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Indian Express
14 hours ago
- Business
- Indian Express
Meat sector boom: Share in farm output rises 2.5 pc points to 7.5% in a decade
India's meat sector boomed in the last decade, with its share in the value of agriculture sector output increasing to 7.5 per cent in 2023-24 from 5 per cent in 2011-12 when measured in constant prices, according to data from the statistics ministry released on Friday. In current prices – or prices not adjusted for inflation – the increase in share of meat's Gross Value of Output (GVO) was similar: from 5 per cent in 2011-12 to 7.7 per cent in 2023-24. 'Livestock sector has witnessed a significant boom during the last decade,' the Ministry of Statistics and Programme Implementation (MoSPI) said in its 'Value of Output from Agriculture and Allied Sectors' report. The GVO of the sector rose to Rs 9.19 lakh crore in 2023-24 from Rs 4.88 lakh crore in 2011-12 in constant prices, with its share in the GVO of agriculture and allied activities rising to 31.2 per cent from 25.6 per cent over the same period. The overall GVO of agriculture and allied activities – which include crops, livestock, forestry and logging, and fishing and aquaculture – was Rs 29.49 lakh crore in 2023-24, up from Rs 19.08 lakh crore in 2011-12. According to MoSPI's national accounts data, 'agriculture, livestock, forestry and fishing' accounted for 14.7 per cent of the total gross value added in the country in 2023-24. This edged down slightly to 14.4 per cent in 2024-25. Meat on the rise While milk retained its position as the top contributor to the livestock category, its share has declined over the years to 65.9 per cent from 67.2 per cent. At the same time, the share of meat has increased to 24.1 per cent from 19.7 per cent. 'In livestock, the application of biotechnology and improved breeding techniques has led to increased productivity and a higher output of milk, meat, and other animal products. Additionally, this sector has seen growing investments in infrastructure, such as cold chains and veterinary services, which have improved animal health and product quality,' the MoSPI report said. The rising share of meat in the GVO of livestock as well as agriculture and allied activities comes at a time when India's exports of meat have been rising. In 2023-24, India's meat exports amounted to $3.83 billion, up 17 per cent from the previous year. Export of buffalo meat, which accounts for 98 per cent of India's outbound meat shipments, rose by 17.1 per cent in 2023-24 to $3.74 billion, with Uttar Pradesh having a share of nearly 60 per cent. 'As per the Foreign Trade Policy, export of beef which includes meat and edible offal of cows, oxen and calves is prohibited. The department is not in receipt of any State legislation impacting meat exports,' Commerce and Industry Minister Piyush Goyal had said in response to a question in the Rajya Sabha in December 2024. Declining crop share With the share of livestock and other segments rising over the years, the contribution of crops to the GVO of agriculture and allied activities has declined, although it remains 'the backbone of Indian agriculture' with its share in 2023-24 at 54.1 per cent, down from 62.4 per cent in 2011-12. 'The data highlights a gradual diversification within the agricultural economy, reflecting changing demand patterns, policy support, and technological improvements,' the statistics ministry said in its report. Cereals and fruits and vegetables made up more than half of crop GVO, with the statistics ministry noting that the share of 'spices and condiments' had increased from 3.9 per cent in 2011-12 to 5.9 per cent in 2023-24, 'suggesting rising domestic and export demand for spices, possibly aided by improved processing and branding'. Within fruits, the GVO of bananas was the largest for the second year in a row after it ended the dominance of mangoes in 2022-23. However, mangoes clawed back some ground in 2023-24, with their GVO rising 6.7 per cent to Rs 46,050 crore, while that of bananas was up a smaller 4.4 per cent at Rs 46,996 crore. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More
Indian Express
19 hours ago
- Politics
- Indian Express
Unemployment rate in Tripura lower than national average: Chief Minister Manik Saha
Tripura Chief Minister Manik Saha Friday said the state's unemployment rate was now lower than the national average. In an event held in Agartala to distribute appointment letters to 222 candidates who secured jobs in the school education and health and family welfare departments, CM Saha said, 'A survey by the Ministry of Statistics and Programme Implementation has revealed that unemployment percentage in Tripura came down to 1.7 per cent, as opposed to the 3.2 per cent national average. It is clear that Tripura has more employability.' The chief minister further said that 19,484 aspirants have secured government jobs since the BJP came to power in the state in 2018. 'Tripura has been trying to improve in skill development… as per the directions of Prime Minister Narendra Modi,' CM Saha said, adding that the overall efficiency level among government employees across India is now 53 per cent as opposed to 33.95 per cent till some years ago. Stating that Tripura has laid foundation stones of projects worth over Rs 638.65 crore in the last six months, the chief minister said his government was focusing heavily on education, health, communication, and tribal development, among other sectors.
