#Business

Climate Change Drove Food Price Hike Over Past 2 Years: Economic Survey

Climate change has been a significant factor behind the rise in food prices over the past two years, according to the Economic Survey 2023-24 presented in Parliament on Monday. The survey highlights how extreme weather events, fluctuating temperatures, and changing rainfall patterns have adversely affected agricultural productivity, leading to supply shortages and increased prices.

Impact on Agriculture

The Economic Survey underscores the vulnerability of India’s agricultural sector to climate change. Key crops such as wheat, rice, and pulses have faced lower yields due to erratic weather conditions. Droughts, floods, and unseasonal rains have disrupted farming cycles, reducing the availability of essential food items in the market.

Economic Consequences

The rise in food prices has had widespread economic implications, impacting household budgets and contributing to inflationary pressures. The survey notes that higher food costs have disproportionately affected low-income families, exacerbating food insecurity and nutritional challenges.

Government Response

In response to these challenges, the government has initiated several measures to mitigate the impact of climate change on agriculture. These include promoting climate-resilient farming practices, increasing investment in irrigation infrastructure, and enhancing early warning systems for extreme weather events.

Future Outlook

The Economic Survey emphasizes the need for a comprehensive strategy to address climate change’s effects on agriculture. It calls for greater research and development in climate-smart agriculture, improved water management practices, and policies that support farmers in adapting to changing climatic conditions.

Conclusion

The Economic Survey 2023-24 highlights the critical link between climate change and food price hikes, urging immediate action to bolster agricultural resilience and ensure food security. As climate change continues to pose challenges, a coordinated effort is essential to safeguard India’s agricultural sector and stabilize food prices.

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