Page 3 - Agriculture Economy

Agri, allied sector to grow 3.5-4% in FY25: Shivraj Singh Chouhan

The country's agriculture and allied sector is expected to grow at 3.5-4 per cent in 2024-25, Agriculture Minister Shivraj Singh Chouhan said on Wednesday, marking a significant improvement from the 1.4 per cent rise recorded in FY24. In a New Year message posted on social media platform X, Chouhan expressed confidence in India's development trajectory under Prime Minister Narendra Modi's leadership, highlighting various rural welfare initiatives implemented in the past six months. "The New Year has brought good news that the growth rate of agriculture and allied sector is likely to be 3.5 to 4 per cent this year," Chouhan said. The minister emphasised ongoing efforts to ensure fair prices for farmers' produce and pointed to several rural development programmes, including housing for the poor, village road connectivity, skill development, and the Lakhpati Didi campaign aimed at improving rural livelihoods. He also highlighted the role of MNREGA (Mahatma Gandhi National Rural ...

Agritech sector to create 60-80K new jobs in next 5 years: TeamLease CSO

The agri-tech sector is expected to create 60,000-80,000 new employment opportunities over the next five years, a senior executive of TeamLease Services said. Agritech addresses every aspect of farming, from water irrigation advancements for seeds, fertilisers, and pesticides to offering access to advanced farm machinery and market linkages for selling produce, TeamLease Services Chief Strategy Officer Subburathinam P told PTI. The sector also empowers farmers with real-time advisory services, such as climatic forecasts, pest and disease predictions, and irrigation alerts, helping them make informed decisions in addition to bridging financial gaps by offering credit, insurance, and digital payment solutions as well, he noted. "The agritech sector in India employs approximately 1 lakh people across various roles, including technical, operational, and managerial positions. In the five years, the sector is expected to generate 60-80K new job opportunities. These will span across roles

Govt hikes crop insurance scheme allocation, subsidy for DAP fertiliser

Also, Rs 824.77 crore fund has been created to foster innovation and technology in the agriculture sector

Defunct PACS to wind up in 15 days after property transfer: Centre's SOP

The SOP was shared with all state Registrars of Cooperative Societies, with advice to modify it suitably and adopt

Drop in nano-urea sales has fertiliser companies holding their breath

Nano urea sales dropped by a steep 43.2 per cent in FY24 from the previous year, despite production capacity rising by almost 59 per cent in that period

Cabinet hikes copra MSP by upto Rs 420 to Rs 12,100 per quintal for 2025

The government on Friday announced an increase in the minimum support price (MSP) for copra by up to Rs 420 to Rs 12,100 per quintal for 2025 with a budget outlay of Rs 855 crore. A decision in this regard was taken by the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi. The MSP for 'milling copra' has been increased by Rs 420 to Rs 11,582 per quintal, while for 'ball copra' by Rs 100 to Rs 12,100 per quintal for 2025, Information and Broadcasting Minister Ashwini Vaishnaw told reporters. The total financial implication would be Rs 855 crore. Cooperative agencies Nafed and NCCF will be the central nodal agencies for the procurement of copra, he added.

Over 3.7 million farmer IDs created so far under 'AgriStack' project: Govt

The government on Tuesday informed Parliament that more than 37.17 lakh identity cards of farmers have been created so far as part of the AgriStack project. In a written reply to the Lok Sabha, Agriculture Minister Shivraj Singh Chouhan said the 'farmer ID' includes comprehensive and useful data on farmers' demographic details, land holdings, and crops sown, enabling farmers to digitally identify and authenticate them for accessing benefits and such as credit, insurance, procurement, etc. "As on December 11, 2024, a total of 37,17,709 Farmer IDs has been created," he said. He said even the Digital Crop Survey (DCS) has been undertaken in 436 districts in the kharif season of 2024. At present, Memorandum of Understanding (MoU) has been signed with 22 states and Union Territories for creation and implementation of the Digital Public Infrastructure for Agriculture. Chouhan said the government has consulted with states and other stakeholder ministries and financial institutions throug

Centre launches Rs 1,000 crore credit guarantee scheme for farmers

Union food minister Pralhad Joshi on Monday launched a Rs 1,000 crore credit guarantee scheme to help farmers easily access post-harvest loans by leveraging electronic warehouse receipts. The scheme aims to reduce banks' reluctance to lend against electronic negotiable warehouse receipts (e-NWRs) issued by Warehousing Development and Regulatory Authority (WDRA) registered repositories. "We have provided a corpus fund of Rs 1,000 crore. The objective is to encourage banks to lend loans with a liberal approach," the minister said at the scheme's launch. Food Secretary Sanjeev Chopra highlighted the significant potential for expansion, noting that current post-harvest lending stands at just Rs 40,000 crore out of total agricultural lending of Rs 21 lakh crore. Currently, lending against e-NWRs is a mere Rs 4,000 crore. "We are hoping that post-harvest lending will grow to Rs 5.5 lakh crore over the next 10 years," Chopra said, emphasising that the target is achievable with coordinated

Marketing reforms: India's agri-marketing system needs an upgrade

Agricultural reforms should, therefore, not remain limited to factor-market reforms, but should also include efforts to liberalise constraints to marketing

