Both the houses of the Parliament, the Lok Sabha and the Rajya Sabha, were adjourned for the entire day amid opposition parties' uproar over the price rise issue.
A meeting of the Congress Working Committee, to be held on August 19, is scheduled to discuss price rise and drought. But Prime Minister Manmohan Singh has already held intensive discussions with chief ministers from across India and senior ministers in his Cabinet on drought, price rise and the measures that need to be taken by the government to minimise the effects of drought.It was initially decided that the CWC would be held last week.
The Congress' top leadership will deliberate on the Lok Sabha election results and chalk out its future strategy at a crucial meeting of the party's working committee on Saturday.
The crop is currently trading at Rs 22 a kg compared to Rs 12.50 one month ago.
How has the NDA government fared in tackling price rise, an issue it raised hell over in the run-up to the Lok Sabha elections? The Rediff Labs team finds out.
The recent blip in housing sales on a quarter-on-quarter (Q-o-Q) basis should not worry investors as the long-term prospects of real estate stocks remain on a strong foundation, according to analysts. In the first half of the calendar year 2024 (H1CY24), realty stocks surged up to 104 per cent. This sharp run should be used to book partial profit in related stocks, suggested Deepak Jasani, head of retail research at HDFC Securities.
The opposition has a whole host of issues to target the government.
'If you invest in sovereign gold bond, you are going to get the price rise of gold over an eight year period.' 'You're also going to get that two-and-a-half percent which the Government of India is willing to give you, treating the money that you've invested in the sovereign gold bond as a kind of a FD or a deposit.' 'That kind of return you can never get anywhere else.'
While Delhi logged the least price rise of 4.4%, Mumbai showed record appreciation of 25.27% between June 2012 and May 2014.
Rashtriya Janata Dal leader Tejashwi Yadav on Thursday asserted that 'something major' will take place, after Lok Sabha results are out, in Bihar where Chief Minister Nitish Kumar seemed to be 'not going along well' with ally Bharatiya Janata Party.
Intensifying their offensive against the UPA government, the Left parties on Tuesday decided to launch a week-long agitation from July 13 to protest its "inaction" in checking spiraling prices
Before the meeting, Chidambaram told a press conference that food prices, particularly wheat and pulses, are the area of concern and the government would continue to take fiscal and monetary measures to contain the inflation. \n
In response to Gandhi's advise to party members to work more at the panchayat level and be close to the people, one of them told him that people were bothered by the price rise, including skyrocketing prices of onion, and said they were asking Congressmen what steps are being taken to control the spiral.
A delegation of the Bharatiya Janata Party Members of Parliament and senior leaders met President Pratibha Patil on Thursday and submitted a memorandum and crores of signatures as part of its campaign against "abject failure of the UPA government" to control price rise.
For the first time in 25 years, all the trade unions, including INTUC and Bharatiya Janata Party-affiliated Bhartiya Majdoor Sangh have forged an ideological link on the issue of price rise and food security. These TUs would launch a fill-the-jail campaign on March five across the country, the CPI leader said.
Asked about the Opposition demand for discussion under Rules 167 which entails voting, he said Parliament runs under well established rules and the Parliamentary Affairs Minister has already made clear that what the Opposition wants is not permissible under the rules.
He argued that if inflation is low, stable and moving towards the 4 per cent target, why has the RBI not revised downward the bank rate fixed in June 2023?
Slamming the Bharatiya Janata Party government for spurt in prices of essential commodities during its 45-day rule, Opposition Congress on Monday took potshots at Prime Minister Narendra Modi for riding to power on promise of controlling inflation yet doing nothing on it.
To check price rise, the government is importing some of the commodities to bridge the supply-demand gap and strengthening mechanism for providing subsidised items to poor, finance minister Pranab Mukherjee said on Wednesday.
The Reserve Bank of India (RBI) has identified "climate shocks" as a risk to food inflation rates and overall price rise while stating that the outlook for the country's economic growth remains bright. In its Annual Report for 2023-24, released on Thursday, the central bank said easing supply-chain pressures, broad-based softening in core inflation, and early indications of an above-normal southwest monsoon meant well for the inflation outlook in 2024-25. "The increasing incidence of climate shocks, however, imparts considerable uncertainty to the food inflation and overall inflation outlook," said the RBI while noting headline inflation moderated by 1.3 percentage points on an annual average basis to 5.4 per cent in 2023-24.
Opposition uproar over rising prices of essential commodities paralysed the proceedings in Parliament on Tuesday, with the Rajya Sabha adjourning for the day at noon and the Lok Sabha witnessing two adjournments.
