I.
Introduction
Nations around the globe are seriously concerned
to develop both the agriculture and the rural
areas. As these are suppose to be the central
point of the economy with majority of people
living in rural areas and dependent on agriculture.
Development of agriculture is the precondition
of industrialization. It is the agriculture
and rural areas feeding the industry with raw
materials and these sectors are also the major
consumers as these are spread widely and have
larger section of population living there.
Agriculture and rural development
has not attracted the desired investment and
the financing pattern is largely traditional.
It is either left to the individuals living
in rural areas, engaged in agriculture or the
state and the local bodies. The corporates and
major banks and financial institutions have
played marginal role i.e. to the extent the
state facilitated or asked them to involve themselves
assisting these two sectors. The state and the
governments have their own budgetary constraints.
Lately the World Bank, and other international
financial institutions are focusing on financing
and investment in the agriculture and rural
development. The strategies suggested and the
policies adopted in the developed economies
and developing economies with special reference
to Hungary and India would be traced and highlighted.
A new strategy in the changed paradigm is also
suggested
While there are massive technological
innovations in the technology (technological
change) in agriculture with respect to methods
of cultivation, seeds, development, difference
use of land, soil testing, fertilizer, use of
equipments etc almost all over the world yet
larger part of agriculture despite impressive
innovations is bound by tradition and traditional
technology for various reasons. The funding
available to agriculturists, their resource
position, education, dependence on nature and
natural resources, poor returns on investment
and such other factors has not attracted desired
investment and other resources in this most
natural occupation of the world. Most of what
is practiced is learnt from ancestors, villagers
and the fellow agriculturists particularly in
the developing economies of the world. What
feeds the world and the nation unfortunately
is not fed the same way in a reciprocal way
by society.
Agriculture and rural areas
and the people engaged and living there do not
enjoy the status which is enjoyed by their counterparts
in cities and metropolis. Poor infrastructure,
weak social facilities such as high quality
education, health, clubs and other social activities
are missing in rural areas almost in the whole
world economy. As a result their quality of
life is generally low as compared to their counterparts.
The paper would discuss various
innovations and developments in financing and
investment in Agriculture and Rural Development
with special reference to India and Hungary
over the last one century. It would also analyze
the traditional methods and suggest new strategies
which can be adopted to make these two very
important sectors vibrant and contributing to
the GDP of the two countries. The speech would
also high light the areas in which the two countries
can learn from each other and cooperate in these
two sectors.
II.
Development in Hungary
2.1 Agriculture in Hungary
The potential agricultural area of Hungary is
9.3 million hectares of which the cultivated
area is about 63% i.e. 5.8 million hectares,
of total land area. About 6% of the active earners
are employed in agriculture. Hungary is still
an agricultural country compared to most European
countries. More than 85 % of its territory is
suitable for exploitation of soil fertility
and agricultural activities. Nowadays two-third
of Hungary is under agricultural practice, and
the remaining 15 % serves for infrastructure,
mining, industrial and military use as well
as housing. Agriculture in Hungary has undergone
a considerable recession during the last decade.
The policy changes –such as agrarian cut
backs, loss of domestic and foreign markets
and reduction in the agrarian subsidies, caused
some uncertainty in the short run. Gross production
decreased by one-third in 1989-1993 followed
by a slow increment during in recent years.
Production increased in volume slowly in recent
years (by 2-5 %, compared to preceding years).
During the communist period 90% of the farmland
was organized into collective and state owned
farms. In collective farms, different families
worked together on jointly owned land and shared
the earnings from farm output. Multi-party system
and transition to the market economy in 1990,
the new government began returning farms to
private lands. The distribution of agricultural
areas among sectors has changed i.e. proportions
of forestry areas, reed-beds and fishponds have
increased by 0.3 %, 2.4 % and 0.4 %, respectively,
whereas the area of uncultivated arable land
has been enlarged by 188 % in the 1990's. The
extent of uncultivated area has increased by
21 %. This was caused by the uncertainty of
ownership due to economic-political changes
and also the growth of privatization. Hungary's
exports of agriculture and food products in
2007 have shown very good results, which exceeded
last year's record of 3.6 billion Euros. According
to State Secretary Fulop Benedek the government
seeks to boost Hungary's agriculture sector
output by 30 percent in the next decade. Much
of the increase will be sold outside the European
Union, in countries such as Russia, where Hungarian
exports are expected to total 300 million dollars
this year, 10 percent more than in 2006.
