-Press Information Bureau/ Ministry of Finance Economic Outlook, Prospects and Policy Challenges Macroeconomic fundamentals in 2014-15 have dramatically improved. Highlights are: * Inflation has declined by over 6 percentage points since late 2013. * The current account deficit has declined from a peak of 6.7 percent of GDP (in Q3, 2012-13) to an estimated 1.0 percent in the coming fiscal year. * Foreign portfolio flows have stabilized the rupee, exerting downward pressure on long-term interest...
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That ’70s show: ‘Levy rice’ to end in October -Sandip Das
-The Financial Express The government has decided to dispense with "levy rice", a mandatory system under which rice millers also undertake rice procurement for the public distribution system by buying paddy directly from the farmers, effective the next marketing season starting October. The system, introduced way back in 1978, is set to be withdrawn as the government felt that a lack of effective supervision often allowed the millers to avoid paying minimum...
More »Food insecurity -TK Rajalakshmi
-Frontline A critique of the report of the high-level committee on restructuring the FCI and reviewing its role by TK Rajalakshmi SOON after assuming power at the Centre, Narendra Modi's National Democratic Alliance government set up a high-level committee on re-structuring the Food Corporation of India that was mandated to make the food management system more efficient. It was headed by Shanta Kumar, former Union Minister for Rural Development and former Chief...
More »Minimum support price cannot be 50% more than cost of produce, Centre to SC -Dhananjay Mahapatra
-The Times of India NEW DELHI: Farmers' plight has worsened due to the non-remunerative nature of agriculture but the Centre on Friday told the Supreme Court that it would not be able to enhance the minimum support price (MSP) for agricultural produce to be 50% more than the input cost. A PIL filed by Consortium of Indian Farmers Association had complained that agriculture had become non-remunerative and was driving farmers to borrow...
More »A new menu -Ajay Chhibber
-The Indian Express ONE of the late R.K. Laxman's best cartoons from the mid-1960's portrays a smiling food minister looking out of a window at a heavy monsoon downpour saying, "This year we can tell the Americans to go to hell." Fifty years ago, a good monsoon meant that that year, India was not dependent on food aid and wouldn't have to go hat in hand to the Americans for food...
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