Page 21 - Agriculture Economy

Govt may increase agri-credit target to Rs 22-25 trn in interim Budget

The government is likely to announce in the upcoming interim Budget a substantial increase in the agricultural credit target to Rs 22-25 lakh crore for the next fiscal and ensure every eligible farmer has access to institutional credit, according to sources. The government's agri-credit target is Rs 20 lakh crore for the current fiscal. Currently, the government provides interest subvention of two per cent on short term agri-loans of up to Rs 3 lakh for all financial institutions. This means farmers are getting a farm loan of up to Rs 3 lakh at a concessional rate of 7 per cent per annum. An additional interest subvention of 3 per cent per annum is also being provided to farmers who repay on time. Farmers can also avail long term loans but interest rate is as per the market rate. For the 2024-25 fiscal, there could be a sharp increase in the agri-credit target to Rs 22-25 lakh crore, sources said. According to the sources, there is more focus on agri-credit and the government is .

Farmers made huge contributions to make India 5th largest economy: VP

Vice President Jagdeep Dhankhar on Saturday said farmers have made an immense contribution to make India the fifth largest economy in the world. Addressing the 38th Foundation Day programme of the Indira Gandhi Krishi Vishwavidyalaya in Raipur, he said farming is not just a means of livelihood but also a driving factor for economy and social development. "By implementing modern technologies in agriculture, the goal of ensuring food security and making India a developed nation by 2047 can be achieved," the Vice President said. He said India is developing rapidly and the contribution of youths will further accelerate the pace. Dhankhar stressed the need to use modern technology in farming. He urged students and scientists to share their knowledge with farmers and encourage them to utilise available resources. "Chhattisgarh has a rich agricultural heritage. The state is witnessing an exciting era of innovation in the field of agri technology," Dhankhar said. During the program, he .

Wheat sown area crosses 34 mn hectares, pulses coverage lags: Govt data

The total area sown to wheat has crossed 340 lakh hectares in the current rabi season of the 2023-24 crop year (July-June), but pulses coverage remained lower, according to the agriculture ministry data released on Friday. The sowing of wheat, the main rabi (winter) crop, that began in October has been completed. Uttar Pradesh, Madhya Pradesh, and Punjab are the top three states having the maximum area under wheat coverage. As per the ministry's latest data, wheat has been sown in 340.08 lakh hectare as on January 19 of the ongoing rabi season, as against 337.50 lakh hectares in the year-ago period. While area sown to coarse cereals and oilseeds remained higher than the previous year, the coverage of pulses and paddy was down in this rabi season. Pulses have been sown in 155.13 lakh hectares in 2023-24 rabi season, down from 162.66 lakh hectares in the previous year. Area under gram, urad and moong remained lower, the data showed. However, lentil (masur) area is higher at 19.51 l

Wheat production likely to be good this year: Agri Minister Arjun Munda

The country's wheat production is expected to be good this year amid higher coverage, according to Agriculture Minister Arjun Munda. The sowing of wheat, the main rabi (winter) crop, that began in October has been completed. Uttar Pradesh, Madhya Pradesh, and Punjab are the top three states having the maximum area under wheat coverage. "As per the sowing data, wheat has been covered in more area and we expect good production this year," Munda told PTI. As per the ministry's data, the total acreage under the wheat crop remained higher at 336.96 lakh hectares till the last week of the current rabi season of the 2023-24 crop year (July-June), as against 335.67 lakh hectares in the year-ago period. On January 3, Food Corporation of India Chairman and Managing Director Ashok K Meena indicated that the country could achieve a new record in wheat production at 114 million tonnes in the ongoing 2023-24 crop year provided weather conditions remain normal. Wheat production stood at a record

India to push for public stockholding of food grains at WTO MC13

The official said that developed countries have demanded discussion on export restrictions-on items such as wheat-imposed by India

India estimated to have harvested 355.35 MT horticulture crops in 2022-23

The country is estimated to have harvested 355.35 million tonnes of horticulture crops in the 2022-23 crop year, about 8.07 million tonnes more than the previous year, as per agriculture ministry data released on Thursday. The ministry has come out with the third production estimate after the harvesting of the 2022-23 horticulture crops. Agriculture Minister Arjun Munda said despite challenges surrounding climate change, horticulture production has gone up, thanks to efforts of farmers and agri-scientists. As per the third estimate released by the ministry, total production of horticulture crops has increased 2.32 per cent (8.07 million tonne) to 355.25 million tonnes in the 2022-23 crop year -- July-June -- from 347.18 million tonnes in the previous year. Of the total horticulture production, fruits production rose to 109.53 million tonne in 2022-23 from 107.51 million tonne in the previous year. Vegetable production, too, increased to 213.88 million tonnes in 2022-23 from 209.14

China expands imports, planting approvals of additional gene-modified crops

The agriculture ministry approved the domestic production of six more varieties of genetically modified corn, two of soybeans and one of cotton, and another two of gene-edited soybeans

India's corn exports plunge as domestic prices rally on strong demand

India usually exports around 250,000 to 300,000 metric tons of corn every month but in December its exports fell to around 30,000 tons

