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The pre-budget <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords" meta.keywordsubtype="org" meta.entityname="Economic Survey" meta.hostid="261" meta.entityid="Economic Survey">Economic Survey</keyword> on Monday called for urgent reforms in India's <keyword id="19915424" type="General" weightage="20" keywordseo="agricultural-sector" source="keywords">agricultural sector</keyword>, warning that the structural issues could impede the country's overall <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> trajectory. The survey, tabled in Parliament by Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>, highlighted the untapped potential of the <keyword id="20682012" type="General" weightage="20" keywordseo="Indian-agriculture" source="keywords">Indian agriculture</keyword> sector compared to other economies. Chief Economic Advisor V Anantha Nageswaran called for a pan-India dialogue on the agriculture sector. The survey, presented ahead of the annual budget, emphasised that India has yet to fully leverage its agricultural sector for economic growth and job creation, unlike East Asian economies and Western developed nations. "Indian agriculture is not in a crisis now but requires a serious <keyword id="20544318" type="General" weightage="20" keywordseo="structural-transformation" source="keywords">structural transformation</keyword> because climate change and water criticality loom large in the times to come," the survey stated. The CEA advocated for a reassessment of existing policies, despite current government subsidies and support measures for farmers. "The payoff will be immense if we untie the knots that bedevil farm sector policies," Nageswaran said in the survey's preface. While the government provides substantial support to farmers through subsidies on water, electricity, and fertilizers, along with income tax exemptions and minimum support prices, there is room for improvement in policy implementation, he added. The survey identified several key challenges, including balancing growth with food inflation management, improving price discovery, and addressing land fragmentation. To address these challenges, the survey recommends multi-pronged reforms, which include: upgrading agricultural technology, enhancing marketing avenues, adopting farming innovations, reducing input wastage, and improving the agriculture-industry linkages. The document stressed the need to shift focus from basic <keyword id="19992806" type="General" weightage="20" keywordseo="food-security" source="keywords">food security</keyword> to nutritional security, aligning with a 'demand-driven food system' that is both nutritious and environmentally sustainable. The survey suggested that policymakers must strike a delicate balance between incentivizing farmers to increase production and keeping food prices within acceptable limits. "This dual objective requires careful policy interventions." The survey also emphasized the need for a farmer-friendly policy framework to ensure markets function in farmers' interests. It recommended avoiding bans on futures or options markets at the first sign of price spikes; invoking bans only under exceptional circumstances; re-examining the inflation-targeting framework; increasing the total net irrigated area, and aligning farming practices with <keyword id="22505922" type="General" weightage="20" keywordseo="climate-considerations" source="keywords">climate considerations</keyword>. Looking ahead to 2047, the survey highlighted the potential of agriculture and allied sectors (horticulture, livestock, fisheries, dairy, and food processing) for sustained <keyword id="20268655" type="General" weightage="20" keywordseo="employment-generation" source="keywords">employment generation</keyword>. "To sustain growth for nearly a generation up to 2047 or more and to ensure that it makes people's lives better and fulfills their aspirations, bottom-up reforms are necessary," it noted. It suggested that India may need to reconsider the traditional development model of transitioning from agriculture to industry and services.

