The government has decided to throw its might behind private purchases of farm land overseas to ensure food security for India. The agriculture ministry has sought views from other ministries on an institutional mechanism to extend sovereign support to India Inc's acquisition of farm land abroad that could include guaranteed buyback of harvest from the cultivation overseas. Agriculture secretary PK Basu said that the proposal is in a nascent stage. "We had...
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Decontrol urea prices, raise excise duty: PMEAC
-PTI Amid widening fiscal deficit, Prime Minister's economic advisory panel today suggested aligning diesel prices to global market in a phased manner and also raising excise and service taxes to pre-crisis level of 12%. Releasing the Review of the Economy: 2011-12, Chairman of Prime Minister's Economic Advisory Council (PMEAC) C Rangarajan also pitched for deregulation of urea prices. Expressing concern over high fiscal deficit which is expected to overshoot the target of 4.6%...
More »Silent Report by Prabhat Patnaik
In a report released on January 30, and covered by the world’s press the next day, the United Nations has warned of a severe resource crisis that would overtake the world if current trends persist. A growing population and a rise in the number of middle-class consumers will increase the demand for resources so rapidly that even by 2030 the world will need at least 50 per cent more food,...
More »Global food prices rebound for first time in six months–UN
-The United Nations Global food prices rose overall last month for the first time in six months, demonstrating the volatility of international food markets, the United Nations Food and Agriculture Organization (FAO) reported today. The FAO Food Price Index rose by four points or nearly two per cent to a measure of 214 points in January, with the price of oils increasing the most, followed by cereals, sugar, dairy products and meat. This...
More »Rural India loses steam: Demand for tractors, agriculture machinery, durables decline as income falls, prices rise
-The Economic Times In 2007, 27-year-old Kaushalendra from Bihar shunned the placement frenzy, which would see many of his colleagues earn fat salaries, in favour of a more homespun alternative: Selling fresh vegetables on a push cart to residents of his hometown Nalanda. Putting together whatever money he had, Kaushalendra began the venture in 2008 and soon started doing well. People didn't mind paying a little more if they saw value in...
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