(MENAFN- KNN India)
New Delhi, Jan 1 (KNN) India's rabi crop cultivation has expanded to 614.94 lakh hectares in the current season, surpassing last year's coverage of 611.8 lakh hectares, according to recent data released by the Ministry of Agriculture & Farmers' Welfare.
Notably, wheat cultivation has increased significantly to 319.74 lakh hectares from 313.00 lakh hectares in the previous year, with winter rains expected to further benefit the crop.
The comprehensive sowing data reveals substantial coverage across various crop categories, with pulses spanning 136.13 lakh hectares, shri anna and coarse cereals covering 48.55 lakh hectares, and oilseeds extending across 96.15 lakh hectares.
This extensive cultivation is anticipated to boost essential food production and contribute to inflation control. The agricultural sector's positive trajectory aligns with the Finance Ministry's monthly economic review, which projects an easing of food inflation and maintains a cautiously optimistic growth outlook.
This optimism is grounded in favorable monsoon conditions, enhanced minimum support prices, and adequate input supplies.
Recent economic indicators support this positive outlook, with retail inflation based on the Consumer Price Index (CPI) declining to 5.48 percent in November, down from 6.21 percent in October.
This reduction in food price inflation has provided welcome relief to household budgets and marks a reversal of the upward trend observed in previous months.
The Reserve Bank of India's recent report reinforces confidence in India's growth narrative, emphasising that the country's growth story remains robust while inflation continues its downward trajectory.
The RBI's monthly bulletin for November indicates that the economic slowdown observed in the second quarter of 2024-25 has been overcome, with private consumption reemerging as the primary driver of domestic demand, particularly evident in strong festival spending patterns.
Further optimism stems from rural India's emerging role as a significant market for e-commerce companies during the festival season. This trend is expected to strengthen further, supported by increased kharif output and positive expectations for rabi production, contributing to an ambitious foodgrains target for 2024-25.
(KNN Bureau)
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