India’s agricultural sector continues to make headlines with recent developments in exports, crop protection, funding, and government initiatives. In a recent report, it was revealed that India exported non-basmati white rice valued at USD 122.7 million during April-May of the current fiscal year. Despite a ban on exports, specific countries are still receiving shipments for food security purposes. The government closely monitors production and availability to ensure a balance in the market.
In another significant update, farmers have paid a premium of Rs 32,440 crore under the Pradhan Mantri Fasal Bima Yojana (PMFBY), with claims worth over Rs 1.64 lakh crore being cleared. This scheme provides comprehensive risk coverage for crops against all non-preventable natural risks, from pre-sowing to post-harvest stages, at a reasonable premium for farmers.
Chana dal prices have seen a 10% increase ahead of the festive season due to higher demand. Despite significant imports of yellow peas, chana prices have remained high due to lower substitution. On the other hand, tur dal prices have fallen by 5%. To stabilize prices, increasing imports from Africa and Australia are expected by September.
Syngenta India has launched two innovative crop protection products, Miravis®️ Duo and Reflect®️ Top, to address fungal diseases in various crops and provide sheath blight protection for rice. These products aim to enhance crop yield and support India’s vital agriculture sector, particularly in exports.
Agrizy, an agri-processing platform, has raised Rs 82 crore in Series A funding to address the bottleneck in India’s $400 billion agri-processing market. Currently, only 10% of farm produce gets processed, lagging behind global leaders like China and developed nations. This funding will help boost processing capabilities and increase value addition in the agricultural sector.
Agriculture remains a key focus area of development strategy in India, as highlighted by Niti member Ramesh Chand at the 32nd International Conference of Agricultural Economists. India has achieved the highest growth rate in GDP agriculture globally over the past decade, according to World Bank data.
Prime Minister Narendra Modi emphasized India’s role in global food security at the 32nd International Association of Agricultural Economists conference. He highlighted India’s surplus food production and its potential to address global nutrition challenges through crops like millets, which require minimal water and offer high productivity.
In Mizoram, Chief Minister Lalduhoma discussed oil palm yield enhancement with DoNER Minister Scindia to improve farmers‘ productivity and establish a Samadhan Centre. They also explored setting up an oil palm refinery to support existing operations and enhance efficiency.
The government’s focus on agriculture is evident in its allocation of over 73% of the agriculture budget towards welfare measures and subsidies, according to a report by ICRIER. Despite significant investment, the focus remains skewed towards measures like food and fertilizer subsidies and MGNREGA.
Weather disruptions in Himachal Pradesh are expected to impact tomato prices in North India, with traders anticipating a sharp rise due to supply chain disruptions. Heavy rainfall in Himachal Pradesh has affected crops and roadways, leading to potential price hikes.
In a bid to stabilize prices, the government has announced monitoring of daily prices for 16 more essential food items, bringing the total to 38. This initiative aims to stabilize prices, aid in policy decisions, and ensure food security. Additionally, a fund of Rs 10,000 crore has been allocated for price stabilization.
Overall, these recent developments in India’s agricultural sector highlight the importance of innovation, government support, and market stability in ensuring the growth and sustainability of the country’s agriculture industry. With a focus on exports, crop protection, funding, and policy initiatives, India continues to make strides towards enhancing its agricultural productivity and contributing to global food security.