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Diagnosing and overcoming sustained food price volatility: Enabling a National Market for Food

Author

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  • Burman, Anirudh

    (National Institute of Public Finance and Policy)

  • Patnaik, Ila

    (National Institute of Public Finance and Policy)

  • Roy, Shubho

    (National Institute of Public Finance and Policy)

  • Shah, Ajay

    (National Institute of Public Finance and Policy)

Abstract

The agricultural markets in India sure from high price volatility. There may be an element of a Samuelson Cobweb Model at work, which generates a cycle of boom and bust. When food prices are high, consumers protest and in the years when food prices are low, farmers are in distress and demand loan waivers. Four policy pathways address the cobweb model: storage, national trade, international trade and futures trading. We argue that the Constitution imposes an obligation upon the Union government to achieve a national market. We work out an implementable set of steps through which the Union government can obtain a national market for agricultural produce.

Suggested Citation

  • Burman, Anirudh & Patnaik, Ila & Roy, Shubho & Shah, Ajay, 2018. "Diagnosing and overcoming sustained food price volatility: Enabling a National Market for Food," Working Papers 18/236, National Institute of Public Finance and Policy.
    • Handle: RePEc:npf:wpaper:18/236
    Note: Working Paper 236, 2018
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    References listed on IDEAS

    as
    1. Chakraborty, Lekha & Sinha, Darshy, 2018. "Has Fiscal Rule changed the Fiscal Marksmanship of Union Government?," Working Papers 18/234, National Institute of Public Finance and Policy.
    2. N. R. Bhanumurthy & Lokendra Kumawat, 2020. "Financial Globalization and Economic Growth in South Asia," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 21(1), pages 31-57, March.
    3. Lekha S Chakraborty & Darshy Sinha, 2018. "Has Fiscal Rules changed the Fiscal Behaviour of Union Government in India? Anatomy of Budgetary Forecast Errors in India," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 9(3), pages 75-85, July.
    4. Tandon, Suranjali, 2018. "Tax challenges arising from digitalisation," Working Papers 18/235, National Institute of Public Finance and Policy.
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    Cited by:

    1. Mundle, Sudipto, 2018. "Development of Education and Health Services in Asia and the Role of the State," Working Papers 18/239, National Institute of Public Finance and Policy.
    2. Soumya Pal & Deepti Sharma & Durgit Kumar & Harika Sombhatla, 2020. "Challenges, opportunities and innovation in Indian rural economy," ASARC Working Papers 2020-04, The Australian National University, Australia South Asia Research Centre.
    3. Ramadas Sendhil & Kashish Arora & Sunny Kumar & Priyanka Lal & Arnab Roy & Ramalingam Jayakumara Varadan & Sivasankar Vedi & Anandan Pouchepparadjou, 2023. "Price Dynamics and Integration in India’s Staple Food Commodities—Evidence from Wholesale and Retail Rice and Wheat Markets," Commodities, MDPI, vol. 2(1), pages 1-21, February.

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