Number Theory: Why market fundamentalists are equally wrong about agriculture | Latest News India - Hindustan Times
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Number Theory: Why market fundamentalists are equally wrong about agriculture

By, New Delhi
Feb 21, 2024 02:11 AM IST

The data clearly shows that absolutely unregulated markets are not a silver bullet for the agrarian crisis in India

Views about Indian agriculture are polarised. On one extreme are a bunch of farmers’ organisations demanding that the government bring in a law to offer guaranteed minimum support prices (MSP) for all crops in the country. We have previously discussed in detail why such a view is flawed. But there also exists another extreme viewpoint. The crux of this view is that government interventions, mostly with an eye to keep food prices from going up, are the biggest reason for the predicament of the Indian farmers. The best way to guarantee the well-being of Indian farmers, these commentators argue, is for the state to discontinue all interventions in the food market. Will such a policy really work wonders for farm incomes? A look at relevant statistics does not support such blanket arguments.

An improvement in agricultural incomes requires farmers to be organised into cooperatives so that they can increase their bargaining power in both input and output markets,(AFP FILE)
An improvement in agricultural incomes requires farmers to be organised into cooperatives so that they can increase their bargaining power in both input and output markets,(AFP FILE)

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