MUMBAI, May 24 (Reuters) – Fewer auspicious days later this
year compelled Ramesh Phalke, an auto company employee in
India’s Maharashtra state, to hold his daughter’s wedding in
May. This bride was lucky because many other weddings will
likely be postponed – to the dismay of the country’s jewellers.
Gold is an essential part of the bride’s dowry in India and
also a popular gift from family and guests at weddings. In fact,
the southern state of Kerala uses up to 400 grams of gold per
wedding, or 80 tonnes each year – which is about 10 percent of
the country’s total consumption in 2014.
SINGAPORE/MUMBAI (Reuters) – A proposal in India to attract thousands of tonnes of gold owned by households into a bank deposit scheme will likely fail in its current form as it does not address some key concerns for banks and consumers.
Support from banks would be crucial for the success of the monetisation plan. Deposit schemes, similar to the one proposed on Tuesday by the Narendra Modi-led government, have previously failed as the incentives offered were not profitable for banks.
MUMBAI (Reuters) – India could allow individuals deposit a minimum of 30 grams of gold with banks in return for interest payments to help monetise large quantities of the metal lying with households, a step that is aimed at cutting expensive imports.
Trying to mobilise 20,000 tonnes of unproductive gold owned by Indian households into cash, Finance Minister Arun Jaitley in his budget speech on Feb. 28 unveiled the gold monetisation scheme.
KHANNA/KAMARGAON, India (Reuters) – Just one year after taking office, Prime Minister Narendra Modi is facing a challenge that could come to haunt him – the farm sector that sustains three-fifths of the population is in deep trouble, and he is being blamed for not doing enough.
Promising good governance and a stronger economy, Modi romped to power in elections last May by the biggest margin any prime minister has got in three decades. But the rural crisis has dented his popularity and the vanquished opposition is finding new vigour in his discomfort.
MUMBAI (Reuters) – India’s biggest sugar producing state, Maharashtra, approved a subsidy of 1,000 rupees per tonne for raw sugar exports, a senior state government official said, in an attempt to reduce inventory that has depressed local prices.
Exports from India, the world’s second-biggest producer and largest consumer, would put pressure on global prices that are struggling to revive from six-year lows.
MUMBAI, May 12 (Reuters) – India’s biggest sugar producing
state, Maharashtra, approved a subsidy of 1,000 Indian rupees
($15.6) per tonne for raw sugar exports, a senior state
government official said, in an attempt to reduce inventory that
has depressed local prices.
Exports from India, the world’s second-biggest producer and
largest consumer, would put pressure on global prices
that are struggling to revive from six-year lows.
MUMBAI, May 11 (Reuters) – India’s arabica coffee output in
2015/16 could rise by around a fifth to 108,000 tonnes as
higher-than-normal rainfall since March has helped berries grow
vigorously and kept down pests such as the white stem borer,
industry officials said.
India is the world’s sixth-biggest coffee producer, although
well behind leaders Brazil and Vietnam. Italy, Germany and
Belgium are the main buyers of India’s crop, prepared to pay a
premium over global prices.
AHMEDNAGAR, India (Reuters) – It is a Catch-22 for Nandkumar Patil, one of the millions of sugar cane farmers in India.
Millers have not paid up for his cane this year as falling sugar prices have hit their income. But switching crops is not an option as prices for most agricultural produce have dropped and forecasts for weak monsoons have raised worries on yields.
MUMBAI, April 17 (Reuters) – Lagging rains, output and
demand were just some of the things worrying Bidyananda
Barkakoty, a small tea garden owner in a northeastern Indian
state, until about a month ago. A recent dry spell in distant
Kenya has since given him a reason to smile.
Barkakoty is hoping the crop-damaging drought in top tea
exporter Kenya will open a window of opportunity for Indian
planters like him as rains improve output prospects at home.
Industry sources are projecting a rise of about a tenth in
exports this year from India, the world’s No.2 tea producer.
SHINGAVE NAIK, India (Reuters) – Gold demand in the world’s biggest consumer India risks falling for a second straight year in 2015, as millions of Indian farmers hit by erratic weather and falling commodity prices trim gold purchases.
Nearly two-thirds of India’s gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.