Nano Urea, which has been attracting eyeballs ever since it was launched last year, has now -after PM’s Mann Kee Baat- found a mention in the Economic Survey placed in the House by Union Finance Minister Nirmala Sitharaman.
“There is a need to explore options and promote the use of alternative fertilizers such as Nano Urea and organic fertilizer which protect the soil, are more productive and contribute to higher nutrient use efficiency. The focus should be on the use of new technology including drones and Al-based decision support systems, reduction in the use of chemical fertilizers and use of low-cost organic inputs and supporting start-ups for innovations”, says the Survey.
Enthused by the survey IFFCO MD Dr. U S Awasthi tweeted “Great moment for IFFCO as today in Economic Survey the importance of IFFCO Nano Urea is mentioned. There is need to explore options and promote the use of alternative fertilizers such as Nano Urea which protect soil, are more productive & contribute to higher nutrient use efficiency.”
Quoting the relevant part of the Survey, Awasthi says “Research and development in agriculture & allied sectors can play a major role in the realization of sustainable agriculture practice that efficiently meets the objectives of nutritional security and improvement in farm income.
Research shows that every rupee spent on agricultural research and development yields better returns compared to returns on money spent on subsidies or other expenditures on inputs. The increase in agriculture R & D, therefore, may improve productivity in the crop and allied sectors, it reads.
The Economic Survey estimated that the Indian economy will grow by 9.2 percent in real terms in 2021-22 subsequent to a contraction of 7.3 percent in 2020-21. GDP was projected to grow by 8- 8.5 percent in real terms in 2022-23.
The year ahead is poised for a pickup in private sector investment with the financial system in a good position to provide support for the economy’s revival. As per IMF’s latest World Economic Outlook projections, India’s real GDP is projected to grow at 9 percent in 2021-22 and 2022-23 and at 7.1 percent in 2023-2024, which would make India the fastest-growing major economy in the world for all 3 years, says the Survey.
Agriculture and allied sectors are expected to grow by 3.9 percent; industry by 11.8 percent and the services sector by 8.2 percent in 2021-22. On the demand side, consumption is estimated to grow by 7.0 percent, Gross Fixed Capital Formation (GFCF) by 15 percent, exports by 16.5 percent, and imports by 29.4 percent in 2021-22.
Macroeconomic stability indicators suggest that the Indian Economy is well placed to take on the challenges of 2022-23. The combination of high foreign exchange reserves, sustained foreign direct investment, and rising export earnings will provide an adequate buffer against possible global liquidity tapering in 2022-23, says the Survey.