The Hindu
21 hours ago
- Business
- The Hindu
225% increase in Gross Value Added (GVA) in agriculture in 12 years: Centre
The Gross Value Added (GVA) of agriculture and allied sectors at current prices registered a growth of about 225%, increasing from ₹1,502 thousand crore in 2011-12 to ₹4,878 thousand crore in 2023-24, according to the 'Statistical Report on Value of Output from Agriculture and Allied Sectors (2011-12 to 2023-24)', released by the Ministry of Statistics and Programme Implementation here on Friday. The report, consisting of detailed tables on values of output of crop, livestock, forestry & logging and fishing & aquaculture sectors of agriculture and allied activities from 2011-12 to 2023-24 at both current and constant (2011-12) prices, also added that the Gross Value of Output (GVO) from the agriculture and allied sector at constant prices has shown steady growth from ₹1,908 thousand crore in 2011–12 to ₹2,949 thousand crore in 2023–24, an overall increase of about 54.6%. The share of crop sector with GVO at ₹ 1,595 thousand crore remained the largest contributor to total GVO (at constant prices) of agriculture and allied sectors with share of 54.1% in 2023-24. 'Cereals and fruits and vegetables together accounted for 52.5% of total crop GVO in 2023-24,' the Ministry said in a release. Among the cereals, only paddy and wheat constitute approximately 85% of GVO (at constant prices) of all cereals in 2023-24. Uttar Pradesh, Madhya Pradesh, Punjab, Telangana and Haryana contributed nearly 53% of GVO (at constant prices) of cereals in 2023-24. With reduced share (18.6% in 2011-12 to 17.2% in 2023-24) Uttar Pradesh maintained the top most position. Among he fruits, the constant prices GVO of Banana (₹ 47 thousand crore) has surpassed that of Mango (₹ 46.1 thousand crore). 'Mango was the top-most contributor in GVO (at constant prices) in fruit group consistently from 2011-12 to 2021-22,' the release added. Among the vegetables, potato remained as the top-most contributor in GVO (at constant prices) during 2011-12 to 2023-24. 'GVO of potato has increased to ₹ 37.2 thousand crore in 2023-24 from ₹ 21.3 thousand crore in 2011-12,' the Ministry said. Floriculture experienced significant growth in GVO. It nearly doubled from ₹17.4 thousand crore in 2011–12 to ₹28.1 thousand crore in 2023–24. 'Share of Madhya Pradesh (19.2%) in GVO of 'condiments & spices' in 2023-24 made a dramatic leap becoming the top contributor in this group, while Karnataka and Gujarat followed with 16.6% and 15.5%, respectively,' the release added. The GVO of livestock products has increased from ₹488 thousand crore in 2011-12 to ₹919 thousand crore in 2023-24, making it one of the fastest-growing components of agriculture & allied activities. 'Milk remained dominant in this sector in 2023-24, however share has decreased from 67.2% to 65.9% during 2011-12 to 2023-24. Share of meat group in total GVO of livestock sector increased from 19.7% to 24.1% during 2011-12 to 2023-24 (at constant prices),' the release said. Share of value of industrial wood surged from 49.9% in 2011-12 to 70.2% in 2023-24. The contribution of 'Fishing and aquaculture' sub-sector to agricultural GVA rose from 4.2% in 2011-12 to 7.0% in 2023-24. 'Share of inland fish has decreased from 57.7% to 50.2% during 2011-12 to 2023-24 whereas, share of marine fish has increased from 42.3% to 49.8% during 2011-12 to 2023-24,' the government said.
