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The hot temperature if persists in March may not only reduce the wheat crop yield but also heat up the commodity prices, said <keyword id="6359483" type="General" weightage="100" keywordseo="crisil" source="Orion">CRISIL</keyword>. The rabi wheat crop yield will be impacted if the temperature is high in March. The crop yield will be on a par - or marginally lesser - than last year's low, said CRISIL in a report. According to the report, in <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, accounting for about 30 per cent of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s wheat production, the eastern part is expected to have relatively good yields on-year because of timely sowing after harvest of <keyword id="50318" type="General" weightage="50" keywordseo="kharif" source="Orion">Kharif</keyword> paddy. On the other hand, western Uttar Pradesh could see a marginal decline due to late sowing - majorly in the sugarcane belt - if high temperatures persist in March. In Punjab and Haryana (together accounting for about 25 per cent of India's wheat production), late-sown wheat is in the flowering stage, while the early sown lot is in the milking stage. High temperatures are detrimental to grain formation in both these stages, CRISIL said. Similarly, in <keyword id="6355554" type="General" weightage="50" keywordseo="madhya-pradesh" source="Orion">Madhya Pradesh</keyword> (about 20 per cent of India's wheat production) late-sown wheat is at the milking stage. According to CRISIL, Bihar (about 5 per cent of India's wheat production) saw early sowing and the crop there is at the grain formation/maturation stage. Therefore, it could be impacted relatively less. Though such abiotic factors cannot be managed very effectively, farmers in Punjab, Haryana and western Uttar Pradesh are said to have initiated spraying of crop nutrients such as bio-stimulants and specialty fertilisers, which should help them cope with the heat wave to some extent. "While wheat prices have been on a downward trend in the past 20 days, if these high temperatures persist for the next 20 days, there could be a turnaround in prices," CRISIL said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/indian-workers-with-digital-skills-contributing-508-billion-to-countrys-gdp/articleshow/98153304.cms">Indian workers with digital skills contributing $508 billion to country's GDP</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sell-off-by-fiis-does-not-impact-markets-retail-participation-is-more-important-says-sebi-executive-director/articleshow/98153452.cms">Sell off by FIIs does not impact markets; retail participation is more important, says SEBI executive director</a>

Hot temperature to heat up prices, reduce wheat yield: CRISIL

The current retail inflationary pressures are expected to ease with fresh Kharif arrivals and a pass-through of lower input costs to consumers - also affirmed by <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>'s inflation projections for the next two quarters, the monthly economic review for October compiled by the department of economic affairs said. On inflation, the report by the department of economic affairs said domestic prices of some food items have gone up in the wake of the rise in international prices. <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s grain availability was impacted by the untimely heatwaves and deficiency of the southwest monsoon in the current year. However, export restrictions have ensured that the country's needs are fully met. The department of economic affairs in its report said India's food security has remained intact. Sharp rise in tractor sales in September and October also point towards improved sentiments and an expected increase in crop area sown. The report also indicated the UNDP Multi-Dimensional Poverty Index (MPI) released in October 2022 showed 41.5 crore people exiting multidimensional poverty in India during the last 15 years. India's success in reducing poverty has also contributed to a decline in poverty in South Asia with South Asia no longer remaining the most multi-dimensionally poor region. The report also deals with a global outlook, inflation, food security, poverty, health and employment and <keyword id="6354507" type="General" weightage="80" keywordseo="world" source="Orion">World</keyword> and monetary policy. On domestic inflation, the report said consumer price index (CPI) inflation was largely driven by food inflation with major contributors being imported food items like oil and fats during the first five months of 2022. Since June 2022 however, domestic seasonal factors have increased the inflation of vegetables, cereals and their products, which have contributed to elevating food inflation. On the global outlook, the department of economic affairs said the prospect of a global economic slowdown had led to an outflow of portfolio investments from most countries into safe-haven US treasuries. This, combined with higher policy rates deployed by the <keyword id="6355253" type="General" weightage="50" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> to counter inflation, has significantly strengthened the US dollar vis-a-vis other currencies. According to the report, the depreciation of most currencies has also led to a global drawdown of foreign exchange reserves to protect their values and prevent volatility in the foreign exchange market. On food security, the report said global food security has deteriorated and India may turn out to be an outlier with proactive and pre-emptive government interventions. 2022 brought to the forefront not only the issues of macroeconomic and geopolitical risks but also the vulnerability and interconnectedness of the global food system to shocks. The geopolitical conflict and climatic events have moved the focus to the issues of fragility and over-dependence on a few countries or regions for global food security. The report said, "Russia and Ukraine are among the most important producers of essential agricultural commodities, including wheat, maize, sunflower seeds and inputs like fertilisers. Together with other countries bordering the <keyword id="391209" type="General" weightage="80" keywordseo="black-sea" source="Orion">Black Sea</keyword>, they constitute the world's breadbasket." The Black Sea serves as a critical supply and transit hub to move food commodities from these countries to the rest of the world. As the conflict choked the hub, the movement of food items from these countries to the rest of the world got affected, threatening people's livelihoods directly/indirectly connected with the food business in the Black Sea region. Rising economic activity has led to a decline in the unemployment rate, the department of economic affairs wrote in the report. With the recovery in economic activities across sectors, the overall employment situation has also improved, overcoming the impact of the pandemic. It added that the Periodic Labour Force Survey (PLFS) shows the urban unemployment rate for people aged 15 years and above declining from 12.6 per cent in the quarter ending June 2021 to 7.6 per cent one year later (quarter ending June 2022). This is accompanied by an improvement in the labour force participation rate (LFPR) as well, reflecting that by the time the current year was one-quarter over, the economy had come out of the grip of the Covid-19-induced slowdown, according to the monthly review. In a world where monetary tightening has weakened growth prospects, the finance ministry said India appears well-placed to grow at a moderately brisk rate in the coming years on account of the priority it accorded macroeconomic stability. It added the financial system stress in the second decade of the millennium, a consequence of the lending boom witnessed in the first decade-plus, is now behind us. It also added that private sector financial and non-financial balance sheets are healthy and incipient signs of a new personal sector capital formation cycle are visible. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-16-paise-to-81-54-against-us-dollar/articleshow/95758455.cms">Rupee gains 16 paise to 81.54 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-hc-grants-bail-to-yes-bank-co-founder-rana-kapoor-in-rs-466-51-cr-money-laundering-case/articleshow/95760025.cms">Delhi HC grants bail to Yes Bank co-founder Rana Kapoor in Rs 466.51 cr money laundering case</a>

