New Delhi : As the spectre of deficient monsoon looms large, the government today announced a number of contingency measures to minimise the losses in agriculture and power sectors, safeguard farmers’ interest and keep prices under check. The downward revision to the monsoon forecast — from ‘below normal’ to ‘deficient’ — has already sparked drought fears, pushing stock markets into a freefall and raising doubts about economic recovery.
Agriculture Minister Radha Mohan Singh said a new crop insurance policy will be brought in to protect farmers’ income, while the government will take steps to improve domestic supplies through imports to check price of pulses.
Power Minister Piyush Goyal also said that the contingency plans have been drawn up to meet any eventuality in case the deficient monsoon hits hydro power output. The minister, however, sought to allay concerns and said that adequate coal is available at every thermal plant in the country to meet any shortfall in hydro-power output.