Question
As per the Economic Survey, what is the average annual
growth rate of the Indian agriculture sector over the last five years at constant prices, and how does the growth rate for 2023-24 compare?Solution
According to the Economic Survey, the Indian agriculture sector has seen a buoyant performance over the last five years, with an average annual growth rate of 4.18% at constant prices. However, as per the provisional estimates for 2023-24, the growth rate of the agriculture sector stood at 1.4%. The sector plays a vital role in providing livelihood support to approximately 42.3% of the population and contributing 18.2% to the country’s GDP at current prices. Despite a decline in growth for 2023-24, the sector remains critical to India’s economy.
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