The growth rate of agri crop alone required to grow at 3.82 per cent, he added. Delivering the key-note address at a meeting organised by Cornell University on accessing world markets in 2000, Rangarajan observed that Indian agriculture was poised for rapid diversification. New avenues such as horticulture and floriculture were opening up. The foodgrains output has increased four-fold as compared to a 2.5 times growth in population, Rangarajan said.

The formidable task before the Indian agriculture industry was to accelerate production and increase productivity. A shift in favour of commercial crops also needed to speed up growth. To achieve this, Rangarajan said several fronts including expanded irrigation, better technology, focus on dry-land farming and improved farm practices including consolidation of holdings were required. Increased land occupation for higher agricultural growth was most important, he added. Agriculture production contributes around 40 per cent of India's total production. If agriculture growth stagnates industrial growth also stagnates, he pointed out.