pHEco4a ee 't i Ss m INTERNATIONAL Voure 1S JOURNAL OF CASE STUDIES ew a IN MANAGEMENT Vane 2013) India Shedding Tears over Onion Prices Case prepared by Veena KESHAV. PAILWAR!? In the upscale restaurants of Delhi and Mumbai, Chefs are eschewing the onion, saying the price hike is eating upas much as 15 per cent of profits. "Mohendra Khairiya, chef at the upscale Kothi Mem restaurant in Delhi, Thised eyebrows across te city by announcing pumpkin puree would replace onion grawy on his menu. Onion pickles have been scrapped entirely. ~ Stephanie Nolen, 2011 Lasalgaon is angry. ..over 50 farmers .. began hurling abuse at the media for making their lives miserable. ¥ “You people are responsible for this situation. Where were you ‘when onion prices were 500-pervquintal? Nobody talked of prices when we were Seruggling 10 récover our costs,” they shouted in a mix of Marathi and Hindi. “Everyone is talking of high prices but no one wants to mention that swe have lost over half the crop and even at these high prices we will not make money,” another farmer politely told us. —, —M. Madhavan, 2011 With onion prices spiraling to 70-80 a kg, Prime Minister Manmohan ingh Tuesday demanded immediate action to deal with the crisis, but Agriculture Minister Sharad Pawar warned it would take two three weeks “forthe prices to fall... The Bharatiya Janata Party attributed the rising price 10 the “wrong ‘éonomic policies and bad governance...” <> Pawar blamed the crisis on heavy rains which he said had destroyed crops, particularly in Maharashtra. ~ SME Times News Bureau, 2010 Ti Kem Paar rn Emit eof Mess nl Negra ‘ac enar an w Me Tu Apel, Me Sap Nei Me Sled Cah nd Me ZL ‘comments on the case and the associated teaching notes. Rishi Saluja for woofat mec es too poked irre ct seh Pt ean S191 ‘adninstrtve sation presented. Deposited under nunber 9802013 00 with the HEC Mont ‘a Céte-Sainte-Catherine, Montréal (Québec) Cavavda HRT 247. réal Case Centre, 3000, chemin deIndia Shedding Tears over Onion Prices Hue and Cry over Onion Prices During the period of December 2010 to January 2011, it seemed as if all of India was shedding tears over onion prices, which had suddenly registered a sharp rise. The average price, which was running around Rs 30 in the first week of December 2010, had shot to above Rs 50 by the Fourth week of December, Some centres even recorded a much higher price, with a peak of around Rs 85 in Gurgaon (Exhibit 1), a city in Haryana state in India, Consumers across all income strata reduced their onion consumption. For some, in spite of a reduction in their consumption, the expenditure on onions almost doubled. Even restaurant owners substituted onions with shredded cabbage, carrots and pumpkin in their dishes. There was a hue and cry over the onion prices across the country, with consumer forums blaming the government for not taking aetion to curb onion prices. The opposition parties in the parliament also blamed the government for pursuing the wrong economic policies. The government suspected hoarding, by the traders to be the main culprit behind the soaring prices and warmed them to release onions from their stocks. It imposed a ceiling on stock holding and issued a search order. The traders argued, on the contrary, that a natural supply-demand gap was the main reason for the soaring prices. There was total chaos, with all the stakeholders blaming each other for the situation and with no clear explanation of \what was wrong. Was the shortage due to a natural supply shock? Was it a result of an artificially created shortage? Was it an outcome of wrong government policies? Or was it simply the result of changes in demand conditions? The goverament and business analysts were wondering not only about the causes of the sharp price rise, but also about the appropriate interventions and policy changes required to stabilize the'prices Onion Prices Supply side of the market India is the second largest producer of onions in the world (Table 1). Maharashtra state is the largest producer of onions in the country, accounting for 41% of the area harvested and 38% of production (Table 2). Within Maharashtra, Nashik district contributes 35 to 40% of the state’s production. Lasalgaon in Nashik is the biggest onion market in the country; hence, this market largely determines the prices in the country. The other major onion-producing states are Kamataka, Gujarat, Bihar, Madhya Pradesh and Rajasthan. Table 1: Onion Production, Area and Yield: Top 10 Countries in the World in 2009 Country Production (tonnes) Area Harvested (la) Yield (hg/ha) ‘China 21,046,969 947,611 22,106 India 13,900,000 846,909 164,126 usa 3,400,560 60,120 565,629 1,849,580, 65,000 284,551 1,800,000, 54,000 333,333 Pakistan 1,704,100 129,600 131,489 Russian Federat 1,601,550, 85,700 186,879 Iran (Islamic Republic of) 1,812,150, 47450 318,683 © HEC Montréal 2India Shedding Tears over Onion Prices ~Produetion (onnes) Area Harvested (ha) _Vield (hg/ha) 1,511,850 66,013 229,023 Netherlands 1,269,000, 26,000 488,077 Spain 1,263,400 23,600 $35,339, Source: FAO. FAOSTAT Agriculture, as on 237972011 (hiip://fanstal Tuo ory/site/567 default aspadancor) Table 2: State-Wise Area and Production Data for Onions in 2011-12 State ‘Area _Produetion \d_ Share in Total Production 000 ha). 000M) (Tonhay % ‘Andhra Pradesh, 549 7323 133 484 Bihar S44 113850209 782 Gujarat 573139460243 921 Haryana 232 4165 205 3.15 Sharkhand 192 3641 12 241 Karnataka 130 1,756.70 6136 1161 ‘Madhya Pradesh 64.1 gest Sa 651 Maharashtra 387 5,823.50) 15.1 38.48, Others " 340 0 225 Rajasthan 48.6 900 18s 5.95 ‘Tamil Nadu 37 5565 1s 3.68 Uttar Pradesh 236 3708 1587 245 West Bengal 212 297 4 1.96 Total 935_15,135.60 190.00 Source: National Honiculture’ Research cand Development Foundation, Database, as on 25/9/2011 hp: //wn.nludf convContentPage. asp? DataCode=202) There are three main seasons for onion production: kharif (monsoon), late kharif and rabi (winter) (Table 3). The rabi crop-is the major crop, contributing 70% of total onion production. Some of the rabi varieties have excellent storage quality of about four to six months. Table 3: Onion Seasons in India SiateaTRegions Seasons Time of Time of Time of Sowing Transplanting Harvesting ‘Maharashtra and T Khar May-June Iuly-Aug. Sept-Dec. Some parts oPGujarat—-2Early Rabi AugSept. Sept-Oct Jan-March 3Rabi Oct-Nov. Declan April-May TamilnadiKamataka |-Early Khari March-April April/May ——_July-Aug. and AP 2Kharié May-June Oct-Nov. y 3 Rabi Sept-Oct March-April Rajastban/Maryana/Pu 1.Kharit May-June Nov-Dec ajab/UP and Bihar Rabi Oct-Now. May-lune West Bengal & Orissa 1-Kharif June-July Aug-Sept, Nov-Dec 2Late Khasi¢ Aug-Sept. Oct-Dec. Feb-March Hills Rabi Sept.-Oct. ‘Oct-Nov. June-July, 2. Summer long doy ype) _Nov-Dee.__Feb-March Aug Och. ‘Source: National Horticulture Research and Development Foundation (2011), Database, as on 25/9/2011 sivow,nhaf com/ConteriPage asp?DalaCod (© HEC Monti 3India Shedding Tears over Onion Prices Onions are a commercial crop. The estimated cost of onion cultivation varies from Rs 79,590 per ha to Rs 87,900 per ha (Table 4) (for the intemational equivalence of Indian units of measurement, see Exhibit 2), which is comparatively smaller than the cost of cultivating other crops. Apart from the suitability of soil for onion production, the lower cost of cultivation also attracts many small and medium farmers to this erop. Table ‘ost of Production of Onions During 2011-12 in Maharashtra (Cost Rs/ha) ‘Operations “Kari Tate Kharif abi i. land 10000. 10000 10000 _ 2. Seed Cost 4800. 4800, 4800 3. Nursery Raising | 3500 3500 3500 4 Land Preparation 7000 7000 7000 Transplanting 3000 3000 | 3000 6._ Irrigation 4000 ‘4000 4000 | 7. Manures and 76000 77500 77500 Fertilisers 3 Weeding and e000 600 3008 Hoeing 3. Plant Protection 7000 7000 7000 10, Harvesting, Curing, 7000 3000 3500 Sorting, Grading and Packing Ti, Transportation 3000 00 000 12 Supervisory Charge 1500 1500 7500 13. Overhead charges 1000 7000 1000 14. Total (Rs) 75800, 80800, 83800 15: Bankinteret © 3720 4040 4180 10% pa for months 16. Total cost (Rs) 79590, 84840. 