Agriculture sector and farmers both are important to Indian economy

Dr. Agarwal, D.R.

Lateral India is bestowed with abundance of nature in terms of rainfall, rivers, a variety of climate zones and soil needed to grow a wide range of crops etc. Indian economy is still primarily an agriculture oriented economy. Nature plays a significant role in the addition of value in this sector that is why it has been a way of life of the Indian people Mostly farmers is our country are either small farmers or marginal farmers. There has always been a gap between the expenditure of the farmers and income to be received in future. Expenditure is regular and certain, but income to be received is uncertain (dependent on a number of factors including natural factors) Loans from an unorganized sector has become a practice of farmers. The opportunity cost of a crop failure has been watched bya non-stopping situation of farmers’ suicide and on an average one farmer saying ‘Good Bye’ to agriculture by selling his agriculture land due to drastic fall in the income of Indian farmers as per estimate given by 59th round of NSS. Outstanding farm loans have increased and the result of the Socio-Economic Caste Census released in the month of July 2015 tells us that in 3 out of 4 rural household no one earns more than Rs. 5,000/- in a month and more than 9 out of 10 have no earning over Rs. 10,000/- a month. Survey also tells that 56 % of the rural household owns no land, meaning most of them have been pushed into the ranks of agriculture labour. On the other hand huge bad debt provisioning due to rising NPA and that too on account of willful defaulters has created a big question mark on the functioning of public sector banks (the main objective of nationalization of commercial banks was to establish a socialistic pattern of society with equity and social and economic justice) The Outcome has been a paradoxical situation: poverty amidst plenty.

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