In April, the Met department had predicted a normal monsoon with LPA of 99%
India’s crucial monsoon during the June to September period is most likely to be normal at 96%-104%, says the India Meteorological Department (IMD).
In a statement, the weather department said, “Quantitatively, monsoon season rainfall for the country as a whole is likely to be 96% of the long period average (LPA) with a model error of ±4%. The LPA rainfall over the country as a whole for the period 1951-2000 is 89 cm.”
The cumulated seasonal rainfall over the country as a whole during the period 1st to 21st June is 76% of long period average.
Monsoon is crucial for the kharif crops such as rice, soyabean, cotton and maize because almost 60% of the farm land in the country is rain-fed.
As of today the monsoon has stopped in its tracks and may not advance further for another four days, the weather office said as it reported 26% deficient rainfall across the country this season.
Weather scientists, however, said there was no reason to worry as a couple of good spells could change the scenario and wipe out the deficit.
“Till now, monsoon rains are 26% deficient. But we are not worried as such delays are usual,” Laxman Singh Rathore, director general, IMD told reporters.
He said no “large northward migration” of the monsoon was expected for the next three to four days as the flows were affected by atmospheric storm ‘Talim’.
Earlier on 26th April, the Met department has predicted a normal monsoon with LPA of 99% with a model error of ±5%.
This year, setting in of southwest monsoon over Andaman Sea was delayed by about three days. It set in over Kerala on 5th June as against the IMD forecast date of 1st June. On 6th June, it rapidly advanced mainly along the west coast and over north-eastern states and covered entire Kerala, coastal Karnataka, Goa, southern parts of Konkan, Madhya Maharashtra, entire Arunachal Pradesh, Assam, Meghalaya, Manipur, Mizoram, Nagaland, Tripura and parts of sub-Himalayan West Bengal and Sikkim.
After a hiatus in the advance of monsoon for a period of about one week, on 13th June, the monsoon further advanced into some more parts of Madhya Maharashtra, interior Karnataka, most parts of Tamil Nadu, remaining parts of south Bay of Bengal and some more parts of central and North Bay of Bengal. By 21st June, the monsoon covered most parts of Arabian Sea, extreme south Gujarat, most parts of Maharashtra, entire Andhra Pradesh, Orissa, West Bengal & Sikkim, Chhattisgarh, Bihar, Jharkhand, Bay of Bengal and some parts of east Madhya Pradesh and east Uttar Pradesh.
India is estimated to have harvested a record 252.56 million tonnes of foodgrain in the 2011-12 crop year as against 244.78 million tonnes in the previous year.
The country had witnessed a drought in 2009 when the El Nino conditions or warming of the central Pacific Ocean affected the monsoon rains.
Rains were within long-term averages in following years, helped by La Nina which is the cooling of the central Pacific Ocean.
Standing Committee of Parliament asks ministry of corporate affairs to reconsider its decision to close Investor Helpline project
The Standing Committee of Parliament (SCP), headed by its chairman Yashwant Sinha has requested the ministry of corporate affairs (MCA) to reopen the Investor Helpline project. In a report that was presented to the Lok Sabha on 24 April 2012, it said, "The Committee notes that the ministry has decided to discontinue the Investor Helpline Project as it has restructured its complaint module on MCA-21 System. The Committee, however, feel that since net penetration in India is rather low, especially in Tier II and Tier III cities and remote areas of the country, the ministry should reconsider its decision to discontinue Investor Helpline Project." If reconsidered, it is good news for the investor community.
Investor Helpline (http://www.investorhelpline.in/) was launched in 2006 as an alternative grievance redressal mechanism. It has since redressed more than 10,000 complaints spanning over ten years. However, the MCA had discontinued the Investor Helpline project as it had created a new system in place, which would handle issues 'better'. The MCA had written in the report, "The ministry has restructured its complaint module on MCA-21 System with a view to making investor grievance redressal more effective and responsive. In order to avoid duplication of work and also to save government funds, it was decided to discontinue the Investor Helpline project."
