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<keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, The cost of a representative home-cooked vegetarian thali has witnessed a 5 per cent on-year increase in January, while that of the non-veg thali declined 13 per cent, a report said on Wednesday. According to <keyword id="20489875" type="General" weightage="20" keywordseo="crisil-market-intelligence-and-analytics" source="keywords">Crisil Market Intelligence and Analytics</keyword> (MI&amp;A) Research '<keyword id="20489770" type="General" weightage="20" keywordseo="rice-roti-rate" source="keywords">Rice Roti Rate</keyword>' estimates, the rise in prices of ingredients like pulses, rice, onion and tomato made home-cooked veg thali costlier in January, while decline in poultry rates helped in the fall in non-veg thali rates. The cost of the veg thali increased due to a surge of 35 per cent and 20 per cent year-on-year in prices of onion and tomato, respectively, said the report. Prices of rice (accounting for 12 per cent of the <keyword id="18314113" type="General" weightage="20" keywordseo="veg-thali-cost" source="Orion">veg thali cost</keyword>) and pulses (9 per cent) also increased by 14 per cent and 21 per cent y-o-y, respectively, it added. Meanwhile, the decline in the cost of the non-veg thali was due to a 26 per cent fall in broiler prices in January, compared to the same month last year, amid higher production, the report stated. However, sequentially, the cost of the veg and non-veg thalis fell 6 per cent and 8 per cent, respectively. The ease in cost was due to a decrease of 26 per cent and 16 per cent month-on-month prices of onion and tomato, respectively, with higher domestic supply of onion amid export curbs and fresh tomato arrivals from the northern and eastern states, the report said. The cost of the non-veg thali declined faster due to an 8-10 per cent month-on-month dip in prices of broilers, which account for 50 per cent of the cost, it added.

Rising tomato & pulse prices push up veg thali cost in January, but non-veg thali costs come down

<ul><li>The prices and supply of tomatoes were hit after erratic and extended monsoons affected tomato-producing states.</li><li>Tomatoes and onions are are used in at least 60% of common Indian recipes. </li><li>Government is moving stocks of tomato puree into outlets, and sales will begin tomorrow at Delhi and NCR region. </li><li>The ministry also asked the tomato producing states to regularly interact with wholesale markets, traders and transporters to ensure regular supply. </li></ul>Indian households have been struggling this festive season as the retail prices of tomatoes went as high as ₹60-70 per kilogram (kg). Tomato and onion---which also rose to ₹50-60 per kg--- are used in at least 60% of common Indian savory recipes. This affected the lifestyle of most Indians. In Delhi and the National Capital Region (NCR), the supply of tomatoes has been hit too. But the Union Government is looking to remedy the situation. “To mitigate the shortfall in availability of tomatoes in Delhi, Safal has agreed to provide tomato puree from all its outlets in Delhi at ₹ 25 per 200 gram pack which is equivalent to about 800 grams of tomatoes,” said a press release by the Secretary of the Department of Consumer Affairs. This decision was taken after the chaired an inter-ministerial meeting on the issue. 
 
 
 <div type="image" title="TOmato Gfx" msid="71536805" hostid="261"></div>







 Stocks of tomato puree are being moved into outlets and sales will begin tomorrow at Delhi and NCR region. The sizes of these packs are also growing. For example, a larger pack of 825 grams worth ₹85 will also be made available, and is equivalent to about 2.5 kg of tomatoes. But the citizens hopefully won’t have to subsist on puree for a long time. The prices and supply of tomatoes were hit after erratic and extended monsoons affected tomato producing states like Maharashtra and Karnataka. “The representatives of Ministry of Agriculture and Farmers’ Welfare informed that supply will normalize in the next 10 days as monsoon rains are already receding,” the Secretary assured. The ministry also asked the tomato producing states to regularly interact with wholesale markets, traders and transporters to ensure regular supply. “The same is being reiterated to four major tomato producing States of Maharashtra, Karnataka, Himachal Pradesh and Andhra Pradesh, so that prices normalize and supply is augmented immediately,” the Secretary said.

