New Delhi: In farm sector, the growth in nominal terms for the quarter October-December 2018, stands at an all time low of 2.04 per cent for a quarter, according to the Central Statistics Office’s 2011-12 base year series.
If the growth output is considered in real terms, the quarter saw a growth of 2.7 per cent, lowest in the last 11 quarters, The Indian Express reported.
October-December 2018 is the seventh successive quarter of agricultural GVA growth at current prices (in nominal terms) being in single digits.
In the interim finance budget, the government had announced Pradhan Mantri Kisan Saman Nidhi for farmers. In the scheme, farmers with less than 2 hectare land are promised to get direct income support of Rs 6000 per year. A relief package of Rs 75,000 crore was announced for “distressed farmers who have seen their incomes stagnate because of plunging prices, barely enough to pay for loans and input costs”. The farmers are expected to get the benefits in three installments of Rs 2000 each.