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Mass Suicides by Indian Farmers, Shape of Things to Come
The suicides of Indian farmers serve two purposes: one, it is reducing the population of India and reducing the pressure on natural resources for reasons ...
www.globalresearch.ca/index.php?context=va&aid=3204 - Cached - Similar -Farmers' suicides in India - Wikipedia, the free encyclopedia
This resulted in more suicides as farmers were ashamed to default on ... Battle in Seattle -The film quotes the indian suicide statistic in the end credits ...
en.wikipedia.org/wiki/Farmers'_suicides_in_India - Cached - Similar -P. Sainath: The Largest Wave of Suicides in History
They will be recorded as suicide deaths – but not as “farmers' suicides. ... To begin with, millions of small and marginal Indian farmers are net purchasers ...
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Indian farmers fate
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www.youtube.comThe Suicide Economy Of Corporate Globalisation By Vandana Shiva
5 Apr 2004 ... Farmers suicides are the most tragic and dramatic symptom of the crisis of survival faced by Indian peasants. ...
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19 Sep 2006 ... In 2003, 17107 farmers committed suicide. ... The cries of Indian farmers — or what Prime Minister Singh recently described as their “acute ...
www.nytimes.com/2006/09/19/world/asia/19india.html - Similar -The GM genocide: Thousands of Indian farmers are committing ...
3 Nov 2008 ... When Prince Charles claimed thousands of Indian farmers were killing themselves after using GM crops, he was branded a scaremonger.
www.dailymail.co.uk/.../The-GM-genocide-Thousands-Indian-farmers-committing-suicide-using-genetically-modified-crops.html - Similar -Indian farmers driven to suicide - Guardian Weekly
16 Jul 2009 ... Indian farmers have always been dependent on the monsoon and its benefits for the harvest. Those in Vidarbha mainly grow cotton and pulses. ...
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In 2006, a UN report 'Extent of Chronic Hunger and Malnutrition' criticised the Indian government for the rising number of farmer suicides. ...
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1 post - 1 author - Last post: 24 MayFarmers＊ suicides are the most tragic and dramatic symptom of the crisis of survival faced by Indian peasants. ...
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'Indian Govt fabricated data on food production'Express Buzz - Jul 27, 2009 Shiva said that the issue of seeds was central to the mass suicide of farmers in various parts of the country. “ The suicides began only after genetically ... Report highlights hunger in IndiaBBC News - Jul 31, 2009 India is emerging as the world centre of hunger and malnutrition, a report by Indian campaign group, the Navdanya Trust, says. The trust says that there are ... 1 in 4 Indians goes hungry Asian Age India world's new hunger capital SOS Children Doha Round: India can turn the table on US, says Jagdish BhagwatiHindu Business Line - 1 hour ago He observed that it is possible to protect the Indian farmers under other provisions of the WTO, although, in his opinion, there was nothing to be feared by ... Hillary talks of farmer suicides, fighting hungerIBNLive.com - Jul 23, 2009 Question: Have you heard about farmer suicides in our country? Hillary Clinton: Yes, I have heard about farmer suicides. That happens because of the loans ... UK supermarkets grow on exploited Indian farmersChai Samosa - Jul 7, 2009 In turn this has led to the phenomenal suicide rates of Indian farmers (182936 between the years 1997-2007 and still running at the same rate) - unheard of ... 2000 Indian farmers sign suicide pactPakistan Daily Mail - Jul 16, 2009 In a recent incident, after four years of drought, 5000 farmers in Indian state of Jharkhand have signed a suicide pact. They are complaining that ... Indian farmers threaten mass suicideThe National - - Jul 8, 2009 Farmers say local banks have stopped giving out loans. Most of the signatories to the suicide pact owe thousands of rupees to private money lenders, ... Over 75 networking portals for farmers developedGaea Times - Jul 28, 2009 "Yeah, it (farmers' suicides) is a great concern. July 19th, 2009 CHENNAI - With the recruitment market shrinking due to the global economic slowdown, ... Film on Farmers' Suicides Clicks at Box OfficeKhaleej Times - - Jul 27, 2009 Manwar says he was disturbed by the frequent suicides by farmers in Vidarbha —over a thousand farmers have been killing themselves every year for the past ... Stay up to date on these results: |
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CIFA to focus on newer approach to control fish disease, livelihoodOrissadiary.com - Jul 31, 2009 Through collaborative development and application of agricultural innovations NAIP strives to accelerate transformation of Indian agriculture. ... CIFA bags 2 projects Express Buzz Allaying fears, Pawar pins hope on August rainTimes of India - Jul 28, 2009 He said scientists at the Indian Council of Agricultural Research are developing new, better weather-resistant varieties of wheat to be able to reduce the ... India wheat futures seen down on stocks, export ban Reuters India Cruel weather, uncaring government Hindu Business Line India's weak monsoon threatens to dent economic growth and spark ...The Canadian Press - Jul 31, 2009 It found that Bihar and Uttar Pradesh - two struggling states in India's north which together account for about 16 per cent of India's agricultural GDP ... Q+A - How monsoon rains impact South Asia crops Reuters India Ruling party says India has adequate food grain stocks Earthtimes (press release) IIT-Ropar finding its feet in academic worldTimes of India - - 20 hours ago CHANDIGARH: Punjab's Indian Institute of Technology has been approached by a consortium of British universities for a faculty and student exchange programme ... Spectre of famineThe Week - - 13 hours ago The fact that it is far less than the 10-year average of 21.93bcm indicates that Indian agriculture continues to be a “gambol in the monsoon”, ... Doha Round: India can turn the table on US, says Jagdish BhagwatiHindu Business Line - 1 hour ago He said that gradual opening up of the agriculture sector to global trade would do no harm, but noted that doing that would be politically difficult. ... Climate Change will have impacts on AgricultureInternational Reporter - - 5 hours ago ... said that the climate change will have impact on agriculture, and agriculture is the livelihood and most of the Indian population is dependant on it. ... Deadly bugs found in curry leaves sent from IndiaIndopia - Jul 30, 2009 Officials of the California Department of Agriculture yesterday said about 10 Asian citrus psyllid were found on curry leaves, tucked inside a duffle bag. ... Agriculture, most important area of India-US collaboration: HillaryHindu - - Jul 19, 2009 During a visit to the Indian Agricultural Research Institute here (IARI), Ms. Clinton said: “We collaborated for more than 50 years and today we are called ... Video: Clinton touts prospects for US-India relations  worldfocusonline 'India can lead world in fighting hunger' Deccan Herald Ms Hillary Clinton visits Indian Agricultural Research Institute Press Information Bureau (press release) Bragta asks Delhi to abolish commission from Himachal apple growersmyHimachal - 4 hours ago ... besides Delhi in north India, be it Punjab, Haryana, Jammu & Kashmir, Uttrakhand or Himachal charges commission from farmers on agricultural produce as ... Rail passengers will get Himachal apple juice Thaindian.com Stay up to date on these results: |
