New Delhi, Dec 16 The total farm area sown in the country under various rabi crops in the ongoing season so far has increased to 614.94 lakh hectares, up from 611.8 lakh hectares in the same period of the previous year, according to official figures released by the Ministry of Agriculture & Farmers’ Welfare on Monday.
The area sown under wheat has shot up to 319.74 lakh hectares (ha), compared to 313.00 lakh ha during the corresponding period last year, which is expected to result in higher production of the cereal for the season. The winter rain is also expected to benefit the crop, according to farm experts.
The total area under pulses has been reported at 136.13 lakh ha while 48.55 lakh ha area has been sown under shri anna & coarse cereals and 96.15 lakh ha area has been covered under oilseeds.
The increase in the total sown area is expected to increase the production of essential food goods and would help bring down inflation in the economy.
Looking ahead, food inflation is expected to ease while the growth outlook for the economy is "cautiously optimistic" for the coming months as the agricultural sector is likely to benefit from favourable monsoon conditions, increased minimum support prices, and adequate supply of inputs, according to the Finance Ministry’s monthly economic review last month.
India’s retail price inflation based on the Consumer Price Index (CPI) declined to 5.48 per cent in November as the increase in prices of food items eased during the month, bringing relief to household budgets, figures released by the Ministry of Statistics showed.
The slowing inflation marks a reversal of the increasing trend in the previous two months with the inflation rate touching 6.21 per cent in October.
An RBI report earlier this month said that "India’s growth story is still intact and inflation is on the declining path". The RBI Governor was also optimistic about the outlook for the economy, observing that “the balance between inflation and growth is well poised.”
The slack in speed observed in the Indian economy during the second quarter of 2024-25 is behind us as private consumption is back to being the driver of domestic demand with festival spending lighting up real activity in Q3, according to the RBI’s monthly bulletin for November.
The report points out that rural India is emerging as a gold mine for e-commerce companies in this festival season; this is expected to gather further momentum with the sharp increase in kharif output and optimism around rabi production emboldening a record foodgrains target for 2024-25, the bulletin added.
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