Devastating floods have come to the rescue of drying reservoirs, improving their water storage level – vital for hydro power generation and winter crops after a deficient monsoon.
About 2.66 lakh tonne has already been released over and above the quota of 45 L tonne for the Sept quarter to meet rising demand.
The government fears grain available for local sales might be diverted to foreign markets to cash in on rising global prices.
NSEL, electronic spot market for commodities promoted by Financial Technologies Group, carried out the first trade of 3000 mteric tonnes of imported coal on its electronic platform.
The food ministry has written to the Cabinet Secretariat seeking immediate changes to the Food Safety and Standards Act, 2006.
More farmers are using weather insurance to mitigate risks from climate change.
The government says the situation is much better than what the situation was in 2009 drought in the same period.
Hopes of reviving wilting crops have receded further & lakhs of hectares will remain fallow as the erratic monsoon is forecast to weaken further in August.
Govt is ready to ban futures trade in volatile commodities, release grain, pulses through ration shops to contain rising food price, says K V Thomas.
The food and consumer affairs ministry plans stern action to curb any speculative trading of grains in the futures market.
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