'Rain Prayer' Unites India Muslims, Hindus
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A distance far, a group of Hindu farmers are ringing the temple bells, hoping to catch the ear of the rain god. "There has been no rain so far this year," Abdul Sakur, a Muslim farmer from Khola village, told the BBC on Saturday, August 1. "We have not been able to sow rice. Our corn crop has been destroyed by pests. We have nothing to eat. We have nothing to feed our cattle. "There is a pond in our village. But it has no water. It's all dry." Satbarwa and surrounding villages have been suffering a shortage of rainfall this season. This has turned the life of the residents into a nightmare, as 80 percent of the population are dependent on farming. "We are in the throes of a famine," Vinod Thakur, a Hindu resident of Makri village, said. "Water shortage is our biggest problem. We have had no rains this year so we can't grow rice." There are some 140 million Muslims in Hindu-majority India. Hindus make up 80 percent of India's 1.1 billion population, followed by Muslims at 13 percent. Neglect Residents accuse the government of turning its back to them. "The government is supposed to give us 10kg of rice every month," Sanjhar Bhuin, 70, a widow, told BBC on Saturday, August 1. "But they say they'll give it to us when they get it. We haven't received any rice since April. We are dying of hunger." Known as a "rich state", Jharkhand has nearly 40 percent of India's mineral reserves. However, Jharkhand residents are among India's poorest people, whose free ration is usually late. Every day, Bhuin walks nearly 15km to the nearby Dhurki village to ask for her ration. But what she only gets is government promises to fulfil her needs. "It is our top priority to ensure food security and survival of the people - our fight here is with hunger," Amitabh Kaushal, senior administration official in Palamu, said. "We are working hard to reach areas which are not easily accessible. They are starvation-prone areas. We're trying to identify them so that we can give them the benefits of these free food grains." Nevertheless, residents, experienced with their governments vaporizing promises, don't build great expectations. "There is too much corruption in the system," Mohammad Khairullah of Dhurki town said bitterly. "Only a fraction of the money sanctioned by the government ever reaches the people. Is the government doing anything about it?" Nand Gopal Yadav, another farmer, points the finger at the government neglect. "If the government builds a dam on Kanhar river, it will irrigate the whole of Garhwa district And that will solve our problem," said Yadav. "But the government is interested only in projects which make them richer. "Cruel weather and uncaring authorities are threatening our existence. No one really cares." |
Ambani brothers' gas dispute ups India investment risks
By Rina Chandran
MUMBAI (Reuters) - The wrangle over an energy deal between the billionaire Ambani brothers has highlighted the risks inherent in an economy dominated by big family businesses and spurred calls for the government to intervene.
The latest dispute between the feuding brothers could discourage investment in the energy sector as the country scrambles to shore up its energy security.
It also tests governance standards for a nation that ranks a lowly 180 when it comes to enforcing contracts on the World Bank's index on ease of doing business. Only Benin ranks worse.
The near-three-year battle between India's top conglomerate Reliance Industries, headed by Mukesh Ambani, 52, and Reliance Natural Resources, led by estranged brother Anil, 50, is being heard in the Supreme Court.
The two sides are fighting over terms of a gas-supply agreement struck when the Reliance empire was split in 2005. The Bombay High Court ruled last month that Reliance Industries should supply gas to Reliance Natural at nearly half the price it had set in an interim order in January.
The gas in dispute comes from the vast Krishna Godavari (KG) basin, and some in India have said terms of access to such a crucial resource in an energy-starved country should not be left in private hands.
"If a private MOU (memorandum of understanding) can involve something that belongs in the public domain, it gives the sense that large corporations can bend rules and influence policy -- that's surely got to be the biggest political risk," said Seema Desai, an analyst at risk consultancy Eurasia Group in London.
The government has largely been silent, which could make investors wary, said strategist Arun Kejriwal at KRIS Research. Continued...
reuters weekend
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In April, the National Council of Applied Economic Research (NCAER) had forecast economic growth of 6.5-6.9 percent for the current fiscal year.
Indian economy expanded by 6.7 percent in the fiscal year that ended in March, its slowest pace in the last six years, hit hard by the global financial downturn.
Falling tax revenues and efforts to boost economic growth through fiscal stimuli have adversely impacted India's public finances and its fiscal deficit in the current fiscal is projected to balloon to 6.8 percent of gross domestic product (GDP).
The government has resorted to fund this 16-year high deficit through a record borrowing of 4.51 trillion rupees ($94 billion), which analysts fear could crowd out private borrowers.
"A key concern with respect to the strategy of maintaining expansionary expenditure path is the impact it may have on the recovery of private expenditure, particularly on investment," NCAER said in its report.
However, NCAER said the government's stimulus packages would help the recovery of industry and expects the factory output in FY10 to be 6.7 percent.
India's factory output, which had fallen in December, February and March, grew 2.7 percent on year in May.
Services sector, which form more than 55 percent of India's GDP, is likely to grow 9.4 percent in the fiscal to end-March 2010, the report said. Agriculture growth is projected at 1 percent, if the pick-up in monsoon sustains, it added.
But recent data shows a wide divergence between wholesale and consumer price indices and makes policy making difficult. In May for instance, the consumer price index shows a 8.63 percent jump in prices from a year earlier, but the wholesale price index reading shows a less than 2 percent jump.
On Tuesday, the central bank left its key policy rates unchanged but warned of price pressures and raised the inflation estimate to 5 percent at the end of 2009/10 (April/March).
