India needs to adopt a sound policy on how to store perishables to shield the economy from repeated food price shocks, researchers in the country’s central bank said.
“The vulnerability of the economy to recurring incidence of vegetable price shocks, especially ahead of and during the monsoon, warrants major reforms in perishable supply chains covering transportation networks, warehousing and storage technologies,” the Reserve Bank of India said in its monthly State of the Economy report Thursday.
This is not the first time that the central bank has blamed the lack of cold storages and proper supply chains for runaway food prices. In recent months, prices of tomatoes —- a staple for many Indian households — has galloped 400% since the start of the year as floods in some parts and deficient rains in others left crops damaged. India’s retail inflation in July jumped to a 15-month high of 7.44% due to rising food costs.
Higher prices is also a hot-button issue in India where past governments have fallen as they couldn’t control the prices of essential items. With national polls just nine months away, the government is looking to carve out about $12 billion from the budget to cool prices.
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