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<ul class="summary-list"><li>Famed value investor David Einhorn says he's betting on CNH Industrial.</li><li>The stock is trading cheap, but has upside as an agricultural boom mounts, he said.</li></ul>Famed hedge fund investor David Einhorn isn't one to shy away from market rejects — even if the stock in question was down more than 17% year-to-date as of Wednesday.The Greenlight Capital founder disclosed that he has built a position in <a target="_blank" href="https://markets.businessinsider.com/stocks/cnh-stock">CNH Industrial</a>, a global firm that sells agricultural equipment."It's exactly the kind of situation that absolutely nobody cares about right now because it's cheap, and the news over the next period of time probably isn't going to be very good," the billionaire manager said during <a target="_blank" href="https://www.youtube.com/watch?v=3ZqdfXrDPDo">CNBC's Delivering Alpha</a> conference on Wednesday.The value stock is part of Einhorn's strategy to snap up overlooked companies in today's expensive market."There are things that are truly despised and hated and cheap on an absolute basis that I think makes sense to own," he said.CNH's stock does appear to be cheap, as company shares have been weighed down by an agricultural down-cycle.But this period won't last, Einhorn said, anticipating the stock to rally over the medium term."This year, the ag equipment universe is probably 20% below its average at the end of the whole recycle. And sometime three or four years from now, it'll probably be 20% above," he said. "Just the nature of how these businesses work."Though this timeline may disappoint investors looking for a quick profit, Einhorn noted a few reasons to buy the stock now. CNH has little leverage and is actively buying back shares. Given that its an attractive dividend-payer, investors can score a yield of as much as 4%, he said.CNH jumped after Einhorn's comments, climbing 6.27% to $10.68 per share as of 9:52 a.m. ET on Thursday.During the conference, the Greenlight manager also cited that his firm has increased bets tied to inflation after Donald Trump's election win last week.Though Einhorn doesn't expect price growth to rebound toward pandemic-era highs, he cited that the incoming administration appears set on expansionary policies that <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">could push inflation</a> to a 3.5%-4.5% range next year.Otherwise, Einhorn's leading concern has been the stock market's rising expensiveness. In the hedge fund's quarterly letter published last month, he warned that equities were the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/david-einhorn-warren-stock-stock-market-valuation-tech-cash-sales-2024-10">most overvalued</a> since the firm's founding in 1996.That isn't to say that Einhorn is bearish, given that he sees no reason for the stock market rally to end."If you buy and hold for a very long period of time, I doubt that you will look back and say, 'this was a great entry point of all of the entry points that you could have,'" he told CNBC. "But that being said, there's no reason why the market can't continue to do fine for a good period of time."

Why billionaire investor David Einhorn is loading up on a struggling agriculture stock 'no one cares about'

