Geojit's report on Agri Picks
The International Grains Council has marginally scaled up its estimate for global wheat production in 2020-21 to 763.0 mln tn from its July forecast of 762.0 mln tn. The central government has proposed two options for states to fund the shortfall in goods and services tax compensation--a special window by the Reserve Bank of India and borrowing by states, Finance Minister Nirmala Sitharaman said. Torrential rains, coupled with wide-scale pest infestation and diseases, are expected to hit 5-6% of the standing crops in Madhya Pradesh this kharif season, an official with the state farm department said. NCDEX Agridex, an index of agricultural commodities, was down 1.50 points at 1122.05 as contracts of soybean, guar seed, castor seed, and cottonseed oilcake declined. The government today raised its estimate for foodgrain production in 2019-20 (Jul-Jun) to a record high of 296.65 mln tn from 295.67 mln tn pegged in May. The rise in total foodgrain output is seen due to upward revisions in production estimates of rice, pulses and cereals. Commerce and Industry Minister Piyush Goyal today sought cooperation from states to develop a single-window system to facilitate all central and state-level clearances for starting a business in the country. India received 11.7 mm rainfall yesterday, 58% above normal, the India Meteorological Department said. Since Jun 1, the country has received 737.5 mm rainfall, 8% above normal.
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