German economy forecast to lag eurozone growth until 2026
The German economy is expected to significantly underperform the eurozone average until at least 2026, according to the European Commission's Autumn Forecast released on Friday.
As the forces of nature unleash their fury, India’s agricultural landscape finds itself at the mercy of untimely rainfall and hailstorms, wreaking havoc on winter-sown crops like wheat, rapeseed, and chickpeas.
As the forces of nature unleash their fury, India’s agricultural landscape finds itself at the mercy of untimely rainfall and hailstorms, wreaking havoc on winter-sown crops like wheat, rapeseed, and chickpeas. The repercussions of this meteorological onslaught extend far beyond the fields, touching the very heart of India’s economic stability and food security. In the breadbasket of the world’s second-largest wheat producer, the stakes are high. The timing could not have been worse, with the crops nearly mature and ready for harvesting when heavy rains and hailstorms descended.
Farmers in some villages in Uttar Pradesh say their entire wheat crop has been flattened. They could have harvested it in two to three weeks. This paints a dire picture for the upcoming harvest, with potential production losses and increased expenses looming over farmers who now face the daunting task of manual harvesting. India’s wheat production, a cornerstone of its agricultural prowess, is now under threat.
From Punjab and Haryana in the north to Madhya Pradesh in central India, reports of damage have emerged, challenging the government’s optimistic projection of a 1.3 per cent increase in wheat production to a record 112 million tons. Traders on the ground, however, foresee a different reality, with estimates suggesting a production drop of at least 2-3 million tons due to just one week of adverse weather. The consequences extend beyond wheat fields to rapeseed and chickpea cultivation, primarily in the northern states. For traders, there are challenges in rapeseed production: Harvesting had begun in many places, but now it will be delayed due to rainfall.
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The anticipated 5 per cent reduction in rapeseed production may have a cascading effect, compelling the world’s largest edible oil importer to rely further on costly overseas purchases of palm oil, sunflower oil, and soybean oil. As India grapples with the immediate aftermath of this weather-induced crisis, the prospect of a third consecutive poor harvest raises the spectre of wheat imports. The government’s reluctance to take this seemingly unpopular step, especially in the lead-up to a general election, underscores the balance between addressing immediate concerns and making decisions with long-term consequences. In navigating these challenges, the resilience of India’s agricultural sector is put to the test.
Farmers, who form the backbone of the nation’s economy, are adapting to the unexpected, grappling with the aftermath of a natural calamity that goes beyond their control. The impact is not merely economic. It has ripple effects on global trade, food prices, and the delicate equilibrium of India’s domestic markets. As the weather remains unpredictable and the second half of March promises hot conditions, the road ahead is uncertain. The nation watches with trepidation, mindful of the potential stresses that may further burden the already beleaguered crops.
The coming weeks will not only shape the fate of India’s wheat, rapeseed, and chickpea harvests but will also test the resilience of a nation that has weathered many storms through its agricultural history.
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