New Delhi: India expects total monsoon rainfall to be average in 2013, a minister said on Friday, strengthening prospects for one of the world's biggest grains producers to avoid widespread drought for a fourth straight year. India's first official forecast confirms a call by global experts last week, and points to bumper grain supplies that would swell huge current stockpiles and hold down world food prices. "Most likely this year's monsoon is expected to be within the normal range," Earth Sciences Minister S Jaipal Reddy said.
Monsoon rains are vital for the 55 per cent of the country's farmland that lacks irrigation facilities, and can make the difference between India being an exporter or importer of staples such as rice and sugar. Rainfall is expected to be 98 per cent of the long-term average during the June to September season, Reddy said. Rains between 96 per cent and 104 per cent of a 50-year average of 89 cm for the entire season are considered normal, or average.
The last time there was a drought with rainfall below this range was in 2009 and prior to that, in 2004. Agriculture accounts for 15 per cent of gross domestic product in Asia's third-largest economy, where more than 800 million people live in rural areas. Ample harvests also help keep a lid on inflation, now running near nine per cent.
Rain last year fell only about seven per cent below average in the season, but drought ravaged an area in
04:59 PM, Apr 26, 2013
New Delhi: Sulking Science and Technology Minister S Jaipal Reddy on Monday said anybody handling the ministry of petroleum and natural gas would be "totally frustrated". "I was the minister of petroleum and natural gas. Anybody who handles this portfolio will be totally frustrated as nobody knows why the oil prices increase," he said at the International Bio-energy Summit in New Delhi. Reddy pointed out that India imported 75 per...
02:10 AM, Nov 06, 2012
Oil Minister M Veerappa Moily has said that it's a matter between the Ministry and RIL, and law would take its course. ...
11:55 PM, Nov 02, 2012
New Delhi: The Comptroller and Auditor General (CAG) has pulled up the Union Oil Ministry for agreeing to the conditions of Reliance Industries Limited (RIL) for the audit of KG-D6 basin. According to sources, the auditing body told the Ministry that it should have been consulted before assuring the company. The CAG further refused to accept all the conditions that were laid out by Reliance Industries Limited for audit. Sources...
08:36 PM, Nov 02, 2012
Jaipal Reddy denies reports that he was upset over being moved out of the Petroleum Ministry under corporate pressure. ...
10:48 PM, Oct 29, 2012
New Delhi: Congress general secretary Digvijaya Singh on Monday ruled out any "pressure" on the shifting of Union Minister S Jaipal Reddy from Petroleum to Science and Technology Ministry. "The Cabinet reshuffle is the prerogative of the Prime Minister. There is no question of any pressure. Jaipal Reddy is a very seasoned politician. He has served in the Petroleum Ministry and now he will serve in Science and Technology Ministry,"...
09:30 PM, Oct 29, 2012
Was Jaipal Reddy downgraded because of him being tough on Reliance and his inability to manage oil marketing companies better. ...
07:34 PM, Oct 29, 2012
New Delhi: Dismissing all speculations of veteran Congress leader S Jaipal Reddy being upset over the change in his portfolio, the new Union Minister for Science and Technology said that he was "excited to be a part of this ministry" and called it an important one. Addressing a press conference after assuming his new office, Reddy said, "Science and Technology is an important ministry and Prime Minister Manmohan Singh has...
06:28 PM, Oct 29, 2012
New Delhi: New oil minister Veerappa Moily has promised to speed decision making in an effort to attract foreign investment, and will push domestic oil companies to aggressively bid for foreign oil and gas assets to meet growing energy demand. Moily was appointed as the country's new Petroleum and Natural Gas Minister, replacing Jaipal Reddy, as part of a broader cabinet reshuffle unveiled on Sunday. Moily said his ministry would...
03:50 PM, Oct 29, 2012
New Delhi: Stepping into a ministry that had in recent times was seen as indecisive, the new Petroleum Minister M Veerappa Moily on Monday promised quick decisions and creating an environment conducive for investment to flow in. Moily, 72, who replaced S Jaipal Reddy, said his priority would be to intensify domestic oil and gas exploration to reduce import dependence that had played havoc with inflation. "Emphasis will be on...