Retail inflationary pressures expected to ease with fresh Kharif arrivals: Finance Ministry

<ul><li>The announcement of shutdown comes at a time when Oilseed crop of <keyword id="50318" type="LOCATION" weightage="20" keywordseo="Kharif">Kharif</keyword> season is expected to reach mandis in the state, which is the largest producer of <keyword id="53341" type="PERSON" weightage="20" keywordseo="soybean">soybean</keyword> in the country.</li><li>He said trading of commodities in about 270 small and big mandis in the state will remain shut until the government accepts demands of the Samiti. </li></ul> <keyword id="9498414" type="UNKNOWN" weightage="20" keywordseo="agriculture-traders">Agriculture traders</keyword> in <keyword id="6355554" type="LOCATION" weightage="20" keywordseo="Madhya-Pradesh">Madhya Pradesh</keyword> on Wednesday announced indefinite strike in about 270 markets beginning Thursday for reduction in the mandi fee on the purchase of agricultural commodities. A top office-bearer of a traders' body said they are not opposing the farm bills passed recently by Parliament, but wanted the state government to protect their "business interest" by slashing the mandi duty. "The state government should immediately reduce the mandi fee that is charged from traders on the purchase of agriculture produce to 0.5 per cent from the current 1.5 per cent," said Gopaldas Agrawal, president, Madhya Pradesh Sakal Anaj Dalhan Tilhan Mahasangh Samiti. He said trading of commodities in about 270 small and big mandis in the state will remain shut until the government accepts demands of the Samiti. The announcement of shutdown comes at a time when Oilseed crop of Kharif season is expected to reach mandis in the state, which is the largest producer of soybean in the country. However, heavy rains have affected production of soybean. <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/mumbai-rains-five-ndrf-teams-on-standby-as-heavy-rains-lash-mumbai-thane-and-palghar-says-maha-minister/articleshow/78274138.cms">Mumbai Rains: Five NDRF teams on standby as heavy rains lash Mumbai, Thane and Palghar, says Maha minister</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-12-series-with-5g-support-expected-to-be-announced-on-october-13/articleshow/78273430.cms">Apple iPhone 12 series with 5G support expected to be announced on October 13</a>

