Indian economy is an agrarian economy, which clearly implies the importance of agriculture in the country. Although, the economic growth pattern depicts declining trend in the contribution of the agricultural sector, it still forms the crux of socio-economic growth. As for 2012, India ranks on the second position in the world in regards to farm output, which is certainly remarkable. According to GDP in 2009, agriculture contributed for about 16.6% of the GDP along with all allied sectors. It may be argued that the growth is not on the top of its potential, but the changes are manifestly positive.
Recent trends in the economy
Taking a look at 2012, it can be predicted that Indian agriculture is bound to grow in coming months. Currently, India is leading the world in regards to many fresh fruits and vegetables. Also, other mentionable produce from the country includes jute, millets and castor oil. As for 2011, Indian produced the second largest amount of rice and wheat. According to 2011 data, the country ranked third in the production of dry fruits, textile raw materials, tuber crops, eggs, coconut, farm fish, and many other vegetables. In the market of livestock and poultry, it ranks on the fifth spot with highest grow rates.
The recent developments in Indian agriculture in 2011 show some extraordinarily appealing trends. Although, the growth of agriculture has been check by the growth of other sectors, 2011 was a favorable year for Indian agriculture. There was a 6.3% increase in the production of wheat bring the count to 85.9 million, while rice recorded 95.3 million tons, which is 7 % increase as compared to the previous year. Growth rates mentioned above have been noted with the country facing regular and normal monsoon season.
What has changed in recent times?
It is notable to see that Indian agriculture has received significant help from the government. Both the state and central level governance are to be applauded for the growth. In spite of the fact that Indian economy is fighting badly with the seeds of corruption at every level, there has been a certain improvement in many sectors of agriculture that cannot be denied and overlooked. Apart from the staple foods, the industry of aquaculture and catch fishery has almost doubled in the past decade. India currently exports 600,000 metric tons of fish and aquatic products to the globe, something that is a celebrated fact.
What can be expected in 2012?
In the year 2012, it would be intriguing to see how the economy fares as the peak seasons of products come closer. India faces many challenges in the current year like lack of proper policy implementation, lack of organized retail structure, and small size of land holdings. The growth of infrastructure in the country may not be phenomenal, but the development has certainly helped the agriculture. With the budget yet under wraps, the agriculture sector has to wait and see the plans that have been designed for growth and sustenance. Provided monsoons arrive on time and other factors remain constant, there should be a significant increase in the growth of all sectors of the Indian agriculture.