Gross value added (GVA) for agriculture and allied activities is projected to grow at a modest 2.4% in real terms in FY26, a decline from the 4.2% reported in FY25, according to the new series of annual accounts with a 2022-23 base year. Analysts said the modest growth in the agricultural sector as per the second advance estimate for the current fiscal is largely due to the base effect and depressed prices of agricultural commodities. “Agriculture growth is lower based on the new series at 2.4% but could go higher once rabi figures are out,” Madan Sabnavis, chief economist, Bank of Baroda, said.