Snap news: Left sets July 7 deadline

Here is the letter…

July 4, 2008 Shri Pranab Mukherjee, Various pronouncements are being made by leaders of the ruling coalition and some Union Ministers that the Government is going ahead with the nuclear deal. We wish to know definitely whether the Government is proceeding to seek the approval of the safeguards agreement by the Board of Governors of the IAEA. Please let us know the position  by 7th July, 2008. (Prakash Karat)                                               (A.B. Bardhan) (Debabrata Biswas)                              (T.J. Chandrachoodan) Shri Pranab Mukherjee Convenor UPA-Left Committee on Nuclear Issue

India bans export of corn to tame prices

India banned the export of corn on Thursday, in the latest attempt by the government to tame price increases, which have surged to Rs. 9,600 per tonne from 8,300 rupees per tonne last year.

India has already implemented bans on rice, wheat and cooking oil after growing prices pushed inflation to a 13 year high, leading to riots and political unrest throughout the country.

The commerce ministry said on exports of corn will last until October 15.

Snap News: Inflation up

India’s inflation accelerated to the fastest pace in more than 13 years, strengthening the case for the central bank to increase borrowing costs this month, Bloomberg reports.

Wholesale prices rose 11.63 percent in the week to June 21, after gaining 11.42 percent in the previous week, Commerce Ministry Spokesman Rajeev Jain told Bloomberg News in a telephone interview in New Delhi today. The median forecast of 16 economists surveyed by Bloomberg News was for an 11.47 percent increase.

News to watchout for: Politics and economy

POLITICS
Nuclear deal: Congress to meet SP
Sonia Gandhi and prime minister Manmohan Singh will meet the Samajwadi Party leaders to discuss the terms and conditions of the SP’s support to the Congress-led government over the nuclear deal.

ECONOMY
Inflation! Inflation! Inflation!

Inflation is expected to rise again today. According to economists surveyed by Bloomberg inflation will move north to 11.47 from last weeks 11.42.