India’s agriculture sector expected to bounce back in current fiscal – CSO

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India’s beleaguered farm sector battered by two successive droughts is expected to bounce back to positive growth in the current fiscal after a surprise contraction last year, advance economic growth estimates by the Central Statistics Office (CSO) showed.

The CSO said the agriculture, forestry and fishing sector is likely to show a growth of 1.1 per cent in 2015-16 against the previous -0.2 percent contraction in the previous year.

Food grain production in 2015-16 was expected to decline by only 0.5 percent against a larger 4.9 percent fall in the previous year, the CSO said, quoting information provided by the Department of Agriculture and Cooperation (DAC) for compiling the GDP estimate

Production of oilseeds is also expected to fall too, but by a smaller 4.1 percent as compared to a decline of 16 percent in the previous agriculture year. “However, among the horticultural crops, production of fruits and vegetables is expected to increase by 0.6 percent during the year 2015-16 as compared to 1.7 per cent in the previous agriculture year,” the CSO said in its latest report.

The report said that the mining and quarrying sector was expected to grow by only 6.9 per cent against a growth of 10.8 per cent in 2014-15. The key indicators of mining sector, namely, production of coal, crude oil and natural gas registered growth rates of 4.6 percent, -0.8 per cent, -2.8 percent during April-December, 2015-16 as compared to 9.5 percent, -0.8 percent and -4.8 percent during April-December, 2014-15.

 

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