A report from the Finance Ministry shows that the bad phase is over. The farmers and agriculture sector will bring the Indian economy back on track.
- Economy collapses due to corona virus epidemic
- The government announced a package of 20 lakh crore rupees
- Finance Ministry report says bad times have passed, now agriculture sector will help in reviving the economy
New Delhi: Our country India is also caught in the grip of the corona virus epidemic that started from China. Because of this, the economy has completely collapsed. To bring it back on track, the government had announced a package of 20 lakh crore rupees, but there is no better performance yet. However, in a report released on Tuesday by the Finance Ministry, it has been concluded that the agriculture sector can play an important role in reviving the economy. It is expected that the hard work of the farmers will bring color. The report said that there is a possibility of better monsoon. The July Economic Report released by the Department of Economic Affairs states that India is now on the path of revival after the April crisis. It has support from the government and central bank policies.
Bad economy time passed?
The report says that India is in the unlock phase. This shows that a bad time has passed for the economy. However, there are threats from the increasing cases of corona virus and the alternating lockdowns in different states. The report says that the increase in cases of corona virus and the lockdown imposed by the states for a few days due to this, are weakening the chances of improvement. In such a situation it needs to be constantly monitored.
Agriculture sector plays an important role in bringing economy back on track
The report expresses confidence in the agriculture sector. The report said that the agriculture sector will play an important role in helping the Indian economy recover from the shaking of the Corona virus in 2020-21. The report said that the agriculture sector was exempted quickly and at the right time from the applicable lockdown caused by the corona virus, which led to timely harvesting of rabi crops. Also, sowing of kharif crops could also be done.
Agriculture sector deregulated
Referring to the recent agricultural sector reforms in the report, it has been said that this has freed the agriculture sector control. At the same time, these have empowered the farmers and they have become a bigger and more stable partner of India’s development story.
Farmers get Rs 75,000 crore from record procurement of wheat
The report says that the record procurement of wheat has left 75,000 crore rupees in the hands of farmers, which will help to increase private consumption in rural areas. The report said that since September, 2019, the business has moved towards the agriculture sector, which has helped to increase rural demand. This has led to the main inflation rate in rural areas from March to June 2020.
The report noted that the decline in industrial production (IIP) activities and production of 08 basic industries has come down in May compared to April. Similarly, India’s manufacturing PIM reached 47.2 in June. In May it was at 30.8. The service PIM rose from 12.6 in May to 33.7 in June.