Dr Nagesh Kumar, one of the three new MPC members, wanted the MPC to reduce the repo rate by 25 basis points to 6.25%.
India's leading commodity exchange, National Commodity and Derivatives Exchange (NCDEX), and private weather forecasting company Skymet took a significant step towards launching the country's first tradeable weather index on Monday (August 14) by entering into an agreement to deepen their understanding of the impact that weather has on agricultural commodities. The memorandum of understanding (MoU) between NCDEX and Skymet is a profound step in the direction of linking farmers with the weather in a scientific way, according to an official statement. Sources indicate that NCDEX and Skymet will conduct workshops and seminars across the country to educate farmers about how they can scientifically use weather forecasts to hedge risks.
Between June 1 and July 28, about 32 per cent of the 685 districts in the country did not receive adequate rainfall.
'It affects our economy, it is very important in many ways.' 'So we have to be the foremost experts in the world on the monsoon.' 'But the best minds in India have not devoted their time to the study of monsoon and they have followed the fashions of the West.'
For the second successive day, not a single ball could be bowled at the Shaheed Vijay Singh Pathik Sports complex in Greater Noida putting the venue under scanner and making it an international embarrassment.
The Survey is authored by Chief Economic Advisor V Anantha Nageswaran and his team.
'Usually the average rainfall per day is around 8 mm and India is receiving 10 to 11 mm per day since the last one week.' 'July seems to be very good for the entire country.'
'The first two months of monsoon are not looking good.' 'In case both the halves fail, it is going to be misery.'
'There's deep-seated revenge and at the same time, longing.'
The World Bank on Tuesday raised the growth forecast for the Indian economy to 7 per cent for the current fiscal year on the back of recovery in agri sector and rural demand. World Bank had in June projected India to grow at 6.6 per cent for FY24. According to the World Bank Report released on Tuesday, India's growth continues to be strong despite a challenging global environment.
Moody's Ratings on Tuesday said India's growing water shortage can disrupt farm and industry sectors and is detrimental to the credit health of the sovereign as rising food inflation and decline in income may spark social unrest. It said decreases in water supply can disrupt agricultural production and industrial operations, resulting in inflation in food prices and hence can be detrimental to credit health of sectors that heavily consume water, such as coal power generators and steel-makers.
During the Zero Hour of the Lok Sabha, BJP MP Anurag Thakur tried to corner the Leader of Opposition and Congress MP, Rahul Gandhi, by alleging that he has not spoken about ensuring the safety of minorities in Bangladesh.
The news will augur well for the country as large parts have been witnessing agriculture distress and water levels in reservoirs in west and south India have dipped to low levels.
Among the Sensex firms, Hindustan Unilever, Reliance Industries, Infosys, Asian Paints, ITC and UltraTech Cement were the major gainers. State Bank of India, JSW Steel, Axis Bank, ICICI Bank, Tata Steel and Tata Motors were among the laggards.
Discover our country through great Indian rail trips!
Monsoon is likely to be 96 per cent of the long period average
Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal to 7.2 per cent, from 7 per cent projected in March, saying elevated consumer confidence will drive spending, besides increased investments. In June update to its global economic outlook report, Fitch said it expects inflation to decline to 4.5 per cent by end of this year and RBI to cut policy interest rates by 25 basis points to 6.25 per cent.
Reserve Bank of India (RBI) is unlikely to cut the benchmark interest rate at its upcoming monetary policy review meeting, taking place soon after the announcement of the Lok Sabha election results, amid inflation challenges, said experts. The Monetary Policy Committee (MPC) may also refrain from rate cut as economic growth is picking up, notwithstanding the elevated interest rate of 6.5 per cent (repo) prevailing since February 2023. The meeting of the Reserve Bank Governor Shaktikanta Das headed MPC is scheduled for June 5 to 7.
Ganesh Puja in Alibag taluka is about simplicity and minimalism. It's about quiet devotion too.
The conditions that lead to landslides, including soil texture, soil moisture and slope are known, and it is important to put all this knowledge into an operational system, he said.
