Price may be at record high this season, but cotton arrival in Punjab mandis slowest in five yearsThe arrival of cotton, the second biggest kharif crop in Punjab, has been slowest in the last five years, indicating a drastic fall in production this season.Even as the price of the ‘white gold’ showed a record-breaking upward trend this season due to high demand in the international textiles sector, markets in Punjab continue to have lesser raw produce.Experts attribute poor production to the pink bollworm attack in the cotton-producing districts of Bathinda, Mansa and pockets of Sangrur and Barnala district. According to the assessment made by the state revenue department and field inspections by the agriculture authorities, the standing crop in the four districts was severely hit.However, the crop was not affected in other cotton-producing districts, Fazilka and Muktsar.Quoting the ongoing arrival trend, state authorities say Punjab this time may find it challenging to touch even 50% of the 50 lakh quintal cotton produced in 2020-21. Punjab Mandi Board data shows 7.98-lakh quintal cotton was purchased in nine districts till November 18 as compared to 16 lakh quintal for the corresponding period last year.In 2016-17, 9.16-lakh quintal crop was purchased in various mandis whereas 9.15-lakh quintal was recorded in south Punjab districts in 2017-18. More than 10 lakh quintal cotton was sold each in 2018 and 2019.Officials said this is the only bad season since 2015-16 when the crop was hit by a widespread infestation of whitefly. That season, 6.38-lakh quintal cotton arrived in mandis till November 18 whereas the total production was about 21 lakh quintals. Cotton was purchased by private buyers between ₹5,300-6,195 per quintal that year.This season, the crop touched a record-breaking rate ₹10,500 per quintal on November 1. Punjab Mandi Board cotton state coordinator Rajnish Goel said it is unlikely that farmers could be holding back the cotton stock as the prevalent prices offered by private players is exceptional.Industry sources say there were strong feelers that rates would start dropping after the first week of November as cotton picking in southern states gained momentum.
*All India Weather Forecast for November 22, 2021**Weather systems made across the country*There is a deep low pressure area over the east-central Arabian Sea and the associated cyclonic circulation extending up to about 5.8 km above mean sea level.A trough is extending from a cyclonic circulation associated with a low pressure area over East Central Arabian Sea to Southeast Rajasthan across Gujarat.A cyclonic circulation lies over South Interior Karnataka and adjoining region, extending up to 5.8 km above mean sea level.*Weather movement across the country during the last 24 hours*The minimum temperature has dropped by 2-3 degrees over Northwest India.During the last 24 hours, light to moderate rain with isolated heavy falls occurred over Tamil Nadu, North Interior Karnataka, Goa, Kerala and Coastal Karnataka.Light to moderate rains occurred over parts of North Tamil Nadu, Lakshadweep, Andaman and Nicobar Islands, Coastal Andhra Pradesh, Rayalaseema and South Madhya Pradesh.Light rain occurred over East Rajasthan, remaining parts of Madhya Pradesh, Central and East Uttar Pradesh, parts of Jharkhand, Konkan and Goa, parts of Vidarbha, Marathwada, Madhya Maharashtra and Chhattisgarh.*Weather activity likely during next 24 hours*During the next 24 hours, light to moderate rain with one or two heavy spells is likely over Andhra Pradesh, Rayalaseema and Karnataka.Moderate rain with light rain may occur at isolated places over Tamil Nadu, Andaman & Nicobar Islands, Lakshadweep, parts of Kerala, Goa, Madhya Maharashtra, Marathwada, Telangana and Chhattisgarh.Isolated light rain is possible over Vidarbha, South Madhya Pradesh, Odisha, Arunachal Pradesh and Nagaland.
