Top Stories
Food grains production in FY12 estimated at 250 MT: Govt
India is likely to produce 250.42mn tonnes of foodgrains during 2011-12 compared to 232.07mn tonnes last year. This is 18.35mn tonnes higher than 2010-11. Wheat production is expected to reach 88.31mn tonnes, pulses 17.28mn tonnes and cotton 34.09mn bales (of 170 kg. each) this year. Total production of rice in the country is estimated at 102.75mn tonnes which is an all time record. Production of wheat estimated at 88.31mn tonnes is also a new record. As a result of significant increase in production of rice and wheat, the estimated production of total foodgrains during 2011-12 stands at a record level of 250.42mn tonnes which is higher than the target of 245mn tonnes fixed for the year. Read more…
Food bill without adequate funds not warranted: Pawar
The implementation of the proposed Food Security Bill seems to be difficult without adequate funds to boost agri- output. Sharad Pawar, Agriculture Minister was quoted as saying "My grievance is only one -- the total budgeted provision for entire agriculture ministry is Rs. 200bn crore. And subsidy is, as of today, Rs. 650bn. It might go to Rs. 1 lakh crore in the current year. Solution is that unless and until we increase production, we will not be able to implement, we will not be comfortable to implement this (Food Bill)." The Bill proposes to give legal entitlement to food to 75% of the people in rural areas, including at least 46% in the priority sections, which is the same as below poverty line families in the existing public distribution system, reports stated.
In focus Stories
Consumer protection council to review consumer protection measures
Central Consumer Protection Council (CCPC), the apex body in the area of consumer protection will meet here tomorrow to review consumer protection measures and activities in the country. The meeting to be chaired by Prof. K.V. Thomas, Minister for Consumer Affairs, Food & Public Distribution will be attended by ministers incharge of consumer affairs from the States (two each from five regions in the country), Members of Parliament, Administrators of Union Territories , representatives of Central Government, consumer organizations and consumer activists.
In its day-long meeting, the CCPC will discuss following –
Consumer right to be protected against the marketing of goods and services which are hazardous to life and property; The right to be informed about the quality, quantity, potency, purity, standard and price of goods or services, as the case may be so as to protect the consumer against unfair trade practices; The right to be assured, wherever possible, access to a variety of goods and services at competitive prices; The right to be heard and to be assured that consumer’s interests will receive due consideration at appropriate Fora; The right to seek redressal against unfair trade practices or restrictive trade practices or unscrupulous exploitation of consumers; and
The Consumer Protection Act enumerates for formulation of Consumer Protection Councils at the Central, State and District Levels with an objective to protect the rights and interests of the consumers. The Consumer Protection Councils guide the establishment in framing the rules and regulations for better protection of consumers.
Domestic News
Govt: 61.6 lakh farmers covered under weather insurance
The coverage of farmers under Weather Based Crop Insurance Scheme (WBCIS) has gone up from 35 thousand in Kharif 2007 to 61.6 lakh in Kharif 2011. Claims worth Rs. 972 crore have been settled so far. The overall coverage under the scheme is 1.95 crore farmers over an area of 2.78 crore hectares.
The scheme has been implemented since Kharif 2007. During the last five years, i.e. 2007-08, 2008-09, 2009-10, 2010-11, and 2011-12 till 27.1.2012 Rs. 69.19 crore, Rs. 100.00 crore, Rs. 120.00 crore, Rs. 450.00 crore, and Rs. 442 crore respectively have been released as Central Government’s share towards subsidy for premium provided to the farmers.
WBCIS is intended to provide insurance protection to the farmers against adverse weather incidence, such as deficit and excess rainfall, high or low temperature, humidity etc. which are deemed to impact adversely the crop production. It has the advantage of settling the claims within shortest possible time. It is based on actuarial rates of premium but to make the scheme attractive, the premiums actually charged from farmers have been restricted to and made at par with NAIS. The difference between actuarial rates and premium actually paid by farmers are borne by the Government (both Centre and State concerned on 50:50 basis). Besides this a cap on premium payable by farmers for annual commercial/horticultural crops has been provided.
To provide competitive service to the farmers, private insurance companies i.e. ICICI-Lombard, IFFCO-TOKIO and M.S Cholamandalam General Insurance Companies have also been involved for implementation besides Agriculture Insurance Company of India (AIC).
Sugar Mills stock up as India May look at more exports
The shares of Sugar mills are trading up after reports stated that Food Minister K V Thomas said that India may consider allowing more sugar exports on February 7. The shares of Bajaj Hindusthan rose as much as 7.6%, Shree Renuka Sugars is up 4.7%, Dhampur Sugar Mills gains 2.7% and Balrampur Chini Mills is up 1.8%. Government may allow 1mn tons more sugar to be exported, reports added
Tata Global Beverages announces JV with Starbucks
Tata Global Beverages Ltd. said that the Company has entered into a Joint Venture with Starbucks group. The newly formed Joint Venture company called Tata Starbucks Ltd. shall engage in the operation of Starbucks Cafes. The parties have signed the Joint Venture Agreement today which sets forth the vision of developing the business in India. Each party will hold 50% in the JV. A Tata Coffee executive was quoted as saying that Starbucks would open its first flagship store in India around August-September of this year. The Seattle-based Starbucks had signed an agreement with Tata Global Beverages in January 2011 to buy coffee from India and open retail outlets in the country.
US$ 89.9 mn IFAD loan to India for poverty reduction in Uttarakhand State
Rice procurement crosses 21.8mn tons
Govt releases 1.61mn tons sugar for February
Indian cotton sales dropped 14%: reports
International News
Vietnam may export 400,000 tons rice: reports
Rice exports from Vietnam likely to report a total 400,000 metric tons this month, 25 % less than a year earlier. According to reports, since the export prices “fell slightly” from December, Vietnamese companies haven’t signed many contracts because the nation’s prices are higher than those of other exporters like India and Pakistan. Vietnam may export about 1.1million tons in the first quarter, compared with more than 1.8 million tons in the same period last year, reports added.