Special Supplement

Economic & Sectoral Review

Agriculture

India holds a pivotal position in the global agricultural landscape, serving as the primary source of livelihood for approximately 55 per cent of its population. Boasting the world’s largest cattle herd (buffaloes), India’s agricultural prowess is evident in its status as the world’s largest producer of milk, pulses and spices. Additionally, India ranks second in the production of fruit, vegetables, tea, farmed fish, cotton, sugarcane, wheat, rice and sugar, firmly establishing its prominence in the global agricultural sphere.

As reported by Inc. 42, the Indian agricultural sector is poised for a significant expansion, with its projected value reaching USD 24 billion by 2025. India’s food and grocery market stands as the world’s sixth-largest, with the retail sector accounting for a substantial 70 per cent of sales. The agricultural and processed food products sector in India has demonstrated notable growth in exports over the past year. In the fiscal year 2022-23, the country’s exports in this sector reached an impressive USD 53.12 billion.

According to recent data, key commodities contributed significantly to this export performance. Wheat and other cereals accounted for USD 253.19 million, non-Basmati rice saw substantial exports amounting to USD 1.52 billion and oil meal contributed USD 445.79 million. Additionally, raw cotton exports stood at USD 231.26 million, sugar exports reached USD 711.43 million and spices contributed USD 1.11 million to the overall export figures. The agriculture and allied industry sectors have experienced significant advancements, investments and government support in recent years.