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India's FM: 'Drought Not Alarming'

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Pranab Mukherjee, India's Finance Minister, said that the drought, due to a deficient late monsoon, was not as alarming as it was thought of in July and August, reports PTI.

Addressing a meeting at New Delhi on September 14, he said that the situation was better now with improved rainfall. He said that despite drought, the country was confident to tide over the situation due to its huge buffer stock.

He said that the country's wheat and rice stocks were far in excess of buffer norms and added that there would be a surplus of 17.7 million tonnes of wheat in the marketing season (April-June, 2010).

(Market News Provided by RTTNews)

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