India records close to 15% rise in export of agricultural, processed food products in April-OctoberIn a major boost to export prospects of agricultural produce, India registered a significant surge in export of agricultural and processed food products in the April-October period of the current Financial Year, 2021-22, in comparison to the corresponding seven month period of last fiscal, 2020-21.According to the quick estimates released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the overall export of Agricultural and Processed Food Products Export Development Authority (APEDA) products witnessed 14.7 per cent growth in terms of USD during April-October 2021 over the same period of the previous year.The overall export of APEDA products increased from USD 10,157 million in April-October 2020 to USD 11,651 million in April-October 2021.The significant jump in exports of agricultural and processed food products during the first seven months of current fiscal is in continuation of growth in exports witnessed in the financial year 2020-21.India reported a significant 85.4 per cent jump in export of other cereals while the export of meat, dairy & poultry products witnessed an increase 15.6 per cent in the first seven months of the current fiscal (2021-22).The export of other cereals increased from USD 274.98 million in April-October 2020 to USD 509.77 million in April-October 2021 and the export of meat, dairy and poultry products increased from USD 1978.6 million in April-October 2020 to USD 2286.32 million in April-October 2021.The rise in export of agricultural and processed food products is because of APEDA’s various initiatives taken for the export promotion of agricultural and processed food products such as organizing B2B exhibitions in different countries, exploring new potential markets through product-specific and general marketing campaigns by active involvement of Indian Embassies.The APEDA has also taken several initiatives to promote products having registered geographical indications (GI) in India by organizing virtual Buyer Seller Meets on agricultural and food products with UAE and on GI products, including handicrafts with USA. APEDA is continuing with the initiative of conducting Virtual Buyer Seller Meets (VBSM) with potential importing Countries to popularize the GI products of major agricultural commodities exported.In order to ensure seamless quality certification of products to be exported, APEDA has recognized 220 labs across India to provide services of testing to a wide range of products and exporters.APEDA also assists in upgradation and strengthening of recognized laboratories for export testing and residue monitoring plans. APEDA also provides assistance under the financial assistance schemes of infrastructure development, quality improvement and market development for boosting export of agricultural products.For boosting exports, APEDA compiles and disseminates various international trade analytical information, market access information amongst exporters and address trade enquiries.
Falling cotton, soya prices, not farm laws, worry Vidarbh farmersHere, the farmers are concerned about prices of cotton and soyabean — the two main crops of the region. They are worried that the textile and poultry industry lobbies may soon succeed in bringing down rates of the two crops.While cotton is used for making yarn, soyabean is also a raw material for chicken feed.The prices of cotton, which had touched an all-time high crossing Rs8,500 a quintal, have now come down to the range of Rs7,500 to Rs8,000 a quintal. Soyabean rates too crashed from all-time high of over Rs10,000 a quintal, now settling at Rs5,600 to Rs5,700 for the better grade. After over a decade, rates of the two crops had reached a level that the farmers had always hoped for.Gajanan Sindadwar at Yavatmal-Telangana border said that cotton rates had fallen by Rs900 touching Rs7,500 quintal. Soyabean was at Rs5,000 quintal and hoped it should be at least Rs6,000.Former MP and Swabhimani Paksha leader Raju Shetti has already initiated an agitation seeking intervention to improve rates of soyabean. In Maharashtra, sale of farm produce is already allowed outside agriculture produce marketing committee’s (APMC) yards. The state also allows contract farming.“There was little impact of the whole issue on the farmers here. In Maharashtra any one can get a licence and even purchase farm produce out of the APMC areas. Buying fresh vegetables doesn’t even need a licence,” said Sudhir Kothari, chairman of APMC at Hinganghat in Wardha district.Ganesh Nanote, a cotton grower from Akola, said that the textile industry and poultry lobby are already making representations demanding measure to reduce prices of cotton and soyabean.The farmers are at a loss due to low yield of cotton. Nitin Khadse from Yavatmal said that his primary concern was the low cotton yield.Shetti’s party will be continuing the agitation over soyabean prices.“Going against the very spirit of Essential Commodities (Amendment) Act, the Centre imposed stock limit on soyabean. This led to a crash in rates of the produce, he said.“We are also demanding a law making purchase at MSP mandatory. Even if the MSP is declared for a number of crops, farmers have to even settle at rates lower than that. It should be made mandatory for even private traders to buy at MSP,” he said.Kishore Tiwari, the chairman of Vasantrao Naik Shetkari Swavlamban Mision, said the farmers crisis in Vidarbha has different dynamics. “The farm laws have already been eased in the state but it has made a little impact on farmers’ earnings,” he said.On the other hand, consumer activist Shahid Sharif said repealing the Essential Commodiies (Amendment) Act will help in keeping the prices under control.
