Union Budget 2025: A game changing budget to revive India’s backbone - agriculture
Union Budget should continue the focus on increasing productivity and creating apt infrastructure for ensuring steady growth in the agriculture sector and increasing rural income.
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Budget 2025: Paving the way for agri reforms and rural growth
As per the latest HCE (Household Consumption Expenditure) survey by NSSO, average rural MPCE (Monthly per capita consumption expenditure) is 58% of urban MPCE, highlighting the need for narrowing the gap in rural-urban income. In the last few years, there have been reforms aimed at increasing rural income, but the progress has been gradual. In the last five years, on average the government has allocated 3% of total budgeted expenditure to the Ministry of Agriculture and Ministry of fisheries, animal husbandry and dairying.
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Budget must focus on bridging rural-urban income gap
Agriculture employs 45% of India’s workforce but contributes only 18% to India’s GVA. This highlights the need for increasing productivity in the sector. As per an IMF paper, India’s labour productivity (PPP adjusted) in agriculture is only 12.2% of the median productivity in advanced economies and 43% of the median productivity in emerging markets. The yield of most crops in India is well below
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