Q.3 What are the factors responsible for the recent food prices spike at the global level? What are its implications for India and what should be India’s approach to deal with the food prices crisis? (10 Marks)

Mentor’s comment-
  • https://www.thehindu.com/opinion/lead/tackling-the-crisis-of-rising-global-food-prices/article65524071.ece
  • In the body, mention the rising inflation on the global level and the contribution of food in it.
  • In the body mention the factors such as supply disruption due to Covid-19, the Ukraine war, diversion of food for biofuel needs etc. In implications mention transmission of prices in India. In the approach mention moderating price impact through trade policy, use of buffer stock, use of strategic liberalisation policy etc.
  • Conclude by mentioning that the global community must plan to have a global buffer stock of food in order to ensure reasonable stability in food prices and supply.
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Anshuman Kumar
Anshuman Kumar
14 days ago

Razor ID – 570724