The council, which met here on Saturday, directed the officials to ensure alternate cropping and implementation of employment generating scheme on a war footing. In yet another major development, the council also slashed the number of departments from 43 to 25.
Briefing reporters, state cabinet secretary P K Jajoria said people living below poverty line (BPL) would be given foodgrains free of cost and new employment generation schemes would be implemented in order to check migration of labourers. He said the government will ensure that sufficient quantity of foodgrains is available at public distribution system (PDS) outlets.
The state goverment has also decided to increase the number of PDS outlets to deal with the crisis. Till now, one PDS outlet was available on 1,900 persons. But now one PDS will be available on a population of 1,000 people. This way, the state will have an additional 12,500 PDS outlets, which will be allowed to sell non-PDS items as well. The advisory council also approved Rs 360 crore for supplementary nutritional programme.
Mr Jajoria said the council also decided to slash the number of departments from 43 to 25 for smooth functioning. "At the time of creation of Jharkhand, there were only 19 deptartments. But the number kept on increasing. But now the state cabinet can have only 12 ministers and also there is a shortfall of secretary rank officials. Therefore the decision to restructure the departments was taken," he added.
As reports of swirling waters of Bagmati breaching the embankment reached him, Kumar held a high-level meeting with state Water Resources minister Vijendra Yadav, Principal Secretary (Water Resources) M R Nayak, besides Principal Secretary (Disaster Management) and other senior officials.
He ordered immediate deployment of NDRF in the affected areas to step up relief and rescue operations, an official spokesman said.
The NDRF personnel would reach the site within hours with necessary equipment, the spokesman said.
Kumar said the breach repair works were being carried out by the experts, including the engineers of the flood-fighting cells, on a "war-footing".
An estimated one lakh people were hit by the floods, the sources said, adding reports of four to five children being swept away in the swift currents were being verified.
Road communication between Muzaffarpur and Sitamarhi was likely to be affected as flood waters submerged the National Highway near Koati, about 17 km from here, they said.
The move is likely to prop up already high sugar futures prices in New York and London on prospects of large imports by the world's top consumer of the sweetener.
India has seen sugarcane planted area contract for the second successive season due to low cane prices last year, and weak monsoon rains since June are also hampering production.
In February India allowed mills to import tax-free raw sugar with a condition that an equal quantity of whites should be exported within three years.
In April the government waived the requirement that imports of raw sugar had to be re-exported up to July 31, and asked state-run trading firms State Trading Corp of India Ltd, MMTC Ltd and PEC to import up to 1 million tonnes of whites before July 31.
Pawar said his government had also allowed private firms and more state-run firms, which he did not name, to import whites at zero duty. He added that raw sugar imports, earlier allowed only by mills, would now be opened to private trade also.
"It is expected that with these decisions, domestic availability of sugar could get further augmented and sugar prices in the country would remain at reasonable levels," he told parliament.
Even as sugarcanes shortages mount, sugar production in India, the world's top consumer and the biggest producer after Brazil, is expected to fall substantially.
India's consumer price index rose 9.29 percent in June from a year earlier, higher than May's annual rise of 8.63 percent, as prices of edible items rose, government data showed on Friday.
The consumer price index for industrial workers increased by 2 points to 153.
The wholesale price index is more closely watched in India because it covers a higher number of products and is released weekly.
Data on Thursday showed the wholesale price index fell 1.54 percent in the 12 months to July 18, compared with the previous week's annual decline of 1.17 percent.
“We have decided a price band of Rs30-36 for the IPO,” NHPC chairman and managing director S K Garg said on Tuesdaty about the initial public offer that will close on 11 August.
This is the first stake sale by a state-run company in 17 months after REC went public in February 2008 to raise over Rs1,600 crore.
In its last tenure, the Manmohan Singh government had put on hold disinvestment in state-owned undertakings in the face of opposition from allies like the DMK and the Left parties.
The absence of a detailed disinvestment programme in the union budget for 2009-10 had disappointed the market which shed nearly 900 points in trading on that day and the NHPC issue, to be followed that of Oil India Ltd in September, is being keenly looked-forward to.
The sale of 5% government equity, along with issuance of fresh shares totalling 10%, at the top end of the price band could fetch Rs6,048 crore. Post-issue, the government equity would come down to 86.36% in the company that could have a valuation of Rs44,000 crore.
NHPC, among the top ten companies in terms of investment, would sell 168 crore shares. The funds raised from the IPO would be used for the company’s brownfield expansion plans.
The government would get one-third of the IPO proceeds (around Rs2,000 crore) and two-thirds (around Rs4,000 crore) will go to the company.
In the Budget for 2009-10, finance minister Pranab Mukherjee had said, “The PSUs are the wealth of the nation, and part of this wealth should rest in the hands of the people.”
“While retaining at least 51% government equity in our enterprises, I propose to encourage people’s participation in out disinvestment programme,” Mukherjee had said.
The Congress, which heads the UPA, had made clear its intent on going ahead with disinvestment saying if any of its “allies had any specific objection, we will deal with it”.
The previous tenure of UPA saw listing of PFC and PGCIL, besides REC.
NHPC, formerly known as National Hydroelectric Power Corporation, has an installed capacity of 4,815 MW and has 11 projects under construction aggregating to a total capacity of 4,622 MW.
The company was set up in 1975 to plan, promote and develop hydroelectric power, but later expanded its operations to include other sources of energy including geothermal, tidal and wind.
After NHPC, Satluj Jal Vidyut Nigam will be the second hydro power company in which the government will divest its stake through IPO.
SJVNL is a joint venture between the Centre and Himachal Pradesh government in the ratio of 75:25.
Earlier, the government has finalized the IPO of NHPC. The government would offload 5% of its shareholding in it hoping to raise Rs840 crore plus the premium charged on each share of face value Rs10.
NHPC will raise Rs1,680 crore by way of fresh equity.
“The public offering to offload government’s 10% shareholding may happen by the end of this fiscal. The state government has already given a ‘No Objection Certificate´ (NoC) for the disinvestment,” SJVNL chairman and managing director H K Sharma told PTI.
The company has announced an investment of over Rs23,000 crore in the next 10 years to add 4,000 MW capacity to its existing 1,500 MW.