Economists at the country's largest lender, SBI, today said they see India's Q2 real GDP growth slowing down further to 6.5% in the September quarter of this fiscal year. Amid concerns over the country's economic growth rate and whether it is slowing down, the analysts said they expect FY25 growth to come "closer to" 7%. SBI analysts join a long line of agencies like Fitch, ADB, IMF, Moody, World Bank, S&amp;P, and even RBI in forecasting India's GDP growth for FY25 in the range of 6.8% to 7.2% for FY25, driven by robust consumption and investment. SIP inflows have been at an all-time high, and so has QIP (qualified institutional placement) fundraising. As many as 71 companies raised Rs 88,678 crore this year through QIPs. Activity in Indian primary markets also remained robust, with 78 mainboard IPOs in 2024; this is a 111% rise from just 38 listings in FY23. Between April and June 2024, India's real GDP grew by 6.7%, the lowest growth seen in 15 quarters, pushing experts to believe that India is caught in a cycle of slowdown. "There is some incipient pressure evident on the domestic economy. Based on our analysis of 50 meaningful leading indicators (both consumption and demand-centric), a dip looks plausible across select cohorts of agriculture, industry, and services in Q2," the <keyword id="22337294" type="General" weightage="20" keywordseo="SBI-economists" source="keywords">SBI economists</keyword> added. Stating that they track 50 indicators to gauge economic activity, SBIs note said the proportion of indicators showing acceleration declined to 69% in Q2 FY25, as against 80% in Q2 FY24 and 78% in Q1 FY25. However, things might be changing now, given that rural demand has started looking up amidst muted urban demand. SBI also explained that the ongoing regulatory tightening on unsecured lending and roadblocks that are hindering rollover/refinancing of debt through unsecured credit are dismantling the unwarranted exuberance that had built up post-pandemic, especially in the urban areas. Madhu Lunawat, CIO &amp; Fund Manager, Bharat Value Fund states that the overall investment environment remains strong due to favorable economic conditions supporting government policies &amp; reforms. "The sustainable inflow from domestic investors is going to support the Indian equity market in any kind of correction. The long-term bullish structure of Indian economy will continue to attract new domestic &amp; global investors to participate in India’s growth story through various Investment avenues.” <h2>Rate cuts not on cards</h2>RBI Governor Shaktikanta Das clarified today that changing the monetary policy stance to 'neutral' does not mean a rate cut is imminent in the central bank's next policy announcement. Notably, RBI MPC is set to meet between December 4 and 6, 2024, to decide if the prevailing repo rate of 6.5%, which has stayed unchanged for the last 2 years, should be brought down or not. In its last meeting, The <keyword id="20501100" type="General" weightage="20" keywordseo="RBI-monetary-policy" source="keywords">RBI monetary policy</keyword> committee had shifted its stance to 'neutral' indicating that it is open to adjusting interest rates based on economic conditions. "It should not be assumed that we have done this, so therefore the next step is a rate cut. A change in stance doesn't mean that the next step is a rate cut in the very next meeting. It's not so," Das said. Das also cautioned that inflation remains a key factor, and inflation and CPI prints for October are expected to stay high.

SBI economists see Q2 GDP growth slowing down to 6.5%; FY25 growth to be closer to 7%

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

The Budget 2024-2025 announcement by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> saw productivity and resilience in <keyword id="19931887" type="General" weightage="20" keywordseo="agriculture" source="keywords">agriculture</keyword> being prioritised above all else. With a desire to turn focus on <keyword id="19934969" type="General" weightage="20" keywordseo="farmers" source="keywords">farmers</keyword>, or Annadatas, ₹1.52 lakh crore has been allocated for agriculture and its allied sectors. This is quite an increase from the Interim Budget announcement of ₹1.27 lakh crore in February 2024. It is being speculated that this substantial focus on the agricultural sector stems from the BJP's vote share dipping in semi-urban and rural areas during the recent Lok Sabha elections. In fact, when Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> returned for a third term in office, the first file he signed was for the release of the 17th instalment of the PM <keyword id="22000840" type="General" weightage="20" keywordseo="kisan-nidhi" source="keywords">Kisan Nidhi</keyword> scheme, ET reported. However, the government's commitment to transforming agriculture and potentially the lives of Indian farmers could lead to the agricultural sector growing at 3.7% in the current fiscal, compared to 1.4% last year, as per the CII. <h2>Key initiatives in agriculture</h2>Transforming Agriculture Research The government is set to conduct a comprehensive review of the agricultural research framework, with an emphasis on enhancing productivity and developing climate-resilient crop varieties. Funding will be allocated on a challenge basis, including to private sector initiatives. This research will be overseen by domain experts from both governmental and non-governmental organizations. Release of New Varieties A total of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be introduced for farmers to cultivate. Promoting Natural Farming In the next two years, the government plans to transition one crore farmers to natural farming practices, supported by certification and branding efforts. This initiative will be carried out through scientific institutions and willing <keyword id="20030597" type="General" weightage="20" keywordseo="gram-panchayats" source="keywords">gram panchayats</keyword>, with 10,000 bio-input resource centers to be established based on need. Missions for Pulses and Oilseeds To achieve self-sufficiency in pulses and oilseeds, the government will strengthen their production, storage, and marketing. As outlined in the interim budget, a strategy is being implemented to attain 'atmanirbharta' (self-reliance) for oilseeds like mustard, groundnut, sesame, soybean, and sunflower. <div type="Article" hostid="261" msid="111930255" title="Economic Survey calls for urgent agricultural reforms; cites growth hurdles" mstype="2" mssubtype="0"></div>Vegetable Production &amp; Supply Chains Large-scale clusters for vegetable production will be developed near major consumption centers. The government will support Farmer-Producer Organizations, cooperatives, and startups to streamline the vegetable supply chain, including collection, storage, and marketing. Digital Public Infrastructure for Agriculture Building on the success of a pilot project, the government, in partnership with states, will facilitate the implementation of Digital Public Infrastructure (DPI) for agriculture over the next three years. This year, a digital crop survey for Kharif crops will be conducted in 400 districts, integrating details of six crore farmers and their lands into registries. Additionally, Jan Samarth-based Kisan Credit Cards will be issued in five states. Shrimp Production &amp; Export Financial support will be provided to establish a network of Nucleus Breeding Centres for shrimp broodstocks. NABARD will facilitate financing for shrimp farming, processing, and export. National Cooperation Policy A new National Cooperation Policy will be introduced to promote systematic and comprehensive development of the cooperative sector. This policy aims to fast-track rural economic growth and create large-scale employment opportunities. <h2>Budget allocation highlights</h2><ul><li>PM-Kisan Samman Nidhi: Will be retaining its allocation of ₹60,000 crore to provide direct financial assistance to 11.8 crore small and marginal farmers.</li><li>Pradhan Mantri Fasal Bima Yojana: Allocated funds to provide crop insurance to four crore farmers, protecting them from adverse weather conditions.</li><li>e-NAM Expansion: Integration of 1,361 mandis into the e-NAM platform to enhance market efficiency and transparency, benefiting 1.8 crore farmers with an expected trading volume of ₹3 lakh crore.</li></ul><h2>Government committed to Polavaram irrigation project in Andhra Pradesh</h2>The Finance Minister said that the government is fully committed to financing and expeditiously completing the Polavaram irrigation project, which is considered a lifeline for Andhra Pradesh and its farmers. <h2>Future directions</h2>The government aims to increase public and private investment in post-harvest infrastructure and supply chains, promoting aggregation, modern storage, and efficient processing to reduce losses and improve food security. Additionally, the dairy and fisheries sectors will see significant development, with initiatives to boost productivity and exports, contributing to a sustainable and prosperous agricultural ecosystem. <div type="Article" hostid="261" msid="111951205" title="Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation" mstype="2" mssubtype="0"></div>

