Synopsis “The agricultural sector’s contribution to global GDP has increased from 3.2% in 2006 to 4.3% in 2021 while the growth rate in manufacturing and non-agricultural sectors has slowed even in the developing countries,” Ramesh Chand said while speaking at the inaugural session of Kautaliya Economic Conclave 2023 on Friday. Agencies NITI Aayog member Ramesh Chand (File Pic) The structural change in the global economy has reversed since the 2006 financial crisis with the agriculture sector witnessing a growth while manufacturing and non-agricultural sectors have slowed down, Ramesh Chand , member, NITI Aayog and chairman-BoG of the Institute of Economic Growth said. “The agricultural sector’s contribution to global GDP has increased from 3.2% in 2006 to 4.3% in 2021 while the growth rate in manufacturing and non-agricultural sectors has slowed even in the developing countries,” Chand said while speaking at the inaugural session of Kautaliya Economic Conclave 2023 on Friday. According to Chand, the slowdown in growth of the non-agricultural sector and manufacturing has also led to not enough employment opportunities being created by these sectors. “The industry and non-agricultural sector has failed to pull out workforce from agriculture,” said Chand, adding that the youth who want to move out of the agriculture sector are stuck there. Further, the widening gap between the incomes of agricultural and non-agricultural workers is a serious implication of the structural shift in the global economy. Agriculture contributes 4.3% of global GDP but provides employment to 26.4% of the world workforce. “When we look at developing countries, we find the share of agriculture in the economy is half or one-fourth of what its share is in employment,” Chand added. Speaking on the issue of access to food, Chand said that though the per capita production of food has been rising in most of the countries, this has stopped lowering hunger and undernutrition in the global south in recent years. “The problem is the access to food rather than its availability,” Chand said. According to Chand, this slowdown started in African countries around 2012-2014 then it spread to Latin America and South Asia. Print Edition Friday, 20 Oct, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies & Economy Brands & Companies Learn more about our print edition More Byju’s Taps PE Funds to Prepare for Aakash Sale Byju Raveendran, founder and CEO of Byju’s, and his advisers have held exploratory talks with private equity (PE) firms Bain Capital and KKR among others to discuss the sale of a controlling stake in Aakash Educational Services Ltd (AESL), considered the crown jewel of his edtech company, said people aware of the development. Google’s Mega Pixel Plan: Talks on with Cos to Make in India Google is in advanced talks with Indian electronics manufacturer Dixon Technologies as well as with Bharat FIH, an arm of Taiwan’s Foxconn, to set up production of its flagship smartphone Pixel 8 in India, people aware of the development told ET. Adani Group Set to Refinance $3.5B Debt Taken for ACC-Ambuja Buy The Adani Group is all set to sign a definitive agreement to refinance $3.5 billion of loans taken for last year’s acquisition of ACC Ltd and Ambuja Cement, people aware of the discussions told ET. Read More News on ramesh chand economy global economy niti aayog economic growth jobs (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. … more less ETPrime stories of the day Investing SIP sahi hai: Indians are embracing SIPs like never before. Taking market volatility in a stride. 11 mins read Telecom Telcos’ Q2 preview: Airtel to record healthy growth, Jio’s outlook modest, Vi’s struggle to continue 10 mins read Logistics Road versus rail: why competitive tariffs will win the cargo race 4 mins read Subscribe to ETPrime