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Effects of the slowdown in agriculture and allied activities on the Indian economy.
- Cascading effect of Sluggish agricultural growth: Real agricultural and allied gross value added (GVA) grew by 2.9% during 2011-12 to 2017-18. The National Agricultural Policy (2000) states that it should be 4% to attain an overall economic growth of 8%.
- Supply-demand mismatch: A highly skewed and unprecedented monsoon, erratic rainfall, and extreme natural events are creating havoc as far as farms and farmers are concerned which in turn are likely to disrupt supply chains, fuel inflation and have a negative impact on consumption, all of which can further dampen the prospects of revival of the economy.
- Delay in achieving India’s developmental obligation: The current growth rate in the farm sector is less than adequate to take on developmental challenges originating from the Sustainable Development Goals, mainly zero hunger, no poverty, life on land, and gender equality.
Hence any key reforms packages in improving the economy should also take cognizance of the crisis in the agricultural sector. Why agriculture is key to stimulate growth in the Economy
- Importance of agriculture in the Indian economy:
o The sector is a potential enabler and employer for more than 50% of the population. o It also has the potential to revive “animal spirits” by ensuring farm viability like increasing the ratio of farm to non-farm income to 70:30 by 2022-23 from the present 60:40.
- Deindustrialization 2.0:
o Creative destruction is underway from the decreasing growth rate, and that slowly fading reform to stimulate the traditional sectors is adding to unemployment and job loss. o There is an immense need to promote occupations that are less influenced by the slowdown such as farming, handloom, handicrafts, and others.
- Dwindling aggregate demand: As per the Economic Survey 2018-19, the working-age population will continue to rise through 2041. The rising population, interstate migration, volatile oil prices, and market-distorting reforms resulted in subdued demand.
Key Reforms in agriculture can invigorate the economy
- Investment of Rs 1 Crore in India can create only four formal jobs. There is an urgent need to increase the job-to-investment ratio which is currently very low especially in agriculture.
- In-situ employment creation is a must for a stable income and spending which in turn can reduce interstate
- There must be fast-lane options and swift actions to ensure curated reforms on land, market, price, and ameliorate supply-side constraint in order to achieve the target to double farmers’ income by 2022.
- Expedite the setting up of the Agricultural development council (ADC) on the lines of the GST council.
- Revisiting regional crop planning and the agro-climatic zone model at the highest possible level so as to make agriculture the engine of sustainable economic growth in India 2.0 by 2022.
This is the right time to execute a slew of doable agricultural reforms as the role of agriculture in reversing the slowdown is immense in the light of its nearly 20% contribution to a $5-trillion economy. The occasional dip in growth due to various reasons will slow the pace to achieving a $5-trillion economy by 2024. Therefore, a blend of efforts from a range of sectors, agriculture and allied sectors is warranted to enable overall growth.
Effects of the slowdown in agriculture and allied activities on the Indian economy.
- Cascading effect of Sluggish agricultural growth: Real agricultural and allied gross value added (GVA) grew by 2.9% during 2011-12 to 2017-18. The National Agricultural Policy (2000) states that it should be 4% to attain an overall economic growth of 8%.
- Supply-demand mismatch: A highly skewed and unprecedented monsoon, erratic rainfall, and extreme natural events are creating havoc as far as farms and farmers are concerned which in turn are likely to disrupt supply chains, fuel inflation and have a negative impact on consumption, all of which can further dampen the prospects of revival of the economy.
- Delay in achieving India’s developmental obligation: The current growth rate in the farm sector is less than adequate to take on developmental challenges originating from the Sustainable Development Goals, mainly zero hunger, no poverty, life on land, and gender equality.
Hence any key reforms packages in improving the economy should also take cognizance of the crisis in the agricultural sector. Why agriculture is key to stimulate growth in the Economy
- Importance of agriculture in the Indian economy:
o The sector is a potential enabler and employer for more than 50% of the population. o It also has the potential to revive “animal spirits” by ensuring farm viability like increasing the ratio of farm to non-farm income to 70:30 by 2022-23 from the present 60:40.
- Deindustrialization 2.0:
o Creative destruction is underway from the decreasing growth rate, and that slowly fading reform to stimulate the traditional sectors is adding to unemployment and job loss. o There is an immense need to promote occupations that are less influenced by the slowdown such as farming, handloom, handicrafts, and others.
- Dwindling aggregate demand: As per the Economic Survey 2018-19, the working-age population will continue to rise through 2041. The rising population, interstate migration, volatile oil prices, and market-distorting reforms resulted in subdued demand.
