'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
Food inflation continues to run amok, and very clearly, the government does not seem to have any clue on how to rein it in.
The agriculture sector is likely to grow in the range of 5.2-5.7 per cent in 2013-14, nearly three times more than the last year as good monsoon has raised the prospects of bumper harvest, a CACP discussion paper said.
The state has suffered losses of Rs 4,000 crore and the figure is likely to go up as estimates continue to pour in, he said.
Elevated food price-led inflation could become a sore point for markets, which they seem to be ignoring at current levels, observe analysts. Retail inflation in India - as measured by the Consumer Price Index (CPI) - came in at a three-month high of 6.52 per cent in January 2023, compared with 5.72 per cent in December and 5.88 per cent in November 2022. The inflation print for February, according to Madan Sabnavis, chief economist at Bank of Baroda, will be critical for the Reserve Bank of India's monetary policy committee.
Trend could continue on downward revision in winter harvests.
Ahead of the Monsoon session of Parliament, former Congress ally Dravida Munnetra Kazhagam on Monday indicated its support to the UPA's 'game-changer' Food Security Bill even though it has wanted a few changes in it.
'We are not saying we are going to face a drought... We are a doing and performing government. A contingency plan is being prepared,' Science Minister Dr Harsh Vardhan tells Rediff.com
The recent equity market weakness has sobered up investor mood, but the coming festive season is keeping analysts upbeat on stocks related to the consumption basket. Among the lot, fast-moving consumer goods (FMCG), retail, and consumer electronics segments are expected to do well over the next few months, and investors should thus selectively take bets in these pockets, analysts suggest. "We expect good volume growth for the FMCG sector during the festive season with some improvement in rural demand.
The way India dealt with the impact of the global economic crisis and failure of the South-West monsoon was praise worthy, said Prime Minister Manmohan Singh in Lok Sabha on Friday.
'India is an equity market with a breadth and depth of companies to invest in.'
With barely a week left, the session has been able to accomplish next to no legislative business, says Aditi Phadnis
Aggressive rate hikes by the US Federal Reserve could result in a flight of capital from emerging markets like India, says B Gopkumar, chief executive officer, Reliance Securities.
While the Delhi and Haryana governments have declared that they are all set to roll-out the food security programme on August 20 -- Rajiv Gandhi's birth anniversary -- there is confusion among the chief ministers about the implementation of the ordinance which gives the right to people to receive adequate quantity of food grains at affordable prices. Anita Katyal reports.
Prime Minister Modi last week called for optimal grain storage, fire audits and mock drills in hospitals as preparations for the harsh summer forecast by the meteorological department.
A 6-7 million tonnes shortfall in rice production due to a fall in paddy sowing area is likely to keep rice prices at elevated levels, adding to the inflationary pressure that the slowing economy is already grappling with. Elevated food prices, including that of cereals, had led to retail inflation reversing a three-month declining trend, to touch 7 per cent in August. Similarly, the wholesale price inflation, which declined to 11-month low, also showed price pressures from cereals resulting from wheat output being impacted by severe heat waves in some parts of the country.
Renu Mittal explains why United Progressive Alliance government's crucial legislative plans may not work despite all its efforts.
Nationalist Congress Party leader Ajit Pawar was given the finance and planning portfolio on Friday, nearly two weeks after he broke away from the original party and took oath as Maharashtra's deputy chief minister.
The bill, considered by many in the Congress as a gamechanger which could boost its prospects in the Lok Sabha election, was tabled in the Budget Session but could not be taken up for discussion as Opposition stalled Parliament over a rash of scams under United Progressive Alliance.
According to the state government, 60,000 tourists have so far been evacuated from the hill state.
The Reserve Bank on Wednesday projected inflation to come down below the upper threshold level of 6 per cent by March quarter of the current fiscal. RBI Governor Shaktikanta Das said the central bank will keep 'Arjuna's eye' (focus) on the evolving inflation dynamics and will remain 'nimble and flexible' to deal with the price situation. Global commodity prices, including crude oil, have undergone some downward correction, but uncertainty continues to surround the near-term outlook in view of the prolonging geo-political hostilities. Moreover, the resurgence in domestic services sector activity could also lead to price increases, especially as firms pass on input costs.