Joshi alleged that in many of the cases there has been a hundred per cent rise in the price of commodities. He also said that the UPA government is ignoring the plight of farmers.
Flat steel producers -- SAIL, Tata Steel, Essar, Bhushan Steel and JSW -- have increased prices up to Rs 2,000 a tonne on the back of rising demand.
The party's national executive meeting chaired by its president and Bihar Chief Minister Nitish Kumar flagged price rise and unemployment as "burning issues"
Attributing price rise to global factors and higher Minimum Support Price (MSP), Prime Minister Manmohan Singh on Wednesday said the government has tried to protect the interest of poor people by maintaining supply through the PDS system.
Onion is selling for Rs 30 a kg in some parts of the country, as supply of the edible kitchen bulb has been choked by hoarders betting on further price rise due to floods in the main producing states of Karnataka and Maharashtra, government officials said.
The National Democratic Alliance's agitation on price rise issue rocked Parliament on Thursday with both the Houses being adjourned for two hours, as the Opposition disrupted proceedings over the United Progressive Alliance government's failure to contain inflation.
'Pakistan is a nuclear country.' 'With the kind of situation that is there in Pakistan today, America will help Pakistan stay afloat.'
The minister asked the state governments to assess the problem as action taken after price rise creates panic in the market.
The Bharatiya Janata Party suffered stunning losses in three Hindi heartland states, partial poll results showed Tuesday, forcing the party to rely on allies to form the government after a bitter and divisive election that was projected as a referendum on Prime Minister Narendra Modi's popularity.
Maharashtra Navirman Sena chief Raj Thackeray on Thursday condemned the attack on Agriculture Minister Sharad Pawar and said the Prime Minister and not Pawar should be blamed for price rise.
At 5 per cent, Mumbai is likely to witness the highest rise in residential prices in 2024, a report released on Wednesday said. New Zealand's Auckland will also see a price rise of 5 per cent. According to real estate consultancy Knight Frank's "Prime Global Cities Index", improving gross domestic product (GDP) figures, Mumbai's relative value and investment in infrastructure will be the prime influencers in pushing prices higher for the luxury housing market in the city.
Days before the passage of the Finance Bill in the Parliament, Left party leaders on Friday met Prime Minister Manmohan Singh and demanded urgent steps by the United Progressive Alliance government to check growing prices of essential commodities. Top leaders of four Left parties, supporting the government placed six demands before him, saying these measures should be taken immediately to curb burgeoning prices.
Some analysts, however, suggest that car-makers threaten price rises every January in a bid to clear calendar year-end inventory. "There is always a threat from auto companies, usually in January, on a price increase in an attempt by them to clear the inventory. Sometimes, the ploy is never exercised," said Mahatesh Sabarad, a Mumbai-based analyst with Centrum Broking.
Inflation in food articles during June stood at 2.04 per cent, as against 1.13 per cent in May.
The Left parties and Telugu Desam Party jointly staged a protest at Indira Park in Hyderabad on Thursday in protest against the failure of Andhra Pradesh and Central governments in controlling the abnormal hike in the prices of essential commodities. The parties vowed to take up 'serious agitation' in future if the governments failed to act swiftly to control the price rise.
Maintain a proper record of documents that can act as proof of the cost of acquisition of the property, cost of improvements made to the property, expenses related to transfer of the property (like brokerage and registration charges). These will come in handy in case of a dispute with the taxman.
With the Budget Session starting on stormy note due to disruptions by Opposition on the issue of price rise and rail fare hike, the Parliamentary Affairs Minister said the government was ready to discuss all issues including price rise but under appropriate rules.
India's services sector growth eased slightly in April but growth of new business and output remained sharp and among the fastest in 14 years amid favourable economic conditions and strong demand, a monthly survey said on Monday. The seasonally adjusted HSBC India Services Business Activity Index fell from 61.2 in March to 60.8 in April, highlighting one of the strongest growth rates seen in just under 14 years. Survey members attributed the latest upturn in output to favourable economic conditions, demand strength and rising intakes of new work.
The Centre on Thursday hiked Dearness Allowance (DA) to 50 per cent of basic pay from the existing rate of 46 per cent effective from January 1 this year, benefitting over 1 crore employees and pensioners ahead of general elections. The Union Cabinet has approved to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners from January 1, 2024, representing an increase of 4 percentage points over the existing rate of 46 per cent of the basic pay/pension, to compensate against price rise, Union Minister Piyush Goyal said after the Cabinet meeting.
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