INDIAN AGRICULTURE INDUSTRY AT A GLANCE IN 2022 - 2023
India is basically an agricultural country with about 55 % of its population thriving on agriculture for its livelihood. India is the largest producer rice, wheat, cotton and lots of pulses and spices in the world. India boasts of the second largest agricultural land in the world.
The total foodgrain production in the country for the Kharif season in 2022-2023 is estimated at 153.43 million tonnes. Agriculture and allied sectors account for 18.3% of India's GDP (2022-23). For 2022-2023, FDI in agriculture services stood at US$ 4.43 billion.
Government InitiativesGovernment has set up a special fund called the Food Processing Fund (FPF) of approximately US$ 265 million in the National Bank for Agriculture and Rural Development (NABARD) for extending affordable credit to Food processing Industries.
In the Union Budget 2022-23, Rs. 1.24 lakh crore (US$ 15.9 billion) has been allocated to the Department of Agriculture. Rs. 8,514 crore (US$ 1.1 billion) has been allocated to the Department of Agricultural Research and Education.
Industry ForecastThe Indian Agriculture industry is forecast for maximum growth in the coming years thanks to major investments in agriculture infrastructure in recent times. The Indian agricultural sector is predicted to increase to US$ 24 billion by 2025.
