The agriculture and allied sectors have contributed to 17.3per cent to India’s Gross Value Added in last five years and the country haswitnessed a stupendous growth in food grains’ production since Narendra Modiled BJP government came to power. The records available with Ministry of Agriculture statesthat India produced record 278.38 Million tonnes of food grains in year 2017.The advanced estimates available with the Agriculture department suggested thatthe yield of rice reached 2.39 tonnes/hectare while wheat yield touched 2.4tonnes/hectare in the country, highest among the developing economies.
Backed by decent monsoon India’s food grain productionincreased by 8.7 per cent. Every grain be it rice, pulses or wheat; had abumper yield last year. Timely upliftment and payment for the crop by theCentral government and its agencies further propelled the confidence of thepeasants to sky high. Prime Minister Narendra Modi’s flagship scheme, PradhanMantri Fasal Bima Yojana (PMFBY) also gave confidence to the agriculturiststhat the current regime cares for them and it will ensure that farmers shouldnot suffer because of government policies. The central government agenciesinsured 19 million hectares of agriculture land from the total 64.5 millionhectares in the country.
The net insurance amount for insurance of rabi crops isaround Rs 671.96 Crores. The scheme has brought a paradigm shift in theapproach of policy makers who have been dealing with the agriculture and alliedsectors for years. India’s 59 per cent population relies on agriculture andallied sectors for their principal means of livelihood. When country’s overallGDP is expected to grow at 7.1 percent in the current fiscal, the agricultureGDP may cross 4.
1 per cent touching Rs. 1.06 Lakh Crores. Central government’s thrust to Indian food industry hasunveiled its immense potential that may catapult its growth to double digit innext ten years. India is increasing its contribution to world food trade everyyear. Currently the country is sixth largest food and grocery market in theworld with retail contributing 70 per cent of the sales. Indian food processingindustry makes 32 per cent of the global food market and is ranked fifth interm of consumption, production of food items and their export.
In fact, India is the world’s largest producer of milk forthe last two decades and contributes 19 per cent of the world’s total milkproduction. The country is emerging as the export hub of instant coffee that hasled to exports of 1,77,805 tonnes coffee between April-August 2017 as against 1,62,641tonnes in the same period last year. India has also topped the list of shrimp exporters in theworld, as the value-added shrimp exports rose 130 per cent year-on-year basis to23,400 tonnes in 2017.The country is also the second largest fruit producer in theworld. India’s horticulture output, is estimated to be 287.3 million tonnes(MT) in 2016-17 after the first advance estimate.