Share of agriculture in India's GDP declined to 15% in FY’23

On 19 Dec, the Union Agriculture Minister Arjun Munda informed the Parliament that the share of agriculture in India's GDP declined to 15% this fiscal year from 35% in 1990-91. This shift is due to rapid growth in the industrial and service sector. ‘Agriculture and allied sectors have registered an average annual growth of 4% during the last five years. Globally, agriculture is 4% of the world's GDP.’ He also said, 110M farmers have benefited from the income support scheme. The total amount spent is $34B on 30 Nov 2023. This shows the numbers during the Farmers Protest projected on farmers in the country were absolutely correct. Given that globally, agriculture’s share is going down, the question Indian policy makers need to answer is, would imitating other nations not lead to a food crisis? A sector like agriculture need not be evaluated only in monetary terms but also in terms of its need to society. On the same day, in Panjab, CM Mann held a meeting with representatives of thirty-two farmer bodies from the state that are part of the Samyukt Kisan Morcha. Mann formed a committee to resolve farmers' pending issues, including compensation and government jobs to the next of kin of those who died during the Farmers Protest against the now-repealed farm laws. State agriculture minister Gurmeet Singh Khuddian, senior IAS officers, representatives of farmer unions, and agriculture experts will be committee members. The committee will finalize its report by 31 Mar 2024.