Agriculture- the only sector with economic growth in this pandemic
GDP of India has decreased by a whopping 23.9 per cent according to the National Statistical Office’s just-released estimates for the first quarter. It was expected due to the novel coronavirus disease (COVID-19) pandemic which lead to lockdown and disruption of economic activities. The Indian Agriculture sector proved as the only silver lining in the economy growing at 3.4%. In other words, the sector has added Rs 14,815 crore in the first three months of the fiscal in absolute monetary terms.
According to data provided by the agriculture ministry the acreage of land under crops for kharif season has already reached a record high. The latest GDP figure for agriculture is encouraging given the disruption in the supply chains and what has emerged since last year is that agriculture is slowly gaining its relevance to the national economy.