Economic Survey calls for urgent agricultural reforms; cites growth hurdles

Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>Climate change is increasing the severity of natural disasters — and home insurance prices.</li><li>For those moving to a climate-risk state, there are some steps you can take to protect your home.</li></ul>Finding an affordable home in a red-hot real estate market is already a tremendous feat.And now, in addition to rapidly rising prices, home buyers are increasingly worried about another factor: climate change.According to Zillow, more than 80% of home buyers considered climate risks — including flood, wildfire, and hurricane — when shopping for a house.In particular, climate change complicates the homebuying process by sending <a target="_blank" href="https://www.businessinsider.com/climate-change-homeowners-insurance-premium-costs-crisis-skyrocketing-states-hurricanes-2024-10">home insurance premiums skyrocketing</a>. As storms and other natural disasters become more destructive, home insurance providers are raising rates or pulling out of certain states altogether, according to insurance company Insurify.According to Holden Lewis, a home insurance expert at NerdWallet, climate change is hitting states such as California, Florida, North Carolina, Tennessee, Virginia, Texas, Oklahoma, Kansas, and Nebraska the hardest — and wildly disrupting these states' home insurance markets.If you're looking to purchase a house in these high-risk markets, here's what you need to know about rapidly rising home insurance rates.<h2 id="4ca151ec-b6df-44db-821b-3b925503bc08">How to navigate the insurance landscape when moving</h2>As climate change exacerbates the frequency and severity of natural disasters, homes are at higher risk of damage. Insurance companies in turn are raising prices to cover the higher costs of covering claims and reinsurance, or insurance for insurance companies.According to financial data firm Bankrate, the national average cost of home insurance is $2,285 a year for up to $300,000 of dwelling coverage. But in high climate-risk states such as Nebraska, Florida, and Oklahoma, average annual premiums range from $4,835 to $5,655.It might seem obvious, one step homebuyers can take to avoid surprises is consider home insurance costs early in the homebuying process, Lewis said. As insurance premiums increase, they can materially impact your monthly housing payments and push a home out of your affordability zone.Prospective buyers shopping for homes in a new state are especially prone to insurance sticker shock, according to Lewis. For example, if you're thinking of moving from Ohio to Texas, you might not be aware that the average homeowners insurance rate in cyclone-prone Texas is $3,916 a year — $2,600 more than in Ohio, Lewis pointed out.Still, climate-risk states remain popular. According to <a target="_blank" href="https://www.uhaul.com/Articles/About/U-Haul-Announces-Top-Growth-States-Of-2023-30660/">U-Haul</a>, Texas and Florida received the highest influx of new residents in 2023.Many of these newcomers might not have done their homework on the home insurance market before moving to the state, according to Stephanie L., homeowner and lifelong Florida resident who asked not to use her full last name for privacy reasons.There's a lack of consumer awareness of the financial risk extreme weather brings, in Stephanie's opinion. "If you purchase a beautiful home on a river, you have to understand that with the way storms come in, you could be at risk," Stephanie told Business Insider in an interview.Even within climate-risk states, you can minimize your home's exposure to extreme weather and bring down insurance premiums by researching the local neighborhood.When Stephanie bought her house, she picked a location in the Jacksonville metropolitan area, which has less exposure to hurricane risk than other areas of the Sunshine state."We definitely looked for high and dry, not in a flood zone, and not in a hurricane evacuation zone," Stephanie said.Indeed, Jacksonville home insurance premiums are significantly lower than Florida's state average of $5,527, with homeowners paying an average of $2,705 a year for insurance according to Bankrate.Next, when it comes by a natural disaster, you want to ensure that the insurance policy can fully cover rebuilding costs. Many policies offer dwelling coverage limits in line with the market value of the house, but that's not always sufficient coverage, according to Lewis."The market value of the house the day before a fire or storm might be less than the actual cost to rebuild it to current building codes," Lewis said.For prospective homebuyers, Lewis recommends clarifying the dwelling coverage limit with the insurance agent and shopping around for available policies.Also important to note is that flood coverage often isn't included in standard homeowners insurance policies. This is an important consideration if you're looking to buy a house in an area prone to hurricanes."If water is rising, say from a river, or storm surge, then a standard homeowners policy will not cover that damage," Lewis said.Stephanie purchased flood insurance in addition to her regular homeowners insurance when she purchased a home."I also have a separate flood policy even though I'm not in a floodplain," she said. "When you're not in a flood zone, flood insurance is pretty affordable."Although Stephanie isn't at high risk for flooding, she still wants to be prepared for the worst. It's not a bad idea to go the extra mile and purchase extra insurance when it comes to buying a home in Florida, even if you're not directly in a flood zone.In addition to hurricane-prone Gulf Coast states, regions like western North Carolina, eastern Tennessee, and southern Virginia are flooding hotspots, according to Lewis.Lastly, homeowners also should consider how inflation will drive up home insurance costs, especially as concerns over inflation loom high in today's economy. An inflationary environment will increase the cost of building materials and construction, Lewis pointed out.As a result, it may be a good idea to review your coverage every year or two to evaluate the status of your coverage, Lewis said."Talk to the agent, maybe even talk to a general contractor just to find out, 'Hey, am I still covered? Do I still have enough coverage to pay to rebuild this home?'" Lewis suggested.For those considering buying a home in a state with high levels of climate risk, taking these precautions during the homebuying process can help you protect your investment.

