Nagpur, Dec 24 (PTI) Union Agriculture Minister Narendra Singh Tomar on Friday said the agriculture sector has received the least private investment in the country.

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Speaking at a function here, he also said the government was not dejected even though the agriculture reform laws had to be repealed.

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Tomar was speaking at the inauguration of agri industry exhibition `Agrovision' here. Union minister Nitin Gadkari, who is the chief patron of the initiative, was also present.

"We brought agriculture amendment laws. But some people did not like these laws which were a big reform brought about 70 years after Independence under Prime Minister Narendra Modi's leadership," Tomar said.

"But the government is not disappointed, we moved a step back and we will move forward again because farmers are India's backbone," he added.

The agriculture sector needs investment in a big way, the minister said.

"But a sector which has received the least private investment is agriculture," he said.

Private investment flowed into other areas which created jobs and the contribution of these industries in the GDP rose, Tomar said.

"The agriculture sector, despite being so big, did not receive this kind of opportunity. Today this sector receives most of the investment through government programs.....through government purchase (of farm produce), subsidy on fertilizers, seeds and pesticides and other policies," he said.

The present investment in the sector benefits the traders and not farmers, the Union minister claimed.

"You don't find warehouses and cold storages in villages....Hence prime minister Modi has announced infrastructure investment of Rs 1 lakh crore as well as investment in allied sectors like animal husbandry, food processing, fisheries, herbal farming, altogether adding up to Rs 1.5 lakh crore," he said.

"There is still a lack of private investment in agriculture sector," Tomar added.

India has had a bumper harvest during the pandemic and the government purchased more produce than ever before, he noted.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)