What are the implications of extreme weather and crop damage on food prices according to the Economic Survey 2023-24
Discuss the impact of extreme weather events and crop damage on the rise in food prices as per the latest Economic Survey.
- Extreme weather events can lead to crop damage, affecting agricultural productivity and reducing food supply.
- Lower yield due to crop damage results in shortage of food in the market, leading to higher demand and subsequently higher food prices.
- Rising food prices can impact consumer choices, especially for those with lower incomes, leading to reduced access to essential nutrition.
- Increased food prices may also lead to inflationary pressures in the overall economy, impacting the cost of living for the general population.
- It is essential for policymakers to consider measures to mitigate the impact of extreme weather events on agriculture to stabilize food prices and ensure food security.
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9 months ago