Due to the second wave of Covid-19 epidemic, the cases of infection have been increasing daily for the last about three weeks. In such a situation, many states have imposed restrictions such as lockdown, night curfew and weekend curfew at the local level, which have started showing their impact on economic activities as well. The Indian Meteorological Department has also forecast normal monsoon after Skymet, a private body that provides weather forecasts.
This means that there will be rains this year. This will ensure good kharif crop production and good production of food grains will support the economy. According to the Meteorological Department, the monsoon will be 98 percent in the long term. This forecast is considered important for the economy in the wake of the Corona crisis.
The agricultural sector is considered to be the backbone of the country's economy and during the Corona crisis last year too, the same sector took over the economy. In the first wave of the epidemic, when there was negative growth in every sector, the agricultural sector alone was such that it had a positive growth rate, in a way, the foundation of the Indian economy proved to be the agricultural sector. In the first quarter of the fiscal year 2020-21, the GDP had fallen to 23.9 percent. Where our Indian agriculture was the only that sector which registered positive growth.
This period was the worst sufferer from the epidemic. The lockdown began with rabi crops yet the gross value addition by agriculture increased by 3.4 per cent as compared to the previous year 2019-20. According to an estimate, if the monsoon is good this year, the share of agriculture in GDP can reach 16 per cent, which was 14.6 per cent in the year 2020, that is, we can say that the pandemic will bring agriculture and its related sector as a huge opportunity.
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