New Delhi, Dec 9 (IANS): The total area sown during the ongoing Rabi crop season so far has surpassed 493.6 lakh hectares, up from 486.3 hectares in the same period last year raising hopes of higher agricultural production that would help to bring down food prices.
The area covered under wheat has increased to 239.49 lakh hectares compared to 234.15 lakh hectares in the corresponding period of the previous year.
Similarly, the area sown under pulses has shot up to 120.65 lakh hectares in the current Rabi season as compared to 115.7 lakh hectares in the same period last year.
The area under Shri Anna & Coarse Cereals has also risen to 35.77 lakh hectares compared to 35.08 lakh hectares during the corresponding period of last year.
The increase in the sown area is expected to increase production of the essential food goods and would help bring down inflation in the economy.
Looking ahead, food inflation is expected to ease while the growth outlook for the economy is "cautiously optimistic" for the coming months as the agricultural sector is likely to benefit from favourable monsoon conditions, increased minimum support prices and adequate supply of inputs, according to the Finance Ministry’s monthly economic review last month.
RBI Governor Shaktikanta Das said last week that "India's growth story is still intact and inflation is on the declining path". The RBI Governor was also optimistic on the outlook for the economy, observing that "the balance between inflation and growth is well poised".
The slack in speed observed in the Indian economy during the second quarter of 2024-25 is behind us as private consumption is back to being the driver of domestic demand with festival spending lighting up real activity in Q3, according to the RBI's monthly bulletin for November.
The report points out that rural India is emerging as a gold mine for e-commerce companies in this festival season; this is expected to gather further momentum with the sharp increase in kharif output and optimism around Rabi production emboldening a record foodgrains target for 2024-25, the bulletin added.