August 26, 2009
India to provide seed subsidy to improve winter crop
The Indian government has decided to give INR2.88 billion (US$57.76 million) worth of subsidy on seeds to help farmers sow crops during the winter season as scanty monsoon rains have hit summer crops, Finance Minister Pranab Mukherjee said Tuesday (August 25).
The minister, who spoke to reporters after a ministerial meeting to assess the impact of weak rains, also said that a late pick up in rainfall would help the winter-sown crop and reduce the summer crop shortfall.
"To take full advantage of the winter crop, we have decided to distribute good quality seeds in time to farmers and have stepped up the subsidy," Mukherjee said.
India's annual monsoon rains were 26 percent below the 50-year average during the June 1-Aug. 23 period, a senior official with the Meteorological Department said Tuesday.
US$1 = INR48.48 (August 26)
