In an era of unprecedented global disruption, agriculture has emerged not just as a resilient sector but as a beacon of stability and hope. Speaking at the 6th Agri Business Conclave and Awards hosted by Diplomatist Magazine, Dr. S.P. Sharma, Managing Director and Chief Economist at Neo Economists, emphasised that agriculture is more than an economic activity—it is a way of life.
“Agriculture is not just a sector—it is the backbone of our economy and society,” Dr. Sharma stated, opening his address. “It is the prime support system that held strong when every other pillar seemed to shake.”
Dr. Sharma reflected on the series of global shocks that have shaped the last decade, starting with the US-China trade war in 2018, which he termed as the beginning of “very, very volatile markets and tough times for the world economy.”
Even as economies struggled to recover from this geopolitical conflict, they were soon confronted with the outbreak of the COVID-19 pandemic, which, in Dr. Sharma’s words, “settled us before we had even recovered from the earlier setback.”
During this time, experts debated whether India’s economic slowdown was structural or cyclical. But, as Dr. Sharma noted, “Before we concluded whether the slowdown was cyclical or structural, we were hit by coronavirus in 2020.”
Unlike manufacturing and services, severely affected by supply chain disruptions, labour shortages, and logistics breakdown, agriculture stood resilient.
“Despite these three challenges—logistics, labour, and supply chain disruptions—our agriculture, and that of the world, grew significantly,” Dr. Sharma affirmed.
He explained that agriculture remained in demand because it is an essential sector, unlike others that faced a dramatic decline in consumption.
“Manufacturing or services were not in demand during the pandemic,” he pointed out. “But agriculture proved its critical role, and became a lifeline during the crisis.”
Dr. Sharma backed his insights with compelling data. In 2020, the global agriculture GDP stood at $3.5 trillion, while global agri-exports now exceed $2 trillion. He also highlighted the sharp fluctuations in the FAO Global Food Price Index, which rose from 97.8 in 2020 to 135 in 2022, before settling at around 115 in 2025.
In India, the sector performed equally impressively. Dr. Sharma noted: “In 2020, while every other sector was disrupted, India’s agriculture sector grew by more than 3%. Over the past five years, it has consistently maintained an average growth rate of over 3%, barring 2022–23.”
Additionally, India’s agriculture exports rose from $30 billion in 2019–20 to over $50 billion last year. Yet, he emphasised that this is only the beginning.
“Despite being an agrarian economy, our share in global agri-exports is still less than 3%. There is a great scope to expand our exports to $100 billion, $200 billion, or even $500 billion by 2030.”
Perhaps one of the most powerful assertions made by Dr. Sharma was his vision of agriculture as the next IT sector of India.
“I would say—and I will not hesitate to say—that agriculture is going to become the next IT sector of the Indian economy,” he remarked. “It has the power to generate employment, inspire innovation, and position India as a global leader in food security.”
With a bold vision of building a $2 trillion agriculture economy by 2030, Dr. Sharma called for a focused effort to modernise and globalise Indian agriculture.
In a world riddled with uncertainty, agriculture has proven its resilience. As Dr. S.P. Sharma compellingly argued, it is time to elevate agriculture from a survival necessity to a strategic national and global priority. With the right policies, infrastructure, and global outreach, Indian agriculture can not only feed the world but also fuel economic transformation.
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