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<keyword id="11101" type="General" weightage="20" keywordseo="britain" source="Orion">Britain</keyword>'s prime ministerial candidate <keyword id="221875" type="General" weightage="100" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> has insisted that he would rather lose the <keyword id="107792" type="General" weightage="80" keywordseo="conservative-party" source="Orion">Conservative Party</keyword> leadership race to replace <keyword id="6380867" type="General" weightage="80" keywordseo="boris-johnson" source="Orion">Boris Johnson</keyword> than win on a false promise on how he plans to tackle the economic crisis. In an interview with the <keyword id="60684" type="General" weightage="80" keywordseo="bbc" source="Orion">BBC</keyword>, the British Indian former Chancellor said he was committed to helping the most vulnerable families with the cost-of-living crisis and felt a "moral responsibility to go further" and provide "extra help" over the winter. The issue has become the key dividing line between him and his rival, Foreign Secretary <keyword id="2420812" type="General" weightage="80" keywordseo="liz-truss" source="Orion">Liz Truss</keyword>, who has pledged tax cuts which the former finance minister insists will benefit wealthier households rather than those who need it most. I would rather lose than win on a false promise, Sunak, 42, said. "What I'm determined to do is help people across this country through what will be a very difficult winter. My first preference is always not to take money off people in the first place," he said. As the candidates continue to be grilled by Conservative Party members who will be voting in the election in hustings up and down the UK, the issue of soaring inflation and prices has dominated the agenda. "People can judge me on my record, reiterated Sunak in his BBC interview on Wednesday night, referring to his work as Chancellor through the COVID lockdown. "People can judge me on their record - when bills were going up by around 1,200 pounds earlier this year, I made sure the most vulnerable received around 1,200 pounds," he pointed out. Sunak also promised to "go further" than what he has already announced if elected Prime Minister. I know millions of people are worried about inflation, particularly the cost of their energy bills. What I've said if I'm Prime Minister I will go further in supporting those families who most need support because the situation is worse than when I announced those measures earlier this year," he said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/flood-hit-kerala-villages-to-launch-digi-lockers-to-keep-their-valuables-safe/articleshow/93491650.cms">Flood-hit Kerala villages to launch digi-lockers to keep their valuables safe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/up-hospitals-to-now-have-dedicated-wards-for-transgenders/articleshow/93491517.cms">UP hospitals to now have dedicated wards for transgenders</a>

Rishi Sunak says he would rather lose than win on a false promise

<ul><li>India is facing two extreme weather conditions together— drought and floods. </li><li>One corner of the country — Assam and parts of Bihar is fighting heavy floods. Others like <keyword id="12864" type="LOCATION" weightage="20" keywordseo="Chennai">Chennai</keyword> and Hyderabad are running dry, due to light or no showers at all.</li><li>The seasonal monsoon rains which are supposed to start in June were late in almost every part of the country.</li></ul>India is facing two extreme weather conditions together — heavy floods and drought. That is affecting millions of people, particularly the poor. These extreme weather conditions will weaken the economic productivity, in addition to wreaking destruction, and displacing a large number of people. The seasonal monsoon rains which are supposed to start in June were late in almost every part of the country. One corner of the country — Assam and parts of Bihar is fighting heavy floods. Others like Chennai and Hyderabad are running dry, due to light or no showers at all. Too Little, too late India’s monsoon is crucial as it accounts for 70% of its annual rainfall. If the monsoons are lower or slower, it leads to water crisis, due to its almost exclusive dependence on it. The government think tank NITI Aayog expects as many as 21 cities to be devoid of ground water by 2020. Cities are running dry one after the other.<a href="https://www.businessinsider.in/five-years-on-india-may-not-even-get-a-chance-to-solve-its-on-going-water-crisis-risking-hundreds-of-millions-of-lives/articleshow/69988627.cms"> First Chennai went dry and with less or no drinking water for its citizens</a>. Now, the twin cities of Hyderabad and <keyword id="6354398" type="LOCATION" weightage="20" keywordseo="secunderabad">Secunderabad</keyword> — <a href="https://www.businessinsider.in/water-crisis-hyderabad-may-not-have-drinking-water-in-next-48-days/articleshow/70223928.cms">have less than two months to go for monsoon to fix its water problems</a>. And, they are already late and lower than expected. Water crisis has become common almost every year. In 2018, 600 million Indians were exposed to acute water crisis, according to Niti Aayog. In 2017, five south Indian states faced water shortages like Karnataka, Kerala, Tamil Nadu, Andhra Pradesh and Telangana. Too Much Uncertain weather patterns brought too much rain leading floods and landslides in Assam. At least 28 districts in Assam are affected. So far, 30 people have been reported dead and 5.8 million displaced due to monsoon floods in Assam. The water level of Brahmaputra continues to rise above the danger mark in at least 10 places, <a href="https://www.reuters.com/article/us-southasia-floods/millions-stranded-in-india-as-early-monsoon-downpours-bring-flood-havoc-idUSKCN1UC1E2">reported Reuters</a>, citing Assam Disaster Management Authority. People are forced to drink dirty water and eat anything they get. Parts of Bihar too are flooded, forcing evacuation of affected residents. Separately, a second spell of monsoon is likely to bring extremely heavy rains in the coming days in Kerala. Six districts in the state including Idukki, <keyword id="69399" type="LOCATION" weightage="20" keywordseo="Malappuram">Malappuram</keyword>, and Wayanad are <a href="https://www.businessinsider.in/high-alert-in-six-districts-of-kerala-idukki-malappuram-wayanad-thrissur-kannur-for-heavy-rainfall/articleshow/70256251.cms">on high alert from 18 July to 20 July. </a> Last year in August 2018, Kerala was swept away by deadly monsoon rains taking as many as 504 lives. The state, was caught off guard and 3.4 million people were displaced. In all, 23 million people were affected at the price of $2.7 billion, reported India spend. Unexpected weather conditions have been dogging the country for a few years now. Two years back, heavy rains and widespread flooding across India, Bangladesh and Nepal led to death of 1,200 people. As many as 805,183 homes and 18 million people were affected in Northern India. The total damages and destructions by the floods in 2017 were $2.5 billion, according to Central Water Commission. See also: <a href="https://www.businessinsider.in/water-crisis-hyderabad-may-not-have-drinking-water-in-next-48-days/articleshow/70223928.cms">India’s water crisis deepens as Hyderabad might run out of water, like Chennai</a> <a href="https://www.businessinsider.in/five-years-on-india-may-not-even-get-a-chance-to-solve-its-on-going-water-crisis-risking-hundreds-of-millions-of-lives/articleshow/69988627.cms">Five years on, India may not even get a chance to solve its on-going water crisis risking hundreds of millions of lives</a> <a href="https://www.businessinsider.in/high-alert-in-six-districts-of-kerala-idukki-malappuram-wayanad-thrissur-kannur-for-heavy-rainfall/articleshow/70256251.cms">The weatherman has warned of heavy rains in Kerala, which just got $250 million World Bank aid to recover from last year's floods</a>

