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The Dollar Business Bureau Barely a day after the India Meteorological Department (IMD) confirmed a zero possibility of less than a normal monsoon this year, the Confederation of Indian Industry (CII) on Friday said normal monsoon this year would significantly outweigh the concerns of a slight increase in oil prices.   "The effect of a positive or normal monsoon will be very beneficial for the economy and far outweigh the concerns of a slight strengthening in oil price," CII President Naushad Forbes said. On Thursday, IMD had stuck to its earlier forecast for above normal monsoon rains this year, raising hopes for a revival in domestic farm production that could result in lower food prices and lower interest rates. Terming the 7.6% GDP growth ...

The Dollar Business Bureau   Due to drought for three successive years in the Marathwada region of Maharashtra and the poor monsoon in the previous years, the state government is trying to get more and more farmers under the insurance scheme for crops, in order to provide compensation for their failed crops. Currently, there are just 30 percent farmers, who are under the Prime Minister Fasal Bima Yojana (PMFBY), an insurance scheme launched by the central government for farmers. The Maharashtra government wants to increase this target to 70 percent, according to official sources. In order to bring even the small and marginal farmers into the scheme, the insurance premium has been significantly brought down. Speaking to reporters in Mumbai after ...

The Dollar Business Bureau After two years of so-called less-than-normal-monsoon, the country will experience “above normal” monsoon this year, the Indian Meteorological Department (IMD) predicted on Tuesday. In its first forecast of this season, the IMD said the country will receive fair amount of rainfall across the country, and it will be a good year. The IMD said monsoon seasonal rainfall is estimated to be 106% of the Long Period Average (LPA) during June to September this year. The forecast is sure to cheer people across all parts of the country, who have been reeling under drought, resulting in minimum agricultural production and drinking water; the industry whose domestic output has suffered and the government who can bank on a better agricultural production to ...

Source: PIB, Government of India Radha Mohan Singh, Union Agriculture Minister on Friday, took a review meeting of the efforts being made since April to face the deficient monsoon. Sanjeev Balyan, Minister of State for Agriculture was also present.  The meeting was attended by the senior officers of Agriculture Ministry including Secretary, Department of Agriculture and Cooperation, Secretary, Department of Animal Husbandry, Secretary, ICAR, Secretary, Ministry of Power, Officers of Ministry of Water Resources, Ministry of Rural Development, Ministry of Fertilizers, Secretary, NDMA, Officers from Indian Meteorological Department (IMD) also attended the meeting.  The meeting reviewed the latest monsoon predictions in June given by the IMD.  Accordingly to these predictions the North West area will receive 85% rainfall, which is little ...