Prime Minister Modi announces repealing of three farm lawsThe prime minister addressed the nation on Friday at 9 am, announcing the constitutional procedures to repeal all the three farm laws will begin from the upcoming Parliamentary session. Thousands of farmers from Punjab, Haryana, Uttar Pradesh and Rajasthan have been camping outside Delhi since November 2020, demanding that the laws be withdrawn.
*All India Weather Forecast for November 19, 2021**Weather systems made across the country*A Low Pressure Area is persisting over Southwest and adjoining West Central Bay of Bengal off North Tamil Nadu and South Andhra Pradesh coast. The associated cyclonic circulation extends up to 5.8 km above mean sea level and is very likely to intensify into a depression soon.Another Low Pressure Area is over East Central Arabian Sea off Maharashtra coast and the associated cyclonic circulation is extending up to 5.8 km above mean sea level. It will move in a west-northwest direction and intensify into a deep low pressure in the next two days.A trough is extending from North Maharashtra Coast to South Gujarat Coast from a cyclonic circulation associated with Low Pressure Area over Arabian Sea.A Western Disturbance lies over northern parts of Jammu and Kashmir and adjoining parts of North Pakistan.*Weather movement across the country during the last 24 hours**During the last 24 hours, Tamil Nadu received moderate to heavy rains.*Light to moderate rain accompanied by heavy rain occurred at one or two places over South Coastal Andhra Pradesh and Kerala.Light to moderate rain occurred over Andaman and Nicobar Islands, Rayalaseema, parts of Interior Karnataka and Konkan and Goa.Light rain occurred over Kerala, remaining parts of Coastal Andhra Pradesh, parts of Madhya Maharashtra, Gujarat, South Rajasthan and parts of Vidarbha and Marathwada.*Weather activity likely during next 24 hours*During the next 24 hours, moderate to heavy rains are likely over North Tamil Nadu, South Interior Karnataka, parts of Rayalaseema and South Coastal Andhra Pradesh.Light to moderate rain may occur over remaining parts of Tamil Nadu, Coastal Karnataka, parts of Lakshadweep and Andaman and Nicobar Islands.Light to moderate rain is possible over North Interior Karnataka, remaining parts of Coastal Andhra Pradesh, parts of Telangana, Konkan and Goa, Madhya Maharashtra, South Rajasthan, parts of West Madhya Pradesh and parts of East Gujarat.Light rain is possible at isolated parts of South Chhattisgarh, South Odisha, Vidarbha and Marathwada.