Buying a home in one of these 9 climate-risk states? Here's how to deal with spiking home insurance rates from someone who lives in one

<ul class="summary-list"><li>In an interview with Bloomberg's John Fraher, Bill Gates praised Tesla.</li><li>The former Microsoft CEO also said he hopes Elon Musk will comment on the climate crisis more.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/how-bill-gates-spends-fortune">Bill Gates</a> believes <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla </a>is a "super important" contribution to combatting the climate crisis, but he hopes <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> will discuss it more.Gates, who sat down with Bloomberg to talk about his climate tech investments, told the publication that he spoke to Musk during the <a target="_blank" href="https://www.businessinsider.com/breakthrough-prize-awards-oscars-of-science-red-carpet-2024-4">Breakthrough Prize</a> award ceremony in April.Bloomberg Senior Executive Editor John Fraher then asked the former <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-crowdstrike-outage-could-hurt-consumer-trust-big-tech-ai-2024-7">Microsoft</a> CEO whether he was "disappointed that Elon doesn't really seem to talk much about climate these days.""He's sort of more interested in talking about culture wars and other issues," Fraher said.Gates replied: "He talks a lot. I hope he'll talk more about climate. You know, he's very, very smart. He's made a contribution within that area that is super important."Fraher also asked the billionaire climate tech advocate if there were topics he wished Musk would touch on."I don't think he'll listen to anybody telling him what to talk about," Gates said. "He's unique, and he'll talk about whatever he feels like."<a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-bill-gates-feud-coronavirus-electric-cars-2020-9">Gates and Musk</a> have a history of commenting on each other during press interviews — and they disagree on many topics. Gates once questioned Musk using his considerable fortune on getting humans to Mars, saying he would rather spend his own money funding vaccines to <a target="_blank" href="https://www.businessinsider.com/bill-gates-elon-musk-rather-fund-vaccines-go-to-mars-2023-2">"save lives."</a> However, he complimented Musk and said he would be a great philanthropist one day.Gates also told journalist Walter Isaacson that Musk once acted "super mean" toward him when he learned that <a target="_blank" href="https://www.businessinsider.com/elon-musk-bill-gates-super-mean-shorted-tesla-stock-biographer-2023-9">Gates shorted Tesla stock</a>."Once he heard I'd shorted the stock, he was super mean to me, but he's super mean to so many people, so you can't take it too personally," Gates told Isaacson, later adding that he apologized to Musk.During the Bloomberg interview, Gates spoke about his climate investments and AI — which <a target="_blank" href="https://www.businessinsider.com/elon-musk-slams-bill-gates-understanding-ai-chatgpt-openai-2023-3">Musk once said Gates </a>has a "limited" knowledge of. Gates also admitted his own climate vices."Flying from place to place is where I'd have my biggest footprint," Gates said.Representatives for Musk and Gates did not immediately respond to a request for comment.

Bill Gates hopes Elon Musk will talk about climate but says the Tesla CEO will 'talk about whatever he feels like'

