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.
With monsoon rainfall 16% below the long-period average, total sowing area is down by 7% at 56.7 million hectares so far this season.
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.
Deficient rains in west, flooding in north play havoc with crop cycles.
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.
With satisfactory progress of monsoon rainfalls prompting farmers to bring in additional area under basmati sowing, prices are set to fall lower going forward.
Large retailers are allegedly importing apparel made of Chinese fabric from Bangladesh at nil duty, under our free trade agreement with the latter country. However, the same agreement does not permit duty-free export from here.
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.
Meanwhile, retail jewellery sales in India have declined by 50 per cent since gold price started its uptrend nearly two weeks. Buyers deferred their fresh purchase amid expectations of a correction in gold prices from the current high level.
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.
Around 40 per cent of the country is staring at drought-like conditions ahead of the monsoon as water levels have receded sharply.
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.
Jewellery stores remained deserted as buyers deferred their non-essential purchases awaiting softness in gold prices.
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.
At an average national price of Rs 90 a kg in the retail market, it shows a jump by 20% in the last two months.
By June 14, the monsoon should have reached central India. But this year it hasn't even covered Karnataka properly or entered the Northeast.
Farmers in Maharashtra, Gujarat, Karnataka, Tamil Nadu and Telangana anticipate a sharp decline in vegetable output this year, due to sustained declines in the water table after consecutive years of below-average rain. Prices of vegetables are expected to stay high for the next four to six weeks.
Large stocks were ruined in transit due to thunderstorm and rainfalls in the north and the north-east states, resulting in fewer kilos of potatoes at mandis.
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