India's Agricultural Share in GDP Plummets to 15% in 2022-23: Union Agri Minister

New Delhi, Dec 19 (KNN) Agricultural sector's share in the country's Gross Domestic Product (GDP) has undergone a significant decline, plummeting from 35 per cent in the fiscal year 1990-91 to a mere 15 per cent in the last fiscal year, the government informed on Tuesday.

Union Agriculture Minister Arjun Munda, in a written response to the Lok Sabha, clarified that the reduction in the share of agriculture in the Gross Value Added (GVA) of the economy is not due to a decline in agricultural GVA itself. 

Instead, it is a consequence of the remarkable growth observed in the GVA of the industrial and service sectors, he added.

"In growth terms, the agriculture and allied sector has registered an average annual growth of 4 per cent during the last five years," the minister added.

Drawing a global perspective, he noted that the share of agriculture in the world's GDP has also witnessed a decline over the decades, settling at approximately 4 per cent in recent years.

The Union Minister noted that the government has actively implemented various developmental programs, schemes, reforms, and policies to address the challenges posed by this shift. 

These initiatives, he underscored, are designed to boost agricultural productivity, enhance resource use efficiency, promote sustainable agriculture, strengthen infrastructure, and ensure fair and remunerative prices for farmers.

He highlighted the significance of the PM-KISAN scheme, launched in 2019, as a crucial step towards supporting farmers. This income support scheme disburses Rs 6,000 annually to eligible beneficiaries in three equal instalments.

"More than Rs 2.81 lakh crore has been released so far to more than 11 crore farmers as on November 30, 2023," Munda said.

(KNN Bureau)