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Journalism of Courage
Investment in the agriculture and allied sector stood at 18.7 per cent of the country’s gross domestic production (GDP) in the first three years of the 11th Five Year Plan (2007-12).
During the 10th Plan (2002-07),the farm investment stood 12.5 per cent of the total GDP.
“It (investment) has further risen to 18.7 per cent of GDP during the first three years of the Eleventh Plan,” said the background note prepared by the Agriculture Ministry for the two-day Economic Editors’ Conference,which is to begin from tomorrow.
Due to the government efforts,investments into the sector started showing a sign of improvement from 1996 onwards after witnessing a declining trend for 14 years since 1981,it said.
Agri-investment stood at Rs 1,33,377 crore in the 2009-10 fiscal,as compared to Rs 1,28,659 crore in the previous year,it added.
So far in the 11th Plan,the agriculture sector has achieved the average GDP growth rate of 3.2 per cent. In 2010-11,the farm GDP was highest at 6.6 per cent in the last six years,the agriculture ministry said. In the first quarter of the 2011-12,agriculture GDP growth is estimated 3.9 per cent. Foreign Direct Investment (FDI) of up to 100 per cent is permitted in the agriculture sector through automatic route in areas such as floriculture,horticulture and cultivation of vegetables under controlled conditions.
FDI is allowed in seeds production,animal husbandry,pisciculture,aquaculture and other services related to agro and allied fields.
FDI up to 100 per cent is also permitted with prior approval by the Foreign Investment Promotion Board (FIPB) in the tea sector,including tea plantation.
