In this video, CNBC TV18 Commodities Editor Manish Gupta gives us a better picture about the production targets.
The government yesterday hiked the minimum support price (MSP) of wheat by Rs 110 to Rs 1,735 a quintal and of pulses by up to Rs 400 per quintal to encourage farmers to boost area and production of these crops.
The growth in agriculture and allied sectors will be higher during this fiscal as the country is likely to harvest bumper crop buoyed by good rains, Agriculture Minister Radha Mohan Singh said today.
All party leaders from the state will participate in the campaign in the districts, MPCC spokesman Sachin Sawant told reporters here.
A copy of the letter was also sent to Union Finance Minister Arun Jaitley, Agriculture Minister Radha Mohan Singh and RBI Governor Urjit Patel, Mehta told reporters here.
Demonetisation is a good move but implementation has been disastrous, says Former Additional Solicitor General of India, Biswajit Bhattacharya. The rural and agriculture sector has come to a stand still due to this move.
Sowing of rabi crops begins from October and the harvesting from April. Wheat is the main rabi crop, while maize, millets, pulses and oilseeds are also grown.
The total area sown to wheat and other rabi crops is lagging behind at 317.96 lakh hectare till last week of the ongoing rabi season compared with 372.61 lakh hectare in the year-ago period, as per the government data.
India may have to import 10 lakh tonnes of wheat in 2015-16 as about 68.2 lakh tonnes were lost due to unseasonal rainfall, the Centre for Science and Environment (CSE) said in its report, titled 'Lived Anomaly'. In February-April 2015, standing crops on 182.38 lakh hectares or 29.61 percent of the entire rabi sown area were affected.
As on September 4, the total area sown under kharif crops is 99.87 mhac, which is 1.93 mhac higher than last year, Ind-Ra said. But it believes that the dry spell during August and September will be a dampener for the sowing of rabi crop.
The Fed's policy committee will convene for its monthly two-day policy meeting today and a statement will be released on Wednesday night.
For 2015-16, CRISIL Research expects inflation to average at 5.8% supported by lower oil prices, normal monsoons, pro-active steps by the government, and better monetary and fiscal coordination. Expect RBI to reduce the repo rate by 50bps in the next fiscal and it is likely that these reductions will be frontloaded, says the report.
Members mentioned that crops such as wheat, potato, mustard seed, gram, mango, orange, grapes and cashew have been affected in states such Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Rajasthan, Maharasthra, Gujarat, Uttarkhand, Himachal Pradesh, Delhi and Jammu and Kashmir.
"On agriculture, we estimate this would be a very good year. The first advance estimates of Kharif foodgrains production shows that output will be 10.3 percent higher than the first advance estimates of the last year," Chidambaram told reporters here.
In an interview with CNBC-TV18, Mahesh Vyas, MD & CEO of CMIE said that he expects inflation to remain high. There are no reasons to believe that inflation will significantly come down as the demand is quite high and supply is quite low, explains Vyas.