Key Reforms in agriculture can invigorate the economy
- Investment of Rs 1 Crore in India can create only four formal jobs. There is an urgent need to increase the job-to-investment ratio which is currently very low especially in agriculture.
- In-situ employment creation is a must for a stable income and spending which in turn can reduce interstate
- There must be fast-lane options and swift actions to ensure curated reforms on land, market, price, and ameliorate supply-side constraint in order to achieve the target to double farmers’ income by 2022.
- Expedite the setting up of the Agricultural development council (ADC) on the lines of the GST council.
- Revisiting regional crop planning and the agro-climatic zone model at the highest possible level so as to make agriculture the engine of sustainable economic growth in India 2.0 by 2022.
This is the right time to execute a slew of doable agricultural reforms as the role of agriculture in reversing the slowdown is immense in the light of its nearly 20% contribution to a $5-trillion economy. The occasional dip in growth due to various reasons will slow the pace to achieving a $5-trillion economy by 2024. Therefore, a blend of efforts from a range of sectors, agriculture and allied sectors is warranted to enable overall growth.
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Budget 2020-21 On Agriculture, Fisheries & Allied Activities
1)Government is committed to doubling growth of farmer incomes by 2022. For this, farm markets need to be liberalised
2)Rs. 2.83 lakh cr allocated for agriculture and allied activities, irrigation, and rural development
3)Water stress related issues are a serious concern across the country. Government is proposing comprehensive measures for 100 water-stressed districts
4)20 lakh farmers to set up standalone solar pumps with help from government. A scheme to help farmers to set up solar power generation units in their shallow or barren lands, so that they can make a living out of it
5)Government will ensure balanced use of all kinds of fertilisers -- traditional and innovative -- to change the current incentive regime which encourages excessive use of chemical fertilisers
6)A village storage scheme proposed to be run by self-help groups (SHGs)
7)Indian railways will set up a Kissan Rail through PPP arrangement. Refrigerated coaches to be installed in express trains and freight trains so that perishable goods can be easily transported.
8)The NABARD refinance scheme to be further expanded
9)Agricultural credit target for 2020-21 has been set at Rs 15 lakh crore
10)By 2022-2023, proposes raising fish production to 200 lakh tonnes
11)Milk processing capacity to be doubled by 2025
FOR PREPARATORY NOTES VISIT
http://www.bankwhizz.com/study-details.php?c=Memory-Based-Paper-Phase-II-2019-NABARD-Grade-A
Memory Based Paper Phase II 2019 NABARD Grade A
http://www.bankwhizz.com/study-details?c=EDUCATION-Chapter-NABARD-Grade-A-2020
EDUCATION (Chapter, NABARD Grade A 2020)
http://www.bankwhizz.com/study-details.php?c=Monetary-Policy-Notes
Monetary Policy (Notes) for NABARD Grade A 2020
http://www.bankwhizz.com/study-details.php?c=Migration-Notes
Migration (Notes) for NABARD Grade A 2020
Agri Export Policy
Recently, the Agricultural and Processed Food Products Export Development Authority (APEDA) along with State Government of Andhra Pradesh has dispatched the first shipment of high-quality bananas from Anantpur in Andhra Pradesh to Jawaharlal Nehru Port (JNPT) in Mumbai for exports to international markets.
The long-distance affects the viability of export shipments due to high transport costs and quality losses. Hence, this time efforts were made for reducing the transit time by using refrigerated rail containers (freight transport that is refrigerated for the transportation of temperature-sensitive cargo).
Agri Export Policy
Keeping in mind the significant Indian agriculture holds, Government of India introduced Agri Export Policy in 2018.
Objectives:
Double Exports: To double agricultural exports from the present $30 billion to $60 billion by 2022 and reach $100 billion in the next few years thereafter, with a stable trade policy regime.
Diversification: To diversify the export basket, and boost high value and value-added agricultural exports including focus on perishables.
Non-Traditional Agri Products Promotion: To promote novel, indigenous, organic, ethnic, traditional and non-traditional Agri products exports.
Market Access: To provide an institutional mechanism for pursuing market access, tackling barriers and deal with sanitary and phytosanitary issues.
Global Integration: To strive to double India’s share in world agri-exports by integrating with global value chain at the earliest.
Benefit Farmers: Enable farmers to get benefit of export opportunities in the overseas market.
Vision: Harness export potential of Indian agriculture, through suitable policy instruments, to make India a global power in agriculture and raise farmers income.
Please give the link to download current affairs pdf . thanks