Indian government is offering puree as an alternative to costly tomatoes

<ul><li>Mumbai’s residents are paying ₹140 per kilogram for good quality onions and many are also buying half rotten products at a lower price. </li><li>In Hyderabad, government owned farmer’s markets are selling limited quantity of onions at subsidized rate. </li><li>The high price of onion and garlic has affected the sale and prices of meat and meat products. </li></ul> When people in Maharashtra are not worrying about who is their chief minister, they are bothered with rising prices of onions. And there is a reason. The city of Mumbai is saddled with the costliest market price of this staple food—at ₹140 per kilogram (kg). This of course is for good quality onions. There is a large market for partly squashed and rotting onions as well, which is going at an exorbitant price of ₹80 a kilo. For good quality onions though, the <a href="https://economictimes.indiatimes.com/markets/commodities/news/wholesale-onion-prices-hit-rs-100/kg/articleshow/72269648.cms">wholesale price </a>itself hit a ₹100. All the other major cities too are buying onions at around ₹100 a kg as indicated in the table below. Traders, however, say that customers too have significantly reduced onion consumption. 
 
 
 
 
 <div type="image" title="onion rythu" msid="72276074" hostid="261"></div>











 In the city of Hyderabad however, government owned farmer’s markets called Rythu Bazaars are selling onions ₹30 below the market rate. “But for that we have to stand in line for hours together and show Aadhar cards. Even after that, only a limited quantity of onions is given like one or two kgs,” Jaya RaviShankar, a homemaker from the city, told Business Insider. The high price of onion and garlic, which is also above ₹120 a kilo, has affected the sale of meat and meat products. The retail prices of chicken came down by ₹10 as per data collected from Navi Mumbai market in Vashi. The price of onions went up considerably after erratic rains affected crops in major onion producing states like Karnataka, Telangana and Maharashtra. Rains have been affecting the supply and consumption of many fruits and vegetables but the rising cost of staples has been disrupting Indian home economics. Last month, tomato prices have peaked to around ₹70 per kilo. That had forced Delhi government to <a href="https://www.businessinsider.in/policy/news/indian-government-is-offering-puree-as-an-alternative-to-costly-tomatoes/articleshow/71534211.cms">peddle tomato puree </a>as an alternative—especially during the festive season. 
 
 
 <div type="image" title="Onion prices hit ₹150 in some parts of Mumbai (1)" msid="72276233" hostid="261"></div>







 Source: Retail markets from each city

Desperate Indians queue up for cheap onions or buy half rotten ones as prices soar

New Delhi, Nov 28 () Onion prices remain high across the major cities of the country as the average selling price ruled at Rs 70 per kg on Thursday while the maximum rate of Rs 110 per kg was recorded in Panaji, according to official data.
 The lowest price of Rs 38 per kg of the bulb was reported from Gwalior in Madhya Pradesh, the Consumer Affairs Ministry data showed.
 Among the four metros, onion is being sold at Rs 76 per kg in the national capital, Rs 92 in Mumbai, Rs 100 per kg in Kolkata and Rs 80 per kg in Chennai.
 The ministry monitors prices of 22 essential commodities (rice, wheat, atta, gram dal, tur (arhar) dal, urad dal , moong dal, masur dal, sugar, gur, groundnut oil, mustard oil, vanaspati, sunflower oil, soya oil, palm oil, tea, milk, potato, onion, tomato and salt) based on data collected from 109 market centres spread across the country.
 Interestingly, a pricey onion seems to be catching the attention of thieves as an employee of a vegetable vendor in Surat said that someone stole 250 kg of the bulb worth Rs 25,000 from their shop in the early hours of the day.
 On Wednesday, the government extended prohibitions on traders from the stocking of edible bulb across the country for an indefinite period.
 The stock holding limit was imposed in September. At present, retailers can stock onion only up to 100 quintals and wholesale traders are allowed to keep up to 500 quintals.
 Food and Consumer Affairs Minister Ram Vilas Paswan on Wednesday had asserted that the government was making maximum efforts to control prices.
 Besides stock holding limit, he said, the Centre has banned exports of onion and importing 1.2 lakh tonnes to control prices.
 State-owned MMTC has informed that the first shipment of onions from Egypt would arrive in the second week of December. The public sector trading firm has contracted imports of 6,090 tonnes of onions.
 Expressing concern over the price rise, Paswan had said the situation is being closely monitored by a team of five Union ministers chaired by Home Minister Amit Shah. Finance minister, agriculture minister and road transport minister are also members of the group of ministers.
 The group of ministers has already held one meeting and another one will be held soon, he said.
 On November 19, Paswan had said onion production in Kharif and late-Kharif seasons of 2019-20 is estimated to fall 26 per cent to 5.2 million tonnes due to a delayed monsoon and then excessive rains in key growing areas.
 The buffer stock of 57,000 tonnes of onions has been liquidated and therefore the Centre decided to import. MJH MJH MR
MR

