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Paddy or rice, a water-guzzling crop partly responsible for heavy winter pollution in northern India, continues to be the most subsidised and profitable crop, which has thwarted a shift to alternatives such as pulses and maize, experts have said. An effective solution will have to come from multi-pronged steps, including sufficient incentives, leading to large-scale crop diversification, experts said. Analysts say satellite monitoring and imposition of fines, known environmental compensation, are not preventive or agricultural solutions and these have not been effective in stopping pollution-causing paddy-residue fires. Another issue scuttling alternatives to stubble burning is the absence of an efficient supply chain and market for the commercial use of paddy leftovers. Effective utilisation of straw requires supply of straw from farmers, robust infrastructure for storing and transporting stubble to end-users and established markets to facilitate transactions between farmers and buyers, said Udhaya Kumar of the Centre for Study of Science, Technology and Policy. Kumar and his colleagues published a report in August analysing the market for stubble. In 2021-22, the profit margin for paddy towered over most summer crops, with differences ranging from ₹ 66,663 a hectare for maize and ₹ 11,462 for moong (green gram) in Punjab to ₹ 68,849 per hectare for bajra (pearl millet) and ₹ 36,295 for cotton in Haryana, according to calculations by Ashok Gulati, an agricultural economist. Agricultural subsidies Since subsidies are heavily skewed towards rice, it will be “difficult” to push dedicated paddy farmers towards other crops unless “agricultural subsidies are re-purposed”, said Gulati of the New Delhi -based think-tank, the Indian Council for Research on International Economic Relations, states. In an earlier era, paddy was harvested manually, which meant farmers would cut the whole plant. They now use mechanized harvesters, which cut the grain, leaving behind the straw. The cheapest way to eliminate the stubble is to burn them. Delhi's toxic winter smog triggered by fires to clear paddy residue has also been intensified by the Punjab Subsoil Water Act, 2009, designed to conserve groundwater by delaying paddy sowing. The law mandates that farmers sow paddy only when the monsoon arrives over northern India. This has pushed back harvesting to coincide with a period, around mid-November, when wind speed usually stalls in northern states. Lack of strong winds prevents the disbursal of smog, helping it to blanket Delhi for days. The combined subsidies for paddy from the Centre and the state government in Punjab for power, seeds, fertilizer and irrigation amounted to a staggering ₹ 38,973 per hectare during 2023-24, the highest for any crop, according to ICRIER’s calculations. Not all crops get the same benefits of subsidies. In 2021-22, cultivators in Punjab and Haryana used more fertilizers on paddy than other crops, suggesting that a substantial portion of the fertilizer subsidy is funnelled into paddy, according to Gulati’s study. Farmers prefer paddy also because of a guaranteed minimum support price (MSP), a floor rate, which makes it a high-income crop The government buys out paddy and wheat at MSP rates. “This assurance is absent for other crops, leaving them vulnerable to the whims of the market,” economist Gulati said, adding paddy subsidies needn’t be eliminated but repurposed. India is a major exporter of rice, which makes up for over 40% of global shipments. In 2021-22, the country exported nearly 22 million tonne of the grain, about a sixth of its total output. The country had banned exports of the grain in August 2023 to cool rising cereal inflation, which was lifted in October this year.RIYADH, Saudi Arabia — Under the patronage of His Royal Highness Crown Prince and Prime Minister Mohammed bin Salman bin AbdulAziz Al Saud, the World Association of Investment Promotion Agencies (WAIPA) and Invest Saudi are organizing the 28th annual World Investment Conference (WIC) from November 25 to 27, in Riyadh. This prestigious event will gather global leaders in investment, government, and international organizations to address the theme, ‘Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities’. His Excellency Khalid Al-Falih, Minister of Investment of Saudi Arabia, commented: “Under the wise leadership of the Custodian of the Two Holy Mosques; King Salaman bin AbdulAziz Al Saud and His Royal Highness Crown Prince and Prime Minister, Mohammed bin Salman bin AbdulAziz Al Saud, the Kingdom, driven by its ambitious “Vision 2030”, has become a premier world investment destination and is experiencing unprecedented growth in overall investment amounts and diversity.” “This year’s World Investment Conference in Riyadh will be a platform for sharing our nation’s strategic vision with our partners, and an invaluable opportunity to highlight our status as a trusted partner for sustainable economic growth. We look forward to welcoming investment leaders from around the world to forge partnerships that will benefit both the Kingdom and global economies.” Al-Falih added. Saudi Arabia has become a prime destination for international investors, thanks to reforms under Vision 2030. These reforms, including allowing 100% foreign ownership in specific sectors and streamlining business and visa procedures for rapid approvals, have significantly boosted investor confidence. This investor friendly climate, especially in sectors like renewable energy, logistics and AI, reflects the Kingdom’s dedication to creating an attractive and efficient business environment, and helps to build a resilient economy for Saudi Arabia that stands at the forefront of global innovation and development. Ismail Ersahin, Executive Director and CEO of WAIPA said: “WAIPA is excited to bring the 28th WIC to Riyadh, a city that perfectly embodies the future of investment. The conference will provide a crucial platform for Investment Promotion Agencies and investors to discuss emerging opportunities in a rapidly evolving global landscape. We deeply appreciate Saudi Arabia’s vision and leadership, which will ensure that this edition of WIC is an impactful gathering for all participants.” Key highlights of WIC 2024 will include a range of conference tracks, such as high-level government dialogues, insightful sessions on technology, sustainability, and economic cooperation, as well as practical masterclasses for investment professionals. A dedicated entrepreneurship track will emphasize the transformative role of startups and innovators, while exclusive matchmaking sessions will facilitate strategic partnerships between investors, SMEs, and potential collaborators. Participants will also have the opportunity to celebrate the achievements of Investment Promotion Agencies through the Awards Track, honoring innovation and excellence in investment facilitation. This year’s WIC promises to be a pivotal forum aligned with global investment drivers: the disruptive influence of technology and artificial intelligence (AI), global supply chain resilience, energy transition towards sustainability, and the transformative role of entrepreneurs and startups in reshaping investment landscapes traditionally led by multinational corporations. Leaders and stakeholders will discuss and explore how these factors are redefining economies and driving forward-looking investment models worldwide. With its focus on scaling investment opportunities, WIC 2024 is designed to empower attendees with the tools, knowledge, and connections necessary to drive meaningful economic impact. *Source: AETOSWire :
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