India is now the fifth largest economy in the world and needless to mention agriculture has a firm hand to achieve this feat. This is the reason; the government of India has taken many initiatives that help the farmers and the stakeholders who are in the agricultural field. The best part of the current agriculture is that almost every section of agriculture is completely influenced by digitization and it is moving forward very rapidly to help the growth trajectory of the country.
Following independence, India relied on inefficient and time-consuming conventional farming methods. The Green Revolution, championed by M.S. Swaminathan in the 1960s, offered the country a much-needed boost in crop output and efficiency, making India self-sufficient in terms of food security and a net agriculture product exporter.
The Current Agricultural Economic Value in India
Over the last decade, the agriculture industry, like the majority of other sectors in the Indian economy, has enjoyed strong overall growth. According to a report published in Betway, in COVID time, the agricultural sector was the only one to experience growth amidst the pandemic-induced economic downturn. Several figures have been highlighted below to reflect the country’s current situation of agriculture.
- According to the sources, the agricultural sector has experienced a growth rate of 3.6 percent in the year 2020. Gradually, this growth rose to 3.9 percent in the year 2021 due to different types of government schemes. Needless to mention, the flagship program of the Government of India Atma Nirbhar Bharat plays a crucial role boost the agricultural sector in India.
- According to the long-term estimates and trends, the agricultural sector has contributed 18% in terms of Gross Value Added. This share has been elevated to 20.2% in the year 2020 and 18.8% in the year 2021. Due to this reason, economists find it easy to get predict the agricultural growth trajectory of India.
- According to the World Bank, the agricultural sector in India employs more than 41.5% of the population as of 2020, and today, employment is growing gradually.
- Agriculture sector has a significant contribution to India’s GDP and according to estimation; the agriculture sector has contributed 17.8% to the entire GDP of the country in 2019. This percentage touched 19.9% in the year 2020. This is certainly a massive increment in Indian history.
- The exports of agricultural products have experienced consistent growth. In the year 2020, the total number of agricultural experts’ amount was USD 41.1 billion.
- According to the data, food grain production has experienced substantial growth in the year 2019. There are 297.5 million tons of food grains have been produced in the year 2019 and this number touched 308.65 million tons in the year 2020.
These are the significant developments that have been witnessed in the agricultural sector of India and according to experts, the number of food grain production is expected to rise and will meet the growth trajectory in full force. This is the reason; the agricultural sector attracts attention from different sectors