Dynamic Interaction Between Food and Fuel Markets in India: Has India Joined the Global Race?

<!DOCTYPE html> <html lang="en" xml:lang="en"> <head> <meta charset="utf-8"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <title> Dynamic Interaction Between Food and Fuel Markets in India: Has India Joined the Global Race? | Green and Low-Carbon Economy </title> <link rel="icon" href="https://ojs.bonviewpress.com/public/journals/6/favicon_en_US.png"> <meta name="generator" content="Open Journal Systems 3.4.0.7"> <meta name="gs_meta_revision" content="1.1"/> <meta name="citation_journal_title" content="Green and Low-Carbon Economy"/> <meta name="citation_journal_abbrev" content="GLCE"/> <meta name="citation_issn" content="2972-3787"/> <meta name="citation_author" content="Rakesh Shahani"/> <meta name="citation_author_institution" content="Dr. Bhim Rao Ambedkar College, University of Delhi, India"/> <meta name="citation_author" content="Anishka Taneja"/> <meta name="citation_author_institution" content="Dr. Bhim Rao Ambedkar College, University of Delhi, India"/> <meta name="citation_author" content="Biki Das"/> <meta name="citation_author_institution" content="Dr. Bhim Rao Ambedkar College, University of Delhi, India"/> <meta name="citation_title" content="Dynamic Interaction Between Food and Fuel Markets in India: Has India Joined the Global Race?"/> <meta name="citation_language" content="en"/> <meta name="citation_date" content="2024/01/29"/> <meta name="citation_volume" content="2"/> <meta name="citation_issue" content="4"/> <meta name="citation_firstpage" content="287"/> <meta name="citation_lastpage" content="298"/> <meta name="citation_doi" content="10.47852/bonviewGLCE42021575"/> <meta name="citation_abstract_html_url" content="https://ojs.bonviewpress.com/index.php/GLCE/article/view/1575"/> <meta name="citation_abstract" xml:lang="en" content="The study makes an attempt to investigate co-integrating relation between crude and three energy crops, namely sugarcane, soyabean, and wheat, for India for a sampled period from Jan 2011 to Dec 2020 by taking log-transformed daily closing spot prices. The dynamic relation between crude and energy crops is established using ARDL and non-linear ARDL (NARDL) co-integration techniques. The results revealed co-integration being established only for sugarcane with crop’s critical region improving from 5% to 1% when dummy representing break was included in the ARDL model. The asymmetric impact of crude on sugarcane was visible both in short and long run. Further, short-run results were in one direction only, i.e., a rise in crude was impacting prices of two crops, namely sugarcane and wheat, with no visible impact of any of energy crops on crude. The coefficient of error correction term (ECM(−1)) term for sugarcane was −0.005 which was negative and significant showing stability of equilibrium; however, adjustment speed was rather slow at 0.5% per period. The study recommends policy makers to harmonize and synergize energy and agricultural policies as both sugarcane and wheat are food staples in India. The country needs to develop a pre-warning and a crisis response mechanism regarding biofuel policies so as to avoid any food crisis situation as seen in early 2000 in some of the countries where energy crops significantly make way to biofuels. Received: 22 August 2023 | Revised: 29 October 2023 | Accepted: 5 January 2024 Conflicts of Interest The authors declare that they have no conflicts of interest to this work. Data Availability Statement Data are available on request from the corresponding author, Rakesh Shahani, by email. Author Contribution Statement Rakesh Shahani: Methodology, Software, Formal analysis, Investigation, Data curation, Writing - original draft, Writing - review &amp; editing, Visualization, Supervision. Anishka Taneja: Conceptualization, Software, Validation, Formal analysis, Investigation, Resources, Writing - review &amp; editing, Project administration. Biki Das: Conceptualization, Software, Validation, Formal analysis, Resources, Project administration."