The Response of Consumer Food Price Index (CFPI) due to the Impact of Pandemic COVID-19 on Indian Agriculture Sector

Abstract

India is an agricultural country and a core source of income for the world population. Indian economy is greatly depending on agriculture that is decrease day by day due to pandemic COVID-19. India is a major exporter of many crop foods. India, Thailand, and Vietnam are the major exports of rice if these stopped exports it reduces the economy up to 15%. A related circumstance is built up with diverse yields too like wheat, sunflower whose fare has been stationary by Kazakhstan, Serbia individually. In India, the end of April is the main source of income to farmers because they sell their rabi crops (wheat, mustard, maize, lentil, chilies, gram, tomatoes) in the market drastically decreases of CFPI may lead to the distress of Indian agricultural economy. The change over time in the price of options on wheat futures reveals increased price volatility in response to growing uncertainty about the COVID-19 impacts.