The IMD's long range forecast for the 2011 south-west monsoon season is that the rainfall for the country as a whole is most likely to be Normal (96-104% of Long Period Average)
The Indian monsoon season (June to September) has started on a positive note. For the week ending 1st June, all-India rains were 12% above normal. However, it is July, not the June rains, that matter for the agriculture sector, which accounts for 14.4% of gross domestic product (GDP), and is heavily dependent on monsoon rains, according to a report by Nomura Global Economics.
The correlation between annual food output growth and the monthly rainfall deviation is the highest for July at 0.83. This is because sowing of a number of crops starts in June and good July rains determine the soil moisture and ensure proper development of the crops planted in June. Therefore, it is too early to conclude on the crop prospects for this year, Nomura adds.
However, the Commonwealth Bureau of Meteorology's Southern Oscillation Index (SOI) fell from a record-high of 27.1 last December to 2.1 in May, suggesting that the strong La Nina conditions (that led to a massive flooding in Australia) are ending and that weather conditions are now neutral. This should augur well for the Indian monsoons.
The India Meteorological Department (IMD) on Friday said that the monsoon has further advanced over some more parts of the central Arabian Sea, Karnataka, Andhra Pradesh and the Bay of Bengal and entire Goa.
The IMD's long range forecast for the 2011 south-west monsoon season is that the rainfall for the country as a whole is most likely to be Normal (96-104% of Long Period Average—LPA).
Quantitatively, monsoon season rainfall is likely to be 98% of the LPA with a model error of ± 5%. The LPA of the season rainfall over the country as a whole for the period 1951-2000 is 89 cm.
The carrier had planned a GDR issue in December last year to reduce its debt but failed to do so as stock prices began slumping
Singapore: With jet fuel prices starting to move downwards, Kingfisher Airlines has resumed talks with investors for issuing global depository receipts (GDR) to raise around $300 million, reports PTI quoting its owner Vijay Mallya.
"We had to postpone the GDR issue as the fuel prices were going sky high. When we had planned this out, it was on the basis of the fuel prices remaining at around $90 per barrel. But the prices shot up to $120. So clearly, it had to be postponed. Now with the fuel prices coming down, the investors are engaged with us," he said.
The carrier had planned a GDR issue in December last year to reduce its debt but failed to do so as stock prices began slumping.
The company has appointed Citi, JP Morgan and CLSA as its merchant bankers.
Mr Mallya, who is here to attend the annual general meeting of the International Air Transport Association (IATA), also announced that his carrier would join the 'Oneworld' alliance of airlines in February next year.
Confirming this, 'Oneworld' CEO Bruce Ashby told PTI, Kingfisher and Europe's 5th largest airline 'Airberlin' have already signed agreements to become members-elect to join the alliance early 2012.
Malaysian Airlines today joined as a full-fledged member of the alliance.
Mr Mallya said he would "continue to press the government to review its aviation foreign direct investment (FDI) policy" to allow foreign airlines to pick up stake in Indian carriers.
"The prime minister is constantly encouraging FDI into India in all sectors. There is 100% FDI in airports. I don't see any reason in excluding foreign airlines from investing in Indian carriers. A general investor will be less attracted to invest in the aviation sector given its volatility," he said.
He wanted the government also to reduce taxes on aviation turbine fuel, especially the sales tax imposed on it by state governments.
"Several chief ministers want me to fly to their states, to new cities. But my pleading has been to reduce sales tax on ATF," he said.
The apex court asks Union home secretary, Delhi administration to explain in two weeks the circumstances under which people were dispersed at midnight
New Delhi: Taking suo motu cognisance of the forceful eviction of yoga guru Baba Ramdev and his followers from Ramlila grounds in the national capital, the Supreme Court today sought the Centre's response on the incident.
A vacation bench of Judges BS Chauhan and Swatenter Kumar issued notices to the Union home secretary, the chief secretary of Delhi, the Delhi administration, and the Delhi Police Commissioner asking them to respond within two weeks. The court asked them to reply as to what were the circumstances under which the people had to be dispersed at midnight by the use of force, PTI reports.
However, the court declined to entertain a petition filed by advocate Ajay Aggarwal on the issue. The bench expressed its displeasure that before the matter came up for hearing before it, the entire contents of the petition were leaked to the media.
The police cracked down on Baba Ramdev's supporters at Ramlila Maidan on Saturday night, evicting them and disrupting their hunger protest against corruption and to demand that illegal funds stashed abroad be brought back.