A pick-up in farmer income could have a cascading impact on the rural economy, though agriculture is becoming a smaller part of India's overall rural incomes.
A closer look at the data reveals that a lot of the items are not part of this calculation. The notable ones include buffalo meat, marine exports, raw cotton, and plantation crops such as tea, coffee, rubber, etc.
Skymet said the monsoon this year could be 100 per cent of the long period average (LPA) with a model error of plus and minus 5 per cent.
The monsoon rains have been 31 per cent below average up to July 2, Pawar told reporters in New Delhi.
The government is committed to taking all initiatives needed for the development of the agriculture sector and farmers' welfare, he said.
Home Minister Rajnath Singh said that the decision could cost the government roughly Rs 15,000 crore.
The decision, taken by the Cabinet Committee on Economic Affairs headed by Prime Minister Narendra Modi, comes less than a year before next general election.
If you are bullish on the consumption theme, consider specialised mutual funds that focus on this theme. Remember that such sectoral mutual funds should not make up more than 5% to 10% of your equity portfolio.
FCI's suspension of tur under MSP is likely to force farmers to undergo distress sales of the commodity.
The monsoon this year in India was likely to be 'below normal' at 95% of LPA: Skymet
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
Allegations abound that traders milked the scheme to artificially keep prices down, while a significant amount of growers didn't even register owing to multiple difficulties in registration and were deprived of the payout.
Pranab Mukherjee on Thursday said that though the exact impact of the drought on the Kharif crop would be known only when the harvesting begins, there is every possibility of a shortfall of 15-20 percent.
Diseases caused by unseasonal rains have ruined almost 70 per cent of the kharif onion crop in Maharashtra this year, which is responsible for the nationwide shortage of the commodity, a senior ICAR official said on Thursday.
If more commodities which have seen a sharp rise in MSP are to be procured, such as pulses, oilseed and cereals, there could be a storage problem. Also, if state-owned Cotton Corporation of India joins in, this problem will aggravate.
Skymet lowered its full season monsoon forecast to 'below normal' from 'normal', while the IMD is sticking to its earlier forecast that rains in June to September of 2018 would be 'normal' at 97 per cent of the LPA with a model error of +/-5 per cent.
The well-irrigated states of Punjab, Haryana, Karnataka, western Uttar Pradesh and coastal states such as Odisha are, for the first time, feeling the effects of a poor monsoon.
Progress on monsoons along with favourable base effect in 2HFY2017 continues to point towards RBI achieving its near 5 per cent inflation target by the year-end
Price of ladies finger shot up staggering 236% at Vashi wholesale market last month.
The new MSP would worsen, rather than rectify, the two most pressing problems of Indian agriculture: Wastage of water from all sources and a tendency towards monocropping, says Shreekant Sambrani. On the other hand, a simple-minded recourse to them without a host of supporting measures could well exacerbate not just agriculture, but the overall economy as well, says Shreekant Sambrani.
Twelve of the 36 meteorological subdivisions recorded deficient rainfall, while the rest witnessed normal to excess rain. In total, 38 per cent of the 662 districts received below-normal rain.
Bajaj Auto was the top gainer in the Sensex pack, surging 3.95 per cent followed by Maruti Suzuki at 2.69 per cent.
The wholesale price index inflation is projected at 6.4 per cent for 2017-18.
Monsoon is likely to be 96 per cent of the long period average
The impact of weak monsoon so far this year on India's farm production and economy is likely to be limited, the central bank said, as rainfall levels have improved considerably over the past one month.
NCIPM's awareness-cum-surveillance project helped reduce the pest-infected area in Maharashtra by 67 per cent.
At a press conference after a meeting of the party's senior leaders, K C Venugopal said the Congress will also launch a massive signature campaign in which it aims to collect two crore signatures from farmers and the poor people against farm bills.
55% of cultivable land still doesn't come under irrigation.
The employment that is returning is mostly essential services required by Indian households. Most urban Indian households cannot function without a retinue of maids, cooks, drivers, cleaners, notes Mahesh Vyas.
The El Nino risks for this year is rising in India and it could result in sub-par rains, says a report.
Mayurbhanj district has been the worst hit where a total of 2442 villages under 18 blocks have reported a crop loss of more than 50 per cent. Next is Sundergarh district where 1656 villages under 17 blocks have suffered a crop loss of more than 50 per cent.
According to the GDP data released by the Central Statistical Organisation on Tuesday, the country's farm sector grew by 2.5 per cent and 4.4 per cent each in the first two quarters of the current fiscal, against 1.9 per cent and 0.9 per cent, respectively, in the same period last year.
Kerala, Andhra, Tamil Nadu and Kerala are facing a severe drought this year, affecting livelihoods as well as lives.
The prime minister's Economic Advisory Council had said inflation would be at 7-8 per cent by the year-end, compared with 10.55 per cent in June.
This is the second consecutive week when food inflation has declined. On annual basis, potato prices eased by 49.69 per cent and onions became cheaper by 6.93 per cent.
According to the first advance estimate released by the ministry last month, rice production was projected to rise to 80.41 million tonnes in Kharif season of 2010-11 crop year (July-June) against 75.91 million tonnes in the last Kharif.
The evolution of Bt created additional value worth Rs 40,000 crore until 2008.
'I am sceptical of the Indian economy returning to a sustained high-growth trajectory any time soon'
Prime Minister Dr Manmohan Singh will meet the chief secretaries of all states in New Delhi on Saturday to discuss the drought-like situation in the country.The meeting will be attended by Agriculture Minister Sharad Pawar and Cabinet Secretary K M Chandrasekhar. Issues like the status of monsoon, the sowing operation in the ongoing kharif season and the availability of vital farm inputs like seeds, fertilisers, water and electricity will be reviewed.
According to state government sources in Gujarat, cotton sowing was only 9,339 hectares or 0.37% of the normal three-year average sowing in the first week of this month
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