For many farmers, though, a bumper harvest isn't good news, as they have been forced to sell their produce, particularly pulses, dirt cheap.
The International Monetary Fund (IMF) on Tuesday said it is expecting some slowdown in the Indian economy next fiscal year and projected the growth to 6.1 per cent from 6.8 per cent during the current fiscal ending March 31. The IMF on Tuesday released the January update of its World Economic Outlook, according to which the global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024. "Our growth projections actually for India are unchanged from our October Outlook.
Chief Economic Adviser K V Subramanian on Monday said the overall impact of the second wave of COVID-19 on the country's economy is not likely to be large but cautioned about an uncertainty surrounding the pandemic going ahead. He further said that given the circumstances due to the pandemic, it is difficult to forecast if the country would achieve a double digit growth in the current fiscal. The Economic Survey 2020-21 released in January this year had projected GDP growth of 11 per cent during the current financial year ending March 2022.
'We will have to wait for one more year to cross the 7% mark, which should be possible in the absence of any disruptive reform,' points out CARE Ratings Chief Economist Madan Sabnavis.
The manufacturing sector during the fourth quarter recorded a growth rate of 9.3 per cent while the farm sector grew at 2.3 per cent.
In UP, potato prices have moved marginally up so far this month.
While the mango season started with the Alphonso variety trading at Rs 18 a kg (model price), it jumped to Rs 30 a kg at the wholesale Vashi mandi.
The forthcoming Budget, the last full one before the 2019 Lok Sabha elections, is expected to contain a number of sops and feel-good announcements, especially regarding social sector schemes.
A pick-up in farmer income could have a cascading impact on the rural economy, though agriculture is becoming a smaller part of India's overall rural incomes.
Santosh Patkar of Devgadh Taluka Sindhudurg district of Maharashtra is a worried man these days. Devgadh, which is known as the home to world famous Alphonso variety of mangoes, has seen an unusual drop in yields which is affecting farmers' income. Being one of the primary agricultural produce from the area, Santosh is not untouched by this somewhat rare phenomenon. He said in his own mango garden, yields have come down by a third from most trees.
Moody's said the government will face challenges in achieving its deficit target for the fiscal year ending March 2021, amid persistent structural and cyclical headwinds to growth.
This is mainly due to GST impact on manufacturing and subdued farm output.
India has surpassed China to become the world's most populous nation with 142.86 crore people, shows the latest United Nations data, even as UN projections estimate that the country's population is expected to grow for the next three decades after which it will begin declining.
The Centre has garnered around Rs 2,500-3,000 crore in the first five weeks after it imposed a windfall tax on oil and gas companies for the export of fuel, Business Standard has learnt. It is likely that the government will continue with the one-time tax till the Indian crude basket is above $80 a barrel, sources said. The next review of the windfall tax on oil companies is early next week.
The Rafales could begin combat operations by September-October, reports Ajai Shukla.
Agriculture, which accounts for 14% of GDP grew at 3.2% in the quarter
The forecast of deficient monsoon rainfalls scared farmers.
The external environment has worsened further. While the Finnish economy entered into a recession, Swedish economic growth also dipped. The Finnish gross domestic product (GDP) dropped 0.6 per cent in October-December, 2022. It was the second quarter of negative growth, which is a technical definition of recession.
'The prime minister is talking to his Chachaji and he is crying in the PM's lap, it was such an emotional scene.'
The Indian economy has recovered 'handsomely' from the pandemic-induced disruptions, former Niti Aayog vice chairman Arvind Panagariya said on Tuesday, while expressing hope that the recovery will be sustained and the growth rate of 7 to 8 per cent will be restored. Panagariya suggested that the government must now signal its intention to wind down fiscal deficit by cutting it by half-to-one percentage point in 2022-23. "The Indian economy has recovered handsomely, returning to its pre-COVID GDP... "Only private consumption is still below its pre-COVID-19 level," the eminent economist told PTI in an interview.
I suggest we build a Vigyan Mandir (Temple of Science) with the ambience of a place of worship, so that it becomes a destination for pilgrims. We should embed on its walls bronze plaques describing each scientist mentioned here along with about a dozen of our ancient mathematicians, recommends Professor Kalyan Singhal, historian of science and technology.
Intermittent storm in the first week of March hit the flowers and emerging buds.
Micron plans an assembly testing, marking and packaging project of $1 billion, and talks are on to set up a memory chip plant for captive requirements.
The Asian Development Bank (ADB) on Monday said it has approved a loan of $125 million (around Rs 938 crore) for water supply and sanitation projects in Uttarakhand. The funds will be utilised to improve access to quality water supply and sanitation services in the Himalayan state, ADB said in a release. Under this project, 136 kilometres of water pipe system will be constructed to replace defective water networks in South Dehradun. This will ensure reliable and continuous water supply, benefitting an estimated 40,000 people, including 4,000 urban poor and vulnerable groups.
Export of mango, especially alphonso, to European countries has been negligible this season; shipments to the Gulf fell 40-50 per cent.
As of now, tankers carry petroleum products from India to Nepal as part of an arrangement which is in place since 1973.
The finance ministry will kick-start the exercise to prepare the Union Budget for financial year 2022-23 (FY23) from October 12, according to an official notification released on Monday. "The pre-Budget meetings as well as the meetings to discuss the revised estimates will start from October 12 and will continue till the second week of November," according to the Budget circular of the Department of Economic Affairs' Budget Division. The Union Budget is expected to be announced on February 1, as has been the practice of the past few years.
Flour millers want import duty exemption.
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
Growth in the third quarter (October-December) is expected to be the weakest in years, with spending hit due to unavailability of enough replacement currency.
Indian drug firms continue to work closely with the FDA, and most have also appointed consultants to help them grasp the regulatory minutiae in the US.
Research and markets estimated in May that the global opportunity for small and mini satellites would grow nearly one and half times to $5.32 billion by 2021
The panel finds 'discrepancy' in the Annual Survey of Industries data.
Reserve Bank Governor Shaktikanta Das on Wednesday said underlying economic activity in India continues to be strong, but external factors will cause some "dent" to the economy. Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the RBI tracks 70 fast moving indicators and most of them are in the "green box". It is the external sector, mired by a fear of recession or clear visibility about slowing growth in a large part of the world, where the challenges lie, he said, adding that the impact of external demand will "dent" the economy.
.jpg)
Cumulatively for the first two quarters till now, the advance tax collections from the Mumbai zone, which contributes over a third of the income tax collections nationally, have grown 11 per cent, the official said.
Improved performance of manufacturing, services and trade sectors helped boost GDP
This is following revival of demand from the corporate sector and small and medium enterprises (SMEs), even as a nascent economic recovery is taking shape. Credit growth of scheduled commercial banks had accelerated to 9.2 per cent year-on-year (YoY) by the end of December 2021 after breaching the 7 per cent-mark in November, for the first time since April 2020.
The government must expedite its plan for asset sale and privatisation, both of which hardly got any mention in the Budget speech, points out A K Bhattacharya.
Impact of lack of significant investments in the last 4-5 years; inability of private sector to put in fresh capital with availing of loans becoming an issue due to rising NPAs of banks, along with demonetisation were mainly responsible for dampening growth, he said.
When Jaipur's Maharaja Madho Singh was invited to attend King Edward VII's coronation in 1902, he chartered a ship for Rs 15 lakh for the journey. He also carried 27,000 litres of Ganga jal on board. Prakash Bhandari recalls the maharaja's voyage to attend a British monarch's coronation on a day when Charles III will be crowned king at Westminster Abbey.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances