Rice, wheat production seen at highest ever, but other commodities show a decline from previous year’s harvest The government estimated a record high foodgrain crop for the 2011-12 crop year that ends in June, driven mainly by higher output of rice and wheat, but experts said prices are likely to remain firm and keep inflation at around 7%. The likelihood that the government will increase the minimum prices it guarantees farmers for...

World Water Day is held annually on March 22 to focus attention on the importance of freshwater and advocate sustainable management of freshwater resources. Each year, the day highlights a specific aspect of freshwater and this year's campaign was on “Water and Food Security.” A large quantity of water, more than most people think, is used for producing the food we eat everyday. Water is a renewable and finite resource...

Token relief to individual taxpayers will cost the exchequer Rs. 4,500 crore In a “pragmatic and domestic growth-oriented” budgetary exercise aimed at shoring up investor confidence and investment, Union Finance Minister Pranab Mukherjee on Friday sought to tap indirect taxes, especially service tax, to rake in an additional Rs. 45,940 crore into his kitty. Presenting the budget for 2012-13 in Parliament, Mr. Mukherjee provided a token relief to individual taxpayers that will cost...

-The Business Standard Govt policy is warping farm output mix The crop output estimates for 2011-12 put out by Krishi Bhawan last week – even while projecting a record foodgrain output that would cross the 250 million-tonne mark for the first time – reveal some worrisome inter-commodity imbalances as well. The harvests of wheat and rice – both of which are facing the prospect of a glut with the official grain coffers...

If the Consumer Affairs Ministry had its say, imported food grains and pulses containing hazardous foreign matter would have made its way on to the Indian platter. In fact, import of damaged grains too would have been a possibility - on the pretext of the country witnessing inadequate food grains’ production. The Ministry, besides a number of importers, had called for a relaxation in the existing set norms for the import...