Agri boost must for 10 % economic growth: PM

Achieving a double digit economic growth will require "determined efforts" to increase India's agricultural

RELATED ARTICLES

productivity, Prime Minister Manmohan Singh said today.

"Our medium-term target is to achieve a growth rate of 10 per cent per annum... However, its achievement will require determined efforts to increase investment in social and economic infrastructure, enhance productivity in agriculture...," he said at his national press conference here to mark the completion of one year of the UPA-II government in office.

About 60 per cent of India's population depends on agriculture, but its contribution to the national output is less than 20 per cent.

Singh said addressing key constraints to the modernisation and expansion of infrastructure and agriculture needs long-term strategies, backed by stepped up investment. "We have taken important steps in these areas, which will continue to receive the focused attention of the government," he said.

The farm sector is estimated to have shown a negative growth of two per cent in fiscal 2009-10, while the overall economy expanded by 7.2 per cent, as per provisional data.

Among the steps taken by the UPA government, which has completed the first year of its second term, is a substantial increase in the minimum support price (MSP) to farmers. Farm credit has also been stepped up to over Rs 3,00,000 crore and agriculture loans worth Rs 70,000 crore have been waived.

Due to low productivity and lack of agri infrastructure, the 10th Plan target of four per cent growth in the farm sector has not been achieved

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

FC NEWSLETTER

Stay informed on our latest news!

EDITORIAL OF THE DAY

  • Retail investors need to be drawn to bond trading

    A country requires both a healthy capital market and a liquid debt market for vibrant economic growth. India has had the first for a long time.

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Japan’s living national treasures

While the world is fascinated by the economic “miracles” in ...

Robert Clements

Cherish good times and accept bad ones

Initially, I was angry and confused, I was even repentant…,” ...

Bubbles Sabharwal

Mothers just see things differently; they can’t help it

Before we begin on mothers, I have to share this ...