According to many international financial organizations, India’s GDP growth might be in the range of 1.5-2.0% in FY21 due to the COVID-19 impact. However, according to a recent statement from NITI Aayog, the Indian farm sector might manage to avoid the damaging effect of the pandemic. With around 3% of growth rate, the sector expects to contribute more than 0.5% to the growth rate of the Indian GDP.
Normal and on time monsoon, availability of 40% to 60% greater water supply than the previous years are some of the few reasons which might cause the sector to produce significant amount of crops and perform better than the other sectors.
The greater production of agricultural output will help to increase the farmers’ income ensuring a better standard of living for them and opportunities of promising investment in future farming activities.