Budget 2024: Strong emphasis on agriculture & climate resilience signals transformative development
India's existence and across a series of budgets, one factor has remained constant: the economy's high dependence on the farm sector, thanks to its contribution to economic growth and consumption expenditure. So, it's good to see this budget putting the impetus on agriculture and its focus on more effective, efficient and climate-resilient public spending.
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It proves that GoI is not only focused on fiscal numbers but is also trying to accelerate inclusive and transformative development. The impetus for recognising women's contribution to the economy is also an acknowledgement of women farmers' role in raising over 40% of crops and over 70% of livestock.
India experiences some of the world's highest maximum temperatures. Heatwaves are projected to increase in intensity, frequency and duration. This might exacerbate precarious conditions faced by farmers, and could be a significant headwind for agricultural production, cascading on access, availability and affordability of food.
In the fertile Indo-Gangetic plains, an area that produces 14-15% of the global wheat yield, a 50% reduction in wheat yield due to heat stress is projected by 2050. Rising temperatures and changing rainfall patterns also diminish quality (protein and micro-nutrient content), especially in staple crops like rice and wheat.
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