While officials claim that inventories are sufficient and discourage hoarding, India has gone as far as banning rice exports and is considering wheat imports, even though it ranks as the world’s second-largest wheat producer.
With Modi and his Bharatiya Janata Party seeking re-election for a third term, there is growing frustration over rising prices, a concern that has historically toppled governments. The impact of escalating prices on voters is a critical consideration, as discontent among the populace can prove electorally damaging. Sonal Varma, Chief Economist for India and Asia ex-Japan at Nomura Holdings Inc., emphasized that India must act proactively given its high starting point of food inflation.
This story is from the August 10, 2023 edition of The Business Guardian.
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This story is from the August 10, 2023 edition of The Business Guardian.
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