India's economic terrain has evolved significantly, witnessing a notable decline in the agricultural sector's share in the Gross Domestic Product (GDP) from 35% in 1990-91 to 15% in 2022-23. This change is because other parts like industries and services have grown a lot.
Why this Change Happened
The Agriculture Minister, Arjun Munda, says that the drop in Agriculture's share is not because farmers are making less money. It's because other industries are making more. This isn't just happening in India; it's a global trend where agriculture's share in the world's market has also gone down. Overall the sector is still growing about 4% every year. This means that while it's not as big a part of the economy, it's still doing well.
Government Helping Out:
Because things are changing, the government is doing things to help farmers. They're making plans to make farming better and more efficient. The government wants to make sure farmers get good prices for their crops and make farming better.
Looking Forward:
Even though agriculture share is declining, but the government is still working to make sure agribusiness stays strong. The focus is on helping farmers and making sure they do well because they're a big part of India's success.
Author : Dr Ishan Yadav (https://www.linkedin.com/in/dr-ishan-yadav-41398077/)
Date : 22 December 2023
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