Page 13 - Agriculture Economy

Cabinet approves MSP for 14 Kharif crops, farmers to gain Rs 35,000 cr more

The government on Wednesday raised the minimum support price (MSP) for paddy by 5.35 per cent to Rs 2,300 per quintal for the 2024-25 kharif marketing season. The hike in paddy support price comes despite the government sitting on surplus rice stocks, but it is significant ahead of elections in states like Haryana, Maharashtra, Jharkhand, and Delhi. Announcing the MSP increase, Information and Broadcasting Minister Ashwini Vaishnaw said the cabinet has approved the minimum support prices for 14 kharif (summer) crops based on recommendations from the Commission for Agricultural Costs and Prices (CACP). The MSP for 'common' grade paddy has been raised Rs 117 to Rs 2,300 per quintal, while for the 'A' grade variety it has been hiked to Rs 2,320 per quintal for the upcoming kharif season, Vaishnaw told reporters. This is the first cabinet decision taken in Prime Minister Narendra Modi's third term in office, the minister said. Vaishnaw said the government had a clear policy decision t

IMD says monsoon at 20% deficit, heatwaves causing alarm for agriculture

The weather department is hoping that while the monsoon has weakened, it is expected to pick up again and potentially make up for the shortfall quickly

Highlights: BJP will break TDP, JDU if it fails to secure Lok Sabha speaker post, says Sanjay Raut

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Prices of tur, chana, urad dals to soften from July on good monsoon: Govt

Prices of tur, chana and urad dals are likely to soften from next month helped by expectations of a good monsoon and increased imports, Union Consumers Affairs Secretary Nidhi Khare said on Friday, stressing there is no need for panic. Imports of these three pulses will also increase from next month, she said adding this would help augment domestic supply. "Prices of tur, chana and urad dals have been stable in the last six months but at a high level. The price situation in moong and masoor dals is comfortable," Khare told reporters here. On June 13, the average retail price of chana dal was Rs 87.74 per kg, tur (arhar) Rs 160.75 per kg, urad Rs 126.67 per kg, moong Rs 118.9 per kg and masoor Rs 94.34 per kg. The consumer affairs department collects retail prices from 550 major consuming centres. "From July onwards, prices of tur, urad and chana are likely to soften," Khare said. The secretary noted that weather office has forecast normal monsoon rains. "We are expecting good mon

CSC, agriculture ministry sign MoU to convert 10,000 FPOs into CSCs

E-governance service provider CSC SPV and the Agriculture Ministry have signed a memorandum of understanding to convert 10,000 farmer producer organisations into common service centres, an official statement said on Friday. CSC SPV will enable them to provide the services that are available on the Digital Seva Portal. "An MoU between CSC SPV and Ministry of Agriculture & Farmers Welfare was signed here today to convert FPOs registered under 'Formation & Promotion of 10,000 FPOs scheme' into common service centres (CSCs) and help them to deliver citizen-centric services," the statement said. The training and capacity building of FPOs will be done by CSCs."It is a matter of immense pleasure that 10,000 FPOs will now function as Common Services Centres. With this initiative, more farmers who are associated with FPOs, will be able to avail the benefits of CSC services," CSC SPV, MD and CEO, Sanjay Rakesh said. With this initiative, the agriculture related services of CSC are ...

Global agricultural trade focuses on India policies post new govt formation

Prices of some farm commodities have softened from their peaks, with state agencies also cracking down on hoarding and selling some grains from state reserves

Agri GVA growth slowest in 5 years after poor rains last monsoon

In the last quarter of Fy-24, the sector grew by 1.1 per cent which was similar to the growth rate in the previous October to December quarter

MSPs ensured minimum return of 50% over production cost in 2023-24: RBI

The minimum support prices (MSPs) for both kharif and rabi seasons 2023-24 ensured a minimum return of 50 per cent over the cost of production for all crops, said the Reserve Bank's Annual Report released on Thursday. The overall public stock of foodgrains as on March 31, 2024 stood at 2.9 times the total quarterly buffer norm, the report said. On November 29, 2023, the government extended the scheme of free distribution of foodgrains under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for five more years, effective from January 1, 2024. The report, which is a statutory report of RBI's central board of directors, noted that the agriculture and allied activities faced headwinds from the uneven and deficient south-west monsoon (SWM) rainfall coinciding with strengthening El Nino conditions. The overall SWM rainfall in 2023 (June-September) was 6 per cent below long period average (LPA) at the all-India level. As per the second advance estimates, the production of kharif and r

Lok Sabha polls: Farmers may decide strike rate in Punjab powerplay

BJP candidates across the state facing repercussions of the two farmers' protests

