India received 12.3 mm rainfall yesterday, 47% above the normal weighted average of 8.4 mm, according to data released by the India Meteorological Department. Since Jun 1, rainfall in India has been normal at 213.0 mm. The government has extended the exemption of basic customs duty and agriculture infrastructure and development cess on the import of raw cotton by a month till Oct 31, the finance ministry said in a circular. The maximum retail price of edible oils is set to fall by 10 rupees per ltr in the next two-three weeks, B.V. Mehta, executive director of the Solvent Extractors’ Association of India, said. Prices of some pulses are likely to rise another 10-15% by August as patchy rainfall in key growing areas has delayed sowing of kharif pulses in 2022-23 (Jul-Jun), industry participants say. The government’s existing procurement-based system of providing minimum support price to farmers needs to be reformed, said Ramesh Chand, member of Niti Aayog at a conference on getting agricultural markets right.