Talk about the government’s initiatives to restructure the agriculture industry, such as the introduction of new farm legislation, the encouragement of agribusiness and food processing, and the use of innovation and technology, and evaluate how these measures will affect farmers’ ability to make a living.
Pankaj GautamLearner
India is a mixed economy where private sector works on principle of Laissez- Fair (Market forces decide the general price level in an economy) and Government works as a facilitator providing various schemes and policies on which private sector thrive. Before 1991 India had large public sector, closed economy , Red Tapism prevailed and certain sectors were reserved for Public sector like, Railways, Defense, Power etc. (17 in total) which led to inefficiency in economy and resulted in decline of foreign exchange reserve to a level it was difficult to even meet the import requirement of capital goods. So in order to resolve this crisis The government in leadership of Dr. Manmohan Singh introduced three measure namely:
In this way these reforms lead to rapid growth in Indian economy in period after 1991.
India is a mixed economy where private sector works on principle of Laissez- Fair (Market forces decide the general price level in an economy) and Government works as a facilitator providing various schemes and policies on which private sector thrive. Before 1991 India had large public sector, closed economy , Red Tapism prevailed and certain sectors were reserved for Public sector like, Railways, Defense, Power etc. (17 in total) which led to inefficiency in economy and resulted in decline of foreign exchange reserve to a level it was difficult to even meet the import requirement of capital goods. So in order to resolve this crisis The government in leadership of Dr. Manmohan Singh introduced three measure namely:
In this way these reforms lead to rapid growth in Indian economy in period after 1991.
The Indian government has undertaken several reforms and initiatives aimed at transforming the agricultural sector. These efforts include the implementation of new farm laws, promotion of agribusiness and food processing, and the use of technology and innovation. Here’s a detailed discussion of these efforts and their impact on farmers’ income and livelihood:
1. Implementation of New Farm Laws
Objectives:
Impact:
Overall, while the reforms were designed to improve market efficiency and farmer income, they faced significant resistance and concerns regarding their implications for smallholder farmers and MSP guarantees.
2. Promotion of Agribusiness and Food Processing
Objectives:
Impact:
3. Use of Technology and Innovation
Objectives:
Impact:
Overall Assessment
In conclusion, while the government’s efforts to reform the agricultural sector have had positive impacts, the success of these initiatives has been mixed. Addressing implementation challenges, ensuring equitable benefits, and supporting smallholder farmers are crucial for realizing the full potential of these reforms and improving the income and livelihood of farmers.