The income of farmers has grown in the range of 1.3-1.7 times in FY22 from the FY18 levels on average while grain exports soared to over USD 50 billion, says an SBI Research report.

For certain crops in some states (like soyabean in Maharashtra and cotton in Karnataka) farmers' income more than doubled in FY22 from FY18 levels, while in all other cases it rose in the range of 1.3-1.7 times.

The increase in the income of farmers engaged in cash crops has been more prominent compared to farmers growing non-cash crops, SBI chief economist Soumyakanti Ghosh said in an elaborate report on Sunday.

This also has led to an increase in the share of agriculture in the GDP to 18.8 per cent from 14.2 per cent, the report said. This rise was also due to the shrinkage of the industrial and services contribution to the economy due to the deadly second wave of the pandemic.

But the report is silent on the massive fall in the prices of spices like black pepper, cardamom, clove, and cinnamon among others as also natural rubber.

Also, the report, based on key farming states like Maharashtra, Rajasthan, MP, UP, Karnataka, and Gujarat among others, notes that allied/non-farm income showed a significant increase of 1.4-1.8 times in the majority of states in tandem with farm income during this period, substantiating the trend in the 77th National Sample Survey that said source of farmers income has become increasingly diverse apart from crops.

Significantly, this also ensured that there have been no yawning gaps in income inequalities in the hinterland during this period.