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Rupee will stabilise in around current range: Anand Sharma

New Delhi, June 5 (IANS) The Indian rupee, which hit a record low of 56.52 against the dollar last week, is likely to stabilise soon at around the current range, Commerce Minister Anand Sharma said Tuesday.

"This is a transition phase. The rupee will stabilise soon at around the current level," Sharma told reporters after announcing the annual supplement to the Foreign Trade Policy 2009-14 here.

Sharma said volatility in rupee was a matter of concern as it had adversely impacted India's economic growth and foreign trade. He said: "It has adverse impact on the economy."

The Indian currency hit a record low of 56.52 against the dollar at the end of last month. The partially convertible rupee has been trading in the range of 55-56 this week.
Rupee hit a low of 55.91 against the dollar Tuesday, after witnessing some strengthening the previous day.

Sharma said the government was working closely with the Reserve Bank of India to bring stability to the currency.

The minister said he had taken into account the rupee depreciation while formulating the annual supplement to the foreign trade policy.

"The weakening of the rupee will have its own implication on our annual import bill. Clearly Indian economy is passing through a difficult phase," Sharma said earlier.

He said volatility in commodity prices, especially crude oil, was adding pressure to India's import bill.

"The difficult economic situation in the Eurozone crisis poses a real risk of destabilizing the fragile recovery and sinking the world into yet another recession," he said.

Monsoon hits Kerala, IMD says delay is ok

Thiruvananthapuram/New Delhi, June 5 (IANS) The southwest monsoon, crucial for agriculture, hit Kerala Tuesday, with a senior official saying that the four-day delay was not a cause for worry.

Although moderate to heavy rains have been lashing most parts of Kerala for some days, the India Meteorological Department (IMD) made the monsoon announcement only Tuesday.

Kottayam, Alappuzha, Ernakulam and Kasargode have been lashed by rains. The sea turned rough in Alappuzha, with sea waters encroaching into land at a few places.

But the dry weather continued in the southern districts of Kollam and Thiruvananthapuram.

The monsoon accounts for 80 percent of the rainfall in India. Even a minor delay can adversely affect the economy as about half of India's farm output comes from crops sown in the June-September rainy season.
IMD director general L.S. Rathore told IANS in New Delhi that the monsoon was expected to advance rapidly into other parts of the country. Karnataka would be lashed by heavy rains within days.

Kerala gets the annual monsoon rains June 1, marking the start of weeks of showers in the Indian mainland. Last year, however, the monsoon arrived in the state May 29.

Rathore said there was nothing to panic as the four-day monsoon delay was well within the forecast limits.
From 2005, the IMD has been issuing operational forecasts for the onset of the monsoon over Kerala using an indigenously developed statistical model with a model error of (+/-) four.
The IMD has said that the 2012 southwest monsoon season (June-September) for the country as a whole was most likely to be normal.
'The deviation in arrival of monsoon rains would have no adverse impact on sowing of kharif (summer) crops like paddy and pulses,' he said.

The monsoon normally reaches Delhi by June-end. but according to IMD it is too early to say when the capital will get rains.

'We can only make date specific forecast towards the end of this month by seeing the spread of monsoon in the rest of the country,' IMD director B.P. Yadav told IANS.

Agriculture expert Devinder Sharma was, however, cautious.

'The delay in monsoon by a day or two is fine. But the most important thing is the spread of monsoon during June and July, the sowing season for kharif crops,' Sharma told IANS in Delhi.

He said that in last few years, there have been cases when monsoon arrived before time but states like Rajasthan, Gujarat and Bihar did not receive sufficient rains, leading to crop failure.

'I am more worried about the spread of monsoon as more than half of our crop production is dependent on the southwest monsoon,' he added.
IMD official K. Santhosh in Thiruvananthapuram said he was getting telephone calls demanding to know why the announcement of monsoon arrival was made when the city was yet to get rains.
Santhosh said a few indicators determine the announcement.
'We have 14 weather stations located at Lakshadweep, in Kerala and in Mangalore. We start to monitor the rains from May 10. If 60 percent of the stations or more record 2.5 mm of rain for two continuous days, then it satisfies the criterion that monsoon has arrived,' Santhosh told IANS.

'Another indicator for the declaration is the strength of the wind,' he added. Cloud movements are another indicator.

We can fight and win on our own, Trinamool tells Congress

Kolkata, June 5 (IANS) In a strong message to ally Congress after winning elections to four of six civic bodies, West Bengal's ruling Trinamool Congress Tuesday said the victory was a strong indicator of its might in the state.

