It does seem like outdated agricultural practices and a booming population are critical factors. But that doesn't easily explain why there was an acute food shortage in 1958-59, despite rising yields (as per the article I linked).
From the URL you posted. “There was actually no shortage of food grains, but what worried the people and the Government was the increase in food grains prices.”
I remember reading during Indian Green Revolution was the introduction of practices to prevent hoarding and speculation. Unfortunately I don’t remember the details.
