Agriculture sector growth expected to remain better with favourable weather

15-Jan-2025 07:39 PM

The growth of the Indian agriculture sector is projected to remain robust in the 2024-25 financial year, largely due to favorable weather conditions, including good rainfall during the southwest monsoon season.

The growth rate of agriculture and allied sectors, which had dipped to 14% in 2023-24, is expected to rebound to 3.5-4.0% in 2024-25.

Between 2016-17 and 2022-23, the sector recorded an average annual growth rate of about 5%, fueled by strong gains in livestock and fisheries, which contributed significantly to the nation's economic development, even during the pandemic.

Despite this growth, the Chief Secretary highlighted persistent challenges in the production of pulses and oilseeds, which still fall short of domestic demand.

Efforts to increase domestic production of pulses have been underway, with production rising from 140 lakh tons to around 240-250 lakh tons in the past decade.

However, this is still not enough to meet the country’s needs. Research and development initiatives are expected to drive production growth in the coming years.

Similarly, oilseed production has seen significant improvements in recent years, with ongoing programs aimed at sustaining this growth.

The government is focusing on reducing the large import of edible oils, which drains precious foreign currency, and anticipates positive outcomes from these efforts in the near future.