Money & Banking
Banks should provide easy credit to artisans: Sharma

Citing the success story of Varghese Kurien, who ushered in 'white revolution', the Textile minister wondered why the same cooperative model cannot be adopted for the handicrafts sector to empower people in the country

Chennai: Textile Minister Anand Sharma has strongly batted for banks providing easy credit to artisans, craftsmen and weavers, like the way loans were disbursed to big industries, saying they have to find the "right balance", reports PTI.
"..What percentage of lending by the banks (to artisans)? Miniscule. The same question is not put when billions are lent to big industries," Sharma said after inaugurating the World Crafts Summit.
Banks have to play an important role to enable artisans and craftsmen get easy and adequate credit, he said, adding "Sometimes, they may default. If easy access to credit is there, market linkages are there, we will be able to help them".
"..I have to ensure that industry also gets easy access to credit before there are howls of protests," he said, adding that there has to be "right balance" by banks.
Elaborating on the steps taken by the government, he said the National Institute of Design (NID), which has done lot of work to support artisans, will soon be declared an 'an Institution of Excellence.' 
Efforts are also on to establish four more NIDs in the country, the Minister said.
The government is also seriously thinking to create an academy for handicrafts on the pattern of national academies.
Citing the success story of Varghese Kurien, who ushered in 'white revolution', Sharma wondered why the same cooperative model cannot be adopted for the handicrafts sector to empower people in the country.
Highlighting the response that the products of craftsmen from the country received abroad, Sharma said, "But our poor artisans, they cannot access those markets. So, we have taken a number of decisions here. Because a big major decision gets trapped or someone makes some noise, which is part of political discourse and part of politics." 
Referring to FDI in retail sector, Sharma said,"..Our policies, our decisions have a distinct Indian imprint...a minimum of 30% of the sourcing has to be from MSMes, cottage and village industries. I was surprised when I was informed that already huge amount of sourcing is being done from India."


LPG prices hiked by Rs11.42 per cylinder to raise dealer commission

LPG price for subsidized cylinder is increased by Rs11.42 per cylinder, while for non-subsidized LPG cylinder, the hike is Rs38 per cylinder


Following a decision to raise commission paid to dealers, the government on Saturday hiked cooking gas (LPG) prices by Rs11.42 per cylinder.


For the consumer, subsidised LPG in Delhi will now cost Rs410.42 per cylinder, up from Rs399. Officials said the commission paid on market price or non-subsidised LPG too has been raised by Rs12.17 to Rs38 per cylinder. Accordingly, a non-subsidised LPG cylinder price will go up from Rs883.5 to Rs921.5.


The National Federation of LPG Distributors of India (NFLDI), which represents around 10,500 cooking gas sale agencies, had asked the Centre to make the LPG pricing uniform and allow a direct transfer of subsidy to its intended beneficiaries. The gas dealers had reportedly wanted a single price and commission of Rs65 per cylinder, the same as on commercial cylinders.


Earlier this week, state-owned oil marketing companies hiked prices of non-subsidised cooking gas (LPG) by Rs127 per cylinder to Rs883.5 citing increase in international oil prices.


Last month, the Indian government had decided to restrict supply of subsidised domestic LPG cylinders to six per households in a year. Any requirement over and above this will have to be bought at market rate, which is almost double the subsidised price of Rs399 for a 14.2-kg cylinder in Delhi.


"The retail selling price of the 14.2-kg non-subsidised domestic LPG cylinder at Delhi has been increased by Rs127 per cylinder with effect from 1st October," Indian Oil Corp, the nation's largest fuel retailer, said.


While subsidised cylinders will continue to be available at Rs410.42 per cylinder (in Delhi), the market rate of non-subsidised LPG cylinders will be notified on a monthly basis by fuel retailers.












3 years ago

Lalan Kumar


5 years ago

It is high time GOI thought in terms of a predictable pricing policy. The uncertainty about prices of essential articles and services becomes a breeding ground for unethical practices. Changes in costs for services and prices of articles which are pre-decided and declared as in the case of petroleum products, food articles and milk through public delivery system and so on should be made, say, once a quarter, may be, effective from the last Friday of each quarter.

Uptrend may weaken: Weekly Market Report

A close below 5,735 on the Nifty may result in a reversal

Continuing economic reforms from the government in the week enabled the Indian market close the truncated week with a gain of almost 1%, making it the fifth positive weekly close. Investors will now focus their attention to the second quarter corporate earnings season and key economic indicators like industrial output and inflation data. 
The Sensex closed the week at 18,938, a gain of 176 points (0.94%) and the Nifty rose 44 points (0.77%) to settle at 5,747. The market is likely to continue its uptrend, but a close below 5,735 on the Nifty may result in a reversal.
The market closed with modest gains on Monday as it gained momentum in the second half of the day after a sluggish opening. Resuming after a day’s break on Wednesday, the indices managed a green close amid a range-bound session.
The government determination to pursue economic reforms to put the economy back on the growth track and support from the Asian markets led the market higher on Thursday. The market snapped its four-day winning steak and closed lower on Friday on pressure from technology, healthcare and banking stocks. A brief halt in trading on the NSE after erroneous orders executed by a trader also weighed on the sentiments.
Among the sectoral indices, BSE Realty (up 6%) and BSE Capital Goods (up 3%) were the top gainers while BSE Healthcare (down 1%) was the lone loser in the week.
The top Sensex gainers were BHEL (up 7%), Tata Motors , State Bank of India (up 5% each), Hindalco Industries and Hindustan Unilever (up 4% each). The key losers on the index were Bajaj Auto, Cipla, Hero MotoCorp (down 4% each), HDFC and Tata Power (down 3% each).
The Nifty was led by Jaiprakash Associates (up 8%), Ambuja Cement, BHEL (up 7% each), Siemens and Tata Motors (up 5%). Lupin (down 5%), Bajaj Auto, Cipla, Hero MotoCorp (down 4% each) and HDFC (down 3%) settled at the bottom of the index.
The HSBC India Manufacturing Purchasing Managers’ Index (PMI)—a measure of factory production—stood at 52.8 in September, same as in August. The September reading points to a significant improvement in health of the manufacturing space as the sector witnessed the weakest growth rate in nine months in August.
The ongoing slowdown in the western economies pulled down India exports for the fourth month in a row in August to 9.74% to $22 billion. Imports too dipped by 5.08% to $37.95 billion, from $40 billion in August 2011, resulting in a trade deficit of $15.7 billion for the month. The development is expected to make the task of achieving $360 billion target in the current fiscal difficult.
Unfazed by the uproar over decision on foreign direct investment (FDI) in retail, the Union Cabinet on Thursday cleared FDI in pension sector while hiking the FDI limit in insurance to 49%. 
In global news, the US unemployment rate unexpectedly fell to 7.8% in September, falling below 8% for the first time in nearly four years, as employers added 114,000 jobs in the month, according to the Labor Department.
German Chancellor Angela Merkel is expected to visit to Greece next week for the first time, in a show of support for Athens after the debt-ridden nation said it will run out of money at the end of November without fresh international aid.


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