Onion prices remain high, soar to Rs 110/kg in Panaji

Diversified conglomerate <keyword id="10926" type="General" weightage="100" keywordseo="reliance" source="Orion">Reliance</keyword> Industries has contributed Rs 1,184.93 crore towards supporting a number of need-based and impactful Corporate Social Responsibility initiatives during the fiscal FY22. The CSR initiatives were spearheaded by Reliance Foundation, the philanthropic arm of Reliance Industries, led by Founder and Chairperson of the foundation Nita M. Ambani. The works included in areas such as rural transformation, health, education, disaster response along with sports for development initiatives. Most importantly, its Covid-19 response to support the nation and the people, was rolled out through five missions, continued pivoted and intensified through the year, based on the urgent and emerging needs including Mission Oxygen and Mission Vaccine Suraksha. The other missions, including <keyword id="9080915" type="General" weightage="50" keywordseo="mission-anna-seva" source="Orion">Mission Anna Seva</keyword>, Mission <keyword id="8764262" type="General" weightage="80" keywordseo="covid" source="Orion">Covid</keyword> Infra and Mission Employee Care, were strengthened and sustained, based on the emerging pandemic situation. Through its wide range of initiatives, the foundation managed to reach out to over 5.75 crore people and served as many as 50,600 villages. During the once in a century pandemic, it produced 1,000 tonne medical oxygen every day exclusively for patients, over 8.5 crore meals distributed among needy ones, over 1.4 crore reusable masks distributed, over 2,000 Covid care beds set up across various locations, provided Covid related advisories to over 44 people, over 27 lakh litre fuels dispensed for emergency response vehicles, among many others. Providing crucial support to the nation to meet a sudden shortage of medical oxygen for Covid-19 patients, especially during the second wave, Reliance repurposed its factory in Jamnagar in record time to produce liquid medical oxygen. The infrastructure was ramped up to meet the life-saving needs of 100,000 patients on a daily basis, delivered free of cost to various states. The Jamnagar facility contributed to 11 per cent of India's total production of medical grade liquid oxygen. Even though Reliance was not a manufacturer of medical-grade liquid oxygen, it became India's largest producer of this life-saving resource from a single location in order to stand with the country in its hour of need. Besides, it enhanced India's covid testing capabilities by developing its own confirmatory tests with 15,000+ daily testing capacity. In education space, it had set up a Jio Institute Campus at Ulwe, Navi Mumbai, <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword> in about 52 acres, which will commence its academic sessions in 2022 itself. Further, it reached 2.15 crore youth and children through different sports initiatives since the inception of the foundation. Reliance Foundation scholarship athletes put up outstanding performances at national and international events, winning 28 medals in all. Athletes have their sights set on multiple international events including the Commonwealth and Asian Games. AI enabled technologies deployed to identify footballing talent. Started in 2016, Reliance Foundation Youth Sports (RFYS) aims to lay a strong foundation for India's sporting future through the development of sports in schools and colleges. Further, it supported various other small-and-medium sized entrepreneurs in rural areas by holding their hands in making their endeavour success. During cyclone <keyword id="11256583" type="General" weightage="50" keywordseo="tauktae" source="Orion">Tauktae</keyword> in 2021, which hit the Arabian Sea in the second week of May and affected the livelihoods of many by damaging property and infrastructure, Reliance Foundation Information Services, through its mobile audio services reached out to more than 435,000 people across states hit by the cyclone with information on heavy rainfall, high wind, high wave, thunderstorm and lightning, pre and post-cyclone cautionary measures on the management of agriculture, livestock and fisheries. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/india/news/tomatoes-brinjal-and-green-vegetable-prices-soar-and-will-keep-going-up-due-to-rains/articleshow/91802500.cms">Tomatoes, brinjal and green vegetable prices soar and will keep going up due to rains</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/science/environment/news/an-israeli-company-has-partnered-with-an-indian-company-to-locally-produce-a-machine-that-generates-drinking-water-from-air/articleshow/91791365.cms">To help fight water scarcity, a machine that produces drinking water from air has been launched in India</a>