87990 ‘17. Average Yield 160 245, 250 (Quintal) Cost per Quintal a7 er 2 (Rs) | __ [ Source: National Horticulture Research and Development Foundation (2012), Market Intelligence System: Baseline Data for Potato and Onions, April, ip: Awww sfacindia.com/Docs!Onion¥s204 In spite of India being a major producer of onions, its productivity is one of the lowest amongst the major growing countries. Apart from lower yield, the crop is also subject to excessive post- harvest storage losses in the event of adverse weather conditions, lack of dormancy (inactive state) in bulbs, and pest and disease infestation, which affect the economic viability of the crop.India Shedding Tears over Onion Prices Storage of onions and supply Unlike wheat, rice and other food grains, onions are a highly perishable commodity; hence, they cannot be stored for long periods. Also, the storability of onions depends on their variety and the harvesting period. Kharif crops cannot be stored for more than a month, whereas rabi erops can be stored for four to six months. However, conventional methods of onion storage cai result in large losses, even in rabi crops, duc to weight loss, sprouting and sotting of bulbs. To overcome these losses, the country requires scientifically constructed cold storage facilities, which, as per the Maharashtra State Agricultural Marketing Board (online), can cost around Rs 6,000/- per mt storage capacity (excluding the cost of land). The country requires an additional storage capacity of around 12 lakh tonnes and modernization of 8 lakh tonnes capacity of existing units (National Bank for Agriculture and Rural Development, 2000). Because of the lack of proper storage facilities, most farmers bring onions directly to the market and unload their entire stock within a month of harvest. As a consequence of the glut in the market, the prices are very low in the months of April and May (Figure 1), which adversely affects the camings of farmers. Wholesale traders store onions, but in a traditional and unscientific manner; henee, the supply becomes limited in the subsequent months and prices rise rapidly and steeply, leading to dissatisfaction among consumers as well as farmers. Consumers feel the pinch of the high prices because they are accustomed to using the bulbs on a daily basis, whereas the farmers’ agony is due to poor yield, lack“of storage facilities and low prices. Sometimes, they are not able to recover even the cost of cultivation. In the absence of proper storage facilities, prices fluctuate widely, which creates uncertainty in the environment and hampers cultivation decisions in the ensuing onion-growing season. Figure 1: Month-Wise Market Arrivals and Prices (in Rs) of Onions for All Months in ‘Lasalgaon (Nashik) in Maharashtra Tata — so0008 B s00000 3 00000 LOPE EPEC PEE EE Source: Based on the data available from National Horticulture Research and Development Foundation, Daiabase, as ‘on 25/09/2011 (hip//sww nhrdf.com/ContentPage.asp?ResuliCode=301) ‘Demand si le of the market “Except for a few communities, onions are used in the day-to-day cooking of both the poor and the rich across the country. Apart from households, restaurants are also major users of this bulb. It is used not only raw, but also in processed form ~ fried, boiled, baked, dried and powdered as well as in curries, soups and pickles. (CHEC Moniréal ‘India Shedding Tears over Onion Prices Onions also have numerous health benefits and healing properties and are widely used in the manufacture of medicines for dropsy. kidney, heart, liver, diabetes, tuberculosis, colic, scurvy, and other inflammatory diseases. theumatic However, most Indians use onions not because of their inherent health benefits, but because they are a condiment that adds taste to the food to which they are accustomed. Also, onions are usually plentiful and inexpensive, even poor people can normally afford them. Though some consumers substitute onions with grated cabbage or pumpkin puree during periods of scarcity, there are not many close substitutes for onions. A small change in the price, therefore, does not have a large effect on the quantity demand. Considered to be almost an essential item, it takes a very big