Punjab budget: Economic survey predicts 3.7% growth in agricultural and allied sector
According to the Economic Survey, the agriculture and allied sector employs 26% workforce of the population in the state against the significantly higher figure of 47% at the national level
The Economic Survey has revealed that agriculture-based industries in the state represent 7.67% of the total food processing industries registered in the country.
The state has the fourth-highest share of food processing industries, surpassed by Andhra Pradesh, Telangana, and Tamil Nadu. The potential for agro-processing units in the state is high due to the agricultural productivity in the state, says the report.
Jobs in agricultural sector less than national average
Against the common perception that the agriculture sector in Punjab is over-employed, the survey report shows a contrarian trend. According to it, the agriculture and allied sector employs 26% workforce of the population in the state against the significantly higher figure of 47% at the national level. This was revealed in the periodic labour force survey (PLFS) report for 2021-22.
The report adds that manufacturing is the second largest employer and the proportion of workers engaged at the national level is significantly lower than those in Punjab. The state employs 18% of the available workforce, while at the national level, it is 11%.
What concerns the state more is the rate of population growth which is 1.4% against the national level growth rate of 18%, as per the census of 2011. The slow rate of population growth rate is attributed to declining birth rates and fertility. As per the survey, the fertility rate has also declined concomitantly. In 1971, the fertility rate was 5.2, whereas, in 2020, it fell to 1.5 in Punjab against the national average of 2.
3.7% growth expected in agri and allied sector
In Punjab, the agriculture and allied sectors witnessed a growth of 0.8% in the year 2021-22 and are expected to register a growth of 3.7% in the current financial year (2022-23). The projected growth is due to expected growth of 3.51% in the agriculture sector, which in turn is hinged on higher production of the wheat harvest.
26% denied old-age pension
The state has an elderly population of 28.6 lakh which comprises 10% of the total population. To support their pension, the state requires to allocate ₹3,793 crore in the budget. As per data up to December 31, 2022, the survey said a sum of ₹2,721 crore was distributed to cover only 21.07 lakh beneficiaries.
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