Bone dry or deluge — the freakish monsoon is killing Indians either way

<ul><li>The total rain from south west monsoon has been 40% less than the average.</li><li>The deficit is as high as 56% in south India and farmers have been asked to avoid sowing for crops like rice that need a lot of water.</li><li>Central India comes a close second with a rain deficit of 41% until June 19.</li><li>The crisis in rural India may become a significant factor in the upcoming budget.</li></ul> India is already suffering from a severe water shortage in many parts of the country and the rain Gods have not been merciful yet. That would put pressure on the Narendra Modi government, particularly on Finance Minister Nirmala Sitharaman, ahead of the upcoming budget to ensure the rural distress in the country does not worsen any further. The total rain from south west monsoon has been 40% less than the average. The deficit is as high as 56% in the southern peninsula --Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, and Goa. The central parts of the country, states like Madhya Pradesh, Maharashtra and Chhatisgarh, come a close second with a rain deficit of 41% until June 19. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 The shortage is therefore the worst in the rice growing areas and therefore the farmers have either delayed or reduced the sowing of crops like rice, sugarcane and cotton, all of which need a lot of water, according to government data. This is part of the government's contingency plan in the 648 worst-hit districts of the country. What's worse, farmers have <a href="https://economictimes.indiatimes.com/industry/indl-goods/svs/chem-/-fertilisers/fertilisers-to-turn-10-costlier-as-potash-rates-rise/articleshow/69657956.cms" data-type="tilCustomLink" target="_blank">to pay up to 10% more for fertilisers</a> this sowing season, than what they paid last winter, thanks to a rise in global prices for potash due to stronger demand, the key raw material, and a weaker rupee. Tractor sales Expectations of a poor monsoon also affect the purchase of farm equipment like tractors. The impact has been visible already in the 15% fall in tractor sales in May compared to the same time last year. That's bad news for Mahindra and Mahindra, which makes nearly 31% of its revenue from tractors alone and things have been far from rosy for a while now. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 The gloomy expectations have been evident in the share price too, which has lost over 31% in the last one year. 
 
 
 
 
 
 
 
 
 
 
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 All eyes are now on the budget, and both the country's millions of farmers as well as companies like M&amp;M hope for some sort of relief package that soften nature's blow on the rural economy. There are some encouraging signs with the President Ram Nath Kovind announcing a ₹25 trillion fund to protect the rural economy. The income guarantee scheme of ₹6,000 a year has been extended to the country's 145 million farmers. India has also appealed to China to lower tariffs on agricultural exports from India. Rural consumption has already slumped sharply and a poor monsoon may only worsen it. The government will have to think of other measures to support the economic recovery. SEE ALSO: <a href="https://www.businessinsider.in/there-is-a-lot-of-bad-news-that-modi-has-to-budget-for-this-year/articleshow/69635372.cms">There is a lot of bad news that Modi has to budget for this year</a> <a href="https://www.businessinsider.in/modi-government-sets-up-two-cabinet-panels-to-check-falling-gdp-employment/articleshow/69670523.cms">Modi government sets up two cabinet panels to check falling GDP, employment</a>

The shortfall in rains is the worst in South India and it will affect rice and oilseeds production as well as tractor sales