Apparently, MCA's track record of solving investors' grievances is poor. It is believed that around 15% of the investor complaints forwarded to the regional registrar by the Investor Helpline were acknowledged, according to Virendra Jain, president, Midas Touch Investors Association, which runs the Investor Helpline portal. Ironically, it shut down after MCA had mentioned that Investor Helpline "has been rendering effective service to the investors." in its 2010-11 Annual Report.
Moneylife had earlier written about MCA's retrograde actions in shutting down Investor Helpline being shut down: Corporate affairs ministry stops funding of investors’ forums without giving any reason
The aim of Investor Helpline is to redress investor grievances free of charge on a best-effort basis. A registered user can also track the status and progress of the complaint. Apart from a step-by-step guide to register complaints, it provides feedback on complaints that have been resolved. It is very interactive and user-friendly and tries its level best to resolve as many problems as possible. Investor Helpline was one of the first facilities which took up investor grievances-against companies and mutual funds-falling under three different regulators i.e. MCA, SEBI & RBI. This eliminated the hassle for an investor to search for different service providers for each regulator.
Moneylife has compiled a list of useful websites for consumers to make online complaints. Online Complaints: Cyberscream
Rupee depreciating to an all-time low of Rs57.30 to a US dollar has wiped away most of gains arising from oil dropping below $90 a barrel for the first time since December 2010
New Delhi: Petrol prices should have been cut by Rs2.20-Rs2.30 a litre as global rates have fallen to 18- month low but oil companies will not reduce prices as they watch the volatile rupee that is making imports costlier, reports PTI.
Rupee depreciating to an all-time low of Rs57.30 to a US dollar has wiped away most of gains arising from oil dropping below $90 a barrel for the first time since December 2010.
"The oil companies are fully cognisant of facts. They are watching the volatility (in rupee and global oil prices). Very soon they will take a decision," Oil Minister S Jaipal Reddy told reporters.
State-owned oil companies, who as per practice revise rates of petrol on 1st and 16th of every month based on average imported cost and forex rates of the previous fortnight, have skipped changing rates on 16th June.
"There is lot of volatility in prices of crude oil and value of rupee. There is double volatility," Reddy said. "We are relieved at the fact that price of crude oil have eased. But this has been upset by decrease in value of rupee," he said.
"We are watching the situation with keen interest and we are watching it on a day to day basis," he said, adding that for a nation that is 76% dependent on imports to meet its requirements, value of rupee becomes very important.
Officials in his ministry said the gasoline cracks or the difference between cost of raw material (crude oil) and the price of product (petrol) had narrowed to just $3 per barrel. In comparison, cracks for diesel were as high as $12-$13 a barrel.
With such narrow spread, any upward movement in crude oil price or devaluation of rupee would force an increase in price in near future, if the rates were to be cut now.
Sources said Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) will hold petrol price for a few more days and watch the developing situation.
"There is no revision in petrol rates in the next couple of days. We will watch the situation for next couple of days before taking any decision," a source said.
Oil companies had last cut petrol rats by Rs2.02 a litre with effect from 3rd June in a partial rollback of the steep Rs7.54 per litre hike effected last month. Petrol at present costs Rs70.24 a litre at IOC petrol pumps in Delhi.
Sources said the last revision was done keeping in mind an average of $115.77 per barrel rate of gasoline, against which domestic petrol prices are benchmarked.
Gasoline rates have since fallen to $106.93 per barrel. But the rupee has devalued to Rs55.69 to a US dollar from Rs54.96 to a US dollar (average of first fortnight of June).
There was a scope to reduce petrol price by up to Rs2.20-Rs2.30 per litre but with rupee falling further, the cost of imports has again risen.
"Today, rupee dropped to Rs57 to a US dollar. There is excessive volatility," the source added.