<ul class="summary-list"><li>US home values could collapse as climate change boosts insurance costs, a study from First Street Foundation said.</li><li>More insurers are hiking premiums or leaving at-risk areas, forcing homeowners to rely on costlier state-run programs.</li></ul>Climate change is roiling the US home insurance market, paving the way for a massive correction in property values, a <a href="https://report.firststreet.org/9th-National-Risk-Assessment-The-Insurance-Issue.pdf" target="_blank" rel="noopener">First Street Foundation study</a> said.More insurers are hiking premiums or reducing exposure in risky areas, forcing homeowners to rely on costlier state-run programs. But even then, 39 million US homes are still insured at prices that don't match the climate risks they face, First Street estimated."This one quarter of all properties represents the current Insurance Bubble of properties likely overvalued due to the underpricing or subsidization of climate risk in their insurance products," the report said, noting that almost no part of the US is left untouched.While the cost of climate-related disasters like floods and wildfires has been soaring, some states continue to limit increases in insurance premiums. In response, top insurers have slashed coverage, forcing governmental "insurer of last resort" programs to step in, often providing less coverage at multiple times the price. Either way, insurance costs are rising, and First Street estimated the impact they will have on a home's value by way of its income potential. For example, a home in California currently valued at $296,000 would see a 39% drop after repricing for estimated insurance risk. A home in West Palm Beach, Florida, could lose 41%.In Louisiana, a home could see a 48% plunge in value, and in Plaquemines Parish, a home could even lose 100% of its value."The range of property value loss for those 39 million properties is large, ranging from as little as a single dollar to full devaluation with 100% decrease in overall investment value. Those most at risk are property owners that are already stretched to be able to pay for the mortgage and associated costs, even before accounting for the forthcoming increases in insurance," First Street wrote.Prospective home buyers have taken notice of the climate's effect on the housing market. More than four-fifths of house hunters are <a href="https://markets.businessinsider.com/news/stocks/housing-market-climate-risks-floods-heat-fires-drought-real-estate-2023-9">taking climate-related risks into consideration</a> when looking for a home, according to a recent Zillow survey. Still, despite the climate risks, the <a href="https://markets.businessinsider.com/news/stocks/home-affordability-crisis-climate-change-supply-housing-boom-disaster-areas-2023-7">housing affordability crisis has boosted migration</a> to areas vulnerable to floods, wildfires, and extreme heat.

Home values could collapse as rising climate dangers wreak havoc on insurance markets, study says

<ul class="summary-list"><li>Over four-fifths of home shoppers take climate risks into consideration, Zillow found.</li><li>This was most pronounced among younger buyers, and varied per region.</li></ul>More than four-fifths of house hunters are taking climate-related risks into consideration when looking for a home, <a href="https://www.prnewswire.com/news-releases/more-than-80-of-home-shoppers-consider-climate-risks-when-looking-for-a-new-home-301917394.html" target="_blank" rel="noopener">according to a new Zillow survey</a>. Those risks include flooding, wildfires, extreme temperatures, hurricanes and drought, and 83% of prospective buyers considered at least one of them when house shopping"Floods, fires and extreme weather are reshaping how people view climate risk and real estate," the company said.The findings were most pronounced among younger generations, with 84% and 86% of Gen Z and Millennial shoppers considering a climate risk. That's compared to 82% of Gen X and 70% of boomers."While all generations juggle trade-offs like budget, floor plans and commute times, younger home shoppers are more likely to face another consideration: They want to know if their home will be safe from rising waters, extreme temperatures and wildfires," Zillow's senior population scientist Manny Garcia said in the report.Buyer location also factored in, given the varying exposure to climate risks in each region of the US. Though the West saw the largest amount of shopper sensitivity to the climate, one-third of Midwestern and Southern shoppers accounted for these risks.But while such considerations are a growing part of the homebuying attitude, affordability still stands as the leading priority. That's as higher interest rates and a lack of housing inventory have kept mortgage rates and home prices high. For first-time buyers, who comprise 50% of the market, this often means accepting whatever's affordable, even moving to regions more exposed to climate risks, such as <a href="https://markets.businessinsider.com/news/stocks/home-affordability-crisis-climate-change-supply-housing-boom-disaster-areas-2023-7">Florida, Texas, and Arizona</a>.In fact, <a href="https://www.businessinsider.com/wildfires-drought-climate-change-fleeing-expensive-cities-to-dangerous-places-2023-8">populations in at-risk regions are growing</a> more quickly than in those less exposed to climate dangers. That's largely given the fact that these states have more ample inventory and high levels of construction. For now, even those who cited climate-risk considerations aren't rushing to safer areas.According to Zillow, just under half would migrate to an area with the same level of climate risks as their current residence, while 27% would move somewhere with more risk and 23% would consider moving to a place with less exposure.But while homebuyers may find better affordability in at-risk regions, they may be faced with higher costs for things such as insurance. In some regions, <a href="https://www.businessinsider.com/how-insurers-will-shape-where-people-live-climate-change-2023-7">policies insuring against elevated climate risks have grown so expensive</a> that homeowners have left the market.

