Posts Tagged ‘Jobs’

Rising Food Prices Burden the Poor

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

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Rising Food Prices Burden the Poor

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Rising prices burden the poor:

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Rising prices of essential commodities coupled with wage deflation and increasing joblessness are pushing the poor households in India to a point of distress.

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Cosmetic measures of the government are unable to address the situation.

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The government of the day is harping upon the idea that an annual GDP growth rate in the range of 7% to 9% would be able to address the situation.

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The country has already experienced a GDP growth rate of 7.9% in the second quarter of the current fiscal 2009-10, but the situation has not improved.

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This is enough to prove that the GDP growth rate alone would not solve the problem.

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Government’s heavy dose of fiscal stimulus can give a big push to the corporate performance and post a good industrial growth which has already been possible in the second quarter of the current fiscal year.

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In Other major Commodities Updates we have information regarding dip in sugar output and regarding centre’s direction to state govts to rationalise taxes on food items in order to check price rise.

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Sugar Output dips 2 lakh tonne:

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India produced 7.84 million tonne (78.4 lakh tonne) sugar till January 15 in the current season (October-September), lower by 2 lakh tonne compared to the output in the same period last year, industry body Indian Sugar Mills Association (ISMA) said.

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ISMA attributed the fall in output to sluggish supply of the cane in Uttar Pradesh, the second largest sugar producing state.

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Centre to ask state govts to rationalise taxes on food items to check price rise:

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The central government is expected to strongly emphasize on states the need to rationalize their tax structure on food grains and sugar to bring down price of essential commodities at the forthcoming meeting of state chief ministers later this week.

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Prime Minister Manmohan Singh will hold the review meeting on food prices with state chief ministers.

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According to official sources, agriculture minister Sharad Pawar is also expected to list the steps taken by the central government including :

extension of deadline for white and raw sugar, extra allocations of wheat and rice over normal PDS supplies—announced after the meeting of cabinet committee on prices last month.

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US protectionist move may lead to countermove: Nasscom

US protectionist move may lead to countermove: Nasscom

US protectionist move may lead to countermove: Nasscom

NASSCOM, the IT industry body, said that any protectionist move by the US that adversely impacts the domestic outsourcing industry might result in triggering the counter protectionist measures by India.

This war could get started off.

If there is any protectionist move in the US, it could lead to India coming out with counter protectionist measure, NASSCOM President Som Mittal said in Bangalore.

Mittal said that no US lawmaker would oppose any legislation aimed at saving American jobs.

He also said that NASSCOM is putting forward a perspective that Indian outsourcing companies are part of the solution and not the problem.

US protectionism targeting Indian outsourcers may be met by retaliatory measures such as blocking access to Indian markets as per Nasscom.

Describing the US tax system as “broken”, US President Barack Obama said earlier that it’s a tax code “that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York”.

Though the changes proposed to the tax code are not likely to impact the Indian outsourcing industry, the statement by Obama has been widely interpreted in India as targeting the country’s large outsourcing industry which gets over 50 percent of its revenue from the US.