Release Rs 2,000 cr immediately for flood relief: Karnataka
New Delhi, Sep 10: Karnataka Chief Minister H.D. Kumaraswamy on Monday urged the Centre to immediately release Rs 2,000 crore for undertaking flood and other relief work in the state.
The demand made by a state delegation led by Kumaraswamy to Prime Minister Narendra Modi comes in the backdrop of losses of approximate Rs 12,000 crore due to floods in parts of Karnataka in August and drought in other parts.
The delegation met Modi here on Monday and apprised him about the loss of human life, agriculture and infrastructure by torrential rains.
"We told him (Modi) that the flood loss is to the tune of Rs 3,705 crore," Kumaraswamy told reporters after the meeting.
"Also, the state has been witnessing severe drought conditions during the last 13 of the 17 years. As per preliminary estimates, more than 15 lakh hectares of agricultural and horticultural crops have been affected, with a loss of around Rs 8,000 crore."
Former Prime Minister H.D. Deve Gowda, Karnataka Deputy Chief Minister G. Parameshwara, Revenue Minister R.V. Deshpande and Irrigation Minister D.K. Shivakumar were part of the delegation.
Kumaraswamy told Modi that over half the state's area was facing drought situation this year due to weak monsoon while uneven distribution of rain was recorded over the north and south interior Karnataka.
Deshpande said that crop on 23,123 hectares was affected due to floods, leading to losses totalling Rs 1,242 crore.
"There has been a dry spell in September and if it continues there will be 50 per cent crop loss. As many as 67 people have lost lives in the floods," Deshpande said, adding Modi promised immediate financial assistance.
"We look forward to the central government for liberal assistance."
He said the rainfall in coffee-producing Kodagu district was the highest in 118 years, which not only damaged crop but infrastructure as well and rendered scores homeless.
According to the Karnataka government's assessment, the damage to infrastructure was pegged at Rs 1,789 crore. Last month, Kumaraswamy met Home Minister Rajnath Singh and sought special central package of Rs 2,000 crore.
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Rupee rises 10 paise to 92.41/USD; faces risks from rising global tensions
Mumbai (PTI): The rupee appreciated 10 paise to 92.41 against the US dollar in early trade on Friday, even as the USD/INR pair faces risks from rising global tensions, especially the US-Iran conflict.
Forex traders said the rupee is likely to see high volatility intra-day as the deadline for RBI's instructions to banks to curb their overnight positions to USD 100 million closes today.
At the interbank foreign exchange market, the rupee opened at 92.58 against the US dollar, then gained ground to touch 92.41 against the US dollar in initial trade, registering a gain of 10 paise over its previous close.
On Thursday, the rupee settled with a marginal gain of 3 paise at 92.51 against the US dollar.
"An estimated 80–85 per cent of these positions have already been unwound, which means the bulk of this supportive flow is now behind us. In simple terms, the cushion that held the rupee steady is beginning to thin, and this is where the story starts to shift," CR Forex Advisors MD Amit Pabari said.
Pabari further noted that looking ahead, the picture for the rupee appears to be changing. "With most of the NOP-related support now fading and global uncertainties still elevated, the scope for further strength seems limited. USDINR is likely to find a base in the 92.20–92.50 zone, with a gradual move higher towards 93.50–94.00 levels," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was higher by 0.07 per cent at 98.69 as the safe-haven demand has come down after the ceasefire, but as the ceasefire is fragile, the US dollar is getting bids at lower levels.
Brent crude, the global oil benchmark, was trading higher by 0.51 per cent at USD 96.44 per barrel in futures trade, as the ongoing uncertainty over the Strait of Hormuz opening is keeping the oil trade well bid.
Pabari further noted that just as domestic support begins to fade, the global backdrop is turning uneasy again. "The World Bank has flagged that India's growth for FY27, expected at 6.6 per cent, faces risks from rising global tensions, especially the Iran conflict," he said.
According to Pabari, India continues to have strong buffers in the form of forex reserves and a stable banking system, but pressure points are slowly beginning to build.
On the domestic equity market front, the stock markets witnessed a rebound in early trade. The 30-share Sensex jumped 630.08 points to 77,261.73, while the Nifty climbed 203.6 points to 23,978.70.
Foreign Institutional Investors offloaded equities worth Rs 1,711.19 crore on Thursday, according to exchange data.
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