India’s Farm Output Hits ₹29.49 Lakh Crore in FY24: NSO Report

India’s agriculture and allied sectors have recorded a significant economic boost over the past decade, with the Gross Value of Output (GVO) rising to ₹29.49 lakh crore in FY24, as per data released by the National Statistics Office (NSO). This marks a 54.6% increase from FY12, showcasing sustained growth despite challenges like climate variability, global market disruptions, and domestic policy transitions.

Why in News?

The NSO, under the Ministry of Statistics and Programme Implementation (MoSPI), released its annual report titled “Statistical Report on Value of Output from Agriculture and Allied Sectors (2011-12 to 2023-24)” on June 27, 2025. The report underscores the increasing economic contribution of the agriculture sector and is vital for policy-making, economic planning, and agricultural reforms.

Key Highlights

• The Gross Value of Output (GVO) at constant prices increased from ₹19.08 lakh crore in FY12 to ₹29.49 lakh crore in FY24.
• This translates to an overall growth of 54.6% over a 12-year period.
• The data accounts for both agriculture and allied sectors, including livestock, forestry, and fisheries.

Objectives of the Report

• To provide accurate estimates of the economic output of the farm sector.
• To help policymakers evaluate trends and make informed decisions on subsidies, procurement, and rural welfare schemes.
• To track the impact of agricultural reforms, climatic factors, and market trends on output.

Background

• The base year (2011-12) is used for calculating constant prices, ensuring inflation-adjusted data.
• The GVO is an important metric, distinct from Gross Value Added (GVA), as it measures total output before deducting intermediate consumption.
• The report helps in understanding the structural transformation in Indian agriculture over time.

Static Facts

• Agriculture and allied sectors contribute around 18-20% of India’s GDP.
• India is the world’s second-largest producer of farm products after China.
• The sector supports over 50% of the population, either directly or indirectly.

Significance

• Reflects resilience of Indian farmers and the impact of government schemes such as PM-KISAN, PMFBY, Soil Health Cards, and irrigation programs.
• Encourages further investment in agri-infrastructure, technology adoption, and rural employment.
• Indicates that despite challenges like monsoon fluctuations and inflation, the farm economy has sustained steady growth.