Kochi, Dec 10 (UNI) Planning Commission Member Anwar-ul Hoda today said the volatility of international prices of agricultural commodities and the high levels of domestic support for the sector in the developed countries posed great risks to the agriculture sector in the country.
Delivering the 'Revi Karunakaran Memorial Lecture' at the ongoing India International Coir Fair here, Mr Hoda said in the era of deepening globalisation, there should be national solutions for the stabilisation of income for farmers and producers against the drastic fall in international prices of the tropical agricultural products like tea, coffee and pepper.
He said the high levels of domestic support for agriculture in the major developed countries adversely affected the temperate zone agricultural products.
''International solutions should be sought, whereby the subsidies are eliminated or reduced drastically and giving to the developing countries the possibility of raising tariffs temporarily to deal with surges in imports of agricultural products,'' Mr Hoda remarked.
The Indian companies should revamp the Research and Development (R&D) to dominate the world by their ability to innovate in various fields, he said.
''R&D has not been a strong point of the Indian industry in the past but it is the area in which the biggest challenge lies to transform our global players into leaders of business in the world,'' He added.
Mr Hoda said India had great potential and capacity to attract more than one million tourists per annum by setting up world class infrastructure facilities.
He said the benefits and costs to each country undergoing globalisation would depend on its natural and entrepreneurial resources and the quality of governance and policy adaptation.