Mukesh Ambani's Reliance Industries spends Rs 1,184 crore on CSR in 2021-22

Mumbai, Feb 6 () The Reserve Bank of India on Thursday revised upwards its retail inflation projection for the last quarter of the current fiscal to 6.5 per cent owing to likely increase in input costs for milk and pulses amid volatile crude oil prices. Going forward, the inflation outlook is likely to be influenced by several factors like food inflation, crude prices and input costs for services, RBI said. On food inflation, RBI said it is likely to soften from the high levels registered in December and the decline is expected to become more pronounced during the fourth quarter of this fiscal as onion prices ease following arrivals of late kharif and rabi harvests, the Reserve Bank of India (RBI) said in its last bi-monthly monetary policy revealed on Thursday. Besides, crude prices are likely to remain volatile due to unabated geo-political tensions in the Middle East on one hand, and uncertain global economic outlook on the other. Moreover, there has been an increase in input costs for services, in recent months, it added. The RBI has kept the key repo rate unchanged to 5.15 per cent. "Taking into consideration these factors, and under the assumption of a normal south west monsoon in 2020-21, the CPI inflation projection is revised upwards to 6.5 per cent for Q4:2019-20 (January-March 2020); 5.4-5 per cent for H1:2020-21 (April-September 2020); and 3.2 per cent for Q3:2020-21 (October-December), with risks broadly balanced," RBI said. The recent pick-up in prices of non-vegetable food items, specifically in milk due to a rise in input costs, and pulses due to a shortfall in kharif production, are all likely to sustain, RBI said. RBI further said that the actual inflation outcome for Q2 at 5.8 per cent overshot projections by 70 bps, primarily due to the intensification of the "onion price shock" in December 2019 on account of unseasonal rains in October-November. In its previous monetary policy in December 2019 as well, the RBI had raised its inflation projection to 5.1-4.7 per cent for the second half of the current fiscal on the back of spike in prices of vegetables such as onion and tomatoes. KPM DRR

RBI revises upwards retail inflation projection to 6.5 pc for Jan-Mar qtr of this fiscal

(Eds: Correcting quarter in headline ) Mumbai, Feb 6 () The Reserve Bank of India has raised upwards its retail inflation projection for the last quarter of the current fiscal to 6.5 per cent on increase in prices of milk, pulses amid volatile crude oil prices and termed the overall outlook on price rise as "highly uncertain". Going forward, the inflation outlook is likely to be influenced by several factors like food inflation, crude prices and input costs for services, RBI said. On food inflation, RBI said it is likely to soften from the high levels registered in December and the decline is expected to become more pronounced during the fourth quarter of this fiscal as onion prices ease following arrivals of late kharif and rabi harvests, the Reserve Bank of India (RBI) said in its last bi-monthly monetary policy revealed on Thursday. The RBI has kept the key repo rate unchanged to 5.15 per cent. "Taking into consideration these factors, and under the assumption of a normal south west monsoon in 2020-21, the CPI inflation projection is revised upwards to 6.5 per cent for Q4:2019-20 (January-March 2020); 5.4-5 per cent for H1:2020-21 (April-September 2020); and 3.2 per cent for Q3:2020-21 (October-December), with risks broadly balanced," RBI said. RBI said the recent pick-up in prices of non-vegetable food items, specifically in milk due to a rise in input costs, and in pulses due to a shortfall in kharif production, are all likely to sustain. "These factors could impart some upward bias to overall food prices. Second, crude prices are likely to remain volatile due to unabating geo-political tensions in the Middle East on the one hand, and the uncertain global economic outlook on the other. Third, there has been an increase in input costs for services, in recent month," it added. Talking about high onion prices that ranged between Rs 150-200 a kg in the recent past, RBI said the actual inflation outcome for Q2 at 5.8 per cent overshot projections by 70 bps, primarily due to the intensification of the "onion price shock" in December 2019 on account of unseasonal rains in October-November. In its previous monetary policy in December 2019 as well, the RBI had raised its inflation projection to 5.1-4.7 per cent for the second half of the current fiscal on the back of spike in prices of vegetables such as onion and tomatoes. Subdued demand conditions, muted pricing power of corporates and correction in energy prices since the last week of January may limit the pass-through to selling prices, RBI said. "Base effects would turn favourable during Q3:2020-21 and the increase in customs duties on items of retail consumption in the budget may result in only a marginal one-time uptick in inflation," RBI said. KPM DRRDRR

