulate strategies accordingly.Read More :>Indian Textile Sector Pushes for Reassessment of Quality Control Orders
In early trade, the rupee climbs 2 paise to 83.90 against the US dollar.Sensex jumps 1,000 points, Nifty 50 above 24,300; Here’s what is driving the rallyThe BSE Sensex opened 972.33 points, or 1.23%, higher at 79,565.40, while the NSE Nifty 50 opened 296.85 points, or 1.12% higher at 24,289.40. Rally was also supported by the board markets as the Nifty Smallcap 100 and the Nifty Midcap 100 index surged over 1% each.Read More :>बांग्लादेश में संकट ने भारतीय कपड़ा निर्माताओं के शेयरों को बढ़ावा दिया
Bangladeshi Crisis Increases Indian Textile Manufacturers' Stock PricesIndian textile makers’ shares surged on bets they stand to gain from political turmoil in Bangladesh that threatens to disrupt supply chains.Bangladesh’s textile exporters face the risk of losing business amid political instability that saw violent protests forcing Prime Minister Sheikh Hasina to flee the country on Monday.The stocks of Indian manufacturers including KPR Mill, Arvind Ltd., Gokaldas Exports Ltd., Vardhman Textiles Ltd., and Welspun Living Ltd. all jumped more than 10% in Mumbai, on expectations of a higher market share.Bangladesh has enjoyed rapid growth in its exports of ready-made garments and other textile products, making it the second-largest exporter of such products in the world behind only China. The country’s textile exports were worth $45 billion in 2022, more than double that of India.“If there are frequent disruptions to the supply chains in Bangladesh then global buyers may look at alternatives,” said Prerna Jhunjhunwala, an analyst at Elara Securities Ltd. “Indian players are well poised to take market share in that case as they have vertically integrated capacity to service the needs of global companies.”Bangladesh’s military has promised to install a new interim government in the country after Hasina, one of Asia’s longest-serving leaders, resigned and fled the country amid protests that left scores of people dead.Read more :- Bangladesh Crisis: Textile Orders Likely to Shift to Indian Hubs Like Tiruppur
This evening, the rupee ended the day 10 paise down against the US dollar, at 83.95At the close of trading, the BSE Sensex fell 166.33 points or 0.21 per cent to close at 78,593.07. The NSE's 50-share index, Nifty, fell 63.05 points or 0.26 per cent to close at 23,992.55.Read more :- Indian Textile Sector Pushes for Reassessment of Quality Control Orders
The Indian Textile Industry Advocates for Reevaluating Quality Control OrdersThe Indian textile industry is calling on the government to reconsider the quality control orders (QCOs) imposed on upstream raw material products in the non-cotton sector. These QCOs, implemented over the last couple of years, were designed to ensure the import of quality raw materials in line with Bureau of Indian Standards (BIS) regulations.However, the downstream industry claims that these QCOs have had a detrimental effect, promoting monopolistic practices by a few producers of polyester and viscose fibers, along with their raw materials and yarn. The industry has appealed to Union Finance Minister Nirmala Sitharaman to reevaluate the QCOs to ensure the availability of raw materials at globally competitive prices and quality.Recently, the Supreme Court stayed the Gujarat High Court's order that reinstated anti-dumping duties on Purified Terephthalic Acid (PTA) imported from South Korea and Thailand.Ashish Gujarati, president of the Surat-based Pandesara Weavers Cooperative Society Limited, expressed in a letter to Finance Minister Sitharaman, “The government showed its sensitivity towards the downstream industry by challenging the Gujarat HC order in the Supreme Court. This court order will directly benefit fiber and yarn manufacturers and indirectly benefit the fabric and garment industry. It demonstrates that the government is very much concerned for the downstream and fabric industries. We are confident the government will take a positive approach if a sunset review begins.”Bharat Gandhi, chairman of the Federation of Indian Art Silk Weaving Industry (FIASWI), stated in a separate letter that QCOs cannot ensure quality. He emphasized that these orders have been disastrous for the industry, granting monopolistic advantages to a few upstream producers. The non-cotton fiber, yarn, and fabric industry is struggling to remain competitive in the global market due to dependency on local suppliers who have raised raw material prices because of restricted global supply through the QCOs. The industry maintains that QCOs fail to ensure a consistent supply of raw materials, rendering the downstream industry uncompetitive in the global textiles and garment market.Read More :Bangladesh Crisis: Textile Orders Likely to Shift to Indian Hubs Like Tiruppur
