Gross Value Added (GVA) in agriculture and allied activities is estimated to show slower growth in financial year FY26 at 2.4 per cent as per the new series, not only against last year’s estimate of 4.9 per cent but also lower than the estimate as per the old base year, which pegged growth at 3.1 per cent. However, the latest data released by MoSPI showed that the share of agriculture in current prices in FY26 in the country’s overall GVA as per the new series is expected to rise to 18 per cent, as against 17 per cent as per the old series.
This outnumbers manufacturing, which was 15 per cent in the new series as against 14 per cent in the old series in nominal terms. The new series is based on 2022–23 as the base year, while the old was based on 2011–12 prices. “There is a downward revision in the new series for GVA for agriculture and allied activities for FY26 as compared to the previous estimate on a different base, but I feel that it could be revised and also GVA for the farming sector might have got impacted from allied activities,” Madan Sabnavis, chief economist at Bank of Baroda, said.
