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.
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.
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.
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
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.
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.
Monsoon is likely to be 96 per cent of the long period average
Bajaj Auto was the top gainer in the Sensex pack, surging 3.95 per cent followed by Maruti Suzuki at 2.69 per cent.
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.
The wholesale price index inflation is projected at 6.4 per cent for 2017-18.
Price of ladies finger shot up staggering 236% at Vashi wholesale market last month.
'I am sceptical of the Indian economy returning to a sustained high-growth trajectory any time soon'
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.
55% of cultivable land still doesn't come under irrigation.
NCIPM's awareness-cum-surveillance project helped reduce the pest-infected area in Maharashtra by 67 per cent.
The finance ministry on Tuesday cited "green shoots" of recovery in agriculture, manufacturing and services sectors, and said the prompt policy measures taken by the government and RBI have helped reinvigorate the economy with minimal damage. Stating that the agricultural sector remains the foundation of the Indian economy, the ministry said that a normal monsoon, as has been forecast, should support the rebooting of economy.
Kerala, Andhra, Tamil Nadu and Kerala are facing a severe drought this year, affecting livelihoods as well as lives.
The El Nino risks for this year is rising in India and it could result in sub-par rains, says a report.
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
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.
The services sector, which plays the biggest role in shaping the economy, is facing loads of issues currently. The largest segments, financial and real estate, are struggling to cope with bad debts and low demand for houses.
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.
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.
The Budget allocation for Ministry of Agriculture and allied activities has grown by 114% since 2010-11
The committee would submit its report in the next two weeks.
That day is not very far when farmers will get double their present income, says PM.
Rajan said that demand needs to be reduced without having severe effects on investment and supply.
Planning Commission Member Abhijit Sen on Wednesday said food inflation is expected to decline to 4 to 5 per cent by November from the current over 16 per cent after the arrival of Kharif (summer) crops.
Food inflation, which has declined 7 weeks in a row, was at 10.15 per cent for the week ended November 13.
he government is examining a plan of bank recapitalisation and considering an urban version of MNREGS.
The southwest monsoon season was deficient by 16 per cent.
The overall deficiency in the cumulative monsoon rainfall since the beginning of the season has shrunk from about 46 per cent in the end of June to 24 per cent by July 16. The key agricultural belt of north-western India is still facing about 44 per cent rainfall deficiency, though there have been some welcome showers throughout the region in the past couple of weeks. The north-eastern region is also facing about 40 per cent rain deficieny.
Cabinet sub-committee to review the situation and take necessary steps.
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