RBI raises CPI inflation projection to 6.5 pc for Jan-Mar; overall outlook 'highly uncertain'

Mumbai, Feb 6 () The Reserve Bank of India has raised upwards its retail inflation projection for the last quarter of the current fiscal to 6.5 per cent on increase in prices of milk, pulses amid volatile crude oil prices and termed the overall outlook on price rise as "highly uncertain". Going forward, the inflation outlook is likely to be influenced by several factors like food inflation, crude prices and input costs for services, RBI said. On food inflation, RBI said it is likely to soften from the high levels registered in December and the decline is expected to become more pronounced during the fourth quarter of this fiscal as onion prices ease following arrivals of late kharif and rabi harvests, the Reserve Bank of India (RBI) said in its last bi-monthly monetary policy revealed on Thursday. The RBI has kept the key repo rate unchanged to 5.15 per cent. "Taking into consideration these factors, and under the assumption of a normal south west monsoon in 2020-21, the CPI inflation projection is revised upwards to 6.5 per cent for Q4:2019-20 (January-March 2020); 5.4-5 per cent for H1:2020-21 (April-September 2020); and 3.2 per cent for Q3:2020-21 (October-December), with risks broadly balanced," RBI said. RBI said the recent pick-up in prices of non-vegetable food items, specifically in milk due to a rise in input costs, and in pulses due to a shortfall in kharif production, are all likely to sustain. "These factors could impart some upward bias to overall food prices. Second, crude prices are likely to remain volatile due to unabating geo-political tensions in the Middle East on the one hand, and the uncertain global economic outlook on the other. Third, there has been an increase in input costs for services, in recent month," it added. Talking about high onion prices that ranged between Rs 150-200 a kg in the recent past, RBI said the actual inflation outcome for Q2 at 5.8 per cent overshot projections by 70 bps, primarily due to the intensification of the "onion price shock" in December 2019 on account of unseasonal rains in October-November. In its previous monetary policy in December 2019 as well, the RBI had raised its inflation projection to 5.1-4.7 per cent for the second half of the current fiscal on the back of spike in prices of vegetables such as onion and tomatoes. Subdued demand conditions, muted pricing power of corporates and correction in energy prices since the last week of January may limit the pass-through to selling prices, RBI said. "Base effects would turn favourable during Q3:2020-21 and the increase in customs duties on items of retail consumption in the budget may result in only a marginal one-time uptick in inflation," RBI said. KPM DRR

RBI raises CPI inflation projection to 6.5 pc for Oct-Dec; overall outlook 'highly uncertain'

