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Agriculture drives India’s growth trajectory towards Viksit Bharat: PHDCCI
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Tuesday, 25 February, 2025, 13 : 00 PM [IST]
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Our Bureau, New Delhi
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An analysis conducted by the PHD Research Bureau, PHD Chamber of Commerce and Industry on India’s Agricultural Transformation: From Food Scarcity to Surplus, highlights that the agriculture sector's performance remains pivotal for both economic growth and employment generation in the country, underscoring the need for sustained focus on agriculture infrastructure and investment.
“India's agriculture and allied sector has been growing strongly. From 2013-14 to 2023-24, the sector maintained a growth rate of 3.9% (average), emphasising its steady contribution to the nation’s economy. Even during pandemic, agriculture remained vital, achieving a commendable 4% (average) growth rate. Food processing industry will reach $2 trillion with agriculture and food processing exports of $700 billion by 2047. India's agriculture sector has transformed, evolving from a food-scarce nation to a food-surplus powerhouse. Agriculture growth for 2024-25 is estimated at 3.8%, reflecting the sector’s ability to support India on its glorious path to Viksit Bharat,” said Hemant Jain, president, PHD Chamber of Commerce and Industry, in a press statement.
“For the year 2024-25, we project foodgrain production grow by 2%, to about 3357 lakh tonnes,” said Dr Ranjeet Mehta, CEO & Secretary General, PHD Chamber of Commerce and Industry.
India's overall export performance remains robust, highlighting the sector's resilience and its significant role in the global agricultural trade landscape. Agriculture exports experienced substantial growth, increasing from more than $39 billion in 2013-14 to over $52 billion in 2022-23, said the industry body PHDCCI.
“PHDCCI projections indicate a significant expansion in agricultural and processed food products exports, with exports reaching to $125 billion by FY2030, $250 billion by FY2035, $450 billion by FY2040, and $700 billion by FY2047,” said Dr Mehta.
India’s food processing sector is expected to reach $700 billion by FY 2030, $1100 billion by FY2035, $1500 billion by FY 2040 and $1900 billion by FY 2040 and $2150 billion by 2047, highlighted the analysis.
“We appreciate that the centre and state governments have been taking prudent policy measures and implementing strategic schemes to boost the growth of India’s agriculture and allied sector. While some states excel in agricultural performance, their overall economic growth remains modest. This highlights an opportunity to better leverage agricultural success to drive broader economic development. By strengthening linkages between agriculture and other sectors, states can unlock new avenues for growth, fostering more inclusive and balanced economic growth,” said Jain.
Dr SP Sharma, chief economist and deputy secretary general, PHD Chamber of Commerce and Industry, said, “Food grain production in India is significantly influenced by factors such as electricity availability, warehousing capacity, and gross irrigated area. Rainfall does not appear to have a statistically significant impact, which contrasts with the traditional view of India's heavy reliance on monsoon for agriculture.”
“Availability of fertiliser and food grain production are strongly correlated, suggesting heavy reliance on the use of fertilisers to enhance soil fertility, boost crop yields, and sustain agricultural productivity, concluded Dr Sharma.
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