What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?

The Reserve Bank of India (RBI) may begin lowering <keyword id="19950650" type="General" weightage="20" keywordseo="interest-rates" source="keywords">interest rates</keyword> around October, provided that external factors like weather conditions and international commodity prices do not cause any disruptions, the credit rating agency, Crisil said in its report. The credit rating agency further anticipated that it expects "two rate cuts this fiscal." It said that the decision of the <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC) decision to hold rates in its recent announcement was due to the elevated <keyword id="19999654" type="General" weightage="20" keywordseo="food-inflation" source="keywords">food inflation</keyword>. The climate conditions such as weather events are frequently changing and they need to be monitored. Going ahead, it anticipated that the macroeconomic environment would be better, creating a background for a rate cut. "The food challenge to a rate cut is expected to ease as agriculture prospects look better than last year. The monsoon has been above normal (7 per cent above the long period average as of August 7), and sowing has picked up across major foodgrains. As agriculture prospects become clearer by September, we expect it to pave the way for a rate cut," the S&amp;P's arm added in its report. In a move reflecting its cautious approach amid ongoing economic uncertainties, the RBI has decided to keep the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> unchanged at 6.5 per cent. The decision to keep the repo rate steady comes amidst persistent concerns about <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword>, which remains above the RBI's target range. The central bank's commitment to bringing inflation down to its 4 per cent target continues to face challenges due to ongoing food inflation and other economic factors. Noting a likely uptick in core inflation, the report added that factors such as international freight costs, geopolitical risks to crude oil prices, and hikes in domestic telecom tariffs could affect this indicator. Anticipating the growth, it added, "The pace of growth of the economy is expected to ease this year, with lower fiscal support as the government pursues <keyword id="20101140" type="General" weightage="20" keywordseo="fiscal-consolidation" source="keywords">fiscal consolidation</keyword>." Announcing the MPC's decision on August 8, RBI Governor Shaktikanta Das expected the real Gross Domestic Product (GDP) growth of 7.2 per cent for the fiscal year 2024-25. Governor Das emphasized that the RBI remains vigilant regarding inflationary pressures and will take necessary actions to maintain price stability while supporting the country's economic recovery. The MPC's decision reflects a balanced approach, aiming to control inflation without stifling growth. The adjustments in repo rate have a direct effect on <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and job creation. The lower interest rates tend to stimulate economic growth by making borrowing cheaper for businesses.

