Monsoon rains may weaken again after the spurt in the past week, posing a risk to paddy and oilseed planting that had revived in recent days.
KV Thomas is worried about the climbing food inflation. He says int'l demand-supply situation & rising crude prices make it tough to rein it in.
The faltering monsoon has pushed the country to the brink of severe shortages of power and drinking water, apart from hurting crop planting.
The decision came after the Punjab govt sought the commerce ministry's permission to export wheat from its choked warehouses to Pak.
Private forecasters in India and abroad are expecting weak monsoon rains in the key crop-planting months of July and August.
Govt is allocating Rs 100 cr to the NE states for supporting various activities relating to rice cultivation, under the National Food Security Mission.
The 1.25-million-tonne urea plant is likely to be built in three-to-four years, Iffco managing director US Awasthi told ET.
The food ministry's proposal to export 2 million tonne wheat from FCI godowns at subsidised prices has hit a roadblock after the finance ministry raised objections to the scheme.
Punters who went by the official forecast have lost money, but those who trusted their instincts and bet on weak rainfall have made a killing.
Worried over the slow progress of the monsoon, KV Thomas held a meeting on Thursday on the likelihood of less rains and subsequent drought-like situation this year.
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