Average income of farmers increased by 30 percent in four years, income of soybean and cotton farmers doubled
Farmers The income of the state has grown by an average of 1.3 to 1.7 times in FY 2021-22 from the level of FY 2017-18. That is, the income of farmers has increased by 30 percent in the last four years. At the same time, the export of food grains increased to more than US $ 50 billion during this period. This information was obtained from a research report of State Bank of India (SBI). Farmers’ income for certain crops in some states (such as soybean in Maharashtra and cotton in Karnataka) more than doubled from FY 2017-18 levels in FY 2021-22, while in all other cases it was 1.3-1.7 times increased within the limit.
Cash crop farmers’ income increased rapidly
SBI Chief Economist Soumya Kanti Ghosh said in a detailed report on Sunday that farmers engaged in cash crops grew more in income than those growing non-cash crops. With this the share of agriculture in GDP has increased from 14.2 per cent to 18.8 per cent, the report said. This increase was also due to the shrinking of the contribution of industrial and services to the economy due to the deadly second wave of the pandemic. But spices like black pepper, cardamom, clove and cinnamon as well as natural rubber have seen a sharp decline in prices. The report, based on major agricultural states such as Maharashtra, Rajasthan, MP, UP, Karnataka and Gujarat, said that there has been a significant increase of 1.4 to 1.8 times in allied/non-farm incomes across most of the states.
53% hike in MSP
The report also urged the government to launch an all-encompassing credit guarantee fund for livelihood credit cards and agricultural credit promotion of Rs five lakh crore targeting at least 10 lakh farmers every year. The report said that in the fiscal year 2021-22, agricultural exports exceeded $ 50 billion. The MSP has increased by 1.5 to 2.3 times since 2014. That is, there has been an increase of 53 percent, which is playing an important role in ensuring better prices for the farmers.
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