by admin | May 25, 2021 | Commodities, Commodities News, News, Politics
Ram Vilas Paswan
New Delhi : Union Minister Ram Vilas Paswan on Tuesday said there cannot be two different policies for farmers and businessman even as he demanded assured 50 per cent profit for agricultural commodities.
“Nobody knows the production cost of cars and the profit margin by the companies. Farmers cannot decide the production cost of their crops. Farmers should get Minimum Support Price (MSP) of 1.5 times the input cost. It should be neither less nor more,” Paswan, the chief of the Lok Janshakti Party, told reporters on the sidelines of National Executive of his party’s farmer cell.
He welcomed Prime Minister Narendra Modi’s recent announcement of 50 per cent profit to the notified crop produce.
“(A) Policy decision has been taken to double farmers’ income and MSP of 1.5 times (the input cost). A committee is working on it (price fixation),” said Paswan, but refused to divulge much about the formula to be used to fix the MSP.
To a query on anticipated impact of higher MSP on inflation, he asked why only this issue was being raised when there was silence on the rising prices of other commodities.
“Is there anything that has not become costly? Be it cars or houses. However, the crop prices have been stagnant in last five years,” he said, adding that the government will take care of the expenditure on higher MSP.
Paswan also said that the government was “aware” of the delay in paying claims under crop insurance schemes by private insurance companies.
“We are alert this time,” he said.
—IANS
by admin | May 25, 2021 | Muslim World
Republican presidential front-runner Donald Trump
Jeddah, (IINA) – Major commercial stores in Saudi Arabia have removed products linked to US Republican Presidential Hopeful Donald Trump for seeking a ban on Muslims entering the US, Arab News reported.
The shops of Centrepoint, Home Centre, City Max and Jarir Bookstore all stated that they removed Trump products in response to questions posted on Twitter about their relationship with the right wing Republican front-runner.
Jarir announced the move in a Twitter response to another user’s call for a boycott of Trump’s books.
“Jarir Bookstore sells books by Donald Trump, who is known for making comments offensive to Muslims and Islam. We ask them to please to remove them”, wrote Saudi user Mogatah on Saturday, along with a photo of the Arabic-language edition of Trump’s 2009 book “Think Like a Champion”.
“The copies have been removed, we thank you for your comment”, Jarir replied on Monday.
The move continues the backlash against Trump’s business interests in the Middle East, where his brand has grown toxic as a result of his anti-Muslim comments.
It is noteworthy that on December 9, Dubai-based retailer Landmark halted sales of Trump merchandise at its ‘Lifestyle’ stores, which had been selling Trump-branded lamps, mirrors and jewelry boxes in the UAE, Kuwait, Saudi Arabia, Qatar, as well as other countries in the Middle East.
On December 10, a Dubai real estate firm building a $6 billion golf complex with Donald Trump has stripped the property of his and his daughter’s images, replacing them with generic photos of the project’s planned homes.
Trump has also suffered from losing Western companies as well. Macy’s, Serta mattresses, Univision, NASCAR, and NBC have all terminated agreements with Trump since he began his bid for the White House.
by admin | May 25, 2021 | Corporate, Corporate Governance, Economy, News
Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Arun Jaitley addressing a press conference, in New Delhi. The Minister of State for Finance, Jayant Sinha and the Director General (M&C), Press Information Bureau, A.P. Frank Noronha are also seen.
New Delhi:(IANS) Describing India as transiently impacted by recent events in China, Finance Minister Arun Jaitley on Tuesday said the global situation instead presented an opportunity for the country as it is a net importer of commodities and oil is in free fall.
“India is one of the lesser impacted economies (by China devaluation, slowdown), partly because our own fundamentals are reasonably strong,” Jaitley said while briefing reporters on Prime Minister Narendra Modi’s meeting here with union ministers, corporate heads and economists to discuss the global markets’ turmoil sparked off by the Chinese economic slowdown and attendant opportunities for India.
“The main thrust of the meeting was that since India is relatively touched little except for a transient impact on the markets, it should therefore strengthen its domestic economy so that the larger benefits of the global economy may come India’s way,” he said.
“Being a net importer of commodities globally, the low oil prices are an opportunity for us,” the finance minister added.
Global crude oil in free fall touched the $40-a-barrel mark in trading late in August, having already dropped under $50 for the second time this year from the level of over $100 last year.
The meeting, that lasted over three hours, discussed the global situation that impacted India economically like a possible hike in the US Federal Reserve rate, the world powers’ nuclear deal with Iran contributing partly to cheaper oil and the way the Chinese slowdown opens up opportunities.
A slowdown in the Chinese markets, which led to global markets’ crash, coupled with rupee volatility and the risk of a US rate hike, knocked out the Indian equity markets in August.
Reserve Bank Governor Raghuram Rajan, NITI Aayog Vice Chairman Arvind Panagariya, Chief Economic Advisor Arvind Subramanian and Aayog member Bibek Debroy also attended the meeting on ‘Recent Global Events: Opportunities for India’.
Apart from heads of industry chambers, top industrialists such as Reliance Industries’ Mukesh Ambani, Aditya Birla Group head Kumar Mangalam Birla, Adani group chairman Gautam Adani, Tata group chief Cyrus Mistry, Wipro chief Azim Premji, Sun Pharma CMD Dilip Sanghvi, ITC’s Y.C. Deveshwar and Infrastructure Leasing and Financial Services Limited chairman Ravi Parthasarathy were among those who attended.
“The general consensus was that growth of emerging economies is all slowing down, except that we (India) are growing at seven percent. So how can we take advantage of this opportunity (of slowdown elsewhere),” Confederation of Indian Industry president Sumit Mazumdar told reporters after the meeting.
“The prime minister said this is an opportunity for us to take advantage of and invest. Cost of capital is too high but I don’t know how many people can go ahead to take risk and invest… many of us raised the issue of interest rate,” said Federation of Indian Chambers of Commerce and Industry (Ficci) president Jyotsna Suri.
