Around the Globe

Around the Globe

Cane shortage brings down sugar rush

Sugar mills have been able to produce higher volume of the sweetener in the first quarter of the season due to better yield of sugarcane in Uttar Pradesh, but the euphoria of beating a lower output estimate may soon be over with factories in Maharashtra closing down one after another, earlier than the regular schedule.
As much as 25 mills in the top sugar-producing state of Maharashtra have closed factories due to a severe shortage of sugarcane.

Basmati prices up but production set to fall 30 pc

Farmers are now realising 50 per cent more than the price they got by selling basmati rice, simply because they reduced the area. But exporters may not benefit from this as their returns have slumped compared to last year.
Pusa 1509 paddy is currently being sold at Rs 21 a kg whereas it was sold at Rs 14-15 a kg during January last year, Mahender Jain, a rice trader from Karnal said. Similarly, the Pusa 1121 variety in paddy form commands Rs 28-30 a kg, up from Rs 20 a kg last year, he said.

BJP to weed out negativity from UP poll campaign, unlike Bihar

Wary of making mistakes for which it paid heavy price in Bihar, the BJP is going to weed out “negativity” from its campaign in Uttar Pradesh.
Party sources said that development will be the primary focus of BJP’s high-voltage campaign in Uttar Pradesh, where it is locked in a multi-cornered contest. The strategy has been devised following inputs from the Bihar debacle where the party leaders felt that the campaign had turned negative sending wrong signal to the electorate.
The BJP sources said that it will return to power in Lucknow after 15 years riding on the positive wave.

Agri stocks rise on speculation over budget sops

The stock prices of the companies engaged in agriculture-related activities have started moving up following reports that the farm sector has not been dented by demonetisation and that the government is going to announce further sops for the sector in the upcoming Budget. Stocks of sugar companies have been on the rise ever since the Centre reduced its production estimates to about 22 million tonnes for 2016-17 (October-September), as against 25.1 million tonnes produced in the previous year.

SP break-up formalised; Akhilesh lays claim to ‘cycle’

The split in the Samajwadi Party was formalised on Tuesday, with the Akhilesh Yadav camp approaching the Election Commission to assert that the party is “actually” headed by the chief minister now and not its founder Mulayam Singh, who had knocked at the doors of the poll panel on Monday to lay claim on ‘cycle’ symbol.

Definition of industry: SC refers issue to 9-judge bench

The Supreme Court has referred to a bench of nine-judges the contentious issue pertaining to the interpretation of definition of the word ‘industry’ under the Industrial Disputes Act, 1947 considering its “wide-ranging implications.”
A seven-judge constitution bench headed by Chief Justice TS Thakur said it was of the opinion that the appeals before it be placed before a bench comprising nine judges keeping in view the “serious and wide-ranging implications” of the issue.

RBI asks banks to supply 40% of notes to rural areas

To mitigate hardships of poor and marginal farmers due to cash deficit following demonetisation, the Reserve Bank today directed banks to distribute at least 40 per cent of currency notes in rural areas.

The 50-day exercise ended on December 30, but the cash supply situation is yet to ease in certain pockets. As a result, the government has not lifted the withdrawal ceiling of Rs 24,000 per week.

Govt announces safety audit for 418 mines

Government today announced safety audit for all 418 mines in the country in the wake of one of the worst open cast mine disaster under Rajmahal, killing at least 18 people.

"We held a review meeting with Coal India and there we have taken few decisions on mine safety. We have also decided to carry out a detailed investigation on the accident. A mine safety audit of all the mines will also be undertaken," Union Power Minister Piyush Goyal said here today stating that the government was committed to zero accident target.

Next fiscal's growth to make up for extant eco slow down: Niti

Niti Aayog vice-chairman Arvind Panagariya today said demonetisation would have some impact on the economy in the third and fourth quarter of this fiscal but the country would make up for those losses in FY 2017-18.

"In the quarter in which the demonetisation decision was made and possibly even the quarter that follows which will be the last quarter of the fiscal 2016-17, we might see some decline in the growth rate," Panagariya told CNBC-TV18.