Page 16 - Agriculture Economy

ISO raises forecast for size of global sugar deficit for current season

A Reuters poll of analysts and traders this month gave a median forecast of a small surplus of 500,000 tons in the 2023/24 season

Moderation in industrial growth, agri likely to drag down GDP growth in Q3

Meanwhile, services which are the major contributor to the Indian economy display an improvement in Q3, led by trade, hotels, transport and communication services

AISTA urges govt to extend sugar sale of February quota by two weeks

Trade body AISTA on Tuesday urged the government to extend the deadline of selling sugar of February quota by two weeks in March as millers were not able to sell their monthly allocated quota in the domestic market. At present, the government fixes a monthly quota for the sale of sugar in the domestic market. On average, about 21 lakh tonne quota is fixed for a monthly sale for mills. For the current month, the nodal food ministry has fixed 22 lakh tonnes for the sale of sugar for mills. Mills are required to sell at least 90 per cent of the monthly quota as per the stock holding limit order of the ministry. Speaking to PTI, All India Sugar Trade Association (AISTA) Chairman Praful Vithalani said the association has written a letter to Union Food Secretary Sanjeev Chopra sharing constraints faced by mills in selling the February quota of sugar. He said most sugar mills have not been able to complete their sales quota during the current month and "we have requested the Secretary to

Centre's 5-crop MSP proposal: Why Punjab farmers are reluctant to diversify

As Centre proposes purchase of alternative crops at MSP, a look at why Punjab farmers are reluctant to diversify

Economic growth likely slowed to 6.6% as agriculture lagged: Poll

Strong capital expenditure by the Indian government ahead of a national election due in May was a primary driver of growth in the previous few quarters

Highlights: Traffic affected at Delhi-UP borders due to farmers' stir

Farmers' protest highlights: Catch all the latest updates on the farmers' protest here

WTO meet: India to seek permanent solution to food security issues

India will strongly oppose a China-led proposal for an investment facilitation pact besides pressing for finding a permanent solution to public stock holding of grains for food security and protection of the interests of fishermen at the WTO ministerial meeting beginning Tuesday. The Indian delegation is led by Commerce and Industry Minister Piyush Goyal. The four-day 13th ministerial conference (MC13) will start on February 26 in Abu Dhabi, the United Arab Emirates (UAE). Trade ministers of 164 member countries of the World Trade Organisation (WTO) are meeting against the backdrop of the uncertain global economic situation due to the Red Sea crisis, the Ukraine-Russia war and the Israel-Hamas conflict. The key issue of India's interests at the meeting relates to finding a permanent solution for its minimum support price (MSP) issue for food security, agricultural reforms, fisheries subsidies, e-commerce moratorium on import duties, dispute settlement, and WTO reforms. *Food securi

PM inaugurates world's largest grain storage plan in cooperative sector

The power of cooperation has a huge role in strengthening the foundation of agriculture and farming and this has led to a separate Ministry for Cooperation

Arjun Munda calls for suggestions amid impasse between Centre, farmers

The Centre however expressed readiness for the fifth round of talks with the farmers while urging them to find a solution through 'dialogue'

Tractor sales drop by 4% in FY24, signalling rural economic trouble

Maharashtra recorded a 33% drop, Karnataka 21%, and Telangana 36% in tractor sales. This decline can be attributed to erratic weather conditions and insufficient rainfall

No impact of MSP turmoil on wheat buying: Food secy Sanjeev Chopra

The wheat procurement season usually starts from April 1 in most parts of the country but in the coming season the government has given freedom to the states to advance the purchase dates

Farmers' protest highlights: Noida farmers call off Feb 23 Delhi march

Farmers' protest march LIVE updates: Catch all the latest updates on the farmers' protest here

Govt allows onion exports to Bangladesh, Mauritius, Bahrain and Bhutan

Consumer Affairs Secretary said the decision has been taken following a recommendation from the external affairs ministry

Agri credit crosses Rs 20 trn till Jan in FY24, sharp jump from 2013-14

The Modi government has enhanced the institutional credit into the agriculture sector sharply in the last 10 years, with banks disbursing Rs 20.39 lakh crores during the April-January period of this fiscal as against Rs 7.3 lakh crore in the entire 2013-14, according to a senior official. In the Budget for 2023-24 fiscal, the government set an agriculture credit target at Rs 20 lakh crore. Banks have already breached the target and the number could cross Rs 22 lakh crore this fiscal. To ensure the availability of agriculture credit at a reduced interest rate of 7 per cent per annum to the farmers, the Union Agriculture Ministry implements an interest subvention scheme for short-term crop loans up to Rs 3 lakh. The scheme provides interest subvention of 2 per cent per annum to banks on the use of their resources. Moreover, an additional 3 per cent incentive is given to the farmers for prompt repayment of the loan, thereby reducing the effective rate of interest to 4 per ...

