Even today, about 45% of its population is directly involved in the agricultural sector alone. As many as 42.3% of the country's workforce (in 2019-20), is directly employed in this sector. Two recent events - the Covid 19 pandemic and the ongoing geo-political problem in Europe has revealed the necessity of a vibrant agricultural sector in the country for economic stability.
India's agricultural status in the global perspective
India's agriculture covers 11.24% of the total arable land of the world. It has 4% of the world's renewable resources. As of 2020, India feeds about 18% of the world's population which is about 1.38 billion.
Ashok Gulati, Infosys Chair professor at ICRIER and Ritika Juneja, fellow at ICRIER (Indian Council for Research and International Economic Relations) in their research article published a few months ago named 'Indian Agriculture Towards 2030', pointed out many interesting data.
How did India achieve self-sufficiency in food production? The reason is simple. Between 1980-81 and 2019-20, the sector registered an annual growth rate of 3.2%. In that period, India's population growth was 1.7% per annum - a rate that was half of the agricultural food production growth rate. This helped India achieve self-sufficiency in food production. At the same time, labour productivity in agriculture is low. India produces about 16.5% of its GDP with the engagement of 42.3% of the country's workforce. Most of the holding size is very small. The average size of the land holding is 1.08 hectare (in 2015-16).
Esta historia es de la edición February 1 - 28, 2023 de BUSINESS ECONOMICS.
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.
Ya eres suscriptor ? Conectar
Esta historia es de la edición February 1 - 28, 2023 de BUSINESS ECONOMICS.
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.
Ya eres suscriptor? Conectar
Elections 2024: Illusion & Reality
Whenever there is an election, we find the politicians speaking in hyperboles – and possibly, 2024 Lok Sabha has reached a crest.
Government initiatives aim to bolster rubber cultivation and innovation
Rubber tree plantation has seen significant growth in India, thanks to robust government oversight and favorable weather conditions.
Macron speaks on Europe's economic fragility
Many heads of state often speak on topics over which they have little control or vested interest.
Indian industries stand to benefit in raising of tariff on Chinese imports to the US
A delicate balance of power and influence exists between the United States of America and China.
Chabahar Port Agreement: Part of India's strategic and economic vision for Central Asia and Europe
On May 13, India and Iran signed a 10-year contract to operate the Chabahar port in Iran.
It is quite incredible to see things of interest happen with the blessings of the divine trio
Swamiji once said, “The wind of divine grace is always blowing. You just need to spread your sail.
The battle for sustainability: Earth Day's message of 'Planet vs. Plastics
World Earth Day, observed annually on April 22 worldwide, commemorates contemporary environmental advancements and promotes awareness of the imperative to conserve Earth and its resources.
Mother Teresa International Award 2024: Celebrating Humanity and Service
The Mother Teresa International Award, a prestigious honor recognizing individuals dedicated to serving humanity, will host its 2024 ceremony in Dubai, United Arab Emirates.
Can India get out of the middle income trap?
In the mid-1980s, international financial institutions moved away from calling their member countries as poor and rich countries, or as developed and less developed countries.
How is India's falling household savings rate worrisome for its development?
There has been a sharp reduction in the household net financial savings rate in 2022-23, leading to an overall decline in the financial savings rate.