El Niño News

NEW DELHI : India’s painstakingly built economic stability, which placed it on a quicker recovery path than many other nations, should not be diluted as the economy is poised to sustain its growth in a more durable way in the future, a finance ministry report said. “India appears poised to sustain its growth in a more durable way than before.

Global temperature maps have become dark red as rising temperatures capped the world’s warmest day since record-keeping began in 1979, while last month was the hottest June, according to new data from U.S. and European scientists.

finance ministry today flagged an upcoming likely scenario that offers no hope to the common people to get an escape from the price pressure. The recent spike in the prices of essential food items, which have doubled in most cases across India, has been attributed to geographical anomalies like heatwave and pestilence. The El-nino influence paired with a delayed impact of constantly reducing WPI on retail inflation is expected to make the situation worse for consumers, the finance ministry suggested in its annual economic review.

climate change, primarily driven by the burning of fossil fuels. They also noted that the natural cooling phenomenon known as La Nina is transitioning to El Nino, which is characterized by warming oceans. The North Atlantic has experienced record warmth this year.

Finance Ministry said in its annual review report on Thursday. "India appears poised to sustain its growth in a more durable way than before. Nonetheless, it is no time to rest on laurels nor risk diluting the painstakingly and consciously achieved economic stability.

rice prices, now at their highest in 11 years, are set to rally further after India moved to boost payments to farmers, just as El Nino threatens yields in key producers and alternative staples get costlier for poor Asians and Africans. India accounts for more than 40% of world rice exports, which were 56 million tonnes in 2022, but low inventories mean any cut in shipments will fuel food prices driven up by Russia's invasion of Ukraine last year and erratic weather. «India was the cheapest supplier of rice,» B.V.

demand in the rural regions started rebounding in the last quarter of fiscal 2022-23 after being negative for six consecutive quarters. "This was supported by growing rural income in the last two quarters, coupled with falling rural inflation levels.

hottest day ever recorded worldwide. The data, sourced from the US government's National Centers for Environmental Prediction, reveals that the average global temperature on that fateful day reached a scorching 17.01°C. This surpasses the previous record of 16.92°C set in August 2016, sending shockwaves through the scientific community and underscoring the gravity of the climate crisis.

FMCG) sector is expected to grow 7-9% this fiscal, slightly slower than the 8-9% clip of the past two fiscal years, said Crisil. Higher volume is expected to drive revenue growth, amid support from gradual recovery in rural demand. On the other hand, urban demand will see stable growth on a higher base. “After subdued volume growth in the past two fiscals at 1-3%, the sector is likely to record a 4-6% volume expansion this fiscal, supported by gradual recovery in rural demand, and steady urban demand. That said, any adverse impact of El Niño conditions on rainfall patterns this monsoon season will have a bearing on rural demand and remains monitorable,” said Anuj Sethi, Senior Director, CRISIL Ratings. Product realisations are foreseen range-bound — even moderating in a few categories — this fiscal because of price cuts in certain products where raw material prices have moderated. In contrast, revenue growth in the past two fiscals was driven by higher realisations. Lower raw material costs, primarily of edible oil, crude derivatives and chemicals, will help offset higher selling and marketing spend, leading to a 50-100 basis point improvement in operating margin to pre-pandemic levels of 20-21%, compared with consecutive years of erosion.

Indian equities since March this year. An analysis by Bank of Baroda shows that India has registered FII inflow (equity) of $1,220 crore for the quarter ended 30 June.  Countries such as South Korea, Taiwan and Indonesia have received far less inflows compared with India, and notably, the US and Thailand have seen foreign portfolio investors moving out of their respective countries, said the report.

While the impact was most visible in the beverages category, which declined 28% year-on-year in the quarter, the overall fast-moving consumer goods (FMCG) market fell 5%, according to Bizom, which tracks kirana sales.Neeraj Khatri, chief executive of Wipro Consumer Care, India and Saarc, said the second half of the previous fiscal year had been better, with lower inflation and a growth recovery. «We expected FY24 to start on a strong note, particularly after a strong March quarter, but it hasn't panned out that way,» he said.Recovery by 2023-end An erratic summer has hit the sale of seasonal categories in consumer goods.

IMD had said the monsoon is expected to be normal in July across the country, barring parts of eastern Uttar Pradesh and south Bihar. The weather office said the monsoon covered the entire country on Sunday, against the normal date of July 8. As many as 16 states and Union territories received deficient rainfall in June, with Bihar and Kerala reporting large deficits at 69 per cent and 60 per cent below normal, respectively.