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LATEST NEWS UPDATES | How Will India Fare in the Brewing Global Food and Fertiliser Crisis? -Kaushal Shroff

How Will India Fare in the Brewing Global Food and Fertiliser Crisis? -Kaushal Shroff

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published Published on Mar 28, 2022   modified Modified on Mar 29, 2022

-TheWire.in

According to a research note by SBI, for every one dollar of increase in the pooled gas rate, India’s fertiliser subsidy bill shoots up by Rs 4,000-5,000 crore.

There is no such thing as a localised conflict in a globalised world. Sooner rather than later, fallouts from the Russia-Ukraine war will overwhelm the operations of developed and developing economies alike, leading up to the largest, and possibly, the worst food crisis the world has seen in decades.

The focal point for the imminent crisis emerges from the pivotal position the two countries occupy in the global food exports matrix. Ukraine and Russia together command a lion’s share of exports in wheat, barley and corn.

In the case of wheat, the two countries cumulatively corner 28.5% of the exports market between themselves, as per the Observatory of Economic Complexity.

The war, and the accompanying shortages it is triggering, has scrambled the fiscal math of a number of countries while large populations of poorer countries are progressively being pushed towards a hand to mouth paradigm as food prices skyrocket across the globe.

In Turkey, President Recep Tayyip Erdogan’s flawed and unheeding economic acumen has damned the country’s future. Adding to their woes is the Russia-Ukraine conflict, which has inflated food prices to such an extent that Turkey’s impoverished citizens are forced to stand in line for hours waiting for government-issued bread; the same bread that is beyond their reach when sold in local bazaars.

Tunisia, on the other hand, has been crippled by three years of droughts crimping the country’s agriculture output. The country imports close to 50% of its food grains for consumption, and this, not surprisingly, is eating into the country’s budget. The  food grain costs, alone, will scale up to  $1.2 billion this year, a jump of nearly 60% from the previous year.

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TheWire.in, 28 March, 2022, https://thewire.in/economy/how-will-india-fare-in-the-brewing-global-food-and-fertiliser-crisis
 

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