Even as the IMD predicts a sub-normal monsoon this year, its impact on rural spending will be less severe than what it used to be a decade ago or earlier, says India Ratings and Research (Ind-Ra). Rural income is no longer limited to agricultural income. Higher growth of the industrial and services sector in rural areas over the years than of agriculture has increased the share of non-agriculture in rural NDP. This shift in rural income away from agriculture means that rural income is now less vulnerable to monsoons.
We give you the prime points of the study.
Indian Rural Economy: The shift is real
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