Supreme Court reserves order on environmental release of GM mustard

The Supreme Court on Thursday reserved its order on a pleas seeking moratorium on release of genetically modified organisms (GMOs) into the environment. A bench of Justices BV Nagarathna and Sanjay Karol heard submissions from Attorney General R Venkataramani, Solicior General Tushar Mehta and advocates Prashant Bhushan and senior advocate Sanjay Parikh. The top court directed the parties to file written submissions by January 22. Observing that the issue of genetically modified crops is very technical and scientific, the top court on Wednesday had said it will decide a plea on environmental release of GM mustard on the basis of what is good for the country,. The apex court had earlier questioned the Centre about why reports of the court-appointed Technical Experts Committee (TEC) on biosafety of genetically modified (GM) crops were not looked into by the Genetic Engineering Appraisal Committee (GEAC). It asked Attorney General R Venkataramani, appearing for the Centre, whether th

Govt can look at taxing rich farmers, says MPC member Ashima Goyal

Having taken care of poor farmers by transferring funds into their accounts, the government can contemplate imposing income tax on rich farmers to bring about fairness in the taxation structure, Reserve Bank Monetary Policy Committee (MPC) member Ashima Goyal has said. Finance Minister Nirmala Sitharaman will present the interim Budget on February 1 in the Lok Sabha. "Government transfer payments to farmers are like a negative income tax. Along with that, a positive income tax can be applied for rich farmers as part of a movement to a data-rich system with low tax-rates and minimum exemptions," Goyal told PTI. She was responding to a query on whether agriculture income should be taxed in India. Asked if coalition governments or single-party regimes produced better economic growth rates, the eminent economist said growth rates depend on many things, but in judging a government it is also necessary to see what growth rate they inherited and what they left the country with. "Coalitio

Crop-killing weeds spread across US farms as chemicals lose effectiveness

Farmers say their losing battle with weeds threatens grain and oilseed harvests at a time when growers are grappling with inflation and extreme weather linked to climate change

Masur production may touch record 1.6 mn tons this Rabi season: Govt

The country's masur (lentil) production is estimated to touch an all-time high of 1.6 million tonnes in the 2023-24 rabi season on higher acreage, according to Consumer Affairs Secretary Rohit Kumar Singh. Masur production stood at 1.55 million tonnes in the 2022-23 rabi season, as per the official data. Despite being the world's largest producer and consumer of pulses, India imports certain pulses, including masur and tur, to meet domestic shortages. "This year, masur production is going to be at an all-time high. Our masur production will be the highest in the world. The acreage has increased. The dynamic is changing," Singh said at an event organised by the Global Pulse Confederation (GPC) on Friday. In the ongoing rabi season, more area has been brought under the masur crop. The total masur acreage has increased to 1.94 million hectare as of January 12 in the ongoing rabi season, when compared to 1.83 million hectare in the year-ago period, according to the agriculture ministry

India set to become largest lentil producer in 2023-24 crop yr: Official

Says pitching for self-sufficiency in pulses, but imports will have to continue for sometime

Govt eyes doubling cash handout for women farmers ahead of Lok Sabha polls

The plan is likely to be announced in the budget on Feb. 1 and could cost the government an additional Rs 12,000 crore, said two of sources, all of whom declined to be named discussing budget proposal

Jeera prices halve after sowing increases on 2023 hopes, shows data

Experts are saying the slump could be due to expectations of a bumper crop this year. Farmers had sown the crop in a larger area after prices hit multi-year highs last year

Govt wants current generations ṭo not face issues that earlier ones did: PM

Prime Minister Narendra Modi on Monday said his government wants to get a large part of the population out of the struggle for small daily needs so that the present and future generations don't face the problems experienced by earlier generations. Asserting that the Viksit Bharat Sankalp Yatra has not only become the journey of a government but of the country, he said when the poor, farmers, women and youth are empowered, the nation will become powerful. Addressing the Yatra in various parts of the country via video conferencing, the prime minister said that under earlier governments, the scope of discussions on agricultural policy was only limited to production and sale, neglecting the various issues faced by farmers daily. "Our government has made all-out efforts to ease every difficulty of the farmers," Modi said. In his remarks, Prime Minister Modi also talked about the transfer of at least Rs 30,000 to every farmer through PM Kisan Samman Nidhi, promotion of cooperation in ...

ATM agriculture requires imagination

In this agriculture, conventional science is turned upside down

Agri growth pegged at 7-year low of 1.8% in FY24 due to poor Kharif harvest

However, some experts said the GVA numbers could stand to be revised as the initial estimates are based on extrapolation of figures for five-six months and a final picture will emerge only around Feb

The Red Sea conflict: Agri, textile exporters hold back shipments

The cost of freight and insurance has risen due to ships being compelled to avoid the region and take a longer route around the Cape of Good Hope

Rajasthan farmers rejoice at cold weather, say it's a boon for rabi crops

Commodity traders also feel that the production of Rabi crops will increase due to severe cold conditions