Home
|
Sitemap
|
FAQs
|
Contact Us
Product
Country
Menu
About Agri Exchange
Introduction
Apeda Agri Exchange
The Vision
Benefits / Facilities
To Exporters
To Buyers
Product Profile
Floriculture
Floriculture
Fruits & Vegetables Seeds
Fresh fruits & Vegetables
Fresh Onion
Other Fresh Vegetables
Walnuts
Fresh Mangoes
Fresh Grapes
Other Fresh Fruits
Others (Betel Leaves & Nuts)
Processed Fruits & Vegetables
Cucumber and Gherkins (Prepd. & Presvd.)
Processed Vegetables
Mango Pulp
Processed Fruits,Juices & Nuts
Pulses
Animal Products
Buffalo Meat
Sheep/ Goat Meat
Other Meat
Processed Meat
Animal Casing
Poultry Products
Dairy Products
Natural Honey
Caseins
Albumin (Eggs & Milk)
Other Processed Foods
Groundnuts
Guar Gum
Jaggery & confectionery
Cocoa Products
Cereal Preparation
Milled Products
Alcoholic Beverages
Miscellaneous Preperations
Cereals
Basmati Rice
Non Basmati Rice
Wheat
Maize
Other Cereals
Country Profile
United Arab Emirates
Saudi Arabia
Malaysia
Bangladesh
United States
Vietnam
Kuwait
Iran
United Kingdom
Indonesia
...View more country profiles
FTA's
Analytical Report on FTAs
Tariff Concession under FTAs
Statistics
International Trade
India's Export
India's Import
Production
International Production
India Production
Market Intelligence
e-Bulletin
Global Analytical Report
India's Export Analytical Report
Comparative Report On APEDA Products
Comparative Report On Principal Commodities
Import Tariffs
Import Regulations
SPS Notifications
DGFT : Public Notice, Notifications, Circular and Trade Notice
India Food Safety & Standards
Market Reports
Foreign Trade Policy 2023
Chapter 01 - Legal Framework and Trade Facilitation
Chapter 02 - General Provisions Regarding Imports and Exports
Chapter 03 - Developing Districts as Export Hubs
Chapter 04 - Duty Exemption Remission Schemes
Chapter 05 - Export Promotion Capital Goods (EPCG) Scheme
Chapter 06 - Export Oriented Units (EOUs), Electronics Hardware Technology Parks (EHTPs), Software Technology Parks (STPs) and Bio-Technology Parks (BTPs)
Chapter 07 - Deemed Exports
Chapter 08 - Quality Complaints and Trade Disputes
Chapter 09 - Promoting Cross Border Trade in Digital Economy
Chapter 10 - Scomet: Special Chemicals, Organisms, Materials, Equipment and Technologies
Chapter 11 - Definitions
Newsletters
Latest News
Latest Newsletter
Archives
Directory
Exporters
Service Providers
Logistics
Trade Leads
Submit New lead
Buy Leads
Sell Leads
Indian Mission Login
Market News
Robust farm growth key driver of FY23 GDP expansion.
Jun 05, 2023
Robust farm growth, apart from the services sector, was one of the key drivers of India’s better-than-expected economic performance in 2022-23 in contrast to just 1.3% expansion in the manufacturing sector.
Despite setbacks, such as extreme weather and damage to staples, gross value added (GVA) in agriculture and allied activities grew a targeted 4% for 2022-23. In the January-March quarter of 2022-23, farm sector GVA accelerated to 5.5%, the highest in 11 months, provisional estimates released by the National Statistical Office on Wednesday showed. GVA is a measure of growth that strips out net taxes.
Agriculture continues to be vital for the overall economy because nearly half of India’s population depends on a farm-based livelihood. Job losses in other sectors due to the pandemic shifted a large chunk of the workforce back to agriculture. This is likely to have increased disguised employment in the sector, which refers to redundant labour.
Strong growth in agriculture and allied activities was largely propelled by a rebound in the third and fourth quarters of 2022-23 at 4.7% and 5.5%. To be sure, farm growth was a muted 2.4% in the first quarter while it was 2.5% in the second quarter.
The momentum in farm growth however does not tie in with muted private final consumption expenditure (PFCE), a measure of people’s spending power. Also, since extreme weather roiled wheat for a second straight year in 2023, the share of allied farm activities in agricultural GVA could have been more than that of crops.
“Obviously, private consumption has been stagnating. But it is important to remember that, relatively speaking, that is also because the share of government capital expenditure has become larger. Plus, you also have a bit of crowding in of private investment,” economist M Govinda Rao said.
While the share of PFCE in GDP in 2022-23 (provisional estimates) stood at 58.5%, it was 58.3% in 2021-22 (first revised estimate).
With higher government investment, the economy will see a pick-up in household consumption with a lag in the current financial year, said NR Bhanumurthy, vice-chancellor of Dr BR Ambedkar School of Economics University, Bengaluru.
Record official projections of food output, especially of wheat and mustard, during the winter-sown season, is a key reason for higher fourth-quarter growth, said Abhishek Agrawal, an analyst with Comtrade, a commodity trading firm.
Despite a prolonged spell of untimely rain and hailstorms, which were feared to have damaged wheat, the government’s third advance estimates of agricultural production on May 25 pegged the staple’s output at a record 112.7 million tonne. Mustard output was also pegged at a record 12.4 million-tonne.
hindustantimes.com
Archive