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.
Despite rainfall remaining 2 per cent below the LPA, as of July 15, the overall sown area of Kharif crops has improved by 10.3 per cent as compared to last year. A report by Bank of Baroda research says the overall cumulative rainfall this year remains marginally on the lower side so far at
Farmers in India have sown Kharif crops across 575.13 lakh hectares so far this year, as against 521.25 lakh hectares in the same period of last year, according to the latest data from the Agriculture Ministry.
After the retail inflation data showed that food inflation in June almost doubled year-on-year to 8.3 percent, economic experts are optimistic that food inflation will decrease in the coming months.
The central government is trying to achieve self-sufficiency in the production of pulses in the country, highlighted Union Minister Shivraj Singh Chouhan during his review meeting of Kharif Crops in Delhi.
According to the Ministry of Consumer Affairs, Food and Public Distribution, this positive trend is supported by good rainfall, which has significantly enhanced the sowing area for Urad. As of July 5, the area sown for Urad reached 5.37 lakh hectares, a notable increase from 3.67 lakh hectar
According to a press release by the Ministry of Consumer Affairs, Food and Public Distribution, this increase comes amidst a favourable monsoon season and timely rains that have boosted the prospects for several kharif crops, including onions, tomatoes, and potatoes.
The Food Corporation of India (FCI) has procured 266 lakh metric tonnes (LMT) of wheat during the current Rabi Marketing Season (RMS) 2024-25. Last year, FCI procured 262 LMT of wheat during the same season.
After the Cabinet approved the Minimum Support Price (MSP) for 14 Kharif crops on Wednesday, Madhya Pradesh Chief Minister Mohan Kumar Yadav referred to it as an example of Prime Minister Narendra Modi's action matches his words.
Prime Minister Narendra Modi on Wednesday lauded the Union Cabinet's decisions to increase the Minimum Support Price (MSP) on 14 Kharif crops and the development of Lal Bahadur Shastri International Airport, Varanasi.