RBI Report Says Managing Food Surplus Key Challenge for India
4 years, 3 months ago

RBI Report Says Managing Food Surplus Key Challenge for India

News 18  

India has now reached a stage in which surplus foodgrain management has become a major challenge, the Reserve Bank of India said in its annual report on Tuesday. The total production of foodgrains reached a record 296.65 million tonnes in 2019-20, while total horticulture production — accounting for about 40 per cent of gross value added in the farm sector — also reached an all-time high of 320.48 million tonnes. “India has now reached a stage in which surplus management has become a major challenge… Going forward, shifting the terms of trade in favour of agriculture is the key to sustaining this dynamic change and generating positive supply responses in agricultural production,” the RBI said. The RBI also stressed on agricultural exports that expose the Indian farmer to international terms of trade and technology; and public and private capital formation in the farm sector. Experience shows that in periods when the terms of trade remained favourable to agriculture, annual average growth in agricultural GVA exceeded 3 per cent.

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