ISSN: 2474-8846
Authors: Sinha JK* and Sinha AK
The "End of Hunger" initiative, a key Sustainable Development Goal endorsed by the United Nations in 2015, aims to promote sustainable agriculture by doubling the productivity and income of small-scale food producers by 2030. Despite significant technological advancements over the past seven decades, their indiscriminate use has led to ecological consequences, raising sustainability concerns. This study addresses the need for technological developments that enhance agricultural stability and productivity through environmental modeling and risk management algorithms. Focusing on Bihar, a predominantly agricultural Indian state with low industrialization, the study aims to improve rural livelihoods by maximizing agricultural income through effective risk management strategies. It examines the impact of various agricultural technologies, including mechanization, chemical technology, management practices, and policy measures, on agricultural GDP. Using the Cobb- Douglas production function, the study analyzes a 29-year dataset with one endogenous variable (agricultural value-added) and nine exogenous variables, ensuring data stationarity with the Augmented Dickey-Fuller Test and processing the data using R programming. Findings indicate that technological advancements, such as multi-cropping, agroforestry, new seed varieties, and improved resource management, have significantly enhanced agricultural productivity in Bihar. Capital investment and mechanization substantially contribute to agricultural value-added, though they require periodic reinforcement. Sustainable practices are essential, as extensive use of chemical fertilizers and irrigation may have adverse effects. The study concludes that sustained investment in agricultural technologies, timely capital stock reinforcement, and promotion of sustainable practices are crucial for driving agricultural growth in Bihar. Additionally, effective credit management and recognizing forests' environmental benefits can further support sustainable development.
Keywords: Sustainable Economic Growth; Agricultural Technology; Cobb-Douglas Production Function
