While the motives of the Bill are of course laudable, there is every likelihood that the consequences of its passage will be dire.
Terming the Bill as a 'non political bipartisan issue,' he hoped to have all political parties on board as the Bill would benefit over 75 per cent of rural households and 50 per cent of urban households in the country.
Benchmark 10-year bond yields hit a 13-month peak as bond traders priced in more aggressive monetary easing next year.
Terming the ordinance promulgated by the Union cabinet to implement the Food Security Bill as a "cruel joke" on democracy, Bharatiya Janat Party President Rajnath Singh said that his party would not oppose the passage of the bill in Parliament but seek amendments to it.
Inflation in pulses, vegetables and cereals was higher in Jan.
Prime Minister Manmohan Singh and Congress President Sonia Gandhi on Friday discussed the strategy to be adopted in the monsoon session of the Parliament on issues such as Telangana and proposed amendments in the Right to Information Act.
The United Progressive Alliance government's confidence about getting legislative business done in the monsoon session of Parliament, beginning August 5, might be misplaced.
'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.'
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.
Although demonetisation and improper implementation of GST along with falling prices are being blamed for much of the distress in rural India for some time, experts believe those may not be the only reason.
Improved monsoon, solid fiscal performance, and capex push by the public and private sectors augurs well for India's macroeconomic stability and growth, the finance ministry's monthly economic review for June 2023 said. But the report said that while India's domestic fundamentals remain strong, negative cross-border spillovers and adverse global developments could act as a deterrent in achieving the high growth path this financial year. "An improved matching of aggregate supply and aggregate demand in the Indian economy underpins the progress made in the control of domestic inflation and the consequent strengthening of macroeconomic stability," the review said.
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.
'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
Dubbing the government's decision to bring an ordinance on food security as an "election gimmick", the Bharatiya Janata Party on Wednesday accused the Congress of running away from a debate on the crucial issue in Parliament.
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.
''I don't revisit any of my work once it's complete because I'm very self-critical.' 'I will probably exclaim, "Oh God, such bad acting!"'
Rising crude oil prices, traction in China equities and inflation concerns back home are casting a shadow on the Indian equity markets in the short term, believe analysts at Jefferies. They said this could see the markets remaining range-bound in the near term before the next leg up.
The Reserve Bank of India kept interest rates on hold at 7.50 per cent.
Lamenting that lot of time has been wasted in the last two to three Parliament sessions, Prime Minister Manmohan Singh on Saturday asked the opposition to cooperate in the passage of the legislative business including the "most important" ordinance on Food security bill.
The Food Security Bill, which could not be taken up despite being listed in the Lok Sabha'a agenda since Monday, will not be part of business on Saturday.
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.
The Congress is planning a high-pitch media blitzkrieg in the run up to the assembly and general elections on the twin agenda of governance and development as opposed to the Bharatiya Janata Party's decision to push for Hindutva.
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.
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.
'India is an equity market with a breadth and depth of companies to invest in.'
The government's move to issue an ordinance to implement the Food Security Bill saw major opposition parties stepping up their attack on the United Progressive Alliance accusing it of bypassing Parliament and acting in a hurry with an eye on polls.
India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread pessimism witnessed among the developed nations and the worsening geopolitical situation, India recorded a gross domestic product (GDP) expansion of 6.1 per cent in the March quarter. The growth moved up to 7.8 per cent in the June quarter and was 7.6 per cent in the September quarter. For the first six months of this fiscal, the growth was 7.7 per cent.
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.
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 price of vegetables in general rose by 77.81 per cent making life difficult for the common man.
These yummy recipes can satisfy your cravings between meals.
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.
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.
Cabinet secretary calls meeting to review the impact of inflation on essential commodities.
Incessant showers lashed Mumbai and its neighbouring areas on Wednesday morning, leading to flooding in many low-lying areas and traffic snarls on roads, officials said.
As the kharif season is setting in, India is scrambling to source fertilisers from the international market. It is set to sign long-term contracts - especially with Morocco and Latin American countries - to ensure steady flow of supplies. "We have to source fertilisers wherever it is available because crops have to be secured.
Monsoon in August was almost 24 per cent below normal, which was the sixth driest August since 1901. It came on the back of a 7-per cent monsoon shortfall in July.
According to the state government, 60,000 tourists have so far been evacuated from the hill state.
Wayanad will continue to support Rahul but not to the same extent as in 2019, when his margin of victory had been enormous. Articulate, to the point and speaking in fluent Malayalam, CPI's Annie Raja, had the people who gathered to see her, listening in rapt attention, notes Shyam G Menon.
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.