(Eds: Combining related stories) New Delhi, May 12 () Prime Minister Narendra Modi on Tuesday announced a consolidated economic package of Rs 20 lakh crore to help make India self-reliant in the wake of the coronavirus pandemic and pitched for promoting local businesses, as he flagged that the deadly virus may be part of our lives for a long time. The nationwide COVID-19 tally in the meantime crossed 74,000. The death toll also crossed 2,300, while nearly 24,000 people have recovered from the disease so far. In his third address to the nation on COVID-19 crisis, Modi also said the fourth phase of the lockdown, beginning May 18, would be totally different with new rules and guidelines that would be announced later after taking into account feedback from all chief ministers. Modi said the coronavirus cannot be allowed to dictate the people's lives even as experts have warned it is going to be a part of our lives for a long time. Nearly 7,000 new cases have been detected since Monday morning while more than 100 people have lost their lives in this time period, as per the numbers made public by various states and union territories. Several states including Maharashtra, Gujarat and Delhi continued to report large number of new cases, including among those who have moved from other states in special trains and buses as also among those airlifted from abroad under a massive evacuation programme being undertaken by the government to bring back stranded Indians and expatriates from various countries. While details of the economic package would be announced by the Finance Ministry over the next few days, beginning Wednesday, Modi said it would cover all sections of the society including corporates, cottage and small scale industries, MSMEs, labourers and the middle class. The consolidated package of Rs 20 lakh crore would include measures already announced by the government and the RBI so far to tackle the COVID-19 crisis. However, there was no clarity on from where these funds would come and what impact it might have on the fiscal health of the country. Among various measures, the Finance Ministry had earlier announced a Rs 1.7 lakh crore package, mainly for providing food grains and cash support to the poor. In its daily update, the Union Health Ministry said the COVID-19 death toll rose to 2,293 and the positive cases climbed to 70,756, registering an increase of 87 deaths and 3,604 cases in the last 24 hours till Tuesday 8 AM. However, a tally of numbers announced by different states and UTs put the total number of confirmed cases much higher at 74,029 and the death toll at 2,338, as of 9 PM. A day after interacting with chief ministers over the way forward in the battle against COVID-19, Modi said it is an unprecedented crisis, but we not only need to protect ourselves in this battle, but also have to keep moving forward. He said the special economic package of Rs 20 lakh crore is equivalent to almost 10 per cent of India's GDP and it will provide a much needed boost for making India self-reliant. The package will also focus on land, labour, liquidity and laws, he said. Leaders of the ruling party, BJP, pointed it was the biggest every package announced by any country. Ever since its emergence in China last December, nearly 42 lakh people have tested positive for the novel coronavirus so far while more than 2.75 lakh people have lost their lives. India figures among the 15 biggest hit countries, while the US is the worst hit so far. The prime minister further said several bold reforms are also needed to make the country self-reliant, so that the impact of crisis such as COVID can be negated in future. These reforms include supply chain reforms for agriculture, rational tax system, simple and clear laws, capable human resource and a strong financial system. These reforms will promote business, attract investment, and further strengthen Make in India, he said. Modi observed that the crisis has taught everyone the importance of local manufacturing, local market and local supply chains. "All our demands during the crisis were met 'locally'. Now, its time to be vocal about the local products and help these local products become global," he said. Modi said several experts and scientists have said that the virus is going to be part of our lives for a long time. "But, it is also important to ensure that our life does-not revolve only around it," he said, while exhorting people to work towards their targets while taking precautions like wearing masks and maintaining social distancing. On the fourth stage of lockdown, he said that its contours will be completely different from those seen yet. On the basis of recommendations received from states, new rules will be framed, and information about the same will be conveyed before May 18, he said. Modi had first announced a 21-day nationwide lockdown on March 24 during his first address to the nation on COVID-19. This was later extended till May 3 and then further till May 18 with some relaxations in the third phase, especially in areas with nil or less cases. While the cases have continued to rise during the lockdown period, government officials have been saying that the tally could have been much higher but for the containment measures and a targetted testing strategy. Union Health Minister Harsh Vardhan said the testing capacity has increased to 1 lakh tests per day with 347 government laboratories and 137 private labs being used. Cumulatively, more than 17.6 lakh tests have been done so far. There are also concerns that the outbreak may spread to rural areas with train services being resumed to take migrant workers and others stranded in different parts of the country to their native places. So far, big urban centres including Mumbai, Delhi, Ahmedabad and Chennai have reported relatively larger number of cases, while the deadly virus outbreak has been detected in other parts of the country as well. Maharashtra on Tuesday reported 1,026 new COVID-19 cases and 53 deaths, 28 of them in Mumbai alone, taking the overall case count to 24,427 and the number of fatalities to 921, a health department official said. Of the total coronavirus cases and deaths recorded so far in the state, Mumbai alone accounts for 14,947 infections and 556 fatalities. Dharavi slum sprawl in Mumbai reported 46 new COVID-19 cases and one death, taking the case count to 962 and the number of fatalities to 31. Gujarat reported 362 new COVID-19 cases and 24 deaths, including 21 in worst-hit Ahmedabad. Tamil Nadu reported 716 fresh cases, pushing the state tally to 8,718. The national capital also reported over 400 new cases and at least 13 more deaths. In Delhi, the government received around 3 lakh messages on WhatsApp within seven hours of Chief Minister Arvind Kejriwal seeking suggestions from the people on lockdown relaxations post May 17. The government has also received 25,000 recorded messages and 5,000 e-mails. In West Bengal, officials said at least eight people have died of COVID-19 in the last 24 hours, raising the death toll in the state to 126, while over 100 more people tested positive for the deadly virus. Kerala, which had stopped seeing fresh cases till a few days back, saw five new cases as the flow of Keralites returning home from other countries and states continued. NAB KR PLB DSP BUN KND KK SCH UD PM BJBJ

