India achieves highest global growth rate in agricultural GDP

NEW DELHI: Agriculture has been a key focus area of India’s development strategy, achieving a remarkable growth rate of 5 percent in the farm sector over the seven years from 2016-17 to 2022-23, according to Niti Aayog member Ramesh Chand.

Speaking at the 32nd International Conference of Agricultural Economists (ICAE), Chand highlighted that, according to World Bank data, India has achieved the highest growth rate in agricultural GDP globally over the last decade. “Agriculture has historically been a key focus area of development strategy in India, and the country has achieved the highest growth rate of 5 percent during the seven-year period from 2016-17 to 2022-23,” he noted.

Chand, an agriculture economist, pointed out that the share of agriculture in the world GDP has risen from 3.2 percent in 2006 to 4.3 percent in recent years. “Agricultural growth in the last 15 years has saved many countries from economic collapse. Due to the poor effort of the industry in pulling the labour force out of agriculture, the onus of remunerative employment for the large workforce still remains on agriculture,” he said.