UP procures 5.65 mn tonnes of paddy this kharif season, 13% beyond target

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The government has achieved of more than 5.65 million tonnes (MT) in the current 2019-20 marketing season.


With this, the state surpassed its procurement target of 5 MT by 13 per cent. Last year, the state had clocked paddy purchase of nearly 4.83 MT. (See table)



The state season had commenced on October 1 and was to officially conclude by the end of February 2020.


According to official statistics, state government agencies and Food Corporation of India (FCI) procured the food grain from more than 700,000 farmers, including sharecroppers and contract farmers for the first time.


The procurement had been robust due to the high priority accorded by the state for ensuring a hassle-free process and the emphasis it laid on making the fields vacant for enabling early sowing of rabi crop, including wheat.


The Adityanath government has been working on doubling farm income by 2024, with high procurement, remunerative prices, prompt payments, and early vacancy of fields among the key elements of the plan. It is also promoting food processing and allied industries to enrich the farm

Top domestic salary at IIM Nagpur placements doubles to Rs 40 lakh

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Highest domestic salary offered at the Indian Institute of Management (IIM), Nagpur, doubled to Rs 40 lakh year, as the B-school completed the final placement process for its flagship Post Graduate Programme in Management (PGP) batch of 2018-20. Last year, the highest domestic salary package that the institute had attracted was Rs 20 lakh.


The average pay package, however, increased only marginally by six per cent to Rs 13.10 lakh this year, from Rs 12.35 lakh a year in the previous batch. Average pay offered for the top five per cent and 10 per cent of the batch stood at Rs 28 lakh and Rs 21.60 lakh while that for the top 50 per cent was Rs 15.83 lakh per annum.



Apart from the final placement process, recruiters also made more pre-placement offers (PPOs), said L S Murty, director of Nagpur, which is soon planning to move into its new permanent campus with increased student intake.


Consulting, engineering services, ITeS and BFSI together recruited more than 79 per cent of the batch of 111 students. While more than 50 recruiters participated during the final placement process at

Ultra-HNI count up 6.4% in 2019; India to see 73% rise in 5 years

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The world added 31,000 ultra-high net worth individuals (UHNWIs) to its fold in 2019, taking the total number of such people – those with a net worth of $30 million or more – to 513,200, says the Knight Frank Wealth Report for 2020. This translates into a 6.4 per cent jump over 2018.

India, according to Knight Frank, ranks 12th and had 5,986 such individuals in 2019, which is likely to reach 10,354 by 2024. The number of billionaires in India, on the other hand, is likely to reach 113 by 2024, up from 104 in 2019. Amongst asset classes, Indian UHNWIs are most aggressive in equity investment with 72 per cent willing to invest in this asset class compared to a global average of 29 per cent.


The survey is based on responses provided during October and November 2019 by 620 private bankers and wealth advisors who manage over $3.3 trillion of wealth for UHNWI clients spread across 200 countries and territories.

domination

North America, according to Knight Frank, dominates the UHNWI landscape, with over double the UHNWI population of Europe.

Asia, on the other hand, is quickly closing the gap on Europe

RBI may use unconventional tools to combat coronavirus impact: Report

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The (RBI) is considering using unconventional policy tools to spur lending, three government officials told Reuters, amid fears that the outbreak will derail any revival of economic growth. is planning to infuse fresh cash liquidity into the system through a second round of long-term repo operations (LTRO), three sources aware of the matter told Reuters. They asked not to be named as discussions were still private.


Globally, central banks are taking steps to provide liquidity to stabilize financial markets, which have sunk as the spread over more than 80 countries.

The Federal Reserve slashed U.S. interest rates by half a percentage point on Tuesday in an emergency move. Central banks in Australia and Malaysia also cut rates and on Monday the Bank of Japan took steps to provide liquidity to stabilize there.



One of the officials said the might inject as much as 1 trillion rupees ($13.62 billion) in a new round of LTROs that begin as early as April.



Funds are being offered at the repo rate of 5.15% as part of the operations,

Govt has collected Rs 7.52 trillion direct tax in Apr-Jan: Anurag Thakur

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The government has collected over Rs 7.52 lakh crore as direct taxes till January 31 of the current fiscal, Parliament was informed on Tuesday.


The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on March 31, at Rs 11.70 lakh crore.



“The total amount collected under direct tax collection, as on 31st January, 2020 is Rs 7,52,472 crore,” Minister of State for Finance Anurag Thakur said in a written reply in the Rajya Sabha. Direct Tax includes corporate and income tax.


He said the last advance tax instalment is due in March 2020, and hence it is little premature to predict the final collection of direct taxes for the current year at this stage.


In a separate reply, Thakur said RE for current fiscal has projected revenue receipts at Rs 18.50 lakh crore, lower than Rs 19.62 lakh crore projected in the Budget.


“Lower estimated RE 2019-20 in respect of corporation tax, taxes on income, customs duty , excise duty annd Goods and Services Tax have resulted in the revenue receipts being lower than the

Crisil SME Tracker: Profitability of dairy units will rebound in FY21

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CRISIL expects a sharp hike in milk procurement costs relative to milk retail prices to deal a huge blow to the earnings before interest, tax, depreciation and amortisation (EBITDA) margins of dairy processors — especially private small and medium enterprises (SMEs) — in the current fiscal year (FY20).


The all-India milk procurement cost is estimated to have risen 19 per cent year-on-year (y-o-y) for dairy processors over April-December 2019, and is expected to rise by 18-20 per cent for the full fiscal. The uptick in prices has been fuelled by a 5-6 per cent decline in milk production in the current fiscal year — due to high temperatures during April-June, and floods in July-August.


Retail milk prices rose by 3-4 per cent during April-December 2019, and are expected to rise 10 per cent during January-March 2020, thus closing this fiscal 5 per cent higher y-o-y.


The impact will be magnified in states such as Karnataka and Haryana, where state governments offer a subsidy of ~4-6 per litre on milk supplied to cooperatives. While large private players are able to match the price offered by cooperatives to obtain the quantity of milk they

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