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EconomicsVolume 2: India and the International Economy$
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Jayati Ghosh

Print publication date: 2015

Print ISBN-13: 9780199458943

Published to Oxford Scholarship Online: September 2016

DOI: 10.1093/acprof:oso/9780199458943.001.0001

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Economic Openness and Indian Agriculture

Economic Openness and Indian Agriculture

(p.331) 8 Economic Openness and Indian Agriculture

Ramesh Chand

Sumedha Bajar

Oxford University Press

This chapter analyses the impact of increased openness of Indian agriculture in the wake of liberalization policies and implementation of WTO agreement in 1995. Evidence from last two decades has been gathered and a case is made for strategic liberalization of Indian agriculture sector over free trade. Changing trends in agriculture trade indicate that while ratio of trade to domestic production of agricultural commodity follows the movement in international food prices and exports have shown high sensitivity to changes in global food prices indicating towards lack of competitive edge of India’s export items. Although there have been efforts made and mechanisms put in place to not allow sharp changes in global prices to affect Indian agriculture as these could have tremendous impact on domestic economy and vulnerable population, at the same time, the two options for price stabilisation viz. buffer stock vs trade (import/export), were analysed and the latter was found to be costlier; it is argued that buffer stock is a better option to safeguard consumer and producer interests.

Keywords:   Indian agriculture, free trade, strategic opening-up, trade composition, nutrition, buffer stock

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