K V Kurmanath | Hyderabad | March 19, 2021
In a year that witnessed the ruin of an economy, the primary sector emerged as a saviour for Telangana as the Gross Value Output (GVO) from paddy and cotton the Rs.57,125 crore in 2020-21. Despite the Covid-19 pandemic curtailing people’s movement and transport services, the GVO has gone up by 20.9 per cent over the previous year’s figure, as the area under cultivation of these two crops has gone up significantly.
“This is among the best growth rates in the country. It is far higher than the national agriculture growth rate of 3 per cent,” the Socio-Economic Outlook-2021 said. As Covid-19 disrupted the regular market operations, the Government enhanced its procurement operations and purchased agricultural produce directly from the farmers.
Second-largest cotton-producing state
Telangana has emerged as the second-largest cotton-producing state in the country as it grew the crop in a record area of 62 lakh acres. The GVO from cotton in 2020-21 has increased by 12.7 per cent. According to the Second Advance Estimates, the cotton GVO is put at Rs.14,500 crore as against Rs.12,980 crore in 2019-20. The paddy output too has gone up significantly. The paddy production went up to 2.50 crore tonnes in 2020-21 against 1.93 crore tonnes in the previous year, showing a growth of 29.9 per cent.
“This has helped the State a national leader in paddy production. In 2020-21, the GVO of paddy was Rs.43,255 crore, a 33 per cent increase from Rs.32,373 crore the previous year,” the report said. The state’s total cultivated area went up by 49 per cent to 2.12 crore acres in 2020-21 from 1.41 lakh acres in 2014-15.
During the same period, the total agricultural output went up to 4.11 crore tonnes as against 2.5 crore tonnes in 2014-15. While paddy worth Rs.9,199 crore was procured by the Government in 2020- 21 (as of March 1, 2021), cotton worth Rs.10,167 crore was procured in the same period.
(Source: The Hindu Businessline)
Punjab agriculture department to add 50,000 hectares under cotton cultivation in Malwa
The decision comes keeping in view a bumper production in 2020 and no major pest outbreak in the crop for the last five years
CHANDIGARH NEWS : Punjab agriculture department to add 50,000 hectares under cotton cultivation in Malwa
The decision comes keeping in view a bumper production in 2020 and no major pest outbreak in the crop for the last five years
By Vishal Joshi, | Bathinda
MAR 20, 2021 (Source: www.hindustantimes.com)
Keeping in view a bumper production in 2020 and no major pest outbreak in the crop for the last five years, the Punjab agriculture department has decided to add 50,000 hectares under cotton cultivation in the Malwa region this year. This will be an increase of 10% over the current area of 5 lakh hectares. The sowing for the major cash crop in eight semi-arid districts of the region will start from next month.
Experts say as farmers received good rates for their produce and global and domestic demand of raw cotton is increasing, more growers will be motivated to diversify towards the cash crop. If the state authorities manage to achieve the set target, it will be the highest since the 2010 season of 5.16 lakh hectares.
State agriculture director Sukhdev Sidhu said, “Cotton sowing will start from April 1 and the department is planning to increase area under the traditional kharif crop. We have put all arrangements in place to meet the target and 25 lakh packets of seeds will be made available to farmers.” (Source: www.hindustantimes.com)
Cotton Market to Grow by USD 5.59 Billion, Accelerating at a CAGR of Almost 3% during 2021-2025 | Technavio
NEWS PROVIDED BY Technavio
Mar 22, 2021, (Source: www.prnewswire.com)
NEW YORK, March 22, 2021 /PRNewswire/ -- The cotton market is expected to reach USD 5.59 billion during 2021-2025, as per a new report from Technavio. The report also throws light on the impact of the COVID-19 pandemic, and the new opportunities and challenges that market players can expect. In this market analysis, the market is expected to accelerate at a CAGR of almost 3% during the forecast period.
The cotton market growth is attributed to government initiatives and support. However, the overconsumption of water due to poor management and water pollution might hinder the market growth. On the other hand, the strategic crop due to its versatility will present new opportunities in the coming years.
Governments across the globe are taking various initiatives to support cotton farming. For instance, the Indian government has come up with several export promotion policies. India's DRDO is helping to produce yarns and eliminate the dependence on the import of Chinese products and other foreign clothing for military uniforms.
