DOUBLING FARMERS INCOME-NEED OF THE HOUR
BANKING FINANCE|March 2022
Agriculture and allied sector provides livelihood to 54.6% of the population of India (census 2011) and it contributes 17.80 % to the country's Gross Value Added (2019-20) as per Economic Survey 2020.
Pravindra Kumar
DOUBLING FARMERS INCOME-NEED OF THE HOUR

India ranks among the top countries in the world in production of a number of crops including rice, wheat, sugarcane, fruits and vegetables. Farmers are, and will remain the drivers of Agricultural sector.

Since the development of Farm mechanisation in India is still below the mark due to several factors like small land holdings, equipment cost and poor credit availability, the role of farmer in agriculture holds crucial importance and it is our imperative to ensure that farmers find Agriculture as a profitable economic activity. In this backdrop, National Commission for Farmers was constituted in 2004, chaired by Prof. M. S. Swaminathan, to suggest methods for faster and more inclusive growth for farmers. Then, the Government of India in 2016 constituted an expert committee headed by Ashok Dalwai to look into the entire agriculture ecosystem in the country to suggest ways and means to reform it so that farmers' income can be doubled by 2022.

Current Status of Farmers' Income

According to NSSO survey, for the year 2012-13, the average annual income for a farm household from farm as well as non-farm source was Rs.77, 112.

A study by Chand et al in 2015 reveals that it took 22 years (1993-94 and 2015-16) to double the farmers' real income.

More than 20% of the farmers in India are Below Poverty Line.

Major Reasons behind farmer Distress in India

Esta historia es de la edición March 2022 de BANKING FINANCE.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición March 2022 de BANKING FINANCE.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE BANKING FINANCEVer todo
'Deep Fake' - an emerging risk for Banking & Financial Sector
BANKING FINANCE

'Deep Fake' - an emerging risk for Banking & Financial Sector

Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.

time-read
1 min  |
December 2024
RBI CIRCULAR
BANKING FINANCE

RBI CIRCULAR

Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - November 11, 2024

time-read
4 minutos  |
December 2024
India's Fiscal Discipline: A Path to Economic Stability and Growth
BANKING FINANCE

India's Fiscal Discipline: A Path to Economic Stability and Growth

In a significant economic development, the fiscal deficit for the financial year 2023-2024 (FY24) has been recorded at 5.6% of GDP, falling below the government's revised estimate. This unexpected positive outcome highlights effective fiscal management and a recovering economy, offering a ray of optimism amidst global economic uncertainties.

time-read
6 minutos  |
December 2024
Augmenting Productivity by Embracing Employee Engagement
BANKING FINANCE

Augmenting Productivity by Embracing Employee Engagement

As the world's largest coffeehouse chain, Starbucks is a brand that understands the value its employees add to the business. At Starbucks, every employee knows they are valued members of the team. It took Starbucks some time to do this. They have prioritized implementing employee-friendly rules from the beginning.

time-read
10+ minutos  |
December 2024
Ethics in Artificial Intelligence: Navigating the Future Responsibly
BANKING FINANCE

Ethics in Artificial Intelligence: Navigating the Future Responsibly

Ethics in AI encompasses a wide range of issues, including fairness, accountability, transparency, and the potential for bias. At the core of these discussions lies the question: How do we ensure that AI serves humanity rather than undermines it? As AI systems increasingly influence critical areas such as healthcare, finance, and law enforcement, the stakes are high.

time-read
8 minutos  |
December 2024
Digital Banking: The Need of the Hour
BANKING FINANCE

Digital Banking: The Need of the Hour

Development of an economy, especially economic growth primarily depends on industrial development. The industries depend on financial institutions support for funds especially from banks. Banks encourage individuals save and mobilise funds from bank deposits.

time-read
10+ minutos  |
December 2024
Cyber Crimes in Banking: India's Battle Against the Digital Menace
BANKING FINANCE

Cyber Crimes in Banking: India's Battle Against the Digital Menace

The increasing adoption of digital banking services has transformed the way Indian consumers engage with banks. According to research from the Reserve Bank of India (RBI), the country's digital payment ecosystem expanded by approximately 55% between 2021 and 2023.

time-read
5 minutos  |
December 2024
Legal News
BANKING FINANCE

Legal News

The Supreme Court (SC) ruled that clauses allowing public sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contractors are invalid.

time-read
5 minutos  |
December 2024
The Rise Of Green Marketing: Driving Sustainable Change
BANKING FINANCE

The Rise Of Green Marketing: Driving Sustainable Change

Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.

time-read
9 minutos  |
November 2024
ICICI Bank partners with PhonePe to offer instant credit on UPI
BANKING FINANCE

ICICI Bank partners with PhonePe to offer instant credit on UPI

ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.

time-read
1 min  |
November 2024