FDI in retail will help farmers, consumers: PM Manmohan Singh

December 8, 2012
manmohanFDI

Ludhiana, December 8: A day after winning Parliament's approval to the decision of allowing FDI in retail, Prime Minister Manmohan Singh on Saturday said the move will benefit farmers and consumers and help introduce new technologies in agri marketing.

He also said the decision to allow FDI was "supported" by farmers' organisations in Punjab.

Speaking as a chief guest at Punjab Agricultural University's golden jubilee function here, he said FDI in retail will help introduce new technologies in agri marketing, and will "benefit farmers and consumers".

The decision to allow FDI was backed by farmers' organisations in Punjab, he said at the PAU function, where he was honoured with a Doctor of Science degree.

Government had on Friday won the approval of Parliament to its controversial decision of allowing FDI in multi-brand retail with a motion against it being defeated convincingly in Rajya Sabha, as BSP voted in favour of UPA. 123 members had voted against the motion while 109 voted in favour after a debate during which the opposition had attacked the proposal to allow 51 per cent FDI in multi-brand retail, while the government had strongly justified it saying it was in the best interest of the country.

Speaking at the university, Singh asked leading farm varsities like PAU to gear up to meet the existing and future challenges in the agriculture sector.

He said agriculture supply chains in India are fragmented and stressed the need for development of efficient and vertically integrated supply chains.

Stressing that investments in backend infrastructure can help cut down loss of perishable crops, he asked Punjab "to take the lead in best practices of crop management".

Singh also hoped that Punjab will fare better as 12th five-year plan has for the country as a whole "targeted 8.2 growth in the GDP and 4 per cent in agriculture".

Expressing concern over exploitation of ground water in Punjab, the Prime Minister said it far exceeds what can be recharged.

"80 per cent development blocks have been categorised as over exploited," he said, adding that the challenge for sustainable agriculture was to help farmers take up diversification.

Even though the rice-wheat cropping pattern is profitable, it has led to over-exploitation of the water, he noted.

Singh said gradual phasing or shifting to other crops as well will not affect overall food security of the country and pointed out that in addition to states like Punjab, eastern and central parts of the country together with leading agrarian states, can help ease the burden of food security.

For crop diversification, he said state like Punjab can take up alternative crops like maize, cotton, sugarcane, oilseeds, besides fruits and vegetables.

He also made a mention of the Centre's National Food Security Mission launched five years back and said the efforts under it were producing results.

The Prime Minister asked farm varsities like PAU to also gear up to face the challenges posed by the climate change.

"Rising temperatures will also have negative effects on productivity," he said, adding current varieties of wheat can also be hit by the climate change.

Asking PAU to develop varieties that are resistant keeping the climate change in mind, he said, "We must deal now with the expected threats that appear on the horizon."


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News Network
March 9,2020

Mumbai, Mar 9: India's Yes Bank will not be merged with State Bank of India, which is set to infuse funds in the beleaguered lender, the newly appointed administrator leading the rescue plan said in a television interview on Monday.

"There is absolutely no question of a merger," Prashant Kumar, the administrator, told the CNBC TV18 channel.

The Reserve Bank of India (RBI) on Thursday took control of Yes Bank, after the lender - which is laden with bad debts - failed to raise the capital it needs to stay above mandated regulatory requirements.

Placing Yes Bank under a 30-day moratorium, the central bank imposed limits on withdrawals to protect depositors and said it would work on a revival plan. The move spooked depositors, who rushed to withdraw funds from the bank.

Kumar, a former finance chief at SBI, assured depositors their money was safe and that the moratorium on Yes Bank might be lifted much before the deadline on April 3 and normal banking operations might resume as early as Friday.

He also mentioned that the withdrawal limit of Yes Bank may be removed by March 15, 2020.

SBI Chairman Rajnish Kumar said on Saturday the state-run bank would need to invest up to 24.5 billion rupees ($331 million) to buy a 49% stake in Yes Bank as part of the initial phase of the rescue deal, adding that the survival of troubled lender was a "must".

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Agencies
January 16,2020

New Delhi, Jan 16: United Forum of Bank Unions has decided to observe a two-day strike on January 31 and February 1, demanding early wage revision settlement which has been due since November 1, 2017, said the All India Bank Employees Association.

Union Finance Minister Nirmala Sitharaman will present her second Union Budget on February 1.

Banks will also hold a strike on March 11, 12 and 13. Also, an indefinite strike will be held from April 1.

General Secretary, All India Bank Officers' Confederation West Bengal Sanjay Das has stated that the nationwide strike has been called over several demands.

"The demands include--wage revision settlement at 20 per cent hike on payslip components with adequate loading thereof and scrapping off New Pension Scheme (NPS)," said Das.

There are several demands to hold the strike including the merger of special allowance with basic pay, updation of pension, improvement in the family pension system, five-day banking, allocation of staff welfare fund based on operating profits and exemption from income tax on retiral benefits without a ceiling.

"Other demands include-- a uniform definition of business hours, lunch hour etc in the branches, introduction of leave bank, defined working hours for the officers and equal wage for equal work for the contract employee," said Das.

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News Network
April 19,2020

New Delhi, Apr 19: The government on Sunday prohibited the sale of non-essential items through e-commerce platforms during the ongoing lockdown, four days after allowing such companies to sale mobile phones, refrigerators and ready-made garments.

Union Home Secretary Ajay Bhalla issued an order excluding the non-essential items from sale by the e-commerce companies from the consolidated revised guidelines, which listed the exemption given to the services and people from the purview of the lockdown.

The order said the following clause "E-commerce companies. Vehicles used by e-commerce operators will be allowed to ply with necessary permissions" is excluded from the guidelines.

The previous order had said such items were allowed for sale through e-commerce platforms from April 20.

However, the reason for reversing the order is not known immediately.

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