State-run banks are not out of the woods yet, as new-stress has emerged in the agriculture, MSME, commercial vehicle, telecom and real estate sectors in the fiscal third quarter. Macquarie has increased its credit cost assumptions on an average by 50 basis points, or half a percentage point, for the next two fiscal years to 180 basis-points to reflect the new forms of stress.

The agriculture ministry is likely to take a decision on revising the price of Bt cotton seeds, including the trait value (tech fee), by March to help farmers plan for the kharif planting season which starts in June. The industry has sought a 10 per cent increase in price because of rising input costs. Some manufacturers have sought pricing freedom.

"The rabi crop outlook for 2019-20 is expected to be good and we expect modest food inflation, which is good for both business as well as for farmers", said Sanjay Kaul, Chairman, NCML. The post-harvest management company, in its first estimates for 2019-20, have said that there is a record food grain production led by the wheat crop, along with corn and jowar.