“In the next ten years or so we will be investing over Rs23,000 crore for executing our projects...(we have) projects of about 4,000 MW capacity lined up for commissioning by 2020,” Sharma said.
And a possible decline in agricultural output and a resultant fall in farm income may not just limit rural spending but widen the gap in wealth between rural and urban India, potentially damaging its social fabric.
“The monsoon problem is unlikely to be strong enough to derail India’s economic recovery, but it could drag on the pace. India’s rural population accounts for a large share of total consumption.... Therefore, a sizeable slowdown in rural spending will limit overall consumption growth,” the research arm of Moody’s said in its latest report.
Though the farm sector accounts for about 18% of the country’s gross domestic product, farm incomes are key to the survival of about two-thirds of its population.
“Farm income will fall substantially.... The urban-rural wealth gap may widen as economic recovery continues in city regions... Without a significant redistribution of resources, the wealth gap between urban and rural regions will widen, potentially leading to social tension,” the report said.
Moreover, a significant fall in this year’s foodgrain output may trigger a price rise, the report said, adding that the Reserve Bank’s upward revision of inflation risk to 5% for 2009-10 from 4% earlier is an indicator of the hard times to come.
Not just this, if the lack of improvement in rainfall stretches into August, the farming cycle during the Rabi may be affected, raising apprehensions about a dip in output in the immediate following season as well.
“A lack of improvement (in monsoon) heading into August will also deepen concerns about the fate of winter crops. Farmers have suffered directly, but policy makers are also feeling the stress,” the study pointed out.
Nevertheless, the research major feels urgent improvement in farm technology, better irrigation facilities and major impetus to overall agricultural infrastructure hold the key to sustainable food security in the country.
Himachal Pradesh to declare all 12 districts as drought affected
Under the chairmanship of chief minister, Prem Kumar Dhumal, Chief Minister, the cabinet took stock of the prolonged drought conditions in the state. Himachal Pradesh has been experiencing deficient rainfall since the month of October, 2008 to July, 2009. Reports, based upon the ‘special girdawari’ ordered in February, 2009, have been received from the deputy commissioners, reporting loss of crop ranging up to 96 percent in the entire state.
In view of gravity of the prolonged drought conditions in the State, the Cabinet decided to sanction Rs seven crore, out of its own resources, to meet the contingency of drought. It also decided to remit the land revenue of the farmers for Rabi and Kharif crops.
The state has till date received a sum of Rs 21.22 crore only, as part payment of the first instalment of Rs 42 crore, of the calamity relief fund, which has been fully utilised by disbursement to the deputy commissioners and various departments for taking corrective measures to deal with drought conditions in respective districts at the field level. Rs 7.40 crore have been spent during the period up to July, 2009 over providing subsidy on transportation of water through tankers to water scarce areas. Rs. 1.20 crore has also been released for the same purpose recently.
For drilling of additional hand-pumps in the water scarce areas Rs 16.34 crore have been released to the Irrigation and Public Health Department. Additionally Rs. 4.02 crore have been released to meet the expenditure on transportation subsidy to farmers.
Jacob P. Koshy
New Delhi: Monsoon rains during June and July were at their worst level since 2004, 19% below the seasonal average, prompting analysts to warn that these were near- drought conditions.
Shortfall: Rainfall in July, the key monsoon month, was close to its 50-yr average of 27cm, IMD says. Rupak De Chowdhuri/Reuters
Better rainfall in the latter half of July was not sufficient to bridge the rainfall deficit, implying that agricultural sowing, especially for rice, would not pick up. Any shortfall in foodgrain production could put further pressure on food prices.
“July has seen typical drought conditions,” said Madhavan Rajeevan, former director of forecasting with the India Meteorological Department (IMD). “The next week is unlikely to see improved activity, and by then sowing would have pretty much drawn to a close. By September, the effects of El Nino would be evident. So in a sense, the best is far behind us.” El Nino is a weather phenomenon characterized by a warming of the eastern equatorial Pacific Ocean waters and can disrupt normal monsoon patterns.
Rainfall during July, India’s most important monsoon month, was close to its 50-year average of 27cm, the country’s official forecaster said on Thursday. IMD, in the last week of June, had predicted July rainfall for the country to be around 24cm. “We got excess rain in July and we are still optimistic that August should fall within our prediction of 101% of its monthly average,” said Ajith Tyagi, director of IMD.
India’s below-normal monsoon has caused a significant decline in the area under foodgrain cultivation, a trend that, if it lasts, could trigger a rise in food prices. Food price inflation based on the Wholesale Price Index for the week ended 18 July was 11.7%, while the overall inflation rate continued to contract at 1.54%.
Agriculture minister Sharad Pawar had told the Rajya Sabha last Friday that the area sown under rice in the year as on 17 July fell to 11.46 million ha, from 14.52 million ha in 2008, a fall of 21%.
Farmers have begun substituting foodgrain with cash crops, which require less water. Overall, the area under the summer kharif crop cultivation contracted by 8%.
Experts warn that this is among the first signs of the negative impact of the monsoon rainfall’s failure on the country’s agricultural gross domestic product, but say a conclusive picture will emerge only by January.
The June-September monsoon accounts for nearly 80% of the annual rainfall and is vital for the economy, being the main source of water for agriculture, which accounts for around 17% of India’s economy.
The current year’s monsoon is considered to be crucial for the economy as buoyant rural consumption has been a key driver of growth amid an economic downturn. While the country has sufficient food stocks to tide over any crisis this year, the rise in food prices that will follow a poor monsoon and, consequently a poor harvest, could wreak havoc on the economy.
A report by credit ratings firm Moody’s expressed concern that a poor monsoon may slow India’s economic recovery. “The monsoon problem is unlikely to be strong enough to derail India’s economic recovery, but it could drag on the pace. India’s rural population accounts for a large share of total consumption... Therefore, a sizeable slowdown in rural spending will limit overall consumption growth,” the research arm of Moody’s said in its latest report.
Anup Roy
The banks under watch includes State Bank of India, ICICI Bank Ltd, Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank, HDFC Bank Ltd, IDBI Bank Ltd, Union Bank of India, Axis Bank Ltd, Central Bank of India, Syndicate Bank and Oriental Bank of Commerce.