02:09 PM, Oct 29, 2012
New Delhi: Prime Minister Manmohan Singh's new team assumed charge on Monday after 22 ministers, including 17 new faces, were sworn in the biggest reshuffle of Council of Ministers on Sunday. The new ministers are expected to give a firm push to the reforms agenda and help counter the government's image of being soft on corruption. The young brigade in the Council of Ministers is close to Rahul Gandhi even...
12:43 PM, Oct 29, 2012
New Delhi: The government on Sunday ruled out a rollback or modification of its decision to cap supply of subsidised cooking gas (LPG) at 6 cylinders per household in a year as it will cast a "shadow" on the whole reform process. "No, absolutely not. There is no change (in the September 13 decision)," a top government source said. The government had on September 13 decided to cap supply of...
03:39 PM, Oct 14, 2012
New Delhi: The government on Sunday ruled out a rollback or modification of its decision to cap supply of subsidised cooking gas (LPG) at 6 cylinders per household in a year as it will cast a "shadow" on the whole reform process. "No, absolutely not. There is no change (in the September 13 decision)," a top government source said. The government had on September 13 decided to cap supply of...
02:29 PM, Oct 14, 2012
New Delhi: Union HRD Minister Kapil Sibal has suggested to Petroleum Ministry to continue providing LPG cylinders at subsidised rate for the midday meal programme this fiscal amid concerns that the scheme could be hit by the cap on cooking gas. Noting that the cap on LPG for the midday meal at this stage would burden the Centre to compensate the states for the increased cooking fuel cost, he has...
07:02 PM, Oct 12, 2012
New Delhi: The government on Tuesday ruled out any further increase in diesel and cooking fuel prices even though the current retail rates are lower than their cost of production. "I am not so courageous," Oil Minister S Jaipal Reddy said when asked if the Government will consider raising prices considering the humongous Rs 167,000 crore revenue loss on diesel, cooking gas (LPG) and kerosene sale expected this fiscal. The...
12:41 AM, Oct 10, 2012
New Delhi: Political pressure from within the United Progressive Alliance (UPA) over fuel price hike forced the Cabinet Committee on Political Affairs meeting, which was scheduled to be held later on Tuesday, to be postponed. While the Finance and Petroleum ministries want an immediate hike, pointing out that future economic reforms won't be possible without lowering subsidies, UPA constituents like the Congress and the Trinamool Congress are against the prosed...
03:12 PM, Sep 11, 2012
New Delhi: An increase in diesel, cooking gas and kerosene price is "unavoidable", Oil Minister S Jaipal Reddy said on Tuesday but indicated that the hike may not be decided by the Cabinet Committee on Political Affairs (CCPA) at its meeting later in the evening. "There is a meeting of the CCPA (this evening). This item (increase in diesel and cooking fuel) is not listed," he told reporters after meeting...
01:52 PM, Sep 11, 2012
New Delhi: The Central Government is in a bind over the increasing fuel prices as several UPA constituents are opposed to the move. Even as state-run oil companies like Hindustan Petroleum, Bharat Petroleum and Indian Oil Corporation say they are losing around Rs 15/litre on sale of diesel and approximately, incurring losses of Rs 200 crore each day on sale of this fuel, political pressure may force the government to...
01:05 PM, Sep 11, 2012
New Delhi: The prices of diesel, kerosene and LPG are likely to be hiked, according to sources. Sources say diesel prices are likely to be hiked by Rs 4 to 5 per litre, while the price of LPG is expected to be hiked by Rs 50 per cylinder. Oil companies will take the final decision on the price of petrol. According to sources, Finance Minister P Chidambaram and Petroleum Minister...
10:05 AM, Sep 11, 2012
New Delhi: The Centre may finally bite the bullet and hike fuel prices soon. Oil minister Jaipal Reddy speaking on Friday, though, ruled out an immediate hike, but he warned of painful decisions that need to be taken. The Oil Ministry has circulated a Cabinet note on fuel price hike. Finance minister P Chidambaram is reportedly pushing for a hike in fuel prices. A final decision will be taken after...
02:25 PM, Sep 07, 2012
