Agricultural Prices in a Changing Economy: An Empirical Study of Indian Agriculture

Attempting to answer the question, Is Indian agriculture moving to a market determined economy?, this book demonstrates that, in the last quarter century, as the economy grew faster and liberalized, the nonfood grain sector of Indian agriculture responded to price signals in a decisive manner. Building its arguments on agricultural economics theory and supported with detailed quantitative verification—based on trends of agricultural output and productivity and on farmers’ market behavior—this analysis also conducts policy simulations. Academics and policymakers alike will benefit from this discussion.