Key Points
New Delhi: Indias farm sector output, which backed Indias economic performance when industries sank during covid, saw an unprecedented weather shock in the year ending December, weighing on agricultural output and the volatility in prices of food items may continue over the next year..
Whereas the Indian economy shot past expectations to clock an impressive 7.6% growth in the September quarter, retaining its crown as the worlds fastest-growing major economy, the growth in the agriculture sector was 1.2% as compared to last years 2.5% thanks to an erratic monsoon, National Statistical Office (NSO) data showed..
Despite higher Rabi output, prices of food items may remain firm in the remaining months of the ongoing financial year, pinching consumers pockets, according to agronomists..
Prices of food items such as rice, wheat, pulses, and vegetables are expected to remain elevated for the remaining months of the fiscal year..
Government-infused investment via the private sector fails to make much difference in agricultural growth unless the Centre and states make reforms. Agriculture has to play a key role in achieving the goal of Viksit Bharat 2047, inclusive development, green growth and gainful employment..
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