In line with CMIE’s Client Pyramids Family Survey, agriculture noticed an estimated 4.5 million enhance in employment throughout fiscal 2021-22. Whereas whole employment fell by 21.7 million within the pandemic yr of 2020-21, agriculture supplied employment to a considerable 3.4 million. In 2019-20 as properly agriculture noticed an addition of three.1 million to its rely of employed.
This has been potential due to good monsoon, bumper manufacturing and better costs, the CMIE mentioned. “Agricultural costs have remained elevated as properly. Farmers have due to this fact seen the advantages of rising costs for his or her bumper crops and have additionally benefited from beneficial phrases of commerce,” CMIE mentioned, including that this prompted migration of labour to agriculture.
In 2019-20, agriculture grew by 5.5% whereas the non-agricultural sectors grew by a decrease 3.5%. In 2020-21, agriculture grew by 3.3% whereas the remainder of the economic system shrunk by 6.3%. In 2021-22, whereas the remainder of the economic system recovered from its deep fall, agriculture continued to develop by 3.3%.
This has led to important enchancment within the index of shopper sentiments for farmers in comparison with different occupation teams, CMIE mentioned. In March 2022, the index of shopper sentiments for farmers was 18.1% larger than it was a yr in the past. This was even higher than the 15.4% enhance within the general index.
Going ahead, it’s anticipated that India will report the fifth consecutive yr of bumper wheat crop supported by elevated procurement by the federal government and the rise in minimal assist worth.
“The Russia-Ukraine conflict has raised world costs to a degree the place they stand at twice their year-ago stage. Because the conflict threatens to be extended the worth is predicted to stay elevated, farmer sentiments have a number of good causes to proceed to stay upbeat,” CMIE added.