change in the price to affect the consumption of onions. n market Government policies and regulation of the o In India, in general, the government regulates food grains and vegetable markets by fixing minimum support prices, minimum export prices, tariffs on imports and quantitative restrictions As far as the onion market is concemed, the government pursues the following policies: ‘+ First, the government provides the minimum support price to farmers to augment the production and supply of various agricultural products, and to support their income. However, as onions cannot be stored for long periods and their storage requires a special type of structure and huge area, it is not possible for the government to purchase, store and market onions. Therefore, the government does not provide support prices for onions. The lack of storage facilities results in large fluctuations in the market price of onions. * Second, the government regulates the export of onions by fixing the minimum export Price. India is a major producer of onions; hence, supply from India can influence world ‘onion prices. In a situation of normal supply, onions are available at a cheap price. If exported at this price in the world market, they are not very remunerative for Indian farmers. Therefore, the idea behind fixing the minimum export price is to provide lucrative prices to the farmers, to encourage the export of onions and to maximize foreign exchange earings for the country. Keeping these objectives in mind, in a normal supply situation, the minimum export price is fixed above the market clearing price in the domestic market, but below that prevailing in the world market. The minimum export Price, however, affects the supply in the domestic market. An increase in export prices (above the world market price) makes the exports mote expensive in the intemational market, thus reducing demand for exported onions in the global market. However, this helps increase the supply in the domestic market. The reverse holds true when the minimum export price is lowered. To ensure a smooth domestic supply and to moderate fluctuations in domestic onion prices, the minimum export price is fine-tuned every month, taking into account quality, crop prospects, market trends, expenses involved, freight charges, etc. ‘* Third, India is a major producer of onions in the world. To prevent a glut in the market and to ensure fair prices to onion farmers, the government tries to restrict the import of onions by imposing an import duty. (© HEC Montréal 6India Shedding Tears over Onion Prices + Fourth, in extreme situations, the government can impose quantitative restrictions and even completely ban the export and import of onions © Fifth in India, the inter-state sale of agricultural products, including onions, is restricted by various state-level regulations and taxes to ensure food security in the exporting states and to avoid excessive competition in the importing states. Such restrictions, in spite of the removal of a ban on the inter-state movement of agricultural commodities, fragment the markets, result in black marketing and hoarding, boost the commission of middlemen and make prices highly volatile. ‘What Caused Soaring Onion Prices? In general, the overall price level in India hovers around Rs.15 per kg. However, the country also. experiences seasonal fluctuations in prices. Onion prices generally run high in the lean months of December-January and dip sharply in April and May with the arfival of the rabi crop. But the period of December 2010 to January 2011 saw an unprecedented rise in the wholesale and retail prices, which were much higher than those registered in the same period in 2009-10 (Figures 1 and 2). ‘Was ita supply shock? Various natural factors affected the kharif crop"adversely in Maharashtra, which is the major onion-growing region in the country. Fungal diseases like purple anthracnose and purple blotch affected the kharif onion sapling,John; 2011). The situation further deteriorated with an erratic and extended monsoon, which caused wateflogging in the flat crop beds and spread the