With a bountiful harvest and stalled infrastructure projects starting, India growth story is intact.
Oil and gas exploration policy will be reviewed to move from profit sharing to revenue sharing contracts.
Farmer Ishwar Gaykar (36), from Pachghar village in Junnar tehsil of Pune district, had faced a difficult decision of dumping a large quantity of harvested tomatoes in May this year due to low prices.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
Amphibious drones for maritime inspection... devices that extract pure oxygen from water for patients in need... self-balancing electric bikes...
Barely days after imposing a 40 per cent export tax on onions to cool down soaring prices, which, in turn, triggered widespread protests across the main growing belts, the Centre on Tuesday sought to mitigate both political and economic tensions gripping parts of Maharashtra. It decided to procure an additional 200,000 tonnes of onions at Rs 2,410 per quintal for its buffer stock from farmers, a rate that is strikingly close to the price at which they were being exported before the 40 per cent duty was levied on August 19. The export price before the imposition of the duty stood at around $320 per tonne free on board (approximately Rs 2,650 per quintal).
Six key World Trade Organisation members, including India, on Monday failed to reach an agreement on steps to liberalise trade in agriculture and manufactured goods.
Finance Minister Pranab Mukherjee on Monday said that inflation will start easing soon as the government's efforts to remove supply-side bottlenecks have started yielding results.
India's GDP is within the striking distance of attaining positive growth, the Reserve Bank said observing that the letter "V" in the V-shaped recovery stands for vaccine. The Indian government launched the world's biggest vaccination drive on January 16 to protect people from COVID-19. "What will 2021 look like? The shape of the recovery will be V-shaped after all and the 'V' stands for vaccine," said an article on the 'state of economy' in the RBI's January Bulletin. India has launched the biggest vaccination drive in the world, backed by its comparative advantage of having the largest vaccine manufacturing capacity in the world and a rich experience of mass inoculation drives against polio and measles.
These may weaken India's long-standing demand of easy, flexible rules.
The finance ministry on Thursday raised concerns over the possible impact of El Nio conditions on India this year, saying if recent forecasts came true, the country could see lower agricultural output and higher inflation. "Some meteorological agencies predict the return of El Nio conditions in India this year. "If these predictions are accurate, then monsoon rains could be deficient, leading to lower agricultural output and higher prices," the ministry said in its monthly economic review.
This is the first Budget in Amrit Kaal, she said.
The Asian Development Bank (ADB) on Monday lowered India's growth forecast for the current fiscal to 5.6 per cent, from 7 per cent projected earlier, citing falling global demand and impact of delayed monsoon on agricultural production.
In a statement, the SKM alleged that the government had not fulfilled any of the promises, including setting up a committee on minimum support price and withdrawal of cases against protesters, made to the farmers.
5 MMTPA LNG terminal in Dabhol will be fully operational in 2013-14
In the coming few weeks, agriculture markets in North and Central India will be full of wheat, mustard, and chana - the three main rabi crops grown in these parts. Not only will the price trajectory of these determine the course of food inflation in the months to come, but it could also have a wider impact on the rural economy in the main growing states for these crops. Wheat and chana are largely grown in Madhya Pradesh (MP).
The political exigencies are, unfortunately, likely to overwhelm the need for undoing the damage to the agricultural credit sector. At stake, therefore, is the much-needed resurgence of the Indian agriculture.
Congress president Sonia Gandhi on Friday said after almost 12 months of Gandhian agitation, the repeal of three farm laws is a 'victory of the will of 62 crore farmers and sacrifices of more than 700 farmers who laid their lives for this struggle,' and hoped that the Bharatiya Janata Party government would have drawn some lessons for future.
Ahead of WTO's latest effort to revive the stalled trade talks, India on Friday asked the US to make substantial cuts in farm subsidies.
India's trade ties with Israel have only strengthened in the years after 2019. The total value of trade rose to $10.5 billion on a rolling four-quarter basis in June 2023 from $5.5 billion in the same month in 2019, shows a Business Standard analysis of data from the Centre for Monitoring Indian Economy (CMIE). A rolling four-quarter number provides a comparable figure across different time periods.
The West Bengal chief minister dished out a prescription to improve the economic condition of the state.
There have been good crops in years of poor rain and huge variations in years which have had similar rain.
Sanjiv Puri, chairman and managing director of ITC, is looking to expand the conglomerate's play outside India by taking "strategic positions" in markets close to home in the non-cigarette fast-moving consumer goods (FMCG) and hospitality businesses. In a recent conversation with Business Standard, Puri revealed that ITC is setting sights beyond India's borders. "We already export to 100-odd countries. We want to scale that up and take some strategic positions in markets close to us," he said.
Climate change can adversely impact the production of crops like wheat, rice and pulses in India and the government needs to educate farmers in this regard, Nobel Laureate and Inter-governmental Panel on Climate Change Chairman R K Pachauri said.
Some India states are likely to record a significantly higher number of heatwave days, according to the national weather body.
A geographical indication is a sign used on goods that have a specific geographical origin and possess qualities or a reputation that are due to that place of origin.
'Due to rural stress, volumes continue to remain an issue for the industry, and we are yet to see any revival in demand.'
None of the demands of the industry were met.
During a televised address, Kuleba accused Russia of violating the ceasefire agreements and urged it to stop shooting to allow civilians, including foreign students, to evacuate.
'Revision of the base year for both CPI and GDP are long overdue.' 'The basic data that went into the 2011-2012 series were mainly from surveys done in 2011 or earlier.' 'We have since seen the emergence of new sectors like platform-based work and online marketing.' 'The employment surveys and the consumption surveys need to reflect these adequately.'
There is no near-term respite for the country's largest fast-moving consumer goods maker, Hindustan Unilever (HUL), which is facing multiple challenges on the growth front. With demand showing no signs of improvement, especially in the rural segment, the October-December quarter (Q3) of 2023-24 (FY24) is likely to be similar to the previous quarter, with volume growth in the low single digits. The stock, which is down 7 per cent over the past year compared to the 11 per cent jump for the S&P BSE Sensex, could underperform the benchmark in the near term as well.
The Agricultural Produce Marketing Committee Act of a state regulates the purchase of agricultural products, such as cereals, pulses, fruits and vegetables for that region. It hobbles farmers, imposing multiple levies on produce and disallows direct sales to private companies.
Irregular rainfall and a pick-up in commodity costs are expected to weigh on the demand and margins of fast-moving consumer goods (FMCG) companies. Most companies reported a sharp expansion in gross margins in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24), given the lower prices of key raw materials and earlier price hikes. Furthermore, there were expectations that cost savings being passed on could reflect in volume growth going forward. However, these hopes could be dashed if demand recovery, especially in the rural segment, stalls, and gains on the raw material front start to recede.
Dr Amit Roy, president and chief executive officer, International Fertilizer Development Center, could very well be the next Dr Norman Borlaug.
While some states have kicked in their heat action plans, experts feel this is not enough to tackle the current extreme weather.
India is at risk of sustained food price inflation as domestic production of key staples such as wheat and edible oil fails to keep pace with rising demand, according to the country's top official on commodities trading.
The G20 leaders will deliberate on pressing global issues at the grouping's annual summit here on September 9 and 10. India is hosting the summit in its capacity as the current G20 chair.
