NEW DELHI: Agricultural growth rate will be more than 3% in 2017-18, according to Ramesh Chand, a member of the government’s premier think-tank Niti Aayog. He said agricultural growth rate in 2016-17 might be revised upwards to 5% from earlier 4.1%.
“Agriculture growth rate this year will be more than 3% looking at the performance of the kharif season. If rabi season is very favourable, it can increase but we can’t presume both season will be good,” said Chand.
The long term (50 years) growth rate in agriculture sector is 2.8%, so any growth rate over it is good, said Chand while speaking on the sidelines of an event organised by Yes Bank, Niti Aayog and Nasscom. He said with growth rate at 3%, it added 0.5% point to overall growth of the economy.
Two years of back-to-back droughts in 2014-2015 and 2015-16 had ravaged the agriculture sector and posed a big challenge to the present central government when it took over. In 2016-17, the growth has been projected at 4.1%.