Moneycontrol
Oct 13, 2017 03:45 PM IST | Source: PTI

Farm growth may slip to over 3% in FY'18 : Niti member

For the 2016-17 fiscal, the farm sector growth was pegged at 4.9 per cent, which is likely to be revised upward taking into account the final foodgrain production figures, it said.

Farmers_NABARD_CROP_Agriculture
Farmers_NABARD_CROP_Agriculture

The country's agriculture and allied growth is likely to be over 3 per cent in the ongoing fiscal, lower than around 5 per cent last year, according to a Niti Aayog member.

For the 2016-17 fiscal, the farm sector growth was pegged at 4.9 per cent, which is likely to be revised upward taking into account the final foodgrain production figures, it said.

"Looking at the performance of the kharif season, I can say with confidence that growth will be more than 3 per cent," Niti Aayog member Ramesh Chand told reporters on the sidelines of an event on role of digital technologies in driving agri business growth.

The expected 3 per cent growth this year is not that bad when compared to 2016-17 fiscal when the sector grew from a low base effect, he said.

The farm growth in 2015-16 stood at 1.2 per cent due to poor rains and drought.

"The base effect may not be good this year though kharif season went off well. We need to see how rabi season will perform," Chand said.

After taking into account rabi season performance, the final farm sector growth figures might be revised upward later, he added.

As of now, the rabi sowing prospects are good as water in reservoirs is in good position, he added.
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