After demonetisation...

Agriculture recovers, but benefits uncertain after demonetisation

Over the fiscal year 2016-’17, agriculture – which employs more than 700 million people – will grow by 4%, estimated CRISIL, a research agency.

Recovering from two – and some places even three – consecutive drought years, agriculture, for the first time since 2013, saw a growth of above 3% in the second quarter of 2016-’17, over the same period in 2015-’16.

Source: Key Economic Indicators, Office of the Economic Advisor

Record summer crop production of rice, at 93.8 million tonnes, and pulses, at 8.7 million tonnes, is estimated in 2016-’17, according to advance estimates by the agriculture ministry.

But the withdrawal of old Rs 500 and Rs 1,000 notes in November 2016 has been a setback to the rural economy – on which 800 million people, or 65% of India’s population, depend – largely driven by cash.

Vehicles entering a rural market yard in Maharashtra dropped, onion prices halved in the biggest onion market in the country, the fishing economy in Goa faced roadblocks, and flower farmers in Madhya Pradesh lost business, as IndiaSpend’s visit to these regions revealed.

Similar reports from Uttar Pradesh, Odisha and other parts of the country appear to have dampened the bright agricultural prospects of 2016. But there is hope that cash pressures will ease in the long term, and the rural economy will be back to normal, according to a

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