Business Standard
a day ago
- Business
- Business Standard
MoSPI releases statistical report on value of output from agriculture and allied sectors
National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) released the annual publication of Statistical Report on Value of Output from Agriculture and Allied Sectors (2011-12 to 2023-24) today. This publication is a comprehensive document which provides detailed tables on values of output of Crop, Livestock, Forestry & logging and Fishing & aquaculture sectors of Agriculture & allied activities from 2011-12 to 2023-24 at both current and constant (2011-12) prices. This detailed publication comes after the major aggregates at all India level have been released in the form of National Accounts Statistics on 28th February 2025. Gross Value Added (GVA) of agriculture and allied sectors at current prices registered a growth of about 225%, increasing from ₹1,502 thousand crore in 2011-12 to ₹4,878 thousand crore in 2023-24. Gross Value of Output (GVO) from the agriculture and allied sector at constant prices has shown steady growth from ₹1,908 thousand crore in 201112 to ₹2,949 thousand crore in 202324, marking an overall increase of approximately 54.6%. Crop sector with GVO at 1,595 thousand crore remains the largest contributor to total GVO (at constant prices) of agriculture and allied sectors with share of 54.1% in 2023-24. Cereals and fruits & vegetables together accounted for 52.5% of total crop GVO in 2023-24. Among the cereals, only paddy and wheat constitute approximately 85% of GVO (at constant prices) of all cereals in 2023-24. Five States namely Uttar Pradesh, Madhya Pradesh, Punjab, Telangana and Haryana contributed nearly 53% of GVO (at constant prices) of cereals in 2023-24. With reduced share (18.6% in 2011-12 to 17.2% in 2023-24) Uttar Pradesh maintained the top most position.
Scroll.in
a day ago
- Business
- Scroll.in
How Indians save and borrow
In a decade to 2023-'24, the structure of the financial savings of Indian households has changed. Deposits still hold the lion's share, but instruments such as stocks, small savings and government bonds and provident and pension funds have seen a rise in popularity. Similarly, while banks continue to be the biggest lenders to Indian families, loans from non-banking financial companies saw an increase. Overall, as of March 2024, Indian households had financial assets worth about Rs 320 trillion ($3.7 trillion) and liabilities of Rs 121 trillion ($1.4 trillion). In 2022, IndiaSpend reported on how India's poorest households were increasingly relying on debt to meet everyday expenses, especially during and after the Covid-19 pandemic. The report noted a shift in borrowing patterns: urban poor turning to institutional credit, while rural poor continued to rely on moneylenders. In six charts, we examine how Indian households are saving and borrowing, using data from the Ministry of Statistics and Programme Implementation and the Reserve Bank of India. In 2022-'23, the latest year for which data has been published by the ministry, Indian households added financial assets worth Rs 29.7 trillion ($340 billion) and liabilities worth Rs 15.6 trillion ($180 billion). With an estimated 294 million households, this means, on average, a family added Rs 1 lakh in financial assets and Rs 53,000 in liabilities that year. Total financial assets, which are reported as gross financial savings in the ministry's data, include household cash, deposits, and other financial investments. Liabilities refer to borrowings from banks and non-bank lenders. The difference between these two figures is the net financial savings for that year. The Reserve Bank of India's preliminary estimates for the year 2023-'24 show that financial assets rose to Rs 34.3 trillion while liabilities stood at Rs 18.8 trillion. That is, liabilities were about 55% of assets – the highest level since at least 1970-'71. As recently as 2021-'22, this figure stood at 34%. Between 2020-'21 and 2022-'23, total financial assets declined 3% from Rs 30.7 trillion to Rs 29.7 trillion, while liabilities more than doubled to Rs 15.6 trillion. Simply put, Indians are saving less and borrowing more. How Indians save Deposits, as we said, remain the most popular mode