IJSSER

Title: A CRITICAL ANALYSIS OF THE INDIAN AGRICULTURAL SECTORHOW TO RE-IGNITE THE HEARTBEAT OF THE INDIAN ECONOMY
Authors: Ishaan Roy, Vani Viswanathan, Manya Arora, Sanidhya Saraf and Shanay Ranka
\|\| \|\|
Ishaan Roy, Vani Viswanathan, Manya Arora, Sanidhya Saraf and Shanay Ranka Third year, Bachelor of Science in Economics, NMIMS, Mumbai
MLA 8 Roy, Ishaan, et al. "A CRITICAL ANALYSIS OF THE INDIAN AGRICULTURAL SECTORHOW TO RE-IGNITE THE HEARTBEAT OF THE INDIAN ECONOMY." Int. j. of Social Science and Economic Research, vol. 5, no. 12, Dec. 2020, pp. 3814-3830, doi:10.46609/IJSSER.2020.v05i12.007. Accessed Dec. 2020. APA 6 Roy, I., Viswanathan, V., Arora, M., Saraf, S., & Ranka, S. (2020, December). A CRITICAL ANALYSIS OF THE INDIAN AGRICULTURAL SECTORHOW TO RE-IGNITE THE HEARTBEAT OF THE INDIAN ECONOMY. Int. j. of Social Science and Economic Research, 5(12), 3814-3830. doi:10.46609/IJSSER.2020.v05i12.007 Chicago Roy, Ishaan, Vani Viswanathan, Manya Arora, Sanidhya Saraf, and Shanay Ranka. "A CRITICAL ANALYSIS OF THE INDIAN AGRICULTURAL SECTORHOW TO RE-IGNITE THE HEARTBEAT OF THE INDIAN ECONOMY." Int. j. of Social Science and Economic Research 5, no. 12 (December 2020), 3814-3830. Accessed December, 2020. doi:10.46609/IJSSER.2020.v05i12.007.
References [1]. 42% of India's districts use 85% of its chemical fertilisers. (2016, August 12). Retrieved from https://www.downtoearth.org.in/news/agriculture/42-of-india-s-districts-use-85-of-its- chemical-fertilisers-55267 [2]. 6 reasons why India has failed to solve the riddle of agriculture marketing. (2019, January 6). Retrieved from https://www.downtoearth.org.in/news/agriculture/6-reasons-why-india-has- failed-to-solve-the-riddle-of-agriculture-marketing-62712 [3]. Agriculture sector may be due for a policy revamp, say experts. (2019, June 28). Retrieved from https://www.thehindubusinessline.com/news/agriculture-sector-may-be-due-for-a-policy- revamp-say-experts/article28211133.ece [4]. Alexander, S. (2019, July 10). Crop insurance schemes need ?better planning. Retrieved from https://www.livemint.com/industry/agriculture/why-crop-insurance-needs-to-be-better- designed-1562741755465.html [5]. Bhide, S. (2018, March 9). The 'demand' side of agriculture. Retrieved from https://www.thehindubusinessline.com/opinion/columns/shashanka-bhide/the-demand-side- of-agriculture/article20371409.ece [6]. Decoding Slowdown: Govt apathy and low investment continue to plague the agriculture sector. (2019, September 27). Retrieved March 10, 2020, from https://www.businesstoday.in/sectors/agriculture/decoding-slowdown-agriculture-sector- govt-apathy-low-investment-plagues-farmers-income/story/381618.html [7]. Financial inclusion and BC Model in India – Progress So Far. (2018, September 26). Retrieved from https://www.sesameindia.com/blog/financial-inclusion-bc-model-india-progress-far/ [8]. India Brand Equity Foundation. (2017, July 17). Analysis About Indian Agriculture Industry, Market Size, Export & Investment Opportunity. Retrieved March 10, 2020, from https://www.ibef.org/industry/agriculture-india.aspx [9]. India's Biggest Challenge: The Future of Farming. (2019, October 1). Retrieved from https://www.theindiaforum.in/article/india-s-biggest-challenge-future-farming [10]. JAM trinity has changed the financial landscape completely: Ashishkumar Chauhan. (2018, March 17). Retrieved from https://economictimes.indiatimes.com/markets/expert-view/jam- trinity-has-changed-the-financial-landscape-completely-ashishkumar- chauhan/articleshow/63343627.cms?from=mdr [11]. Kaul, V. (2019, August 6). Interest rates are unlikely to go down. Retrieved from https://www.livemint.com/industry/banking/interest-rates-are-unlikely-to-go-down- 1565022491722.html [12]. Kulkarni, A. (2017, June 15). Modi Government's Skewed Farm Sector Priorities Continue to Cause Farmer Distress. Retrieved from https://thewire.in/agriculture/skewed-priorities-farm- sector [13]. Metcalfe, R. (2018, November 6). Using Multiple Social Nudges to Reduce Peak Energy Demand. Retrieved from https://www.behavioraleconomics.com/using-multiple-social- nudges-to-reduce-peak-energy-demand/ [14]. Mishra, A. R., & Gupta, K. (2018, February 14). Over 20% of business correspondents faced fraud in 2017: MicroSave report. Retrieved from https://www.livemint.com/Industry/4jL1r9XnS43BbwdEOZEVLO/Over-20-of-business- correspondents-faced-fraud-in-2017-Mic.html [15]. Padhee, A. (2020, February 3). Agriculture in Budget 2020: Implementation key to make a real difference. Retrieved from https://timesofindia.indiatimes.com/blogs/voices/agriculture-in- budget-2020-implementation-key-to-make-a-real-difference/ [16]. Ramanathan, A. (2020, January 31). What Budget 2020 can do for the agriculture sector.Retrieved from https://www.livemint.com/budget/expectations/what-budget-2020-can-do- for-the-agriculture-sector-11580484672637.html [17]. Sabharwal, S. (2020, January 23). Budget 2020: Want to fix the slowing economy? FM Nirmala Sitharaman should begin with agriculture. Retrieved from https://www.businesstoday.in/union-budget-2020/columns/budget-2020-fm-nirmala- sitharaman-should-begin-with-agriculture-sector-indian-economy-farmers/story/394482.html [18]. Sharma, D. (2018, May 18). What you don't know about Aadhaar. Retrieved from https://economictimes.indiatimes.com/wealth/personal-finance-news/what-you-dont-know- about-aadhaar/articleshow/64208401.cms [19]. Stratfor. (2016, July 21). India Strains to Move Away From Agriculture. Retrieved March 10, 2020, from https://worldview.stratfor.com/article/india-strains-move-away-agriculture [20]. Suneja, K. (2019, September 30). Agriculture share in India's 'Gross Value Added' fell to 17.9% in FY17 from 18.6% in FY14. Retrieved March 10, 2020, from https://economictimes.indiatimes.com/news/economy/agriculture/agriculture-share-in-indias- gross-value-added-fell-to-17-9-in-fy17-from-18-6-in-fy14/articleshow/71367513.cms
Abstract: Agriculture has been known to be the most vital sector for the survival of the Indian economy. However, such importance is rapidly disappearing, with services being the kingpin of the Indian economy. Many argue that it is due to the changing preferences and behaviour patterns of millennial consumers, coupled with reducing dependence on a significantly volatile and susceptible primary sector. Nevertheless, one aspect that gets ignored in this discussion is the role of policies in enabling the position of agriculture as it is today. The focus of this paper is more on critically evaluating the effects of policies in enhancing the agricultural sector, mostly in terms of productivity and greater incomes for workers. The analysis of such policies indicated that the paper design of such policies looked spotless. Yet, a key practical issue was noticed in many of the policies, that is the lack of adequate implementation of such policies to desired target audience. Although causality between policy inefficiency and relative lagging efforts of agriculture were not quantified here, the analysis of these policies may indicate some truth behind the causal relationship. The policies were noted to be missing enough relevance to climate change, while also not satisfactorily creating awareness for insurance crops, coupled with the cost schedules of respective technologies related to climate variability, and the lack of proper methodologies for identification and verification process- which are a major part of implementation procedure. The biggest policy gap seen was the lack of relevance given towards the consumption and demand-side incentives, and that majority of the policies focus solely on the supply of agricultural produces. Based on these policy gaps, we proposed certain policies, which are as follows: Consumer Nudging, Climate Nudging, Insurance for All, AgriBuy App.

IJSSER is Member of