The removal of minimum export price (MEP) on basmati rice ahead of the kharif crop will benefit both farmers and exporters, said industry participants. The removal of trade barrier will help Indian exporters regain competitiveness in the overseas markets.
India's kharif crop sowing is progressing steadily, with farmers planting crops across 1,096.65 lakh hectares so far, as against 1,072.94 lakh hectares from last year
Union Home Minister Amit Shah emphasised the central government's decision to remove the minimum export price on onion and said that the government boosting exports to ensure farmers receive a fair price for their crops.
A rise in reservoir levels, coupled with improved sowing of kharif crops are expected to keep the supply-side concerns at bay for some time, the report prepared by the lender's research team said on Friday.
India's Kharif crop sowing is progressing steadily, with farmers planting crops across 1,087.33 lakh hectares so far, a 1.91 per cent increase, as against 1,066.89 lakh hectares from the same period last year.
Farmers in India have sown Kharif crops across 979.89 lakh hectares so far this year, as against 966.40 lakh hectares in the same period of last year, according to the latest data from the Agriculture Ministry.
The Haryana Cabinet which met under the Chairmanship of Chief Minister Nayab Singh Saini in Chandigarh on Thursday approved to give a bonus on Kharif crops in Haryana. With this decision, farmers will receive Rs 2000 per acre one-time bonus for all Kharif and Horticulture crops.
With La Nina getting precedence going ahead, excess rainfalls could result in crop loss and thus a negative impact on food prices, SBI Research report, authored by Soumya Kanti Ghosh, Group Chief Economic Advisor, said.
Commodity-wise, paddy, pulses, oilseeds, millets, and sugarcane sowing have been higher year-on-year. Sowing for cotton and jute/mesta has, on the other side, declined.
The data also highlights that paddy crop has the highest sown area, reaching 166.06 lakh hectares this season, up from 155.65 lakh hectares last year. This increase shows the continued prominence of paddy in India's agricultural landscape.