The systemic support indicators include the size of the banking system in relation to government resources, the level of stress in the banking system, the foreign currency obligations of the banking system relative to the government’s own foreign exchange resources and changes to the government’s political patterns, the rating agency said in a statement late Thursday.
http://www.livemint.com/2009/05/29214435/Moody8217s-puts-13-Indian-b.html?d=1
Real estate, infrastructure loans show strong growth
Loans to professionals, non-banking financial companies also grew at a robust rate
Mark to Market | Manas Chakravarty and Mobis Philipose
- Posted: Tue, Jul 28 2009. 12:44 AM IST
- Money Matters
Real estate, infrastructure loans show strong growth
Mark to Market | Manas Chakravarty and Mobis Philipose
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Which sectors have banks been lending to in recent months?
The Reserve Bank of India’s macroeconomic and monetary developments review has data up to 22 May on lending to various sectors.
Consider housing first. Year-on-year growth in housing loans slumped to 5% on 22 May, compared with a year-on-year growth rate of 7.5% on 27 February.
Loans to the real estate sector, or loans to the commercial housing sector, grew by a strong 52% year-on-year, albeit on a much lower base.
On 27 February, loans to the real estate sector grew by 61.4% year-on-year.
Between 28 February and 22 May, housing loans increased by Rs3,138 crore, while bank loans to real estate companies went up by Rs3,734 crore.
In short, loans to real estate companies were more than loans for individual housing.
After a rise in bad loans in the credit card business, banks have started to cut back on lending to this segment.
Between 28 February and 22 May, credit card outstandings went down by Rs1,949 crore. Year-on-year growth in credit card outstandings was a mere 1.4% on 22 May.
The data bears out the fact that most of the slowdown in lending has happened in personal loans.
On 22 May, year-on-year growth in personal loans was 5.5%. Lending to industry grew at a year-on-year rate of 21.2%, while loans to the services sector increased by 20.5% year-on-year.
In the services sector, apart from real estate loans, loans to professionals (up 39.8% year-on-year) and to non-banking financial companies (up 31.5% year-on-year) also showed robust growth.
In the industrial sector, the highest rate of growth was notched up by the construction sector which grew by 44.7% year-on-year on 22 May. But that’s decelerated from a growth rate of 58.8% as on 27 February. Loans to infrastructure were up 35.1% year-on-year on 22 May, the same rate of growth on 27 February. Other industrial sectors showed a deceleration in credit growth.
The oil sector, of course, showed a substantial fall in credit growth as crude oil prices fell and as oil bonds were issued.
http://www.livemint.com/2009/07/27215558/Real-estate-infrastructure-lo.html?d=1
Hero Honda gains from lower costs, tax sops
Although Hero Honda has not beaten estimates by a wide margin, it is still the preferred stock in the two-wheeler space because of its consistent performance
Mark to Market | Mobis Philipose and Ravi Krishnan
The first quarter net profit of Rs500 crore posted by Hero Honda Motors Ltd has been better-than-expected. While this is higher than the Rs463 crore consensus estimate of analysts polled by Bloomberg, it hasn’t come as a surprise. After all, other auto firms such as Bajaj Auto Ltd and Tata Motors Ltd also beat expectations this season, and that too by much wider margins. The auto industry has benefited from lenders loosening their purse strings and commodity prices softening.
Although Hero Honda hasn’t beaten estimates by a wide margin, it is still the preferred stock in the two-wheeler space because of its consistent performance. The company has an edge over its competitors thanks to its decision to focus on rural sales. Since rural consumers don’t depend on financing schemes, the company was able to ride out the lack of consumer financing options and avoid a dip in sales. In the first quarter this fiscal, Hero Honda dispatched more than one million vehicles, a first for the firm, as volumes grew 25%.
Also Read Hero Honda net up 83% on sustained rural growth
Hero Honda has pruned costs thanks to its factory in Haridwar, Uttarakhand. Analysts estimate at least a quarter of Hero Honda’s motorcycles are manufactured at Haridwar. In the last June quarter, this was about 5%. Thanks to various incentives such as an excise tax waiver for 10 years, income-tax exemption and an investment subsidy at this plant, the firm’s sales net realizations and profitability are much higher. On a per unit basis, average realizations grew 7.1% to Rs34,058 per unit.
Raw material savings also were better than expected, especially with a steeper fall in aluminium prices, say analysts. Two-wheelers use more aluminium (as a percentage of total metal used) than four-wheelers. Raw material costs as a ratio of net sales fell to 67.6% last quarter compared with 72.5% in the year-ago period. Consequently, operating profit almost doubled to Rs604 crore and operating margin rose by 5.1 percentage points.
It will be difficult to sustain such high growth rates. Hero Honda sells 60% of its vehicles in rural India, a segment that depends on the monsoon. Despite a late surge in July, rains are 19% below normal and have delayed sowing in several areas. And competition in the urban segment is expected to get tougher with new vehicle launches from peers and easier financing. With the firm now valued at 19 times estimated 2009-10 profit, further upside may be limited.
http://www.livemint.com/2009/07/29222027/Hero-Honda-gains-from-lower-co.html?d=1
Adani Power IPO subscribed 18 times
Adani Power got bids for a total 5.35 billion, against the 248.8 million shares it offered to buyers, excluding six institutions, according to NSE data
Gaurav Singh / Bloomberg
New Delhi / Mumbai: Billionaire Gautam Adani’s power company on Friday got at least Rs49,000 crore worth of bids, 18 times the amount it’s seeking to raise in its initial public offering (IPO), as a 62% market rally this year drew investors to the country’s biggest offering in 18 months.
Adani Power Ltd got bids for a total 5.35 billion, against the 248.8 million shares it offered to buyers, excluding six institutions, according to National Stock Exchange data.
Anchor investors, including Credit Suisse Group AG and T Rowe Price International Inc., bid for 94 million shares, almost double the 52 million shares offered to them, director Ameet Desai said in an interview. The firm plans to raise at least Rs2,710 crore from 301.6 million shares in the biggest issue since Reliance Power Ltd raised $3 billion (Rs14,460 crore today) in January 2008.
