Balance of Payments of India

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Balance of Payments of India





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Importance of agriculture

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Importance of agriculture:- 1.Contribution to national income Agriculture contributes a significant share of Indian national income. According to Central statistical organisation agriculture contributes 55.4 percent of share in 1950-51 toward national income. But in 2001-02 it declined to 29.6 percent and till 2016-17 it was 17.32 percent.  The share of agriculture in national income is often considered as an indicator of economic development. The developed economics are less dependent on agriculture as compared to underdeveloped countries. For example in developed countries like UK, USA, 20,000 of agriculture on national income it is between 2% to 3%. Thus, Indira is too much depend upon agriculture. and Indian agriculture play a dominant role for its economic development. 2.Supply of wage goods Main objective of agriculture sector is to supply wage goods. Those goods which are consumed by the masses of the country to satisfy their necessity of life are called “WAGE GOODS”. This i...
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Nature of Indian Agriculture

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Nature of Indian Agriculture:- The agriculture in India was totally backward at the time of independence. Due to the application of old age and traditional techniques applied in agriculture, the productive was very poor. A very negligible amount of fertilizer (0.66 lakhs in 1952-53) was also applied on agriculture. Due to low productivity, agriculture could mange only substance living to Indian farmers. There are certain factors which are responsible for this poor and backward condition of Indian agriculture. That are broadly discuss as follows:- 1)Feudal character of production:- At the time of independence, the land tenure system were mostly of zamindari mahalwari and ryotwari type. In this type of system most of the land portion of total area (i.e. about 57%) had in them. The landlord (like zamindars) becoming the ruling class in India. They exploiting the agricultural workers and the tenants. 50% of the total cultivated land is in the category of under written or oral tenants. 2) D...
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