Reports of a possible global food crisis could not have come at a worse time for India. Food inflation is still over 16% and though plentiful rains this year hold out the promise of one of our best agricultural years ever , last week’s warning by the US administration of ‘dramatically’ lower supplies of corn, rice and wheat could force the RBI to tighten more than otherwise warranted in order...
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Speculation and the economics of hunger by Biraj Patnaik
A recent report of the UN Special Rapporteur on the Right to Food, Olivier de Schutter, provides a damning indictment of the role of Speculation in food commodities in fuelling the global food crisis. The report – 'Food Commodities Speculation and Food Price Crisis – was released on the eve of an emergency meeting of the UN-FAO on the instability in agricultural markets. The global food crisis in 2007-08 led to...
More »Food ministry asks FMC to extend ban on sugar futures by Anindita Dey
Asks the regulator to wait till end of festive season to prevent price Speculation. The ministry of food and pubic distribution system has proposed to the Forward Markets Commission (FMC) to extend the ban on trading of sugar futures till the festive season is over. Officials said recommendations have been sent to the regulator to prevent any scope of Speculation in the sugar prices at a time when prices of all commodities...
More »The race for India's poor by Meghnad Desai
Canada hosted this year’s G-20 and as a follow-up it had a conference for Speakers of Second Chambers—or of unicameral ones where relevant—from September 2-5. The theme was Food Security and Financial Crisis. The burden of the speeches was predictable. Food security for most people is about agriculture and its protection. It is about food production and everyone wished they could grow more food. Others took a neo-Malthusian line that the...
More »Govt expects record wheat crop
The central government said on Friday it expects this year’s wheat output to total a record 82 million tonnes as the country grapples with a grain storage problem. India produced a record 80.71 million tonnes of wheat in the 2009-10 crop year, which runs from July to June, despite the worst drought in nearly four decades. “If there is no terminal heat this year, output is expected to be 82 million tonnes,”...
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