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Published 19:57 IST, January 31st 2025

Economic Survey: India Sees Surge In Khraif Foodgrain Production at 1647.05 LMT

Assured remunerative prices, improved access to institutional credit, crop diversification, support for sustainable practices, and enhancement in productivity.

Reported by: Business Desk
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Food grains
Food grains | Image: Shutterstock

The Economic Survey 2024-25 reveals that India has achieved a significant increase in foodgrain production over the past year. With favorable monsoons, improved farming practices, and government-led initiatives, the country’s agricultural sector has seen a marked rise in output, bolstering national food security and enhancing economic stability.

Assured remunerative prices, improved access to institutional credit, crop diversification, support for sustainable practices, and enhancement in productivity have played a crucial role in the sustained growth observed, as per thesurvey
"Riding on good monsoon, Kharif foodgrain production in 2024 is projected at 1647.05 Lakh Metric Tonnes (LMT), suggesting an increase of 89.37 LMT compared to the previous year and 124.59 LMT above the average kharif foodgrain output  bodes well for food security," the survey noted. 

The Survey also revealed that agricultural income has increased at 5.23 percent annually over the past decade, compared to 6.24 percent for non-agricultural income and 5.80 per cent for the overall economy.

The Survey attributes much of this growth to favorable climatic conditions, including a timely and well-distributed monsoon. The monsoon in 2024 brought much-needed rain to key agricultural regions, helping boost crop yields and reduce the risks of drought-related losses.

Furthermore, Initiatives like the Pradhan Mantri Fasal Bima Yojana (PMFBY), the Minimum Support Price (MSP) for crops, and the PM-KISAN scheme have continued to play an essential role in enhancing farm incomes. The Economic Survey credits these policies for providing financial stability and incentivizing farmers to increase production.

"India's agriculture is characterised by diversity, with performance varying significantly across different segments and states. As a major global cereal producer, India accounts for 11.6 per cent of the world's total output," noted the Survey. 
However, the survey pointed out that crop yields in the country are considerably lower compared to those of other leading producers, underscoring the need for productivity improvements. 

The crop sector has experienced a modest compound annual growth rate (CAGR) of 2.1 percent, from FY13 to FY22. This increase is also largely driven by notable increases in the production of fruits, vegetables, and pulses, according to the Survey. 

Updated 19:58 IST, January 31st 2025