2.2
Rural Development in Hungary
The Hungarian government has embarked on an
ambitious four-year consolidation program following
another election-year peak in the deficit in
2006 at 9.2% of GDP. Several programs were launched
such New Hungary Development Program 2007; National
Agriculture Environmental Program, National
Rural Development Plan and new Hungary Rural
Development Program (NHRDP) 2007-13 etc. However,
the immediate revenue increases and spending
cuts are temporarily damping growth. But, if
all goes according to plan, the program will
bring dividends to the economy in the longer
term. This payoff is crucially dependent on
Discipline in budgetary processes , Success
in maintaining spending freezes and Implementation
of the structural reform program . Hungary is
focusing reforms of unemployment benefits and
early-retirement pensions to boost employment
and development in different parts of the country.
Planned reforms to disability pensions look
promising and a concrete proposal for old-age
pension reform are in the pipeline.
Future reform needs to consider
further strengthening of central-government
provision requirements on municipalities regarding
these services, matched by appropriate funding.
The strategy for rural development has to focus
on competitiveness encompassing modernization,
integration and infrastructure; job creation
in rural areas; inducing means for sustainable
development; food safety; improving education
and training for empowering human resource.
III.
Development in India
3.1 Agricultural Development in India
Agriculture is the means of livelihood in India
with over 70% of India’s population (i.e.
over 700 million) engaged in agriculture and
farming. Agriculture not only serves as a feeder
for the industry but also the human race. Unlike
the rest of the Global Economy , agriculture
has seen little growth globally. The agriculture
sector today is subjected to agriculture production
stagnation, decline in per capita availability
of food, increase in farmer suicides in the
country and widespread of agrarian distress.
This is despite the fact that the policy makers
and leaders have always maintained agriculture
to be INDIA's most important economic sector.
Given this it is vital that the government together
with international technical know-how brings-forth
creative means to bring prosperity to the sector
which has fed India for centuries.
In 1970s agriculture saw a huge
increase in India's wheat production that heralded
the Green Revolution in the country. The increase
in post-independence agricultural production
has been brought about by bringing additional
area under cultivation, extension of irrigation
facilities, use of better seeds, better techniques,
water management, and plant protection. Dependence
on India’s agricultural imports in the
early 1960s convinced planners that India's
growing population, as well as concerns about
national independence, security, and political
stability, required self-sufficiency in food
production. This perception led to a program
of agricultural improvement called the Green
Revolution, to a public distribution system,
and to price supports for farmers. The growth
in food-grain production is a result of concentrated
efforts to increase all the Green Revolution
inputs needed for higher yields through better
seed, more fertilizer, improved irrigation,
and education of farmers. Although increased
irrigation has helped to lessen year-to-year
fluctuations in farm production resulting from
the vagaries of the monsoons, it has not eliminated
those fluctuations. Today, we see the re-emergence
of the debate for the need for 2nd Green Revolution
to enhance productive capacity of agro-produce
for both domestic and global consumption with
extensive focus on natural grown agro-products.
In India, agriculture all through
since independence has been constitutionally
the responsibility of the states rather than
the central government. However, the latter
plays a key role in formulating policy and providing
financial resources for agriculture. Expansion
in crop production, therefore, has to come almost
entirely from increasing yields on lands already
in some kind of agricultural use. The monsoons
also play a critical role in Indian agriculture
in determining whether the harvest will be bountiful,
average, or poor in any given year. This has
been because appropriate attention to irrigation
facilities and dams has not been given by the
state to reduce pure dependence on climate and
environment for agricultural growth. We have
seen that one of the objectives of government’s
agro-policies since the early 1990s has been
to find methods of reducing this dependence
on the monsoons and enhancing productivity with
water resource management and land fertility
management through crop rotation.
