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Share of agriculture in India’s GDP declined to 15% in FY23 : Govt

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Share of agriculture in India's GDP declined to 15% in FY23: Govt
  1. India’s agriculture contribution to GDP decreased from 35% in 1990-91 to 15% in 2022-23, largely due to significant growth in the industrial and service sectors.
  2. The decline in agriculture’s share of GDP was not due to reduced agricultural GVA but resulted from substantial expansion in the GVA of industrial and service sectors.
  3. Over the past five years, the agricultural sector has shown an average annual growth rate of 4%, contributing positively to the economy.
  4. Globally, the share of agriculture in the GDP has also reduced over the years and now stands at about 4% in recent times.
  5. The government has implemented various programs, policies, and reforms to enhance agricultural productivity, resource efficiency, sustainable agriculture, infrastructure, and ensure better prices for farmers. Additionally, schemes like PM-Kisan, providing income support of Rs 6,000 per year to farmers, have distributed over Rs 2.81 lakh crore to more than 11 crore farmers as of November 30, 2023.
SourceTOI

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