02-08-2008, 08:58 PM
Farm growth to be better than estimates
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->New Delhi February 8, 2008
Finance Minister P Chidambaram today said growth in the agricultural sector will be higher than the advance estimate of 2.6% for 2007-08.
<b>"The agriculture ministry has reported yesterday that maize and soyabean production will be at an all-time high this year. That is not reflected in the advance estimates. I am confident that the final growth rate of agriculture would be better," he said today.
Speaking at a function organised today by the National Bank for Agriculture and Rural Development, Chidambaram said the government will take all necessary measures for ensuring farm sector growth. "The first charge of our resources is for agriculture so that it grows at 4% or more for the next 10-20 years. Everything can wait, except agriculture," he said.</b>
Chidambaramâs comments came a day after Central Statistical Organisation (CSO) released advance estimates of national income for 2007-08. The estimates pegged agriculture output to grow at 2.6% in 2007-08 as against 3.8% in 2006-07. "We are confident that agricultural growth would be higher than the advance estimates," he said.
<b>Whatever be the external factors, Chidambaram said human intervention and technology would make it possible to achieve and sustain a 4% growth in agriculture.</b>
The CSO estimates indicate a likely slowdown in 2007-8 with gross domestic product (GDP) growth pegged at 8.7% raising concerns over whether the Indian economy can sustain the 9% plus growth seen in the past two years.
The estimate, the first in a sequence of five national income estimates put out by the CSO over two years after the first data is released, suggests that high interest rates have impacted manufacturing and construction and are dampening overall economic growth.<!--QuoteEnd--><!--QuoteEEnd-->
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->New Delhi February 8, 2008
Finance Minister P Chidambaram today said growth in the agricultural sector will be higher than the advance estimate of 2.6% for 2007-08.
<b>"The agriculture ministry has reported yesterday that maize and soyabean production will be at an all-time high this year. That is not reflected in the advance estimates. I am confident that the final growth rate of agriculture would be better," he said today.
Speaking at a function organised today by the National Bank for Agriculture and Rural Development, Chidambaram said the government will take all necessary measures for ensuring farm sector growth. "The first charge of our resources is for agriculture so that it grows at 4% or more for the next 10-20 years. Everything can wait, except agriculture," he said.</b>
Chidambaramâs comments came a day after Central Statistical Organisation (CSO) released advance estimates of national income for 2007-08. The estimates pegged agriculture output to grow at 2.6% in 2007-08 as against 3.8% in 2006-07. "We are confident that agricultural growth would be higher than the advance estimates," he said.
<b>Whatever be the external factors, Chidambaram said human intervention and technology would make it possible to achieve and sustain a 4% growth in agriculture.</b>
The CSO estimates indicate a likely slowdown in 2007-8 with gross domestic product (GDP) growth pegged at 8.7% raising concerns over whether the Indian economy can sustain the 9% plus growth seen in the past two years.
The estimate, the first in a sequence of five national income estimates put out by the CSO over two years after the first data is released, suggests that high interest rates have impacted manufacturing and construction and are dampening overall economic growth.<!--QuoteEnd--><!--QuoteEEnd-->