Resolve Cotton Pricing issue in the spirit of Collaboration rather than competition," said Shri Piyush Goyal, Union Minister of Textiles, Commerce & Industry, Consumer Affairs and Food & Public Distribution, while speaking to Textile Industry players in a meeting, here today. He asked the Textile Industry leaders not to push Government to intervene.Shri Goyal cautioned the cotton bale traders from manipulation of prices or do hoarding to make unfair profits.The Minister further stated that manufacturing sectors should not depend on Government support for growth. Too much dependence of State support is not healthy for the robust growth of the sector. The Minister was intervening to resolve issues regarding cotton yarn prices between cotton yarn manufacturers and down stream Textile industry.He said that Farmers interests is being taken care off for the first time as they are now getting better cotton prices supported by very good base MSP. Pricing issue of cotton bales and yarn for the Industry should not be allowed in any way to impact the better prices which farmers are getting, he added.Shri Goyal said that idea of short term Super normal profits by a section of players in Textile value chain is not sustainable. “No one should force the Government to intervene. Let free and fair market forces play out .Super normal profits should not be booked for short term goals”, he said.The Minister further mentioned that whole value chain gets adversely impacted even if one section gets weak. Aatma Nirbhar bharat applies to every one in value chain. All must get benefitted and all must grow. He said that Cotton bale and yarn prices need to be such that all get benefitted . He exhorted that all stake holders in Textile Value chain need to support each other for long term sustainable growth.Shri Goyal cautioned the cotton bale traders from manipulation of prices or do any hoarding to make unfair profits. The Minister added that reasonable profits are good and acceptable but undue advantage can not be allowed to be taken by any one value chain. He also said that no one would be allowed to come in the way of better cotton prices to Farmers.It may be noted that cotton production is estimated at 362.18 lakh bales. The cotton season 2021-22 commenced with an estimated carry over stock of 73.20 lakh bales (COCPC meeting dated 12.11.2021). Opening stock in the country is adequate to meet about two and half month’s mills consumption. Cotton prices are ruling above MSP level by about 40% i.e. Rs.8500 per quintal as against MSP rate of Rs.6,025/ -per quintal. Farmers are getting reasonably good prices for their produce which is in tandem with other agri-commodities as well.World cotton acreage is expected to increase by 4% to 33.27 million hectare as against 31.97 million hectare of last year. Whereas world cotton production is projected to increase by 6% to 1512 lakh bales (25.72 MMT) as against 1426 Lakh bales (24.26 MMT) of last year and world cotton consumption is expected to increase by 2% to 1530 lakh bales (26.01 MMT) as against 1505 lakh bales (25.60 MMT) of last year.Earlier also, Shri Goyal held a review meeting of Cotton Corporation of India (CCI) to discuss ways to strengthen procurement processes to further support livelihoods of our cotton farmers.Minister of State for Textiles and Railways, Smt. Darshna Jardosh, Shri U.P. Singh, Secretary Textiles, Shri Pradeep Agarwal, CMD, CCI and senior officials of CCI, Textiles industry players and exporters participated in the meeting.CCI is appointed as a Central Nodal Agency under Ministry of Textiles for undertaking Minimum Support Prices (MSP) operations for cotton. It safeguards the economic interest of cotton farmers, ensures the benefit of MSP to bonafide cotton farmers and undertakes MSP Operations in the event prices of Fair Average Quality (FAQ) grade kapas fall below the MSP level.
Piyush goyal ji Held an interactive meet with representatives of Cotton Industry & Exporters.Stressed on collaborative efforts & focus on quality for increasing productivity & enhancing exports.Discussed ways to ensure reasonable profits for all stakeholders especially our cotton farmers.
Today evening, the rupee strengthened by 3 paise to close at Rs 74.24 against the dollar.Sensex Dhadam: Sensex closed after breaking 433 pointsToday the stock market closed with a fall. Today, where the Sensex closed at a level of 59575.28, down 433.05 points. On the other hand, Nifty closed at 17764.80, down 133.90 points.
