Toor dal prices take a fall
The article reports the fall in the price of Toor Dal (Pulses) and accompanying volatility in the Toor dal market on account of dependency of the Supply on rain fed Agriculture and Imports. Dal (Pulses), being an important source of protein for a large vegetarian population in India is a basic necessity and has a Inelastic nature of Demand.
Topics include Determinants of Demand and Supply, Price Elasticity of Demand and Supply. Explain using the formulae of Elasticity and market diagrams for Toor dal market and Government initiatives to reduce volatility in supply and price through Imports and Buffer Stock.
Evaluation will cover effect of Dal prices on Farmers (Producers), Consumers (essential goods/basic necessity), Government and Society in short term and long term.