MUMBAI: Amid a prediction of below normal monsoon season, which has resulted in 22% decline in total area sown under kharif crop in June, finance ministry has called for the need to “reorient” agricultural pricing policies to incentivise the cultivation of climate-resilient crops and disincentivise water intensive ones, along with building water buffers. “The weak progress of the south west monsoon has weighed on kharif sowing, and the monsoon deficit is a concern. Among many things India needs to build buffers in the coming years, water may be at the top of the list,” said the finance ministry in its latest monthly economic review which was released on Tuesday. The review noted a decline in sowing acreage during the month for major crops like pulses (30%), oilseeds (53%), rice (25%), foodgrains (21%) and cereals (18%) due to cumulative rainfall remaining 43% below the long period average (LPA) till June 28. Only 26% meteorological subdivisions have recorded normal and excess rainfall during this time. Meanwhile, the review said combined wheat and rice stocks exceed 4.4 times the prescribed buffer norm and provide a cushion against potential supply-side disruptions. Addressing the concerns raised around the West Asia conflict, the review said “easing” of global energy market stress in June resulted in moderation of crude oil prices, which has “brightened” the outlook for growth and also reduced inflation and external deficit risks. The conflict, however, underscored the need for a national policy on buffer stocks for a range of critical raw materials and inputs.