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Epic Research Daily Agri Commodity Report Of 30 JANUARY 2018

Commodity News

India is expected to regain the world's fastest growing major economy tag as it is likely to clock 7-7.5 per cent growth rate in 2018-19, up from 6.75 per cent in the current fiscal, according to the Economic Survey 2018. The Survey has said that India can be rated as among the best performing economies in the world as the average growth during the last three years is around 4 percentage points higher than the global growth. However, it said the current high oil prices are a major concern. A possible increase in global Crude Oil prices could dampen growth expectations next fiscal, said the Survey, while expressing hope that recovery in investments, improved global growth outlook and stabilisation of GST will however help pick up the domestic economy.

Goa being one of the leading grower of Coconut in the country is now witnessing shortage of Coconut, leading to increase in the price. The lack of manpower to plug the fruit and a lack of interest among farmers towards this crop, are responsible for Coconut going away from the reach of the common man in the coastal state. As per the state agriculture department indicate the tiny state has 25,700 hectares of its area covered under Coconut groves. But the rising prices are making the nut unaffordable for most people. Multiple factors have contributed to the price rise, including attacks by pests like the Eriophyid mites which have affected plantations.

India is set to achieve self sufficiency in pulses in FY 2018-19, wth a high kharif output and likelihood of record rabi season production due to an all-time high acreage and favourable agro climatic condition. Until last year, that is 2016-17, India remained heavily dependent on import of pulses of different varieties, including Chick Peas from Australia, Tur from Myanmar and other varieties from Canada and a number of non-consuming but large-growing African countries. Apex industry body, India Pulses and Grains Association (IPGA), puts India’s import at around 5.7 million tonnes of pulses during FY2017, almost similar to 5.8 million tonnes imported during the previous financial year.

Economic News

Agriculture income may fall by up to 25% in the medium term because climate change will hit crop yields, making it imperative to replace power and fertiliser subsidies by direct income support and to drastically expand irrigation, the Economic Survey said. Agriculture accounts for 16% of gross domestic product and 49% of employment in India, making it crucial in the overall economy, the survey said. "Poor agricultural performance can lead to inflation, farmer distress and unrest, and larger political and social disaffection— all of which can hold back the economy.“ In recent years, farmers have suffered because of erratic monsoon rains, unseasonal showers on the eve of harvest and volatile prices, which at times dipped below the support price because of large stocks and good harvests. Lower yields because of high temperature and low rainfall due to climate change will add to their distress.

Economic Survey 2017-18 has projected that the climate change can reduce annual agricultural income of farmers by upto 25% in unirrigated areas and called use of cooperative federalism "technology" of the GST Council that brings together the Center and States to further agricultural reforms and durably raise farmers' incomes. The Survey has called for reviewing cereal centricity of agricultural policy, doing away with power and fertilisers and allocating more resources for micro irrigation technology. The Survey says that there are two agricultures in India. "In thinking about agricultural policy reforms in India, it is vital to make a clear distinction between two agricultures in India. There is an agriculture—the well-irrigated, input-addled, and price-and-procurement-supported cereals grown in Northern India—where the challenge is for policy to change the form of the very generous support from prices and subsidies to less damaging support in the form of direct benefit transfers," it says.

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News Release: Epic Research Daily Agri Commodity Report Of 30 JANUARY 2018
Submitted on: January 30, 2018 04:33:23 AM
Submitted by: EpicResearch
On behalf of: