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What Modi's Plan to Double Farmers' Income by 2022 Mean for India?
Thu, 22 Jun Pre-Open

There's a lot happening in the farm sector these days. The El Nino phenomenon has been ruled out by good monsoon season. Heavy showers in the key agricultural regions of Punjab, Haryana, and Uttar Pradesh have created the apt condition for crop planting. And last but not the least, farm loan waivers from certain states have led to a sigh of relief for farmers.

But that's not all.

As per an article in the Economic Times, the government has set the target of doubling the farmers' income by 2022. This, the government plans to achieve through a seven-point strategy.

This seven point-strategy, unveiled by the Prime Minister last year, include measures to step up irrigation, provide better quality seeds and prevent post-harvest losses, among others.

The strategy has a big focus on irrigation, with the aim of 'per drop, more crop'. It also has provisions for the use of quality seeds and nutrients, large investments in warehousing and cold chains to prevent post-harvest crop losses and promotion of value addition through food processing. There's also a focus on creating a national farm market, introduction of a new crop insurance scheme to mitigate risks at affordable cost and promotion of ancillary activities like poultry, beekeeping and fisheries.

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How much of the above plan is achievable remains a question. The government is referring to the rise in real income and not the nominal income. While nominal income has grown well during the past decade, growth in real income has remained tepid.

For the growth the government is aiming for, there should be a 14% rise in real income of farmers every year. Madhya Pradesh and Punjab were the only states that achieved this growth during the past five years. So there remain challenges before the government to deliver on its promise.

However, if achieved, this can bode well for the Indian economy.

It will not only benefit the rural India but also many other businesses. It could have a downstream impact on the businesses related to the agricultural space. More so, it can mean a transition to a modern and more prosperous society.

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