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“The agricultural sector’s contribution to world GDP has elevated from 3.2% in 2006 to 4.3% in 2021 whereas the expansion fee in manufacturing and non-agricultural sectors has slowed even within the growing international locations,” Chand stated whereas talking on the inaugural session of Kautaliya Financial Conclave 2023 on Friday.
In keeping with Chand, the slowdown in progress of the non-agricultural sector and manufacturing has additionally led to not sufficient employment alternatives being created by these sectors. “The business and non-agricultural sector has failed to drag out workforce from agriculture,” stated Chand, including that the youth who wish to transfer out of the agriculture sector are caught there.
Additional, the widening hole between the incomes of agricultural and non-agricultural employees is a critical implication of the structural shift within the world economic system.
Agriculture contributes 4.3% of world GDP however gives employment to 26.4% of the world workforce. “After we have a look at growing international locations, we discover the share of agriculture within the economic system is half or one-fourth of what its share is in employment,” Chand added.
Talking on the problem of entry to meals, Chand stated that although the per capita manufacturing of meals has been rising in many of the international locations, this has stopped reducing starvation and undernutrition within the world south lately. “The issue is the entry to meals somewhat than its availability,” Chand stated. In keeping with Chand, this slowdown began in African international locations round 2012-2014 then it unfold to Latin America and South Asia.
