According to Paranjoy Guha Thakurta; one of the renowned Indian economy analysts,
the Indian economy has been growing rapidly at an average of 8.5% over the last five years, whereas the agriculture, on the other hand, has grown to a minimal of 2.5% over the last five years.
India is facing the most critical situation that arose due to rapid inflation, which is 7% now. The conditions are getting worse than ever. He has found out that ‘one out of four Indians lives on less than $1 a day and three out of four earn $2 or less’. This is the most pathetic scene that a country can ever have. We can imagine the conditions of those people who are living below the poverty line. Though the Congress coalition government is repeatedly saying that the issue of price hike is an international problem, yet the living conditions of Indians will face further deterioration. In a country like India, where 60% of its population depends on farming, it is really strange to have such a drastic situation.
The reason is nothing but the long term mismanagement and ignorance towards the agricultural sector of the country. There were vehement protests made by the farmers almost every year, at the cost of their lives. Till date at least 10,000 farmers have committed suicide each year over the last decade for not being able to repay loans taken from local moneylenders. In spite of all these, the ignorance continued and as a result today the country is facing an economically challenged condition. The lack of public investments in rural areas, especially in irrigation facilities, is needs to be blamed for the same. In order to have some solution, the government has announced a $15bn waiver of farmer loans and extended jobs schemes. Even then the government needs to take more effective steps to have control over this rising crisis. No doubt that the continuous rise in the prices of food can lead India to the riots over the food prices like Zimbabwe or Argentina.