India's Textile Sector Is Expected to Grow by $350 Billion by 2030, With Investment of Rs 90,000 CroreIndia’s textile sector is projected to grow into a $350 billion industry by 2030, with over Rs 90,000 crore expected to be invested in the next 3-5 years through initiatives like the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) scheme, the Ministry of Textiles announced on Thursday.The ministry highlighted that India's textile sector is experiencing robust expansion, with a 11% year-on-year growth in readymade garment exports across all textile categories. The promising August export figures underscore the sector’s bright outlook.Seven PM MITRA parks have been approved across the country, each expected to attract investments of Rs 10,000 crore. These parks are forecasted to generate nearly 1 lakh direct jobs and 2 lakh indirect jobs.Additionally, the PLI scheme is projected to drive investments of over Rs 28,000 crore, with a potential turnover of more than Rs 2 lakh crore. The initiative aims to create around 2.5 lakh jobs by boosting the production of man-made fiber (MMF) apparel, fabrics, and technical textile products, helping the industry scale and achieve greater global competitiveness.The ministry also noted that several major investment plans are in the pipeline, signaling a healthy future for India’s textile industry. India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment ExpectedIndia’s textile sector is projected to grow into a $350 billion industry by 2030, with over Rs 90,000 crore expected to be invested in the next 3-5 years through initiatives like the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park and the Production Linked Incentive (PLI) scheme, the Ministry of Textiles announced on Thursday.The ministry highlighted that India's textile sector is experiencing robust expansion, with a 11% year-on-year growth in readymade garment exports across all textile categories. The promising August export figures underscore the sector’s bright outlook.Seven PM MITRA parks have been approved across the country, each expected to attract investments of Rs 10,000 crore. These parks are forecasted to generate nearly 1 lakh direct jobs and 2 lakh indirect jobs.Additionally, the PLI scheme is projected to drive investments of over Rs 28,000 crore, with a potential turnover of more than Rs 2 lakh crore. The initiative aims to create around 2.5 lakh jobs by boosting the production of man-made fiber (MMF) apparel, fabrics, and technical textile products, helping the industry scale and achieve greater global competitiveness.The ministry also noted that several major investment plans are in the pipeline, signaling a healthy future for India’s textile industry.Read More :> Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh
In early trade, the rupee advances 2 paise to 83.96 against the US dollar.Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.11 per cent to 102.87 points.Read More :> India's Cotton Imports Likely to Increase in 2024-25 Crop Year
The rupee strengthened by 1 paisa to close at 83.97 against the dollar this evening.On October 10, Indian benchmark indices ended with gains amid volatility with the Nifty hovering around 25,000. At the close, the Sensex was up 144.31 points or 0.18 per cent at 81,611.41, and the Nifty was up 16.50 points or 0.07 per cent at 24,998.50.Read more:- India braces for above – average rains, rising temperatures in October
This evening, the rupee ended the day at 83.96 against the US dollar, unchanged.At the end of the trading session, the Sensex fell 167.71 points or 0.21 per cent to close at 81,467.10 and the Nifty fell 31.20 points or 0.12 per cent to close at 24,982.Read More :- Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh
In early trade, the rupee advances 5 paise to 83.92 against the US dollar.The rupee appreciated 5 paise to 83.92 against the US dollar in early trade on Wednesday, ahead of the Reserve Bank of India's monetary policy announcement.READ MORE :> Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh
The rupee strengthened by 2 paise to close at 83.96 against the US dollar this evening.At the close of trading, the BSE Sensex rose 584.81 points or 0.72 per cent to close at 81,634.81. The NSE's 50-share index, Nifty, rose 217.40 points or 0.88 per cent to close at 24,817.30.Readmore:- Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh
The government sets a goal for 11 states to produce 1,000 kg of cotton per hectare: Giriraj SinghThe government has set an ambitious target to achieve a cotton yield of 1,000 kilograms per hectare across 11 major cotton-producing states, inspired by the successful High-Density Planting System (HDPS) model used in Akola, Maharashtra.The Akola model involves planting more cotton plants per unit area to boost yields. Currently being implemented in Akola, this technique is set to be replicated nationwide in a bid to enhance productivity.India’s current average cotton yield of approximately 450 kg per hectare lags behind global competitors like China, Australia, and Brazil, where yields range between 2,000 and 2,200 kg per hectare.The states targeted for this initiative include Gujarat, Maharashtra, Telangana, Rajasthan, Karnataka, Andhra Pradesh, Haryana, Madhya Pradesh, Punjab, and Odisha.“We have developed a cotton production model based on best practices from Akola. Globally, countries like Japan, Brazil, Australia, and China produce around 2,000-2,200 kg per hectare, whereas India is at 450-500 kg," said Union Minister for Textiles, Giriraj Singh.He also emphasized that the cooperation of all stakeholders in the cotton industry is crucial to achieving these improved yield goals.Read More :- India's Cotton Imports Likely to Increase in 2024-25 Crop Year
In early trade, the rupee climbs 6 paise to 83.94 against the US dollar.At the interbank foreign exchange, the rupee opened at 83.97 against the U.S. dollar and rose to 83.92 before slipping marginally to 83.94, higher by 6 paise from its previous closeRead More :> CCI to Open 33 Cotton Procurement Centres to Support Farmers Amid Price Drop
This evening, the rupee closed 1 paisa lower at 83.98 against the US dollar.At the end of the trading session, the Sensex closed 638.45 points or 0.78 per cent lower at 81,050.00 and the Nifty closed 218.80 points or 0.87 per cent lower at 24,795.80.read more:- CCI to Open 33 Cotton Procurement Centres to Support Farmers Amid Price Drop
33 Cotton Procurement Centers Will Open by CCI to Assist Farmers During Price DropVijayawada Despite growing demand for cotton in the global market, prices in the state have fallen below the Minimum Support Price (MSP), largely due to significant crop damage caused by recent rains and floods. Private traders have seized the opportunity, citing the "inferior" quality of the cotton to offer lower prices.Farmers, who enjoyed substantial profits over the past four years, are now anxious to sell their produce. Factors such as the discoloration of white kapas (raw cotton), shortened staple length, and higher moisture content have contributed to this uncertainty.In response to farmers' concerns, the central government has instructed the Cotton Corporation of India (CCI) to intervene. After years of inactivity due to high market prices, the CCI will open 33 procurement centres to purchase cotton directly from farmers.These centres, including several ginning mills designated by the CCI, will be located across the state. In areas without ginning mills, the new procurement centres will operate within local agriculture market yards.Read More :- India's Cotton Imports Likely to Increase in 2024-25 Crop Year
In early trade, the rupee climbs 2 paise to 83.97 against the US dollar.Sensex climbs over 400 points to 82,106.27Sensex, Nifty, Share Prices LIVE: Sensex climbed 417.82 points or 0.51% to 82,106.27 as at 9.17 am, and Nifty 50 gained 103.90 points or 0.42% to trade at 25,118.50.Read More :> India's Cotton Imports Likely to Increase in 2024-25 Crop Year
India is Expected to Import More Cotton in the 2024–2025 Crop YearIndia is expected to see a rise in cotton imports during the 2024-25 crop year (October 2024-September 2025) due to lower carry-forward stocks and a potential drop in domestic output, driven by reduced acreage. Some traders have already contracted imports for the November-March period, capitalizing on recent low global prices, according to industry insiders.Atul Ganatra, President of the Cotton Association of India (CAI), said, “Imports could reach 35 lakh bales this year.” CAI data shows that India imported 16.40 lakh bales (170 kg each) by the end of August 2023 for the 2023-24 season. The expected increase in imports is linked to a 12-13 lakh hectare decrease in cotton planting. Ganatra also noted that there’s minimal carry-forward stock from 2023-24, with only 30 lakh bales of kapas (unprocessed cotton) from 2022-23 still with farmers. The USDA has forecast India’s 2024-25 cotton output at 24 million bales (480 pounds each), a 7% decline from the previous year's 25.80 million bales, mainly due to lower harvested areas.Landed Costs of Cotton ContractsAs of August, the CAI estimates closing stocks at 23.32 lakh bales by September 30, 2024, compared to 28.90 lakh bales the previous year. Ganatra also confirmed that 7-10 lakh bales have already been contracted for the November-March period. The landed cost of Brazilian cotton (28 mm) for December delivery, including 11% customs duty, is approximately ₹64,880 per bale. Australian cotton (29 mm) costs ₹69,120 per bale, while West African cotton (28.7 mm), which has a 5.5% duty, is priced at ₹63,480 for April-May 2025 delivery.As of October 4, CAI’s spot rates for 28 mm cotton were ₹56,700 per candy (356 kg), down by ₹400, while 29 mm cotton was priced at ₹58,000. On October 3, 37,500 bales were reported across the country, up from 14,800 bales the day before. Total arrivals since October 1 have reached 80,300 bales.Uncertainty Around Crop SizeGanatra