Economic Survey forecasts farm growth at 5.4%

Economic Survey forecasts farm growth at 5.4%

New Delhi: The Economic Survey on Friday pegged the country’s agriculture sector growth at 5.4% in the current fiscal, as against 0.4% in the previous year.

The survey also called for a “Second Green Revolution with technological breakthrough in the agriculture sector" to boost farm output and ensure the food security of the country.

“Agriculture likely to grow at 5.4% in 2010-11," said the Survey, which was tabled in Parliament on Friday.

The growth of the agriculture and allied sector is expected to be higher this year on the back of a revival in foodgrains production in the 2010-11 crop year (July-June) following a good monsoon.

Foodgrains production is estimated to rise to 232.07 million tonnes in 2010-11 crop year from 218.11 million tonnes last year. The country is all set to harvest a record wheat, pulses and cotton crop this year.

In the 2009-10 crop year, farm sector gew at only 0.4% due to severe drought in 2009, which hit almost half the country, reducing foodgrain production by 16 million tonnes.