Financing of Agro-Industry and
farmers is and has been an emerging need for
India. For the 1st time, Indian Institute of
Finance (IIF), raised the issues of Financing
Agriculture in 1997 and 1998, which came to
the attention of the government and the corporate
sector of India. Henceforth, the “Kissan
Credit Card”, Easy Finance by Cooperative
/ Commercial Banks and Corporate Farming surfaced
throughout the formal financial architecture
in the country. The suggestions were based on
the need for consumption loans and production
finance being sourced by both the Institutional
and Non-Institutional financing mechanisms.
Institutional sources include
Government, co-operatives, rural banks, lead
bank schemes and micro financing. Major financers
to agriculture under this category are co-operatives.
The cooperative movement in the country originated
as a measure against rural poverty, aggravated
by chronic indebtedness of the farmers and practice
of usury at its worst by the money lenders.
The cooperatives have been operating in various
areas of the economy such as credit, production,
processing, marketing, input distribution, housing,
dairying and textiles. In some of the areas
of their activities like dairying, urban banking
and housing, sugar and handlooms, the cooperatives
have achieved success to an extent but there
are larger areas where they have not been so
successful. Cooperatives in India entered the
realm of providing institutional financing to
agriculture much before the other agencies.
Institutional financing system for agriculture
commenced with the adoption of the Co-operative
Societies Act in 1904. Adequate institutional
finance for agriculture, however, received proper
attention for the first time in 1951-52, when
the All India Rural Credit Survey Committee
(AIRCSC) recommended the concept of "Integrated
Scheme of Rural Credit", which focused
on strengthening and development of co-operative
credit institutions at all levels. This was
about 18 years before commercial banks ventured
into the realm. The cooperatives, despite certain
drawbacks continue to be the main provider of
agricultural finance. From a meager credit share
of 2.7 percent during the early 50's, the share
of agricultural credit provided by cooperatives
has increased to a phenomenal 45 percent by
March 2001. Regional Rural Banks (RRBs) are
state sponsored, regionally based and rural
oriented commercial banks envisaged to combine
simultaneously the desirable qualities of both
co-operative banks and commercial banks. RRBs,
being an important segment of the Rural Financial
Institutions in the country, have carved out
a special place for themselves in terms of geographical
coverage, clientele outreach, business volume
and contributions for development of rural economy.
NABARD formulated a Model Kissan Credit Card
Scheme in consultation with major banks. Model
Scheme circulated by RBI to commercial banks
and by NABARD to Cooperative banks and RRBs
in August 1998, with instructions to introduce
the same in their respective area of operation.
The recent initiatives taken
up by the Government and NABARD to enhance agriculture
productivity are
(i) the National Bamboo Mission;
(ii) Forecasting Agricultural Output Using Space,
Agri-Meteorology and Land-based Observation
(FASAL);
(iii) Capacity Building to Enhance the Competitiveness
of Indian Agriculture and Registration of Organic
Products Abroad;
(iv) Jute Technology Mission; and
(v) Terminal Markets under the National Horticulture
Mission.
An outlay of Rs. 4,800 crore
has been allocated at the Budget Estimate (BE)
stage for the Annual Plan 2006-07. This constituted
an increase of 14.85 per cent over the BE of
Rs 4179.32 crore that was provided for the year
2005-06. The Department of Agriculture and Cooperation
is extensively working to formulate national
policies and programs for achieving rapid agricultural
growth through the optimum utilization of India’s
land, water, soil and plant resources. To further
the cause and objective, the department intends
to setup 24 divisions on Technology Mission
with extensive focus on Oilseeds, Pulses and
Maize. The program would have 4 offices; 21
subordinate offices; 2 Public Sector Undertakings
(PSUs); 7 autonomous bodies; and 11 national-level
cooperative organizations under its administrative
control to enforce the task. In addition, 2
authorities, namely, the Protection of Plant
Varieties and Farmers Rights Authority; and
the National Rain-fed Area Authority have been
set up to monitor the progress of the divisions
in-accordance with the objective of the Ministry
and the Department of Agriculture and Cooperation.
On the Agriculture credit front,
the Ministry of Agriculture intends to introduce
Ground-level credit flow, enhance Kissan Credit
Card, ease credit rate for agriculture loans
and deepen the reach of cooperative financial
institutions in rural regions of the country.
