Bonds, Currencies & Commodities
Decline in early onion crop sets off speculation over possible price rise

There has been 10%-15% lower production in the early kharif crop due to erratic rainfall. However, experts believe there is no need to panic as this is only a fifth of the annual production and there is plenty of stock 

Early kharif crop production from the country's largest onion producing region of Nashik has declined by 10%-15% from that last year, due to erratic and scanty rainfall. But experts believe that this should not impact wholesale prices much, although speculation of possible supply shortage could see retail prices rise.

The early kharif crop contributes about a fifth of the annual onion production. Onion prices in the Mumbai wholesale market currently are in the range of Rs10-15/kg and in the retail market between Rs17 and Rs20 a kg.

Dr RP Gupta, director, National Horticultural Research and Development Foundation (NHRDF), told Moneylife, "This year the early kharif onion production from the Nashik region dropped by 10%-15% due to of erratic and scanty rainfall. But there is not need to panic, for there won't be any supply shortage as there is a stock of around 29lakh metric tonnes. Out of this only 30%-35% has reached the market."

NHRDF monitors onion prices and market arrivals on a daily basis.

Commenting on the prices, Mr Gupta explained, "The wholesale prices are stable, its only retailers who are charging high prices on anticipation of supply shortage."

But traders feel prices at the wholesale market may also shoot up by the end of next month. Ashok Walunj, director at the onion and potato market at APMC, Vashi, says, "Prices in the wholesale market might go up to Rs20-Rs22 from the current Rs10-Rs15, after the Ganesh festival, if there is shortage. Currently, there is no new crop available in the market."

"At present, the wholesale prices are stable. It's the retailers who charge extra for their margins. If heavy rains continue, it could impact the crop and prices (wholesale) might increase. But it will only surge from October," says a trader from the Vashi market.

Panvel-based trader S Altamash, of Gemini Trading, disagrees, saying that prices will not increase. "Farmers from Nashik are unwilling to bring their produce in the market in anticipation of good returns. But with the arrival of rains they had to sell their produce on the fear of crop damage. So there is adequate storage and supply of onions," he says.

User

Santosh Hegde: In Sept 2010, parliament cleared 17 bills in 12 minutes, one of them was to dilute the Prevention of Corruption Act

The former SC judge says Team Anna had no intention of taking the government head-on over the Lokpal issue, but it was compelled to do so because of its stubborn claim of ‘parliamentary supremacy’. Justice Hegde who was a key member of the joint drafting committee, has urged people to continue the fight for the proper use of the country’s wealth and resources

For some reason the three sections of the Prevention of Corruption Act which Parliament was set to dilute in terms of going soft on prosecution of government officers, who indulged in corruption and illegal commercial transactions, did not go to the Rajya Sabha. Otherwise, this amendment (along with the 17 bills that were passed in 12 minutes on a single day in September 2010), would have showed that the political class sitting in Parliament, which pompously boasts about 'parliamentary supremacy', was not interested in removing corruption, but was in fact keen to condone it, says Santosh Hegde, member of the joint drafting committee of the Lokpal Bill.

Justice Hegde made these remarks during a public lecture he delivered at the Nehru Memorial Hall in Pune on Monday, at the invitation of the chartered accountants fraternity, a day after Anna Hazare broke his 13-day fast for a strong anti-corruption law.

He referred to a report of the Comptroller and Auditor General of India, saying, "According to the 2008-09 CAG report, in one single year Rs54,000 crore, which was to be spent on eight rural development schemes like midday meal, water supply and so on, are not accounted for. Where has the money been siphoned off that would have enhanced the quality of life of thousands of villages? Isn't it time to bring in a strong legislation against such large-scale corruption?''Mr Hegde asked.

The former judge of the Supreme Court also made a pointed reference to the Reliance KG Basin oil deal as likely to become larger than the 2G scam, to make a strong legislation against corruption the topmost priority.

He said, "The first administrative reforms were made in 1962, when Pandit Jawaharlal Nehru was prime minister. Only 14 years after Independence, the need was felt to control decay in the administration. We chose the Scandinavian system of having an ombudsman and it was at that time that it was recommended to have an institution called the Lokpal at the centre and Lokayukta at the state level. But the proposal gathered dust, until in 1984, Ramkrishna Hegde became chief minister of Karnataka and promised value-based governance, and he fulfilled the promise by instituting the Lokayukta at the state level and it became an Act in 1986. However, the government at the centre slept over the issue for 48 years.''
 
