Business News This Week: Agriculture Sector in India in 2012

Agriculture has been sensitive issue in India particularly about the subsidies to the farmers. The year 2012 was good a year for agriculture in India, as India produced a record 25.77 million tones of food grains during 2011-12. Here are some the statics:

• Experts believe strategies for rejuvenating agriculture sector to achieve 4% per annum rate of growth have started producing results: average annual growth rate achieved in the agriculture and allied sector during 11th Plan has improved to 3.3% as against 2.5% and 2.4% in the Ninth and Tenth Plan periods, respectively.
• The 11th Five Year Plan period has seen an increase in total food grain production of 173.38 million tonnes over the 10th Five Year Plan period. This despite two years of drought in various parts of the country in 2009-10 and 2010-11.?
• Gross Capital Formation (GCF) in agriculture and allied sectors as a proportion of the GDP in the sector stagnated around 14% during 2004-05 to 2006-07. It has jumped to 20.1% in 2010-11 at constant 2004-05 prices.?
• Plan outlay of Department of Agriculture and Cooperation increased from Rs.15,000 crore in 10th Five Year Plan to Rs.66, 577 crores in the 11th Five Year Plan and is likely to be further increased to Rs.1,34,746 crores during 12th Five Year Plan.?
• The flow of agriculture credit in 2011-12 reached Rs.4,68,000 crore from a level of Rs.86, 981 crore in 2003-04. The target for agriculture credit for 2012-13 has been raised to Rs. 5,75,000 crore?
• To make cheap agriculture credit available to farmers for short term crop loan, incentive of additional interest subvention has been increased to 3% for farmers who repay their loan on schedule, thus making the effective rate of interest to 4% per annum only.?
• In order to make available fertilizer at affordable prices to farmers, two Biofertilizers, one Organic Manure, two Fortified fertilizers, Urea briquette and Zinc Oxide suspension have been incorporated in Fertilizer Control Order (FCO).?
• National Seeds Corporation has introduced 44 newer varieties in the production to improve the product basket.

Source: http://www.businessnewsthisweek.com/2013/01/agriculture-sector-in-india-in-2012.html

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