Addressing an international meet on key inputs for accelerated development of Indian power sector at New Delhi on Tuesday Montek Singh Ahluwalia, Deputy Chairman of Planning Commission said that India's growth projection could be trimmed due to a poor monsoon.
Bhujbal, who has strongly opposed the demand to include the Marathas in the other backward classes category for quota benefits, said a new social system is taking shape in Maharashtra which is different from the order envisaged by prominent social reformers.
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Congress senior leaders concede that UPA could be safe in terms of numbers but that does not solve problem totally
The latest forecast, given by Earth Sciences Minister Jitendra Singh, was a downward revision from a previous forecast of 93 per cent given at the outset of the monsoon in June, but was nowhere near as bad some farmers had feared.
The rise in inflation based on wholesale prices in October from 9.72 per cent in September was mainly on account of higher prices of fruits and vegetables, manufactured goods and petrol.
A good monsoon would translate into demand pickup across multiple sectors.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
Food inflation, which remains remarkably high at over 12 per cent, could be tamed through innovative agriculture business models, a KPMG report said.
The wholesale price-based inflation declined to over two-year low of 3.85 per cent in January on easing prices of manufactured items, fuel and power, even though food articles remained expensive. This is the ninth straight month of decline in the rate of wholesale price-index (WPI) based inflation. The WPI inflation was 4.73 per cent in January and 13.43 per cent in February, last year.
As many as 2,000 tourists stranded in Kasol area of Kullu district owing to incessant rainfall have been evacuated safely, Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu said on Wednesday.
Shimla has witnessed several landslides in the past weeks with the toll in rain-related incidents in the district in the past 10 days rising to 26, which include 17 deaths in Summer Hill landslide, five in Fagli and two in Krishna Nagar.
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.
No immediate relief appears in sight as the India Meteorological Department issued a red alert for six districts which have been already pounded by downpour, forecasting "extremely heavy" rainfall and recommending preventive actions.
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This was the fifth consecutive week in which the rate of food prices has risen, after a spell of moderation in July and the first half of August.
Singh assured that the government was taking all possible steps to contain food inflation.
CPI inflation slowed to 9.39% in April compared with 10.39% in March.
Glimpses of the devastation caused due to heavy rainfall in the national capital and other parts of northern India.
So far, inflation outcomes have closely tracked these projections.
A row of buildings in Kullu district collapsed Thursday and hundreds of travellers were stranded in relief camps after landslides blocked the road to Mandi in rain-battered Himachal Pradesh.
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.
While the progress of the monsoon has brightened the prospects of foodgrain production, the fall in sown area is a matter of concern, Agriculture Minister Sharad Pawar tells Sanjay Jog.
Experts pointed out that the government's poor planning and lack of investment in farm infrastructure have led to food shortage in the country, which is been capitalised by traders.
Himachal Pradesh has not witnessed such 'widespread heavy rains' in the past 50 years and the state has suffered a loss of about Rs 3,000 crore in this monsoon season so far, Chief Minister Sukhvinder Singh Sukhu said on Monday.
The repo rate could be reduced by 50 bps in the current year.
Clearing the air before the end of the monsoon session on Tuesday, the CM said, "Shradha is a physiotherapist sent by my sister late Gita Mehta to take care of my physical fitness."
The meeting took place in the backdrop of drought-like conditions prevailing in some parts of the country.
The government on Thursday admitted there were "pressure points" in the economy due to mounting food and petroleum subsidies, but said the growth would be "significant" this year due to good monsoon and industrial revival.
Food inflation had remained above the 16 per cent-level for most part of the year.
The Indian economy is projected to grow at 6.3 per cent in current financial year aided by investment and domestic demand. According to a World Bank report released on Tuesday, India continues to show resilience against the backdrop of a challenging global environment. In India, which accounts for the bulk of South Asia region, growth is expected to remain robust at 6.3 per cent in 2023-24, India Development Update of the World Bank said.
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The price stabilisation fund will call for processing capacity for perishables.
The state government has declared a holiday on Wednesday and Thursday for all private institutions, offices, non-essential services within Outer Ring Road here in view of rains.
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The finance ministry has cautioned that global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in the coming months, warranting "greater vigilance" by the government and the Reserve Bank of India (RBI). "Russia's decision to terminate the Black Sea grain deal, along with dry conditions in major wheat-growing areas, caused a price spike in cereals. Domestic factors like white fly disease and an uneven distribution of monsoon exerted pressure on vegetable prices in India," the ministry said in its latest Monthly Economic Report for July, released on Tuesday. However, the report maintained, the recent price surge in certain food items "is expected to be transitory". "Tomato prices are likely to decline with the arrival of fresh stocks by the end of August or early September.
Food inflation has jumped to 17.47 per cent for the week ended November 21 from 15.58 per cent in the previous week.
Prices are likely to rise further as demand grows in coming months due to festivals
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