/> <meta name="citation_keywords" xml:lang="en" content="energy crops"/> <meta name="citation_keywords" xml:lang="en" content="ARDL"/> <meta name="citation_keywords" xml:lang="en" content="NARDL"/> <meta name="citation_keywords" xml:lang="en" content="asymmetry"/> <meta name="citation_keywords" xml:lang="en" content="co-integration"/> <meta name="citation_pdf_url" content="https://ojs.bonviewpress.com/index.php/GLCE/article/download/1575/803"/> <link rel="schema.DC" href="http://purl.org/dc/elements/1.1/" /> <meta name="DC.Creator.PersonalName" content="Rakesh Shahani"/> <meta name="DC.Creator.PersonalName" content="Anishka Taneja"/> <meta name="DC.Creator.PersonalName" content="Biki Das"/> <meta name="DC.Date.created" scheme="ISO8601" content="2024-01-29"/> <meta name="DC.Date.dateSubmitted" scheme="ISO8601" content="2023-08-22"/> <meta name="DC.Date.issued" scheme="ISO8601" content="2024-10-23"/> <meta name="DC.Date.modified" scheme="ISO8601" content="2024-11-05"/> <meta name="DC.Description" xml:lang="en" content="The study makes an attempt to investigate co-integrating relation between crude and three energy crops, namely sugarcane, soyabean, and wheat, for India for a sampled period from Jan 2011 to Dec 2020 by taking log-transformed daily closing spot prices. The dynamic relation between crude and energy crops is established using ARDL and non-linear ARDL (NARDL) co-integration techniques. The results revealed co-integration being established only for sugarcane with crop’s critical region improving from 5% to 1% when dummy representing break was included in the ARDL model. The asymmetric impact of crude on sugarcane was visible both in short and long run. Further, short-run results were in one direction only, i.e., a rise in crude was impacting prices of two crops, namely sugarcane and wheat, with no visible impact of any of energy crops on crude. The coefficient of error correction term (ECM(−1)) term for sugarcane was −0.005 which was negative and significant showing stability of equilibrium; however, adjustment speed was rather slow at 0.5% per period. The study recommends policy makers to harmonize and synergize energy and agricultural policies as both sugarcane and wheat are food staples in India. The country needs to develop a pre-warning and a crisis response mechanism regarding biofuel policies so as to avoid any food crisis situation as seen in early 2000 in some of the countries where energy crops significantly make way to biofuels. Received: 22 August 2023 | Revised: 29 October 2023 | Accepted: 5 January 2024 Conflicts of Interest The authors declare that they have no conflicts of interest to this work. Data Availability Statement Data are available on request from the corresponding author, Rakesh Shahani, by email. Author Contribution Statement Rakesh Shahani: Methodology, Software, Formal analysis, Investigation, Data curation, Writing - original draft, Writing - review &amp; editing, Visualization, Supervision. Anishka Taneja: Conceptualization, Software, Validation, Formal analysis, Investigation, Resources, Writing - review &amp; editing, Project administration. 