Drought spreads in bread belt |
| TAPAS CHAKRABORTY |
Lucknow, July 27: Nearly 70 per cent of Uttar Pradesh, the bread basket that accounts for 21 per cent of the country’s grain output, has been declared drought-hit. Officially, 47 of the state’s 70 districts have got the tag, 27 of them last evening. The declaration has rung alarm bells among farmers and prompted the Mayavati government to mount crisis-management measures, besides asking for central assistance. A drop in farm output in the state spells trouble for the country’s overall harvest, for consumers already reeling under high food prices and for the rural economy on whose strength the Centre is hoping to fight the downturn. Chaudhary Laxmi Narayan, the state agriculture minister, said sowing was only 30 per cent of the level during this period last year. “We are going to set aside Rs 300 crore (for drought relief) and have sought an assistance of Rs 600 crore from the Centre to help our farmers,” he said. “We will supply fresh seeds (of the kind that requires less water) as part of the relief package,” he added. Government estimates say rains were 58 per cent below normal between June 1 and July 22. “Immediately affected is the rice crop. Production is likely to fall as sowing is down,” said chief secretary Atul Chandra Gupta. The state is India’s third largest rice producer. |
Deficient monsoon will impact the agriculture sector as a whole and kharif output in particular. Risk to the rainfed crops is greater because their sowing season extends from June to August, when country receives two-third of its monsoon rainfall.
The monsoon rains determine water availability for 58% of the country’s net sown area that produces major crops like rice, pulses, oilseeds and cotton. The late sowing of these crops will lead to shorter crop cycle and will reduce yield significantly. The overall impact of monsoon rainfall on kharif output will depend on its quantum as well as regional and temporal distribution.
A setback to the monsoon could reduce already poor agriculture growth and will have an impact on the overall economic growth of the country, particularly when other important sectors are not performing well. Since more than 50% of workers’ households primarily depend on agriculture for their livelihoods, low rainfall could hit the household budget of the poor by pushing food prices further up due to low production and shrinking supply of the food articles. This could reduce demand in rural areas for other items due to income contraction.
The government can take some comfort from the high procurement of wheat and rice last year. Overall stock of foodgrains with the central government is around 50 million tonnes. But, deficit in production of rice and other important crops like pulses and oilseeds could scupper the Food Security Act, which the UPA government plans to introduce in the next session of Parliament.
Under the Act, the government proposes to promise a hunger-free India by giving subsidised foodgrains to people below the poverty line. The UPA plans to offer 25 kg of cereals at Rs 3 per kg each month to an expanded set of beneficiaries including bonded labour, agricultural labour, destitutes, artisans, rag pickers, etc. According to one estimate, 50 million tonnes of cereals will be required annually for distribution under the Food Security Act.
Uninterrupted supply of foodgrains through the PDS is needed to keep this promise. The present buffer stock will help to cope with the problem to some extent but maintenance of the minimum buffer stock would require replenishment of stocks. Food stamps or cash transfers based on Unique Identification Card (UIP) would be superior alternative. But, preparing a UID for millions of poor is a daunting task and it will take some time. Therefore, the immediate solution would be to improve the efficiency of the PDS and make it widespread across the states with larger proportion of the poor.
The country could face further shortage of commonly consumed pulses like arhar, moong and urad, which are regularly imported by the country to bridge the demand-supply gap. Similarly, oilseeds could be in short supply and country has to resort more imports. These conditions will exert pressure on prices of these essential commodities and hurt the consumption of poor.
The deficient rainfall in June has affected the supply of vegetables badly, leading to rise in their prices. According to Delhi Agriculture Marketing Board, a decrease of 20% has been registered in the supply of vegetables this month in comparison to the last year. The prices of vegetables might shoot up, if the situation does not improve. The retail prices of vegetables have seen a remarkable increase in the last one month. The prices of vegetables such as tomato and potato have increased by 50%. The poor weather condition has also affected the quality of vegetables. Most of the vegetables get spoiled due to higher temperature.
The Centre’s contingency plan to deal with deficient monsoon by distributing seed varieties to rainfed areas, which covers around 60% of cropped area, could help marginally. There is a lot at stake this year due to the slowdown in economy and huge pressures on the fisc. The UPA’s focus on the aam aadmi needs to deliver food security to the poor and vulnerable sections of the society and this is possible when domestic production is sufficient and food is accessible and affordable for the common man.
(Acting Director, Agricultural Economics Research Centre, University of Delhi)
The military supremacy of erstwhile colonial powers of the 19th century i.e., the UK, Germany, Japan and others was challenged when their Blue Water naval capability could not ensure unobstructed food imports. The Post World War II political-military-economic world order has been dominated by the US and erstwhile Soviet Union (now Russia), primarily because they had a large territory and a self-sufficiency in food and other natural resources.
Indian government realised the criticality of maintaining self-sufficiency in food only after the disasters of 1962 and 1965 wars. The green revolution of the late 1960s turned out to be only a temporary solution wherein 4-5 north Indian states were to be grain basket for the country in its endeavour towards self-sufficiency in food.
However, declining agricultural productivity and a need for feeding a rapidly growing population with rising levels of food consumption has made it obligatory to undertake urgent measures more than just giving subsidies, loan waivers etc. The expansion of cultivable land, both within the country and overseas, could be a possible solution.
Even as outsourcing in IT and ITES has been impacted by a recent wave of protectionism in the US and Europe, outsourcing of farming and farmlands is emerging as a major opportunity. This can also help control price spikes such as seen during 2007-08 when some largest foodgrain exporting countries such as Russia, Argentina and Vietnam had curbed exports in a bid to control domestic price rise. In a recent report by International Food and Policy Research Institute, it has been stated that many governments, either directly or through state-owned entities and public-private partnerships, are making overseas arable land leases, concessions or outright purchases.
This brings the total number of drought-hit districts in the State to 47. Twenty districts were declared drought-affected on Saturday.
These districts received less than 40 per cent rainfall and the sowing was less than 75 per cent. The State has a total of 70 districts.
Big schemes
In a letter to Prime Minister Manmohan Singh, Chief Minister Mayawati reiterated the demand for a Rs.80,000-crore special incentive package for Bundelkhand and Purvanchal (eastern U.P.) regions.
