Officials said good rain in August - though it might not improve acreages much for most crops except urad, moong, and paddy - would help in improving yields in the crops already planted.
Low rain coupled with the fact that maize prices in the open market have surged from around Rs 15-16 a kg to almost Rs 25 this year have forced farmers to turn to this crop.
Till July 26, kharif crops have been sown in around 68.87 million hectares, which is 6.43 per cent lower than the area covered during the same period last year.
The high-level panel also asked the government to work towards re-orienting subsidies in a targeted manner from the crop sector to the non-crop sector and redesign the electronic National Agriculture Market.
The groups, including those associated with the ruling Bharatiya Janata Party's parent organisation the Rashtriya Swayamsevak Sangh, have also threatened a big nationwide agitation if growth of illegal GM crops isn't checked.
India consumes around 24-25 million tonnes of pulses, but sowing trends show this year production is expected to be lower compared to last year.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
The committee has been tasked to come up with policy measures to boost agriculture exports, raise growth in food processing, attract investments in modern market infrastructure, value chains and logistics.
Till June 30, the southwest monsoon was 33 per cent lower than normal, which is among the worst in the last five years, with 28 of the 36 meteorological divisions recording deficient rain.
A substantial fluctuation is likely because for a long period gold has moved in a narrow range of $ 50-60 and at higher levels short positions were built.
Around 40 per cent of the country is staring at drought-like conditions ahead of the monsoon as water levels have receded sharply.
If hallmarking data are anything to go by, the proportion of spurious jewellery in the country might have shrunk significantly in the past five years.
It would involve constructing over 125,000 kilometres of roads and would form part of the third phase of the Pradhan Mantri Gram Sadak Yojana.
Tuesday's meeting at the PM's residence, attended by all the five secretaries in the finance ministry besides top officials of other economic ministries and NITI Aayog, cleared a five-year vision plan for the government to make India a $5-trillion economy by 2024.
By June 14, the monsoon should have reached central India. But this year it hasn't even covered Karnataka properly or entered the Northeast.
First, the industry is hoping for brisk business, as, according to projections there will be normal monsoon. Secondly, it is relieved at the fall in import of cheap umbrellas from China which had dented the domestic market for several years.
The fear of price rise gained momentum after reports surfaced that the NAFED procured 50,000 tonnes of onion this season.
NITI Aayog has been working on an action plan to relieve rural distress and energise the agricultural sector
Fund houses have been barred from being net sellers or holding net short positions at the scheme level in commodities.
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