"The result is a strong indicator of the might of the party and proves that the Trinamool Congress can stand firm on its own feet in West Bengal. It has now been established that the Trinamool Congress can fight and win elections on its own," party general secretary and Railways Minister Mukul Roy told media here.

The Trinamool snatched Dhupguri municipality in Jalpaiguri district and Burdwan district's Durgapur Municipal Corporation from the Left Front, triumphed in the Nalhati municipality in Birbhum district and retained the Panskura municipality in East Midnapore district. The elections were held on Sunday.

While the Communist Party of India-Marxist (CPI-M)-led Left Front continued to hold sway over East Midnapore district's Haldia municipality, for the Congress the sole consolation was its success in retaining Cooper's Camp municipality in Nadia district.

The Trinamool and the Congress, allies in the central and state governments, fought separately in the civic polls for the first time after the assembly elections last year.

"The fight in the polls was not only against the Left (Front) but also against the Congress, the Bharatiya Janata Party (BJP) and the Maoists. The victory has vindicated our stand to go it alone," Roy said.

Describing the CPI-M as an "endangered species", Roy said the alliance was hurtling towards "extinction".

"We snatched three civic bodies from others. The LF barely managed to retain Haldia. Even there, we have consolidated our position since the last polls (2007).

"Bagging 72 of the 129 seats establishes the fact that we fight and win on our own," added Roy

Government announces sops; eyes 20 percent exports growth

New Delhi, June 5 (IANS) The government Tuesday set a target of increasing exports by 20 percent in 2012-13 and announced a series of measures including interest subsidy and market diversification programmes to boost foreign trade.

In the annual supplement to the foreign trade policy, Commerce and Industry Minister Anand Sharma announced extension of interest subsidy scheme by one year till March 31, 2013 for labour intensive sectors.

Last year, the government had created a special dispensation for labour intensive industry by extending the facility of two percent interest subvention for handlooms, handicrafts, carpets and small and medium enterprises (SMEs).

"We have now decided to extend the scheme for another year till 31st March 2013 and expand its coverage to include other labour intensive sectors namely toys, sports goods, processed agricultural products and ready-made garments," Sharma said.
Sharma, who also holds the textiles portfolio, said the government has decided to continue with most of the incentives announced last year to help exporters.
"It is our expectation that with these measures and with the tenacity of our exporting community, we shall be able to sustain an annual export growth of 20 percent this fiscal as well," the minister said.
India's exports increased by 20.94 percent to $303.71 billion in the financial year ended March 31, 2012, surpassing the government's target of $300 billion.
However, a sharp drop in exports growth in the last few months indicate that sustaining a similar growth this financial year would be difficult.

Exports grew at a sluggish rate of 3.23 percent to $24.45 billion in April, the first month of the current financial year. In fact, exports declined in March, and registered nominal growth in the previous two months.

It will be interesting to see if the government's efforts would help revive growth in exports.

In the annual supplement to foreign trade policy 2009-14, the government unveiled a seven-point strategy to boost exports. It proposes:

-- To give a focused thrust to employment intensive industry because we view exports not only in terms of their economic contribution but as a means of generating gainful employment;

-- To encourage domestic manufacturing for inputs to export industry and reduce the dependence on imports;
-- To promote technological upgradation of exports to retain a competitive edge in global markets;
-- To persist with a strong market diversification strategy to hedge the risks against global uncertainty;
-- To encourage exports from the North Eastern Region given its special place in India's economy;
-- To provide incentives for manufacturing of green goods recognising the imperative of building capacities for environmental sustainability; and

-- To endeavour to reduce transaction cost through procedural simplification and reduction of human interface.

Missing Rajasthan nurse: CBI finds place where body was disposed off

Jodhpur, Jan 4 (IANS) The Central Bureau of Investigation (CBI) Wednesday identified the location where missing nurse Bhanwari Devi's body was disposed off after she was kidnapped and burnt to ashes Sep 1, sources said.

The CBI took Omprakash Bishnoi, arrested in connection with the case, to a place near Jaloda village where the nurse's body was burnt.

'Omprakash told the agency that the remains of her body were dumped into a canal near the village,' sources told IANS.

The location of the body was the biggest mystery in the case, which the CBI has apparently solved.

Omprakash is the brother of Bishnaram Bishnoi who was held near Pune by Maharashtra police Wednesday morning. The CBI had announced a cash reward of Rs.5,00,000 on Bishnaram saying that he was involved in the disposal of the nurse's body.

A team from the Central Forensic Science Laboratory is expected to arrive in Jodhpur from New Delhi Thursday and inspect the place where the body was brunt.