Good news! Your food bill in 2016-17 set to fall; here's why

-The Financial Express

Higher output of rice, wheat and pulses to soften retail prices

Supported by normal monsoon last year and more than normal kharif and rabi sowing, the country’s foodgrain production in 2016-17 crop year is estimated to increase by 8% from the previous year to record 272 million tonne (mt).

According to the second advance estimates of production of major crops — rice, pulses, oilseeds, cotton and sugarcane for the crop year 2016-17 (July-June) released on Wednesday by agriculture ministry, there would be record output of rice, wheat and pulses this year.

Experts say that the higher output of rice , wheat and pulses will help soften retail prices. The pulses prices, which witnessed a spike last year, had softened since crops have started to arrive in the market.

“As a result of very good rainfall during monsoon 2016 and various policy initiatives taken by the government, the country has witnessed record foodgrain production in the current year,” the ministry said in a statement.

According to the data, the rice production is estimated at an all-time high 108.86 mt in 2016-17 as against 104.41 mt in previous year. The wheat output is expected to be cross 96 mt which is about 3 mt more than the 2015-16 crop year. The area under wheat crop in the ongoing rabi season has crossed 31.55 million hectare which is close to 5% more than normal sowing areas for the last five years.

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The Financial Express, 16 February, 2017, http://www.financialexpress.com/market/commodities/good-news-your-food-bill-in-2016-17-set-to-fall-heres-why/553048/

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