Meeting with Textile Minister is now over. Status as it is, Piyush Goyal suggests for free trade, No restrictions looks possible. Textile Minister requests everyone to behave reasonably and maintain healthy relationship between all stakeholders Will review again after one month
Cotton bale & yarn price hike threaten Karur textile manufacturersRising prices of cotton bale have posed a huge threat to Karur textile manufacturing and export industries, which are gearing up for the Annual International Textile Fair/Expo, which is set to take place in January in Germany as majority of the trade depends on foreign orders received during the expo.The cities of Tiruppur and Karur are known for textiles in Tamil Nadu. While the former is famous for garments, the latter is famous across the globe for household textiles and decorative items such as curtains, cushions, pillow cases, bedspreads, blankets, sofa pillows and table covers. Around 90 per cent of the products manufactured here are exported to foreign countries.The drastic hike in the prices of cotton bale, in this scenario, has raised concerns among industrialists. With the international expo set to take place this January where Karur industries receive the majority of their orders, the price hike has worried them.Karur Textile Manufacturing and Exporters Association member Dr Stiffen Babu said, "Frequent and drastic price hike of cotton bales has been strangulating manufacturers and exporters in Karur. The price of cotton bales has been hiked by 35 per cent in recent times. Cotton bale manufacturers, citing the cotton price hike, have been increasing the cost of bales and yarn frequently. But that is not true as cotton, which is sold for Rs 90,000 a 'boulder' (load) on the international market, costs only Rs 62,000 here. The government must intervene and put a cap on the price, fix a price for cotton bales for at least three months and stop exporting cotton and ales until the inflation comes to normal. The textile fair is set to take place from January 11 to 14 next year. Our trade got affected in the past two expos owing to the pandemic. This time we expect to receive orders worth around Rs 1,000 crore. But many are worried to take up foreign orders owing to cotton bale and yarn price. A 2/20 cotton yarn bundle weighing 5 kg used to cost only Rs 650 about four years ago. The price was hiked to Rs 1,100 about four months ago and now it costs Rs 1,650. Polyester cotton, which is used to stuff pillows and cushions, cost us Rs 90 a kg three months ago. It now costs Rs 125 a kg. So, it will be challenging for industrialists to take part in the expo and receive orders."
Sensex opened sharply, up 121 pointsToday the stock market opened with great momentum. Today the BSE Sensex rose by about 121.02 points to open at the level of 60129.35 points.
*Channi hikes relief for damaged cotton crop to Rs 17,000/acre**The Chief Minister also said that “the state government is seriously contemplating to bring a comprehensive proposal in the next Cabinet for formulation of a policy to reserve around 75% of posts in government exclusively for Punjabi youth”.**Punjab Chief Minister Charanjit Singh Channi on Wednesday announced to enhance the compensation amount from Rs 12,000 to Rs 17,000 per acre for farmers, who suffered losses due to pink bollworm attack on cotton crop. Of the total relief amount announced, Channi added that 10% would be given to farm labourers involved in picking of cotton.**Chairing a high-level meeting with the representatives of 32 farm unions of Sanyukt Kisan Morcha (SKM) led by its president BKU Balbir Singh Rajewal here at Punjab Bhawan, Channi said that “the enhanced compensation amount would involve nearly Rs 200 crore in addition to the already approved Rs 416.18 crore on account of compensation at the rate of Rs 12,000 per acre.”**Channi said that the meeting ended on a positive note and of the 18 demands, most have been met.**Channi said that “5.63 lakh farmers have already been benefitted from loan waiver scheme to the tune of Rs 4,610.84 crore”. He added, “Apart from these, a sum of Rs 520 crore is being provided to the landless farmers and farm workers across the state.”**He said, “the Revenue department in sync with concerned Deputy Commissioners is already in the process to finalize the remaining cases.”**Expressing satisfaction over “the smooth and hassle free procurement during paddy marketing season”, Channi said that “Rs. 33750 crore has been paid out of Rs. 35965 crore to the farmers, which accounts 98 percent of the total payment for procurement”.**-For Regular Commodity Market Update:**Call:9111977771*https://wa.me/919111977775
