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| Kharif production could be affected, says RBI |
| Press Trust of India / Mumbai Jul 27, 2009, 21:01 IST |
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The Reserve Bank of India (RBI) today said kharif production, which accounts for about 57 per cent of overall farm output, could be adversely affected by below normal monsoon till June-end, particularly major crops such as rice, tur, urad, maize and soyabean which are dependent on rain.
The delayed progress of the south-west monsoon and the associated deficient rainfall in June has dampened the prospects for agriculture production, RBI said in its Macroeconomic and Monetary Developments First Quarter Review 2009-10.
However, rainfall in July so far has been relatively good and the improved sowing position as on July 17 indicates that sowing of most pulses, oilseeds and coarse cereals are close to last year's levels.
Paddy sowing is, however, still substantially below last year's, RBI said.
According to the data released by the Ministry of Agriculture, paddy acreage declined by 21 per cent to 114.63 lakh hectare (LH) till July 17, compared with against 145.21 LH in the year-ago period.
Last fiscal, the lower kharif output was made good by rabi output and as a result the overall farm production exhibited a turnaround in the fourth quarter of the year.
The Reserve Bank said the procurement of foodgrain (rice and wheat) up to July 13 was higher than that in the year-ago period. The offtake too up to April 30 was higher as compared to the year-ago period, the apex bank said.
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