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P K Mishra Expresses Optimism for Robust Agricultural Growth in FY25, Driven by Favourable Monsoon
P K Mishra Confident in Strong Agricultural Growth for FY25, Thanks to Favourable Monsoon
India's agricultural sector is expected to experience robust growth in the 2024-25 fiscal year, with favourable monsoon conditions playing a key role, according to Principal Secretary to the Prime Minister P K Mishra. In an interview with PTI, Mishra expressed optimism, stating, "The monsoon has been good... I am very optimistic this year."
While the agriculture and allied sectors experienced a slowdown in growth, dropping to 1.4 percent in FY24, Agriculture Minister Shivraj Singh Chouhan recently forecasted a growth rate of 3.5-4 percent for the sector this fiscal year, supported by favourable weather conditions.
Between 2016-17 and 2022-23, the sector had enjoyed an average annual growth rate of 5 percent, bolstered by strong performance in livestock and fisheries. Despite challenges like the Covid-19 pandemic, the agricultural sector remained resilient and played a significant role in the country’s overall economic growth.
However, Mishra acknowledged that there are ongoing challenges in pulses and oilseeds production. While pulses output has increased from 14 million tonnes a decade ago to 24-25 million tonnes, India has not yet achieved self-sufficiency in these crops. "A lot of research is going on, and we should be making significant progress," he added.
When asked about high taxes on agricultural inputs and equipment, Mishra emphasized that agricultural concerns should be viewed within the broader context of tax policies. "There are many tax issues that need to be looked at more holistically," he concluded.
World Food Business
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