Archive for January 7th, 2010

India’s Total External Debt Touched $243 Billion

India’s Total External Debt Touched $243 Billion

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India’s total external debt rose by 8.1% to $242.8 billion at the end of September 2009 from $224.6 billion at March-end 2009.

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The long term debt increased by 10.6% to $200.4 billion, while short term debt declined by 2.3% to $42.4 billion.

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Most of the increase in the debt ($8.3 billion or 45.6%) is due to depreciation of dollar against major global currencies, out of total increase of $18.2 billion, according to a finance ministry statement.

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The total external financial assets increased by $21 billion to $378.6 billion at September end 2009 over the previous quarter.

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Total external financial liabilities increased significantly by $32.7 billion over the previous quarter and stood at $476.4 billion at Septemberend 2009.

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Direct investment and Portfolio investment in India increased by $11 billion and $10.2 billion respectively over the previous quarter.

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Long-term debt at $ 220.4 billion accounted for 82.5% of the total debt.

As a positive development, India’s short term debt, which had increased sharply between March 2005 and March 2008, went down by $985 million to $42.4 billion at September-end.

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The decline was seen in all the components of short-term debt except trade related credits for period above six months and up to one year

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Short-term credit, that is a credit of less than 180 days, short-term liabilities of banking system and investment of foreign central banks and other global financial institutions in government’s treasury bills is considered bad for economy.

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Global cotton output may rise over 8%: ICAC

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the globe.

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Global cotton output may rise over 8%: ICAC

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Global cotton output may rise over 8%: ICAC


Cotton production world-wide is likely to rise by over 8% in the 2010-11 season on higher output in the US and China following high prices, a global cotton body says.

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The global cotton production in the 2010-11 season (October-September ) is projected at 24.1 million tonnes (mt), up 8.5% from 22.2 mt estimated for the ongoing 2009-10 season.

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Above figures were put forth by the International Cotton Advisory Committee (ICAC).

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According to ICAC, cotton production in China is likely to surge by a million tonne to 7.7 million tonne, while in the US it may climb by one tenth to 3 million tonne.

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However in India, production estimates are not changed much from 2009-10 season, it said.

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ICAC had earlier said that India is estimated to harvest 5.3 mt of fibre in this season.

Currently, harvesting is in progress across the country.

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In Other major Commodities Updates we can read about the news of fertiliser ministry urging the finance ministry to release the due subsidy payments and the decline of the natural rubber production rate, last year.

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Fertiliser ministry too seeks subsidy payments:

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The fertilisers ministry has urged the finance ministry to urgently resolve the liquidity problems faced by the country’s fertiliser industry following no payment of subsidy dues by the government since October 2009.

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The demand for subsidy payments comes even as the government is trying to resolve the issue of subsidy to petroleum companies.

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Industry estimates are that subsidy /concession for the October-March 2010 period will be around Rs 30,000 crore plus, bringing up the total subsidy for the fiscal to well over Rs 70,000 crore.

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The centre has allocated only Rs 49,980.25 crore towards fertiliser subsidy for 2009-10 (BE), including carryovers from 2008-09.

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The industry has argued that non-import of urgently needed raw materials and inputs may be jeopardized if the matter of the subsidies is not tackled on priority.

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Making matters worse, according to procedure, the industry cannot expect any further payment until the third supplementary to the Budget due only in end March.

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Rubber Output declines on dry weather:

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Natural rubber production in India, the world’s fourth-biggest producer, dropped 7.3 per cent last year after dry weather lowered yields in the main growing region, the state-owned Rubber Board said.

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The driest monsoon since 1972 lowered latex yield in rubber plantation in the southern Indian state of Kerala, Chandran said.

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Production also dropped because of  intense harvesting and ageing plantations,  Rubber Board Chairman Sajen Peter said on November 4.

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Stockpiles jumped 26 per cent to 261,400 tonnes at the end of December after exports last year slumped to 14,752 tonnes from 77,004 tons in 2008.

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