Modi tops 'corona' economic package to Rs 20 lakh cr; COVID-19 tally crosses 74k

Mumbai, Apr 9 () Domestic rating agency Icra has said states with higher patient count, returning migrant labour and daily wagers, as well as greater dependence on GST compensation, will face sharper risk of fiscal slippages this fiscal and has projected around 23 per cent spike in combined borrowings at around Rs 7.8 lakh crore.The fear of massive fiscal slippages by the states was visible from the spike in interest rates that the states were forced to offer on their first tranche of the market borrowings on Tuesday with states like Kerala which has been leading the Covid fight, paying as much as 8.96 per cent on its Rs 6,000 crore borrowing.Such aricing of debt has forced the Kerala finance minister to seek the issuance of pandemic bonds.An SBI Research earlier the week backed monetizing the public debt this fiscal and also launching a Covid bond.In a report, Icra has estimated a 25-30 per cent rise in net state development loan (SDL) issuance to Rs. 6.2-6.4 lakh crore in FY2021 from around Rs 5 lakh crore in FY2020, following the negative impact of the Covid-19 pandemic on their revenue, even as their expenditure is likely to expand to address the crisis."With SDL redemption estimated at around Rs 1.4 lakh crore in both these years, we forecast gross SDL issuance to expand by 19-23 per cent to Rs 7.6-7.8 trillion in FY21, from Rs 6.3 lakh crore in FY20," says the report.It has further warned that the states with higher number of Covid-19 infections, returning migrant labour and daily wagers may undertake a sharper step-up in their expenditure, while those with a larger dependence on GST compensation could experience greater revenue stress, enlarging their risk of fiscal slippage in FY2021.The risk of fiscal slippage is likely to be higher for states, which have a larger number of Covid-19 patients, as they may have to significantly ramp up spending on health-related services to contain this outbreak. Moreover, states which have seen return of a massive number of migrant labourers, and which have a sizeable number of daily wagers, could see a sharp rise in their revenue expenditure in FY21, if they choose to extend food and/or income support to such people.The report also notes that gross tax collections of the Centre are set to undershoot the revised estimate of Rs 21.6 lakh crore by Rs 1.2-1.3 lakh crore. This would entail lower tax devolution to the states to the tune of Rs 42,000-55,000 crore, which would be adjusted in FY21.Additionally, the FY21 estimate of gross tax revenue of the Centre at Rs 24.2 lakh crore is also likely to be considerably lower, given the impact of the lockdown on economic activities. Therefore, the actual central tax devolution to the states in FY21 is expected to be significantly lower than the FY21 budget estimate of Rs 7.8 lakh crore.The house economists at SBI feel that in the current scenario when market appetite is already low it seems difficult how large borrowings will be carried out."Thus, it is imperative that government monetise its deficit with RBI subscribing to the primary issues of the g-secs and fulfill the supply-demand gap in FY21," the SBI report said.In FY2019-20, total borrowing by the Centre and states were at Rs 13.5 lakh crore--Centre at Rs 7.1 lakh crore and states at Rs 6.4 lakh crore. Given at least estimated 4 per cent slippage in GDP or worth Rs 8 lakh crore, the Centre and the states are expected to borrow close to Rs 20 lakh crore in FY2020-21."Thus it's a must that RBI monetises the deficit, using the national calamity clause given the stressed market absorption capacity. This number must be anywhere between 2.5-3 percent of GDP and shown separately as an off balance sheet item in budget like a Covid bond, which can send a good signal to the market that the unprecedented move is temporary," concludes the SBI Research report. BEN MR

