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Agriculture In India To Witness Boom

by Gopalan on June 16, 2010 at 2:02 PM
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 Agriculture In India To Witness Boom

It might be premature to write the obituary of the green revolution. India, along with other emerging economies of Brazil, China and Russia could witness an agricultural boom over the next decade as production stalls in Western Europe, a report says.

Agricultural output in those nations will grow three times as fast as in the major developed countries, a joint United Nations-OECD study said.


"Developing countries will provide the main source of growth for world agricultural production, consumption and trade," the report said.

"As incomes rise, diets are expected to slowly diversify away from staple foods towards increased meats and processed foods that will favour livestock and dairy products.

"For virtually all commodities, the projected growth in imports and exports of developing economies [over the next decade] exceeds that of the OECD area," said the report.

While overall world net production of commodities is forecast to grow 22%, production among the 30 members of the OECD is estimated at 10%. Production in western Europe alone will stagnate.

This OECD growth rate is almost three times slower than the growth rate of Bric countries, which is forecast to expand 27%. The report also identifies Ukraine as likely to see rapid agricultural growth over the next few years.

Crop prices, in real terms, will rise between 16% to 40% "above their average for the decade".

And average dairy prices are expected to be 16% to 45% higher, with butter prices showing most gains.

Brazil is forecast to see by far the fastest growth in agriculture, with a expansion of more than 40% through to 2019.

China and India are expected to see growth of 26% and 21% respectively to 2019. Projections for Russia and Ukraine were 26% and 29%.

Food prices in 2007-08 soared, sparking protests and riots, as demand for bio-fuels diverted commodities into energy production.

The UN-OECD's annual Agricultural Outlook said it did not expect to see a similar food price shock in the coming years.

All the same, looking beyond the next decade, the report forecasts global food production to expand by 70% by 2050.

Source: Medindia
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