Economic Survey 2024-25: From Grains To Fisheries, India’s Agriculture Achieves Strong Growth

India's agriculture sector has shown strong resilience and consistent growth, according to the Economic Survey 2024-25 tabled by the Finance Ministry on Friday. From FY17 to FY23, the sector grew at an average rate of 5%, contributing significantly to the economy. In fact, agriculture's share of the Gross Value Added (GVA) rose from 24.38% in FY15 to 30.23% by FY23. Even in FY24, agriculture recorded a steady growth rate of 3.5%.

A key highlight is the expected rise in kharif foodgrain production for 2024, projected to increase by nearly 90 Lakh Metric Tonnes compared to the previous year. Agricultural income has also seen a steady annual rise of 5.23% over the last decade.

Government initiatives have been crucial in this growth. For example, the "Doubling Farmers' Income" report laid out strategies for improving productivity and diversifying crops. Programs like the Per Drop More Crop (PDMC) initiative aim to enhance water efficiency in irrigation. Also, digital platforms like e-NAM are helping farmers get better prices for their produce. Financial assistance like the PM-KISAN scheme further supports farmers by ensuring assured income, the data shared by the Finance Ministry said in the Economic Survey.

Key Points On Agriculture Sector

Minimum Support Price (MSP) has been another key focus. The government has increased MSPs for various crops like pulses and oilseeds by significant amounts, ensuring farmers are paid better for their produce.

Irrigation is another area the government has focused on. With the PMKSY program, farmers, especially small ones, get financial help for installing efficient irrigation systems, boosting crop yields.

The livestock sector has been growing rapidly, contributing 5.5% of the total GVA in agriculture. The government's support for dairy farming and livestock health, as well as initiatives like the Rashtriya Gokul Mission, has played a major role in this growth. The milk industry alone saw revenues over ₹11 lakh crore in FY23.

Fisheries have also flourished, with production increasing significantly. The government's schemes like PMMSY and the Fisheries Infrastructure Development Fund (FIDF) have boosted both inland and marine fish production, as well as seafood exports, which have seen a sharp rise.

Floriculture and horticulture are emerging as high-growth areas. The floriculture sector is primarily export-oriented, and India is a leading exporter of grapes, contributing to farmers' higher incomes, especially in grape-growing regions like Maharashtra.

The food processing industry has seen steady growth too, with exports reaching USD 46.44 billion in FY24. The Pradhan Mantri Kisan Sampada Yojana (PMKSY) is supporting the growth of this sector, which has received significant investments under the Production Linked Incentive Scheme (PLISFPI).

To improve food management, the government is also working on the One Nation, One Ration Card (ONORC) scheme, which ensures all beneficiaries can access their ration entitlements through e-KYC, no matter where they are. The Credit Guarantee Scheme for warehouse receipts further helps farmers access post-harvest loans, enhancing their financial security.

In short, India's agricultural sector is showing strong, consistent growth, thanks to a combination of government support and farmers' hard work. Initiatives to improve productivity, income, and sustainability are helping India build a resilient agricultural economy.