*All India Weather Forecast for November 18, 2021**Weather systems made across the country*The Low Pressure Area is over South Central and adjoining South West Bay of Bengal. The associated cyclonic circulation extends up to 5.8 km above mean sea level. It is very likely to move westwards and make an impact over South Andhra Pradesh and North Tamil Nadu coast by November 18.Another Low Pressure Area is over North Karnataka and adjoining Goa Coast. It is very likely to move in a west-northwest direction and intensify into a deep low pressure by today evening, with the associated cyclonic circulation extending up to 5.8 km above mean sea level.A trough is extending from circulation over East Central Arabian Sea up to Gujarat.Another trough is extending from an area of low pressure over East-central Arabian Sea to a cyclonic circulation associated with a low pressure area over Bay of Bengal.Western Disturbance is likely to affect Western Himalayas from tomorrow.*Weather movement across the country during the last 24 hours*During the last 24 hours, light to moderate rain with isolated heavy falls occurred at isolated places over Kerala, Coastal Karnataka and South Konkan and Goa.Light to moderate rain occurred over Tamil Nadu, Coastal Andhra Pradesh, Rayalaseema, Interior Karnataka, Lakshadweep and Andaman and Nicobar Islands.Light rain occurred over parts of Madhya Maharashtra, Telangana, Vidarbha, South Chhattisgarh and Odisha and isolated parts of Manipur and Mizoram.Cold wave conditions are prevailing in 1-2 parts of Rajasthan and Haryana.*Weather activity likely during next 24 hours*During the next 24 hours, isolated heavy to very heavy rain is likely over Coastal Andhra Pradesh, Rayalaseema, Tamil Nadu and Karnataka and isolated Konkan and Goa and Madhya Maharashtra.Light to moderate rain may occur over Kerala, Andaman and Nicobar Islands, Lakshadweep, Gujarat, Telangana, South Chhattisgarh, parts of Madhya Pradesh, Vidarbha, Marathwada and Southeast Rajasthan.*Light rain is possible in Odisha.*
Today evening, the rupee strengthened by 10 paise to close at Rs 74.27 against the dollar.Today the stock market closed with a fall.Today, where the Sensex closed at the level of 60008.33 points, down 314.04 points. On the other hand, Nifty closed at the level of 17898.70 points down by 100.50 points.
Xinjiang cotton banned in the U.S. is still making it on to store shelvesIn China’s cotton-growing Xinjiang region, farmers have been hailing a bumper harvest this autumn. But much of the crop is under U.S. sanctions, and where it will end up is a thorny question.Xinjiang produces a whopping 85 percent of China’s cotton, which is made into garments sold around the world. Some of the largest Xinjiang suppliers have been banned since last year from selling to the United States due to human-rights abuses in the region against members of the Muslim Uyghur ethnic minority.U.S. and European policymakers are now discussing expanding the ban, with much of the world’s cotton products hanging in a regulatory and ethical gray zone. Enforcement is proving challenging, with fashion brands sourcing from hundreds of factories around the world with little proof of where the cotton originated.While BCI has more than 2,100 members, the China Cotton Association said last month that so far 21 companies have signed onto the new domestic standard.The restrictions on Xinjiang cotton may tighten in the West in coming months. In July, the Senate passed the Uyghur Forced Labor Prevention Act, with passage in the House of Representatives now needed for it to become law. The measure would broaden the U.S. import ban against goods made in whole or in part in Xinjiang.In September, European Commission President Ursula von der Leyen announced the E.U. also plans to adopt a forced labor import ban, a measure largely interpreted to be aimed at the Xinjiang labor concerns.Murphy said that many suppliers were using non-Chinese cotton to make products for U.S. brands to comply with Washington’s sanctions, while continuing to source for Xinjiang for the rest of their products. She said Western brands will need to consider if this arrangements meets the spirit, and not just the letter, of the sanctions.
