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Punjab

Punjab’s rural sector has ‘lowest’ credit deposit ratio: Report

Along with decline in the overall Credit Deposit (CD) ratio of banks in Punjab for the period ending June 2014, the CD ratio of state’s rural sector has been registered the “lowest” in comparison to that of in urban and semi-urban sectors.  As per latest report of State Level Bankers’ Committee (Punjab), the CD ratio of banks in Punjab’s rural sector plunged to 60.76% as on June 2014 from 63.21% in corresponding period of year 2013.

Credit Deposit (CD) ratio” refers to how much a bank gives as loans of the deposits it has mobilized. The low ratio shows banks are not fully utilizing their resources for banking activity. 

The Punjab government had already expressed concern over the low deposit ratio in rural sector. It had even told the banks to increase the ratio. The overall CD ratio of Punjab has also reduced by 2.20% to 77.70% as on June 2014.

Ghana’s proposal of land to Punjab farmers accepted by Punjab Government

The Punjab Government has agreed to the Ghana Government’s proposal offering land to Punjab farmers. As per the proposal, the government of Ghana would provide fertile farmland on a long-term lease to Punjab farmers for farm activities. Ghana has made this proposal to promote agriculture as a tool of progress in Ghana and if possible then by Punjab’s expertise in farming.

Punjab Government has assured Ghana that a high-level delegation of officers as well as an expert from Punjab Agricultural University (PAU), Ludhiana, would be sent to Ghana to study the suitability of the entire project.

Ghana also offered Punjab to export finished goods to Ghana. It has invited Punjabi entrepreneurs to visit Ghana to start manufacturing facilities in the country and take advantage of Ghana’s natural resources like various minerals, timber, oil, cocoa, palm oil fish and cotton.

President appoints three judges to the Supreme Court

Three judges, the Chief Justices of Calcutta and Orissa High Courts, Arun Mishra and Adarsh Kumar Goel respectively, and senior lawyer Rohinton Nariman have been elevated as judges of the Supreme Court.With the appointment of these judges, the strength of judges in the court will increase to 28, as against the sanctioned strength of 31.

Justice Goel, who belongs to Haryana, was a judge of the Punjab and Haryana High Court. Justice Adarsh Kumar Goel will be the first judge to represent Haryana in the court.

Steel to be dearer by up to Rs 1,000 a tonne

The recent 6.5% hike in railway freight rate has led to an increase of Rs 300 a tonne in the prices of steel products across the country. Traders are considering a further increase of Rs 700-1,000 a tone in coming days.

Ingot rates at the standard Mandi Gobindgarh market in Punjab, India’s largest spot steel market, increased by Rs 300 a tonne to Rs 39,750 a tonne.

The cost of steel production will certainly surge on the freight rate hike, with a rise in iron ore transportation costs.  With the increase in freight cost, all raw materials, including coal and iron ore, will become dearer. Consequently, coal, iron ore and steel prices will increase.

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