RBI expected to begin rate cuts in October, with two reductions this fiscal: Crisil

The Retailers Association of India (RAI) on Friday called for <keyword id="20141385" type="General" weightage="20" keywordseo="lower-taxes" source="keywords">lower taxes</keyword> for individuals to generate demand and spur <keyword id="20018646" type="General" weightage="20" keywordseo="consumption" source="keywords">consumption</keyword> besides seeking low-cost finance, subsidies and benefits on land rates and necessities such as <keyword id="20028294" type="General" weightage="20" keywordseo="electricity" source="keywords">electricity</keyword> for retailers ahead of <keyword id="6360189" type="General" weightage="100" keywordseo="Union-Budget" source="Orion">Union Budget</keyword> FY25. Retailing in India accounts for about 10% of the country's GDP and the sector is second only to agriculture in terms of the number of people directly employed, RAI said in its pre-Budget memorandum highlighting areas that need attention in order to make the industry stronger. "To ensure the growth of the sector, the Union Budget for FY25 should focus on generating demand and spurring consumption by offering benefits or concessions in the form of lower taxes. It will boost the overall consumer sentiment and benefit the retail sector, it said adding, consumption equals to development and the "tax benefits and relief to individual <keyword id="59866" type="General" weightage="20" keywordseo="taxpayers" source="Orion">taxpayers</keyword> will increase the monthly disposable income and support consumption", the memorandum noted. Further, the budget should outline supportive policies, simplified regulations, skill development and simple goods and services tax (GST) norms to aid the development of the retail industry, RAI said. Asking for low-cost finance to retailers, the industry body said, "There is a need to provide lower interest rate to the retailers through the special announcement in the Budget to assure easier financing for the retail businesses." It also asked the government to consider the food and beverages retail sector as an essential service and said "subsidies and benefits should be given on land rates and other necessities such as electricity". RAI also said there is a need to expedite the formulation and implementation of '<keyword id="5649262" type="General" weightage="20" keywordseo="National-Retail-Policy" source="Orion">National Retail Policy</keyword>' to enable ease of doing business and that "such a step would provide a substantial boost to the retail sector". Stating that benefits to retail and wholesale trade MSMEs are restricted to priority sector lending only, RAI also recommended that retail and wholesale traders should be eligible for all benefits available to other MSMEs. Further, the retailers' body asked the Centre to encourage and incentivise states to adopt 'The Model Shops and Establishment (Regulation of Employment and Condition of Services) Act 2016 that enables states to choose to keep shops and other such establishments open 24X7 all through the year.

RAI's Budget wishlist: Lower taxes for individuals, benefits on land rates, electricity