cautioned that it is too early to make definitive predictions about the 2024-25 crop size, as recent rains have caused significant damage and delayed the crop by about a month in Maharashtra and Gujarat.Ramanuj Das Boob, Vice President of the All India Cotton Brokers Association, mentioned that around 10 lakh bales had been contracted when ICE futures were around 66-67 cents per pound. Currently, ICE futures are hovering at 72-73 cents per pound. Boob noted that further imports will depend on how Indian cotton prices respond as arrivals increase. Early arrivals have already softened the market.In Karnataka’s Raichur region, daily cotton arrivals range from 3,000 to 5,000 bales, with prices between ₹7,000 and ₹7,700 per quintal. In Telangana’s Adoni, prices range from ₹7,000 to ₹7,400 per quintal, with a high moisture content of around 10%, slowing down purchasing.The minimum support price (MSP) for medium staple cotton is ₹7,121 per quintal, while long staple cotton is priced at ₹7,521. Boob added that despite the reduced acreage, the crop outlook remains positive, though arrivals in Gujarat, Maharashtra, and Madhya Pradesh could be delayed. He expects improvements in arrivals after October 15.Read More :- Maharashtra: 30,000 quintals of cotton arriving in the market every day
This evening, the rupee held steady at 83.97 against the US dollarAt the close of trading, the BSE Sensex plunged 808.65 points or 0.98 per cent to close at 81,688.45. The NSE's 50-share index, the Nifty, fell 200.25 points or 0.79 per cent to close at 25,049.85.Read More :- Maharashtra: 30,000 quintals of cotton arriving in the market every day
Maharashtra: daily arrivals at the market of 30,000 quintals of cottonCurrently, 30,000 to 32,000 quintals of cotton are arriving in the country's markets every day, which is less than last season. Experts believe that due to the decrease in the arrival of cotton, its prices are improving.Last year, in early October, six to seven thousand bales of cotton were being imported into the country every day, but this year this figure is much less. The main reason for this is the decrease in cotton cultivation in North India this year. Currently, cotton is being imported only from North India, while cotton picking has started recently in states like Gujarat and Madhya Pradesh. Due to this, the arrival of cotton is low across the country, due to which there is no huge fall in prices. In the next seven to eight days, the arrival of cotton may increase to 50,000 to 55,000 quintals, and it is likely to increase further in November. However, farmers have very low stock of cotton at this time.The arrival of cotton is still low in Khandesh and other parts of the state, due to which the purchase of cotton has not started in the villages. Differences in cotton prices are being seen in different states and regions. The price of quality cotton in Khandesh is currently Rs 8,100 per quintal, while new cotton is being purchased at the rate of Rs 7,500 per quintal.Low stock with farmersAt present, cotton imports in the country have come to a standstill, and farmers have also not yet started storing cotton on a large scale. Due to drought conditions this year, cotton production per acre has been limited to only 80 kg to one quintal. Apart from this, heavy rains in Maharashtra, Gujarat and Madhya Pradesh have also damaged the cotton crop, which has seen a decline in production.Read More :- India braces for above – average rains, rising temperatures in October
Early trading has the rupee flattening at 83.96 against the US dollar.Rupee paused its slide and traded flat at 83.96 against the US dollar in early deals on Friday amid retreating crude oil prices and a weak American currency against major Asian rivals.Read More :> India braces for above – average rains, rising temperatures in October
October will bring above-average precipitation and temperatures in IndiaIndia is likely to receive above average rainfall in October after unusually high volumes for the past three months, a senior weather department official said on Tuesday, which could damage summer-sown crops ready for harvesting.October's rainfall is projected at more than 115% of the 50-year average, said Mrutyunjay Mohapatra, director-general of the India Meteorological Department (IMD).Farmers have begun harvesting summer-sown crops such as rice, cotton, soybeans, corn, and pulses. Rainfall during this period could disrupt the harvesting and damage the crops.Even in September above-average rainfall, arising from a delayed monsoon withdrawal, damaged some summer-sown crops in certain regions of India.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.The weather department is predicting heavy rain in the first half of October, right when most farmers are harvesting their crops. This has farmers really worried," said a Mumbai-based dealer with a global trade house.However, the rains in October may also enhance soil moisture, benefiting the planting of winter-sown crops such as wheat, rapeseed, and chickpea.The withdrawal of the monsoon started nearly a week later than usual this year, but it is likely to fully withdraw from the country around mid-October, Mohapatra said.India's annual June-September 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.In October, maximum and minimum temperatures in most parts of the country are likely to be above normal, Mohapatra said.Read More :- ICF Appeals to Centre to Remove Cotton Import Duty