Some WTO nations question India's $48 billion farm input subsidies

Some WTO members, including the US and the UK, have raised questions on India's USD 48 billion farm input subsidies for 2022-23, which according to New Delhi has increased due to inflation and rising costs of fertilisers, an official said. The issue was flagged by these members of the World Trade Organisation (WTO) during a meeting of the committee on agriculture on May 23-24. "India explained that the input subsidies are mainly for power, irrigation, and fertilizers and that the increase was due to inflation and rising costs of fertilizers. It insisted that the information had been duly notified to the WTO," the Geneva-based official said. The 166-member WTO is a global trade body. It also adjudicates trade disputes between the member countries. India has notified these numbers to the WTO in April. Under WTO rules of special and differential treatment, developing member countries are allowed to provide these subsidies to low-income or resource-poor farmers. "India's new notificat

The success story of fish farming

Composite fish farming has, over the years, witnessed some major modifications. One of its notable new versions is vertical fish culture

Wheat procurement tops last year's level; Madhya Pradesh sees big dip

In a statement, the government said 26.29 million tonnes (mt) of wheat has been procured for the Central pool which during the same period last year was 26.16 mt

Coromandel International launches 10 new products to boost crop yields

Agro-chemical firm Coromandel International on Friday introduced 10 new products, including patented ones, to boost crop yield and protect harvests from pests and diseases. The new products include an innovative neem-coated bio plant and soil health promoter and five generic formulations, offering comprehensive crop protection solutions for Indian farmers, the company said in a statement. Coromandel has partnered with Japan's ISK to launch Prachand, a patented product using Japanese technology to protect paddy crops from pests like stem borers and leaf folders that can cause up to 70 per cent yield losses. It has also developed a formulation to effectively combat fall armyworm, a highly destructive pest that damages up to 30 per cent of the corn crop annually in India. Two new patented fungicides aim to improve crop health and yields - one offers long-lasting control of sheath blight disease in rice, while the other provides both surface and systemic action against diseases in ...

Good food journey: How India can build on gains from the year of millets

Year of millets over, we need to dedicate a decade to these grains to build on the gains of 2023

Weather reports from satellites help India's farming innovation drive

The Indian government, which just relaxed foreign investment rules for the space sector, is leaning heavily into the use of satellite data to solve problems on the ground, with agriculture a key focus

Number of Agri startups jumps multifold to 7,000 in last 9 years: Report

The number of startups in agriculture and allied sectors has risen to over 7,000 in the last nine years due to a conducive business environment and government support, a report said. Before 2014-15, there were less than 50 startups in agriculture and allied sectors, according to a report titled 'Transformation of India's Agriculture' released by the Federation of All India Farmer Associations (FAIFA) on Wednesday. The Department of Agriculture & Farmers' Welfare (DA&FW) is implementing the 'Innovation and Agri-Entrepreneurship Development' programme under Rashtriya Krishi Vikas Yojana (RKVY) from 2018-19 to promote innovation and agri-entrepreneurship by providing financial support and nurturing an incubation ecosystem. Five Knowledge Partners (KPs) and 24 RKVY- Agribusiness Incubators (R-ABIs) have been appointed by the Department for incubation of startups and implementation of this programme across the country during 2018-19, which is sufficient to cater to current ...

Wheat stocks in govt warehouses at 16-year low after record state sale

At the start of the month wheat reserves in state stores totalled 26 million metric tons, down from 29 million metric tons in May 2023, according to the state-run Food Corporation of India

Escorts Kubota Q4 results: Net profit rises 16.37% to Rs 251.89 crore

Farm equipment and construction equipment firm, Escorts Kubota Ltd on Thursday reported a 16.37 per cent increase in consolidated net profit at Rs 251.89 crore in the fourth quarter ended March 31, 2024. The company had posted a profit of Rs 216.46 crore in the same quarter of the previous fiscal, Escorts Kubota said in a regulatory filing. Consolidated revenue from operations in the fourth quarter stood at Rs 2,093.53 crore as against Rs 2,214.48 crore in the year-ago period, it added. Tractor sales in the quarter were lower at 21,253 units as against 24,765 units in the corresponding period of the previous fiscal. Total expenses during the quarter were lower at Rs 1,881.11 crore as compared to Rs 2,023.32 crore in the same period a year ago. Construction equipment volume in Q4 was higher at 1,789 machines as compared to 1,530 machines in the year-ago period, the company said. The board of directors of the company has approved a dividend of Rs 18 per fully paid-up equity share o

Govt lifts ban on onion exports; imposes min export price of $550 per tonne

The government on Saturday lifted the ban on onion exports but imposed a minimum export price (MEP) of USD 550 per tonne. The decision assumes significance as the commodity is politically sensitive and general elections are going on in the country. "The export policy of onions is amended from prohibited to free subject to MEP of USD 550 per metric ton with immediate effect and until further orders," the directorate general of foreign trade (DGFT) said in a notification. Last night, the government imposed a 40 per cent duty on the export of onions. In August last year, India had imposed a 40 per cent export duty on onions up to December 31, 2023.

Rice prices at three-month low on shrinking demand, ample supplies

Vietnam's markets will be closed from Monday through Wednesday for national holidays