Stagnating agriculture

The Prime Minister’s Economic Advisory Council (PMEAC) has rightly stressed in its recent Economic Outlook report the need for agricultural reforms and cutting down subsidies on power and water. Because reforms have not been introduced, agricultural growth in India has lagged that of other fast-developing countries. It is noteworthy that China began its journey towards economic transformation with institutional reforms in agriculture, by altering its land tenure system and freeing the prices and marketing of most farm commodities.

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