Given the consistent increase in the agricultural market size in the last five years (about $300 billion in 2018), it is essential to set up an exclusive agri-business bank, along the lines of those in China, the Philippines and other countries.
Indian tea sector has estimated loss of Rs 2,100 crore in Assam and Bengal due to lockdown. This is based on the price recovered in 2019 North India tea auctions. These two north Indian tea producing states contribute over 80% to India's national yield. The plantation sector has requested government for a multidirectional financial package to come out of the crisis.
The virtual interactions are not on large scale and are conducted for batches of 50-100 farmers at one time. “This is very beneficial as we are able to engage only with potential buyers,” added Pandey.
Indian consumers are willing to pay a premium to get hygienic and nutritional daily essentials, prompting exporters of horticulture produce to draw strategies for the domestic market.
The CAI has reduced its cotton crop estimate for 2019-20 to 330 lakh bales of 170 kgs. each as against 354.50 lakh bales estimated by it earlier. The cotton crop finalised by the CAI for the last year i.e. for the crop year 2018-19 was 312.00 lakh bales of 170 kgs. each.
The Commission for Agricultural Costs and Prices (CACP) has recommended higher support prices for 17 summer-sown, or kharif, crops. The cabinet will consider the proposed new rates, officials said.
The super cyclone left important mango producing zones in Murshidabad or Malda out of exact central core of the cyclonic whirl. But the region remained very much within the few hundred km wide deep impact zone of the storm. Among these major mango producing districts, Malda alone produces over 2 million ton heavily contributing to India's national yield of 22 mt.
The prices are likely to remain weak till mid-June, industry insiders said, citing continued transportation issues with many state borders sealed, preventing traders from travelling to other states to make wholesale purchases.
Giving update on sowing operations for kharif (summer sown) crops, the ministry said about 34.87 lakh hectares area has been covered so far under paddy as compared with 25.29 lakh hectares during the corresponding period last year.
The fund has been made available through the Price Stabilisation Fund (PSF) operated by the consumer affairs ministry. Under the PSF, commodities are purchased at market prices. The government has set a procurement target of 50,000 tonnes of onion, 5.5 lakh tonnes of tur dal and 1.5 lakh tonnes of masoor dal for the buffer stock purpose.
Addressing the media on Friday RBI Governor Shaktikanta Das said, "There is a ray of hope from the normal monsoon. Kharif sowing is at a high. These developments would improve farm income and encourage trade.”
“A deeper engagement between the farmers and food processors or retailers helps in guiding the farmers align the crop varieties, quality, farm management practices etc with what the market wants,” said S Sivakumar, head, Agri & Tech, ITC Limited.
Locust swarms from Pakistan have entered Rajasthan, Punjab, Haryana and Madhya Pradesh threatening major damage to standing cotton crops and vegetables over more than 200,000 hectare. These states have sought immediate help from the Centre.
The inauguration, which coincided with former prime minister Rajiv Gandhi's death anniversary, was held here at Baghel's official residence and attended by Rahul Gandhi and other central Congress leaders thorough video conference.
Already shattered by CoVID 19 lockdown, mango trade in West Bengal is about to have another jolt of devastation due to approaching super cyclone Amphan. After the landfall this evening near Kolkata, Amphan is predicted to swipe over Bengal's main mango zones in South 24 Paraganah, Murshidabad or Malda by Thursday afternoon.
The Scheme will be implemented during a period of 5 years from fiscal 2020-21 to fiscal 2024-25.
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