Latest news with #Kerala
Reuters
an hour ago
- Business
- Reuters
How does India benefit from early, ample monsoon rains?
MUMBAI, May 30 (Reuters) - India's weather office has forecast an above-average monsoon season for the second straight year in 2025, with the annual rains arriving at their earliest in 16 years. The rains have spread to nearly half the country ahead of schedule, after hitting the coast of the southernmost state of Kerala on Saturday, or eight days earlier than usual. The monsoon brings about 70% of the annual rains in a nearly $4-trillion economy, to which agriculture, employing more than half of a population of 1.4 billion, contributes about 16%. While the rains are vital for key crops such as rice, wheat, sugarcane, soybeans, and cotton, their influence affects the wider economy, fuelling overall growth while limiting food price inflation, and eventually, lending rates. Bigger harvests could also ease export curbs on sugar, and allow greater exports of staples such as rice and onions. Conversely, drought requires food imports and export curbs. Farmers earning more from larger crops tend to spend more on appliances and jewellery in the subsequent festival and wedding season, boosting consumption. Food makes up nearly half of India's consumer price index, closely watched by the central bank in deciding monetary policy. Rainfall above the average in 2024 helped rein in food prices, allowing the Reserve Bank of India (RBI) to cut lending rates. This year's forecast of above-average monsoon rains will provide comfort to the RBI, which is likely to cut interest rates on June 6 for a third consecutive meeting and once more in August to speed growth. The early monsoons alleviated sweltering temperatures nationwide near the end of summer, when power utilities struggle to satisfy demand for more air-conditioning and irrigation of standing crops. The sharp drop in temperatures cut electricity consumption, briefly pushing down prices to near zero on power exchanges. Sales of cold drinks and ice creams also began tapering off nearly three weeks earlier than expected. The rain is replenishing reservoirs in southern and western India, allaying supply concerns at a time when water typically runs low. With the monsoon arriving nearly two weeks early in some areas, farmers will bring forward the sowing of crops such as paddy, cotton, soybean, and pulses. All crops will benefit from above-average rain, but more particularly thirsty ones such as rice and sugarcane. Crop yields depend not only on the volume of rainfall but also its spread during the four-month season. Excessive rainfall or prolonged dry spells could crimp yields.
Free Malaysia Today
a day ago
- General
- Free Malaysia Today
Container ship sinks off India's south coast with hazardous cargo
The vessel went down with 640 containers, including 12 containing calcium carbide. (Indian defence public relations office of Mumbai/AFP pic) BENGALURU : A Liberian-flagged container ship with hazardous cargo has sunk off the coast of Kerala in India's south, the navy said today after rescuing all 24 crew members safely. India's navy said the MSC ELSA 3, listed as a 184m-long freight ship, which was sailing from the Indian port of Vizhinjam to Kochi, ran into trouble yesterday and issued a distress call. Navy aircraft scrambled to the area and spotted two life rafts, with the container ship listing at a dangerous angle some 38 nautical miles southwest of Kochi. 'All 24 crew members on board were rescued,' the ministry of defence said in a statement, with the Indian coast guard (ICG) and a navy patrol boat collecting the sailors, who were from Georgia, Russia, Ukraine and the Philippines. 'The vessel went down with 640 containers, including 13 with hazardous cargo and 12 containing calcium carbide,' the statement said. The defence ministry did not specify what was inside the containers it said were hazardous. Calcium carbide is used in the chemical industry, including for fertiliser production and steelmaking. 'Given the sensitive marine ecosystem along Kerala's coast, ICG has activated full pollution response preparedness,' the navy said. The vessel also contained some 370 tonnes of fuel and oil but, while the coast guard had deployed 'detection systems', it said that 'so far, no oil spill has been reported'.
The Independent
2 days ago
- The Independent
Watch: Cargo ship leaks hazardous material into sea after sinking off Indian coast
Showing now | News 00:23 Watch the moment a containership carrying oil and hazardous cargo sinks off the coast on India. Video footage recorded from the Indian Coast Guard shows a Liberian-flagged vessel slowly descending into the Arabian Sea. All 24 crew members on board were rescued however some of the ship's 640 containers have been spotted floating towards the shore, prompting the state of Kerala in south west India to issue a high alert. Authorities fear that harmful substances from the ship and its cargo could endanger wildlife and people in the area, which is a well-known tourist spot. Residents have been cautioned against touching any cargo that washes up, whilst fishermen have been told not to sail too close to the sunken vessel. Tiny plastic pellets have since been found on beaches in Kerala.
Khaleej Times
2 days ago
- Entertainment
- Khaleej Times
Dubai: Indian expat wins $1 million for second time in Duty Free draw
Luck came twice to a 60-year old Dubai-based Indian expat who won $1 million for the second time at Dubai Duty Free Millennium Millionaire and Finest Surprise draw held on Wednesday, May 28. Paul Jose Mavely, who hails from Kerala, hit the jackpot for the second time in less than nine years. A resident of Dubai for 38 years now, he shared the cost of the ticket with his 17 friends, who have been participating in the Dubai Duty Free promotion since 1999. They have been alternating the name on the ticket for each series whenever they purchase. Mavely first won $1 million in November 2016, in the Millennium Millionaire Series 228 with ticket number 0972, when he shared the ticket cost with his nine friends. 'I'm very thankful to Dubai Duty Free for this second win,' said Mavely, a father of two who works as a site supervisor for a small contracting company. He is the 251st Indian national to have won $1 million in the Millennium Millionaire promotion since 1999.
Al Jazeera
3 days ago
- Politics
- Al Jazeera
Ship carrying oil and hazardous cargo sinks off Kerala coast
NewsFeed Ship carrying oil and hazardous cargo sinks off Kerala coast Video shows a cargo ship capsizing off Kerala's coast in India, leaking oil and hazardous materials as authorities scramble to contain the spill.