New Delhi [India], June 5 (ANI): The Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>)-led National Democratic Alliance (<keyword id="19938590" type="General" weightage="20" keywordseo="NDA" source="keywords">NDA</keyword>) secured a majority in the general elections, securing a third term for Prime Minister Narendra Modi. This victory indicates continuity in policy, particularly in <keyword id="21785272" type="General" weightage="20" keywordseo="infrastructure-spending" source="keywords">infrastructure spending</keyword> and boosting domestic manufacturing, which are expected to support robust <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. However, the NDA's slim margin of victory and the BJP's loss of an outright majority in parliament may slow down more extensive economic and fiscal reforms, potentially impeding <keyword id="20101140" type="General" weightage="20" keywordseo="fiscal-consolidation" source="keywords">fiscal consolidation</keyword> efforts. In fiscal 2023-24, India's real GDP accelerated to 8.2 per cent from 7.0 per cent the previous year, driven by significant gains in gross fixed capital formation as the government's infrastructure programs gained momentum, even as private consumption remained subdued. <keyword id="20227907" type="General" weightage="20" keywordseo="Moodys" source="keywords" meta.keywordsubtype="org" meta.entityname="Moody's" meta.hostid="261" meta.entityid="Moody's">Moody's</keyword> projects India's economic strength to continue, with an anticipated real <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> of around 7 per cent over the three-year period from fiscal 2023-24 to 2025-26. This growth is expected to benefit from ongoing infrastructure development and digitalization efforts. Despite this outlook, structural weaknesses pose risks to long-term growth potential. High youth unemployment and low productivity growth in the agriculture sector constrain economic expansion. The agricultural sector's modernization has been stalled by political challenges, as evidenced by the repeal of key reforms in 2021 following widespread farmer protests. Additionally, gains in manufacturing have been uneven, limiting labour force diversification away from agriculture, which still accounts for 40 per cent of total employment. Foreign direct investment (FDI) inflows have declined over the past three years, despite a favourable geopolitical climate amid US-China tensions. This trend suggests persistent constraints within India's investment climate. To address these challenges, further structural reforms and enhanced implementation of existing initiatives, such as the production-linked incentive schemes to promote manufacturing, calibrated liberalisation of cross-border trade, and reconsideration of labour reforms, are necessary. The government's focus on fiscal consolidation is expected to continue, but significant improvements in debt ratios and interest servicing have yet to be realised. Since the trough in fiscal 2020-21, the central government's deficit has likely narrowed for three consecutive years. The interim budget for fiscal 2024-25 projects a deficit of around 5 per cent of GDP, aiming for a 4.5 per cent deficit by fiscal 2025-26. However, India's fiscal consolidation post-pandemic has not outpaced other emerging markets in Asia-Pacific, and its fiscal and debt metrics remain weaker than those of Indonesia, the Philippines, Thailand, and other Baa-rated peers globally. India's general government debt is projected to stabilise above 80 per cent of GDP over the next three years, compared to 70.5 per cent in fiscal 2018-19. General government interest payments are forecast to fall to around 24 per cent of general government revenue over the next two years, down from over 28 per cent in fiscal 2020-21, but still higher than the pre-pandemic ratio of less than 23 per cent. While increased budgetary allocations for infrastructure indicate an improvement in spending quality, debt servicing remains a significant portion of expenditure, reflecting ongoing constraints on fiscal flexibility. This situation underscores the need for the incoming government to balance fiscal consolidation with growth-supportive measures. The upcoming final budget for the fiscal year ending March 2025 will provide further insights into India's fiscal policy direction through 2029. As the Modi administration embarks on its third term, the focus will likely remain on sustaining economic growth while addressing the persistent <keyword id="21500054" type="General" weightage="20" keywordseo="fiscal-challenges" source="keywords">fiscal challenges</keyword> that hinder India's long-term economic potential.

Modi 3.0 will offer policy continuity, but BJP's loss of outright majority may slow down fiscal reforms: Moody's

