Page 7 - Agriculture Economy

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

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