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.
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).
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.
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.
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.
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 Reserve Bank on Monday pitched for creation of a conducive environment for investment and faster clearances of projects to boost economic growth which slowed to a decade low of 5 per cent in the previous fiscal.
'After the 4th of May we can expect thunderstorms, dust storms and some rain over a large area of north India.'
The national capital received heavy precipitation resulting in waterlogging on several roads and traffic jams at various intersections.
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.
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The RBI said lead indicators point to continuing sluggishness in domestic economic activity in the first quarter of 2014-15.
Today, with the Lok Sabha polls only months away, any inter-state dispute over the Cauvery water dispute has the potential to take more political turns than otherwise, predicts N Sathiya Moorthy.
"The main risk stems from the uncertainty surrounding the outcome of the south west monsoon in view of the rising probability of an El Nio event around July-August, and its implications for food inflation," RBI said, as it kept the status quo on key interest rate for the third time in a row.
On food inflation, RBI said it is likely to soften from the high levels registered in December and the decline is expected to become more pronounced during the fourth quarter of this fiscal as onion prices ease following arrivals of late kharif and rabi harvests.
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.
This may rescue pulses, cotton and oilseed sowing; rain revival in the south to take longer
The Reserve Bank of India on Friday raised the retail inflation forecast for 2021-22 to 5.7 per cent due to supply side constraints, high crude oil and raw materials cost. The RBI in June had pegged the retail inflation estimate at 5.1 per cent for the current financial year. The RBI has the mandate to keep inflation in a band of 2-4 per cent, with a tolerance level of 2 per cent on either side.
Rainfall in August is predicted to be below normal (less than 94 per cent of LPA), but the situation is expected to improve comparatively in September, the IMD said.
Analysts said the demand recovery in two-wheeler and car segments was skewed towards the semi-urban and rural markets.
'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
A sudden downpour in Delhi caught citizens off guard and caused heavy waterlogging and traffic jams on Tuesday while Mumbai breathed a sigh of relief as showers stopped a day after heavy rain brought the metropolis to its knees.
Reserve Bank-sponsored professional forecasters on Monday scaled down India's growth projection to 4.8 per cent for the current fiscal from 5.7 per cent estimated earlier.
Rediff.com brings you monsoon images from across the country
Crops including fruit, vegetables account for 60% of GDP in agriculture, forestry, fishing sector.
The chief secretary said that as the state is witnessing heavy rains over the last three days, the collectors should be on high alert and take all steps to prevent loss of life, cattle or damage to any property.
He indicated his conviction will remain firm even if that "uprising" ultimately puts the party he faithfully served for 13 years in the dock.
A peek into the life of a public-sector banker who did well professionally, but paid a price for it, points out Tamal Bandyopadhyay.
The decisive election victory for the Narendra Modi-led National Democratic Alliance has created a conducive environment for policy actions and should help in economic recovery, Reserve Bank of India Governor Raghuram Rajan said on Tuesday.
'People should realise that what we are fighting for today is actually for tomorrow, for future generations.'
'It is the most prone month for the development of cyclones in the pre-monsoon period.'
The weather department has said that the skies are expected to be partly cloudy for the next few days in Delhi.
The national capital has been witnessing an incessant spell of light to moderate rain for the past two days.
Above-normal heatwave days are predicted in most parts of central, east and northwest India during this period.
Softening inflation, Das said would make available more policy space to the central bank to address risks to the growth going forward.
India now faced a higher likelihood of a drought in some parts, as monsoon rain would be less than predicted in April, private weather forecaster Skymet said on Friday.
Sales of refrigerators were higher this year versus last year.
In another forecast for August, IMD Director General Mrutunjay Mohapatra said monsoon is also likely to be normal in the month.
With another quarter of steady growth in demand, cement companies are expected to report strong year-on-year (Y-o-Y) growth in earnings, according to analysts. The September quarter (Q2FY24) also witnessed a resumption of price hikes in certain markets. UltraTech Cement, India's largest cement producer, reported a 15 per cent Y-o-Y increase in cement sales in the country for the quarter under review.
The Reserve Bank's rate-setting panel, Monetary Policy Committee (MPC), began its three-day deliberations on Wednesday amid expectations of a status quo on benchmark rate mainly on account of uncertainty over the impact of the second wave of COVID-19 pandemic. Moreover, the fears of firming inflation may also refrain the MPC from tinkering with the interest rate in its bi-monthly monetary policy outcome to be announced on Friday. The RBI had kept key interest rates unchanged at the last MPC meeting held in April.
