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Food stocks for low kharif sowing, demand smart management of prices: Finance Ministry report

The report noted that “there is no room for complacency on the inflation front as low crop sowing for the kharif season requires shrewd management without jeopardizing agricultural exports without stock and market prices of agricultural commodities.” occurs”, the report said.

The report noted that “there is no room for complacency on the inflation front as low crop sowing for the kharif season requires shrewd management without jeopardizing agricultural exports without stock and market prices of agricultural commodities.” occurs”, the report said.

A finance ministry report on September 17 underscored the need for smart management of agricultural commodity stocks in the wake of low crop-sowing for the kharif season, emphasizing that there should be no room for complacency on the inflation front .

Overall, inflationary pressure in India appears to be on the decline with a pre-emptive set of administrative measures by the government, tight monetary policy and easing of international commodity prices and supply-chain constraints, according to the Monthly Economic Review released by Finance. . Ministry.

However, it said, “There is no room for complacency on the inflation front as low crop sowing for the kharif season puts agricultural exports at risk without any risk for efficient management of agricultural commodity stocks and market prices.” ”

Food secretary Sudhanshu Pandey had said earlier this month that India’s rice production during the kharif season this year could fall by 10-12 million tonnes due to a fall in paddy sown area.

Kharif season contributes about 80% of the total rice production of India.

There was huge gap in sowing of paddy in Jharkhand (9.80 lakh hectare), Madhya Pradesh (6.32 lakh hectare), West Bengal (4.45 lakh hectare), Chhattisgarh (3.91 lakh hectare), Uttar Pradesh (2.61 lakh hectare). and Bihar (2.18 lakh hectares) this Kharif season so far.

Paddy is the main Kharif crop and its sowing begins with the onset of southwest monsoon from June and harvesting from October.

Given that India’s growth has been strong and inflation is under control at a time when slow growth and high inflation are affecting most of the world’s major economies.

The report further noted that inflation in India, a net commodity-importing country, has been a by-product of externally placed exogenous pressures.

“The increase in international prices was reflected in an increase in domestic prices, although the increase in domestic prices was relatively modest due to timely interventions by the government. Moreover, as these external pressures ease, inflationary pressures in India are also likely to ease,” it said.

Several indicators already pointing to a easing of external pressure, the report said, have softened on fears of a slowdown in advanced economies, following a rise in industrial metals and edible oil prices in March 2022.

Since the peak in the month of June 2022, crude oil prices have fallen by 19.1% till August and the supply chain is being restored with the decline in port congestion.

Its impact is already visible in the fall in retail and WPI inflation from April 2022. Retail inflation eased to 7% in August, as against 7.8% in April 2022.

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