FY21 gross state borrowings to touch Rs 7.8 L cr on covid crisis

In the first week of 2019, <keyword id="154034" type="PERSON" weightage="20" keywordseo="Gita-Gopinath">Gita Gopinath</keyword> took over as the <keyword id="69755" type="POSITION" weightage="20" keywordseo="Chief-Economist">chief economist</keyword> of the <keyword id="6366068" type="COMPANY" weightage="20" keywordseo="international-monetary-fund">International Monetary Fund</keyword> (<keyword id="6355408" type="DEFINITION" weightage="20" keywordseo="imf">IMF</keyword>), the international body responsible for ensuring the financial stability of developing countries. Prior to stepping into the role, the Indian-born Gita Gopinath was a tenured economics professor at Harvard. She was appointed to succeed Maurice Obstfeld in October last year. Obstfeld retired on 31 December. As an expert on trade, exchange rates, monetary policy and public debt, Gopinath will be tasked with adapting the IMF’s role in a world beset by an emerging market crisis and unconvinced by the supposed benefits offered by globalisation. Here are five things you should know about her:- She follows in the footsteps of a former <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> governor Gopinath is the second Indian to be take over the role of chief economist after <keyword id="6358908" type="PERSON" weightage="20" keywordseo="raghuram-rajan">Raghuram Rajan</keyword>, who was the governor of the Reserve Bank of India from 2013 to 2016. Rajan was named the IMF’s chief economist in 2003 before leaving the organisation in 2006 to join India’s finance ministry as its chief economic advisor. Gopinath’s appointment has led to speculation that she could one day be considered for the top job at India’s central bank. She is the first woman to head the IMF’s research department In addition to being the IMF’s Economic Counsellor, Gopinath will be director of the body’s research department - becoming the first woman to do so. The department is crucial to the IMF’s functioning as it monitors the global economy and policies of member countries and is also tasked with publishing the <keyword id="188983" type="COMPANY" weightage="20" keywordseo="World-Economic-Outlook">World Economic Outlook</keyword> every year. She was a critic of the Modi government’s demonetisation initiative Like Rajan, who said demonetisation “was not a well-thought out exercise”, Gopinath was also vocal in her criticism of the move. In <a href="https://www.business-standard.com/article/economy-policy/not-a-single-macro-economist-thinks-note-ban-was-a-good-idea-gita-gopinath-117122101525_1.html">an interview </a>with Business Standard in December 2017, she went on record to say that demonetisation wasn’t a good idea and the government should have spent more time refining its plans to implement the goods-and-services tax (GST) regime, a reform that she supported. She added that she didn’t know any macroeconomists who thought the note ban was useful. India’s balance of payments crisis in 1991 shaped her academic interests Before moving to America for her Masters and PhD in economics, Gopinath pursued her undergraduate and graduate degrees in economics from Lady Shri Ram College and the Delhi School of Economics. Her time at Delhi University coincided with India’s balance of payments crisis in 1990-91 and this inspired her to pursue her interest in international finance. The crisis, which stemmed from a ballooning of imports in the mid-80s, saw India battle the problem of a fiscal deficit as well as a trade deficit. Faced with a shortfall in its foreign exchange reserves, the government received an emergency loan from the IMF to cover its spending obligations, pledging its gold reserves as collateral. The move led to the liberalisation of the Indian economy. She was the economic advisor to the chief minister of Kerala Between 2016 and 2018, Gopinath has been advising Kerala’s CM, Pinarayi Vijayan, on economic affairs, having reportedly made recommendations on skill development and healthcare. Till date, this is the only role she has taken one that has required her to directly advise a central or state government. Her appointment, however, was the subject of controversy given that her free-market beliefs were in opposition to the ideals of Kerala’s left-wing parties. For example, in January 2018, she flagged the state’s growing welfare expenditure as a potential budgetary concern.

India's Gita Gopinath just took over as the chief economist of the IMF— here are 5 things you should know about her

