Wholesale prices of cereals, pulses and chicken have gone up 8-20% in the last one month. This is likely to impact retail prices, pinching the pockets of consumers.
Prices of food articles, which have a 14 per cent weight in the wholesale price index, rose 4.23 per cent in April and vegetable prices rose 2.21 per cent.
India should open up to US investment in the agriculture sector, Sindelar said, adding that the government’s intervention in the cotton seed market.
Although the country faced two successive years of monsoon shortfall, India’s food grain production increased marginally to 252.23 million tonnes in the 2015-16.
People have become alert and started using water judiciously, so there is nothing much to worry now,” said GS Jha, chairman of the Central Water Commission.
The El Nino phenomenon, marked by warmer than normal temperatures in the Pacific Ocean, is finally at its terminal stage.
India is the world’s biggest consumer of the sweetener with annual consumption touching 25 million tonne. Of this, 70-75% is consumed by institutions and companies.
Production of rice, coarse cereals,pulses, oilseeds, sugarcane, cotton and jute was lower due to erratic rainfall during the 2015 monsoon season.
The monsoon this year will be 106% of the long-period average following two years of deficit rainfall. A good monsoon will result in people buying gold.
Traders and brokers said there were reports of French wheat sale at $204 per tonne to Kochi, as they were looking at a shortfall in production.
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