A CONCEPTUAL STUDY OF THE IMPACT OF AGRICULTURAL POLICIES AND REFORMS ON THE ECONOMY WITH REFERENCE TO SRI LANKA ECONOMIC CRISIS

Registration ID: IJNRD_186355

Published ID: IJNRD2301239

: http://doi.one/10.1729/Journal.32734

Dr. Lakshman K, Dr. G S Raghavendra, Sai Yojana Tirumala, Pooja Vasudevan, Tarun VKP,Suhas S

Agriculture, policy, reforms, Sri Lanka

The commerce, foreign remittances, foreign direct investment, and tourist industries have all played a significant role in Sri Lanka's economy's tight ties to the world economy. Theoretically, when the global economy is in crisis, this condition should have negative effects on the home economy. This study aims to evaluate the consequences of the global food and financial crisis on Sri Lanka's economy and to determine the extent to which the government's policy response has contributed to reducing the negative effects, with particular emphasis on the agricultural sector. The study begins by analysing the macroeconomic indicator trends, determines the degree of price transmission from the global market to the domestic market, and then lists the policy changes made by the Sri Lankan government during the pre-crisis, food crisis, and financial crisis periods. The results show that trade has been the main means through which economic shocks from around the world have reached Sri Lanka. When Sri Lanka was experiencing its food crisis, the terms of trade shock had a considerable influence on the country's national income, but a recovery was visible throughout the financial crisis. Although the transmission of fuel prices into the domestic economy has been effective, particularly during the time of the food crisis, the transmission of world prices into the home economy for many agricultural sub-sectors has been less than ideal. Although price increases in some subsectors of agriculture, such as milk and wheat, can be linked to increases in global prices, it has been discovered that variations in the price of rice—the nation's main food—in the local market are mostly influenced by shifting internal market conditions. A careful assessment of the local political landscape reveals that over the time periods under discussion, numerous trade and price policies have been applied to various agricultural sub-sectors throughout the nation. Overall, the Sri Lankan government's approach to agriculture policy appears liberal during the food crisis and more protectionist during the financial crisis. Additionally, over time, it is also clear that funding in agricultural research have increased. The Sri Lankan government's present policy goal is to strengthen its agricultural sector through an inward-looking approach; nevertheless, there were many other circumstances that led to the adoption of such tactics, not the least of which was the current state of the world economy.

Published Paper   E-Certificate

Dr. Lakshman K, Dr. G S Raghavendra, Sai Yojana Tirumala, Pooja Vasudevan, & Tarun VKP,Suhas S (January-2023). A CONCEPTUAL STUDY OF THE IMPACT OF AGRICULTURAL POLICIES AND REFORMS ON THE ECONOMY WITH REFERENCE TO SRI LANKA ECONOMIC CRISIS. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(1), c290-c297. http://doi.one/10.1729/Journal.32734

Volume 8 Issue 1, January-2023

Pages : c290-c297

Paper Reg. ID: IJNRD_186355

Published Paper Id: IJNRD2301239

Downloads: 000122032

Research Area: Engineering

Author Type: Foreign Author

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Crossref DOI: http://doi.one/10.1729/Journal.32734

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

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