(Bloomberg) — New legislation in India aims to fundamentally overhaul the way farm goods are produced and sold in the country of 1.3 billion people, almost half of whom depend on agriculture for their livelihood. A decades-old system of farmers selling mainly through state-run wholesale markets is being opened up in what Prime Minister Narendra Modi says marks a watershed moment that will help make India more self-reliant. Opposition parties and even one of Modi’s allies say it will leave those working the land vulnerable to exploitation by big private buyers. Farmers, who make up a powerful voting bloc, worry their income could fall, despite Modi’s promises to the contrary.
1. What’s the problem been?
Farming has remained relatively untouched by the push to modernize India; its growth has consistently lagged behind the overall economy for years — often significantly. (The…
