Some Reflections on Agrarian Prospects

Indian agriculture is once again in a slowdown. After the spurt of 2004-05--2011-12 when growth accelerated and the variability of production declined, in recent years growth has slowed and volatility has risen. Given weak world economic prospects and looming climate change, the main objectives of agricultural policy should now be to (i) enhance efficiency of production and natural resource use, and (ii) devise appropriate safety nets to cope with risks whether from markets or climate.