Market Failures and Externalities
Importance of agriculture
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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