Maharashtra's spinning mills demand to increase electricity exemptionTop officials of the Maharashtra State Cooperative Textile Federation (MSCTF) said the exemption given by the state government to spinning mills on purchase of power will expire by the end of December this year. The state government had given a three-year subsidy of Rs 3 per unit to the mills till December 31, 2021. In these three years, the mills are expected to set up solar power plants in their premises in lieu of subsidy.MSCTF President Ashok Swamy said the MSCTF, along with representatives of cooperative spinning mills, met the Maharashtra State Textile Commissioner in Nagpur last week and sought further extension on power exemptions. “Mills are currently finding it difficult to procure cotton for their requirements due to high commodity prices. Higher electricity rates will add to their problems." Swamy pointed out that none of the mills have set up solar power plants as permission has been given for power plants with only 1-MW (MW) capacity, which is barely two hours. He said that unless the government relaxes this condition and gives permission for 10 MW to 12 MW power plants, it is not viable for mills to set up these plants.He said that the price of cotton has increased from Rs 38,000 per candy to Rs 68,000 per candy and it has become difficult for the mills to buy cotton for their needs. He said that the market condition is very bearish due to low demand for textiles. The slowdown in the textile industry for the last five-six years, higher electricity rates than other states, rising cotton and yarn rates with no increase and high interest rates on bank loans have created a financial crisis for the industry. . , He said higher power rates would lead to a total collapse of the mills. He said these problems were taken up with State Textiles Minister Rajendra Patil and Textiles Secretary Parag Jain last week. Swamy said the mill owners would now seek relief from Chief Minister Uddhav Thackeray to give further extension on power subsidy to the industry and the government besides allowing large capacity solar power plants.Out of the total 150 cooperative spinning mills in the state, only 80 mills are currently functioning with an installed capacity of 15 lakh spindles per day. The annual requirement of cotton is around 12-13 lakh bales and the sales turnover is Rs 2,500 crore annually. The state government has invested Rs 2,500 crore as share capital in these mills. These mills give revenue in the form of various taxes of Rs 200 crore to Rs 250 crore annually to both the central and state government.Mahasangh Managing Director Ramchandra Marathe said that the mills have approached the Center to check the high prices of cotton. “Small family-run looms in the state face major problems as they have to close their units if they cannot afford the cotton prices,” he said. Pradeep Jain, president of Khandesh Gin Press Development Association, said that cotton prices have come down by Rs 1,000 to Rs 2,000 per candy and have come down from Rs 68,000 per candy to Rs 66,000 per candy since last week. He said that the arrivals in the market have increased and the farmers have realized that the prices cannot increase any more. In the first week of November, the price of cotton had touched Rs 10,000 per quintal in some mandis.
India wants more trade with Bangladesh, says DoraiswamiIndian High Commissioner to Bangladesh Vikram K Doraiswami on Tuesday said that India would be very happy to have more trade with Bangladesh through easier and more simplified procedures.‘We can expand trade by utilising land ports, railways and riverine routes improving infrastructures and facilities,’ he said while addressing a meeting in Rangpur as the chief guest.Rangpur Chamber of Commerce and Industry organised the meeting on ‘Bangladesh-India Bilateral Trade and Commerce Issues’ at RCCI auditorium in the metropolis.Mostafa Azad Chowdhury Babu presented a keynote paper on various issues, problems and obstacles to bilateral trade between Bangladesh and India at the event.They said due to tariff and non-tariff barriers imposed by the Indian state governments concerned on major export products of Bangladesh, it was not possible to conduct the desired export activities in India.They requested the Indian High Commissioner to keep the Indian Customs Offices open from 7 am to 7 pm to facilitate the unloading of goods from trucks and create a conducive business environment at land ports in Rangpur division.The Indian High Commissioner termed the issues raised by business leaders as complex and said that there are problems in terms of the totality of the trade regime that governs India-Bangladesh trade.‘Due to inadequate infrastructures and facilities at land ports and regulatory provisions governing our trade, bilateral trade is still very restricted,’ he said.The major trade between Bangladesh and India is currently happening through the Benapole-Petrapole land port having modern infrastructures, facilities and warehouses.India wants to expand Hili and Changrabandha land ports with improving infrastructures, roads, warehouses and other facilities to enhance bilateral trade.‘Although the management of international trade is a function of the central government of India, land ports are being managed by the respective state governments,’ he said.‘We want to expand these two land ports. Trade is encouraged through these two land ports. That is currently not happening,’ he said, and sought cooperation from Bangladesh in encouraging the opening of more land ports.Doraiswami said that India was very keen to welcome more Bangladesh garments in India.India has already offered a reciprocal arrangement in which India will supply cotton, fibre and fabric and in return, Bangladesh will supply the finished products to India.‘It will ensure greater access of Bangladesh to the Indian market. It makes great sense for us to import more from Bangladesh, especially garments and food products,’ he added.
