Kedar Vishnu India Ag Econ Professor Vidped 601 August 2024

Dr. Kedar Vishnu, an Associate Professor of Economics at DLHS, Manipal Academy of Higher Education, India discussed the current status of Indian agriculture. With a background in institutional economics and a PhD, from Institute for Social and Economic Change (ISEC). Dr. Vishnu highlighted the Green Revolution's impact, which aimed to increase agricultural productivity through high-yield crop varieties, modern techniques, and enhanced use of fertilizers and irrigation.
He explained the introduction of three farm laws, including the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020, and the Essential Commodities (Amendment) Act, 2020, noting that despite their potential benefits, these laws were withdrawn due to issues such as asymmetric information and opportunistic behavior between contract firms and farmers. Dr. Vishnu also assessed the Union Budget 2024-25, pointing out its benefits to the agricultural sector while highlighting key areas that were lacking. He emphasized the need for stronger links between supermarkets and small, marginal farmers, and robust institutional mechanisms to support contract farming, noting the high transaction costs faced by farmers due to information asymmetry regarding prices, product quality, and contracting reliability.