However, the second advance estimates for FY24 indicate a dismal seven-year low of just 1.4 per cent. Rural demand including that for FMCG goods continued to lag due to low incomes and higher food inflation but there are some green shoots now.
Although overall inflation for rural areas in June was 5.7 per cent, the consumer food price index recorded inflation was 9 per cent. Climate change in terms of heat waves and unseasonal rains is also a reason for higher food inflation. Rural real wage growth has been either low or negative in the last one decade. Thus, there has been some stress in both agriculture and rural non-farm sectors. In this context, a boost for agriculture and rural demand was expected. The performance of agriculture and rural areas is important to achieve the goal of Viksit Bharat by 2047.
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