No major technological breakthrough has emerged since then, and with the need for higher production growing, a second green revolution is inevitable. In fact, to borrow a term coined by Prof Swaminathan, we need an evergreen revolution.
It is necessary now to embed the low inflation regime that we have experienced over the past year in order to protect our competitiveness. You will recall that this time last year, we expressed our concerns about house price increases, which were running at a year-on-year rate of increase of 12 – 13 per cent.