East India, along with a major portion of central India, is likely to be at a higher risk of being rain deficient, especially during the first half of the season.
Gold seems to be losing its glitter in India due to a rise in prices. Demand in Q2CY24 was 149.7 tonnes - a 5 per cent drop compared to 158.1 tonnes in the same period last year, according to a report by the World Gold Council (WGC). Demand by value in April-June 2024 stood at Rs 93,850 crore, up by 14 per cent compared to Rs 82,530 crore in the same period last year.
Equity and oil markets can breathe easy for now, as the developments in Russia are unlikely to trigger a runaway rally in crude oil prices, said analysts. India, which imports nearly 80 per cent of its crude oil requirement, has been dependent on cheap Russian oil over the past few months to keep inflation - a sore point for the equity markets - in check. For the Indian markets that are expected to remain volatile amid these developments, analysts believe, the progress of monsoon, fund flows - both foreign institutional investor (FII) and domestic - and the upcoming corporate earnings season back home remain key.
Industry body CII on Thursday made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year. CII president Sanjiv Puri said a lot of policy interventions in the past have put the economy on "a much stronger wicket". "The growth rate is poised to touch 8 per cent during the current year, marking the fourth consecutive year of above 7 per cent + growth.
Passenger vehicle wholesales in India increased 4 per cent year-on-year in May to 3,47,492 units, as compared to the same month last year, industry body SIAM said on Tuesday. Overall passenger vehicle (PV) dispatches from companies to dealers stood at 334,537 units in May 2023.
According to the Central Water Commission, of the 91 major reservoirs in the country, 62 water bodies reported 80 per cent or below of normal storage.
Consumer goods firms and auto companies are witnessing an upturn in rural demand, which had been lagging for most of FY24. Expectations of a bumper rabi crop harvest have helped turn the tide. The Reserve Bank of India's (RBI's) Monetary Policy Committee kept the repo rate unchanged last week, noting that as rural demand catches up, consumption is expected to support economic growth in 2024-25.
From the Sensex firms, Power Grid, NTPC, Tech Mahindra, Bharti Airtel, Tata Motors, IndusInd Bank, Reliance Industries, Kotak Mahindra Bank and Maruti were among the laggards. Asian Paints, Wipro, JSW Steel, Hindustan Unilever, Bajaj Finserv and Mahindra & Mahindra were among the biggest gainers.
Western Railway stated that local train services were running normally on Monday morning, however, commuters claimed trains were running late by 5 to 10 minutes.
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
Who else do we know who meditated so with such impeccable timing (much of the Lok Sabha elections over and with only the last phase to go) and hordes for unsolicited defence of the grand meditation at public expense? asks Shyam G Menon.
The disruption by Opposition members drew sharp criticism from Prime Minister Modi who accused them of being unable to digest the fact that a large number of new ministers are women, Dalits, tribals and those from other backward classes
Mongolia can take a lifetime to happen but rewards the intrepid traveller with enduring memories of a surreal, delightful land.
Noting that Gandhi had claimed that armed forces can restore peace in the state within days if allowed, BJP leader and former Union minister Ravi Shankar Prasad wondered if he wanted what his grandmother and then prime minister Indira Gandhi had done by ordering the Air Force to drop bombs in Aizawl in the 1960s.
The avoidable stresses and strains in ties helped in one way. It showed for the entire region how a matured India handled diplomatic relations, especially with a smaller and suspicious neighbour, with practised dignity and patience, unruffled by provocations in word, deed and action, observes N Sathiya Moorthy.
'We should be mindful that the religious minority community in one country is the majority in another (and) so treatment of the minority community in our respective countries will be an important variable in our relationship'
The total rainfall till now is not only deficient, but is also erratic in terms of both geographical spread and timings.
Extreme weather events and disasters have been on the rise in the region.
Passenger vehicles wholesales in India rose 1.3 per cent year-on-year to 335,629 units in April, automobile industry body SIAM said on Tuesday. The passenger vehicle (PV) dispatches from companies to dealers stood at 331,278 units in April 2023.
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