New Delhi, Dec 1 () State-owned trading firm MMTC, which is importing onion on the behalf of the Centre, has placed an order of 11,000 tonnes of edible bulb from Turkey as part of its efforts to boost domestic supply and ease soaring prices, sources said.
This is the second import order placed by the MMTC. The public sector firm is already importing 6,090 tonnes from Egypt.
Last month, the Union Cabinet approved importing 1.2 lakh tonnes of onion to improve the domestic supply and control prices that have skyrocketed to Rs 75-120 per kg across major cities now. The Centre has already banned exports and imposed stockholding limit on wholesalers and retailers for indefinite period.
According to sources, MMTC has contracted 11,000 tonnes of onion imports from Turkey and the consignments are expected in January next year. 
 The company had placed an order for the first consignment of 6,090 tonnes of onion from Egypt which will be arriving at Nhava Sheva (JNPT), Mumbai in the second week of this month. The imported onion is being offered to state governments for distribution at the rate of Rs 52-55 per kg ex-Mumbai and Rs 60 per kg ex-Delhi.
To monitor onion prices, a Group of Ministers, chaired by Home Minister Amit Shah, has already been constituted. Finance minister, consumer affairs minister, agriculture minister and road transport minister are also members of this panel. A Committee of Secretaries (CoS) and Consumer Affairs Secretary Avinash K Srivastava is also constantly reviewing the situation.
Onion prices remain high across the major cities of the country as the average selling price ruled at Rs 75 per kg on Saturday (November 30) while the maximum rate of Rs 120 per kg was recorded in Mayabunder, according to the data compiled by the Consumer Affairs ministry.
On November 19, Food and Consumer Affairs Minister Ram Vilas Paswan had said onion production in kharif and late-kharif seasons of 2019-20 is estimated to fall 26 per cent to 5.2 million tonne.
Onion is a seasonal crop with harvesting period of (March to June), kharif (October to December) and late-kharif (January-March). During July to October, the supply in the market comes from stored onions from rabi (winter-sown) season. 
"During 2019-20, there was a 3-4 weeks delay in sowing as well as decline in sown area of the kharif onion because of late arrival of monsoon. Further, untimely prolonged rains in the major growing states of Karnataka, Maharashtra and Madhya Pradesh during the harvesting period caused damage to the standing crops in these regions," Paswan had said.
"It's not in our hand, the government is making maximum efforts but who can win from nature," he recently told reporters when asked by when onion prices will come down to reasonable level.
According to the consumer affairs ministry data, onion is being sold at Rs 76 per kg in the national capital, Rs 82 in Mumbai, Rs 90 per kg in Kolkata and Rs 80 per kg in Chennai. 
The lowest price of Rs 42 per kg of the bulb was reported from Gwalior in Madhya Pradesh and Vijaywada, the data showed.
The ministry monitors prices of 22 essential commodities (rice, wheat, atta, gram dal, tur (arhar) dal, urad dal , moong dal, masur dal, sugar, gur, groundnut oil, mustard oil, vanaspati, sunflower oil, soya oil, palm oil, tea, milk, potato, onion, tomato and salt) based on data collected from 109 market centres spread across the country. MJH MJH MR
MR

MMTC signs 2nd onion import order, to buy 11,000tn from Turkey

Mumbai, Feb 4 () Reserve Bank of India Governor Shaktikanta Das headed six-member rate setting panel started its three-day brainstorming meeting on Tuesday in the backdrop of Union Budget projecting a widening of fiscal deficit amid slowing economy and hardening inflation.
 The Monetary Policy Committee (MPC), which announces the benchmark lending rate (repo) on bi-monthly basis, has been tasked by the government to tame retail inflation based on Consumer Price Index (CPI) at 4 per cent (+,- 2 per cent).
 The retail inflation that for several months remained in the comfort zone of the central bank has started inching up and crossed the 7 per cent mark during December 2019, mainly due to spiralling prices of vegetables.
 Experts said the MPC members are going to have a tough time as slowing economy makes the case for reduction in repo rate, while rising inflation and higher fiscal deficit will require the central bank to either hike the rate or maintain a status quo.
 The sixth bi-monthly monetary policy statement for 2019-20 will be announced at 1145 hours on Thursday.
 The government has estimated India's gross domestic product (GDP) at 5 per cent in the current financial year owing to both domestic as well as global factors amid weakening consumption demand in the country.
 In December, the retail inflation also peaked to a five-year high of 7.3 per cent, mainly due to costlier vegetables, specifically onion and tomato.
 In its previous monetary policy review in December, the RBI had decided for a status quo, leaving the repo unchanged at 5.15 per cent on concerns of rising inflation.
 While presenting the Union Budget on February 1, Finance Minister Nirmala Sitharaman projected the fiscal deficit to widen to 3.8 per cent of the GDP against the earlier estimate of 3.3 per cent.
 A higher fiscal deficit in simple terms means the government will go in for more market borrowing leading to hardening of interest rate which in turn will put pressure on inflation. NKD CS DRR

RBI's rate setting panel starts meeting amid rising inflation, slowing GDP

New Delhi, Dec 27 () Following are the top business stories at 1825 hours:
 
DCM3 BIZ-YEAR-INFLATION
Inflation leaves consumers teary-eyed as pricey onions, food items bite
New Delhi: Onion literally brought tears to the eyes of consumers as retail prices touched Rs 200 per kilogram and tomato too turned pricier in the last quarter of 2019, leaving many scurrying for changes in dietary ways as costly food items pushed retail inflation to a more than three-year high. 
 
