-Reuters Monsoon rains were 36 percent below average in the week to June 6, the weather office said on Thursday, reflecting the delay in the arrival of the seasonal rains over south India from the usual June 1 start date. The four-month long rainy season is in the initial stages and crops are not greatly affected by the quantity of rains now, with distribution of rainfall in mid-July after the monsoon covers...

Finance ministry asks automobile sector to submit a report on the impact of such a move within a week’s time The government appears to have made up its mind to increase excise duty on diesel cars to neutralize the advantage of the state subsidy that has prompted motorists to increasingly favour vehicles powered by the fuel that’s Rs.30 a litre cheaper at the pump than petrol. Indications that the government is leaning...

-The Business Standard   The FAO Food Price Index fell by 4% in May Global food prices have dropped sharply in May due to generally favourable supplies, growing global economic uncertainties and a strengthening of the US dollar, a report by the Food and Agricultural Organisation (FAO) of the United Nations said today. The FAO Food Price Index, measuring the monthly change in international prices of a basket of food commodities, fell by 4%...

A day after partymen raised a stink over the UPA’s alleged policy paralysis at the Congress working committee meeting, the government moved to make amendments to the pension bill — one of the reforms measures that had been hit by coalition politics — at Thursday’s cabinet meeting. A cabinet note mentioned that the government had decided to address the concerns of all stakeholders and to build a broad consensus on...

-The Times of India The iron and steel industry might be recording an impressive 8% annual Growth, but it is struggling to meet environmental norms, the Centre for Science and Environment (CSE) concluded while rating its performance.  The results of the study were released by Union environment and forests minister Jayanthi Natarajan and Planning Commission member Arun Maira here on Monday.  After a two-year study, the Delhi-based green NGO concluded that Ispat Industries...