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d="M86.3,186.2H70.9V79.1h15.4v48.4V186.2z"/> <path class="st1" d="M108.9,79.1h41.6c39.6,0,57,28.3,57,53.6c0,27.5-21.5,53.6-56.8,53.6h-41.8V79.1z M124.3,172.4h24.5 c34.9,0,42.9-26.5,42.9-39.7c0-21.5-13.7-39.7-43.7-39.7h-23.7V172.4z"/> <path class="st1" d="M88.7,56.8c0,5.5-4.5,10.1-10.1,10.1c-5.6,0-10.1-4.6-10.1-10.1c0-5.6,4.5-10.1,10.1-10.1 C84.2,46.7,88.7,51.3,88.7,56.8z"/> </g> </svg> <a href="https://orcid.org/0000-0003-4916-2740" target="_blank"> https://orcid.org/0000-0003-4916-2740 </a> </span> </li> <li> <span class="name"> Anishka Taneja </span> <span class="affiliation"> Dr. Bhim Rao Ambedkar College, University of Delhi, India </span> <span class="orcid"> <svg class="orcid_icon" viewBox="0 0 256 256" aria-hidden="true"> <style type="text/css"> .st0{fill:#A6CE39;} .st1{fill:#FFFFFF;} </style> <path class="st0" d="M256,128c0,70.7-57.3,128-128,128C57.3,256,0,198.7,0,128C0,57.3,57.3,0,128,0C198.7,0,256,57.3,256,128z"/> <g> <path class="st1" d="M86.3,186.2H70.9V79.1h15.4v48.4V186.2z"/> <path class="st1" d="M108.9,79.1h41.6c39.6,0,57,28.3,57,53.6c0,27.5-21.5,53.6-56.8,53.6h-41.8V79.1z M124.3,172.4h24.5 c34.9,0,42.9-26.5,42.9-39.7c0-21.5-13.7-39.7-43.7-39.7h-23.7V172.4z"/> <path class="st1" d="M88.7,56.8c0,5.5-4.5,10.1-10.1,10.1c-5.6,0-10.1-4.6-10.1-10.1c0-5.6,4.5-10.1,10.1-10.1 C84.2,46.7,88.7,51.3,88.7,56.8z"/> </g> </svg> <a href="https://orcid.org/0000-0001-7088-5519" target="_blank"> https://orcid.org/0000-0001-7088-5519 </a> </span> </li> <li> <span class="name"> Biki Das </span> <span class="affiliation"> Dr. Bhim Rao Ambedkar College, University of Delhi, India </span> <span class="orcid"> <svg class="orcid_icon" viewBox="0 0 256 256" aria-hidden="true"> <style type="text/css"> .st0{fill:#A6CE39;} .st1{fill:#FFFFFF;} </style> <path class="st0" d="M256,128c0,70.7-57.3,128-128,128C57.3,256,0,198.7,0,128C0,57.3,57.3,0,128,0C198.7,0,256,57.3,256,128z"/> <g> <path class="st1" d="M86.3,186.2H70.9V79.1h15.4v48.4V186.2z"/> <path class="st1" d="M108.9,79.1h41.6c39.6,0,57,28.3,57,53.6c0,27.5-21.5,53.6-56.8,53.6h-41.8V79.1z M124.3,172.4h24.5 c34.9,0,42.9-26.5,42.9-39.7c0-21.5-13.7-39.7-43.7-39.7h-23.7V172.4z"/> <path class="st1" d="M88.7,56.8c0,5.5-4.5,10.1-10.1,10.1c-5.6,0-10.1-4.6-10.1-10.1c0-5.6,4.5-10.1,10.1-10.1 C84.2,46.7,88.7,51.3,88.7,56.8z"/> </g> </svg> <a href="https://orcid.org/0009-0000-0626-5323" target="_blank"> https://orcid.org/0009-0000-0626-5323 </a> </span> </li> </ul> </section> <section class="item doi"> <h2 class="label"> DOI: </h2> <span class="value"> <a href="https://doi.org/10.47852/bonviewGLCE42021575"> https://doi.org/10.47852/bonviewGLCE42021575 </a> </span> </section> <section class="item keywords"> <h2 class="label"> Keywords: </h2> <span class="value"> energy crops, ARDL, NARDL, asymmetry, co-integration </span> </section> <section class="item abstract"> <h2 class="label">Abstract</h2> <p>The study makes an attempt to investigate co-integrating relation between crude and three energy crops, namely sugarcane, soyabean, and wheat, for India for a sampled period from Jan 2011 to Dec 2020 by taking log-transformed daily closing spot prices. The dynamic relation between crude and energy crops is established using ARDL and non-linear ARDL (NARDL) co-integration techniques. The results revealed co-integration being established only for sugarcane with crop’s critical region improving from 5% to 1% when dummy representing break was included in the ARDL model. The asymmetric impact of crude on sugarcane was visible both in short and long run. Further, short-run results were in one direction only, i.e., a rise in crude was impacting prices of two crops, namely sugarcane and wheat, with no visible impact of any of energy crops on crude. The coefficient of error correction term (ECM(−1)) term for sugarcane was −0.005 which was negative and significant showing stability of equilibrium; however, adjustment speed was rather slow at 0.5% per period. The study recommends policy makers to harmonize and synergize energy and agricultural policies as both sugarcane and wheat are food staples in India. The country needs to develop a pre-warning and a crisis response mechanism regarding biofuel policies so as to avoid any food crisis situation as seen in early 2000 in some of the countries where energy crops significantly make way to biofuels.