Warming may push India into war with neighbours: IPCC

New Delhi: Asia is facing the brunt of climate change and will see a severe stress on water resources and foodgrain production in the future, increasing the risk of armed conflict among India, Pakistan, Bangladesh and China, the latest report of a UN panel has warned. 

    The UN’s Intergovernmental Panel on Climate Change, in its report assessing the impact of climate change on human health, settlements and natural resources, carried a dire warning: The worst is yet to come if no measures are taken to curb the ill-effects of global warming. 
    The report, released on Monday, said India, like other developing economies, may lose up to 1.7% of its GDP if the annual mean temperature rises by 1 degree Celsius compared to pre-industrialization level, hitting the poor the hardest. It also predicted a rise in extreme weather events like the flash floods in Uttarakhand and cyclone Phailin if steps were not taken to check the rise in temperature. 
ALARM BELLS 
More extreme weather events in most parts of the globe in coming years 
Maldives, China, India, Pak, Bangladesh and Sri Lanka among most affected in Asia 
Possible armed conflict over fresh water resources in South Asia and China (Himalayan river basins) by middle of 21st century Impacts of climate change will touch everyone: Pachauri New Delhi:Warning of tough times if temperatures are allowed to rise, chairman of the UN Intergovernmental Panel on Climate Change R K Pachauri said on Monday, “Nobody on this planet is going to be untouched by the impacts of climate change.” 
    He made the statement while releasing the IPCC's report in Yokohama, Japan. The report warned that a rise in temperatures would also affect ‘beach tourism’ in many countries. India stands out as the most vulnerable among 51 countries where beach tourism is an important sector. 
    Climate change is not just about the future. The IPCC said people around the world were already getting hit as it directly affects livelihoods, reduces foodgrain production, destroys homes and raises food prices. These trends will accelerate if climate change is left unchecked. Among other things, the report warned that climate change would increase the risk of armed conflict around the world because it would worsen poverty and economic shocks. “Climate change is already becoming a determining factor in the national security policies of states,” said a statement issued by the UN Framework Convention on Climate Change, which has been working to arrive at a global climate deal by 2015 to fight the menace effectively through combined efforts of nations. Though the report does not have countryspecific predictions, its region-wise findings brought out many eye-opening conclusions for India. 
    Aromar Revi, lead author of one of the chapters of the report, said the impacts of climate change would be felt severely in the Indo-Gangetic plains, affecting poor people in the region. “The areas which are facing frequent floods these days may face droughtlike situation. We cannot ignore the changes which are taking place either in the Indus river basin or in Brahmputra river system over the longer period,” said Revi, explaining the implications of the report in Delhi. 
    Another lead author, Surender Kumar, explained how climate change would affect the poorer nations. He said if mean temperatures increased beyond 1 degree C, it would knock 3% off the GDP of developing economies.

The report warned that climate change will hit livelihoods, reduce foodgrain production and increase risk of armed conflicts for resources

Sensex, Nifty at new peaks, gain nearly 20% in a yr

Mumbai: Boosted by strong foreign fund buying, both the BSE sensex and the NSE nifty closed at new highs for the sixth consecutive session on Monday, taking the total gain for the just concluded financial year to 19% for the sensex and 18% for the nifty. 

    The gains in the benchmark indices came on the back of a $13.4 billion net buying by foreign investors even as mutual funds were net sellers. Significantly, the 
market gains during FY14 also propelled the total wealth of investors to Rs 74 lakh crore, near the all-time peak of Rs 77.6 lakh crore recorded on November 5, 2010. The gains in the sensex during the year came as 26 of its 30 constituents closed higher, led by Hindalco, Maruti Suzuki and Tata Motors. 
    One of the highlights of the year was the sharp slide in the market between July and August when the Indian rupee went into a tailspin and touched its lifetime low against the dollar at 68.93 in intra-day trades. From its August 28 low of 17,449, the sensex has rallied a little over 28% to its current all-time closing high level. Since the August dip, as the rupee appreciated about 10% to its sub-60 close now, FIIs have been net buyers in the stock markets. 
    In addition, falling inflation, improved current account deficit and a gradual strengthening of other economic fundamentals also helped the market, brokers and dealers said. A strong mandate in favour of the BJP in four state elections in December last also helped improved investor sentiment.