Cereals, pulses & the grain economy.

Cereals and pulses cover India's foodgrain cultivation - rice, wheat, maize, other coarse grains and pulses - grown across 146 million mostly sub-two-hectare holdings and supported by MSP-based procurement, a ₹2 lakh crore food subsidy and a ₹1.7 lakh crore fertiliser subsidy. It is the largest food-security activity in the economy by workforce (~115 million people) but the smallest per worker in value terms, producing an estimated ₹8.5 lakh crore of GVA in FY26 (2.7% of national GVA, 15% of agriculture GVA). Its trajectory is one of scale without productivity: nominal GVA has compounded at roughly 8% a year since FY05, slower than the 11% economy-wide rate, so its share of national GVA has fallen from about 3.8% in FY05 to 2.7% in FY26 and is projected to fall further to 1.9% by FY35E as horticulture, dairy and fisheries grow faster. Growth is driven by a mix of yield gains (roughly 1.5-2% a year) and MSP inflation (5.0% a year for wheat, 4.7% for paddy since FY15), with almost no direct corporate or listed-equity participation in cultivation itself - the only listed touchpoints are basmati millers/exporters and branded-staples players.

Estimated GVA

8.5 ₹ lakh crore · FY26

Gross value of output (farm-gate, incl. by-products)

~11 ₹ lakh crore · FY26

Foodgrain output

354 million tonnes · FY25

Rice output

149 million tonnes · FY25

Wheat output

118 million tonnes · FY25

Maize output

42 million tonnes · FY25

Pulses output

25 million tonnes · FY25

Employment

~115 million workers · FY26