The government is projecting increase the ground
level credit form for agriculture and allied
activities to Rs 175,000.00 crore during 2006-07
from Rs 125,309.00 crore (in 2004-05) and Rs
167,775.00 crore (in 2005-06). The department
was able to provide credit flow to Rs 149,343.16
crore till up to December 2006, forming 85.34
per cent of the target. The Kissan Credit Card
Scheme has also been extended to the borrowers
of longterm cooperative credit. The rate of
interest on crop loans up to the extent of Rs
3.00 lakh has been reduced to 7 per cent per
annum. For farmers who have availed of crop
loans from commercial banks, regional rural
banks and Primary Agricultural Credit Societies
(PACS) for Kharif and Rabi 2005-06, an amount
equal to two percentage points of the borrowers'
interest liability on the principal amount up
to Rs 100,000 has been credited to his/her bank
account before 31 March 2006. Also a rehabilitation
package of Rs 16,978.69 crore has been announced
for 31 suicide prone districts in the States
of Andhra Pradesh, Maharashtra, Karnataka and
Kerala, and will be implemented over a period
of three years. These are some of the key initiatives
undertaken by the government to ease the finance
cash flows to enhance innovation, development
and investment in agriculture in India.
On the international front,
the twenty-sixth World Food Day (WFD) was observed
on 16 October 2006 with the theme as ‘Invest
in Agriculture for Food Security’. The
government has initiated and implemented upon
three projects under the Technical Cooperation
Program of Food and Agriculture Organization
(FAO); five projects were assisted by the World
Bank; and the WFP Country Program 2003-2008.
The Department of Agriculture and Cooperation
is the nodal department for one joint commission
- the Indo-Burkina Faso Joint Commission for
Economic, Cultural, Political and Technical
Cooperation. During the year 2006-07 (up to
1 December 2006) six agreements/Memorandums
of Understanding (MOUs)/work plans for cooperation
in the agriculture and allied sector were signed
with China, India-Brazil-South Africa (IBSA),
Israel, Sudan, Nambia and Jordan to jointly
enhance agro-based industries and agricultural
produce in the respective countries.
3.2
Rural Development in India
Rural development has witnessed several changes
over the years in its emphasis, approaches,
strategies and programs. India’s 65% of
population lives in Rural areas engaged in agriculture
and agro-based industrial occupations. Development
in rural areas is seeing a face lift with matching
of living standards in smaller urban townships.
The government, banks and voluntary organizations
are having focus in enhancing recent trends
and the programs implemented under the restructured
departments of Ministry of Rural Development.
Development can be richer and more meaningful
only through the participation of clienteles
of development. Just as implementation is the
touchstone for planning, people's participation
is the centre-piece in rural development. People's
participation is one of the foremost pre-requisites
of development process both from procedural
and philosophical perspectives. For the development
planners and administrators it is important
to solicit the participation of different group
of rural people, to make the plans participatory.
Hence the role of peoples participation and
the panchayts through Self Help Groups have
shown progressive returns in bringing effective
Rural development in select corners of the country.
India’s Bharat Nirman
program, aims to upgrade India’s rural
infrastructure. The year’s targets for
rural telephony, water supply, housing and new
roads have been met. However, there was a shortfall
in electricity and irrigation coverage, which
are vital components for both rural and agricultural
upliftment. Reviewing progress on one of the
government’s most ambitious development
programs, Indian Prime Minister Manmohan Singh
announced that the Bharat Nirman program would
continue to work towards improvement in India’s
dismal rural infrastructure. Launched in 2005,
Bharat Nirman seeks to cover all Indian villages
with electricity, all-weather roads, potable
water and telephones by 2009, at a cost of around
Rs 174 trillion. In addition, 60 lakh new houses
will be constructed and 1 crore hectares brought
under irrigation.
Taking stock of the progress
made by September 2006, Dr. Manmohan Singh said
that 18,708 km of rural roads had been constructed,
against a target of 15,492 km. Also, 30,251
villages out of 66,822 have been covered under
rural telephony. In the area of rural housing,
against a target of 1.5 million houses for 2005-06,
1.54 million have already been constructed.
As regards rural water supply, under the category
of lapsed coverage habitations, against a target
of 34,373 habitations, 70,416 were covered.
The target for habitations not covered is 11,879,
against which 11,526 have so far been covered.
