ICF Requests the Center to Eliminate the Import Tax on CottonThe Indian Cotton Federation (ICF), formerly known as the South India Cotton Association, held its 45th Annual General Meeting at GKS Cotton Chambers on September 29, 2024.J. Thulasidharan was re-elected as President of ICF for 2024–2025, with Adhitya Krishna Pathy and P. Nataraj continuing as Vice Presidents. Nishanth A. Asher and Chetan H. Joshi retained their positions as Honourary Secretary and Honourary Joint Secretary, respectively.During the meeting, J. Thulasidharan highlighted that the previous fiscal year was one of the most challenging due to a decline in textile demand. However, the industry is optimistic about the upcoming cotton season (2024–25), expecting higher yields compared to the previous season. Current estimates suggest the cotton crop could range between 330 to 340 lakh bales, which is a significant increase from last year’s figures. Incentives and a rise in the Minimum Support Price (MSP) have encouraged farmers to focus on improving both yield and quality.Thulasidharan pointed out that India’s raw material (cotton) prices are higher than global rates due to the prevailing import duty. He urged the government to address this issue to benefit both farmers and the industry. Lower interest rate financing and securing raw material availability were emphasized as critical for the sector’s growth.He also mentioned that Union Textile Minister Giriraj Singh, during a July 2024 meeting of the Textile Advisory Group (TAG), promised to review the parity between domestic and global cotton prices and explore reintroducing a new strain of BT cotton to enhance yields.Nishanth Asher reiterated that to maintain competitiveness, the Government must play a central role in addressing challenges such as price volatility, supply chain issues, and trade barriers. He emphasized that ICF would continue advocating for policies that support farmers, businesses, and trade.The federation’s primary appeal to the Union Government was to remove the import duty on cotton. Thulasidharan explained, "India's cotton prices are currently higher than global rates due to the import duty. Removing this duty would create a level playing field and help the Indian textile industry grow."Read More :> Bumper arrival of cotton in Khargone market, farmers got price up to Rs 7250
Surge in cotton prices in Khargone market, with farmers receiving up to Rs 7250Khargone: These days, there is a huge arrival of white gold, i.e. cotton in the major cotton market of Madhya Pradesh, due to which the faces of the farmers are blooming. The prices of cotton in the market have reached Rs 7250 per quintal, due to which there is enthusiasm among the farmers. On Monday, a record arrival of 7000 quintals of cotton was recorded in the market, in which high quality cotton was sold at high prices. Other crops like wheat, maize, and soybean also got fair prices, but their arrival was relatively less.Major cultivation of cotton in Khargone districtCotton is cultivated on a large scale in Khargone district, where farmers grow cotton on about 2 lakh 18 thousand hectares of land. According to market sources, on Monday, farmers arrived with 7000 quintals of cotton through 25 bullock carts and 470 other vehicles. The maximum price of high quality cotton was Rs 7250 per quintal, while the minimum price was recorded at Rs 4000 per quintal. The average price of cotton was Rs 5500 per quintal, which gave good income to the farmers.Read More :- Gujarat High Court Nullifies GST Orders on Cotton Seed Oil Cakes
Cotton Seed Oil Cakes: GST Orders are nullified by the Gujarat High CourtThe Gujarat High Court has set aside tax demands related to the supply of cotton seed oil cakes to traders, providing relief to the petitioner, a partnership firm involved in extracting and supplying cotton seed oil cakes.The petitioner argued that the product, known as "khol" in Gujarat, is used exclusively as cattle feed, with no other commercial purpose. However, GST officials rejected this claim during an audit, contending that the GST exemption applied only if the cakes were supplied directly for cattle feed, not for further trade. They claimed the petitioner had failed to prove that the cakes were specifically used as cattle feed, leading to short-payment of GST.The petitioner countered by asserting that it had sold the cakes for cattle feed purposes and was not responsible for verifying their ultimate use after sale. Therefore, it had rightly claimed the GST exemption.The court ruled in favor of the petitioner, stating that the supply to traders alone does not determine GST liability, as the end use of the product was not disputed. The ruling is particularly relevant in light of a government notification issued on September 29, 2017, exempting cotton seed oil cakes from GST. However, authorities had argued that the exemption was not retroactive, as the case involved transactions from an earlier period.Sandeep Sehgal, a tax partner at AKM Global, noted that the decision brings considerable relief to businesses within the cattle feed supply chain, ensuring they can claim GST exemption irrespective of whether the product is supplied to traders or directly to consumers.Read More :> Maharashtra Govt Distributes ₹2,399 Cr As Subsidy To Cotton & Soybean Farmers Ahead Of Assembly Elections