DEL26 BIZ-ONION
Onion at eye-watering Rs 150/kg; imports underway
New Delhi: Retail onion prices on Friday remained higher at up to Rs 150 per kg even as the imported supplies have started arriving to boost the domestic availability and check prices.
 
DEL43 BIZ-LD RUPEE
Rupee at fresh 3-week low against dollar on rising crude oil prices
Mumbai: The rupee depreciated by 4 paise to close at a fresh three-week low of 71.35 against the US dollar on Friday, continuing its losing streak for the sixth day in a row amid crude oil prices hitting three-month high levels.

DCM20 BIZ-FM-BANKS
Sitharaman to meet heads of PSBs to discuss credit situation, economy on Saturday
New Delhi: Finance Minister Nirmala Sitharaman on Saturday will hold a meeting with heads of public sector banks to discuss various issues including the recently announced government measures to prop up the economy, sources said. 

DEL36 BIZ-LD STOCKS
Sensex regains footing, rallies 411 pts as bank stocks spurt
Mumbai: Markets snapped their three-day downward spiral to finish with smart gains on Friday as banking, finance and energy stocks saw robust buying amid supportive global cues.
 
DCM2 BIZ-YEAR AUTO
Auto industry drives into 2020 with hope after a forgettable 2019
New Delhi: Battered by an unprecedented slowdown, the Indian auto industry is desperately pinning hopes on the next financial year for a turnaround, banking on a host of new and upgraded models slated to make their way to the market. 
 
DCM12 BIZ-VISTARA-DATA SERVICES
Vistara partners with Nelco for inflight data services; likely to launch shortly: Telecom Secy
New Delhi: Vistara has partnered with Tata group company Nelco for inflight data services, which are expected to be rolled by the full service carrier shortly, according to a senior government official. 
 
DCM15 BIZ-EDIBLEOILS
SEA urges govt to not cut import duty on crude palm oil
New Delhi: Edible oil industry body SEA on Friday urged the government to not reduce the import duty on crude palm oil (CPO) to 30 per cent from the existing 40 per cent as it will affect domestic oilseed growers.
 
DCM11 BIZ-CITIZENSHIP-TECHIES 
Indian techies pen open letter against Citizenship Amendment Act
New Delhi: A grouping of Indian and Indian-origin professionals working with tech giants like Google, Uber, Amazon and Facebook have written an open letter against the new religion-based citizenship law and the planned national register of citizens, terming them as "fascist".
 
DCM13 BIZ-UNEMPLOYMENT-SURVEY
Unemployment top worry for urban Indians; majority thinks nation on right path, says survey
New Delhi: Nearly half of the urban Indians are most worried about unemployment while 69 per cent of them think that the country is headed in the right direction, according to a survey. 
 
DCM17 BIZ-PMC-BANK
PMC Bank crisis: Administrator to seek valuation of HDIL's aircraft, yacht
Mumbai: The RBI-appointed administrator of scam-hit Punjab and Maharashtra Co-operative Bank has floated a request for proposal to appoint a consultant for valuation of two aircraft and a yacht owned by HDIL group firms. 
 
