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India No adverse effect of demonetisation on agri growth

No adverse effect of demonetisation on agri growth

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New Delhi: Agriculture Minister Radha Mohan Singh said in a press conference that agriculture growth will be good this year after 2 years of drought.

“Agriculture growth will be good this year compared to previous years,“ Singh said while talking of his ministry’s achievements over the past 30 months.

He added that if rates fall below the minimum support price (MSP), the government will intervene and procure crops.

Agricultural growth stood at 1.2% in the last fiscal year 2015-2016, up from -0.25% in the previous year. Ramesh Chand, member of Niti Aayog, said that the growth figures may reach 6% in the coming year.

The minister added that the Madhya Pradesh State Seed Corporation sold 10.42 lakh quintal for sowing of Rabi in 2015, which has increased to 11.93 lakh quintal this year. Similarly, Maharashtra State Seed Corporation sold 2.64 lakh quintal seeds during last year, while this year it is 2.7 lakh quintal, and the Karnataka State Seed Corporation sold 1.36 lakh quintal seeds during previous year, but this year it has increased to 1.49 lakh quintal.

Overall there is already a 6% increase in Ravi crop sowing this year.

Data also shows that the National Agricultural Cooperative Marketing Fedration of India Limited (NAFED) sales has increased by one and half times since the demonetisation announcement on 8th November.

As prices of onions, tomatoes and potatoes crashed in the market, the minister assured that the central government will intervene after states send a proposal for the same.

“I have not received any proposal so far for onions and potatoes,“ he said. “We are procuring copra and areca nut under MIS to ensure MSP to farmers. The food ministry is also procuring pulses under the price stabalisation fund,“ he added.

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