The rupee fell 2 paise to 83.81 against the US dollar in early trade.Mumbai, Oct 1 (PTI) Rupee fell 2 paise to 83.81 against the US dollar in early trade on Tuesday, tracking massive outflow of foreign funds amid volatile global markets.Read More :> India's monsoon rains hit four – year high in boost to crop output
The monsoon rains in India reached a four-year high, increasing crop yieldIndia's monsoon rainfall this year was its highest since 2020, with above-average precipitation for three consecutive months, helping the country recover from last year's drought, the state-run weather department said on Monday.India's annual 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.Rainfall over the country from June through September was 107.6% of its long period average, the highest since 2020, according to the India Meteorological Department (IMD).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.Above-average rainfall in September, arising from a delayed monsoon withdrawal, damaged some summer-sown crops like rice, cotton, soybean, corn, and pulses in certain regions of India.However, the rains may also enhance soil moisture, benefiting the planting of winter-sown crops such as wheat, rapeseed, and chickpea.India badly needed good rainfall in 2024 after its driest year in five years in 2023, which depleted reservoir levels and trimmed production of some crops. This forced New Delhi to impose curbs on exports of rice, sugar and onions.Rainfall distribution was generally good, which helped farmers expand areas under most crops, said Ashwini Bansod, vice president, commodities research at Phillip Capital India."This means we could have larger harvests of some summer-sown crops, potentially helping the government to relax trade restrictions in certain cases," she said.India on Saturday lifted curbs on exports of non-basmati white rice. That came a day after New Delhi cut export duty on parboiled rice to 10%, buoyed by a new crop in the offing and higher inventories in state warehouses.Read More :- Maharashtra Govt Distributes ₹2,399 Cr As Subsidy To Cotton & Soybean Farmers Ahead Of Assembly Elections
Before the assembly elections, the Maharashtra government distributes ₹2,399 Cr in subsidies to farmers of cotton and soybeansWith the Maharashtra assembly elections a month away, the Mahayuti government is focusing on farm issues, especially cotton and soybean growing farmers. In the cabinet meeting held on Tuesday, the government made a major announcement of distribution of Rs 2399 crores as subsidy to soya-cotton farmers.In the first phase, Rs 2,398 crore 93 lakh rupees are being deposited in the accounts of 49 lakh 50 thousand account holders. A total of Rs 4,194 crores are alloted through the DBT system, out of which Rs 1,548 crore 34 lakh have been provided for cotton and Rs 2,646 crore 34 lakh for soybeans growers. Total 96 lakh account holder farmers will benefit out of this scheme, said state minister Dhananjay Munde."The distribution of subsidies to cotton and soybean farmers for the kharif season of 2023 was launched today (Monday, September 30) in the state cabinet meeting. Chief Minister Eknath Shinde, Deputy Chief Minister Devendra Fadnavis and Ajit Pawar deposited the subsidy in the farmers' accounts online," the chief minister's office informed.Read More :- Cotton farming crisis in Andhra Pradesh: rising costs and falling yields
This evening, the rupee fell 9 paise to settle at 83.79 against the US dollarAt the close of trading, the BSE Sensex fell 1,272.07 points or 1.49 per cent to close at 84,299.78. The NSE's 50-share index, Nifty, fell 368.10 points or 0.41 per cent to close at 25,810.85.Read More :- Cotton farming crisis in Andhra Pradesh: rising costs and falling yields
In early trade, the rupee drops 6 paise to 83.75 against the US dollar.Rupee depreciated 6 paise to 83.75 against the US dollar in early trade on Monday amid negative equity market sentiment and outflow of foreign funds.Read More :>Cotton farming crisis in Andhra Pradesh: rising costs and falling yields
