Gross Value Added (GVA) for agriculture and allied activities in 2023-24 (FY24) grew at just 1.4 per cent in constant terms, the slowest since 2018-19. This was primarily because of "belownormal" monsoon rainfall in 2023, which is expected to have curtailed the output of several key crops.
In the final quarter of FY24, the sector expanded by 1.1 per cent, mirroring the growth rate of the previous October-to-December quarter, according to data released by the National Statistical Office. The farm sector's growth in FY23, measured in constant prices, was recorded at 4.7 per cent. On a quarter-on-quarter basis, growth in Q3FY23 was 4.8 per cent, and 7 per cent in Q4FY23.
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