Exclusive: FM Nirmala Sitharaman On Why India’s 20-Year Agri Growth Lags At Just 3.5%

At the #BudgetRoundTable2024 conference, Rahul Kanwal, Executive Director of Business Today, and Siddharth Zarabi, Managing Editor of BTTV, engaged in an insightful dialogue with Finance Minister Nirmala Sitharaman about the challenges facing India's agriculture sector. FM Sitharaman identified several reasons for the distress in the Agri sector, citing land fragmentation and fluctuating input costs despite subsidies as major issues. She also emphasized that weather uncertainties, such as inconsistent monsoon patterns, significantly impact productivity. FM Sitharaman says While India lacks climate-resilient seed varieties, this year budget includes provisions to develop indigenous seeds that can withstand climate challenges. Addressing questions on export bans of agriculture produce, FM Sitharaman acknowledged the conflict between farmers' desires for profitable overseas markets and consumers' need for stable prices, noting the government's challenge in balancing these demands. She also pointed out that MSP recommendations from the Swaminathan Committee were presented during the UPA era, questioning why the opposition party Congress, which now criticizes current policies, did not implement these measures during their tenure. FM Sitharaman criticized the opposition for not practicing what they preach in states like Himachal and Karnataka, where they hold power.