India's agri output to jump to Rs 29.2 lakh cr by 2030: Report
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Given the expected rise in consumption, the country\'s agricultural output by 2030 could reach Rs 29.28 lakh crore level and food exports could jump to over Rs 7 lakh crore, a CII-McKinsey report today said.
"Consumption demand is increasing as India\'s per capita GDP is expected to increase by 320 per cent in the next 20 years...agricultural output (at farm-gate prices) could grow from Rs 12.69 lakh crore to Rs 29.28 lakh crore by 2030. Processing could grow from Rs 1.1 lakh crore to Rs 5.65 lakh crore by 2030 while India\'s food exports could grow from Rs 1.4 lakh crore to Rs 7.72 lakh crore by 2030," the report, which was released today, said.
The new Food and Agriculture Integrated Development Action (FAIDA) report focuses on mango, banana, potato, soya bean and poultry which represent categories that are likely to drive the next wave of growth.
The report spells out a 12-point agenda that recommends improvement in yield and farming technology, removal of supply side barrier in using scientific inputs and practices, increased farmer-industry partnerships, favourable policy for agricultural marketing and promoting food processing business by branding the products, among others.
Yields can grow by improving quality inputs, extending irrigation facilities, farm mechanisation, and enhanced practices during sowing, farming and harvesting, it said.
"It is now imperative that India upgrade its agricultural practices and techniques, as well as well as accelerate growth in allied business fields such as food processing, in order to support the country¿s consumption demand changes over the next 20 years," Adil Zainulbhai, Chairman of McKinsey & Company, India said while releasing the report.
The report said Indian farmers have matched demand growth dynamics in the past decade, the country is yet to realise full potential in terms of yield, processing and exports as food habits are now changing.
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