Prices rise faster than income: Assocham
New Delhi: The prices of eight essential commodities such as wheat, pulses, coffee, tea, sugar, milk, condiments and spices, eggs, fish and meat have gone up by 19 per cent on an average since July 2005 while the per capita income of an Indian went up a meagre six per cent, according to industry body Assocham.

Delay in revision of statutory minimum prices and shortfall in production and procurement were some of the reasons for this trend, the chamber said in a release.

Sugar output during the reporting period declined due to drought and pest infestation in major sugar producing states of Maharashtra, Andhra Pradesh, Karnataka and Tamil Nadu. Increase in the prices of pulses ranged from 7.4 per cent to 33.3 per cent between July 2005 and August 2006. Gram, urad and moong were particularly on upswing, it said. Milk prices rose by 0.3 per cent to 7.8 per cent due to increase in input, utility and service costs. Price rise has been largely attributed to low powder stocks with dairies.

The study said rise in prices of essential commodities and per capita income was absolutely disproportionate.
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Oil prices start falling again
Oil prices fell again, reversing earlier gains, as traders set aside a decision by OPEC members Nigeria and Venezuela to cut crude production. New York's main contract, light sweet crude for delivery in November, plunged $US1.88 to close at $US61.03 a barrel.

In London, Brent North Sea crude for November delivery lost $US2.03 to settle at $US60.45 a barrel.

Early last week, oil futures had touched six-month lows under $US60 before recovering towards the weekend.
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Maharashtra to use only wastelands for SEZs
Pune: Vilasrao Deshmukh, chief Minister of Maharashtra, has said that the Maharashtra Industrial Development Corporation (MIDC) will not acquire farmlands indiscriminately and will give the farmers the market prices for the land acquired.

Talking to presspersons after the annual general meeting of the Maharashtra Chamber of Commerce, Industries and Agriculture (MCCIA), he said MIDC, which is a Government agency, will acquire the land that is being given willingly by the farmers. He also said the farmers will be adequately compensated as per the market rates and has assured that only wastelands or barren or single crop lands will be used for the SEZ and not fertile lands.
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