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Agriculture profit growth
Why is it in news?
- Economists from rating agency Crisil forecast a 3-5% growth in farm gate profits this year.
Details:
- Agriculture is one of the few bright spots in an economy ravaged by COVID-19.
- Good rains expected to boost production and profits, especially in the paddy crop.
- However, economists said individual farmers are unlikely to see any hike in their own income because of reverse migration.
- As a result of reverse migration, despite a hike in overall profits, per capita income may see a dip.
- There is not much work for rural people apart from MGNREGA, Because of the COVID lockdown.
Data:
- CMIE data shows that 111.3 million people declared their occupation as farming in 2019-20.
- By March 2020, this had increased to 117 million, shooting up to 130 million in June.