Business Mantra News
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) said that the Government requires to work towards yield of Agriculture Sector in the Budget 2018 as there is much shortfall in Kharif production due to slow growth of the Farm Sector in the second quarter of this fiscal.
The year to year Agriculture Growth Value Addition (GVA) for the September Quarter of 2017-18 has fall down to 1.7% from 4.1%, measured on basis prices, the fall looks Sharp at current prices from 10% to 3.7%.
ASSOCHAM attributed to measure decline in food grain production for the quarter of the current fiscal as it came down to 2.8% from handsome growth of 10.7% in the similar period of 2016-17.
The chamber observed that the shortfall in the second session of the monsoon seems to have impacted the Kharif production.
The Agriculture Sector is must and crucial for Indian Economy as it contributes largely in India’s GDP.
Prime Minister Narendra Modi also emphasized on the increase of growth of the Agriculture sector and have vision of doubling of agriculture income by 2022.
The Chamber Secretary D S Rawat said that since more than half of the Growth Value Addition (GVA) has come from livestock, fishery and forestry, hence Finance Minister Arun Jaitely should focus on these sectors of the economy.
ASSOCHAM also suggested that Government should give more protections to the farmers in case of disadvantage caused to the farmers due to market distortions. More and more farming community should be covered under insurance to save them from suicide cases and likewise incidences.
Govt. should ensure all the possible help to the farmers for the production of Rabi Crops.