Andhra Pradesh's cotton agricultural crisis: declining yields and growing expendituresFarmers who have been struggling with cotton farming for four consecutive years are still sowing the crop with hope, but due to bad weather and pests, they are continuously suffering losses.Increase in pesticide cost:Infestation of pests on clothes and indiscriminate use of pesticides is increasing the cost of farmers. Cotton yield has decreased due to lack of rain and pest attack, due to which farmers are in debt.Disorganized procurement centersAlthough cotton picking has started, the government has not yet set up procurement centers. Private traders have brought down the prices of cotton to Rs 5,500 to Rs 6,500 per quintal, causing losses to farmers. Farmers have demanded the government to immediately intervene and set up CCI procurement centers.Debt and yield problemsThe cost of cotton cultivation is increasing, while the amount of yield per acre has decreased to only 4-5 quintals. Farmers say that if the price of cotton does not increase, they will have to suffer even bigger losses.Outbreak of Jaju diseaseThe outbreak of Jaju disease has increased on cotton plants, affecting the yield. Cotton leaves are turning red and production is falling drastically. Farmers are worried about this crisis and are demanding help from the government.Read More :> Textile Mills Urge Cotton Corporation of India to Establish Warehouses in Tamil Nadu
This evening, the rupee ended the day 6 paise weaker against the US dollar, at 83.70At the close of trading, the BSE Sensex closed 264.27 points, or 0.31 per cent, lower at 85,571.85, after hitting a new high of 85,978.25 during the day's trade. The NSE's 50-share index, the Nifty, fell 40.90 points, or 0.16 per cent, to close at 26,175.15, after hitting a new high of 26,277.35 during the day's trade.Read More :- Textile Mills Urge Cotton Corporation of India to Establish Warehouses in Tamil Nadu
Cotton Corporation of India is being urged by textile mills to open warehouses in Tamil NaduThe South India Spinners Association (SISPA) has requested the Cotton Corporation of India (CCI) to set up cotton warehouses in Tamil Nadu, as textile mills in the state consume 45% of the cotton produced nationwide.During its annual meeting in Coimbatore on September 25, 2024, SISPA emphasized the need for local warehouses to ensure easier access to cotton, the primary raw material for the mills. The Association also urged that mills lifting cotton contracted with CCI after the grace period be charged a lower interest rate of 6.5%, instead of the current 15%. Additionally, it called for the Central government to directly transfer the Minimum Support Price (MSP) to farmers who sell their cotton to CCI and to monitor mill purchases to prevent excessive stocking.SISPA further requested the Central government to exempt cotton imports from the 11% duty between April and October, ensuring raw material availability without harming farmers' livelihoods.Read More :- Department of Agriculture and Farmers’ Welfare releases Final Estimates of major agricultural crops for 2023-24
In early trade, the rupee climbs 3 paise to 83.63 against the US dollar.Sensex hits fresh record high of 85,955.5; Nifty climbs 34.5 points in early tradeBenchmark Sensex rallied 666 points to close at a fresh record high on Thursday following buying in auto and banking shares amid gains in global markets.Read More :> Cotton is being sold at more than the minimum support price in the grain markets of Haryana
This evening, the rupee ended the day 5 paise weaker versus the US dollar, at 83.64At the close of trading, the BSE Sensex rose 666.25 points or 0.78 per cent to close at 85,836.12. The Sensex hit a new high of 85,930.43 during the day. The NSE's 50-share index, the Nifty, rose 181.85 points or 0.70 per cent to close at 26,186.00. It also touched a new high of 26,250.90 during the day.Read More :- Clouds of crisis on cotton crop in Maharashtra
Rupee drops 11 paise to 83.69 against the US dollar.Rupee declined 11 paise to 83.69 against the US dollar in early trade on Thursday amid a strengthening dollar against overseas currencies and an increase in crude oil prices.Read More :> Department of Agriculture and Farmers’ Welfare releases Final Estimates of major agricultural crops for 2023-24
The primary agricultural crops' final estimates for 2023–2024 are released by the Department of Agriculture and Farmers' WelfareThe Ministry of Agriculture and Farmers’ Welfare has released Final Estimates of production of Major Agricultural Crops for the year 2023-24. These estimates have been primarily prepared on the basis of information received from States/ UTs. The crop area has been validated and triangulated with information received from Remote Sensing, Weekly Crop Weather Watch Group and other agencies. Crop yields estimates are majorly based on Crop Cutting Experiments (CCEs) conducted nationwide. The process of recording CCEs has been re-engineered with the introduction of the Digital General Crop Estimation Survey (DGCES), which was rolled out in major States during the 2023-24 agricultural years. The new system has ensured the transparency and robustness of the yield