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Better prospects of consumption in Indian rural economy: Pankaj Chaudhary

27 Jul 2021 Evaluate

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.