NABARD All India Financial Inclusion Survey (NAFIS), conducted by National Bank for Agriculture and Rural Development (NABARD), was released by Dr. Rajiv Kumar, Vice Chairman, NITI Aayog in New Delhi. The report revealed that farm households register higher income than the families solely dependent on non-farm livelihood activities in rural areas.
The survey, with reference year of 2015-16, which covered 40,327 rural households, highlighted that the average annual income of an agricultural household is Rs 1,07,172 compared to Rs 87,228 for families engaged only in non-agricultural activities. The survey defined farm households as families having over Rs 5,000 as value of produce from agricultural operations in the year preceding the survey. For all rural households, the average annual income stood at Rs 96,708.
Highlights of NAFIS 2016-17:
1. Agricultural households, which accounted for 48% of rural households, earned Rs 107,172 during 2015-16 from cultivation, livestock, non-farm sector activities and wages/salaries. Thus, farmers’ income grew at a compounded growth rate of 12% per annum compared to Rs 77,112 per annum as per NSSO assessment in 2012-13.
2. Agricultural households earned 34% of their income from cultivation. Wage earnings contributed the same proportion to the income followed by salaries (16%), livestock (8%) and non-farm sector (6%). Other sources accounted for the rest.
3. Non-agricultural households reported average annual income of Rs 87,228 majorly contributed by wages (54%), followed by salaries (32%) and non-farm sector activities (12%).
Savings & Investment
1. 88.1% of the households reported having a bank account.
2. 33% of households reported more than one savings account.
3. 26% of HH have women with institutional (including SHG) savings account.
4. 55% of agricultural households reported any savings during the last year and of these 53 per cent saved with institutions like banks, post offices and SHGs.
5. Average savings per annum per saver households was reportedly Rs 17,488, of which 95 per cent is with institutional agencies
6. 10.4% of agricultural households also reported investment with the average investment per investing agricultural households was reportedly Rs 62,734.
Insurance and Pension
1. About 26% of agricultural households and 25% of non-agricultural households reported to have been covered under one or the other type of insurance
2. Among agricultural households who reported to have taken any loan for agricultural purposes in the last one year [2015-16] from institutional agencies, 6.9% reported being covered under crop insurance.
3. The coverage under any type of pension was reported to be about 18.9 % for non-agricultural households as against 20.1 % for agricultural households.
Static/Current Takeaways Important for Indian Bank PO Exam 2018-
- NABARD Chairman- Harsh Kumar Bhanwala, Headquarters- Mumbai, Established on- 12 July 1982.