In another letter to Dr. Singh, the Chief Minster urged the Centre to approve a special package for Bundelkhand based on the recommendations of the Samra Committee. She also demanded allocation of big Central schemes for the backward region.
Recovery suspended
Chief Secretary Atul Kumar Gupta told journalists here that following the decision to declare 27 additional districts drought-affected, recovery of land revenue and irrigation charges from farmers had been suspended till March 2010.
He said directives had been issued against using coercive measures for recovery of bank loans and power dues from farmers in these districts. Mr. Gupta said a close watch was being kept on the situation.
Referring to the letters written by Ms. Mayawati to the Prime Minister, Mr. Gupta said the Centre had been asked to play a proactive role in the development of the State.
Manmohan informed
The Chief Minister has apprised Dr. Singh that the Samra Committee, constituted by the Planning Commission for studying the drought situation in Bundelkhand in 2007-08, had approved a separate package of Rs.3,866 crore, including Rs.1,500 crore for water management and Rs.1,050 crore for agriculture purposes.
Ms. Mayawati regretted that the package had not been approved by the Central government.
Training to be given in modern farming
R. Sairam
MADURAI: Training in modern farming techniques would be imparted to more than 1,250 farmers in Madurai district by National Bank for Agricultural and Rural Development (NABARD) in the current financial year.
The training will be supported through the Farmers Technology Transfer Fund (FTTF) set up by NABARD to help farmers in accessing appropriate technologies for improved and increased productivity, R. Shankar Narayan, Assistant General Manager, NABARD, told The Hindu.
“The fund will promote formation of Farmers’ Clubs, which will be a conglomeration of model farmers’ wanting to adopt latest farming technology. Each club will comprise around 25 members and 50 such clubs would be formed this fiscal in the district through NGOs and banks,” he said. Through these activities, NABARD would try to empower farmers and create a pool of model farmers.
In the last fiscal also, 50 Farmers’ Clubs were formed and various training programmes were conducted. As a part of the ‘meet with experts’ initiative under the aegis of Farmers’ Club, the members can take part in one-day training programmes on organic farming, improved farm mechanised techniques, and improvised agricultural practices and so on. Till date, 377 projects have been completed.
Jharkhand farmers despair at drought | ||||
  Nearly 80% of people in Jharkhand are dependent on farming In Satbarwa village in the eastern Indian state of Jharkhand, scores of Muslim farmers have gathered in the village square. Their arms raised, eyes fixed on the sky, they pray for rains. "Allah, forgive our sins, reward our good deeds. Our ground is parched, our cattle are dying. Please bring in the rain." Some distance away, a group of Hindu farmers ring the temple bells, hoping to catch the ear of the rain god. With the monsoon bringing little rainfall this season, the land is dry and unfit for cultivation and the worry lines are getting deeper. "There has been no rain so far this year," says Abdul Sakur, a farmer from Khola village. "We have not been able to sow rice. Our corn crop has been destroyed by pests. We have nothing to eat. We have nothing to feed our cattle. "There is a pond in our village. But it has no water. It's all dry." "We are in the throes of a famine," says Vinod Thakur, a resident of Makri village. "Water shortage is our biggest problem. We have had no rains this year so we can't grow rice." 'Dying of hunger' Mr Sakur and Mr Thakur are among the hundreds of men and women who have come from surrounding villages to the town centre in Dhurki on this hot afternoon to meet government officials, to appeal for help.
But some are already going back disappointed. Sanjhar Bhuin, 70, is a widow and she has been coming to Dhurki every day for the past 10 days from her village 15km (9 miles) away. "The government is supposed to give us 10kg of rice every month," she says. "But they say they'll give it to us when they get it. We haven't received any rice since April. We are dying of hunger." By simple logic, Jharkhand should be a prosperous state with nearly 40% of India's mineral reserves, but the state has some of India's poorest people as its citizens. Employment opportunities are few and nearly 80% of the population is dependent on the farm sector. But farming here is dependent on the rain water and villagers say inadequate rainfall over the past four years has reduced them to penury. Cynics call it a "rich state of poor people". Worried We drive several hundred kilometres from the state capital, Ranchi, to Latehar, Palamu and Garhwa districts in the north-west.
We stop in towns and villages and everywhere we come across people worried about the lack of rain and the crop failure. They beseech us to write about their plight, maybe then the government will put some food on our plate, they say. The government says it is listening. In the last few days, 11 districts have been declared "drought-hit" and authorities have announced free ration for people living below the poverty line in those areas from 1 August. "It is our top priority to ensure food security and survival of the people - our fight here is with hunger," says Amitabh Kaushal, senior administration official in Palamu. Mr Kaushal says the government has created a food stock for the infirm, the destitute and the disabled, and the poor: "We are working hard to reach areas which are not easily accessible. They are starvation-prone areas. We're trying to identify them so that we can give them the benefits of these free food grains." Sceptical Mr Kaushal says local officials have been asked to set up camps in remote areas to ensure that food reaches people in the remotest areas.
The villagers in Palamu and Garwah, however, are sceptical. "There is too much corruption in the system. Only a fraction of the money sanctioned by the government ever reaches the people. Is the government doing anything about it?" asks a bitter Mohammad Khairullah of Dhurki town. He is speaking from experience. There are existing government schemes to feed the poorest of the poor, provide them with free food grains or offer rice and wheat at highly subsidised prices. But, across India, a lack of political will has meant the grains meant for the poor often get lost in transit - they are pilfered by corrupt officials and sold on the black market. "If the government builds a dam on Kanhar river, it will irrigate the whole of Garhwa district And that will solve our problem But the government is interested only in projects which make them richer," says farmer Nand Gopal Yadav. "Cruel weather and uncaring authorities are threatening our existence. No one really cares." | ||||
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India floods kill at least 441 this season
- Story Highlights
- 7 die as bus carrying 40 passengers sinks in overflowing canal in eastern India
- 7-year-old girl and her mother among the dead
- Bus driver ignored warnings from his passengers about flooding in canal
NEW DELHI, India (CNN) -- At least 441 people have died in floods in India from this season's monsoon rains, federal authorities said in their latest report.
An Indian child plays in a flooded street in Mumbai earlier this month.