A sixth-grade social science textbook that I read described India as a piece of fabric, with countless threads coloured in a myriad of majestic shades, woven together. This metaphor holds exceptionally well when put into the context of our <keyword id="22706215" type="General" weightage="20" keywordseo="handloom-industry" source="keywords">handloom industry</keyword>. India has a rich history of handlooms and weaving cultures. The culture of handlooms is so intricately woven into Indian culture, that there are whole towns dedicated to the same: <keyword id="248532" type="General" weightage="20" keywordseo="Chanderi" source="Orion">Chanderi</keyword> in Madhya Pradesh to Pochampally in Telangana and a dozen more! Unfortunately, the handloom industry in India is dying. The struggle is multi-faceted, ranging from a declining workforce to fierce competition from <keyword id="20496028" type="General" weightage="20" keywordseo="power-looms" source="keywords">power looms</keyword>. Hence, five years ago, August 7 was proclaimed <keyword id="22677698" type="General" weightage="20" keywordseo="National-Handloom-Day" source="keywords">National Handloom Day</keyword> in response to this crisis and to heighten public awareness. This date holds special historical significance, commemorating the initiation of the Swadeshi Movement in 1905—a pivotal act of defiance against British colonial rule. <h2>When did this industry come into existence?</h2>According to archaeological findings, the origins of handloom in the Indian subcontinent may be traced back to the Indus Valley Civilization. The Mughal Empire was known to support and patronise <keyword id="20258864" type="General" weightage="20" keywordseo="weavers" source="keywords">weavers</keyword>. The support from the royal patrons resulted in the invention of new textiles such as ‘Mulmul’ and ‘Banarasi Brocade’ among others. This era witnessed a heightened worldwide demand for Indian textiles. In the 17th century, India produced 25% of the world’s textiles, with Bengal accounting for more than 50% of textiles and 80% of silks imported by the Dutch from Asia. <h2>What led to the decline of the <keyword id="19934660" type="General" weightage="100" keywordseo="Indian-handloom" source="keywords">Indian handloom</keyword>?</h2>The East India Company's entry fuelled the industry's initial decline, which started in the 1830s. The weavers were obliged to sell only to the British, and that too at exceedingly cheap prices, virtually putting them out of business. On the other hand, Indian cloth was taxed excessively to promote machine-made British clothing. The Industrial Revolution in Britain strengthened their indigenous textile industry, giving rise to new markets for cheaper textiles. In India, the collapse of the Mughal aristocracies meant no access to royal patronage. As a result, textiles like Khadi and muslin had little demand in the market. Circling back to the present, the industry is facing both similar and new challenges. Fabrics made on power looms are cheaper and faster to produce, in comparison to handloom fabrics. The industry is largely unorganised, and the wages are shockingly low. 67% of <keyword id="22706216" type="General" weightage="20" keywordseo="handloom-workers" source="keywords">handloom workers</keyword> are earning less than the minimum wage every month. Faced with economic challenges, the older artisans are thus forced to encourage the newer generation to choose an alternative career path. This migration of the workforce from a traditional sector is evident from the fall in the number of weavers less than 35 years of age- from 26.13 lakh in 2009-10 to 16.07 lakh in 2019-20. The majority of weavers do not have access to banking facilities, let alone institutional credit. Furthermore, if one manages to accumulate credit, there is a mismatch between the supply and demand forces due to the lack of awareness about handwoven textiles in the current generation. <h2>Initiatives for revival</h2>The cultural significance of the Indian handloom isn’t just limited to its beauty and extravagance, but it extends to our independence struggle as well. The Swadeshi movement immortalised the charkha and advocated for the use of indigenous goods. Following independence, the Indian government took many measures to revive the handloom industry. In 1953, India’s Parliament approved the Khadi and Other Handloom Industries Development Act. In 1955, the All India Handloom Fabrics Marketing Cooperative Society was formed to promote the sale of fabrics produced by handloom cooperatives across India. The National Handloom Development Programme (NHDP) aimed to provide financial assistance for marketing and production. The Handloom Weavers’ Comprehensive Welfare Scheme offers health and life insurance to weavers, to ensure social security. The organisation commenced a fortnight-long exhibition, “VIRAASAT” dedicated to celebrating the 10th National Handloom Day began at Handloom Haat in Janpath, New Delhi on Saturday, 3rd August 2024, and will conclude on 16th August 2024. The Handloom Mark scheme was introduced to authenticate handloom products, thus enabling weavers to gain better market access and ensuring that consumers get genuine products. Moreover, the India Trade Portal also mentions that the GOI plans to provide financial assistance of Rs. 30 crore to at least 10,000 handlooms. Various state governments also regularly conduct handloom expos and fairs, providing platforms for weavers to showcase and sell their products directly to consumers. <h2>Contemporary Brands and their love for Indian handloom</h2>Modern, popular designers such as <keyword id="8264" type="General" weightage="20" keywordseo="Sabyasachi" source="Orion">Sabyasachi</keyword> and <keyword id="21493890" type="General" weightage="20" keywordseo="ritu-kumar" source="keywords">Ritu Kumar</keyword> are known to work closely with weavers and have been doing their part by bringing worldwide attention to the handloom industries. Recently, <keyword id="1472101" type="General" weightage="20" keywordseo="Ajrakh" source="Orion">Ajrakh</keyword> was brought into the limelight when Alia Bhatt wore a custom Abu Jani Sandeep Khosla Ajrakh saree to Joy Awards in Riyadh. However, it’s not just the fashion moguls who are working towards the revival of this industry. Contemporary indie brands are partnering with local weavers, and creating awareness about their work. The emergence of such indie brands and their association with local artisans is beneficial for both entities. For instance, Joskai Studio derives its name from ‘Joskai’, a woven piece of cloth worn as a part of the traditional costume of the Tiwa community of Assam. They work with artisans in northeast India, specifically from the weaving village of Saualkuchi in Assam. Rouka by Sreejith Jeevan is a Kerala-based brand that works strictly with weavers from Kerala, specifically Chendamangalam and Kuthampally. <h2>Employment and Exports</h2>According to the Indian Trade Portal, the Indian handloom sector is the country’s second-largest employer after agriculture in rural areas. The Handloom Census 2019-20 mentions that the industry employs about 35,22,512 workers across the country, with women forming 77.29% of the workforce. India is the second largest exporter of handloom products in the world, with exports valued at $ 353.9 million in 2017- 18, as per EXIM bank's working papers. The major handloom export centres are Karur, Panipat, Varanasi and Kannur where handloom products like bed linen, table linen, toilet linen, floor coverings, and embroidered textile materials and curtains etc. are produced for export markets. During April 2021-February 2022, India exported handloom products worth 1693 crore, as per Indian Trade Portal. Indian silk scarves also form a sizable chunk of total handloom exports, in addition to home textiles like carpets, rugs and mats, which constitute over 13.6% of India’s total handloom exports. <h2>The Path Forward</h2>The mere existence of organisations and allocation of funds isn’t enough to sustain the legacy of India’s rich handloom industry. Big corporations working with local weavers ensure employment but don't protect them from exploitation and meagre wages, leaving them vulnerable. The people in power ought to come up with strategies that ensure the trickle-down effect of the schemes and funds. The new generation of buyers has a greater purchasing power than the one before them. Marketing focused on bringing Indian handloom practices into the limelight can do wonders in this case.

Fabric of a nation: Sustaining India's handloom legacy in modern times

<ul><li>An increase in <keyword id="46725" type="General" weightage="20" keywordseo="tea-prices" source="Orion">tea prices</keyword> following global supply issues is likely to offset the impact of increased wage rates.</li><li>However, prices of South India (grown in Kerala, Karnataka and <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>) CTC teas remained lower.</li><li>Sri Lanka's economic crisis also contributes to the high price of ODX tea. </li></ul>An increase in tea prices following global supply issues is likely to offset the impact of increased wage rates in West Bengal and <keyword id="6354915" type="General" weightage="80" keywordseo="assam" source="Orion">Assam</keyword>, according to a report. The increase in wage rates in the current calendar year in North India (NI), Assam and West Bengal, in the current financial year is expected to be nullified by healthy realisations of teas, particularly producers who are focused on producing quality teas, <keyword id="6354972" type="General" weightage="100" keywordseo="icra" source="Orion">Icra</keyword> said in a report. In FY22, softening of realisation and increase in wage rates led to a decline in the operating margin (OPM) of players, it noted. “Notwithstanding the impact of higher wage rates, the financial performance of quality producers is likely to witness an improvement in FY23 on a year-on-year basis. Increase in prices of quality crush-tear-curl (CTC) and Orthodox (ODX) teas would enable the producers to absorb the higher cost of production due to the wage rate revision,” Icra Vice President and Sector Head, Corporate Sector Ratings, <keyword id="9062002" type="General" weightage="50" keywordseo="sujoy-saha" source="Orion">Sujoy Saha</keyword> said. The report stated that the ODX tea prices are ruling at an all-time high level on the back of a demand-supply mismatch in the international market due to production disruptions in Sri Lanka. Sri Lanka, the largest exporter of ODX teas globally, witnessed disruptions in production due to the current economic crisis. The production loss in Sri Lanka is likely to continue for some more time, which would keep supply tight in the international market, thus supporting prices of Indian ODX teas, said the report. Prices of NI CTC tea are also up by 5 per cent y-on-y basis, primarily driven by the sharp rise in auction prices in August 2022. The uptrend in NI CTC prices is supported by lower-than-expected production, particularly of quality estate teas, in the current season and increasing demand for good quality teas, it noted. Price premium for top quality CTC tea is likely to sustain going forward, given the limited supply base of the same, it added. However, prices of South India (grown in Kerala, Karnataka and Tamil Nadu) CTC teas remained lower compared to the previous two fiscals due to sustained production levels from bought leaves in NI, a direct competitor of SI CTC teas in terms of quality. “With ODX prices expected to sustain at a significantly higher level on a y-on-y basis, some quality producers have increased ODX production. Consequently, production of quality CTC is likely to remain flattish, which will continue to support prices of such teas as well. An analysis of tea prices indicates that the price differential of NI CTC teas, manufactured by the top 50 estates over average auction prices, increased to 137 per kg in the first 8 months CY2022 from Rs 122 per kg in CY2021,” Icra Vice President and Co-Group Head, Corporate Sector Ratings, Kaushik Das said. Till May 2022, cumulative all-India production was up 16 per cent to 320 million kg on a y-on-y basis. However, crop loss in June and July 2022, due to unfavourable weather conditions and floods, led to a 2 per cent drop in the all-India production to 614 million kg in the first seven months of CY2022 on a y-on-y basis. Given that 54 per cent of the annual production typically takes place during the last five months of any calendar year, Icra expects the overall production in CY2022 to remain flat compared to last year, although the same would remain dependent on the cropping levels till October, after which production will start to fall. In CY2021, all-India production was up by 7 per cent to 1,343 million kg on a y-on-y basis, recovering from the lows of the pandemic-impacted CY2020 season. However, it still remained 3 per cent lower compared to the record crop of CY2019, the Icra report stated. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-tigor-ev-vs-tata-tiago-ev-comparison-of-price-and-features/slidelist/94551771.cms">Tata Tigor EV vs Tiago EV - which one should you buy?</a> <a href="https://www.businessinsider.in/business/auto/news/ev-battery-can-charge-in-three-minutes-a-harvard-backed-company-claimed/articleshow/94295446.cms">Harvard-backed company makes an EV battery that fully charges in three minutes</a>

