Indian farmers have accumulated huge debts due to crop damages and less remunerative price for produce
When the National Statistical Office released the advance estimate of gross domestic product (GDP) growth for the 2019-20 fiscal year, the optimism for farmers — with an above-normal monsoon — fizzled out. India’s GDP growth for the current financial year was pegged at 5 per cent, the lowest in 11 years.
In 2018-19, the GDP grew at 6.8 per cent.
Every sector of the economy has slowed down; but what worries the most is the continuous decline in the agriculture sector, which employs around 42 per cent of Indians.
This will be the second consecutive year the farm sector has not registered significant growth. In 2019-20, it was expected to grow at 2.8 per cent; in the last financial year, it was 2.9 per cent. It is stagnating, one can argue.
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