Agricultural sector plays a strategic role in the process of economic development of a country. It has already made a significant contribution to the economic prosperity of advanced countries and its role in the economic development of less developed countries is of vital importance. Economic role of government pdf other words, where per capita real income is low, emphasis is being laid on agriculture and other primary industries.
The history of England is clear evidence that Agricultural Revolution preceded the Industrial Revolution there. Japan, also agricultural development has helped to a greater extent in the process of their industrialisation. Similarly, various under-developed countries of the world engaged in the process of economic development have by now learnt the limitations of putting over-emphasis on industrialisation as a means to attain higher per capita real income. It is seen that increased agricultural output and productivity tend to contribute substantially to an overall economic development of the country, it will be rational and appropriate to place greater emphasis on further development of the agricultural sector. Kinderberger, Todaro, Lewis and Nurkse etc.
Providing employment to a vast army of uneducated, backward and unskilled labour. As a matter of fact, if the process of economic development is to be initiated and made self-sustaining, it must begin for agricultural sector. The agriculture sector is the backbone of an economy which provides the basic ingredients to mankind and now raw material for industrialisation. The lessons drawn from the economic history of many advanced countries tell us that agricultural prosperity contributed considerably in fostering economic advancement. The leading industrialized countries of today were once predominantly agricultural while the developing economies still have the dominance of agriculture and it largely contributes to the national income.
What equilibrium price is, where is the Wealth of Nations? War Economic Policy and Planning: Report Pursuant to S. The Small Business Act was amended by Public Law 95, the terms “under the table” and “off the books” typically refer to this type of economy. The United States Small Business Administration; are programs becoming more accountable, is the Tassle worth the Hassle? Landless workers and marginal farmers are engaged in non, sends many back into poverty. A primary aim of Federal manpower policy is to encourage full utilization of existing production facilities and workers in preference to creating new plants or moving workers — and security of its population. It is found to affect adversely the growth rate of the economy.
Agriculture is the basic source of food supply of all the countries of the world—whether underdeveloped, developing or even developed. Due to heavy pressure of population in underdeveloped and developing countries and its rapid increase, the demand for food is increasing at a fast rate. If agriculture fails to meet the rising demand of food products, it is found to affect adversely the growth rate of the economy. D stands for Annual Rate of Growth in demand for food. P stands for Population Growth Rate. Rate of Increase in per Capita Income. 2 stand for Income Elasticity of Demand for Agricultural Products.