Madhya Pradesh agriculture traders to go on strike from September 24

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> is well placed to grow at a "moderately brisk rate" in the coming years on the back of macroeconomic stability, despite the global monetary tightening, a finance ministry report said on Thursday. It further said inflationary pressures will ease in the coming months with the arrival of <keyword id="50318" type="General" weightage="50" keywordseo="kharif" source="Orion">Kharif</keyword> crops and at the same time, job opportunities will increase with improvement in business prospects. The 'Monthly Economic Review for October 2022' also cautioned that the US monetary tightening is a "future risk" which could lead to a dip in stock prices, weaker currencies and higher bond yields, resulting in higher borrowing costs for many governments around the world. It said a rapid deterioration in global growth prospects, high inflation, and worsening financial conditions have increased fears of an impending global recession. The spillovers of the global slowdown may dampen India's exports businesses outlook. However, resilient domestic demand, a re-invigorated investment cycle with a strengthened financial system and structural reforms will provide impetus to economic growth going forward. "In a world where monetary tightening has weakened growth prospects, India appears well placed to grow at a moderately brisk rate in the coming years on account of the priority it accorded (to) macroeconomic stability," the report said. The ministry said, so far in the current year, India's food security concerns have been addressed and will continue to receive the utmost priority from the government. "Easing international commodity prices and new Kharif arrival are also set to dampen inflationary pressures in the coming months," it said. India's wholesale and retail price inflation fell in October after remaining high for the most part of the year mainly due to supply chain disruptions following the outbreak of the Russia-Ukraine war in February. Retail or CPI inflation fell to a 3-month low of 6.7 per cent, while wholesale or WPI inflation was at a 19-month low of 8.39 per cent. Russia and Ukraine are among the most important producers of essential agricultural commodities, including wheat, maize, sunflower seeds and inputs like fertilisers. Together with other countries bordering the <keyword id="391209" type="General" weightage="50" keywordseo="black-sea" source="Orion">Black Sea</keyword>, they constitute the world's breadbasket. Along with an uncertain macroeconomic outlook, the year 2022 also brought to the fore the vulnerability and interconnectedness of the global food system to shocks, the ministry said. India's grain availability was impacted by the untimely heatwaves and deficiency of the southwest monsoon in the current year. However, export restrictions have ensured that the country's needs are fully met, it added. With regard to the job situation, the ministry said in India the recovery in economic activities across sectors has improved the overall employment situation in the country. Net payroll additions in <keyword id="6372438" type="General" weightage="50" keywordseo="epfo" source="Orion">EPFO</keyword> have witnessed double-digit growth in September 2022, reflecting improved formalisation of the economy. "Hiring by firms is likely to witness an improvement in upcoming quarters driven by a rebound in new business hiring as firms continue to benefit from the lifting of the COVID-19 restrictions and optimism engendered by the vigorous sales volumes experienced during the festive season," the ministry said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/853-tech-firms-lay-off-over-137492-workers-globally-more-job-cuts-coming/articleshow/95741115.cms">853 tech firms lay off over 137,492 workers globally, more job cuts coming</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-startup-using-vegan-leather-raises-4-5-million-funding-led-by-sig-venture-capital/articleshow/95741255.cms">Indian startup using vegan leather raises $4.5 million funding led by SIG Venture Capital</a>

India well placed to grow at a 'moderately brisk rate', inflation to ease says a Finance Ministry report

The government on Tuesday hiked the minimum support price for wheat by Rs 110 to Rs 2,125 per quintal and mustard by Rs 400 to Rs 5,450 per quintal for the current crop year with an aim to boost production and income of the farmers. The decision to increase the MSPs (minimum support prices) was taken at a meeting of the Cabinet Committee on Economic Affairs (<keyword id="56977" type="General" weightage="80" keywordseo="ccea" source="Orion">CCEA</keyword>) chaired by Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>. <keyword id="133827" type="General" weightage="80" keywordseo="msp" source="Orion">MSP</keyword> is the rate at which the government buys grain from farmers. Currently, the government fixes MSPs for 23 crops grown in both <keyword id="50318" type="General" weightage="80" keywordseo="kharif" source="Orion">Kharif</keyword> and rabi seasons. Sowing of rabi (winter) crops begins in October, immediately after the harvest of kharif (summer) crops. Wheat and mustard are major rabi crops. According to an official release, the CCEA has approved an increase in MSPs for six rabi crops for the 2022-23 crop year (July-June) and the 2023-24 marketing season. <keyword id="625304" type="General" weightage="80" keywordseo="wheat-msp" source="Orion">Wheat MSP</keyword> has been increased by Rs 110 to Rs 2,125 per quintal for this crop year from Rs 2,015 per quintal in the 2021-22 crop year. The cost of production of wheat is estimated at Rs 1,065 per quintal, the release said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-rises-22-paise-to-82-08/usd-tracking-positive-domestic-equities/articleshow/94935889.cms">Rupee rises 22 paise to 82.08/USD tracking positive domestic equities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/two-in-three-ceos-in-india-expect-a-recession-in-12-months-says-survey/articleshow/94934951.cms">Two in three CEOs in India expect a recession in 12 months says survey</a>

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Hot temperature to heat up prices, reduce wheat yield: CRISIL

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Retail inflationary pressures expected to ease with fresh Kharif arrivals: Finance Ministry

ANI

Madhya Pradesh agriculture traders to go on strike from September 24

PTI

India well placed to grow at a 'moderately brisk rate', inflation to ease says a Finance Ministry report

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Government hikes the minimum support price of wheat and mustard

PTI

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