<ul class="summary-list"><li>The Washington Post reported <keyword id="11977287" type="UNKNOWN" weightage="60" keywordseo="mitch-mcconnell" source="Orion">Mitch McConnell</keyword> is opposing a free <keyword id="11965211" type="UNKNOWN" weightage="60" keywordseo="school-lunch" source="Orion">school lunch</keyword> program extension.</li><li>This comes as Congress is deciding what to include in the upcoming <keyword id="13337679" type="UNKNOWN" weightage="60" keywordseo="government-funding" source="Orion">government funding</keyword> package.</li></ul>Congress is once again racing against the clock to fund the government, and it's looking like meals for children at school could get axed from the budget.The Washington Post <a href="https://www.washingtonpost.com/business/2022/03/07/school-nutrition-program-covid-waivers/">reported</a> on Monday that some Republican lawmakers, including Senate Minority Leader Mitch McConnell, are opposing the inclusion of a pandemic-era free school lunch measure in the government funding package, according to sources familiar. Congress has until midnight on Friday to pass a package to keep the government funded and avoid a federal shutdown, and while Democrats support extending some pandemic-related federal programs in the package, a Republican leadership aide told the Post further extensions of expiring programs would be too costly."This weekend, I've made a request to speak to Leader McConnell and Leader McCarthy," US Department of Agriculture Sec. <keyword id="12467990" type="UNKNOWN" weightage="60" keywordseo="tom-vilsack" source="Orion">Tom Vilsack</keyword> told the Post. "Now, I realize that they've got a lot on their plate. But the failure of Republicans to respond to this means that kids are going to have less on their plates. And there's no reason for this. There's no reason for this."Politico's Helena Bottemiller Evich first <a href="https://twitter.com/hbottemiller/status/1500922193387171850">reported</a> on the issue on Tuesday and noted that the School Nutrition Association has sent 73,000 emails to Congress urging an extension of the universal school lunch program, along with lobbying in-person on Capitol Hill.A federally funded US Department of Agriculture program that was launched in April gives free meals to all K-12 students, regardless of income, through the end of June, which the department <a href="https://www.businessinsider.com/biden-usda-free-school-lunches-program-kids-schools-2021-4">said</a> would reach an estimated 12 million kids who are food-insecure. But if the program is not extended, the department estimated 40% in decreased funding for school lunches, cutting vital resources for many families and children.Sources told the Post that the government funding package is not yet final, so the lack of a free school meal extension is not certain. But should Congress fail to extend the program, it will follow the lapse of the monthly child tax credits — a pandemic-era benefit that gave checks to families with kids but expired in December, causing <a href="https://www.cbsnews.com/news/child-tax-credit-poverty-surges-after-ctc-checks-end/">3.7 million</a> children to slip back into poverty in January.Still, some Democratic lawmakers want more than an extension of free schools meals — they want the program to be permanent. In May, Vermont Sen. Bernie Sanders and Minnesota Rep. Ilhan Omar <a href="https://www.businessinsider.com/universal-school-meals-bernie-sanders-ilhan-omar-free-lunch-hunger-2021-5">introduced</a> legislation to make universal school meals permanent, saying that 30 million children in the country rely on free or reduced-price school lunches, and if the pandemic waivers expire, many students from houses with incomes just 130% above the poverty line will not be able to receive <keyword id="11965212" type="UNKNOWN" weightage="60" keywordseo="free-school-meals" source="Orion">free school meals</keyword>."In the richest country in the world, it is an outrage that millions of children struggle with hunger every day," Sanders said in a <a href="https://www.sanders.senate.gov/press-releases/news-sanders-omar-gillibrand-and-moore-seek-to-expand-and-make-permanent-universal-school-meals/">statement</a>. "Every child deserves a quality education free of hunger. What we've seen during this pandemic is that a universal approach to school meals works. We cannot go backwards."

Mitch McConnell is reportedly opposing free school lunches: 'Kids are going to have less on their plates,' Biden's agriculture secretary says