Bangladesh Crisis: Orders for textiles are expected to go to Indian centers like TiruppurAs the crisis in Bangladesh intensifies, the textile sector, which significantly contributes to the country's exports, is likely to suffer. International buyers are expected to shift their focus to alternative markets such as India.Industry experts predict that India could gain an additional $300-400 million in business per month if 10-11% of Bangladesh's textile exports are redirected to Indian hubs like Tiruppur.“We anticipate that orders may start coming to Tiruppur, and this financial year, we expect at least a 10% increase compared to last year,” said K M Subramanian, president of the Tiruppur Exporters’ Association.Bangladesh’s monthly apparel exports range from $3.5-3.8 billion, holding a significant market share in the European Union and the United Kingdom, and about 10% in the United States.Read More :> Bangladesh Crisis: Textile Orders Likely to Shift to Indian Hubs Like Tiruppur
Cotton Farmers Are Afraid about Low Yield Following Extended RainsNagpur: Vidarbha cotton growers are increasingly anxious due to prolonged rainfall, which has hindered the growth of their primary agricultural produce.Farmers fear the continuous rain may negatively impact the yield, potentially delaying the harvest and disrupting their cash flow cycle. Typically, the first round of cotton plucking around Dussehra provides crucial funds during the festive season.The persistent rains have also led to an overgrowth of grass in the fields, increasing cultivation costs. According to farmers, the lack of sunny days has created excessive humidity, which is detrimental to cotton growth. Ganesh Nanote, a farmer from Akola district, noted that cotton needs intervals of dry weather and sunlight for optimal growth, conditions that have been lacking this year.In Yavatmal’s Bori village, located on the Maharashtra-Telangana border, farmer Gajanan Singedwar reported that cotton plants should be at waist level and starting boll formation by this time of year. However, the rain has slowed growth, possibly pushing the harvest back to Diwali.Kishore Tiwari, former chairman of the Vasantrao Naik Shetkari Swavalamban Mission, a state government task force on farm crises, confirmed that cotton crops are affected across the state. "There needs to be at least a week's break from the rain for the crops to recover. The cycle is already delayed by twenty days," he said.Agriculture department officials are hopeful that a respite from the rains will help the crops recover. While early-sown cotton is already in the boll stage, late-sown cotton is likely to face more significant impacts from the adverse weather conditions.Read More :>Bangladesh Situation to Impact India's Cotton Exports
Bangladesh's Situation Will Affect India's Exports of CottonBangladesh Major Cotton Export Market for India,The ongoing political crisis in Bangladesh may not drastically affect India's overall trade, but it is poised to significantly impact India's cotton sector.India exports approximately $2.4 billion worth of cotton to Bangladesh, a key player in the global textile industry. Data from the Ministry of Commerce reveals that Bangladesh's share in India's total cotton exports has surged from 16.8% in FY13 to 34.9% in FY24. In FY24, raw cotton exports to Bangladesh constituted a quarter of India's total exports to the country.In FY24, Bangladesh was the top destination for Indian cotton exports, receiving more than double the amount exported to China, the second largest importer of Indian cotton.Read More :> BRAZIL: July Cotton Prices Reach Highest Levels Since March 2024
Brazil: July Sees the Highest Levels of Cotton Prices Since March 2024In July, the monthly average of cotton prices in Brazil reached the highest levels since March 2024, in real terms. This upward trend was mainly driven by limited supply in the spot market and firm pricing by many sellers focused on fulfilling contracts.However, there were periods during the month when prices dipped due to some sellers being more flexible, aiming to offload batches of the 2022/23 crop or to generate quick cash.The monthly average of the Index was BRL 4.0793 per pound, marking a 3.76% increase from June 2024 and a 3.1% rise compared to July 2023, in real terms (IGP-DI June 2024). This is the highest level since March 2024, when the price was BRL 4.3019 per pound. From June 28 to July 31, the CEPEA/ESALQ cotton Index (with payment in 8 days) rose by 2.67%, closing at BRL 4.0757 per pound on July 31.Cepea's calculations show that export parities FAS (Free Alongside Ship) fell by 6.6% from June 28 to July 29, reaching BRL 3.8782 per pound (USD 0.6890 per pound) at the port of Santos (SP) and BRL 3.8887 per pound (USD 0.6908 per pound) at the port of Paranaguá (PR) on July 29. The Cotlook A Index (product delivered in the Far East) also decreased by 7.2% in the same period, down to USD 0.7930 per pound on July 29.According to data from Abrapa (Brazilian Cotton Producers Association), 28.39% of the 2023/24 cotton area in Brazil had been harvested by July 25, and 9.96% of the production had been processed.Read More :>CCI Procures 33 Lakh Bales of Cotton at MSP This Season
In early trade, the rupee adds 24 paise versus the US dollar to 83.85.The BSE Sensex climbed 1,092.68 points to hit a high of 79,852.08The BSE Sensex climbed 1,092.68 points to hit a high of 79,852.08. It was later trading at 79,606.54, up 847.14 points or 1.08 per cent. Nifty hit a high of 24,382.60. It was later trading at 24,294.60, up 237.20 points or 0.99 per cent. Read More :>Bangladesh Extends Curfew, Shuts Down RMG and Textile Mills Amid Unrest
