Agriculture Current Affair 24 August 2020

Farm profit to rise 3-5% this kharif

Despite copious rain, the area under vegetables, cotton and maize cultivation is expected fall sharply in this kharif season due to sharp drop in realisations.

Weak domestic and international demand has exerted pressure on cotton and maize prices while price of vegetables has dropped sharply over the high base of last year largely due to transport restrictions amid bumper supply.

‘India must guard dairy, farm sector in trade pact with US’

India must not give concessions in the agriculture and dairy sectors to the US in the mini-trade deal being negotiated and the subsequent proposed free trade agreement (FTA) as farmers’ livelihoods could be severely hit when faced with competition from cheap and subsidised imports, some trade experts and farmer organisations have cautioned.

“Agriculture and dairy are not trade issues for India but are livelihood issues. The US dairy sector gets a $28 billion subsidy annually. If these subsidised imports come to India, how will the Indian farmer face competition?” argued RS Sodhi, Managing Director, Amul, speaking at a webinar on India-US trade deal organised by Third World Network (TWN) and IT for Change on Monday.

FPOs seek MAT exemption to realise ‘full benefit’ from I-T relief

Farmer producer organisations (FPOs) from different States have started approaching the Union Finance Minister to seek exemption from minimum alternate tax (MAT).

A five-year tax holiday, which started in 2018 for FPOs, provided them complete income tax relief; but the law requires them to pay MAT instead.

Leave a Reply