Agrarian Crisis & Its Management: Pre-Requisite for Sustainable and Inclusive Growth of India

Abstract

The concept of Equality and Sustainability lies in the core concept of Human Development. By sustainable development we ensure the better utilization of the resources as well as secure the future of coming generations whereas in inclusive growth we ensure that ample opportunities for all are available to lead a prosperous life.   Inclusive growth is growth that not only creates new economic opportunities but also one that ensures equal access to the opportunities created for all segments of society including the disadvantaged and the marginalized. India has emerged as a major economic power in the world, with the growth rate of the gross domestic product reaching impressive levels. However, India is also the home to the large number of poor people with an estimated of about 29 percent population falling below the poverty line. India ranks 135 on the global Human Development Index rankings. The ranking is based on a collective index of life expectancy, education and income standards of population. India ranks lowest among the BRICS countries and even lower than few of its neighbors like Sri Lanka. About 70 per cent of the Indian population lives in rural India and approximately 56 per cent of the workforce is dependent upon agriculture for their livelihood, this sector contributes only 18.9 per cent of GDP and witnessed a growth of average 2 to 3 per cent. Studies show that agricultural growth has been the main source of poverty alleviation in particular and inclusive growth in general in India. For more than a decade, Indian agriculture has been marked by deceleration in growth and distress of farmers. This crisis is structural and institutional in nature, with farmers’ suicides symptomatic of deep-seated maladies that have engulfed the agricultural sector.