This evening, the rupee fell 15 paise to settle at 83.97 against the US dollarAt the close of trading, the BSE Sensex plunged 1,769.19 points or 2.10 per cent to close at 82,497.10. The NSE's 50-share index, Nifty, fell 546.80 points or 2.12 per cent to close at 25,250.10.Read More :- Vidarbha Cotton Association Seeks Mandi Cess Waiver and GST on Cotton Seed Cake (khal)
The Vidarbha Cotton Association wants GST on cotton seed cake (khal) and a waiver of the mandi cess.The Vidarbha Cotton Association (VCA), representing farmers and ginners in the region, has called attention to key issues affecting the cotton industry. During Union Textile Minister Giriraj Singh’s recent visit to Nagpur, the association submitted a charter of demands outlining their concerns.One of the main requests is for the waiver of the mandi cess on cotton, particularly for cotton transported directly to factories without passing through mandi premises. The VCA argued that farmers receive minimal benefits from mandi services in such cases, as all necessary transactions occur at the factory. The association claims that this mandi tax, which varies across different mandis, imposes an unnecessary burden on farmers, leading to reduced cotton prices. "Waiving the mandi cess would enable farmers to secure better prices for their cotton, thereby improving their income," the letter stated.Additionally, the VCA is advocating for the imposition of a 4% GST on cotton seed cake. Currently exempt from GST, cotton seed cake is a key input in agriculture and animal husbandry, but its tax-free status complicates tax procedures for businesses. The association believes that imposing a 4% GST would streamline tax operations, promote transparency, and align with a more unified tax structure.* The VCA also pointed out that the absence of GST on cotton seed cake triggers the reverse charge mechanism (RCM) on cotton, creating cash flow challenges for traders and ginners, who face reduced working capital after paying GST under RCM. Introducing a 4% GST on cotton seed cake would eliminate the need for RCM on cotton, easing financial strain and simplifying operations for traders and ginners, according to the association.Read More :- Bumper arrival of cotton in Khargone market, farmers got price up to Rs 7250
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
| title | Created At | Action |
|---|---|---|
| India’s Textile Industry Poised for $350 Billion Growth by 2030, Rs 90,000 Crore Investment Expected | 11-10-2024 19:48:20 | view |
| Rupee rises 2 paise to 83.96 against US dollar in early trade | 11-10-2024 17:23:17 | view |
| This evening, the rupee gained 1 paisa against the dollar, finishing at Rs 83.97 | 10-10-2024 23:47:38 | view |
| The rupee closed unchanged at 83.96 against the dollar this evening | 09-10-2024 23:36:31 | view |
| Rupee rises 5 paise to 83.92 against US dollar during early trade | 09-10-2024 17:32:36 | view |
| This evening, the rupee appreciated by 2 paise against the dollar, finishing at Rs 83.96. | 08-10-2024 23:38:07 | view |
| Government Sets Target of 1,000 kg Cotton Yield per Hectare for 11 States: Giriraj Singh | 08-10-2024 19:10:41 | view |
| Rupee rises 6 paise to 83.94 against U.S. dollar in early trade | 08-10-2024 17:22:39 | view |
| The rupee weakened by 1 paisa to close at Rs 83.98 versus the US dollar this evening. | 07-10-2024 23:57:27 | view |
| CCI to Open 33 Cotton Procurement Centres to Support Farmers Amid Price Drop | 07-10-2024 18:47:35 | view |
| Rupee rises 2 paise to 83.97 against US dollar in early trades | 07-10-2024 17:53:54 | view |
| India's Cotton Imports Likely to Increase in 2024-25 Crop Year | 05-10-2024 18:25:31 | view |
| The rupee closed unchanged at 83.97 against the US dollar this evening | 04-10-2024 23:24:51 | view |
| Maharashtra: 30,000 quintals of cotton arriving in the market every day | 04-10-2024 18:06:33 | view |
| Rupee turns flat at 83.96 against US dollar in early trade | 04-10-2024 17:19:33 | view |
| India braces for above – average rains, rising temperatures in October | 03-10-2024 23:46:26 | view |
| The rupee declined by 15 paise to close at 83.97 against the US dollar this evening | 03-10-2024 23:17:10 | view |
| Vidarbha Cotton Association Seeks Mandi Cess Waiver and GST on Cotton Seed Cake (khal) | 03-10-2024 20:48:44 | view |
| Rupee opened at 83.93 per dollar in early trade, down 11 paise | 03-10-2024 17:25:28 | view |
| The rupee closed 3 paise lower at 83.82 against the US dollar this evening | 01-10-2024 23:31:50 | view |
