Economic Survey 2023-24 

The Economic Survey 2023-24 emphasized that the efficiency of farming industry stays “critical” for India’s financial development which has actually been boosting at a typical development price of 4.18 percent over the last 5 years.

The study informed the smallholder farmers’ earnings can not be raised by generating rice, wheat, or perhaps millets, pulses and oilseeds.

It even more recommended farmers to transfer to high-value farming – vegetables and fruits, fisheries, chicken, dairy products and buffalo meat.

“Once the incomes of smallholders increase, they will demand manufactured goods, spurring a manufacturing revolution,” the study claimed.

“They need to move to high-value agriculture – That is what happened in China between 1978 and 1984 when the real incomes of farmers doubled in just 6 years. India is well-placed to emulate this,” the study claimed.

As per the record, the expanding relevance of allied industries such as pet husbandry, dairying, and fisheries in improving farmers’ earnings recommends that better focus must be put on using the capacity of these tasks to improve farmers’ earnings.

The Indian farming industry offers source of income assistance to concerning 42.3 percent of the populace and has a share of 18.2 percent in the nation’s GDP at present rates.

The record even more claimed that the farming industry has actually been resilient, which appears from the truth that it has actually signed up a typical yearly development price of 4.18 percent at continuous rates over the last 5 years.

The additionally claimed that advertising plant diversity in the direction of oilseeds, pulses, and cultivation needs resolving crucial problems consisting of financial investment in agri-infrastructure, credit scores availability, and ideal market organizations.

It claimed MSP (Minimum Support Price) has actually incentivised plant diversity and there is proof that MSP has a favorable and statistically substantial result on list prices of all plants, with a more powerful result for those plants where purchase is significant, such as paddy and wheat.

“Efforts must be made to encourage production patterns and practices in various geographies that are consistent with their agro-climatic characteristics and natural resources. Research and development and promotion of digital technologies in agriculture, as well as improving the quality of seeds, including promoting organic and natural farming, can play a significant role in the realisation of sustainable agriculture practices that efficiently improve farm income and influence farmer behaviour,” the Economic Survey claimed.