07 /India top-down · 3 of 3 · chapter 12 · Agriculture

Dairy, poultry, meat & livestock.

GVA FY26
₹17.5 lakh cr
5.6% of national GVA
FY35E base case
₹38 lakh cr
4.9% of GVA
Growth to FY35
9.3% to FY30
8.7% FY30–35
Listed companies
49
₹1.57 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

India is the world's largest milk producer, with about 250 million tonnes of milk a year (a quarter of world output) coming from 80 million rural households that mostly keep two or three animals. Livestock adds an estimated ₹17.5 lakh crore of value in FY26 (dairy ₹12.0 lakh crore; meat, poultry, eggs and other livestock ₹5.5 lakh crore), 5.6% of national GVA, and is the fastest-growing large block of agriculture, with nominal GVA compounding at roughly 13% a year since FY05 as milk, eggs and chicken are income-elastic and the animal is the small farmer's most liquid asset. Almost all of the value added is household income; the cooperative model of Amul, Mother Dairy and Nandini moves about a fifth of the marketable milk surplus, listed private dairies move roughly a tenth, and the rest is informal. Poultry is the one segment organised on corporate lines, with integrators such as Suguna and Venky's contracting farmers for about 70% of broiler production - the only corporate-organised farming model at scale in India.

Estimated GVA
17.5 ₹ lakh crore · FY26
of which dairy GVA
12.0 ₹ lakh crore · FY26
of which meat, poultry, eggs & other livestock GVA
5.5 ₹ lakh crore · FY26
Milk output
~250 million tonnes · FY26E
Milk output (official)
239 million tonnes · FY24
Egg output
143 billion · FY24
Total meat output
10.3 million tonnes · FY24
Employment
~57 million workers · FY26

Source: India: The Economic & Equity Market Atlas, September 2026, pages 79–84; 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