By Reserve Bank of India

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Additional info for RESERVE BANK OF INDIA ANNUAL REPORT 2012-13

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5 per cent of agricultural GDP. 5 per cent lower than in the previous year (Appendix Table 5). 65 million tonnes) (Appendix Table 6). 11 The performance of agriculture during 201213 showed that even though the sector in recent years has become more resilient, the whimsical monsoon still affects its output. 0 per cent (2009-10) of the total cropped area is under irrigation, while around 16 per cent of the country’s geographic area, mostly arid, semi-arid and subhumid, is drought-prone. Rain-fed agriculture accounts for around 56 per cent of the total cropped area, with 77 per cent of pulses, 66 per cent of oilseeds and 45 per cent of cereals grown under rain-fed conditions.

However, the problems are not unique to India. Growth has also slowed down in many other EMDEs. What is important at this stage is to preserve India’s growth potential by arresting the downtrend and maintaining stable macroeconomic conditions. For this, the focus need to be on implementation of measures aimed at removing structural constraints so that production and investment activity could gather momentum. This is important, because spillovers from global growth and financial market conditions can only account for a part of the slowdown.

20). The shift in monetary policy stance towards calibrated easing during 2012-13 also factored in this major development, as with a persistent negative output gap the demand pressures remained muted, which provided the space for monetary policy to support growth. 2). This has also resulted in increases in Minimum Support Prices (MSPs) for most crops as MSP calculation follows a cost-plus approach, further fuelling food inflation. The dominant contributor to the increase in agricultural cost of production in recent years has been rising wages.

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