Union Minister of State for Finance Pankaj Chaudhary has said that as per the Provisional Estimates of Gross Domestic Product (GDP) for the year 2020-21 released by the National Statistical Office, the Gross Value Added (GVA) of agriculture has shown a growth of 3.6 per cent, signalling better prospects of consumption in rural India.
The Minister also stated that total foodgrain production is estimated to rise 2.7 per cent to a new record of 305.44 million tonne in the current crop year 2020-21, on record output of rice, wheat, maize and gram.
Further, domestic tractor sales, an indicator of rural demand, recorded a growth of 27 per cent in FY 2020-21 over previous year. Besides, the Minister stated that the forecast of a normal south-west monsoon in 2021-22 and recent trends in kharif sowing are further expected to boost rural incomes.