Flooding has affected more than 1.5 million people in parts of India, said the disaster management division of the federal home ministry.
The country's main weather office has warned of more heavy rain in western and central parts of India.
Monsoon rains sweep across the subcontinent from June till September. Though they bring much-needed relief to often-parched farmlands, they also leave a trail of landslides, home collapses and floods that can kill.
In neighboring Pakistan, torrential monsoon rains left more than three dozen people dead and broke a 32-year record over the weekend.
http://www.cnn.com/2009/WORLD/asiapcf/07/23/india.flood.deaths/‘Less rain no cause for worry’
He was commissioned in the Indian Air Force’s meteorological branch in 1972. During 35 years of service in the IAF, he has held several command and staff appointments, including being an active forecaster at frontline air bases. After his retirement from the defence service in January 2008 as Air Vice Marshal, he joined the IMD as its DG.
Dr Tyagi has been commended by the Chief of the Air Staff and awarded the Vishist Seva Medal by the President for his distinguished service in the Air Force.
He spoke of the monsoon situation in an interview to RANJEET S JAMWAL.
How has the south-west monsoon been so far?
Initially we had given a forecast of 96 per cent but we brought it down to 93 per cent with an error ratio of plus-minus four per cent. For north-west India we had forecast 81 per cent of the normal rains. This is on the lower side of the monsoon.
Despite the early onset over Kerala towards the second week of June there was virtual lull in monsoon activity over eastern and central parts of the country. There was late onset towards the last week of June in western and southern states. And the monsoon rainfall as a whole went down as low as minus 54 per cent on 24 June. But thereafter the monsoon revived and most parts of the country were covered by it by the end of June. And since then there has been steady improvement. If we go week by week, from minus 54 per cent by the end of June, it came down to 46 per cent in the middle of July, then minus 30 per cent and now it has come down to minus 19 per cent. But there are pockets where the monsoon has not been as good, particularly in the northern parts of the country. Even in northeast India there are pockets where there has been less rainfall. But it’s not a cause for worry because of the high percentage of rainfall there. So if the rainfall is fifty or sixty per cent of the usual, it is enough for the region.
This season the monsoon moved mainly along the central parts of the country. This is why we had good rains in Orissa, Chhattisgarh, Madhya Pradesh, Gujarat, parts of Rajasthan and Maharashtra and they are now near normal. The peninsula also is okay though there are pockets in Andhra Pradesh where the rainfall has been less. Last week there have been good rains in the central parts.
Now we have forecast that there will be a decrease in the monsoon over central parts and it will move towards the northwest. In the natural variability of monsoon cycle, we expect there will be some weakening of eight or ten days. This will be good for northern and northeastern parts of India. Central parts and the western coast will have less rainfall.
States like Himachal, Uttarakhand, Bihar and the North-East will have good rainfall.
Almost half the monsoon season is over. Can we say certain parts of the country are facing a drought-like situation?
As far as meteorological conditions are concerned, we give daily data, so it is for the individuals concerned to take decisions whether it is agricultural drought, hydrological problem stress due to shortage of water in reservoirs, shortage of water for power generation. We don’t declare (drought), because if there is rain the next week the deficiency can be made up. We don’t go week-by-week or month-by-month. But yes if there is deficiency of minus 40 per cent in certain pockets there will be stress on various activities.
What are the factors due to which we didn’t have normal monsoon this year?
No two years the monsoon is the same. Last year we had early onset of monsoon and it hit Delhi on 15 June. This year we had near normal onset of monsoon. Last year we had excess rainfall in the northwest but this year it’s deficient there.
There are a variety of factors, some of which can be known after the event, some of which give signals before the event. This year we could see some of the parameters, which were not favourable. One was a weather system which affected the north-western parts of the country. Similarly, the temperatures of the Pacific were not favourable. These are the parameters which gave an indication that this year the monsoon will not be as good.
Has climate change something to do with the unpredictable weather we are witnessing these days?
Climate change is not an abrupt phenomenon. I will say this is natural climate variability. If we see rainfall data for the last 100 years there is no significant decrease or increase in the rainfall. There was a drought in 1880 also. So we can’t say that less rainfall has something to do with climate change. Within the climate change, there is variability and the effects on climate may be felt after 30, 40 or 50 years. So that is a different matter. We can’t say that if there is heavy rainfall in Mumbai or no rainfall in Delhi, it is because of climate change.
Since we have so much of regional variety, how difficult is it to make weather predictions in India’s context?
It’s an extremely challenging job. In the west we have desert, in the north-east we have heavy rainfall, in the interiors we have drought pockets like Bundelkhand or parts of Orissa. And there is variety within a state like in Gujarat. There has been heavy rainfall in the Saurashtra region, but in north Gujarat there have been deficient rains and it’s a drought like situation there. So when even in a state there can be so much variability, it is extremely difficult to make weather forecasts for the entire country.
India cane sowing halts, state firms to import oils
By Himangshu Watts and Ratnajyoti Dutta
NEW DELHI (Reuters) - India's sugarcane sowing made no progress in the past two weeks, raising prospects of bigger sugar imports, while cotton and soybean planting rose as rains were unevenly distributed, government data showed on Friday.
The farm minister, Sharad Pawar, sought to ease concerns of a shortage saying that India had adequate sugar stocks and extended a duty-free regime sugar imports regime, a widely expected move that has propped up raw sugar futures in London and New York.
He told parliament that imports of sugar, lentils and edible oils were a cushion against inflation and weak rains would have a marginal impact on prices.
Pawar also said India would allow state-run trading firms to import edible oils for subsidised sales by state governments -- a move that is expected raise supply during the festival season that begins in September and raises demand for farm commodities and gold.
The sugarcane crop, which was initially expected to expand, was 4 percent below last year's level and unchanged at 4.2 million hectares since July 17 because of a drought in the main growing region in north India.
Oilseeds cultivation has bounced back in recent weeks after a slow start as the main crop regions in central and western India received normal rains in July. The crop needs good rainfall in August also.
The weather office has forecast subdued rainfall in western, central and southern regions, where most of India's soybean and peanuts are grown.
Indian farmers have demanded subsidised diesel for pumps at their farms, and Pawar said the government would provide subsidised fuel for two months. Continued...
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