Economic Survey LIVE: On July 22, the Economic Survey 2023-24 emphasized the urgent need for a nationwide discussion on India's agriculture sector. The survey highlighted the importance of agriculture and farmers to the nation, noting the extensive support they currently receive.
According to the survey, India provides substantial assistance to its farmers through free or heavily subsidized water and electricity, untaxed incomes, and various subsidies for fertilizers. Additionally, farmers benefit from a minimum support price (MSP) for 23 commodities, monthly cash transfers through the PM-KISAN scheme, and frequent loan waivers.
Despite these efforts, the survey suggests that a re-evaluation of existing and new policies could further benefit farmers. It points out that while the agriculture sector supports about 42.3% of India's population and contributes 18.2% to the country’s GDP, it faces significant challenges that hinder its potential.
The sector has shown resilience, with an average annual growth rate of 4.18% over the past five years. However, the survey identifies several persistent issues that prevent the sector from advancing further. It criticizes conflicting policies from national and regional governments that negatively impact farmers. These policies are said to damage soil fertility, deplete groundwater resources, pollute rivers with nitrous oxide emissions, and undermine public health with diets high in sugar and carbohydrates rather than fiber and protein.
The survey concludes that addressing these complex problems with a cohesive strategy is essential for enhancing the agriculture sector's role in India's economy.
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