Even as India gets ready for unlock post the second wave, global crude price is turning a rogue and readying to play party pooper. With a daily increase in fuel prices and rising global prices, it is the hapless Indian consumer who is being forced to bear the burden. It is a crude joke.
A spell of prolonged dry weather in Brazil is expected to hit production of sugarcane, soybean and coffee besides corn. This has already stoked commodity-based inflation and as India directly and indirectly depends on Brazil, the inflation can be imported here. That will be a new headache for India.
The Union government has mandated that ethanol blending should touch 20% by 2023. It is a good move for sugar mills. However sugar production moves in a three-year cycle and that could prove to be a major impediment. The government has also said yes to grain-based ethanol. Will it make fuel cheaper in India?
Covaxin is the homebred vaccine against Covid-19 infections. Bharat Biotech is the designated producer and developer of this vaccine. However for a variety of reasons, the output from this vaccine supplier is probably not adequate. This has cast a shadow of worry and unease among state governments. and the available data proves so.
The much-talked of rally in gold is yet to materialise. Profit booking has become the order of the day even at the slightest of hints. Now all eyes are on the revival in the American economy. If the economic rebound continues, gold may continue to languish for quite some time testing every investor’s patience.
India is probably staring at a double crisis. While it is trying to get a handle on the second wave of Covid-19 infections, global crude oil price is rearing its ugly head. A rise in global crude oil price is bad news for India, the world’s third largest consumer.
If it is summer, then it’s time for luscious mangoes. However with the ongoing second wave of Covid-19 infection, mango growers and traders are a worried lot. They fear that the prices of the King of fruits will crash much like what happened in CY 2020.
Edible oil imports are going to get pricey. This means your cooking oil will be more expensive. More purchases by one nation, diversion of edible oil for making ethanol and drought have pushed international prices higher. A rise in edible oil prices will surely hit many Indian families’ budget.
Fuel prices are being hiked post the five-state elections. The price hike is happening even as global agencies are pencilling a softening in fuel demand in the world's third largest fuel consumer on the back of the second wave of Covid-19 infections.
A host of factors including dry weather has led to a hike in food prices across the globe. It threatens to leave the poor extremely vulnerable. There has to be a more humane approach to solving the problem of global hunger.