As per the Economic Survey, the agriculture sector contributes approximately 16% of the country's GDP for FY24 at current prices and supports about 46.1% of the population.
India's agriculture sector has achieved an average annual growth rate of 5% from FY17 to FY23, demonstrating resilience amidst challenges. This steady growth is primarily due to numerous government initiatives and reforms aimed at boosting productivity, encouraging crop variety, and elevating the earnings of farmers.
In the context of the above, India requires strategic policy measures to accelerate the pace of development of the agricultural sector, thereby ensuring food security.
This Budget highlights agriculture as one of the power engines of the economy and presents an ongoing plan to boost agricultural productivity and growth, strengthen rural India and foster prosperity for the farmers, support MSMEs, enhance export capabilities, spur innovation, promote the advancement of women, improve digital and technological expertise, expand infrastructure, and improve farmers' access to credit.
Additionally, it lays the groundwork for self-sufficiency and growth driven by consumer spending, all aimed at achieving Atmanirbhar Bharat and Viksit Bharat.
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