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In a concerning development, Bihar's only reservoir, Chandan Dam, has dried up, along with several other major reservoirs in India, marking the 31st consecutive week of declining storage levels. Data from the Central Water Commission reveals that the storage in the southern region has plummeted to just 15% of capacity, with Andhra Pradesh and Telangana particularly affected at only 7% capacity. The overall storage level in the country's 150 reservoirs stands at 27% of capacity, significantly lower than the 79% recorded at the same time last year and the 92% average over the past decade. Several other key reservoirs, including Bhima (Ujjani) dam in Maharashtra and Nagarjuna Sagar reservoir, are also reported to have zero water. 
The agriculture and allied sectors in India have seen a significant decline in their contribution to the economy over the years, despite remaining vital due to their magnitude. The sector's Gross Value Added (GVA) surpasses the GDP of several countries, highlighting its importance. However, the sector lags in productivity compared to global counterparts, with limited access to inputs, lack of awareness about soil testing, and inefficient processes being key issues. Private market investments play a crucial role in addressing these challenges, with a focus on upstream activities like agri-biotech and innovative farming techniques being essential for long-term sustainability and resilience. To unlock the sector's true potential, a long-term approach involving targeted investments and concerted efforts is necessary to empower farmers and ensure sustainable agriculture for future generations.
The National Skill Development Corporation (NSDC) and AVPL International have joined forces to establish 70 skills and incubation hubs across India, focusing on drone, IoT, agriculture, and allied sectors. These hubs will offer certificate courses from prestigious institutions like the IITs and IIMs, in collaboration with the NSDC Academy, aiming to empower Indian youth with the skills necessary for global employment opportunities. The initiative, which aims to train 1,40,000 candidates annually, will provide advanced training facilities and internationally recognized certification programs, enhancing vocational training in the country. Both NSDC CEO Ved Mani Tiwari and AVPL International's Founder Deep Sihag Sisai expressed enthusiasm for this partnership, which seeks to elevate the local workforce and position India as a leader in global skill development.
Agri start-up eFeed has been selected as one of the top eight startups in the 5th cohort of AgFunder's GROW Impact Accelerator in Singapore. The company focuses on reducing methane emissions from cattle through precision animal management and nutrition, utilizing artificial intelligence and smart technology. With a database of over 100,000 animal data points, eFeed aims to optimize yields and address environmental concerns. The accelerator program aims to bridge the gap between finite resources and the 2030 Sustainable Development Goals, emphasizing innovative agrifood technologies. CEO Kumar Ranjan expressed excitement about the opportunity to showcase eFeed's technology, which leverages farmers' smartphones for data collection to reduce emissions and improve yields. The program includes a $100,000 investment, mentorship, and networking opportunities, culminating in a demo day during the Singapore International Agri-Food Week in November 2024.
A recent study by the State Bank of India's economic research department has revealed that for every 100 additional male voters in the first four phases of the 2024 General Elections in India, there were 110 additional female voters, indicating a significant increase in female participation. This surge in female voters has been attributed to women-centric schemes such as Ujjwala Yojana, Matru Vandana Yojana, and PM Awas Yojana, which have had a positive impact in rural areas. The study also noted a total of 45.1 crore voters casting their votes in the first four phases, with a voter turnout of 66.95 per cent. The analysis predicts an overall voter turnout of around 67.5 per cent for this Lok Sabha election, with women voters playing a crucial role in shaping the political landscape.
Despite the Power Ministry's directive against taxing renewable energy, the Kerala State Electricity Board (KSEB) has raised charges, causing financial disincentives for solar adoption. The move has been criticized by domestic solar power producers in Kerala, who argue that it goes against efforts to promote renewable energy adoption. Solar Prosumers-Domestic Only, a community advocating for solar power prosumers, has proposed solutions to address the challenges faced by consumers, including reframing the fixed charge system and adjusting the annual settlement month for solar energy prosumers. With over 1.20 lakh solar power prosumers in Kerala, the community recommends a multi-pronged approach to encourage continued participation in the solar energy program, such as adjusting the average power purchase cost rate and implementing incentive programs. Founder Jameskutty Thomas believes that by addressing these challenges and incentivizing renewable energy adoption, Kerala can reduce grid load, lower operational costs, and contribute to environmental sustainability.
Tea prices at the Kochi auction have seen a boost due to active participation from exporters and strong overseas demand, with orthodox tea prices rising. In sale 20, the average price realization increased to ₹177 from ₹172 the previous week, with exporters from CIS and Middle East countries showing interest. The auctioneers Forbes, Ewart & Figgis reported that 91% of the offered quantity of 1,14,678 kg was sold. CTC leaf also saw a strong demand, with a 100% sales percentage out of the offered quantity of 20,500 kg. The dust market remained strong, with a 94% sales percentage out of the offered quantity of 5,49,179 kg. Exporters were actively participating in the orthodox dust market, with primary grades seeing higher prices and secondaries lower.
Finance Minister Nirmala Sitharaman has reassured that the inclusion of Indian bonds in global indices will not pose significant challenges, stating that it will not make life difficult. In an interview with BusinessLine, she emphasized the importance of oversight to ensure that fluctuations do not have a negative impact on the country's financial stability. Sitharaman highlighted that the decision to open up to global indices was made after extensive discussions and groundwork, including consultations with the Reserve Bank of India. She expressed confidence in the decision-making process and stated that she is not particularly worried about the potential consequences. The Finance Minister's comments come amidst concerns about the impact of sudden dollar inflows on the Indian economy.
In an exclusive interview with BusinessLine, Finance Minister Nirmala Sitharaman discussed the BJP's performance in the South, stating that the party has met its expectations and delivered on its promises. Sitharaman highlighted the positive reception of Prime Minister Modi's achievements in states like Andhra Pradesh, Tamil Nadu, Kerala, and Karnataka, emphasizing the tangible development seen in areas such as infrastructure, ports, and hospitals. She noted that the BJP has fulfilled commitments on initiatives like Ujjwala, housing, water, and electricity, benefiting the poorer sections of society. Sitharaman emphasized that the public recognizes and associates this progress with PM Modi, indicating a strong support base for the party in the upcoming 2024 elections.
Finance Minister Nirmala Sitharaman discussed the regulation of crypto currency in an interview with BusinessLine, emphasizing the need for a global understanding on how to regulate this asset. She highlighted that discussions have been ongoing since 2020 within the Finance Ministry, with the RBI also sharing its views. Sitharaman stressed the importance of consensus at a global level, citing discussions at G20 meetings under India's Presidency. She noted that regulating crypto currency within one country without international cooperation would not be effective. Sitharaman addressed concerns about conflicting opinions among regulators, stating that while differences exist, they are not at a stage where a decision has been made. The full interview can be accessed on the BusinessLine website.
In a recent development, crews conducted a controlled demolition on May 13 to break down the largest remaining span of the collapsed Francis Scott Key Bridge in Baltimore. The container ship, Dali, which caused the deadly collapse on March 26 resulting in the deaths of six construction workers, is set to be refloated on Monday and moved to a nearby marine terminal. The ship had lost power and crashed into one of the bridge's supporting columns, leading to traffic disruptions in Baltimore Harbour. The refloating process is expected to take at least 21 hours, with up to five tugboats escorting the Dali on its 2.5-mile journey. The incident, which saw the Dali experience multiple electrical blackouts before the collision, involved a crew of 20 Indians and one Sri Lankan.
