- INTRODUCTION
India has been rich in its diversity with the largest population around the globe and this population of India is hugely dependent on its Agro-Economy. As per the World GDP ranking 2024 India is the 4th largest economy in the world with 18.3%[1] of its economy dependent on the Agricultural sector in the year 2022-23. This dependency of Indian economy in its agricultural sector has seen a great decline in the past years, In the 1990’s Agriculture accounted nearly 35% of Indian economy but has halved in these 30 years. Despite having second largest area of arable land in the world this decline in the share of agriculture sector in the Indian economy has been caused due to several reasons, first of it being the rapid industrialization in the country and shift of youths towards services leaving the agricultural sector. The second reason is what concerns with this article i.e lack of financial resources available to farmers in order to support the growth of their cultivation.
This issue of lack of financial resources to farmers is very grave in nature as our economy heavily depends on the agricultural sector and any further decline of this sector’s share in the economy could lead to affect the overall GDP of India.
[1]Press Information Bureau ,https://www.pib.gov.in/PressReleasePage.aspx?PRID=1909213, [21/08/2024]