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In the last seven days, the supply of new stocks in this wholesale market, which supplies cooking oil, spices, rice, wheat and pulses to shopkeepers across Patna, has plummeted. The supply of cooking oil, for instance, is down by 80%. Talk to traders selling spices, grains or pulses and you hear similar numbers. “Do you see how quiet this market is?” said an accountant at a rice shop. “Till 10 days ago, you would not have been able to walk down this street.”
In the same period, orders from shopkeepers have fallen steeply as well. Most of them cannot buy as much stock as before, said Abhijit Kumar, who runs a wholesale shop for spices, because they have only Rs 500 and Rs 1,000 notes – both derecognised as legal tender by the government.
G Venkatasubramanian trots out some astonishing numbers. Over the last 15 years, he and his fellow researchers at Pondicherry’s French Institute have been studying debt bondage among families in 20 villages in Tamil Nadu. Half of these settlements are in the coastal district of Cuddalore, and the others are in the adjoining district of Villupuram.
Their study is throwing up some puzzling changes in how much these families borrow – and how. In 2001, the average annual income of these families was Rs 16,000. Average debt was Rs 10,000. Come 2016, annual income has risen five-fold to Rs 80,000. Average debt, however, stands at Rs 250,000. This is a 25-fold increase.
How these families borrow has changed too. Earlier, only land-owning communities – Mudaliars, Chettiars or Reddiars – lent money. But now, said Venkatsubramanian, the Scheduled Castes are increasingly lending and borrowing among themselves. “A family will borrow Rs 50,000 and lend Rs 25,000,” he said. At the same time, communities that once looked down upon moneylending are entering the trade. The Nadars of southern Tamil Nadu, for instance, have begun lending in central and northern parts of the state.
When Scroll.in moved to Punjab, it was late October. The state was simmering. Farmers were angry and upset. The cotton crop had been hammered by a whitefly attack. The other kharif mainstay – basmati – was fetching lower rates than the grains sold to the Food Corporation of India. Over preceding weeks, torn pages from the Sikh holy book, the Guru Granth Saheb, had surfaced in some villages. There was much anger against the state government for not preventing this desecration. Protesters had blocked roads and railway tracks. In response, the state police had opened fired, killing some protesters.
For the first time, the state’s long-grained basmati rice, famous for its fragrance, is selling cheaper than the humble parimal variety procured by the Indian government for its public distribution programme. Just two years ago, the variety favoured by local farmers, labelled ‘1121’, fetched about Rs 4,200 a quintal. This year, it is selling at Rs 1,700.
Once again, India is hyperventilating over onions.
In Delhi, say press reports, prices of the bulb have spiked by 25% between July and August. Similar spikes are being reported from elsewhere in the country.
In response, blame games are underway. NAFED, a central government agency that procures agricultural produce, has accused the Delhi government of ignoring its missives in April, June and July about an imminent rise in onion prices.
Also underway are counter-measures to cool down onion prices. The Delhi government has decided to sell onions at subsidised rates. The central government has decided to import 10,000 tons of onions from Afghanistan, Pakistan and Egypt.
These responses are resulting in bemusement amongst food policy experts.