Government’s tension increased due to reduction in Kharif sowing, foodgrain stock, will increase focus on management of prices

Photo:FILE Kharif Crop

A Finance Ministry report on Saturday said there is a need for better management of agricultural commodity stocks amid the shortfall in kharif sowing. The report also emphasized that there should be no room for complacency on the inflation front. That is, inflation should be fought vigorously. According to the monthly economic review released by the Finance Ministry, the inflationary pressure in India seems to be easing.

This was due to the administrative measures taken by the government as well as tight monetary policy and softening of commodity prices in the international market. “Despite this, there is no room for complacency on the inflation front, as low crop sowing in the kharif season requires efficient management of agricultural commodity stocks and market prices,” the report further said.

Food secretary Sudhanshu Pandey said earlier this month that India’s rice production during the kharif season this year may decline by 112 million tonnes due to a reduction in paddy sown area. The report further said that due to the increase in international prices, domestic prices also increased. However, due to timely interventions by the government, the increase in domestic prices was relatively modest. According to the report, with the “external pressure easing”, inflationary pressures in India are also likely to ease.

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