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Indian Monsoon Failure – Kharif harvest set to decline 20%

August 28, 2009 by Editor's Desk

Poor rains are set to hit India’s farm output even as the government reiterates it had enough reserves to ensure food security. India’s finance minister Pranab Mukherjee said on Thursday that the country was likely to see 15-20% decline in summer (kharif) crop harvest due to the poor rains.

The minister said that about 252 out of India’s 626 districts had been declared drought impacted as a result of the weak southwest monsoon. Cumulative rainfall in the June-September monsoon season so far was about 26% below the long period average (LPA).

India Food Price Index Surges to 13.3% – What is th Government Doing ?

August 27, 2009August 27, 2009 by Komal Meswani

India’s food prices continue their run unrestricted even as the wholesale price inflation remains in the negative zone. Headline inflation, as indicated by the wholesale price index (WPI), stood at -0.95% during the week ended August 15 compared with -1.53% in the previous week. The rate had turned negative for the week ended June 6 for the first time since the new WPI series started in 1995.

Despite the negative number, there is no respite from the surge in food prices as the food index surged 13.3% from a year ago level. Poor monsoon has pushed up the supply-demand issues in the food sector resulting in rising prices of many commodities including sugar and pulses.

ICICI Bank home loan rates starting 8.75%

August 27, 2009August 27, 2009 by Komal Meswani

India’s largest private sector lender, ICICI Bank has unveiled new home loan product effective from August 20, 2009. As per the new scheme, home loans of up to Rs 20 lakh will now be available at 8.75% while the lender will charge 9.25% and 9.75% for loans of Rs 20-Rs 50 lakh and above Rs … Read more ICICI Bank home loan rates starting 8.75%

Infrastructure growth slows to 1.8% in July

August 26, 2009August 26, 2009 by Editor's Desk

India’s core sector growth has slowed down again in July after improving consistently through the first quarter of the current fiscal. The group of six infrastructure industries posted a poor growth of 1.8% in the month of July compared with 2.8% in May and 6.5% in June. Growth in the corresponding month last year was 5.1%.

Main culprits for pulling the growth down were crude and steel. Crude oil production dipped by 0.4% in July while steel output expanded by only 1.2% against 6% a year ago. On the other hand, coal output expanded by 9.7% against 5.5% last year, electricity by 3.3% compared with 4.5% and cement by 10.6% against 5.5% the year ago period.

Maruti Suzuki launches Estilo with K-series engine and bold new design

August 25, 2009August 25, 2009 by Komal Meswani

Maruti Suzuki India, the country’s leading passenger car maker, on Tuesday launched the Estilo with all-new looks and advanced technological features.

The Estilo represents Maruti Suzuki matching pace with the changing taste and lifestyle of vibrant India. The bolder new Estilo, designed to meet the aspirations of the Indian customer, is a heady mix of sculpted features, bold designs, new exciting colours.

Mukesh Ambani Reliance accepts Cost Escalation in KG Basin – Shady Government Deals

August 25, 2009August 25, 2009 by Editor's Desk

In a stunning admission, RIL has released defending the cost escalation of KG basin project.

As against the ADAG’s claim, RIL says the capital expenditure for the KG-D6 fields has increased from $2.47 billion in 2003 to $8.83 billion due to a 2.5 times increase in reserves, trebling of production facilities, doubling of peak production, hike in number of wells, field life and inflation in the equipment and services industry.