New Delhi, Expressing concern at the high level of regional and inter and intra state disparities in agricultural production and productivity, the Reserve Bank of India (RBI) feels that India needs to invest more in agriculture and allied sectors. It says that the country needs higher production and productivity in cereals, pulses, oilseeds, vegetables, poultry, meat, fish and milk. To improve agriculture and productivity, there is need for finding ways to surmount the existing constraints and step up productivity using finance as a tool. Dr K C Chakrabarty, Deputy Governor, RBI, says that Green Revolution paved the way for food security in India. However, no major technological breakthrough has emerged since then, and with the need of higher productivity growing a second green revolution is inevitable. Borrowing a phrase coined by Prof M S Swaminatahan, renowned agriculture scientist, the country needs an ever green revolution. However, to cater to food security and food safety net, India needs bigger investments in agriculture. ...
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Wellington, The Reserve Bank of New Zealand (RBNZ) announced Thursday it was leaving the interest rates unchanged on 2.5 percent, citing a deteriorating global financial outlook. RBNZ Governor Alan Bollard said it was prudent to leave the Official Cash Rate (OCR) at 2.5 percent given the global uncertainty and the "moderate pace" of domestic demand, reported Xinhua. "Continuing difficulties related to sovereign and bank debt in a growing number of European economies have resulted in high levels of volatility in financial markets. There has also been a softening in international economic activity, including in the Asia-Pacific region," said Bollard in the policy assessment of the RBNZ December Monetary Policy Statement. "Global developments are having some negative impact on New Zealand, though to date it has been limited. Business confidence has declined and investment spending is likely to remain weak for some time. In addition, tightness in international markets means funding costs for New Zealand banks will increase to some degree over the coming year." He said the risk on further weakening conditions remained as outlined in the previous RBNZ Monetary Policy ...
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Mumbai, In a move to stem the slide in the Rupee, the Reserve Bank of India (RBI) today intervened in the Forex market by modifying certain aspects of the External commercial borrowings with immediate effect and the indian unit, after plunging to a lifetime low of 52.73, closed slightly higher at 52.37 against the US Dollar. The Rupee hit a low of 52.54 against the US Dollar, weakening by 24 paise, in the opening session today but the RBI intervention, after a review of developments in global financial markets and due to borrowers experiencing difficulties, somewhat stemmed the declining tide. With the stock market also declining, the impact on the Rupee was more pronounced, dealers said. The Finance minister Pranab Mukherjee had told Parliament yesterday that RBI's intervention would not arrest the slide of Rupee as global recession and FII's pullout were behind the depreciation. The Rupee fluctuated in a range of 52.60 and 51,70, dealers said. The Rupee had closed at 52.30 against the dollar ...
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