estimates.The total Foodgrain production in the country during 2023-24 is estimated at record 3322.98 LMT which is higher by 26.11 LMT than the production of food grains of 3296.87 LMT achieved during 2022-23. Food grain production witnessed record increase due to good production of Rice, Wheat and Shree Anna.Total Rice production during 2023-24 is estimated at record 1378.25 LMT. It is higher by 20.70 LMT than previous year’s Rice production of 1357.55 LMT. The Wheat production during 2023-24 is estimated at record 1132.92 LMT. It is higher by 27.38 LMT than previous year’s wheat production of 1105.54 LMT and production of Shree Anna is estimated at 175.72 LMT as compared to 173.21 LMT during previous year.During 2023-24, there were drought-like conditions in southern states, including Maharashtra & prolonged dry spell during August especially in Rajasthan. The moisture stress from the drought also affected the Rabi season. This mainly impacted production of pulses, coarse cereals, soybean & cotton.The details of production of various crops are given as under:Total Foodgrains– 3322.98 LMT (record)Rice -1378.25 LMT (record)Wheat – 1132.92 LMT (record)Nutri / Coarse Cereals – 569.36 LMTMaize – 376.65 LMTTotal Pulses – 242.46 LMTShree Anna– 175.72 LMTTur – 34.17 LMTGram – 110.39 LMTTotal Oilseeds– 396.69 LMTGroundnut – 101.80 LMTSoybean – 130.62 LMTRapeseed & Mustard – 132.59 LMT (record)Sugarcane – 4531.58 LMTCotton – 325.22 Lakh Bales (170 Kgs. each)Jute & Mesta – 96.92 Lakh Bales (180 Kgs. each) Read More :- Clouds of crisis on cotton crop in Maharashtra
The Indian rupee closed at 83.60 per dollar on Wednesday, up 7 paise from Tuesday's close of 83.67 per dollarAt the end of trading, the Sensex closed at 85,169.87 with a gain of 255.83 points or 0.30 percent. On the other hand, the Nifty closed at 26,004.15 with a gain of 63.75 points or 0.25 percent.Read More :- Clouds of crisis on cotton crop in Maharashtra
Maharashtra's cotton crop is facing clouds of calamityMarathwada, which is known as a cotton producing region, has not been able to sow cotton at the expected level in any district except Parbhani and Latur this year. Apart from this, adverse weather conditions are still continuing, due to which there is uncertainty about the future of cotton crop.In three districts under Chhatrapati Sambhajinagar Agriculture Division, cotton was cultivated on only 9 lakh 18 thousand 3 hectares as against the average sowing of 10 lakh 59 thousand 324 hectares. At the same time, in the five districts of Latur Agriculture Division, cotton was sown on only 4 lakh 54 thousand 806 hectares as against the average sowing of 4 lakh 85 thousand 88 hectares. Districts like Parbhani, Chhatrapati Sambhajinagar, Jalna, Beed and Nanded are considered to be the main cotton producing districts, but this time cotton sowing could not be done as expected in the rest of the districts except Parbhani. On the other hand, in districts like Latur, where soybean sowing is more, cotton acreage has more than doubled from the average.Although Latur's area is much smaller than the traditional cotton producing districts, the increase in cultivation here is considered significant. Cotton acreage is prominent in Jalkot and Ahmedpur talukas of Latur district. Farmers said that currently the cotton crop is in the flowering and boll stage, where 10 to 12 to 30 to 40 bolls are being seen.Persistent crisesDue to heavy rains in early September, cotton crop had to face the problem of sudden death in many places. Farmers who tried to control it got partial success. However, the danger of sudden death due to rain still remains in some areas. Apart from this, the impact of diseases like Bandsad and Lalia is also being seen on the cotton crop due to the infestation of pests, diseases and sucking insects. The problem of sudden death was seen severely in Beed, Shirur Kasar, Gevrai and Majalgaon talukas of Beed district, which has been recorded by the agriculture department. Experts said that this problem is also persisting in some parts of Chhatrapati Sambhajinagar and Jalna districts.Read More :- Cotton is being sold at more than the minimum support price in the grain markets of Haryana
In early trade, the rupee climbs 9 paise to 83.58 against the US dollar.Indian rupee opened 9 paise higher at 83.58 per dollar on Wednesday versus Tuesday's close of 83.67.The Sensex was down 153.98 pointsThe Sensex was down 153.98 points or 0.18 percent at 84,760.06, and the Nifty was down 73.50 points or 0.28 percent at 25,866.90.READ MORE :> Cotton is being sold at more than the minimum support price in the grain markets of Haryana
