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HomePosts Tagged "Economic Survey 2024-25"
Acquaculture, Agribusiness, AgroPolicy, India, Live Stock, Trade

Country’s seafood exports have risen from Rs 46,662.85 crore in FY-20 to Rs 60523.89 crore in 2023-24, reflecting a growth of 29.70 per cent.

The Economic Survey highlights that in the fiscal year FY24, the value of agri-food exports, which includes processed food exports, reached USD 46.44 billion, constituting roughly 11.7 per cent of India’s total exports. Notably, the share of processed food exports within agri-food exports has risen from 14.9 per cent in FY18 to 23.4 per cent in FY24.

The Economic Survey conveys that the government has implemented several initiatives to enhance the fisheries sector’s production which include Pradhan Mantri Matsya Sampada Yojana (PMMSY) to boost aquaculture productivity and improve fisheries management, Fisheries and Aquaculture Infrastructure Development Fund (FIDF) to provide financial support for developing infrastructure in both marine and inland fisheries. Other initiatives include the establishment of fishing harbours and fish landing centres, the adoption of innovative production technologies such as cages, Recirculating Aquaculture Systems (RAS), bio flocs, pens, and raceways. Due to these initiatives, total fish production (both inland and marine) has surged to 184.02 lakh tonnes in FY 23, up from 95.79 lakh tonnes in FY14. Furthermore, India’s seafood exports have risen from Rs 46,662.85 crore in FY-20 to Rs 60523.89 crore in 2023-24, reflecting a growth of 29.70 per cent. Under the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), the National Fisheries Digital Platform (NFDP) successfully mobilized and registered 16.35 lakh fish producers, workers, vendors, and processors within a short timeframe of just four months.

Country’s seafood exports have risen from Rs

Agribusiness, AgroPolicy

The livestock sector alone represented 5.5 per cent of the total GVA, reflecting its dynamic growth trajectory, with a robust Compound Annual Growth Rate (CAGR) of 12.99 per cent.

Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs tabled Economic Survey 2024-25, in the Parliament today. The Economic Survey states that Allied Sectors have become key drivers of agriculture growth. The livestock sector alone represented 5.5 per cent of the total GVA, reflecting its dynamic growth trajectory, with a robust Compound Annual Growth Rate (CAGR) of 12.99 per cent. The economic significance of this sector is clearly illustrated by its escalating output value, which reached an astounding 17.25 lakh crore rupees (equivalent to US$205.81 billion) in FY23. Among the various branches of livestock production, the milk industry stands out, generating over Rs11.16 lakh crore (US$133.16 billion) in revenue. Government has supported the sector through interventions which include the Rashtriya Gokul Mission for the development and conservation of indigenous bovine breeds, the Livestock Health and Disease Control Program to enhance the well-being of livestock, Multipurpose AI Technicians in Rural India (MAITRIs) to deliver breeding inputs to farmers’ doorstep. In the last 4 years, 38736 MAITRIs have been inducted under Rashtriya Gokul Mission.

The livestock sector alone represented 5.5 per

AgroPolicy, India

In recent years, the agriculture sector in India has shown robust growth, averaging 5 per cent annually from FY17 to FY23, demonstrating resilience despite challenges.

India’s agricultural sector has demonstrated remarkable resilience in recent years, marked by consistent growth rates, which can be largely attributed to various government initiatives to enhance productivity, promote crop diversification, and increase farmers’ income, states the Economic Survey 2024-25, tabled by Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman in the Parliament.

The Economic Survey highlights that the ‘Agriculture and Allied Activities’ sector has long been the backbone of the Indian economy, playing a vital role in national income and employment. In recent years, the agriculture sector in India has shown robust growth, averaging 5 per cent annually from FY17 to FY23, demonstrating resilience despite challenges. In the second quarter of the 2024-25 fiscal year, the agriculture sector recorded a growth rate of 3.5 per cent. The Gross Value Added (GVA) of agriculture and related sectors, have improved from 24.38 per cent in the fiscal year FY15 to an impressive 30.23 per cent by FY23. Consistent and stable growth of agriculture at around 5 per cent, with a 20 per cent share of overall GVA in the economy, will contribute 1 per cent growth to GVA.

In recent years, the agriculture sector in