<ul class="summary-list"><li>If immigration maintained its 2016 levels, the US would have 2 million more people today.</li><li>Food-related industries historically rely on low-wage immigrant labor and are now facing shortages.</li></ul>With Thanksgiving less than a week away, inflation continues to make headlines for driving up food prices, both at grocery stores and in <keyword id="11916214" type="UNKNOWN" weightage="60" keywordseo="restaurants" source="Orion">restaurants</keyword>.A major factor behind those increases is the cost of labor, where companies' struggles to find and retain staff are having ripple effects from farm to table.Supply chain problems are intrinsically tied to labor issues, and the US food supply chain is facing a particular <keyword id="11908404" type="UNKNOWN" weightage="60" keywordseo="labor-shortage" source="Orion">labor shortage</keyword> that has deepened over the past five years: foreign-born workers.Had <a href="https://www.economy.com/united-states/net-migration">US immigration levels</a> maintained their pre-2016 trajectory, <a href="https://www.businessinsider.com/immigration-could-solve-labor-shortage-3-million-missing-workers-trump-2021-11">the US would have roughly 2 million more people</a> today, analysts at both JPMorgan and Grant Thornton estimate.Trump Administration policies cut legal immigration in half during his term, according to an estimate by the <a href="https://nfap.com/wp-content/uploads/2020/07/Immigrants-and-Americas-Comeback-From-The-Covid-19-Crisis.NFAP-Policy-Brief.July-2020.pdf" target="_blank" rel="noopener noreferrer">National Foundation for American Policy</a>, and when the COVID-19 pandemic hit, the administration further tightened rules with more than 40 policy changes for documented and undocumented immigrants alike.While neither Trump nor his policies are solely responsible for all of the shortfall, the rhetoric and political climate of those years certainly contributed to the shortfall employers currently face.Given the 75% labor force participation rate of foreign-born residents, that works out to 1.5 million fewer workers available to fill the 10 million open jobs in the <keyword id="11893570" type="UNKNOWN" weightage="60" keywordseo="economy" source="Orion">economy</keyword> right now.A lot of those open jobs are in food-related industries like <keyword id="11963490" type="UNKNOWN" weightage="60" keywordseo="agriculture" source="Orion">agriculture</keyword>, processing, and service – industries that have a history of relying on low-wage immigrant labor, including undocumented workers. Now that strategy has led to a precarious position.<a href="https://www.pewresearch.org/hispanic/2016/11/03/occupations-of-unauthorized-immigrant-workers/">Restaurants, like farming and processing jobs</a>, tend to offer low pay and poor conditions in many cases, and high turnover means there are almost always jobs available.These same industries were hit hard by COVID-19 in the early days of the pandemic. Many undocumented workers, particularly at restaurants that shut down, lost their jobs, while those who continued working were in frontline positions where they were more likely to be infected, such as in <a href="https://thefern.org/2020/04/mapping-covid-19-in-meat-and-food-processing-plants/">meat-processing plants with documented large outbreaks.</a>A US Department of Agriculture study found that as many as half of hired laborers in crop agriculture did not have the immigration status needed to work legally in the US. Undocumented workers make up about <a href="https://www.eater.com/2020/5/29/21273410/undocumented-workers-coronavirus-risks">10% of the restaurant industry</a>, and as much as 40% in some urban centers, according to Eater, mostly concentrated in back of house roles. Immigrants without authorization typically take these jobs because they have the fewest options, Daniel Costa, the director of immigration law and policy research at the Economic Policy Institute, told Insider.These workers are attractive to employers who are willing to take the risk of potential legal action, because unauthorized workers have "virtually no labor rights in practice," Costa said. They are unlikely to report their employers for poor workplace conditions and pay – or even illegal actions – because of repercussions they could face.Line cooks were the single profession most at risk of dying from COVID-19, according to a <a href="https://www.eater.com/2020/5/29/21273410/undocumented-workers-coronavirus-risks">study from UC San Francisco,</a> followed by machine operators, agricultural workers, and construction workers."These are rough, dirty jobs that are physically dangerous and often demeaning," said Nathan Dollar, a doctoral researcher at the University of North Carolina who studies agriculture workers.In addition to less immigration to the US, Dollar explained that agricultural businesses' labor challenges are also tightening as foreign-born workers tap into better opportunities, like entrepreneurship.Restaurant workers meanwhile have been <a href="https://www.businessinsider.com/restaurant-workers-plan-to-quit-abuse-from-customers-managers-2021-10">leaving those jobs for better pay and conditions</a> in the warehousing and logistics industry.With a shrinking foreign-born labor pool and growing opportunities in other industries, Dollar says immigrant workers are less willing to work under demeaning or dangerous conditions for low pay."You're seeing a new labor movement spawning, and I think that's probably why people are not willing to work for these low wages," he said.

From farm to table, immigrant workers keep America fed, but Trump-era policies helped create a labor shortfall that is causing food prices to rise

