GDP growth not justifiable unless benefits reach farmers, says FM Arun Jaitley

The government's priority is to ensure the gains reach the farmers and the growth is visible even in the farm sector, he said at an event. 

Published: 14th January 2018 12:55 PM  |   Last Updated: 14th January 2018 02:17 PM   |  A+A-

Union Finance Minister Arun Jaitley (File | PTI)

By PTI

NEW DELHI: Ahead of the Budget, Finance Minister Arun Jaitley today said the agriculture sector is the top priority for the government because the country's economic growth is not "justifiable and equitable" unless the benefits are "clear and evident" in the farm sector.

Therefore, the government's priority is to ensure the gains reach the farmers and the growth is visible even in the farm sector, he said at an event here.

As per latest Central Statistics Office (CSO) data, the country's economic growth is expected to slow to a four-year low of 6.5 per cent in the 2017-18 fiscal, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors.

The CSO has pegged farm and allied sector growth to slow to 2.1 per cent in the current fiscal from 4.9 per cent in the preceding year.

"India is one of the fastest growing economies in the world and the growth is benefiting people in different sectors.

"But maximum population is dependent on agri-sector and unless the gains are clear and evident, the (economic) growth is not justifiable and equitable," Jaitley said after launching options trading in guarseed on NCDEX.

Among the priority areas, agriculture sector is on the top, he said. "Ensuring the benefits reach the agri-sector and growth is visible -- this is among the priority areas for us." Jaitley further said: "We see in some places the problem of falling prices because of higher production. Farmers are not getting the price for their produce." He said many steps have been taken in the last few years to take farmers out of this situation. "There has been some impact," he said.

Lauding the contribution of farmers, he said they have left no stone unturned to serve the nation.

They have worked hard to turn a food shortage country to a surplus now. However, due to higher production, they are now faced with falling prices, he added.

The minister also mentioned that the launch of options trading is one of the major steps taken to help farmers.

In the beginning, options trading may look like a small step but when its awareness increases in the coming days, it is will benefit farmers, he added.  

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.