Agricultural sector remains bedrock of nation’s economy: Economy Review

The India Economy Review ready by the Ministry of Finance stated that the agricultural sector — which is estimated to represent 18 per cent of India’s GVA in FY24 — is the bedrock of nation’s financial system.

The report stated that the full meals grains manufacturing for FY23 was 329.7 million tonnes, marking an increase of 14.1 million tonnes in comparison with the earlier yr.

“The common meals grain manufacturing per yr in million tonnes was 289 in FY15 to FY23, in comparison with 233 in FY05 to FY14. Rice, wheat, pulses, Nutri/coarse cereals, and oilseeds witnessed report will increase in manufacturing,” the report stated.

It stated that India’s world dominance extends throughout agricultural commodities, making it the most important producer of milk, pulses, and spices worldwide.

“India ranks second-largest producer of fruits, greens, tea, farmed fish, sugarcane, wheat, rice, cotton, and sugar,” it stated.

The report stated that the improved efficiency can also be mirrored in a considerable surge in agriculture exports, reaching 24.2 lakh crore in FY23, surpassing the earlier yr’s data.

The Economy Review stated that regardless of challenges posed by the worldwide well being disaster and variability in local weather circumstances, the sector has demonstrated exceptional tenacity and resilience, contributing considerably to India’s financial restoration and growth.

“The sector grew at the next common annual charge of 3.7 per cent from FY15 to FY23 in comparison with 3.4 per cent from FY05 to FY14. For the yr FY23, the sector grew at 4.0 per cent as in comparison with the earlier yr,” the report stated.

It stated that given alternatives and an acceptable coverage setting, the farmers have demonstrated their functionality to fulfill meals demand of the remainder of the world.

It stated that the federal government has carried out a number of strategic measures to bolster the agriculture sector’s progress and resilience.

“One notable intervention is the constant improve in Minimum Support Prices (MSPs) for 22 Kharif and Rabi crops,” the report stated.

It stated that for the reason that agricultural yr 2018-19, the federal government has ensured a minimal of 50 per cent margin over the all-India weighted common value of manufacturing for every crop lined beneath MSP.

“This value assist additionally goals to cut back India’s import dependence and foster diversification in the direction of pulses, oil, and industrial crops,” the report stated.

It stated that the best improve in MSP was accepted for lentils (masur) at 2425 per quintal, adopted by rapeseed and mustard at 2200 per quintal in 2023-24.

The report stated that the coverage initiatives, comparable to Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), and Pradhan Mantri Fasal Bima Yojana (PMFBY), have performed a pivotal position in offering monetary and revenue assist to farmers.

The evaluate stated that the PM-KISAN, launched in 2019, dietary supplements the monetary wants of landholding farmers by transferring 26,000 per yr in three equal four-monthly instalments.

“As of December 12, 2023, over 2.8 lakh crore have been transferred to greater than 11 crore beneficiaries,” the report stated.

It stated that the federal government gives pension advantages to 23.4 lakh small and marginal farmers enrolled beneath the PM-KMY.

“The success of PMFBY, providing easy and reasonably priced crop insurance coverage in opposition to non-preventable pure causes, is clear from 55.5 crore farmer purposes insured since 2016-17 and 21.5 lakh crore paid as claims,” the report added.

(With inputs from IANS)