Agrochemical federation CCFI opposes patent evergreening for agrochemicals

The Crop Care Federation of India (CCFI) on Thursday urged the government to reject patent evergreening for agrochemicals, arguing that such a move would harm farmers and local manufacturers by creating monopolistic market conditions. The industry body criticised a newly formed government committee examining data protection provisions for agrochemicals, claiming it would unfairly benefit multinational corporations and importers at the expense of domestic producers. CCFI Chairman Deepak Shah, in a statement, said extending patent protections beyond the standard 20-year period would lead to overpricing and reduced accessibility for small and marginal farmers. "The government should protect the interest of domestic manufacturers and farmers," Shah stated. The federation highlighted that between 2010 and 2022, while 62 new pesticide molecules were patented in India, only 27 were commercially launched. Of the remaining 35 products, their patent periods have already expired. Citing a 20

Rising Rajasthan Summit 2024 features session on Agri-business innovations

On the second day of the 'Rising Rajasthan' Global Investment Summit 2024, a thematic session titled 'Agri-Business InnovationsThe session was attended by key dignitaries, including Shivraj Singh Chauhan, Minister of Agriculture and Farmers Welfare, Government of India, Bhajanlal Sharma, Chief Minister of Rajasthan, Kirodi Lal Meena, Minister for Agriculture, Government of Rajasthan, Joraram Kumawat, Minister, Animal Husbandry, Gopalan, Dairy & Devasthan, Government of Rajasthan, Gautam Kumar Dak, Minister of State of Cooperative & Civil Aviation, Government of Rajasthan.In his address, Chief Minister of Rajasthan, Bhajan Lal Sharma, said, "Under the guidance of Prime Minister Narendra Modi, the Rajasthan government has focused on addressing key challenges in water, irrigation, and power, which are vital not only for agriculture but also for industries and tourism.""In the near future, we will implement a comprehensive water management system to ensure reliable irrigation .

Centre's draft farm policy looks to restore state autonomy in agri-markets

Following the repeal of the 2021 farm laws, a new policy looks to pass the baton of enacting wide-ranging agricultural reforms to states, a position that they held earlier

Tracking the fields: Wheat sowing maintains momentum, mustard still down

Mustard acreage was down as farmers seem to be shifting towards other crops due to better returns

Retail inflation for farm workers eases to 5.96%, rural labourers to 6%

Retail inflation for farm workers and rural labourers eased to 5.96 per cent and 6 per cent, respectively, in October from 6.36 per cent and 6.39 per cent in September. The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) registered an increase of 11 points and 10 points, respectively, in October 2024, reaching levels of 1,315 and 1,326, a labour ministry statement said. According to the statement, the CPI-AL and CPI-RL were at 1,304 points and 1,316 points, respectively, in September 2024. "The year-on-year inflation rates based on CPI-AL and CPI-RL for the month of October 2024 were recorded at 5.96 per cent and 6.00 per cent, respectively, compared to 7.08 per cent and 6.92 per cent in October 2023. The corresponding figures for September 2024 were 6.36 per cent for CPI-AL and 6.39 per cent for CPI-RL," it said.

Natural farming in mission mode, but is it a workable alternative?

While the government is looking to push natural farming, which is different from organic farming, contrasting studies question the scalability and viability of the practice

ITC to increase FPOs to 4,000 in next 4 years linking one crore farmers

ITC is expanding its network of FPOs, further aiming to connect one crore farmers in the next 4-5 years and scaling up sourcing of fruits and vegetables through this platform, said its Agri Business Division CEO S Ganesh. ITC, present in around 22 states through FPOs (Farmer Producer Organizations) and working on 20 crops, has plans to expand and deepen it further in states including Madhya Pradesh, Rajasthan, Haryana, Punjab and Bihar. Besides, ITC is working on expanding the reach of its super app MAARS -- a phygital' initiative with FPOs through which it is providing personalised advisories to farmers from weather forecast to sales of crops at mandi prices, supply of seeds and fertiliser and services as soil testing to helping them get credit from banks. Through MAARS (Metamarket for Advanced Agriculture Rural Services), ITC is also enhancing agricultural practices to small farmers through technology aggregation, AI-enabled solutions, AgTech and an e-marketplace for commodities

Farmers are in distress, there is a need for introspection: V-P Dhankhar

He asserted that farmers are in distress and resorting to agitations, and this situation does not augur well for overall well-being of the country

Farm GVA recovers in Q2FY25 due to strong monsoon, shows govt data

Lays foundation for even better performance in coming quarters, opine experts

India's soil nutrient ratio improves marginally, but can it hold the line?

The main culprit for the degradation of the nitrogen-phosphorus-potassium ratio is the overuse of urea as a main fertiliser because of its low price, which has been static for almost a decade

UPL, CH4 Global partner to launch methane-reducing cattle feed in India

Agricultural solutions provider UPL and CH4 Global announced a strategic partnership on Thursday to distribute a seaweed-based feed supplement in five major markets, including India that could reduce cattle methane emissions by up to 90 per cent. The multi-year agreement targets India, Brazil, Argentina, Uruguay and Paraguay, which together account for more than 40 per cent of the global cattle population, the UPL said in a regulatory filing. The partnership will focus on distributing CH4 Global's Methane Tamer product, a feed supplement derived from Asparagopsis seaweed, through UPL's existing distribution networks and feed formulations. "Methane is almost thirty times as harmful for global warming than CO2," UPL Chairman and Group CEO Jai Shroff said. "Recent reports show the highest levels in 8,00,000 years, so its reduction must be our top priority." The initiative comes as the livestock industry faces increasing pressure to reduce its environmental impact. Enteric methane fro