</p> <p> </p> <p><strong>Received:</strong> 22 August 2023 |<strong> Revised: </strong>29 October 2023 |<strong> Accepted: </strong>5 January 2024</p> <p> </p> <p><strong>Conflicts of Interest</strong></p> <p>The authors declare that they have no conflicts of interest to this work.</p> <p> </p> <p><strong>Data Availability Statement</strong></p> <p>Data are available on request from the corresponding author, Rakesh Shahani, by email.</p> <p> </p> <p><strong>Author Contribution Statement </strong></p> <p><strong>Rakesh Shahani</strong>: Methodology, Software, Formal analysis, Investigation, Data curation, Writing - original draft, Writing - review & editing, Visualization, Supervision. <strong>Anishka Taneja</strong>: Conceptualization, Software, Validation, Formal analysis, Investigation, Resources, Writing - review & editing, Project administration. <strong>Biki Das</strong>: Conceptualization, Software, Validation, Formal analysis, Resources, Project administration.</p> </section> <br /><div class="separator"></div><div class="item abstract" id="trendmd-suggestions"></div><script defer src='//js.trendmd.com/trendmd.min.js' data-trendmdconfig='{"journal_id":"87934", "element":"#trendmd-suggestions"}'></script> </div> <div class="entry_details"> <div class="item cover_image"> <div class="sub_item"> <a href="https://ojs.bonviewpress.com/index.php/GLCE/issue/view/97"> <img src="https://ojs.bonviewpress.com/public/journals/6/cover_issue_97_en_US.png" alt=""> </a> </div> </div> <div class="item galleys"> <h2 class="pkp_screen_reader"> Downloads </h2> <ul class="value galleys_links"> <li> <a class="obj_galley_link pdf" href="https://ojs.bonviewpress.com/index.php/GLCE/article/view/1575/803"> PDF </a> </li> </ul> </div> <div class="item published"> <section class="sub_item"> <h2 class="label"> Published </h2> <div class="value"> <span>2024-01-29</span> </div> </section> </div> <div class="item issue"> <section class="sub_item"> <h2 class="label"> Issue </h2> <div class="value"> <a class="title" href="https://ojs.bonviewpress.com/index.php/GLCE/issue/view/97"> Vol. 2 No. 4 (2024) </a> </div> </section> <section class="sub_item"> <h2 class="label"> Section </h2> <div class="value"> Research Articles </div> </section> </div> <div class="item copyright"> <h2 class="label"> License </h2> <p>Copyright (c) 2024 Authors</p> <a rel="license" href="https://creativecommons.org/licenses/by/4.0/"><img alt="Creative Commons License" src="//i.creativecommons.org/l/by/4.0/88x31.png" /></a><p>This work is licensed under a <a rel="license" href="https://creativecommons.org/licenses/by/4.0/">Creative Commons Attribution 4.0 International License</a>.</p> </div> <div class="item citation"> <section class="sub_item citation_display"> <h2 class="label"> How to Cite </h2> <div class="value"> <div id="citationOutput" role="region" aria-live="polite"> <div class="csl-bib-body"> <div class="csl-entry">Shahani, R., Taneja, A. ., & Das, B. 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Dynamic Interaction Between Food and Fuel Markets in India: Has India Joined the Global Race? | Green and Low-Carbon Economy