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Agricultural Sector

In: Business and Management

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MACRO ECONOMICS
- Prof. POOJA MISHRA

AGRICULTURAL SECTOR IN INDIA

GROUP DETAILS
Aashish Kumar Arya 13DM003 Akanksha Khar 13DM017 Abhay Goyal 13DM006 Akash Jain 13DM019 Abhishek Surendra Rane 13DM008 Ankit Saraff 13DM029

INDIAN AGRICULTURAL SECTOR

EXECUTIVE SUMMARY
India accounts for only about 2.4 % of the world’s geographical area and 4 % of its water resources, but manages about 17 % of the world’s human population and 15 % of the livestock. Agriculture is a critical sector of the Indian economy. Though its contribution to the overall Gross Domestic Product (GDP) of the country has fallen from about 30 % in 1990-91 to less than 15 % in 2011-12, a trend that is expected in the development process of any economy, agriculture yet forms the backbone of development. An average Indian still spends almost half of his/her total expenditure on food, while roughly half of India’s work force is still engaged in agriculture for its livelihood. Being both a source of livelihood and food security for a vast majority of low income, poor and vulnerable sections of society, its performance assumes greater significance in view of the proposed National Food Security Bill and the ongoing Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme. Accelerating the growth of agriculture production is therefore necessary not only to achieve an overall GDP target of 8 % during the 12th Plan and meet the rising demand for food, but also to increase incomes of those dependent on agriculture to ensure inclusiveness. As per the Central Statistics Office (CSO) revised estimates (released on 31st January 2013 of GDP, agriculture and allied sectors grew at 3.6 per cent during 2011-12, recording an average rate of growth of 3.6 per cent per year during the 11th Plan (2007-12). The Indian Agriculture growth pattern has been very diverse at the state level. As...

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