Agriculture Sector Experiences Buoyant Growth; Shows Resilience In The Face Of Covid Shock: Economic Survey

31 Jan 2022 , 03:24 PM

Agricultural sector which accounts for 18.8 per cent of Gross Value Added (GVA) of the country in 2021-22 has experienced buoyant growth in the past 2 years. It grew at 3.9 per cent in 2021-22 and 3.6 per cent in 2020-21 showing resilience in the face of COVID-19 shock, states the Economic Survey 2021-22 tabled in the Parliament by the Union Finance & Corporate Affairs Minister, Smt. Nirmala Sitharaman. The Survey attributes this to ?good monsoon, various Government measures to enhance credit availability, improve investments, create market facility, promote infrastructure development and increased provision of quality inputs to the sector?. It also observes that livestock and fisheries have experienced buoyant growth and had helped the sector perform well. The share of the agriculture and allied sector in total GVA of the economy has settled at around 18 per cent in the long term states the Survey. In the year 2021-22 it is 18.8 per cent and in the year 2020-21 it was 20.2 per cent. According to the Economic Survey, research shows that every rupee spent on agricultural research and development, yields much better returns. Increasing R&D spending on agriculture is, therefore, not only a vital necessity for ensuring food security, but also important from the socio-economic point of view.

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