Monsoon forecast downgraded to 88 percent

June 2, 2015

New Delhi, Jun 2: Monsoon in the country this year is expected to be "deficient", the Met department has projected while revising its forecast from "below normal" which is likely to trigger fears of a drought.monsoon

The Met Department revised its forecast from 93 per cent to 88 per cent Long Period Average (LPA), with north-west region of the country expected to be hit the most, Union Minister for Earth Sciences Harsh Vardhan told reporters here today.

"I have to say this with a heavy heart that as per our revised forecast, India will receive 88 per cent of rainfall of the LPA," said Vardhan, who also holds the portfolio of Science and Technology.

In April, the Indian Meteorological Department (IMD) had forecast that monsoon rains would be 93 percent of the average, which is categorised as "below normal". Now, with the revised projection of 88 per cent, the monsoon is categorised as "deficient".

"We have been working to ensure that the forecast is right. But this time let's pray to God that the revised forecast does not come true," said the minister.

He said that in the last Cabinet meeting, Prime Minister Narendra Modi had already asked different ministries and departments to gear up for such an exigency.

The North-West region which includes Delhi NCR, Haryana, Western Uttar Pradesh and Rajasthan will be affected as per the forecast with it receiving around 85 per cent of rainfall of the LPA. The region had experienced less rainfall last year.

The projection of low rainfall, which may be attributed to the El-Nino phenomena, is likely to trigger fears about drought situation in some parts of the country.

With monsoon already delayed, the news could be disheartening for the farming community which depends heavily on the seasonal rains.

The timely onset of the South-West monsoon is crucial for sowing of kharif (summer) crops such as paddy and a deficit in rainfall may hit the rice output.

Agriculture, which employs about 60 per cent of the country's population, is heavily dependent on the monsoon as only 40 per cent of the cultivable area is under irrigation.

Last year, the country had received 12 per cent less rains, which hit production of grains, cotton and oilseeds.

Due to poor monsoon, agriculture growth stood at 0.2 per cent in the 2014-15 fiscal.

According to the government's estimate, total foodgrains production has declined to 251.12 million tonnes in the 2014-15 crop year (July-June) from a record production of 265.04 million tonnes in the last year.

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News Network
July 31,2020

New Delhi, Jul 31: Air India has operated more than 2800 flights and flown over 3 lakh passengers worldwide till now under the Vande Bharat Mission.

"Air India under Vande Bharat Mission Operated more than 2800 flights and flown more than 3 lakh, 80 thousand passengers worldwide till now," Air India said in a tweet on Thursday.

The fifth phase of the Government of India's 'Vande Bharat' mission, aimed at evacuating Indian nationals stranded in various foreign countries owing to restrictions on air travel, will begin early next month, August 1.

"Under Vande Bharat Mission, we have already brought back more than 2.5 lakh stranded Indians from 53 commies," Air India had earlier said in a statement.

Over 7.88 lakh Indians stranded abroad due to coronavirus pandemic have returned under Vande Bharat Mission till July 22, Ministry of External Affairs had said.

The government started Vande Bharat Mission on May 7.

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Agencies
June 29,2020

New Delhi, Jun 29: Fuel prices rose on Monday again after a days pause with oil marketing companies increasing the pump price of petrol by 5 paisa and diesel by 13 paisa per litre in Delhi.

In the national capital, petrol price on Monday stood at Rs 80.43 per litre while that of diesel at Rs 80.53 a litre.

With this increase, fuel prices have moved up on 22 of the last 23 days (with no rise on Sunday). Petrol prices, however, were unchanged for an additional day in between after the daily revision based on dynamic pricing was reinstated by OMCs.

Since the daily price revision resumed on June 7, petrol price has increased Rs 9.17 and diesel rose by Rs 11.14 in the national capital. In the other cities the magnitude of increase was similar.

During the past 23 days, the quantum of price hike gradually declined from around 60 paise raise for a few days, immediately post the resumption of daily price revision, to less than 20 paise during the past few days and now even less than 10 paisa per litre.

In a historic development, the price of diesel surged above that of petrol in the national capital during this period. It continues to remain higher even though on Saturday the quantum of petrol price hike was higher than that of diesel.

Officials in oil marketing companies said that it is hard to predict which of the two fuels will be priced higher in the Capital as the gap between the two is almost negligible. But petrol prices have shown more volatility in international markets that may take it ahead once again in coming days.

Apart from Delhi, the retail prices of petrol and diesel have followed the traditional path in other metros with petrol being priced at a premium of between Rs 5 and 8 per litre. The difference between the auto fuel prices in Delhi and other metros is because of the taxation structure.

While both petrol and diesel are at similar levels of taxes (state and centre) in Delhi, it is higher for petrol in many other Indian cities.

Globally diesel is priced a tad higher than petrol. In India too, the base price of diesel is slightly higher than petrol but taxation at central and state levels changed the complexion of retail prices.

If the price of petroleum products and crude hold their positions in global markets, then petrol and diesel prices rise may stop for a longer period and we may even see marginal fall in prices.

Fuel prices have been increasing since June 7 when oil companies began the daily price revision mechanism after a hiatus of 82 days during the lockdown.

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News Network
January 13,2020

New Delhi, Jan 13: Walmart, the world’s largest retailer, has fired around 50 of its India executives as part of its restructuring in the country, three sources with direct knowledge said.

The move underscores the struggles Walmart has faced in expanding its wholesale business in India. The Bentonville, Arkansas based company currently operates 28 wholesale stores where it sells goods to small shopkeepers, and not to retail consumers.

The firings mostly affected executives in the company’s real estate division because the growth in the wholesale model has not been that robust, two of the sources said.

“It’s happening because focus is shifting to e-commerce rather than physical (stores),” said one source, who declined to be identified as the decision is not public.

Walmart did not respond to a request for comment.

Walmart has placed bold bets on India’s e-commerce sector. In 2018, it paid $16 billion to acquire a majority stake in India’s online marketplace Flipkart, in its biggest global acquisition.

The second source added that while Walmart could slow down the pace of opening new wholesale stores, the focus will increasingly be on boosting sales through business-to-business and retail e-commerce.

Some of the executives were sacked last week and more could be let go on Monday, two sources said.

In a statement to India’s Economic Times newspaper, which first reported the news, Walmart said it was always looking for ways to operate more effectively and that “this requires us to review our corporate structure to ensure that we are organized in the right way to best meet the needs of our members.”

Walmart has around 600 staff in its India head office out of a total of around 5,300 nationally, one of the sources said.

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