Housing market views are being reshaped by climate risks as floods, fires and extreme weather pile up

<ul class="summary-list"><li>Hotter and drier summers are making it harder for French cheesemakers to meet traditional standards.</li><li>Some cheesemakers are still experimenting while others are calling for the rules to be changed.</li></ul><a target="_blank" href="https://www.businessinsider.com/france-spend-216m-destroying-excess-wine-as-consumption-habits-change-2023-8">France</a> has famously strict standards for how its quality cheeses are made, but some cheesemakers say they're getting harder and harder to meet.French cheesemakers told <a target="_blank" href="https://www.nytimes.com/2023/10/29/world/europe/french-cheese-climate-change.html?campaign_id=9&amp;emc=edit_nn_20231030&amp;instance_id=106443&amp;nl=the-morning&amp;regi_id=185532493&amp;segment_id=148665&amp;te=1&amp;user_id=e3919ac9df4950f24160d87edcafd546">The New York Times</a> that climate change is impacting their ability to follow traditional methods for quality cheeses, including some of the 46 cheeses that carry the prestigious AOP label, which stands for "Appellation d'Origine Protégée" or "Protected Designation of Origin."<a target="_blank" href="https://thecheesewanker.com/lifestyle/the-46-aop-cheeses-from-france/">Cheeses that carry an AOP label</a>, such as Camembert de Normandie and Roquefort, have to meet certain standards and quality levels. Those standards can cover every stage of the cheesemaking process, from the breeds of animals producing the milk to what those animals eat and when they can graze.Now some cheesemakers are arguing those rules may need to be changed, as hotter and drier summers are killing some pastures."The whole system was built on the fact that we had certain cereals and hay available — all the rules were written with that in mind," Simon Bouchet, from the association for the <a target="_blank" href="https://www.businessinsider.com/french-restaurants-reportedly-requiring-diners-spend-5000-2023-8">French</a> goat cheese Picodon, told the outlet. "But with climate change and droughts, all that has been called into question."The Times reported that the standards for one specific type of French cheese required cows to graze on a mountain pasture for seven months. However, there was no longer enough grass, so the cheesemakers stopped producing the cheese altogether.After a heatwave last year, some cheese associations got permission from the regulatory body to break from the rules. Other cheesemakers are experimenting to see how they can produce the same quality product and still meet the traditional rules, despite changes in the environment."We are studying all the aspects of cheesability," one cheesemaker working on an experimental goat farm told the Times. The farm, led by cheesemakers, is seeing if they can get the same results with milk from goats that graze on drought-resistant crops like sorghum, which is not typically grown in France."We've assembled a jury of experts that will taste test the cheese to make sure it follows all the rules," the cheesemaker said. "They have about 20 criteria of taste."<a target="_blank" href="https://www.businessinsider.com/american-moved-to-paris-healthcare-rent-affordability-2023-9">French</a> cheese is only the latest beloved food product threatened by climate change, which is making <a target="_blank" href="https://www.businessinsider.com/how-climate-change-hurts-our-food-shortages-vulnerable-to-crisis-2022-8">global food systems</a> more vulnerable.Changing and unpredictable weather patterns in <a target="_blank" href="https://www.insider.com/georgia-peaches-climate-crisis-unemployment-farming-peach-state-2023-7">Georgia</a> destroyed up to 90% of the state's peach crop. Some farmers said it was the greatest loss of their peach crop they'd seen in their lifetime. Michigan's iconic <a target="_blank" href="https://www.insider.com/biden-campaign-climate-change-ad-targets-rural-michigan-voters-2020-10">tart cherries</a> have faced similar problems.And in <a target="_blank" href="https://www.businessinsider.com/alaska-cancels-snow-crab-season-population-collapse-2022-10">Alaska the snow crab season</a> has been cancelled for the second year in a row after billions of crabs seemingly disappeared.In a new <a target="_blank" href="https://www.science.org/doi/10.1126/science.adf6035">study</a>, researchers with the National Oceanic and Atmospheric Administration said the snow crab collapse was likely due to a marine heatwave in 2018 and 2019 that increased "their caloric needs considerably," leading to a mass starvation event.

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