Page 15 - Agriculture Economy

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

BJP's road ahead to fulfill agri promises in 2024 election manifesto

Significant progress has been made in the production, yields and the cultivation area of pulse and oilseed between FY19 and FY23

Agri exports fall 9% during Apr-Feb 2024 due to global, domestic factors

The country's agriculture exports declined by 8.8 per cent to USD 43.7 billion during April-February period of 2023-24 fiscal due to factors like the Red Sea crisis, Russia-Ukraine war, and domestic restrictions imposed on critical items like rice, wheat, sugar and onion. According to the data of the commerce ministry, the exports stood at USD 47.9 billion in April-February 2022-23. India's agricultural GDP also witnessed a significant deceleration, growing by only 0.7 per cent in 2023-24, down from 4.7 per cent in 2022-23. The data also showed that exports of the 719 scheduled agri products in the APEDA basket declined by 6.85 per cent to 22.4 billion during the 11-month period of the last fiscal as against USD 24 billion in April-February 2022-23. The export ban and restrictions on commodities like rice, wheat, sugar and onion have hit agri exports of about USD 5-6 billion in the last fiscal, an official said. However, among 24 principal commodities (in APEDA basket), 17 have ..

Action plans for 20 agri products to boost exports likely in 3-4 months

The government is formulating action plans for as many as 20 agricultural products including banana, mangoes, potato and baby corn with a view to further boost export of these commodities, a senior official said on Tuesday. The action for each of these products is likely to be ready in the next 3-4 months, Additional Secretary in the department of commerce Rajesh Agarwal said. He said that the action plan will be discussed with all the stakeholders including states for further action. These commodities hold huge potential to further increase exports as there is a good production of these items with high quality standards and they are completive in the global markets. "We have identified 20 products. At present, India's share is low in global exports. We are working on a detailed action for all these products," Agarwal added. India's share is about 2.5 per cent in the global exports and the aim is to increase it to about 4-5 per cent in the coming years. These commodities include

Centre plans to extend PMSBY claims deadline for informal workers

Between August 2021 and March 2022, close to 270 million workers had registered on the e-Shram portal

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

The government has buffer and strategic reserve norms that mandate holding wheat stocks at or above 7.46 million tons on April 1

New govt may kick off pesticide, seed reforms in agriculture sector

The industry wants reforms in the Central Insecticides Laboratory (CIL) as well to cut down on pending lists and time taken for clearance of new applications

No reports of impact of rains on wheat, other crops: Agri ministry

Late sown wheat crop, sown in 15 per cent of the total area of 34.15 million hectare this year, will be ready for harvest in a week's time. This crop has physiologically matured

India likely to experience above-normal rainfall this monsoon: IMD

India is likely to experience above-normal cumulative rainfall in the 2024 monsoon season with La Nina conditions likely to set in by August-September, the IMD has said on Monday. However, normal cumulative rainfall does not guarantee uniform temporal and spatial distribution of rain across the country, with climate change further increasing the variability of the rain-bearing system. Climate scientists say the number of rainy days is declining while heavy rain events (more rain over a short period) are increasing, leading to frequent droughts and floods. Based on data between 1951-2023, India experienced above-normal rainfall in the monsoon season on nine occasions when La Nina followed an El Nino event, India Meteorological Department chief Mrutyunjay Mohapatra told a press conference here. India is likely to see above-normal rainfall in the four-month monsoon season (June to September) with cumulative rainfall rainfall estimated at 106 percent of the long-period average (87 cm),

Arya.ag FY24 results: Profit up 37% at Rs 17 cr despite weather challenges

Agri-tech platform Arya.ag on Monday posted 37 per cent rise in net profit at Rs 17 crore for 2023-24 despite weather-related hurdles and challenges posed by policy changes. The company had reported a net profit of Rs 12.4 crore in 2022-23. Net revenue increased to Rs 360 crore during 2023-24 from Rs 297 crore in the previous year, the company said in a statement. The platform facilitated Rs 22,796 crore worth of commodities, disbursed Rs 12,895 crore with nearly zero NPAs, and enabled commerce worth Rs 4,523 crore during 2023-24, it said. "In a year fraught with policy changes and weather-related hurdles, Arya.ag has not only weathered the storm but thrived, posting impressive financial results for fiscal year 2023-24," it added. In the coming financial year, Arya.ag said,"Given the climate-induced stress in agriculture, we will work with farmers, Farmers Producer Organisations (FPOs) and climate champions' to build trust, optimise resource allocation, and minimise adverse ...

BJP manifesto promises 30 mn houses, empowerment of women and farmers

MSP to be hiked periodically, PM-KISAN disbursements to continue

Supported BJP in 2014, but it didn't live up to expectations: Naresh Tikait

Farmer leader Naresh Tikait says his Bharatiya Kisan Union (BKU) openly supported the BJP in the 2014 Lok Sabha polls, but the party did not live up to their expectations after coming to power. Tikait lamented that the Bharatiya Janata Party-led Centre did not acknowledge the "martyrdom" of around 750 farmers during a 13-month-long protest at Delhi's borders in 2020-21 and claimed that the saffron party "reeks of dictatorship". However, Tikait, the "Chaudhary" of the Balyan Khap of the influential Jat community in western Uttar Pradesh and Haryana, said the BKU members are open to supporting any party's candidates in the upcoming Lok Sabha polls. The BKU, part of the Samyukta Kisan Morcha (SKM),? an umbrella body of farmers' unions, had participated in the major protests against the Centre in 2020-21 over the now-repealed agri-marketing laws. "The Bharatiya Kisan Union is a big organisation where every member has some relation or link with one or the other party. Some are relatives

Top US trade mission to visit India to explore agribusiness sector

A high-powered trade delegation will visit India later this month to explore opportunities in the country's agribusiness sector. "India represents a growth economy for the US agribusinesses seeking to capture an increasing share of the household food purchases in the fifth-largest economy in the world," said Under Secretary of Agriculture for Trade and Foreign Agricultural Affair Alexis Taylor. From April 22 to 25, Taylor will lead a US Department of Agriculture (USDA) agribusiness trade mission to Delhi. "India's rising middle-class consumers' familiarity with American food products and increased purchasing power is a real opportunity for US producers," Taylor said. "This along with the Indian consumers' trusted view of American food and agricultural products as high-quality has contributed to an 11 per cent growth in the US agricultural-related exports to India over the past two years," she said. While on the trade mission, participants will engage in targeted business-to-busine

Addressing zinc shortage to boost agricultural quality, soil health

Zinc content of crops increases crop yields and improves the quality of products

India moved fewer people to non-agri jobs than most neighbouring nations

Change in employment ratio is also worse than its key peers

Centre starts chana procurement at MSP for maintaining buffer stock

The Centre on Tuesday said it has started procuring chana (gram) from farmers at a Minimum Support Price (MSP) for maintaining the buffer stock to check prices and meet the demand of those states which want to distribute under their welfare schemes. Speaking to reporters, Consumer Affairs Secretary Nidhi Khare said the agriculture ministry has indicated chana yields are intact and there is "no concern about production as of now." Meanwhile, states have been directed to make sure traders, importers, and millers declare their stock position of pulses effective from April 15 in a bid to check hoarding and contain price rise, she said. The Consumer Affairs Department has called a meeting on Wednesday to discuss with importers, traders, customs, and state officials on the issue of imported pulses lying at customs, she added. The MSP for chana for the 2024-25 rabi marketing season is Rs 5,440 per quintal. "With the increase in the arrival of chana crop, mandi prices have softened and ..