The agriculture sector has continually done well, according to the Monday economic review of India, despite the country managing to keep food inflation at moderate levels and lower than many other nations. It said that unexpected rains put strain on certain food items’ rices, resulting in crop losses and supply chain problems caused by the weather.
To meet the nation’s growing demand for diversified and nutrient-dense food baskets, the evaluation stated that ongoing innovation in farming practices, advances in crop variety, and adoption of new technologies are imperative. It emphasized how policies must be consistent in order to increase the market and give farmers more production options while taking the environment and ecology into account.
While acknowledging that India is the world’s leading producer of spices, beans, and milk, the study also points out that “a significant increase in agricultural exports is another indication of improved performance, demonstrating India’s global leadership in this field.”
The evaluation included programs that have been significant in giving farmers financial and economic support, including Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), Pradhan Mantri Kisan Samman Nidhi (PM-Kisan), and Pradhan Mantri Fasal Bima Yojana. After they turn 60, 2.3 million small and marginal farmers will receive a pension of Rs 3,000 per month under PM-KMY. Over 110 million farmers have benefited from the PM-Kisan program, which pays farmers Rs 6,000 a year in three equal monthly installments. To date, Rs 2.8 trillion have been transferred to these farmers.
According to the report, for every crop covered by the minimum support price, the government has guaranteed at least a 50% profit over the weighted average cost of production for all of India from 2018–19. As stated in the assessment, “this price support also aims to foster diversification towards pulses, oil, and commercial crops and reduce India’s import dependence.”
