Agriculture: Success story, not crisis

In the next two or three weeks, once the rabi procurement season winds down, India's grain mountain will have swelled to 70 million tonnes, perhaps more. That will beat the previous record, which was 63 million tonnes exactly 10 years ago. The Vajpayee government solved its grain mountain problem in 2002 by announcing exports — at below procurement prices, as it happens, but with a net benefit nevertheless because the cost of holding on to stocks would have been even greater.

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