Food Inflation continues to be a worry but is expected to ease in March-April with the arrival of new crop, says Ramesh Chand of Niti Aayog. He adds that while Urad dal production fall to a 10-year low in FY 25 is a concern, production of other pulses will be better.
The NITI Aayog member believes that given better rainfall prospects this year, food inflation may also cool down, but with a lag.
Chand admitted that India cannot insulate itself from rising global food prices and can only take steps to moderate its effect locally.
In an interview to PTI, Chand further said the blanket ban on genetically modified crops is not the right approach.
He however expressed concern that private sector is investing in other places than in India's agriculture Research and Development (R&D) and this need to be changed.
In an interview to CNBC-TV18‘s Manisha Gupta, Ramesh Chand, Member at NITI Aayog gave his views on the food and agriculture sector.
In an interview to CNBC-TV18‘s Manisha Gupta, Ramesh Chand, Member of NITI Aayog and Ajay Kakra, Dir- Agri & Natural Resources at PwC discussed about whether agriculture will find out priority in the finance minister‘s agenda when he rises to present the Budget for FY18.
Watch the interview of Abhijit Sen, Professor, JNU and Ramesh Chand, Member, NITI Aayog with Manisha Gupta on CNBC-TV18, in which they shared their outlook on overcoming various challenges to bring down and keep food prices under control.
Watch the interview of Ramesh Chand, Member, NITI Aayog with Manisha Gupta on CNBC-TV18, in which he shared his reading and outlook on Arvind Subramanian panel recommendations to shore up the production of pulses.
His government is expected to increase spending on agriculture, health and social sectors, a change from its focus on infrastructure spending and market reforms, they said.
While taking a tough standing as to hoarding will certainly help as a long-term solution to tackling food inflation, it will also indicate that the government will have to take steps to increase agricultural productivity.
KS Oils touched a 52-week low of Rs 7.90. At 14:15 hrs the share was quoting at Rs 8.15, down Rs 0.45, or 5.23%. The comapny's promoter Ramesh Chand stake has come down to 8.23% versus 11.28%, reports CNBC-TV18.