PM Modi launches job scheme for migrant workers in UP

PM Modi will launch ‘Atma Nirbhar Uttar Pradesh Rozgar Abhiyan’. RBI to hold virtual board meeting. Stay tuned with Business Standard for the latest news of today

The Reserve Bank of India (RBI) will today hold its first virtual board meeting since the outbreak of Covid-19. Prime Minister Narendra Modi will launch the ‘Atma Nirbhar Uttar Pradesh Rozgar Abhiyan’, which seeks to promote local entrepreneurship and create partnership with industrial associations to provide employment opportunities.

According to an official statement, the Uttar Pradesh government envisaged the Atma Nirbhar Uttar Pradesh Rojgar Abhiyan (self-reliant UP employment campaign) to dovetail central and state government’s programmes, while also creating partnerships with industry and other organisations.Stay tuned for the latest news of the day

PM Gareeb Kalyan Rozgar Scheme in Uttar Pradesh would take in its ambit three types of beneficiaries, says PM Modi

The scheme would take in its ambit three types of beneficiaries, including those employed through ‘atmanirbhar abhiyan’ (self-reliant scheme), labourers engaged in industrial houses in the micro, small, medium enterprise (MSME) sector and those provided loans through banks and financial institutions for self-employment. 

PM Modi and UP chief minister Yogi Adityanath are virtually reaching out to the local and migrant population in six of 31 target districts — Gorakhpur, Sant Kabir Nagar, Bahraich, Gonda, Siddharth Nagar and Jalaun

I am Indira Gandhi’s granddaughter, not an undeclared BJP spokesperson: Congress leader Priyanka Gandhi

“I am Indira Gandhi’s granddaughter, not an undeclared BJP spokesperson like some of the opposition leaders,” Congress leader Priyanka Gandhi Vadra says, as she alleges that UP govt is threatening her through various departments for speaking truth..Read More

Onions for Rs 100 a kg: Consumers pay price as govt fails to get supplies

Onion prices have been rising for three months after crops were first affected by delayed monsoon and later excessive and prolonged rains in Maharashtra and Karnataka

Onions are selling above Rs 100 per kg in Mumbai and other cities, as faulty supply management, an infective import policy and crop damage make it unlikely that prices will fall before December.

Researchers and market players predict the supply deficit will last till mid-December and it will take a month after that for prices to fall. Onion prices have been rising for three months after crops were first affected by delayed monsoon and later excessive and prolonged rains in Maharashtra and Karnataka. Prices were expected to fall from November after the government banned exports and imposed nationwide stock limits on traders.

The government relaxed import norms but not enough to impress importers, said Ajit Shah, president of the Horticulture Exporters Association. Onions Price Rs 100 a kg: Consumers pay price as govt fails to get supplies The government has relaxed fumigation and quarantine rules till November 30, but importers say quicker customs clearance and allowing them to trade with centres like Dubai, even if the onion stock is from Iran, would have been more effective.

A few traders have imported from Egypt, Turkey and other countries but the quantities are small and take 20 days to reach Indian ports. Dubai imports reach India within two days. In Mumbai’s retail markets, onion sold at Rs. 110-120 per kg in the last two days. Arrivals from Maharashtra; Gujarat; Rajasthan, and Delhi moderated pries to Rs.65-75 for good quality onions. According to the National Horticulture Research & Development Foundation, prices have come down to around Rs.50-55 per kg and even below in some places.

Rising food cost may push August retail inflation to 5-month high: Reuters poll

 But rising price to complicate RBI's policy path as economic growth cooled to a three-year low in Q2

 

India's retail inflation is expected to have picked up to a five-month high in August, largely driven by higher food costs, a Reuters poll showed, easing pressure on the Reserve Bank of India (RBI) to cut interest rates again after poor growth data.

Consumer prices were forecast up at 3.20 per cent in August from a year ago, jumping from July's 2.36 per cent, according to the poll taken September 5-8 of nearly 40 economists.

Forecasts for the data, scheduled to be released on September 12 at 1200 GMT, ranged from 2.50 per cent to 3.55 per cent.(economy news)

If the consensus is met, it would be the highest since April, but below the RBI's medium-term target of 4.0 per cent for the tenth consecutive month.

Tushar Arora, economist at HDFC Bank, said food prices continue to rise in August, mainly driven up by "unfavorable weather conditions and supply chain constraints."

Food and beverage inflation, which accounts for nearly 50 per cent of the consumer price index basket was expected to have rebounded in August after prices fell in the three previous months .

Monsoon rains this year have caused damages to crops of some perishable food items and hindered movement of goods.

The resulting hit from a shortage of production and supply of vegetables such as tomatoes and onions - which are basic ingredients in Indian kitchens - suggests inflation will be elevated in coming months....READ MORE

Lack of machines delayed counting of banned notes: RBI chief tells panel

Panel gives RBI Governor Urjit Patel 15 days to submit data on deposits of demonetised currency

Lack of adequate machines and related infra has delayed the counting of demonetised currency that has come back into the system, the Reserve Bank of India (RBI) Governor Urjit Patel is learnt to have told a parliamentary panel on Wednesday.

 

During the meeting that lasted more than three hours, Urjit Patel, according to sources said that the central bank is yet to arrive at the final figure since counting was still in progress.
The parliamentary standing committee on finance, that will table the report on demonetisation in the monsoon session starting July 17, gave the RBI chief 15 days time to submit data on deposits of invalidated Rs 500 and Rs 1,000 notes, besides counterfeit currency in circulation.
The RBI has cut staff holidays to complete the counting of currency which returned to the system after demonetisation, and has also ordered more machines to expedite the process, Patel told the panel, informed sources.
According to sources, the panel told Patel that since the RBI will have to close its accounts as on June 30 and prepare the balance sheet for 2016-17, it must be in a position to share the number.(economy news)
“While the governor shared some data, he did not give exact figures and said that they are still being counted,” said a source.
The RBI transfers its surplus to the Union government every year that ends on June 30.

The number's game
During the more than three-hour long meeting of the standing committee on finance, Patel took a lot of questions but members said he did not provide any “specific number” on the amount of money that came back to the system after November 8
In January too, the RBI governor had appeared before the committee and had told the members that he would submit a statement on the amount of money that came back into the system after demonetisation
Patel told the panel that the RBI has cut down on holidays to complete counting of the junked currency note and that its staff is working “round-the-clock” except on Sundays

Appearing before the panel for the second time, Patel was accompanied by three deputy RBI governors - B P Kanungo, S S Mundra and N S Vishwanathan...Read full story