There has been a significant drop in the decadal growth rate of agriculture in India.
For the 2000 – 2010 period, it has dropped to 2.61%. The Green Revolution in India was based on the idea that nutrient loss can be overcome by the use of potash and nitrates as chemical fertilisers. Agricultural experts are claiming that unabated use of chemical fertilisers and chemical pesticides in different regions in the country is one of the reasons behind the dip in agricultural productivity.
They are advocating the use of organic fertilisers and biological pesticides. Many are of the opinion that a complete shift to organic farming will improve agricultural productivity as a further dip in agricultural productivity may expose the country and its economy to a host of problems.
Organic and inorganic fertilisers
The Indian fertiliser market was worth 4,675 billion in 2017. The market is expected to touch 9,987 billion by 2023, at a Compound Annual Growth Rate (CAGR) of around 13% between 2018 and 2023. Currently, chemical fertilisers are enjoying the lion’s share of the market.
Chemical fertilisers can be divided into two categories. The first one is urea based whereas the second is a more complex variety. Urea carries only one primary plant nutrient which is nitrogen. Complex fertilisers carry two or all the three primary nutrients that is nitrogen, phosphorous and potash.
Farmers in India are not switching to organic farming in fear of less production and unavailability of adequate organic fertilisers. Fertilisers constitute only 8-10% of the total cost of cultivation, but it has the power to either enrich or damage the yield significantly. In India, the current consumption ratio of nitrogen, phosphorus and potassium is 6.7:2.4:1. But the prescribed ratio of this use is 4:2:1. The situation is worse in the major agricultural states like Punjab and Haryana where these ratios are as high like 31.4:8.0:1 and 27.7: 6.1:1 respectively.
This story is from the May 16-31, 2019 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 16-31, 2019 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Morarji Desai: Walking the Yogic Path of Truth and Service
What is Yoga? In very short, from the basic viewpoint of Patanjali (the proponent of Yoga, a major branch of Indian philosophy and the author of the Yogashastra Yogasutra), Yoga is the process of merging oneself into the One Indivisible Whole through concentration of mind.
The automobile industry has rebounded to the levels observed in 2018-19, and the future of electric vehicles (EVS) appears promising
RC Bhargava, Chairman of Maruti Suzuki Ltd, recently shared insights on the automobile sector, noting that historically, its performance aligned with the country's GDP.
Dueling German Luxury: BMW and Mercedes-Benz Vie for Dominance in Indian Market
BMW and Mercedes-Benz, revered names in the realm of car enthusiasts. While the debate over which stands as the epitome of driving excellence persists, recent sales figures unveil an intriguing narrative, particularly in the dynamic Indian market.
INDIAN AUTO INDUSTRY GEARS UP FOR GREEN TRANSITION
As India enters into 2024, the automotive sector stands ready to script a remarkable growth narrative. Backed by a buoyant demand in the passenger vehicle segment despite continuing rises in commodity prices, automobile makers are optimistic to embrace new technologies, especially in the electric mobility space which is expected to witness a number of new launches in both four and two-wheeler segments in the coming year.
Is Ayodhya emerging as a global destination brand?
Traditionally, sacred spaces and modern urban landscapes have been perceived as incompatible, akin to oil and water.
Canara Banks reports 26.86% YoY growth in net profit, global business up by 9.87% YoY
Canara Bank's Net gained by 26.86% YoY in Q3 Cantareata Profit FY24.
A Tale of Two Economic Crises
The global financial crisis that unfolded between 2007 and 2009 did not only impact the financial sector but also extended its reach to banks worldwide.
"Prospects and Challenges: A Comprehensive Review of the Indian Economy"
The Ministry of Finance of the Government of India recently released a document titled 'The Indian Economy A Review' on January 29, representing a distinct departure from the traditional Economic Survey presented before the Annual Budget proposal.
IMF's Advice and RBI's Rebuttal
International Monetary Fund (IMF), under its Article IV of the Articles of Agreement, signed in 1944 by the original 29 member countries as well more by later, (now grown to 190) sends its staff, to its member countries for a threeweek visit annually for major economies, which contribute a sizeable proportion of world's GDP, and once in every two years for small economies.
Advanced economies losing steam
globally, advanced economies are facing a significant taking a toll on economic activities worldwide, as noted by the Organization for Economic Cooperation and Development (OECD).
