RBI has retained the GDP forecast at 8.5 per cent for 2007-08; inflation kept close to 5 per cent this year.
The news will augur well for the country as large parts have been witnessing agriculture distress and water levels in reservoirs in west and south India have dipped to low levels.
The IMD, in its onset date forecast on May 15, had said the monsoon is likely to hit the southern state on June 5, four days after its normal arrival.
The funds will be released to West Bengal, Odisha, Karnataka, Madhya Pradesh, Maharashtra and Sikkim as assistance for the damage caused by cyclone, floods and landslides during the year.
Twelve of the 36 meteorological subdivisions recorded deficient rainfall, while the rest witnessed normal to excess rain. In total, 38 per cent of the 662 districts received below-normal rain.
Mumbai and certain adjoining areas experienced pre-monsoon showers, sources said on Sunday.
In the months immediately following the 2024 tragedy, reporting on the landslide per se had been a straightforward affair. On one side was death and destruction. On the other side, survivors and the business of survival. It was black and white. What direction to take was clear. Rehabilitation in comparison, felt like a complex situation. One that is fraught with shades of grey. As grey as human life, explains Shyam G Menon.
The Reserve Bank of India on Thursday decided to keep policy rate unchanged for third time in a row as it maintains heightened vigil on inflation. The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022.
'Usually the average rainfall per day is around 8 mm and India is receiving 10 to 11 mm per day since the last one week.' 'July seems to be very good for the entire country.'
The displacements were a result of a combination of increasing hazard intensity, high population exposure and high levels of social and economic vulnerability, a report says.
The IMD has fancy weather-monitoring radars in the name of providing better forecasts.
This is the first cyclone in the Bay of Bengal this pre-monsoon season.
After a strong show during the September quarter (Q2FY25) and favourable demand conditions, going ahead, the country's largest player in the room air conditioner segment, Voltas is well placed to improve its market share. Expectations of record volumes in FY25 for the sector and the company's strategy of prioritising market share over margins could help the leader expand share in the room AC segment.
A deep depression over the Bay of Bengal intensified into a cyclonic storm, named Remal, on Saturday evening and is likely to turn severe before making landfall between the coasts of West Bengal and Bangladesh on Sunday midnight, the India Meteorological Department (IMD) said.
According to the Central Water Commission, of the 91 major reservoirs in the country, 62 water bodies reported 80 per cent or below of normal storage.
'Southwest Monsoon has advanced into remaining parts of Rajasthan, Haryana and Punjab and thus it has covered the entire country today, the 26th June 2020,' the IMD said in its special Daily Weather Report.
According to Skymet Weather, the initial surge in the Monsoon rains can be attributed to the transition of El Nino into the neutral phase.
Trade between India and Bangladesh via land ports came to a standstill on Sunday as there was no movement of cargo trucks to and fro due to the ongoing student protests in the neighbouring country, officials said. The Bangladeshi side of the Petrapole landport remained non-functional, they said. Nearly one-third of land-based trade between India and Bangladesh takes place through Petrapole.
Retail inflation dropped marginally to 7.01 per cent in June mainly due to slight easing in prices of vegetables and pulses, though it still remained above the Reserve Bank's comfort level for the sixth month in a row. The consumer price index (CPI) based inflation stood at 7.04 per cent in the preceding month of May and 6.26 per cent in June 2021. Inflation in the food basket in June 2022 was 7.75 per cent, compared to 7.97 per cent in the previous month, as per the National Statistical Office (NSO) data released on Tuesday.
It has also advanced into most parts of Tamil Nadu, some parts of south interior Karnataka and remaining parts of south Bay of Bengal, according to IMD.
Also, the monsoon this year may end up being the driest since 2015, which recorded a rainfall deficit of 13 per cent, they said.
While the city received some showers late Wednesday night, it remained almost dry on Thursday.
Six people were killed in rain-related incidents in Uttar Pradesh where major rivers flowed above the red mark today as showers drenched several parts of the state.
By now, monsoon should have reached the central India, including parts of Madhya Pradesh, Rajasthan, eastern Uttar Pradesh and Gujarat, but it is yet to reach Maharashtra.
After a stellar run on the bourses that saw tractor stocks rise up to 52 per cent, analysts are turning cautious on the sector as muted demand trends may weigh in the near-term. Total volumes in the tractor segment for the last three quarters of the current financial year (9MFY24) have remained weak with VST Tillers, Escorts Kubota, and M&M seeing declines of 21 per cent, 5 per cent, and 3 per cent year-on-year (Y-o-Y), respectively, during the period, amid patchy rainfall, delayed crop harvest, and lower reservoir level. Across industry, total domestic sales volume so far in the current financial year (April '23 to January '24) has declined 5 per cent Y-o-Y, as per Tractor Manufacturers Association (TMA).
A depression over the southeast Arabian Sea, south of Porbandar in Gujarat, is likely to move northwestward and intensify into a cyclonic storm, the India Meteorological Department said on Tuesday.
India is set to experience extreme heat during the April to June period, with the central and western peninsular parts expected to face the worst impact, the IMD said on Monday as the country prepares for seven-phase general elections from April 19.
The downward surprise in Q2 stemmed from a stronger-than-anticipated drag from gross fixed capital formation and marginal weakness in private final consumption expenditure. In Q3, projection errors emanated mainly from a steep unanticipated contraction in gross fixed capital formation, which was the deepest in the new series of GDP.
Monsoon is expected to cover central and eastern India after Tuesday.
The cyclone is likely to bring heavy rainfall in its wake in parts of Maharashtra, Gujarat and Goa. The light showers/drizzle in parts of Mumbai city, its suburbs and neighbouring districts of Thane and Palghar on Monday morning brought some respite to people from the sweltering heat and humidity.
There is a definite attempt to put the landslides on the backburner because news of them and climate change worry Wayanad's tourism and real estate businesses greatly. Whatever I experienced of Wayanad's 2024 by-elections; the July landslides were not a burning issue, observes Shyam G Menon.
For the second successive year, Monsoon is likely to be below normal with parts of north-west and central India to be the most affected.
Retail inflation slowed to 4.29 per cent in April from 5.52 per cent in March, mainly due to easing food prices, government data showed on Wednesday. The Reserve Bank mainly factors in the retail inflation based on Consumer Price Index (CPI) while arriving at its monetary policy. As per the data released by Ministry of Statistics and Programme Implementation, inflation in the food basket was 2.02 per cent in April, down from 4.87 per cent in the preceding month.
'After the 4th of May we can expect thunderstorms, dust storms and some rain over a large area of north India.'
Officials however warned of a 4.81 metre high tide in afternoon coupled with heavy showers, which may cause flash floods in low-lying areas in the city.
A total of 71 people tested positive for rat fever in various hospitals in the state while 123 people approached hospitals with suspected symptoms of the disease.
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.
