-AFP Annual monsoon rains, crucial to India's economy, covered the country on Wednesday but remained 23 percent below average, sparking fears of their impact on two cereal-producing states. The pounding rains that sweep across the continent from June to September are dubbed the "economic lifeline" of India, which is one of the world's leading producers of rice, sugar, wheat and cotton. "The monsoon is covering the entire country today with parts of Gujarat...

-The United Nations The world needs to take a hard look at speculation on the financial markets and its potential impact on food price volatility, the head of the United Nations Food and Agriculture Organization (FAO) said today. “Excessive food price volatility, especially at the speed at which price swings have been occurring since 2007, has negative impacts on poor consumers and poor producers alike all over the world,” FAO’s Director-General, José...

The NAC lies defanged; the markets leap for joy at Manmohan’s & Co’s charge of a ‘new’ economy How swiftly things change. Just a month ago, the great Indian growth story was being written off. Now, the “new economy”, run by the PM-cum-FM, will sift through the rubble of under-seven per cent growth, find the hidden springs of recovery and throw in some reforms for good measure. A top taxman says...

-Inclusion.in There is good news. And there’s bad news. The good news first. There’s been a bumper wheat crop and the granaries are overflowing. And the bad news? Where do we begin? A lot of that grain will rot. Millions will still remain hungry. Heavily in debt and distressed, farmers are committing suicide. food prices are soaring. There’s more… Farmers don’t have money. Their land is too small and isn’t yielding much. Fertilisers and...

While any loss in production following the dry spell will further hit the growth story, it will also push up food inflation. considerably. Once again the rain gods are playing truant. With 31 per cent shortfall in June, and with an expectation of only 70 per cent of the predicted 96 per cent rainfall for the July-August months, crucial for farming operations, kharif sowings have already been hit.   In June alone,...