Gross domestic product for agriculture across Maharashtra in India FY 2012-2022
In financial year 2022, the gross domestic product for agriculture in the south-western Indian state of Maharashtra amounted to about 2.38 trillion Indian rupees, up from nearly 1.83 trillion rupees in the previous year.
GDP growth rate
Interestingly, the real GDP growth rate for the country also saw a decline that year at about 6.12 percent as compared to the previous year. This decline was reflected in state deficits and inflation rates in the country. To revert these negative rates and prevent the Indian economy's collapse, the government had taken several measures in the 2020 budget. Some of the government's efforts to attract investments in the economy included a reduction in tax rates, improved capacity to spend in the rural sector, and infrastructure creation.
Agriculture – the backbone of Indian economy
The agriculture industry provided livelihoods for nearly 65 percent of the country's population in terms of direct and indirect employment. This made agriculture the backbone of Indian economy. The importance of agricultural products was further established as the primary source of raw material supply in the country's leading industries.
GDP growth rate
Interestingly, the real GDP growth rate for the country also saw a decline that year at about 6.12 percent as compared to the previous year. This decline was reflected in state deficits and inflation rates in the country. To revert these negative rates and prevent the Indian economy's collapse, the government had taken several measures in the 2020 budget. Some of the government's efforts to attract investments in the economy included a reduction in tax rates, improved capacity to spend in the rural sector, and infrastructure creation.
Agriculture – the backbone of Indian economy
The agriculture industry provided livelihoods for nearly 65 percent of the country's population in terms of direct and indirect employment. This made agriculture the backbone of Indian economy. The importance of agricultural products was further established as the primary source of raw material supply in the country's leading industries.
