Food production in the current fiscal is likely to go down as sowing will be 20 per cent lower due to the weak monsoon, Finance Minister Pranab Mukherjee said today. Also, 161 districts have been declared drought-prone, he added.
However, indicating that this is unlikely to dampen the overall economic scenario, Mukherjee said he is in agreement with the Reserve Bank of India's growth projection six per cent and above for the current fiscal. Also, he is confident that the direct tax collection target of Rs 3.7 lakh crore will be surpassed for the current fiscal, he added.
Prime Minister Manmohan Singh yesterday met Commission for Agricultural Costs and Prices (CACP) Chairman Mahendra Dev, who apprised him about measures required to tackle the situation arising out of the deficient and delayed monsoon.
In the meeting, which follows Prime Minister Manmohan Singh's meet with Chief Secretaries, discussions were held on the drought situation, the right to food law and long-term policies to improve the farm sector.
Singh also met 13th Finance Commission Chairman Vijay Kelkar and Planning Commission Secretary Sudha Pillai yesterday and is believed to have discussed the drought situation in different parts of the country.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