of savings for Indian households. But over a decade, the share of deposits in financial assets fell from 56% in 2013-'14 to 41% in 2023-'24, our analysis shows. During this period, shares and debentures rose from 2% of financial assets to 9%, as did 'claims on government' – or small savings schemes and government bonds. Similarly, the share of pension and provident funds rose from 15% to 21%. In March, the government said in Lok Sabha that the new tax regime proposed in the Union Budget 2025-'26, which waives income tax for those earning up to Rs 12 lakh, is a reform measure aimed at reducing taxes for the middle class and leaving more money in their hands to boost household savings. Other measures such as support for employment, skill development, and ease of doing business were also cited as efforts to strengthen household finances. However, access to these instruments is not equal across income groups. As IndiaSpend reported in September 2021, many poor households had to dip into their savings to cope with job losses, high healthcare expenses, and rising prices during and after the Covid-19 waves. Rising debt Loans by financial corporations and non-banking companies are rising, the data show, even as bank loans account for the highest share of liabilities added. In the decade to 2022-'23, bank loans fell from 92% of liabilities to 76%, while non-banking financial corporation loans grew from 2% to 21% during the same period. Household debt in India rose over the past three years and stood at 42.9% of the gross domestic product as of June 2024, according to the Reserve Bank's Financial Stability Report 2024, which it said is relatively low compared to other emerging market economies. This rise has been driven more by a growing number of borrowers rather than an increase in average indebtedness, the report added. 'Undeniably, the past four years have witnessed unchecked growth in consumer lending, arguably fueled by overall economic growth,' IndiaSpend founder-editor Govindraj Ethiraj wrote in October 2024. 'However, India is also experiencing levels of borrowing and market speculation that seem disproportionate to other economic indicators.' Net low in five years As Indian families added liabilities faster than assets, as we said above, the net financial savings – or the surplus that households have after accounting for liabilities – fell to Rs 15.5 trillion, down 33% from Rs 23.3 trillion in the first year of the Covid-19 pandemic, data show. A May 2024 report by CRISIL noted that households have been borrowing at a faster pace than they've been saving since the Covid-19 pandemic. Taken as a percentage of India's gross domestic product, liabilities doubled in the decade to 2023-'24, from 3.2% of the GDP in 2013-'14 to 6.4% in 2023-'24. During the same period, total assets rose from 10.6% of GDP to 11.7%. Net financial savings, therefore, were at their lowest in five decades at 5.3%. With a 'sizeable part' of household credit being used for real estate, 'there has been a compositional shift in total household savings away from financial savings in favour of physical savings', the Reserve Bank noted in January this year. The ministry's data show that Indian households' savings in physical assets rose from Rs 1.5 trillion in 2012-13 to Rs 3.5 trillion in 2022-23. All that glitters Gold and silver continue to be a consistent savings option for Indian households. In 2022-'23, Indian households added Rs 63,397 crore in gold and silver ornaments, 73% more than a decade earlier. That doesn't mean households are buying more gold and silver. During that period, prices of silver rose 21% while gold prices rose 95%, Reserve Bank data collated by Dataful show. An average Indian household holds 84% of its wealth in physical assets, 11% in gold bullion and the residual 5% in financial assets, according to the All India Debt and Investment Survey 2012 by the National Sample Survey Office, as cited in this May 2020 research brief by Dvara Research. Poorer households hold a higher share of their wealth in gold compared to richer households: Households with wealth under Rs 1.79 lakh hold 24% of their wealth in gold whereas the wealthiest segment with wealth above Rs 14.8 lakh hold only 2% of their total wealth in gold.
