Economic Survey 2018: Government keen to double farm income by 2022

Agriculture

The government is keen to double the income of the farmers by 2022, for which it has launched several new initiatives that encompass activities from seed to marketing, the Economic Survey tabled in Parliament today said.

The survey, which estimated that agriculture sector will grow at 2.1 percent in 2017-18, said that credit from institutional sources will complement all such government initiatives like soil health card, input management, per drop more crop in Pradhan Mantri Krishi Sinchai Yojana (PMKSY), Pradhan Mantri Fasal Bima Yojana (FMBY) and e-NAM among others.

“The agriculture sector in India is experiencing structural changes which are opening up new challenges and opportunities,” the survey said.

The government, the survey said, has initiated reforms in the field of agricultural marketing, given a big push to the use of technology in agriculture, and also adopted Direct Benefit Transfer (DBT) mode for timely delivery of extension services, credit and other inputs to small and marginal farmers.

“The central priority of the government will be to provide opportunities for farmers to diversify their income generating opportunities to reduce the various risks by facilitating the development of agricultural sub-sectors like livestock and fisheries,” it said.

The transformation of agriculture and allied sector is imminent by way of appropriate policy interventions related to prices, trade, adoption of climate smart agriculture, increased focus on small, marginal and women farmers, it said.

Though the share of agriculture and allied sector in gross value added (GVA) is on the decline, in the quest for inclusive economic development in India, agriculture sector will remain an engine of broad based growth which will reduce inequalities and provide food security, the survey said.

India farmers, the survey said, are adapting to farm mechanization at a faster rate in comparison to recent past. Sale of tractors to a great extent it reflects the level of mechanization. Indian tractor industries have emerged as the largest in the world and account for about one-third of total global tractor production.