Under rural electrification, against a target
of 10,000 villages to be electrified, 9,819
villages were connected in 2005-06. However,
the next two years will be crucial for the Bharat
Nirman program, as the target for electricity
coverage has been hiked to 40,000 villages per
year. The prime minister said that notwithstanding
its successes in these four areas, the government
intended to see universal coverage where every
village with a population of over 1,000 would
have all-weather roads, water supply, telephone
connections and electricity. The government
also plans to build 6 million houses to address
the problem of rural homelessness, and extend
irrigation facilities to an additional 10 million
hectares. A new system of franchisees for distribution
has also been set up under the program; the
franchisees will be self-help groups and entrepreneurs.
However, with regard to irrigation,
the basic responsibility lies with the state
governments. So far not all states have sent
in their reports; from among those that have,
0.9 million hectares’ capacity had been
created against a target of 1.9 million hectares
for 2005-06. The government has proposed creating
a separate window under the Rural Infrastructure
Development Fund to source Rs 16,500 crore for
the program. The new window, along with a total
of Rs 48,000 crore, including a cess and an
Externally Aided Project (EAP), will help bridge
the funding gap.
Bharat Nirman, along with the
National Rural Employment Guarantee Act, National
Rural Health Mission and Sarva Shiksha Abhiyan,
is aimed at giving a “new deal to rural
India” under the United Progressive Alliance
government’s Common Minimum Program.
IV. Innovations & Developments
in Financing Investment
Economic growth induced by Innovation is expected
to be financed with diversity value reflected
in national identity; high value for place to
live, work and do business; a birthplace of
world-changing people and ideas and a place
where people invest in the future. These are
vital for a high value-added economy driven
by innovation for sustainable growth. Innovation
in general can be defined as any activity that
produces a new and profitable product or service,
or finds a more profitable way to produce an
existing one. Ongoing commercial success is
likely to require continuing innovation. The
indicators showing innovations presence in the
economic growth of a nation is with the level
of investment in research and development (R&D);
levels of patenting; firm level innovation;
technology adoption; technology content of exports;
publications and citations; and innovation linkages.
Government policy should respond to the needs
of both countries and organisations at each
stage of this evolutionary process to involve
human tallent to enhance innovation, development
and financing of growth as an inhernt component
of Economic growth in the country or a region.
At any early stage of a country's economic development/reforms,
policies should support efforts to imitate and
adapt foreign technologies, as well as increase
the education levels of the population. The
capacity to adapt technology increases, particularly
those relevant to local needs in the business
and societal sector, in higher education institutions,
and in public research laboratories indicates
the inclusive nature of in-herent factors for
sustained development.
Global Partnership tuned with
globalization, innovation and financial developments
in the world economy have altered the economic
frameworks of both developed and developing
nations in ways that are difficult to comprehend.
The emergence of unregulated global markets
has contributed to the move for a more stable
and growth oriented economic globe. Last two
decades, particularly since 1980 onwards, have
been a witness to growth churned from global
partnerships and privatisation worldwide. This
trend has been observed both in developed as
well as developing countries. The significant
reduction in global trade barriers over the
past half century has contributed to a marked
rise in the ratio of world trade to GDP and
the depth and frequency with which innovations
have become a way of life in the corporate world.
All this has been made possible with the objective
to have global partnership for economic growth,
upliftment of standard of living and reducing
economic disparities in the global village.
The vitality of global partnership with the
support and collaborative efforts of the government,
international agencies and sectors/sections
in an economy clearly show that Interdependence
has enjoyed the highest level of sphere of importance
as compared to dependence or independence. This
has been widely observed within India, China
and other nations, who had closed access to
their global markets in the last century and
also within the economies which became overdependent
on a few others. World Bank President James
Wolfensohn in a speech to a conference on financing
for development on 21st March 2002 said that
he sees a growing consensus on what needs to
be done to reduce poverty, globally. Wolfensohn
welcomed recent pledges of additional aid from
the U.S. and the European Union, and called
on rich countries to "build the pressure"
for additional funds for development and for
a reduction in agricultural subsidies and other
trade barriers to exports from developing nations.
He stressed that much has been learned about
ways to improve aid effectiveness, including
the lesson that aid should encourage developing
countries to design their own strategies for
reducing poverty. It is a question of building
up joint capacities to live and emerge in today’s
world. No one, be rich or poor, can do all independently.
