In the next ten to 15 years, India has emerged as the fastest-growing major world economy and is predicted to be one of the world's top three economies, with strong democracy and alliances.
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The actual gross domestic product (GDP) of India was Rs 195,86 lakh crore, as estimated in the second advance (SAE) for 2020-21, at current prices. FY 21: $2.71 billion (USD 2.71 trillion).
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Indian Economy Overview
India, with over 21 unicorns collectively valued at US$ 73.2 billion, is the world's fourth-largest unicorn base under the Hurun Global Unicorn List.
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Investments were made in several sectors of the economy, improving the economic picture. In 2020, the total value of India's business in 1,268 transactions was approximately USD 80 billion. Of the entire transaction amount, M&A activity contributed almost 50 percent. Investments totaling US Dollar 47.6 billion in the 921 deals in 2020 were registered in the private equity industry - venture capital (PE-VC).
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Agriculture and Food Industry of India
The global food basket has been profoundly influenced by India's agrarian culture and a diverse regional environment.
The great quality of Indian curries, spices, munchies, and mangoes is acknowledged worldwide. The following food segments are worldwide in India:
· In March-June 2020, overall exports of commodities from agriculture totaled US$ 3.50 billion, a remarkable rise of 23.24% over the same period of 2019.
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· The export of grapes was $49.79 million in April-December 2020.
· From April – December 2020, India exported US$ 216.76 million in pulse and US$ 138.93 million in milk products.
· Natural honey exports amounted to 62,29 million dollars for April-September 2020.
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· India is the world's largest dairy producer. The country's milk production is predicted to reach 330 million tonnes by 2024.
· India has the greatest buffalo population in the world (109.8 million in 2020).
· India ranks the number one producer of Okras with a production of 6,44 MMT in FY20 and ranks second in the world with 188 MMT in FY20.
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Government Support for the sector
The following orders to achieve agricultural reforms have been put in place by the Government of India:
· Export policy for agriculture
The Indian government has initiated a comprehensive agricultural export policy to boost the farmers' incomes, harness the export potential and make India a major participant in farming.
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· Order for Trade and Trade in Producing and Facilitating Agricultural Farmers, 2020
The intra-state and inter-state trade in farmers' produce outside APMC marketplaces and the state authorities are not permitted to apply market charges, cessation, or levies outside APMC territories.
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· Agricultural and Processed Food Products Export Development Authority
An important role in exploiting the agricultural resources of India and working towards the expansion of the export potential for Indian agricultural and food production is played by the Agricultural and Processed Food Products Export Development Authority (APEDA).
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· The Agreement on Price Assurance and Farm Services by Farmers (Empowerment and Protection), 2020
This regulation provides a framework for agricultural agreements and protects and empowers farmers to engage agri-enterprise companies, processors, wholesalers, exporters, and big retailers.
· Ordinance 2020 on essential commodities
The central government can only regulate the provision of particular foodstuffs under this regulation under extreme circumstances (such as war and famine).
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Road Ahead
The ambitious target of tripling agricultural revenue is predicted to be achieved by India by 2022. In India, agriculture is predicted to improve in the coming years, as agricultural infrastructure, such as water supply, warehousing, and cold storage are increasing investment is being boosted. Moreover, the increasing adoption of GM crops is projected to boost Indian farmers' yields. The combined efforts of scientists towards early-maturification of pulses and an increase in the minimum aid price are projected to lead to India's pulses in the coming year.
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