Union Budget 2024: Share of agriculture in India’s economy has declined over a period of time to less than 15% mainly due to high growth rate of the industry and services sectors. However, agriculture sector’s importance in India’s economy goes well beyond this mainly because more than 70% of India’s population depends on rural incomes and about 70% of poor people are found in rural areas.
Also, India’s food security depends on production of cereal crops, as well as on production of fruits, vegetables and milk to meet the demand of a growing population with rising urban income level. Accordingly, a productive and sustainable agricultural sector will need to emerge at an accelerated pace.
Improving water irrigation infrastructure will be the most important measure towards improving farm production and it is already underway, following are some of the other key measures which can be implemented in near term in this direction:
Out of total fertilizer consumption, nearly 60% consumption pertains to Urea mainly because of high amount of fertilizer subsidy on Urea leading to
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