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By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

RBI forced to rethink inflation, growth

Mumbai: The undeniable reality of climate change is rapidly transitioning from an ecological warning to a severe economic crisis in India. Global warming is no longer just altering natural ecosystems; it is fundamentally rewriting the rules of the nation's macroeconomic stability. A stark illustration of this shift comes from the HSBC report published on Monday, which highlights how rising surface temperatures and the looming threat of El Niño are directly forcing the Reserve Bank of India to...

RBI forced to rethink inflation, growth

Mumbai: The undeniable reality of climate change is rapidly transitioning from an ecological warning to a severe economic crisis in India. Global warming is no longer just altering natural ecosystems; it is fundamentally rewriting the rules of the nation's macroeconomic stability. A stark illustration of this shift comes from the HSBC report published on Monday, which highlights how rising surface temperatures and the looming threat of El Niño are directly forcing the Reserve Bank of India to reconsider its monetary policy, proving that climate shocks are now dictating everyday financial realities. ​ For decades, economists and policymakers have anxiously tracked the Indian monsoon, relying on rain gauges and reservoir levels to forecast agricultural output and inflation. However, HSBC’s analysis reveals a startling paradigm shift: tracking rising temperatures has now become a far more accurate method for predicting food inflation than observing traditional rainfall patterns. As average surface temperatures breach historical thresholds, the sensitivity of food prices to extreme heat has increased dramatically. During El Niño years, the probability of severe temperature spikes is now significantly higher than the chances of a rainfall deficit. These intensifying spikes mean the thermometer has become a far more vital forecasting tool for the central bank than the rain gauge. ​ The effects of this warming planet are cascading through various walks of life, starting at the very roots of the agricultural sector. Intense and frequent heatwaves are no longer just wilting delicate, perishable crops like fruits and vegetables, which have traditionally been highly vulnerable to sudden temperature fluctuations. The soaring mercury is now directly threatening the resilience of durable staple crops, including cereals, pulses, oilseeds, and sugar. When these crucial crops fail to withstand the intensifying heat, the immediate fallout is a sharp surge in food prices. While robust granaries might offer a temporary buffer, the overarching trend points to persistent agricultural distress, threatening food security and pushing the financial burden directly onto the plates of ordinary citizens. Complex Web ​This climate-induced disruption is creating a complex web of challenges for the national economy. The HSBC report predicts that the combination of El Niño-driven temperature shocks and global energy pressures could push headline inflation to an average of 5.6 percent in the 2026-27 financial year. This overlapping environmental and economic crisis leaves the Reserve Bank of India in a precarious position. To combat the inflationary heat, the central bank is projected to deliver two interest rate hikes between late 2026 and early 2027, ultimately pushing the repo rate to 5.75 percent. However, the central bank must tread carefully, as these relentless climate shocks are simultaneously dragging down the nation's economic momentum, with GDP growth projections downgraded from a robust 7.4 percent to a sluggish 6 percent. ​ Ultimately, the heaviest toll of this shifting climate is borne by the most vulnerable segments of society. The intersection of severe weather events, rising food costs, and tightening economic policies strikes hardest at the informal sector. Rural households, small agricultural businesses, and daily wage earners find their livelihoods increasingly squeezed by extreme weather forces entirely out of their control. The warming climate is fundamentally changing the drivers of India’s economic growth, turning environmental predictability into a luxury of the past. As policymakers grapple with these twin shocks of heat and inflation, it is evident that climate change has firmly rooted itself in every facet of Indian life.

A beacon of hope for rural athletes

Updated: Oct 22, 2024

How Akash Shinde transformed from a shy village boy to a prominent kabaddi player

beacon of hope

Mumbai: In the heart of Nashik's Adgaon village, a young boy Akash Shinde dared to dream big. Little did he know that his journey from playing in the muddy grounds of his town to becoming a PKL winner would inspire a generation of aspiring athletes.


“Initially, when I used to play, I would come home with bruises because Kabaddi was played in the mud,” Akash recalls as he enters his fourth season with the Puneri Paltan. And despite his family's initial concerns, his passion for kabaddi burned bright, fuelled by the unwavering support of his early mentors Sagar Malwade and Vinod Labde.


His path to success was far from smooth. He faced numerous setbacks, failing to make the cut in his first attempts at various levels. “I fell short in my first attempts at all levels. I went for my senior camp for Maharashtra and fell short there too!”


But instead of letting these failures discourage him, Akash used them as stepping stones. “These setbacks kept me determined, and I knew I needed to try harder and with renewed energy to show the world what I could do and achieve.”


His breakthrough came in 2019 at a seniors’ trial in Nashik. This performance opened doors, leading him to play in the Junior Nationals and eventually catching the eye of Yuva Paltan, which is the Puneri Paltan’s academy.


The turning point in Akash’s career came when he represented his college in Beed, earning his first chance to play for Maharashtra. Under the guidance of Anil Jagdale and Kailas Jagdale, his skills flourished. His journey accelerated as he moved from Mahindra & Mahindra to Yuva Paltan, where mentors like Sangram and Ashok helped refine his game.


Akash’s PKL debut with Puneri Paltan in Season 8 was a moment of immense pride, not just for him but for his entire village. “No player from the Nashik region had made it to PKL or even the Maharashtra team, so it was a shock, a pleasant one, for everyone. The entire Nashik district was very happy. It felt really good,” he reminisces.


But it was in Season 9 that he truly announced his arrival, becoming a formidable force on the mat. In the 22 matches that Akash played on the way to his first PKL final, he scored 139 raid points, averaging 6.32 raid point per match.


His performances caught the eye of the national selectors, earning him a spot on the Indian team for the Asian Games. “I received my Team India kit on the 27th of October. I still remember it,” he says.


The crowning glory came in PKL Season 10 when Akash, along with his Puneri Paltan teammates, lifted the coveted trophy. Albeit playing a diminished role, he managed an impressive 56 raid points in the 13 matches he played. “There was only one target then... we had made up our minds that we had to win the title this season, whatever it took,” he shared, reflecting on the team’s collective determination. Now, Akash stands as a beacon of hope for young athletes from rural India. His message to them is clear: “Keep believing in yourselves and your dedication and efforts.” He emphasizes the importance of loyalty, urging young players to stay true to the clubs that nurture them.


As he prepares for PKL Season 11, his journey from the muddy grounds of Adgaon to the bright lights of Pro Kabaddi serves as a testament to the power of dreams, determination, and unwavering support.

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