Textile Sphere News Roundup - November 14, 2024
1. Ministry of Textiles
Approves 12 Research Projects Worth ₹13 Crores Under National Technical
Textiles Mission
The Ministry of Textiles has
approved 12 new research projects valued at ₹13.3 crore under the National
Technical Textiles Mission, according to a recent announcement. These projects,
targeting strategic areas such as geotextiles, sustainable textiles, smart
textiles, and composites, were proposed by prominent institutions like IITs,
NITs, and CRRI. This brings the total number of projects under the Mission to
168, with a cumulative value of around ₹509 crore. During the 10th Mission
Steering Group meeting, Union Minister of Textiles Shri Giriraj Singh urged
industry stakeholders to actively participate in advancing technical textiles
research, especially with the release of new IPR guidelines. The National
Technical Textiles Mission remains a critical scheme for fostering R&D
capabilities in India’s textile industry, particularly in high-performance
fiber development.
2. High Fiber Prices Pose Concerns
for Apparel and Home Textile Makers Amid Growing Demand
The Indian apparel and home
textile sectors are experiencing a surge in demand, particularly from the US
market, but rising fiber prices threaten their competitiveness. September saw a
17.3% increase in ready-made garment exports, totaling $1.1 billion, with
positive trends continuing in October, according to Chandrima Chatterjee,
Secretary General of the Confederation of Indian Textile Industry. The home
textiles segment is also projected to grow by 6-8% this fiscal year, driven by
strong demand in the US and expansion in the domestic market, as reported by
Crisil. However, high cotton and man-made fiber costs, influenced by import
duties and minimum support prices, pose challenges. Indian spot cotton prices
have declined slightly due to new arrivals, but still exceed international
rates, with ICE December cotton futures priced between 67-75 cents per pound.
3. Cotton Corporation of
India Begins MSP Cotton Procurement in Five States
The Cotton Corporation of
India (CCI) has commenced Minimum Support Price (MSP) procurement operations in
five states for the current cotton season, running from October to September.
CCI Chairman and Managing Director Lalit Kumar Gupta reported that CCI has so far
purchased 2.25 lakh bales of cotton. The agency’s intervention follows a drop
in market prices below the MSP, and a more precise assessment of the areas
requiring MSP intervention is expected within the next two weeks.
4. Cotton Farmers in
Telangana Demand Unconditional Cotton Purchases Amid Delays
In Nalgonda, Telangana,
cotton farmers staged a protest, or “rasta roko,” at the Sri Lakshminarasimha
Swamy Agro Cotton Mill, calling for the Cotton Corporation of India (CCI) to
buy cotton without restrictions. Farmers voiced frustration over CCI’s recent
policy, which limits purchases per mill to 1,200-1,500 quintals daily. Many
farmers, who have been waiting over a week to sell their cotton, allege that
these limits are causing significant financial losses. The protest concluded
following police intervention, but farmers continued their demand for
unconditional procurement and urged the government to address the issue, as
thousands of quintals of cotton remain unsold.
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