Even as rainfall remains weak, and the IMD forecasts show patchy rainfall until mid-July, vegetable traders say prices are likely to rise.
In an interview, Rathore said he sees some prospects of the monsoon strengthening in a week, particularly in the south, western coastal areas etc.
The India Meteorological Department (IMD) feels it's too early to panic as crops such as cotton, paddy, oilseeds and pulses can be sown until the middle of July.
“The trading community has no option but to be terrified.” Such is the fear, particularly among traders in fruits and vegetables.
Monsoon runs from June to September. Experts say unless the monsoon advances rapidly, the country will have to deal with rising food prices.
Prices of Lay’s popular packs at Rs 5, 10 and 20 have not been changed and contribute close to the majority 90% of its business.
The industry has suffered due to low prices and the decision of state govts to steeply raise cane prices for political benefits in some years.
Wholesale merchants and dealers say that given a chance they can sell pulses in the retail market at prices 40% lower than the prevailing level.
India will raise import duty on sugar to 40% from 15% & will consider other incentives for mill owners if they clear dues owed to farmers, food minister said.
The initiative is aimed at controlling spiralling food prices and increase supplies of vegetables, especially onions and potatoes.
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