Building Global partnership induces interdependence
within the system. Wolfensohn rightly projecting
the importance of collaborative efforts and
building global partnership said "This
is not about rich countries telling developing
countries what to do. This is about creating
a chance for developing countries to put in
place policies that will enable their countries
grow". I concur withhim completely.
Some of the emerging needs for
enhancing innovations and development for both
rural and agricultural regions are:
a. innovations to meet climate change
b. innovations to meet energy needs through
renewable sources
c. creative means to counter un-employment
d. needs to be globally inter-connected simultaneously
taking care of global financial disturbances
(spillover effects)
e. inducing non-inflationary growth
f. innovations to counter terrorism and money
laundering
g. Creating opportunities to make them self
sufficient and resource generators.
V.
Strategies to meet future Challenges:
It has been witnessed that contribution
of agriculture to GDP has been declining world
over. This may be because of several factors
including increasing share of other sectors
such as manufacturing and services. But it is
also because agriculture is not modernized &
modernized itself to meet the necessary challenges.
Agriculture is considered not a lucrative activity.
There is a large brain drain from agriculture.
Declining ratio clearly shows that is not a
preferred activity. On the other hand with intensive
cultivation, hybrid seeds, scientific fertilizers,
use of modern equipments and research in agriculture
should have helped increase its ratio in GDP
to go up or at least maintained at the same
level. For example, the share of agriculture
in GDP, in Hungary declined from 32% in 1920
to 27% in 1949, 18% in 1970, and 15.3% in 1990
to 2.9% in 2003 and in India, it declined from
50% in 1970-71 to 20.7% in 2005-06.
A serious strategy formulation
and implementation can greatly help to avert
this adverse situation. Multi-pronged strategy
promoting micro credit in rural areas is the
need of the hour.
- Government(s) in general acts
as provider rather than facilitator or both.
Governments should act as facilitator by creating
appropriate opportunities to uplift the quality
of life of people resulting in rural development.
- To provide latest technical know-how to boost
productivity.
- Introducing hybrid financial products for
agricultural development and setting up an agency
to take care of the functioning of such hybrid
products.
- Extensive schemes of Insurance of Crops, agriculturists
and rural people should be considered by the
governments.
- Funding schemes for coping with disaster management
affecting farmers such as Tsunami, famines and
droughts. To set up a fund or setting up a Bank
for Reconstruction and Development of Agriculture
and Rural Development, with an endowment fund
or seed capital from government together with
private partnership with a view to provide loans
at cheap rates to take care of financing needs
of farmers and rural people adversely affected
by natural or man made disasters.
VI.
Indo-Hungarian Initiatives
India and Hungary have similar challenges before
agriculture and rural development. Both countries
have seen boost of Agriculture and empowerment
of society with enhanced flow of trade, services
and products. The sharing of experience and
competence where each country complements each
other is the way to enhance global partnership
between the two and make appropriate use of
resources for the enrichment of the two societies.
A large number of delegations visiting on either
sides in the last decade at political, cultural
and business levels is certainly a step in the
right direction to enhance and foster equitable
joint growth between the two countries and for
the regions. A large number of areas like energy,
organic agriculture, agro-based industries,
healthcare and education are some key areas
where the two nations may want to consider working
together to enhance socio-economic setups in
the two regions.
VI.
Conclusion
The changing structure of world investment,
trade, capital flow and the need for deeper
integration, strengthening regulatory framework
and signaling system is greater. Globalization
has altered the economic frameworks of both
developed and developing nations in ways that
are difficult to comprehend. Innovation has
seeded the need to finance development and growth
in rural regions. Also the emergence of unregulated
global markets appears to have moved towards
a more stable and growth oriented economic globe.
What is needed today is to develop sensitivity
sensor systems to promote technology within
the financial framework as an integrated approach
to keep markets from busting and causing socio-economic
panics. Faced with these uncertainties, it is
especially important that policymakers undertake
the required policy adjustments for a sustained
global expansion. As well, supervisory and regulatory
authorities need to continue to strengthen energy
financial market infrastructure to underpin
the resilience of the ecosystem towards sustained
development and clean tomorrow.
Jai
Hind.
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