Agricultural Growth and Production Variability of Principal Crops in India: An Empirical Investigation

Historically, agriculture has been the mainstay of Indian economy providing bread and butter to the farming society. We often described Indian agriculture as a gamble in monsoons i.e. susceptible to weather variations and climate change. Even if we have moved quite a distance away from the situation of yesteryears, still the agricultural profession is tantamount to gambling with nature. Agriculture which is providing more than 70% of livelihood to the rural people must not be neglected Cummings et al. [1]; Boyce [2]. Hence, it is imperative that agricultural production keeps pace with our alarming population growth and for increased incomes. Sustained growth in agricultural production and productivity is essential for overall stability of the Indian economy. The main concern in the strategy for agricultural development in India has been “Growth with Stability” from fourth five year plan onwards so that a steady rise in agricultural production should be supported by a policy of stabilization of agricultural prices Das [3]; Despande & Nadkarni [4] India now has achieved high growth rates of agricultural production from mid-1960s through till now by using high-yielding varieties, improved agronomic practices, plant protection measures, chemicals, fertilizers and mechanization what popularly known as “Green Revolution Technology” (GRT).