What was the role of agriculture in Indian economy?
What was the role of agriculture in Indian economy?
Agriculture is an important sector of Indian economy as it contributes about 17% to the total GDP and provides employment to over 60% of the population. Indian agriculture has registered impressive growth over last few decades.
What are the major roles of agriculture in the economy?
According to Muir, “Agricultural progress is essential to provide food for growing non-agricultural labour force, raw materials for industrial production and saving and tax revenue to support development of the rest of the economy, to earn foreign exchange and to provide a growing market for domestic manufactures.”
What percentage of India GDP is agriculture?
According to CIA Fackbook, sector-wise Indian GDP composition in 2017 is as follows: Agriculture (15.4%), Industry (23%), and Services (61.5%). With the production of agriculture activity of $375.61 billion, India is 2nd larger producer of agriculture products.
What is the role of agriculture in Indian economy Class 12?
Agriculture is the source of raw materials for many industries in the country. Industries such as cotton, jute and oil are dependent on agriculture for the production of raw materials. If the produce is low, not enough raw materials can be generated.
How agriculture is the backbone of Indian economy?
It contributes 16% of the overall GDP and accounts for employment of approximately 52% of the Indian population. Rapid growth in agriculture is essential not only for self-reliance but also to earn valuable foreign exchange.
What is the impact of agriculture in the economy?
Like other economic sectors, agriculture produces export earnings and tax revenues for public spending needs. The sector contributes to overall economic growth in many other ways, including supplying raw materials to the agro-processing sector.
Why is agriculture important for economic development?
A strong agricultural economy brings social progress by increasing productivity, employment and income. Agriculture is the main driver of development in most rural areas. Demand for staple foods, agricultural commodities and – increasingly – processed food is growing in developing countries.
What is the importance of agriculture in national economy?
One of the central goals of every developing country is to reach high-income status. Agriculture plays a critical role in transforming economies to reach the goal, along with achieving other essential development goals like ensuring food security and improving nutrition.
What is the importance of agriculture in Indian economy Class 10?
It is the primary activity of the nation. It provides employment opportunity to the rural agricultural as well as non-agricultural labourers. It is the source of food and fodder. It also plays an important role in international business in import and export activities.
Why is agriculture important for Indian economy give two reasons?
Answer: agriculture is an important sector of indian economy as it contribute about 17% to the total GDP and provides employment to over 60% of population. Agriculture is the only major source of food supply as it is providing regular supply food to such a huge size of population of our country.
What is the importance of Agriculture in Indian economy?
INTRODUCTION Agriculture is the backbone of Indian economy. Agriculture is the most important occupation for most of the Indian families. In India, agriculture contributes about 16% of total GDP & 10% of total exports. That’s reason India secured second position worldwide in terms of farm output.
What percentage of India’s population is involved in agricultural activities?
Its 55% population is involved by agricultural activities and it contributes around 14% of the Indian GDP. Agriculture is the prime contributor in ensuring the food security to 1.26 billion population of the country. As we know that India is an agricultural economy.
How does agriculture affect the rate of capital formation in India?
Since agriculture happens be the largest industry in developing country like India, it can and must play an important role in pushing up the rate of capital formation. If it fails to do so, the whole process economic development will suffer a setback.
What is the relationship between agriculture and other sectors of economy?
Moreover, understanding the interactions between agriculture and the other sectors of the economy is crucial for shaping appropriate developmental policies. Although agriculture is the dominant sector of the economy, it is characterised by low productivity and low supply elasticity.