In the context of the scams that were busted in 2010, Justice Hegde said, "Some members in civil society decided to draft a bill and have a discussion with the government. However, the government was unwilling. Anna Hazare sent a letter in February 2011, but there was no reply. It is only when he began his fast in April that the law ministry said the letter sent to the prime minister was misplaced and that we should send another copy. On the third day, an emissary was sent, but Anna insisted that a notification be issued and thus was born the joint drafting committee.''

Justice Hegde, who completed his term as Lokayukta of Karnataka earlier this month, mentioned how all the nine meetings of the joint drafting committee for a strong Lokpal Bill failed, as the government representatives on the committee said a singular "no" or "keep it in brackets" (meaning, "we will see"). Due to this stubborn attitude of the government to stall a strong legislation, that Anna Hazare was compelled to go on a fast a second time. Thereafter, Justice Hegde said, some government representatives even started questioning the credibility of Team Anna, with statements like 'Who are you-the unelectable and the unelected-to tell us how to have a law?' Look at the audacity of these parliamentarians who have changed the meaning of democracy, which in the right essence is by the people, for the people and of the people!''

Urging the people to undertake a mass education campaign on the Jan Lokpal Bill, Justice Hegde said people should not forget the humiliation meted out to the people of India by politicians, and if they meet any of them they should ask them, "Do you know who I am? I am a citizen of India and so I hold the highest office."

Justice Hegde concluded by saying that he felt nostalgic when Anna broke his fast on 28th August. "I was seven years old when my parents took me to a public ground when India attained freedom on 15 August 1947. I felt the same sense of pride and patriotism when Anna broke his fast.''

Asked about his disagreement with Team Anna over Mr Hazare's fast, Justice Hegde said, "I was worried about Anna's health".

User

COMMENTS

Rambabu Shastri

5 years ago

Parliamentary supremacy in today's India means, absolute arrogance of power in the hands of the 'elected', who think they are all powerful. It is no surprise that under the garb of parliamentary supremacy, 17 bills get passed in 12 minutes. That too, in the interest of politicians and the corrupt.

Nitin Kirtane

5 years ago

We need honest people like Justice Hedge to fight this system as he is worried about our people and wants to clean the system , another excellent article by Mrs Deshmukh again , keep up the good work ,

Brig Narinder Dhand

5 years ago

Truly, the ushering in of a Strong LOKPAL will be the new Independance for "We the People of India".
We bow our heads to ANNA and his team for saving the country men from these corruption Hawks.
LONG LIVE ANNA HAZARE

Satyam case: Andhra HC dismisses bail pleas of Raju, seven others

The accused had sought bail on the grounds that the trial in the Satyam scam was not completed within the Supreme Court-stipulated timeline of 31st July and all the prosecution witnesses were examined

Hyderabad: The Andhra Pradesh High Court on Tuesday dismissed the bail petitions of B Ramalinga Raju and seven other accused in the multi-crore Satyam Computer accounting fraud, reports PTI.

Justice Samudrala Govindarajulu, who completed the arguments on the bail petitions on 27th August, said all the bail applications were dismissed.

Of the ten accused in the case, B Suryanarayana Raju, who is Raju's brother, and T Srinivas, a former auditor of PricewaterhouseCoopers, had been granted bail by different courts earlier.

Besides Mr Raju, Satyam's former MD B Rama Raju, ex-CFO Vadlamani Srinivas, former employees G Ramakrishna, D Venkatpathi Raju and Ch Srisailam, former PWC auditor Subramani Gopalakrishnan and Satyam's former internal chief auditor VS Prabhakar Gupta, are currently lodged in Chanchalguda Central Prison in Hyderabad.

The accused had sought bail on the grounds that the trial in the Satyam scam was not completed within the Supreme Court-stipulated timeline of 31st July and all the prosecution witnesses were examined.

Earlier, cancelling Mr Raju's bail in October last year, the Supreme Court had stated that the accused could file another bail application only after 31 July 2011, if the trial in the case was not completed in the local court.

Sources close to Mr Raju said he and the other accused may approach the Supreme Court for bail. They, however, did not confirm when they are going to file the petition in the apex court.

Mr Raju, the former chairman and founder of Satyam Computer, surrendered on 10th November before the local court adjudicating the nation's biggest corporate fraud, which is allegedly to the tune of Rs14,000 crore.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)