Business + technology

India’s foodgrain production rises by 211 lakh metric tons

Wednesday, 05 Jun, 2024
The total production was higher than the five-year average reflects the resilience of the Indian agriculture sector. (Photo courtesy: www.freepik.com)

New Delhi: The country’s total foodgrain production is estimated at 3288.52 Lakh Metric Tonnes (LMT) for 2023-24 which is 211.00 LMT higher than the average foodgrain production of the last 5 years (2018-19 to 2022-23) of 3077.52 LMT, according to the Ministry of Agriculture.

However, the estimate is slightly lower than foodgrain production of 2022-23 as some crops were impacted by an erratic monsoon in 2023-24.

However, the fact that the total production was higher than the five-year average reflects the resilience of the Indian agriculture sector, according to experts.

The total rice production in 2023-24 is estimated at 1367.00 LMT as compared to 1357.55 LMT in 2022-23, showing an increase of 9.45 LMT while the production of wheat is estimated at 1129.25 LMT which is higher by 23.71 LMT compared to the corresponding figure of the previous year, the estimates showed.

The production of Shree Anna (millets) is estimated at 174.08 LMT showing a marginal increase of 0.87 LMT over 2022-23.

The production of Nutri/Coarse Cereals is estimated at 547.34 LMT which is higher by 46.24 LMT compared to the average Nutri/ Coarse Cereals production.

The production of pulses went up during the year with the production of Tur estimated at 33.85 LMT which is marginally higher by 0.73 LMT than the production of 33.12 LMT in 2022-23. The production of lentils is estimated at 17.54 LMT which is higher by 1.95 LMT than the previous year’s production of 15.59 LMT.

The production of Soybean is estimated at 130.54 LMT and the production of Rapeseed Mustard is estimated at 131.61 LMT which is 5.18 LMT compared to last year’s production. The production of cotton is estimated at 325.22 Lakh Bales (of 170 Kg each) and the production of sugarcane is estimated at 4425.22 LMT, the figures showed.

---------------------

GST collection for May at Rs 1.73 lakh crore

New Delhi: The Goods and Services Tax (GST) collections for May came in at Rs 1.73 lakh crore, a 10 per cent growth (year-on-year), driven by a strong increase in domestic transactions and slowing of imports, the Indian government has said.

The gross GST collections in the FY2024-25, till May, stood at Rs 3.83 lakh crore, representing an 11.3 per cent year-on-year growth, according to the Ministry of Finance. 

After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stood at Rs 3.36 lakh crore, reflecting a growth of 11.6 per cent compared to the same period last year. 

For May, after accounting for refunds, the net GST revenue stood at Rs 1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year. 

While central Goods and Services Tax (CGST) was at Rs 32,409 crore, the state GST was Rs 40,265 crore and integrated IGST stood at Rs 87,781 crore, including Rs 39,879 crore collected on imported goods, said the ministry. 

The Cess stood at Rs 12,284 crore, including Rs 1,076 crore collected on imported goods. 

For the FY 2024-25 till May, the CGST was Rs 76,255 crore; SGST was Rs 93,804 crore; IGST Rs 1,87,404 crore, and Cess was Rs 25,544 crore. 

In the month of May, the government settled Rs 38,519 crore to CGST and Rs 32,733 crore to SGST from the net IGST collected of Rs 67,204 crore. This translates to a total revenue of Rs 70,928 crore for CGST and Rs 72,999 crore for SGST in May, after regular settlement. 

Subscribe to the Newsletter