The impact of weak monsoon so far this year on India's farm production and economy is likely to be limited, the central bank said, as rainfall levels have improved considerably over the past one month.
India's consumer price index (CPI)-based inflation could ease in the coming months thanks to the arrival of kharif crops, lower international commodity prices, and a pass through of lower input costs to consumers, the finance ministry said in its Monthly Economic Review (MER) for October, which was released on Thursday. The MER, however, warned that the global macroeconomic situation remained precarious and a recession in many advanced economies would impact India's exports. "Easing international commodity prices and new Kharif arrival are set to dampen inflationary pressures in the coming months.
The government on Wednesday said prices of the food articles might come down only after the ensuing Rabi season. Union Agriculture Minister Sharad Pawar said that due to the impact of the scant monsoon and the impact of floods, prices would not come down immediately.
Irrigation woes have contributed to the problem of stubble burning in the state, reports Sarthak Choudhury.
Actress Irra Mor generously offers a tonne of tips on looking good.
The building, which housed godowns on the ground and first floors and four families on the top floor, collapsed at 1.45 pm on Saturday at Wardhaman Compound in Valpada of Mankoli area.
Chitrita Banerji's new book, Bengali Cooking, takes readers into the kitchens of West Bengal and Bangladesh through the changing seasons. And if it starts to rain, nothing matters more to the Bengali palate than the hilsa fish and the many ways it can be consumed.
The limited availability of flexible (flex)-fuel vehicles in the Indian market and the slow rollout of ethanol-blended petrol by oil-marketing companies (OMCs) remain major obstacles to achieving widespread use of biofuels in the transportation sector in India. Recently, two Union ministers have emphasised India's biofuel potential, arguing that it has the capacity and potential to lead a transition towards widespread biofuel adoption. Road Transport Minister Nitin Gadkari signalled that this transition is well underway and urged car manufacturers to quickly adapt and introduce new biofuel-run vehicles, lest the government resort to taxing diesel vehicles.
It will save you the embarrassment of wading through waterlogged roads in a broken down car.
Prime Minister Narendra Modi on Monday chaired a high-level meeting to review preparedness for the hot weather condition in the upcoming summer season and called for preparing separate awareness material for different stakeholders like common citizens, medical professionals, local body authorities and disaster response teams.
The RBI on Friday retained inflation forecast for FY23 at 6.7 per cent amid uncertain price trajectory on "geopolitical shocks" and on hope that inflationary pressures would ease with pick-up in kharif sowing and supply chain improvements. In its previous monetary policy review in June, it had projected retail inflation for 2022-23 at 6.7 per cent, higher from 5.7 per cent forecast in April. The six-member Monetary Policy Committee (MPC) unanimously decided to raise the benchmark repo rate by a steep 50 basis points to 5.40 per cent with immediate effect to tame inflation while supporting growth.
'If it doesn't happen, we may be in for a difficult time.' 'Our biggest problem is our population and the fact we are a very social people.' 'However, I would say two months is more than enough time for things to settle down.'
India must be prepared to deal with climate disasters, geopolitical confrontations, and social strife linked to global events, asserts Jayant Sinha, chairman of Parliament's Standing Committee on Finance.
Food and fuel are two perennial areas of concern.
We had record production and procurement of foodgrains in both 2007-08 and 2008-09. We thus have adequate food stocks and there is no cause for concern or fear of shortages of foodgrains in the country as a whole, the prime minister said.
The government is being pushed by Congress president Sonia Gandhi to put the food bill on fast track as the Congress had promised a 'right to food' in its 2009 election manifesto, reports Anita Katyal
Incessant showers lashed Mumbai and its neighbouring areas on Wednesday morning, leading to flooding in many low-lying areas and traffic snarls on roads.
The government on Wednesday reached out to opposition Janata Dal-United as continued disruptions in Parliament blocked passage of the United Progressive Alliance's 'game changer' Food Security Bill that aims to provide foodgrains at cheap rates to 67 per cent of the population.
Congress leader Rahul Gandhi on Saturday termed Food Security Bill a "historic legislation" and asked party leaders to publicise its importance to masses as they gear up for elections scheduled early next year.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances