NEW DELHI: The Union agriculture ministry has further revised the estimates of total the kharif foodgrain production downwards at 101.03 million tonne, which is about half-a-million tonne less than the production in the previous season.The ministry stated that this is due to the setback caused to rice and coarse cereals output by serious climatic conditions half way through the monsoon, leading to deficient and scanty rainfall in eastern part of the country notably Orissa, Bihar plateau, Madhya Pradesh and parts West Bengal and Rajasthan. Subsequently, there had been unprecedented floods in eastern UP, north Bihar, West Bengal and Assam.

The target for total foodgrain production for 1997-98 was revised to 204 million tonne from 207 million tonne. Earlier, the agriculture ministry had rejected the target set by the Planning Commission at 210 million tonne and worked out to 207 million tonne.According to the recent estimate, rice production during kharif is likely tobe 70.75 million tonne which is about a million tonne lower than the corresponding season's production during last year.

Sharp fall in silver prices

MUMBAI: Silver prices declined sharply by Rs 100 per kg on the bullion market here today due to steep fall in the international prices and gold dipped on poor demand. Ready silver of .999 fineness dropped sharply by Rs 100 to end at Rs 7450 as against the last close of Rs 7550. Raw silver of .916 fineness declined by Rs 95 to Rs 7345 and tenderable silver fell to Rs 7455 from Rs 7555. In London, the white metal was fixed lower at $ 4.89 per troy ounce today from the last close of $ 5.00.

Standard gold dropped by Rs 25 to close at Rs 4245 from Rs 4270. 22-carat gold was nominally quoted subdued at Rs 3925 from Rs 3950 and ten-tola gold bar of .999 purity fell by Rs 400 to Rs 49,900 from Rs 50,300.