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20/07/2019 - Indian Economy

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July 20, 2019

Explain the reforms that are needed in primary sector to attain the goal of $5 trillion-economy by 2024. (200 Words)

Refer - The Hindu

Enrich the answer from other sources, if the question demands.

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IAS Parliament 5 years

KEY POINTS

Reforms needed

·        Investment is the key to unlocking the potential of a developing economy. However, the myopic policy regime in the past several decades has resulted in sluggish investment growth in the farm sector.

·        Therefore, strengthening the sector with an enabling investment package (both public and private) is critical.

·        Investment should touch segments such as agro-processing, and exports, agri-startups and agri-tourism, where the potential for job creation and capacity utilisation is far less.

·        Integrating the existing tourism circuit with a relatively new area of agri-tourism ,where glimpses of farm staff and farm operations are displayed to attract tourists, would help in boosting the investment cycle and generate in-situ employment.

·        Investment needs to be driven to strengthen both public and private extension advisory systems and the quality of agri-education and research through collaboration and convergence. It would also serve as a stage to demonstrate resource conservation and sustainable use through organic, natural and green methods, and also zero budget natural farming.

·        India has the highest livestock population in the world, investment should be made to utilise this surplus by employing next-generation livestock technology with a strong emphasis not only on productivity enhancement but also on conservation of indigenous germplasm, disease surveillance, quality control, waste utilisation and value addition. This would lead to a sustained increase in farm income and savings with an export-oriented growth model.

·        Renewable energy generation (using small wind mill and solar pumps) on fallow farmland and in hilly terrain would help reduce the burden of debt-ridden electricity distribution companies and State governments, besides enabling energy security in rural areas.

·        Farm business organisation is another source of routing private investment to agriculture. Linking these organisations with commodity exchanges would provide agriculture commodities more space on international trading platforms and reduce the burden of markets in a glut season, with certain policy/procedural modifications.

·        Finally, data is the key driver of modern agriculture which in turn can power artificial intelligence-led agriculture, e-markets, soil mapping and others. Currently, there are issues of enumeration, maintenance and accessibility to help maintain agri-data on various fronts.

 

ajay 5 years

Hi team , 

Please review

IAS Parliament 5 years

Try to include about subsidies. Keep writing.

Vandana 5 years

Kindly review

IAS Parliament 5 years

Good answer. Keep writing.

Gayathri K 5 years

Please Review

IAS Parliament 5 years

Good answer. Keep writing.

Harisindhan 5 years

Kindly review

IAS Parliament 5 years

Good answer. Try to give about information on the points listed out. Keep writing.

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