This evening, the rupee ended the day 10 paise down against the US dollar, at 83.85At the close of trading, the BSE Sensex fell 2,222.55 points or 2.74 per cent to close at 78,759.40. The NSE's 50-share index, Nifty, fell 667.75 points or 2.70 per cent to close at 24,055.60.Read more :- Bangladesh Extends Curfew, Shuts Down RMG and Textile Mills Amid Unrest
Amid unrest, Bangladesh extends the curfew and closes the RMG and textile mills.Bangladesh’s readymade garment (RMG) factories and textile mills will remain closed as the government has extended the curfew indefinitely and announced a three-day general holiday starting Monday due to the deteriorating law and order situation, according to sector leaders.Production in most RMG factories in Narayanganj and a few units in Gazipur was already suspended on Sunday amid ongoing unrest. The government extended the curfew starting from 6:00 PM on Sunday and declared a three-day public holiday beginning Monday. This decision came after clashes in 14 districts resulted in at least 42 fatalities involving protesters, law enforcement, and ruling party-backed groups.Abdullah Hil Rakib, Vice-President of the Bangladesh Garment Manufacturers and Exporters Association, stated that factories would comply with the government’s announcement of general holidays. “However, we will seek a meeting with the government to request permission to operate the units during the curfew and holidays,” he added.Bangladesh Textile Mills Association (BTMA) Secretary General Zakir Hossain conveyed in a text message that all BTMA member mills would remain closed during the three-day holiday from August 5-7 due to the deteriorated law and order situation. Decisions on reopening the mills will depend on the overall situation and further government declarations.Factory owners in Narayanganj reported that workers began production on Sunday morning but were later incited by outsiders to leave. Consequently, workers from Eurotex Knitwear Limited and IFS Texwear Pvt Limited exited their workplaces and took to the streets. This led to protests in several factories in Narayanganj BSCIC and Fatullah, prompting other factory owners to declare a holiday to protect their establishments, said Fazle Shamim Ehsan, Senior Vice-President of the Bangladesh Knitwear Manufacturers and Exporters Association.In Gazipur, production in some factories ceased after 3:00 PM as workers left their jobs, according to Abdullah Hil Rakib. Additionally, an official from the BTMA reported that the Outpace Spinning mill in Gazipur was set on fire by outsiders on Sunday afternoon.Read More :>Ginning Units in Indore Region Face Challenges with High Mandi Tax
In early trade, the rupee drops 8 paise to an all-time low of 83.80 against the US dollar.Sensex fell 1,533.11 points to 79,448.84 in early trade, while Nifty tumbled 463.50 points to 24,254.20. The benchmark indexes Nifty 50 and S&P BSE Sensex snapped their longest weekly winning streak in over 14 years on Friday, dragged by information technology stocks, after weaker-than-expected US economic data triggered a global selloff.Read More :>CCI Procures 33 Lakh Bales of Cotton at MSP This Season
| title | Created At | Action |
|---|---|---|
| The rupee closed unchanged at 83.96 against the US dollar this evening | 08-08-2024 16:29:04 | view |
| Karnataka Eyes Opportunity as Unrest Disrupts Bangladesh Textile Sector | 08-08-2024 12:59:43 | view |
| Agricultural productivity: Cotton, soybean productivity to increase | 08-08-2024 10:44:54 | view |
| Rupee rises 1 paisa to 83.94 against US dollar ahead of RBI MPC meet | 08-08-2024 10:20:38 | view |
| The rupee closed 1 paisa lower at 83.96 against the US dollar this evening | 07-08-2024 16:40:58 | view |
| Ministry of Textiles empowers Ginners to produce Kasturi Cotton Bharat brand | 07-08-2024 11:20:08 | view |
| Bt Cotton Boosts Yield by 3-4 Quintals per Acre: Government Reports in Lok Sabha | 07-08-2024 11:05:48 | view |
| Cotton Spinning Units Worried Over Escalating Situation in Bangladesh | 07-08-2024 10:47:08 | view |
| Rupee rises 2 paise to 83.90 against US dollar in early trade | 07-08-2024 10:18:45 | view |
| Crisis in Bangladesh Boosts Shares of Indian Textile Makers | 06-08-2024 16:54:42 | view |
| The rupee closed 10 paise lower at 83.95 against the US dollar this evening | 06-08-2024 16:31:20 | view |
| Indian Textile Sector Pushes for Reassessment of Quality Control Orders | 06-08-2024 12:31:20 | view |
| Bangladesh Crisis: Textile Orders Likely to Shift to Indian Hubs Like Tiruppur | 06-08-2024 12:13:10 | view |
| Cotton Growers Fear Low Yield After Prolonged Rains | 06-08-2024 11:29:16 | view |
| Bangladesh Situation to Impact India's Cotton Exports | 06-08-2024 11:11:07 | view |
| BRAZIL: July Cotton Prices Reach Highest Levels Since March 2024 | 06-08-2024 10:53:43 | view |
| Rupee rebounds 24 paise to 83.85 against US dollar in early trade | 06-08-2024 10:20:59 | view |
| The rupee closed 10 paise lower at 83.85 against the US dollar this evening | 05-08-2024 16:49:10 | view |
| Bangladesh Extends Curfew, Shuts Down RMG and Textile Mills Amid Unrest | 05-08-2024 11:11:07 | view |
| Rupee falls 8 paise to all-time low of 83.80 against US dollar in early trade | 05-08-2024 10:25:14 | view |