<ul><li>The Reserve Bank of India’s Monetary Policy Committee (<keyword id="6369693" type="General" weightage="100" keywordseo="mpc" source="Orion">MPC</keyword>) is likely to pause rate hikes when it meets later this week, as per economists. </li><li>The broad consensus is that a prolonged pause on rates may be seen till the end of 2023. </li><li>Economists say that India is in a ‘goldilocks’ situation thanks to strong macroeconomic data and cooler inflation. </li></ul>The Reserve Bank of India’s Monetary Policy Committee (MPC) could/should decide to pause interest rate hikes when it meets later this week, as per eminent economists. The consensus on the street is that the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> Governor Shaktikanta Das-led panel will keep the repo rate unchanged at 6.5% thanks to cooler inflation. The primary reason for this belief is that the retail inflation (based on consumer price index, or CPI), came in significantly lower at 4.7% in April this year, down from 5.66% in March. This is comfortably below the central bank’s upper tolerance limit of 6%. In addition to cooler inflation, uncertainty around the trends in global commodity prices and growth could push the MPC to maintain its ‘wait and watch’ approach for the time being. The crucial monsoon season beginning this month and the impact of a potential El Niño will also figure in the MPC’s decision-making process. “We expect the stance to be maintained this month as the MPC will prefer to stay on wait-and-watch mode to gauge the fallout of weather conditions on the price trend before considering a pivot to easing. Supportive recovery prospects also lower the urgency for a quick turn in the policy direction,” said Radhika Rao, executive director and senior economist, DBS Group. The sticky core inflation finally fell below the 6% mark for the first time in 19 months in April to 5.2%. RBI governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> has underlined his concerns about sticky core inflation for a long time now, so this fall is much needed. <cmsannotation type="cmsannotation" annotationid="Prolonged pause" comment="subhead" text="Prolonged pause">Prolonged pause</cmsannotation> The broad consensus amongst economists is that the MPC will maintain its rate pause stance for the second consecutive time, after breaking away with the US Fed’s FOMC and keeping the<a href="https://www.businessinsider.in/finance/news/rbis-monetary-policy-committee-keeps-repo-rate-unchanged-at-6-5/articleshow/99284354.cms"> rates unchanged in its April meeting</a>. “Considering the prevailing ambiguity surrounding the future path of the Federal Reserve's rates in the coming months, our perspective leads us to anticipate a dovish message from the MPC,” said Deepak Agrawal, chief investment officer, debt, Kotak Mahindra AMC. Agrawal added that the focus is now on whether the MPC will signal a pivot in its monetary policy or continue with its current stance of withdrawal of accommodation. <cmsannotation type="cmsannotation" annotationid="The long-pause" comment="subhead" text="The long-pause">The long-pause</cmsannotation> With that said, there is a consensus amongst economists that we could be in for a prolonged pause, likely extending to the end of 2023. “We maintain our baseline view that the RBI will likely keep the policy repo rate unchanged at 6.50% in the June 8 policy meeting. We expect the RBI to remain on hold till the end of the year,” said the analysts at Goldman Sachs. <cmsannotation type="cmsannotation" annotationid="Stronger growth, cooler inflation" comment="subhead" text="Stronger growth, cooler inflation">Stronger growth, cooler inflation</cmsannotation> India’s GDP growth sprung a ‘pleasant surprise’ in Q4, coming in at 6.1% while analysts had forecast a growth of just 5%. In FY23, too, the GDP numbers at 7.2% were ahead of even the government’s estimates of 7%. Goldman Sachs analysts say that the inflation print in Q1 could be around 4.6%, as against RBI’s estimates of 5.1%. With April print coming in at 4.7%, there is further room for decline in May and June prints. Apart from this, most economic indicators across agriculture, manufacturing and services sectors are holding up, according to economists. According to the economists at SBI Research, we could see an upward revision in GDP growth forecasts while inflation estimates are expected to be downgraded in the June MPC meeting. “Frontloaded rate action by RBI has resulted in frontloading inflation trajectory. Inflation data till October would be decisively below 5%,” SBI Research said. Economists say that India is in a ‘goldilocks’ situation thanks to robust macroeconomic activity and cooling inflation. While a rate pause is highly certain, any hints of a pivot in monetary policy will be closely watched. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/wedding-season-drives-hero-motocorp-and-bajaj-auto-sales-in-may/articleshow/100700290.cms">Wedding bells drive two-wheeler sales in May, passenger vehicles cruise on SUVs</a> <a href="https://www.businessinsider.in/india/news/indias-gdp-forecast-raised-but-el-nino-export-contraction-threats-hover/articleshow/100693955.cms">India’s GDP forecast raised but El Nino, export contraction threats hover</a> <a href="https://www.businessinsider.in/stock-market/news/foreign-institutional-investors-pump-27856-crore-in-indian-equities-in-may/articleshow/100693791.cms">Dalal Street sees 27-month high inflows from FIIs in May</a>

You Searched For "Agriculture policy" and got 10 results

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