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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

<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>

Government hikes the minimum support price of wheat and mustard

New Delhi, Nov 19 () Onion production in kharif and late-kharif seasons of 2019-20 is estimated to fall 26 per cent to 52.06 lakh tonne, putting pressure on supply and prices, Food Minister Ram Vilas Paswan said on Tuesday.
 The all-India average retail price of onion stood at Rs 60.38 per kg on November 15, compared with Rs 22.84 per kg on the same date last year.
 In a written reply to the Lok Sabha, he said onion is a seasonal crop with harvesting period of rabi (March to June), kharif (October to December) and late-kharif (January-March). During July to October, the supply in the market comes from stored onions from rabi season.
 "During 2019-20, there was a 3-4 weeks delay in sowing as well as decline in sown area of the kharif onion because of late arrival of monsoon. Further, untimely prolonged rains in the major growing states of Karnataka, Maharashtra and Madhya Pradesh during the harvesting period caused damage to the standing crops in these regions," Paswan said.
 As a result, the minister said the production of kharif crop was affected.
 The rains during September-October also hit transportation of crop from these producing regions to consuming centres, he said.
 "This led to limited availability of kharif onions in the market and has put pressure on its prices," Paswan said.
 During the current year, the production of kharif and late-kharif is estimated to be 52.06 lakh tonne, which is about 26 per cent lower than the previous year's production of 69.91 lakh tonne in the same seasons, the minister said.
 Paswan said the government has banned onion exports and imposed stock limits to boost domestic supply and check prices. MJH HRS

Onion output in kharif, late-kharif seasons of 2019-20 may fall 26 pc to 52.06 lakh tonne: Paswan

Jaipur, Mar 25 () The Rajasthan government has released Rs 100 crore to insurance companies for Nagaur and Ajmer districts as a state premium for the Prime Minister's Crop Insurance Scheme (PMCIS) for kharif season. Agriculture Minister Lalchand Kataria said Rs 71,96,29,000 has been released for the Nagaur district and Rs 28,03,71,000 for the Ajmer district. He said Rs 9,95,91,000 have already been released to the company for the farmers of Ajmer. Farmers will get insurance compensation. He also said that after depositing the premium portion of the central government, the farmers of these two districts will get insurance compensation. AG HRS

You Searched For "kharif season" and got 5 results

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

ANI

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

PTI

Government hikes the minimum support price of wheat and mustard

PTI

Onion output in kharif, late-kharif seasons of 2019-20 may fall 26 pc to 52.06 lakh tonne: Paswan

PTI

Rajasthan govt releases Rs 100 crore to insurers as state premium for PMCIS for kharif season

PTI

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