Prime Minister Narendra Modi says that his government is in “Reform Express” mode, having carried out several reforms ranging from income tax, goods and services tax, and the Guarantee for Rozgar and Ajeevika Mission (Gramin) to free trade agreements and so on. All of this is commendable. One could thank President Donald Trump for giving India a tariff shock, which stirred the Modi government to initiate reforms, many of which were overdue. The results so far have been better than expected. The first advance estimates project the Indian economy to be growing at 7.4% in FY26. Consumer inflation is also down to 1.3% in December 2025. But will this performance repeat itself in FY27, even if the trade deal with the US remains uncertain? The answer is not very clear, but a lot will depend upon how much more domestic reforms the Modi government can undertake.

Here are a few areas in the agri-food space that are crying for reform for a long time.

Let us begin by noting that the agri-GDP growth is likely to be only 3.1% in FY26, which is quite a drop from 4.6% in FY25. What is less known is that the primary reason why consumer price inflation is so low is a collapse in some food prices. Onion prices are down by 48% in........

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