Estimate for June quarter reported a contraction of 23.9 per cent in national GDP, but agriculture was the only sector to have reported positive growth Maize farmers in South India. Photo: Piqsels
Month: August 2020
Rain pushes summer crop planting to record
Farmland acreage growth at 7%. Plentiful monsoon rain spurred Indian farmers to plant summer crops across a record swathe of farmland 7% bigger than last year, promising a bumper harvest in Asia’s third-biggest economy, despite the rapid spread of COVID-19.Farm Ministry data shows growers sowed 108.2 million hectares (267.4 million acres) with crops such as rice, corn, cotton, soybeans and sugarcane.Planting began on June 1, when the monsoon rain typically hit India, where nearly half of farmland does not receive irrigation. “We’re confident that food production will cross the target of 298.32 million tonnes in the 2020-21 crop year,” said Farm Minister Narendra Singh Tomar, praising farmers for the record acreage. Such a harvest would outstrip the previous year’s record
ICICI Bank to use satellite data to assess credit profile of farmers
The practice will employ satellite data to measure an array of parameters related to land, irrigation and crop patterns. ICICI Bank has announced the introduction of usage of satellite data—imagery from earth observation satellites—to assess credit worthiness of its customers belonging to the farm sector.The bank, the first in India and among few globally, will use satellite data to measure an array of parameters related to land, irrigation and crop patterns and use it in combination with demographic and financial parameters to make faster lending decisions for farmers, it said.“This use of technology helps farmers with existing credit to enhance their eligibility, while new-to-credit farmers can now get better access to credit,” it added.Additionally, since the land verification is done
CCEA approves increase in sugarcane FRP by ₹10 to ₹285 per quintal for 2020-21: Sources
A decision to increase the Fair and Remunerative Price of sugarcane for 2020-21 marketing year (October-September) was taken in the meeting of the Cabinet Committee on Economic Affairs held in New Delhi. The Centre on Wednesday decided to increase the minimum price sugar mills pay to sugarcane growers by ₹10 to ₹285 per quintal for the next marketing year starting October 2020, according to official sources.Also read | Lockdown deepens sugarcane farmers crisis A decision to increase the Fair and Remunerative Price (FRP) of sugarcane for 2020-21 marketing year (October-September) was taken in the meeting of the Cabinet Committee on Economic Affairs (CCEA) held in New Delhi. According to the sources, the CCEA has approved the Food Ministry’s proposal
Farm exports rise 23% to ₹25,553 cr. in March-June
Plan in place to boost shipments, says government. India’s farm exports rose more than 23% in value terms to ₹25,553 crore during March-June period amidst the COVID-19 pandemic, the Agriculture Ministry said on Tuesday. To promote farm exports, a “comprehensive action plan” has been prepared under which ‘Export Promotion Forums’ are being created and existing agri-clusters strengthened besides identifying certain destinations for promotion of agricultural exports, the Ministry said in a statement. Forex earnings Promotion of farm exports is extremely important not only for earning precious foreign exchange for the country but also for achieving the goal of an ‘Aatmanirbhar Bharat,’ for which self-reliant agriculture is critical, it added. “Even during the difficult time of pandemic lockdown, India took care
Food prices in Nigeria have shot through the roof. But is the pandemic to blame?
A peculiar situation for Nigeria was that the food price increases varied across the country. Some states felt the hit of food price inflation harshest The novel coronavirus disease (COVID-19) has had a dire effect on global economies. Rising infection rates have led to social distancing directives, persistent lockdowns, the closing of businesses, travel restraints, salary cuts, and a looming high unemployment situation. Economic activity has shrunk dramatically, and with it the food supply value chain globally. The story for Nigeria has been no different. The country has