Statistical Analysis on Turmeric Production and Price Movement in Tamil Nadu

Abstract

Since ancient times, agriculture has been one of the chief factors in the advancement of many nations. Also, it has been a huge contributor to the GDP (Gross Domestic Product). But the farmers and the small-scale retailers are still unaware of the demand and supply of the commodities in mandis. Ultimately, they are compelled to use the repetitive pattern of crops. Through knowledge of the intra-mandi prices for seasonal crops is necessary to gain the desired profit. Price trends in several Tamilnadu markets were investigated for Turmeric in order to forecast price volatility and problems that produce mandi-level projections, enhancing its usefulness. Given that medicinal crops have various medical and culinary uses, boosting their productivity could increase farmers' profits in comparison to typical pattern crops. So, the aim of this study is to evaluate the optimum preferred crop conditions for Turmeric with respect to profit. A data from the past decade was screened to observe the variation in prices of the crops along with production analysis. Also, it was validated statistically by various statistical measures like Standard Deviation, Mean and Coefficient of Variation. We examined intra-mandi prices and found that prices fluctuate over the whole peak season, with notable fluctuations in modal prices among several mandis. To demonstrate the variations in pricing reported for certain mandis on specific days, we've given a few instances. A low standard deviation implies that the commodities price is clustered around the mean, whereas a large standard deviation shows that the commodities price is more dispersed. Price volatility is the discrepancy between what is anticipated and what occurs. Keywords: Agriculture, Turmeric, Marginal farmers, Price Movement