07 October, 2019
4 Min Read
GS-III: A road to economic revival runs through agriculture.
One of the world’ fastest growing economy,India is now facing sluggish growth with the RBI sharply cutting GDP growth forecast to 6.1% for 2019-2020 which is slowest in last 6 years.
Effects on primary sectors:
The ripples of the slowdown are gradually moving to the primary sectors which are already reeling under an unprecedented confluence of pressure. Real agriculture and allied GVA grew by 2.9% during 2011-12 to 2017-18 while National Agriculture Policy 2000 it should be around 4% to attain an overall economic growth of 8%.
The current growth rate in farm sector is less than adequate to take on developmental challenges originating SDGs mainly zero hunger, gender equality, no poverty, life on land. The key to addressing the slowdown lies in selective group of reforms in the key sectors.
Reasons for the Slowdown in the Economic Growth:
Structural factors may include:
To occasional dip on growth due to various reasons will slow the pace to achieving the $5 trillion economy by 2024. This is the right time to execute a slew of doable agricultural reforms as the role of agriculture in reversing the slowdown is immense in the light of its nearly 20% contribution to a $5 trillion economy. Therefore, a blend of efforts from a range of sectors agriculture and allied sectors is warranted to enable overall growth.
Source: THE HINDU
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