07 /India top-down · 3 of 3 · chapter 11 · Agriculture

Horticulture, oilseeds, sugarcane, cotton & other crops.

GVA FY26
₹22 lakh cr
7% of national GVA
FY35E base case
₹44.5 lakh cr
5.7% of GVA
Growth to FY35
8.4% to FY30
7.9% FY30–35
Listed companies
171
₹1.87 L cr market cap
History and projection

Gross value added

lighter bars = Atlas projections; ticks = bull / bear cases
In one paragraph

What this industry is

This chapter covers everything grown that is not a cereal or pulse: fruits, vegetables, spices, plantation crops, oilseeds, sugarcane, cotton and fodder. It is the higher-value, more commercial half of Indian crop farming, producing an estimated ₹22.0 lakh crore of GVA in FY26 (7.0% of national GVA, 2.5x the grain economy), split between horticulture (₹12.0 lakh crore) and other crops - oilseeds, sugarcane, cotton (₹10.0 lakh crore). Horticulture has out-produced foodgrains in tonnage since FY13 and is the structural growth story inside agriculture, rising 4.0% a year versus 3.0% for foodgrains, because rising incomes shift diets toward fruit, vegetables and edible oil; the 'other crops' block has grown more slowly and cyclically and has lost share of agriculture GVA. Its weak points are the ones that matter for the trade balance and inflation: India imports 57% of its edible oil, loses 5-15% of horticultural produce after harvest, and prices its sugarcane by decree (the Fair and Remunerative Price). Listed exposure sits only at the processing edge - sugar mills, plantation companies and edible-oil refiners - not in cultivation itself.

Estimated GVA
22.0 ₹ lakh crore · FY26
of which horticulture GVA
12.0 ₹ lakh crore · FY26
of which other crops GVA
10.0 ₹ lakh crore · FY26
Horticulture output
~365 million tonnes · FY25
Sugar output (gross)
31 million tonnes · SS26
Cotton lint output
5.1 million tonnes · FY26
Oilseeds output
42 million tonnes · FY25
Employment
~95 million workers · FY26

Source: India: The Economic & Equity Market Atlas, September 2026, pages 73–78; base year 2022-23. Note: FY05/FY10 on the 2004-05 base, FY15/FY20 on the 2011-12 base, FY26 on the 2022-23 base (level breaks at FY12 and FY23, not spliced); pre-FY23 values are the author's allocation of the official activit