Indian rupee ended 12 paise lower at 83.67 per dollar on Tuesday against Monday's close of 83.55."Nifty Crosses 26,000 Amid Volatile Session; Sensex Ends Flat"Indian equity indices ended the trading session on September 24, 2024, on a flat note after a volatile session, despite the Nifty crossing the 26,000 mark for the first time. By the close, the Sensex was down by 14.57 points, or 0.02%, settling at 84,914.04, while the Nifty edged up by 1.40 points, or 0.01%, to 25,940.40. Read more:- Cotton is being sold at more than the minimum support price in the grain markets of Haryana
In Haryana's grain markets, cotton is being sold for more than the minimum support price.Hodal:- At present, the cotton crop is being sold at a price higher than the minimum support price (MSP) in the grain market of the sub-division. The main reason for this is the decrease in the area of cotton cultivation and the fall in production due to waterlogging due to rain. Although the crop has been damaged due to rain, the farmers are getting some relief by getting high prices. Currently, farmers are reaching the market of Hodal to sell cotton, where the price of cotton ranges from Rs 7400 to Rs 7900 per quintal.In 2023, till September 23, 11,528 quintals of cotton had arrived in the market, whereas in this financial year so far only 4144 quintals of cotton have arrived in the market. The MSP for short-fiber cotton has been fixed by the government at Rs 7121 and for long-fiber cotton at Rs 7521 per quintal. Long-fiber cotton is mainly grown in the Hodal area. Till last season, farmers had to agitate to sell cotton at MSP, whereas this time the situation is reversed. Due to reduction in cotton acreage and waterlogging in the fields due to heavy rains in September, there has been a huge reduction in production. This has increased the demand for cotton in the market and traders are buying cotton by paying good prices.Quality affected due to weatherThis year the quality of cotton has been affected due to adverse weather conditions, yet farmers are getting good prices. All the cotton that has come to the market so far has been purchased privately. In early September 2023, the price of cotton was Rs 5200 to Rs 6000 per quintal, which has now increased to Rs 7400 to Rs 7900. Due to paddy harvesting and wheat sowing in November, farmers are bringing less cotton to the market. The crop has suffered a lot due to heavy rains in the area.Big loss due to rainAccording to Mandi Secretary Virendra Kumar, till 23rd September last year, 11,528 quintals of cotton had arrived in the Mandi, whereas this year till now only 4144 quintals of cotton have arrived, which indicates that the crop has suffered a lot due to rain. Agriculture department officials believe that due to more diseases in the crop, farmers have also reduced the sowing of cotton this time.Read More :>India begins monsoon retreat with excess rain
| title | Created At | Action |
|---|---|---|
| ICF Appeals to Centre to Remove Cotton Import Duty | 01-10-2024 19:56:48 | view |
| Bumper arrival of cotton in Khargone market, farmers got price up to Rs 7250 | 01-10-2024 19:04:43 | view |
| Gujarat High Court Nullifies GST Orders on Cotton Seed Oil Cakes | 01-10-2024 18:44:06 | view |
| The rupee fell 2 paise to 83.81 against the US dollar in early trade. | 01-10-2024 17:21:48 | view |
| India's monsoon rains hit four – year high in boost to crop output | 01-10-2024 01:13:26 | view |
| Maharashtra Govt Distributes ₹2,399 Cr As Subsidy To Cotton & Soybean Farmers Ahead Of Assembly Elections | 01-10-2024 00:02:47 | view |
| The rupee declined by 9 paise to close at 83.79 against the US dollar this evening | 30-09-2024 23:30:38 | view |
| Rupee falls 6 paise to 83.75 against US dollar during early trade | 30-09-2024 17:25:40 | view |
| Cotton farming crisis in Andhra Pradesh: rising costs and falling yields | 28-09-2024 18:06:14 | view |
| The rupee closed 6 paise lower at 83.70 against the US dollar this evening | 27-09-2024 23:33:27 | view |
| Textile Mills Urge Cotton Corporation of India to Establish Warehouses in Tamil Nadu | 27-09-2024 18:56:20 | view |
| Rupee rises 3 paise to 83.63 against US dollar in early trade | 27-09-2024 17:30:38 | view |
| The rupee closed 5 paise lower at 83.64 against the US dollar this evening | 26-09-2024 23:38:45 | view |
| Rupee declines 11 paise to 83.69 vs dollar | 26-09-2024 17:21:04 | view |
| Department of Agriculture and Farmers’ Welfare releases Final Estimates of major agricultural crops for 2023-24 | 26-09-2024 00:39:50 | view |
| On Wednesday, the Indian rupee rose by 7 paise to close at 83.60 per dollar, while on Tuesday it closed at 83.67 per dollar | 25-09-2024 23:27:31 | view |
| Clouds of crisis on cotton crop in Maharashtra | 25-09-2024 20:10:48 | view |
| Rupee rises 9 paise to 83.58 against US dollar during early trade | 25-09-2024 17:32:06 | view |
| The rupee weakened by 12 paise, closing at 83.67 against the US dollar. | 25-09-2024 00:44:12 | view |
| Cotton is being sold at more than the minimum support price in the grain markets of Haryana | 24-09-2024 18:14:27 | view |