fungal infections among the saplings rapidly. The heavy downpours and prolonged humid climate also made the spraying of pesticides ineffective. The untimely heavy showers in southern India also affected the onion crop in Karnataka and Tamil Nadu states. As per one estimate, overall, 40% of the crop was damaged (Madhavan, 201 1). The impact of natural factors.on supply could have been mitigated, however, had there been sufficient onion reserves available in the country. But since it was lacking proper storage facilities, the country did not have enough of the durable rabi crop in storage. Whatever stocks the states reported were primarily from the kharif crop, which was not sufficient to meet even normal demand levels. Was it a demand shock? Some analysts argue that India is one of the world’s fastest growing countries, with an average GDP growth rate of 8 to 9%. Improvements in income levels have been causing changes in (dietary habits in favour of protein-rich foods, fruits, vegetables, pulses, milk, etc. (Chand ef al.. 2011), Dietary changes, along with population growth, have led to increased consumption of ‘various agricultural products, including onions, and have caused continuous price increases. Apart from the overall inereasing trend in the demand for onions, there was also a seasonal increase in demand, which caused a sharp spike in onion prices. December-January is wedding (© HEC Montréat 7India Shedding Tears over Onion Prices season in India. Major festivals, such as Christmas, New Year's Eve, Makar Sankranti, etc., fall in these months. Families and friends visit each other during these festivities in India and celebrate the events with special meals, inereasing the demand for onions and other vegetables during this period. Was it speculation? Traders did take advantage of the apparent mismatch of demand and supply, The demand-supply gap, which would have been minor, was widened by speculative activities and hoarding by intermediaries. The widening of the gap accentuated the deviation between wholesale and retail prices (Figure 2) and worsened the sittation manifold in the market place. Figure 2: Wholesale and Retail Onion Prices (in Rs) in December 2009 and 2010 225-45 6 7 8 9 3032123994 2936371839 2021 2.2524 252627 2829 3032 Dae Wholesale Price 2009 —e--RetaPrice2009 —— WhaleialePuce 2010 ——Retl ce 2020 Source: Bassi on the data available fom the Minist'y of Consumer Affi, Food and Public Distribution, Price ‘Monitoring Cell. 2011, bnp/fesinfowwb nicin Prices Apalistion'dally pricevsan interface daly. Expectations also played an important role on the demand front. In anticipation ofa further rise in the price of onions, consumers also tried to safeguard their interest by demanding more onions than their normal requirement and storing them. Those families that usually used only 2 kg of onions in a month bought 5 kg in anticipation of additional increases in onion prices, further accentuating the shortage of onions in the market Was it government policy? ‘The opposition parties as well as analysts blamed the supply shortage on the govemment's economic policies. They argued that, in its zeal to promote onion exports (India is the largest exporter (Table 5)), the government had ignored the rising domestic demand. India used to export just 106 thousand tonnes of onions 50 years ago. With the emergence of the WTO in 1995, and afier the removal of quantitative restrictions, the export of onions increased rapidly, reaching 1,670 thousand tonnes in 2008 (Figure 3), which accounted for around 12% of total production. HEC MomréalIndia Shedding Tears over Onion Prices ‘Table 5: Onion Exports: Quantity and Value: Top 10 Exporters in the World in 2008 Cou Quantity Countries Value (S)_ India 1670720 India 472832 Netherlands 1100050 Netherlands 375646 China 545310 Mexico 301007 United States of America 32073 United States of America” 182507 Mexico 279989 China 133026 Spain 254773 Spain 96878 Turkey 210936 Argentina 77502 Argemting 202597 Poland 66706 Poland 141672 Egypt 41559 Ey 103321_ttaly 40749 Source: FAO, FAOSTAT fradeSTAT, as on 247972011 (biip:/faostat.fa0.orw/site/535/default-aspx#ancor) Figure 3: Trend in Export of Onions i 3 a e0000 & : somo Breownn | | 100 § § sone = so0180 § Boe ee ets ae “ SEES SSSSSERSRRREESEEEEES cgay etre Source; Based on the data available from FAO (2011), FAOSTAT-Agriculture, as on 24/9/2011, Inp/faostat fa org/site/342/default aspx Apart from the removal of quantitative restrictions, the policy on minimum export prices had promoted export value and volume. The minimum support prices had usually been kept low in comparison to international prices to make Indian exports competitive and enhance the demand for exported onions. However, since these prices were higher than those in the domestic market, the effect of this policy had been to reduce the suppty of onions in the domestic market. ‘The government was also criticized for delayed policy responses. The outbreak of the fatal crop diseases was reported in the kharif season and it was expected that the yield would be low and prices would soar. Anticipating this, the minimum export prices should have been sharply increased as soon as it became apparent that there would be a supply shortage. But the government response on this front was very late in coming. Critics of the government's policy {argued that the goverment could have averted the sharp supply shortage by restricting exports ‘and resorting to imports at a much earlier stage and by building up buffer stocks on the bumper sabi crop (Mehta, 2011 and John, 2011), (© HEC Moniréat 9India Shedding Tears over Onion Prices Government Management of the Crisis and Its Impact To the extent that they are part of even the poorest person's meal, onions have played an important role in Indian politics. Henee, a sharp rise in onion prices is considered to be @ politically sensitive issue. The Indian national election of 1980 and state elections in Delhi and Rajasthan in 1998 came to be known as “onion elections” (Kumar, 2011) because the runaway in those years brought down the government in power atthe time. The soaring onion prices, which were reducing home cooks and restaurateurs alike to tears and threatening to fuel public ire over runaway food prices, compelled the government to respond forcefully by implementing various measures on December 21, 2010. The immediate response of the goverment was to discourage exports by asking the National Agricultural Cooperative Marketing Federation (NAFED), responsible for marketing (including exports and imports) of agricultural products for the benefit of farmers in the country, and other agencies to “voluntarily” suspend onion exports. The government also more than doubled the minimum export prices to $1,200 a ton from $300 a ton, making onions more expensive in the intemational market and thus discouraging exports. The government also attempted to augment supply by eliminating the import duty on onions, which was 5% at that time, and by importing shipments of onions from neighbouring Pakistan. However, the prices ruled steady. Finally, to bring prices down to a desirable level, the government intervened directly in the market by making the NAFED supply onions at the price of Rs 35, far below the market prices at the time. However, the huge demand persisted at this price and the government ended up rationing onions by limiting the supply to 2 kg per person at the time of distribution by the NAFED. As the supply of onions at this price was below the cost of procurement, the government agreed to compensate the NAFED for 30% of the losses it was estimated to have incurred by selling onions at a cheaper rate (PTI, 2011), implying an increasing burden on taxpayers. The government released Rs 15 crore to NAFED to subsidize onions and to help tide over the capital city of Delhi during the crisis (Bhatnagar, 2011). What Is Needed? Business analysts questioned whether the government should leave the matter of export and domestic price fluctuations to the natural forces of demand and supply, and intervene in the market only. in the event of large volatility, by subsidizing onions to consumers. Would the traders and farmers benefit from such a policy? Or, should the government scale up storage facilities by investing heavily in infrastructure to provide long-run price stability? Such an ‘approach would, however, drive up the government's already high deficit, the burden of which ‘would fall on everyone, including consumers, traders and farmers, in the form of higher inflation. 