Economic recession has no impact on agriculture’

Hyderabad, Sept 18 :

 Indian Agriculture has not impacted by global economic crises, except some export oriented crops, stated National Bank for Agriculture and Rural Development (NABARD Andhra Pradesh Region Chief General Manager K V Raghavulu.

Speaking at the two days international conference ‘Global Economic Meltdown –Challenges and Prospects’ at the Jubilee Hall here, he said that the country’s Agriculture sector would save the India from the huge impact of global economic recession.

“Right now Agriculture is for Indian growth in this difficult time. Agriculture growth is an absolutely necessary, producing the basic human needs of food and clothing. An investment in Agriculture is considered as a conservative and tangible investment with consistent returns. Agriculture is the best solution to maintain economic growth this year. Even in down markets Agriculture companies performed very well in 2008 and will the same in 2009,” he said.

He said that the government implemented welfare schemes have provided social security to our farmers. The restrictions imposed by the Reserve Bank of India on Foreign Direct Investments saved the country from global economic crises, he pointed out.

He observed that the contribution of Agriculture to national GDP was declining and proper steps needed to be taken to revive the sector.

He said a lot more remained to be done to alleviate the plight of small and marginal farmers, who continue to be the backbone of national economy.

He said the banks have to play a more proactive role to promote Agriculture sector which was plagued by a plethora of problems. The processes of extending farm credit and other related procedures needed to be liberalised to help the farmers, he added.

He said about 60-65 % of India’s population and workforce depends on Agriculture. Higher growth rates in Agriculture have naturally benefitted 60 percent of our population directly dependant on that sector, he pointed out.

M S Swaminathan, Chairman, National Commission on Farmers was the chief guest.