Agriculture Must Double to $1 Trillion for India’s $10-Trillion Economy by 2047: Experts
Experts emphasize that for India to achieve its $10 trillion economy goal by 2047, the agricultural sector's economic contribution needs to be expanded to $1 trillion. This requires innovative policy reforms, increased private investments, and a science-based approach backed by streamlined regulations. Enhancing productivity, adopting modern practices, and incentivizing investment are critical to making agriculture a key driver of economic growth.
India aims to become a $10 trillion economy by 2047, with a crucial role assigned to its agricultural sector, which must grow its economic output to $1 trillion. Experts highlight that achieving this milestone depends on implementing innovative policy reforms and encouraging substantial private investment in agriculture. A science-based policy framework with streamlined regulations is vital to foster growth and improve productivity. Structural reforms and government investments have already contributed to a 5% annual growth rate in agriculture. Further growth could be realized by adopting better inputs like high-yielding seeds, bio-pesticides, precision farming, and enhanced downstream processing for value addition. Increasing agricultural exports and expanding tech adoption are also important. Currently, agriculture contributes around 17-18% to India’s GDP, employing nearly half of its workforce. To meet future targets, agriculture must reduce input costs and increase yields through mechanization and research. This sectoral growth is also viewed as essential to raising farmers’ incomes and curbing rural-to-urban migration, thereby supporting broader economic development and self-reliance goals.
