Hi, NewsWrap for February 24, 2022

Oil at $ 100, Heavy Rain Alert, Modern Agriculture, Central Government Preparing Accounting Rules

24 February 2022

  • IMD Weather Update: Heavy Rain Alert In The 3 Days

    Heavy rain is expected in the Andaman and Nicobar Islands over the next few days due to a cyclonic circulation over the south Andaman Sea and its surroundings, according to the India Meteorological Department (IMD) forecast issued on Friday. Meanwhile, a wet spell is expected to continue over northwest, east, and northeast India over the next few days.

  • Oil at $ 100 Is All set To Compound The World Economy’s Inflation

    The rise in oil prices to $100 per barrel for the first time since 2014 represents a double blow to the global economy, denting growth prospects while also driving up inflation. That's a worrying combination for the Federal Reserve of the United States and other central banks as they try to contain the strongest price pressures in decades without jeopardising recovery from the pandemic. Futures in London rose as much as 3.3 percent as Russia's dramatic escalation of the Ukraine crisis fueled fears of a disruption in the region's critical energy exports.

  • PM Modi: Suggests Focusing on Making Smart & Modern Agriculture

    Prime Minister Narendra Modi stated on Thursday that the focus of the Union Budget 2022-23 will be on modernizing and smartening the agriculture sector. In discussing how the Budget will help to strengthen the agriculture sector, Modi stated that over the last seven years, the government has taken several initiatives for the entire Agri value chain, from seed to market, as well as improved existing systems. In a post-budget webinar on smart agriculture, he stated that the agriculture budget has increased by a factor of two in just six years, and farm loans for farmers have increased by a factor of two and a half in seven years.

  • Central Government Preparing Accounting Rules For the Discoms

    The Centre is developing accounting rules for electricity distribution companies, which are said to have exaggerated assets while incurring non-provisioning losses. This could imply that the discoms are in far worse shape than expected. Power distribution companies' accumulated losses have risen at a rapid rate over the last five years, reaching approximately Rs 5.2 lakh crore as of March 31, 2021. The difference between distribution companies' average cost of supply and revenue is 60 paise, and total regulatory assets, or deferred tariff hikes, are nearly Rs 1.25 lakh crore.

On the news

24 February 2022

That's it for for 24 February 2022
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