Rupee collapses against dollar, opens 11 paise weakerRupee opened with weakness today against the dollar in the foreign exchange market. Today the rupee opened with a weakness of 11 paise at Rs 74.48 against the dollar. At the same time, on Tuesday, the rupee closed at Rs 74.37 with a gain of 11 paise against the dollar.Today the stock market opened with a fall.Today the BSE Sensex fell by about 177.41 points and opened at 60144.96 points. On the other hand, the Nifty of NSE opened with a decline of 59.30 points at the level of 17939.90 points.Apart from this, today 107 shares are trading at 52 week high and 11 shares are trading at 52 week low. On the other hand, 149 shares have upper circuit since morning and 73 shares have lower circuit.
PAKISTAN COTTON MARKET UPDATESpot rate increases by Rs300/maundThe Spot Rate Committee of the Karachi Cotton Association on Tuesday increased the spot rate by Rs 300 per maund and closed it at Rs 16600 per maund.Cotton Analyst Naseem Usman told that market remained bullish and the trading volume remained satisfactory. He also told that rate of quality cotton rate reached at the highest level of Rs 17,700 per maund while the rate of Phutti reached at Rs 8,800 per 40 kg.He said the rate of cotton in Sindh remained between Rs 14,500 to Rs 17,700 per maund and the rate of cotton in Punjab was registered at Rs 16,000 to Rs 17,400 per maund. The rate of the new crop of Phutti in Sindh was remained between Rs 4,800 to Rs 7,700 per 40 kg. While Phutti prices in Punjab were between Rs 5,800 to Rs 7,800 per 40 kg.Similarly, prices of cotton in Balochistan were remained at Rs 14,500 to 16,500 per maund while Phutti prices were high as compared to other two provinces which were Rs 6,300 to 8,800 per maund, said Naseem Usman.The rate of Banola in Sindh was in between Rs 1,550 to Rs 2,200 per maund. While in Punjab rates of Banola were in between Rs 1,600 to Rs 2,200 per maund.As many as 600 bales of Dherki were sold at Rs 17,300 per maund, 400 bales of Mir Pur Mathelo, 600 bales of Khan Pur Mehar, 400 bales of Ghotki were sold at Rs 16,875 per maund, 200 bales of Sarhad were sold at Rs 16,500 per maund, 200 bales of Rohri, 2000 bales of Saleh Pat were sold at Rs 16,000 per maund, 400 bales of Bagho Bahar were sold at Rs 17,200 per maund, 1200 bales of Rahim Yar Khan were sold at Rs 16,500 to Rs 17200 per maund, 400 bales of Kot Sabzal were sold at Rs 17,000 per maund, 1200 bales of Mianwali were sold at Rs 16,800 to Rs 17,000 per maund, 200 bales of Marrot, 200 bales of Yazman Mandi, 1200 bales of Faqeer Wali, 800 bales of Haroonabad, 400 bales of Liaquat Pur were sold at Rs 16,000 per maund, 2000 bales of Fort Abbas were sold at Rs 16,000 to Rs 16,100 per maund, 400 bales of Hasil Pur were sold at Rs 15,600 per maund, 200 bales of Jahanian were sold at Rs 14,200 per maund.The Spot Rate Committee of the Karachi Cotton Association on Tuesday increased the spot rate by Rs 300 per maund and closed it at Rs 16,600 per maund. The Polyester Fiber was available at Rs 250 per kg.