AgriNation News Network

New Delhi | 15 Jan 2018

With Central Statistics Office (CSO) estimates pegging farm sector growth miserably low at 2.1 percent in current financial year and the budget session approaching next month, Union Finance Minister Arun Jaitley on Sunday said that agriculture sector was the foremost priority for the government and it wanted to ensure economic benefits to the farmers.

Union Finance Minsiter Arun Jaitley

Claiming India’s economic growth as one of the fastest in the world, Jaitley said, “The country’s economic growth is not ‘justifiable and equitable’ unless the benefits are ‘clear and evident’ in the farm sector as maximum population is dependent on agri sector.”

The agri sector growth was 4.9 percent in the preceding financial year. According to the latest data from CSO, the economic growth is expected to be 6.5 percent in FY18, the lowest in last four years owing to poor performance of agriculture and manufacturing sectors.

On the problem of farmers not getting prices for their produce, Finance Minister said, “Due to higher production, farmers are facing the problem of falling prices”.

“Option trading has been launched to take farmers out of this situation”, he added.

Arun Jailey was launching NCDEX’s (National Commodity and Derivatives Exchange) and India’s first agri-commodity options in guar seed.