Govt announces MSP of rabi crops, highest increase of Rs 400/quintal in prices of mustard and masur
The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister Narendra Modi has approved the increase in the Minimum Support Prices (MSP) for all mandated Rabi crops for Rabi Marketing Season (RMS) 2022-23. It has announced the highest increase of 8.6% in prices of mustard, while the second highest increase of 7.8% is in prices of masur. Both the prices of mustard and masur have hit their historic high levels due to production shortages.
Excessive rainfall in September may impact kharif crop, increase prices
The above normal rainfall in September as forecast by Indian Meteorological Department (IMD) will impact the kharif crop if it is not spread out evenly. Agricultural experts said that rains are now helping oilseed crops like soyabean and groundnut, pulses, paddy, bajra, maize and cotton, but if the rains are excessive and continue till the end of September, then it will damage crops, sending their prices up.
While the kharif season began on a good note with timely monsoon and good sowing, patchy rains in July and August in certain parts of the country slowed down the pace of sowing. As of September 2, kharif crops have been planted on 108.15 million hectares, down 0.82 percent from the same date the previous year.
Keeping close watch on cooking oil prices: Govt
The government is keeping a “close watch” on daily prices and imports of edible oils so that it could take appropriate measures to check rates of cooking oil, an official statement said on Thursday. Prices of cooking oils in the domestic market are ruling at high level. The central government has already reduced import duties on crude and refined edible oils, including palm oil, to bring down retail prices.
“A close watch is kept on day to day basis on production, imports and prices of edible oils and so that appropriate measures can be taken to keep a check on the prices of edible oil,” the Ministry of Consumer Affairs, Food and Public Distribution said.
An inter-ministerial committee on agri-commodities chaired by Secretary (Food) is also in place to closely monitor the prices and availability of agricultural commodities including edible oil keeping in view the interest of the farmer, industry and consumers.