Furthermore, with two-thirds of developing countries dependent on the export of commodities, a core part of UNCTAD's work involves building countries' capacity to move up the value chain and diversify their exports. These factors will drive the cotton market over the forecast period.
"The growing use of cotton as prime material coupled with the support in economic growth and cotton as a source of livelihood will further boost market growth during the forecast period", says a senior analyst at Technavio.
Key suggestions from the report:
Based on distribution channel, the offline segment held the largest share in 2020
APAC dominated the market in 2020 and is expected to maintain its lead over the forecast period.
85% of the market's growth will originate from APAC during the forecast period.
China and India are the key markets for cotton in APAC. Market growth in this region will be slower than the growth of the market in North America.
Major Three Cotton Companies:
Ambika Cotton Mills Ltd.
Ambika Cotton Mills Ltd. manufactures 100% cotton compact yarn counts varying from the 20s to 120s combed which goes for the manufacture of premium branded shirts and t-shirts globally.
Damodar Group
Damodar Group operates manufactures fancy yarn that involves creating different yarns but also playing, creating, and giving new life and colors to the fancy yarns by yarn dyeing.
Fazal Cloth Mills Ltd.
Fazal Cloth Mills Ltd. operates into Cotton Ginning, Ring Spinning, and Grieg Woven Fabric Manufacturing.
About Us : Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. (Source: www.prnewswire.com)
India's economy likely to grow at 12% in 2021: Moody's Analytics
22 march 2021 (Source: Fibre2fashion.com)
(Fibre2Fashion News Desk (DS): India's economy is expected to grow by 12 per cent in 2021 following a 7.1 per cent contraction last year, as near-term prospects have turned more favourable, according to Moody's Analytics, which recently said a stronger-than-expected December quarter gross domestic product (GDP) growth of 0.4 per cent following a 7.5 per cent contraction in the previous three months has turned India's near-term prospects more favourable.
Domestic and external demand has been on the mend since the easing of restrictions, which has led to improved manufacturing output in recent months, it said. "We expect private consumption and nonresidential investment to materially pick up over the next few quarters and strengthen the domestic demand revival in 2021," it said.
"This forecast is equivalent to real GDP, in level terms, growing by 4.4 per cent above pre-Covid-19 levels (as of March 2020) by the end of 2021, or equivalently, by 5.7 per cent above the GDP level in December 2020 by the end of 2021," it was quoted as saying by a news agency. (Source: Fibre2fashion.com)
India: Forex reserves rise by USD 1.739 bn to USD 582.037 billion
In the previous week ended March 5, the reserves had declined by USD 4.255 billion to USD 580.299 billion. The reserves had touched a record high of USD 590.185 billion in the week ended January 29, 2021.
By: PTI | March 19, 2021 (Source: Financial Express)
The country’s foreign exchange reserves increased by USD 1.739 billion to USD 582.037 billion in the week ended on March 12, the RBI data showed. In the previous week ended March 5, the reserves had declined by USD 4.255 billion to USD 580.299 billion. The reserves had touched a record high of USD 590.185 billion in the week ended January 29, 2021.
In the reporting week ended March 12, the rise in reserves was on account of an increase in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by USD 1.409 billion to USD 541.022 billion, Reserve Bank of India’s (RBI) weekly data showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
After declining in the last week, the gold reserves increased by USD 336 million to USD 34.551 billion in the report week. The special drawing rights (SDRs) with the International Monetary Fund (IMF) fell by USD 4 million to USD 1.501 billion in the reporting week. The country’s reserve position with the IMF declined by USD 2 million to USD 4.963 billion in the reporting week, the data showed. (Source: Financial Express)
PK: Forex reserves edges higher
March19, 2021 (Source: thenews.com.pk)
KARACHI: Pakistan’s foreign exchange reserves marginally increased to $20.159 billion in the week ended March 12 from $20.157 billion a week ago, the central bank reported on Thursday.
The forex reserves held by the State Bank of Pakistan (SBP) rose $4 million to $13.019 billion.
The foreign exchange reserves held by commercial banks; however, slightly fell to $7.139 billion from $7.141 billion. (Source: thenews.com.pk)
=======================================================================