2013-06-18 © HEC MomréalA mee ouo., “EWeD AN India Shedding Tears over Onion Prices Exhibit 1 Map of India \“o CEAN ‘oie ee Sewn gant Barer! pe De ee asses pap Tet. £8 tt mid’ Source: ipl innvw srapsofindia. © HEC Moniréal apseitiesindia-map-with-ciies i uIndia Shedding Tears over Onion Prices Exhibit 2 Indian Units of Measurement and their Equivalence Indian Units International Equivalent lakh 100 thousand | a0 lakh 1 million Lerore 10 million 1 erore 300 milion 100 crore billion TAcre 4,840 sq yard = 4,086.8 sq meters 43,560 sq feet 4047 hectare =20 kanal “hectare (hy 2a7il acre A 10,000 sq metre 1 idlogram (kg) 2,20462262485 lb metric ton (mt) 3,000,000 gms 1.102 short tons Hectogram (ba) Otkg ©HECMoniéal 12India Shedding Tears over Onion Prices Bi graphy BARAKADE, A.J. (2011). “Economics of Rabi Onion Marketing in Satara District: Problems and Prospects,” India Streams Research Journal, Vol. 1, No. 9, pp. 1-4, tip://wwww jsrj.net/Sep/2011/Sep/Barakede.pdf. BHATNAGAR, Gaurav Vivek (2011). “Government Subsidy for Onions,” The Hindu, January 8, hitp://www thehindu, conviodays-paper/tp-national/tp-newdelhi/article 1064649.cce. CHAND, Ramesh, P. SHINOJ, Ashok GULATI and Kavery GANGULY (2011). “Managing Food Inflation in India: Reforms and Policy Options,” JCAR Policy Brief, February, htp/www.neap ses.in/upload_files/policy brieflpb35.pdf JOHN, Ann Mary (2011). “The Onion Price Rise: What Actually Made Us Cry?” Macroscan: An ‘Alternative Economics Webcentre, 21 February, http://www macroscan org/cur/febl Veur?10211Onion Price.htm. KUMAR, Devesh (2011). “Food Manifesto: Food & Electoral Battles,” The Economics Times, July 21, _http://economictimes. indiatimes com/features/economy/food-manifesto-food= electoral-battles/articleshow/7344935.cms, MADHAVAN, M. (2011). “Why is Lasalgada Angry?” Business Today, January 19, hutp://businesstoday.intoday.in/storyprint/12551. MAHARASHTRA STATE AGRICULTURAL MARKETING BOARD, as on November 6, 2011, http://www msamb.com/english/schemes/onionstorage.htm. MEHTA, Pradeep (2011). “Leaming from the Onion Crisis,” The Financial Express, February 17, http://www financialexpress.com/news/leaming-from-the-onion-crisis/750971/. NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT (2000). “Capital Investment Subsidy Scheme for Construction/Expansion/Modernization of Cold Storage and Storage for Horticulture Produce,” Circular No. 16/99-2000, January 5, /hwww nabard.org/padfieircular-Cold’%20storage pdf. NATIONAL HORTICULTURE RESEARCH AND DEVELOPMENT FOUNDATION (2011). Database, http://www nhedf.com/ContentPage.asp?DataCode=202, as on 25/9/11 NATIONAL HORTICULTURE RESEARCH AND DEVELOPMENT FOUNDATION (2012). Database Market Intelligence System: Baseline Data for Potato and Onions, April, ‘ups/www. sfacindia, com/Docs/Onion%20&%20Potato%20Baseline%20Report.pdf. NOLEN, Stephanie (2011). “India in a Stew over Onion Shortage,” The Globe and Mail, January 31, htp://m.theglobeandmail.comv/news/world/asia-pacifie/india-in-a-stew-over- onion-shortage/article1878002/?service=mobile. PRESS TRUST OF INDIA (2011). “Subsidised Nafed Onions Selling like Hot Cakes in Delhi,” Business Today, January 14, hitp://businesstoday intoday.in/story/subsidised-nafed- ‘onions-selling-like-hot-cakes-in-delhi/1/12404.htm| 'SAMRA, J.S. e7 al. (2006). “Impact of Excess Rains on Yield, Market Availability and Prices of Onion,” Information Bulletin, Hyderabad: Central Research Institute for Dryland Agriculture (ICAR), http://www crida.ernet.in/Bulletins/onion%20bulletin. pdf. © HEC Moniréal 13India Shedding Tears over Onion Prices SME TIMES NEWS BUREAU (2010). “PM Steps in as Onion Prices Spiral,” December 22, http://cmetimes.tradeindia,com/smetimes/news/indian-economy-news/2010/Dee/22/pm- steps-in-as-onion-prices-spiral502S1html, 4