Increase in tea prices to offset impact of wage rate hike in WB, Assam: ICRA

<ul><li>Consumer price inflation or retail inflation could cool down by 50-60 basis points, predicts <keyword id="6431877" type="General" weightage="80" keywordseo="care-ratings" source="Orion">CARE ratings</keyword>. </li><li>Monetary tightening across the globe could lead to more foreign investor outflows and impact Indian exports due to global growth. </li><li>Dollar strengthening and weakening of other emerging basket currencies add to the weakening pressure on the rupee. </li></ul> The many <a href="https://www.businessinsider.in/india/news/five-things-the-indian-government-has-done-to-reduce-the-burden-of-inflation/slidelist/91788832.cms">interventions that the Indian government</a> has undertaken in the last two weeks could soften the consumer price inflation or retail inflation by 50-60 basis points, predicts CARE Ratings. But taking the pressure off Indian households will come at a cost to the government. Its subsidy bills – due to the additional fertilizer subsidy and <keyword id="6360114" type="General" weightage="50" keywordseo="lpg" source="Orion">LPG</keyword> cylinder subsidy, coupled with lower revenue earnings due to duty cuts on petrol and diesel – will stress its finances, the agency said. 100 basis points make up 1%. Apart from direct actions like duty cuts and subsidy, the government also <a href="https://www.businessinsider.in/international/news/not-just-india-many-countries-are-protecting-their-wheat-to-keep-daily-bread-affordable/articleshow/91733019.cms">banned wheat exports</a>, <a href="https://www.businessinsider.in/stock-market/news/shree-renuka-balrampur-chini-dalmia-sugar-shares-plunge-on-export-curb-reports/articleshow/91766919.cms">curbed sugar exports</a>, waived import duty on raw materials for <a href="https://www.businessinsider.in/stock-market/news/heres-why-all-steel-stocks-like-tata-steel-sail-jindal-jsw-down-today/articleshow/91735433.cms">steel</a> — all to ensure that inflation cools down from its eight year high in April. “The budgeted target of fiscal deficit to GDP is likely to be met given the support from higher tax revenue collection and nominal GDP growth,” CARE said. As per <a href="https://www.businessinsider.in/policy/economy/news/heatwave-and-high-commodity-prices-drag-down-march-quarter-and-fy22-gdp-estimates/articleshow/91811628.cms">SBI Ecowrap estimates</a>, another ratings agency, the GDP for the January to March quarter could grow sluggishly at 2.7%. This is half of what it was in the quarter ending December. Moody’s too revised its <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>’s annual GDP growth for 2022 to 8.8% from its former estimate of 9.1%. Heatwave and high commodity prices thanks to the Russia-Ukraine war played spoilsport to an economy that was slowly recovering from the after-effects of Covid-19. <cmsannotation type="cmsannotation" annotationid="More FII outflows in the offing" comment="subhead" text="More FII outflows in the offing">More <keyword id="46756" type="General" weightage="80" keywordseo="fii" source="Orion">FII</keyword> outflows in the offing</cmsannotation> Monetary tightening across the globe could lead to <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-more-money-this-year-than-they-brought-in-between-2009-2021/articleshow/91747269.cms">more FII outflows</a> and impact Indian exports due to global growth. “Rupee [is] under pressure in response to widening current account deficit and FII outflows. Dollar strengthening and weakening of other emerging basket currencies add to the weakening pressure on the rupee. We expect USD/INR to move in the range of 77-80 in the first half of FY23,” CARE said. <cmsannotation type="cmsannotation" annotationid="Consumer sentiments are likely to be further hit by rising inflation" comment="subhead" text="Consumer sentiments are likely to be further hit by rising inflation">Consumer sentiments are likely to be further hit by rising inflation</cmsannotation> Apart from clothing, fuel and light segments, food was the major driver in April contributing 47% to the <a href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">overall inflation</a>. Cooking oil, wheat and vegetable prices soared high in the month due to various factors ranging from war to heatwave. The <a href="https://www.businessinsider.in/india/news/tomatoes-brinjal-and-green-vegetable-prices-soar-and-will-keep-going-up-due-to-rains/articleshow/91802500.cms">vegetable prices have also started to harden</a> in anticipation of monsoons which have already started in states like Kerala and <keyword id="6354780" type="General" weightage="50" keywordseo="karnataka" source="Orion">Karnataka</keyword>. The consumer demand for both durables and non-durables fell into the negative trajectory, due to rising prices. “Poor performance in IIP consumer goods signals weakness in consumption demand. Consumer sentiments are likely to be further hit by rising inflation. Uptick in rural inflation likely to dampen the fragile rural demand recovery,” CARE said. The rural inflation which has a higher basket of food prices in it, grew at 8.4% as compared to urban inflation which is at 7.1% for the month of April. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">Wholesale inflation in India is now near the same level as it was during the 1991 economic crisis</a> <a href="https://www.businessinsider.in/business/corporates/news/hul-britannia-and-itc-can-now-breathe-easy-say-analysts-from-inflation-and-even-stagflation-worries/articleshow/91805152.cms">HUL, Britannia and ITC can now breathe easy say analysts – from inflation and even stagflation worries</a> <a href="https://www.businessinsider.in/business/corporates/news/the-big-boss-of-indias-largest-consumer-company-is-worried-about-stagflation-and-unprecedented-inflation/articleshow/91251341.cms">The big boss of India's largest consumer company is worried about stagflation and unprecedented inflation</a>

Retail inflation could soften by 50-60 basis points on government interventions: CARE

Hit by the coronavirus crisis and the nation-wide lockdown, the National Restaurant Association of India (NRAI) has urged landlords in the food and beverage (F&amp;B) or restaurant industry to waive their rents and the common area maintenance charges till June or till the lockdown lasts. In an open letter to the landlords in the food and beverage (F&amp;B) business, the industry body representing over 5 lakh restaurants said that although the shutdown may remain for a month two, the industry will take many more months to revive. "While this shutdown may continue for a month or two, we will take many more months post that to get back on our feeta and we will not be able to sail through this period smoothly without your support," said the letter NRAI also sought that the common area maintenance charge should be taken at 50 per cent of the agreed rate for the six months after the lockdown ends. It also said that there should not be "minimum guaranteed rents for six months post that and instead work on a pure revenue share equivalent to 50 per cent of the agreed terms up to a maximum of 10 per cent of monthly revenues." NRAI President Anurag Katriar said: "This appeal is aimed at ensuring our mere survival during such extraordinarily troubled times. We aren't trying to be profiteer at the expense of the landlords. As long-standing business partners of ours, we are hopeful that the landlords will extend their support in these times of unprecedented crisis." The industry body, last week wrote to the Finance Minister seeking economic relief for the restaurant industry in view of the disruption caused by the coronavirus scare in the country. Acknowledging the recent relief measures by the government including the deferment of GST return filings, he said that the sector would require a larger stimulus package to revive the sector and support its over 70 lakh employees. "We will need a much bigger stimulus package from the government whenever we get back to the stage of rebooting our business," he said. See also: <a href="https://www.businessinsider.in/india/news/coranavirus-cases-in-kerala-news-and-updates/articleshow/74775194.cms">Coronavirus cases in Kerala news and updates</a> <a href="https://www.businessinsider.in/india/news/coranavirus-cases-in-tamil-nadu-news-and-updates/articleshow/74785909.cms">Coronavirus cases in Tamil Nadu news and updates</a> <a href="https://www.businessinsider.in/india/news/coronavirus-cases-in-haryana-news-and-updates/articleshow/74771116.cms">Coronavirus cases in Haryana news and updates</a>

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