Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday. The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years. It stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013 and 2017, as per the Swiss National Bank (SNB) data.
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"There are 12,000 farmers doing contract farming of potato for us involving 16,000 acres of land," executive vice president of PepsiCo Holdings (agro-business) Nischint Bhatia told PTI.
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The wholesale price-based food inflation rose for the fourth consecutive week. In the previous week it stood at 17.94 per cent.
This is the second week in a row that food inflation has increased, after easing for three successive weeks.
The rate of price rise of food items was 12.92 per cent in the previous week ended June 19.
For the week ending January 2, food inflation (prices of non-processed food articles) stood at 17.28 per cent.
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Food inflation softened to 18.22 per cent as of the week ended December 26, although potato and pulses continued to cost high. The wholesale price based inflation was 19.83 per cent in the previous week.
Potato prices remained high recording an increase of 115 per cent on a year-on-year basis, followed by pulses whose prices jumped by 41.61 per cent. Vegetables as a whole turned expensive by 37.97 per cent.
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As per the new system, the weekly wholesale price index data would cover only primary articles and commodities in the broad group -- fuel, power, light and lubricants, an official statement said.
The wholesale price index-based inflation stood below one per cent mark for the fourth consecutive week after rising from sub-zero levels in the first week of September.
'If these new farm laws are allowed to be implemented, there are very high chances of big increase in income of the farmers and in many states, it may even double'
Nitin Tyagi is a young farmer in Budhagaon village of Baghpat district of Uttar Pradesh. A few years ago, Tyagi left his fairly lucrative job in the medical industry and shifted base to his ancestral village to look after his land and property. He opened a small shop selling farm inputs in the village and also started taking a greater interest in agricultural matters which had so far been looked after by his father and uncles. Tyagi and his brothers primarily grow sugarcane, potato and wheat on nearly 10 acres of land with sugarcane taking up most of his time and effort. Being one of the most important and lucrative cash crops of the region, sugarcane is directly linked to the fate of millions of farmers in west UP and with it, the electoral fortunes of political parties seeking their votes in the coming assembly polls.
'Because of the melting of ice as well as irresponsible human behaviour such as throwing soil and plastic into the sea, there has been a rise in temperature.' 'I fear there will be direct and dangerous consequences for us.'
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Food inflation inched up to 17.40 per cent for the week ended January 16 on account of high prices of potato and pulses. The wholesale price-based food inflation was 16.81 per cent in the previous week. Potato prices rose as much as 57.56 per cent over the last year, followed by prices of pulses which jumped by 46.87 per cent.
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Vegetable inflation softened to 24.76 per cent in June, down from 33.15 per cent in the previous month. Inflation in potato was (-) 24.27 per cent, against (-) 23.36 per cent in May.
On an annual basis, potato prices more than doubled, pulses became expensive by over 35 per cent, while onions rose by 27 per cent.
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Inflation in food articles during May stood at 1.13 per cent, as against 2.55 per cent in April.
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The government on Monday said it has no plans to ban more farm commodities from futures market and hoped that suspension of trading in soya oil, chana, potato and rubber would not be extended beyond four months.
PMO being sent daily updates on food cost situation in four major metropolitan cities to ensure no unusual flare-up.
