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1. The monsoon has run into a double-digit deficit with the rainfall being unevenly spread. But is likely to surge ahead along the west coast, says Vinson Kurian. Later last week, the monsoon covered Odisha, Madhya Pradesh, Gujarat and Maharashtra.
2. Increasingly, various weather agencies now forecast the delay in the emergence of La Nina, which results in heavy rainfall and floods in India. The APEC Climate Centre says the weather event will emerge between July-December from earlier forecasts of July-September.
3. The impact of El Nino, which emerged in June 2023, and the hiatus in the south-west monsoon currently have resulted in precarious reservoir storage levels. Only six States have above-normal storage, though the southern region, where the situation was the most worrisome, showing signs of improvement.
4. One of the Modi Government’s first decisions was to increase the MSP of kharif crops. The Cabinet on Wednesday hiked the support prices by 1-13 per cent. Our New Delhi bureau reports that it will result in farmers earning ₹2 lakh crore from the new MSPs.
5. With the new MSP in place and some States such as Chhattisgarh and Odisha paying ₹3,100 a quintal for common variety paddy, Basmati growers will likely demand a premium. That could leave the exporters in a quandary, reports Prabhudatta Mishra.
6. The Centre’s decision to increase the MSP for cotton by ₹501 a quintal for medium- and long-staple cotton poses new challenges for the textile sector. Industry captains concur that the higher MSP will help, though.
7. It’s Budget time and Finance Minister Nirmala Sitharaman is busy holding consultations with stakeholders across various sectors. Stakeholders in the agriculture sector, in their meeting on Friday, pitched for a new agriculture policy and sought higher allocation for R&D, says our New Delhi Bureau.
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