The agriculture sector contributed 51.9 percent to India’s GDP in 1950. Since then it has been on a downside and it currently stands at 13.9 percent. However, a change from an agrarian-centric economy to an industry-centric economy is inevitable with the advent of industries. With industries growing at a faster pace than the rate at which trees are being planted, will there be a time when agriculture’s productivity dwindles to a null? If yes, is it already here?
Living in a country where the cattle is worshipped as a goddess, about 60 percent of the population was banking on agriculture for their main source of income during the 1950s. Despite half of the population still continuing with the profession, the returns are low. While urbanisation might be cited as a reason, it is hard not to neglect the fact that agriculture is no more a profitable sector.
Some of the recent developments in the agriculture and allied sector are enumerated below:
3The launch of Pradhan Mantri Fasal Bima Yojana
Farming has become an unreliable sector. Farmers are always unsure of the yield they’ll reap but strive to draw the maximum benefits out of their investments and effort. Often farmers might be at the receiving end, with natural calamities like droughts and floods affecting their yield adversely. To resolve the problem of unpredictable nature of farming and prevent farmer suicides in the country, the Government launched PM Mantri Fasal Bima Yojana in early 2016. It’s a crop insurance policy with relaxed premium rates on the principal sum insured for farmers. Implemented with a budget of Rs 17,600 crore, this scheme will provide financial support to farmers and cover for their losses. This initiative is expected to go on floors from the next Kharif season of farming, that is from June 2016.
2After green, white, and golden, it’s time for blue
The Cabinet Committee on Economic Affairs (CCEA) has approved Blue Revolution in India. It’s an integrated scheme designed to increase the productivity and profitability of aquaculture and fisheries resources, inclusive of both inland and marine. With a budget of Rs 3,000 crore offered by the government for the next five years, this scheme aims to maintain an annual growth rate of six to eight percent of the agriculture and allied sector.
1Government to invest Rs 221 crore to improve milk productivity
India boasts of being the largest producer of milk in the world with an annual output of 130 million tonnes. However, with a milk-producing animal population of more than 118 million, the milk yields per animal is very low. To meet the steadily growing demand for milk, the National Dairy Development Board (NDDB) has announced 42 dairy projects, under a budget of 221 crores. These projects shall focus on improving the milk productivity of major milk-producing states like Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu and the likes.