India no more agricultural economy?

D

deepakraam

Deepak Narayanan
Yesterday,RBI has hiked the CRR rate by 75 bps from 5% to 5.75%.The hike in interest rate will suck out excess liquidity to the tune of Rs.36000 crore from the market.RBI in its report projected India's GDP growth to 7.5% with near zero agricultural growth.The dip in agri growth is being compensated by increase in the share of IIP and services sector growth.India being projected as agri-based economy is able to produce the rapid growth inspite of no contribution from farmers.More to it inflation is also reinging at 8.5%


Is India no more agricultural economy?


-Deepak.
 
Ya i am agreed with you. I also think that other sectors have increased their contribution in indian economy. India is no more an agricutural economy. Sectors like automobiles, fmcg goods, electronics, banking, insurance , BPOs etc have increased their contribution in recent times and generated good employments and helped in improvement of standard of living. India has emerged as a multi-dimensional economy.
 
Ya , u r right. The contribution of the Agri cultural sector is gradually declining in the Indian economy. The situation was being indicated this year when the agri cultural sector growth went down due to severe drought in various states. Meanwhile the service sectors like banking , insurance etc. are also enjoying increasing growth in the economy. But still, I feel tht its too early to comment tht India is no more an agri based economy based on the outcome of this year only .I think we should wait for some more time to comment on this precisely
 
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