Indicating a new-found determination to stay the course on politically sensitive reform measures, Prime Minister Manmohan Singh not only defended the recent decontrol of petrol prices but also said diesel rates would also be freed of government control. In comments while returning from the G20 summit in Toronto, the PM seemed to be in an assertive mood despite the Opposition calling a bandh to protest fuel price hikes. "The fact...
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Food inflation rises to 16.90%
India's food inflation accelerated in mid-June, maintaining pressure on the Reserve Bank of India to tighten monetary policy at a faster pace. India's food price index rose 16.90 per cent in the year to June 12, higher than the previous week's annual reading of 16.12 per cent, government data released on Thursday showed. The fuel price index remained unchanged at 13.18 percent in the year to June 12. The yield...
More »Mandatory cheap foodgrains for poor may cause hike in oil prices by Gargi Parsai
It is the availability of adequate foodgrains to meet the mandatory requirements under the proposed National Food Security Bill that worries the government, not the enhanced subsidy such a move would entail. From what the government is planning it appears that the subsidies on petroleum products would go to meet the requirement of providing cheap foodgrains to the poor under the Public Distribution System (PDS) and to bring the Above...
More »Food, fuel inflation ease in early June
India’s food and fuel price inflation eased in early June, easing pressure on Reserve Bank of India (RBI) to speed up its process of tightening monetary policy. India’s food price index rose 16.12% in the year to 5 June, snapping a two-week rise, and lower than the previous week’s annual reading of 16.74%, government data released on Thursday showed. The fuel price index climbed 13.18%, compared with an annual rise of 14.23%...
More »No hike in support price for cotton
The reported decision of the Cabinet Committee on Economic Affairs taken at a meeting, chaired by Prime Minister Manmohan Singh, to keep the minimum support price of cotton unchanged for kharif season 2010-11 has left three million growers of the state unhappy. Vidarbha Jan Andolan Samiti president Kishore Tiwari said, "The prices were last revised in 2008-09 and during election year it were raised to Rs 3,000 a quintal more...
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