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India targets slight increase in 2018-19 foodgrain output
Why in the news ?
- Agriculture Ministry has set a foodgrain production target of 285.2 million tonnes for 2018-19, a marginal increase from the previous year’s harvest of 284.8 million tonnes.
- The Ministry has set the increased target despite patchy rainfall in some parts.
Details
- Rainfall deficit during the current monsoon season is now at 10%, according to the Indian Meteorological Department.
- Over the last two years of normal monsoons and record harvests, prices of several commodities have crashed, hurting many farmers.
- The government has ramped up procurement of pulses and oilseeds in an effort to ensure that more farmers receive the minimum support price (MSP) for these crops even as the market rates fall, but that has led to a shortage of storage capacity.
- The 2018-19 targets for rice, at 113 million tonnes, and wheat, at 100 million tonnes, are marginally higher than last year’s harvest.
- However, the targets for pulses, coarse cereals and maize are slightly lower.
Blending subsidy with investment
- Finance Minister said the government was fast moving towards gradual blending of subsidies with public investment, especially in the agriculture sector, for sustainable growth.
- By supporting Indian Farms the Smart way, minister said with the formalisation of economy, the government would have adequate resources to spend on different sectors, including the agriculture sector.
- Important areas which required investment include physical infrastructure, social sector and farm sector, he said.
Source
The Hindu