 
 
 
 
 
 
 
 
 SHW
SHW

Business highlights

Mumbai, Dec 5 () The Reserve Bank on Thursday unexpectedly kept benchmark interest rates unchanged on concerns of headline inflation breaching its medium-term target, despite a worrying slowdown in the economy.
 After five consecutive cuts in interest rates this year, the six-member monetary policy committee (MPC) headed by RBI Governor Shaktikanta Das unanimously voted to hold the key repo rate at 5.15 per cent and reverse repo rate at 4.90 per cent.
 Bankers and economists had widely expected the central bank to cut rates for a sixth time to support a slowing economy, whose growth rate slipped further to a six-year low of 4.5 per cent in the September quarter from 7 per cent a year back.
 The RBI reiterated it would maintain an accommodative stance as long as it is necessary to revive economic growth but cut its GDP growth forecast to 5 per cent for the 2019-20 fiscal year (April to March) from 6 per cent earlier estimate.
 "The MPC recognises that there is monetary policy space for future action. However, given the evolving growth-inflation dynamics, the MPC felt it appropriate to take a pause at this juncture," the committee said in a statement.
 Das said this was a "temporary pause" in the interest rate cutting cycle and the MPC will be better placed to decide on it in February after more data comes in and the government brings out its Budget for 2020-21.
 "Let the impact of 135 basis point cut play out more," he said adding timing was important rather than mechanically cutting rates.
 In the five reductions this year, the RBI has cut key interest rate by a total of 135 basis points.
 "The need at this juncture is to address impediments, which are holding back investments," the RBI said.
 Stating that headline inflation at 4.6 per cent in October was "much higher than expected," the central bank raised upwards its inflation forecast for the second half of the fiscal year to 5.1-4.7 per cent from 3.5-3.7 per cent seen previously.
 Inflation in October for the first time in more than a year breached the RBI's 4 per cent medium-term target. This primarily was due to uptick in prices of vegetables such as onion and tomatoes, Das said. HV DP CS ANZ MKJ

RBI unexpectedly pauses interest rate on inflation concern, cuts GDP growth forecast

Mumbai, Dec 5 () The Reserve Bank of India on Thursday unexpectedly hit a pause button on cutting interest rate as it gave more importance to prevailing inflation pressure and rising food prices over a worrying slowdown in the economy.
 After five consecutive cuts in interest rates this year, the six-member Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, unanimously voted to hold the key repo rate at 5.15 per cent and reverse repo rate at 4.90 per cent.
 Bankers and economists had widely expected the central bank to cut rates for the sixth time to support a slowing economy, whose growth rate slipped to a six-year low of 4.5 per cent in the September quarter from 7 per cent a year back.
 The RBI reiterated that it would maintain an accommodative stance as long as necessary to revive economic growth but cut its GDP growth forecast to 5 per cent for the 2019-20 fiscal from the earlier estimate of 6.1 per cent.
 Das said the pause was temporary and the central bank wanted to assess the effect of its policy after reduction of 135 basis points in five policies this year.
 Banks have passed on only 44 basis points of the rate cuts to borrowers, he said.
 "There is space available for further monetary policy action," Das told reporters here, adding that there is a need to "maximise the impact of rate reductions".
 According to the RBI, the need at this juncture is to address impediments, which are holding back investments in the economy.
 Das said the central bank cannot "mechanically" keep cutting interest rates every time and that it will wait for the impact of the coordinated measures taken by the government and the RBI over the past few months to push growth to play out before taking a call on rates.
 While there are green shoots in the economy, it is too early to take a call on their sustainability, Das said.
 The recent measures initiated by the government will help to revive sentiment and spur domestic demand, which is being blamed as prime reasons for the slowdown, he added.
 Further, Das said there is good coordination between the fiscal and monetary policies so far in addressing growth concerns and that the RBI is not worried about government missing fiscal deficit target.
 "The MPC recognises that there is monetary policy space for future action. However, given the evolving growth-inflation dynamics, the MPC felt it appropriate to take a pause at this juncture," the MPC said in a statement.
 Das said this was a "temporary pause" in the interest rate cutting cycle and the MPC will be better placed to decide on it in February after more data comes in and the government brings out its Budget for 2020-21.
 "Let the impact of 135 basis point cut play out more," he said and emphasised that timing was important rather than mechanically cutting rates.
 Stating that headline inflation at 4.6 per cent in October was "much higher than expected," the central bank raised upwards its inflation forecast for the second half of the fiscal year to 5.1-4.7 per cent from 3.5-3.7 per cent seen previously.
 For the first time in more than a year, inflation in October breached the RBI's 4 per cent medium-term target. This was primarily due to uptick in prices of vegetables such as onion and tomatoes, Das said. HV DP CS ANZ RAM

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