Govt should boost Green Revolution 2.0 for less water-intensive crops: GTRI

India needs to usher in Green Revolution 2.0 with a view to promote farming of less water-intensive crops such as pulses and oil seeds and discourage free power for the agri sector, economic think tank GTRI said on Thursday. There is a need to "promote less water-intensive crops like pulses, oil seeds, and vegetables that can significantly reduce water demand and the government can guarantee MSP (minimum support price) on these crops," the Global Trade Research Initiative (GTRI) report said. It said that awareness among farmers should be increased about adopting water-saving technologies such as drip irrigation, laser land levelling, training on water-efficient techniques and precision agriculture to improve water use efficiency. It also suggested ending free electricity for agriculture and introducing water pricing mechanisms that can discourage overuse and encourage conservation, besides educating farmers about the long-term consequences of unsustainable practices. These ...

Cabinet clears hike in sugarcane FRP by Rs 25 to Rs 340 per quintal

The government on Wednesday announced hiking the sugarcane FRP by Rs 25 to Rs 340 per quintal for the 2024-25 season starting October. Fair and Remunerative Price (FRP) is the minimum price that mills have to pay to sugarcane growers. The decision to increase the FRP of sugarcane was taken at the meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi. The Rs 25 per quintal hike is the highest by the Modi government and the move comes ahead of the general elections. Sugarcane is grown mainly in Maharashtra, Uttar Pradesh, and Karnataka. "Keeping in view interest of sugarcane farmers (GannaKisan), the Cabinet Committee on Economic Affairs has approved Fair and Remunerative Price (FRP) of sugarcane for sugar season 2024-25 (October - September) at Rs 340 per quintal for a basic recovery rate of 10.25 per cent," I&B Minister Anurag Thakur said at a media briefing. The FRP has been determined on the basis of recommendations of the ...

Onion prices fall by Rs 150 per quintal at Lasalgaon mandi in Nashik

Onion prices on Tuesday fell by Rs 150 per quintal at Lasalgaon mandi in Nashik district of Maharashtra after the government announcement that the ban on exports of the bulb will continue till March 31. Driven by reports of the lifting of the export ban on the commodity, the modal wholesale onion prices shot up 40.62 per cent to Rs 1,800 per quintal on February 19 in Lasalgaon, the country's largest wholesale onion market, from Rs 1,280 per quintal on February 17. However, on Tuesday the prices eased by Rs 150 per quintal to an average price of Rs 1,650 per quintal with 8,500 quintal onions auctioned. "The prices increased a bit last week, however, with no government resolution (GR) or announcement about the lifting of the ban on onion exports, these have stabilised," Lasalgaon APMC chairman Balasaheb Kshirsagar told PTI. Earlier in the day, Consumer Affairs Secretary Rohit Kumar Singh told PTI that the "ban on onion exports has not been lifted. It is in force and there is no chang

Farmers rejected offer as they understood govt's mischief: Congress

The Congress on Tuesday claimed that protesting farmers have rejected another "false offer" as they have understood the government's "mischief" and asserted it is committed to providing legal guarantee of the MSP and take other necessary steps to provide justice to the tillers. Congress leader Rahul Gandhi said the legal guarantee for MSP will not make the Indian farmers a burden on the budget but ensure they become the drivers of GDP growth. He claimed that "lies" are being spread that the MSP guarantee is not feasible under the government's budget. In a post in Hindi on X, Gandhi claimed that ever since the Congress resolved to provide legal guarantee for the Minimum Support Price (MSP), "Modi's propaganda machinery and media friendly to him have spread a barrage of lies on MSP". "Lie -- It is not feasible to provide legal guarantee for MSP in the budget of the government of India. Fact -- According to CRISIL, giving MSP to farmers in 2022-23 would have resulted in an additional

Farmers reject Centre's 5-year MSP proposal for pulses, maize, cotton

Farmers leaders on Monday rejected the Centre's proposal of buying pulses, maize and cotton at MSP by government agencies for five years, saying it was not in farmers' interest. A panel of three Union ministers -- Piyush Goyal, Arjun Munda and Nityanand Rai -- on Sunday gave the proposal to the farmers during the fourth round of talks in Chandigarh. On Monday, farmer leader Jagjit Singh Dallewal said, "After holding discussion (on the Centre's proposal) in our two forums, it has been decided that the Centre's proposal is not in the interest of farmers and we reject this proposal." After the fourth round of talks with the farmers on Sunday night, Union minister Piyush Goyal said, "Cooperative societies like the National Cooperative Consumers Federation and National Agricultural Cooperative Marketing Federation of India will enter into a contract with farmers who grow 'tur dal', 'urad dal', 'masoor dal' or maize for buying their crop at MSP for next five years." "There will be no lim

Rs 10 trn projects in UP: Urgent need to make farmers market-ready, says PM

His remarks are particularly significant given the ongoing protests by Punjab farmers, who are demanding a law guaranteeing the minimum support price (MSP) mechanism