This is Why Agriculture is Backbone of the Nation’s Economy
Agriculture is the backbone of India's economy. It has been the mainstay of the Indian economy for centuries, providing livelihoods to millions of people across the country. Agriculture accounts for a significant share of the country's GDP and is a major source of income for millions of rural households. Here we will explore the reasons why agriculture is the backbone of India's economy.
The importance of agriculture to the Indian economy is reflected in the fact that the government has implemented various policies and schemes to support the sector. These policies include subsidies for agricultural implements, infrastructure development, crop insurance, and credit facilities. The government has also launched several initiatives to promote the use of modern technology and best practices in farming, which has helped increase agricultural productivity.
Contribution to GDP
India's economy is primarily agrarian. According to the World Bank, agriculture accounts for around 17% of India's GDP and employs more than 50% of the country's workforce.
Employment
The agricultural sector is the largest employer in the country, providing livelihoods to more than 60% of the population. The agriculture sector has a multiplier effect on the economy, as it not only provides food to the population but also raw materials to various industries.
Food Security
One of the key reasons why agriculture is the backbone of India's economy is its role in providing food security to the population. Agriculture is the primary source of food for the country, and the government has implemented several policies to ensure food security for the population. These policies include the Public Distribution System (PDS), which provides essential commodities such as rice, wheat, and sugar to the poor at subsidized rates.
Rural Income Source
Apart from providing food security, agriculture is also an important source of income for rural households. The majority of the population in India lives in rural areas, and agriculture is the primary source of livelihood for these households. Agriculture provides employment opportunities to people in various areas such as farming, fishing, forestry, and animal husbandry.
Raw Materials
The agriculture sector also has a multiplier effect on other sectors of the economy, such as manufacturing and services, as it provides raw materials for these sectors. Without enough raw materials from agriculture other industries like FMCG, etc. cannot run successfully.
Foreign Exchange
Another important reason why agriculture is the backbone of India's economy is its contribution to the country's foreign exchange earnings. India is one of the world's largest producers and exporters of various agricultural commodities such as rice, wheat, cotton, and tea. The country's agricultural exports contribute significantly to its foreign exchange earnings.
Conclusion
Agriculture is the backbone of India's economy. It is the primary source of food, income, and employment for the majority of the population, and it has a significant impact on the overall economic growth of the country. The sector has been the focus of various policies and schemes implemented by the government to support its growth and development. The importance of agriculture to the Indian economy cannot be overstated, and it is crucial to ensure its sustainable development for the benefit of the country and its people. Must visit our website to know more about the modern technologies in the agriculture sector.
