Importance of agriculture in India’s economy

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1. kate
   

    In the India’s economy, agriculture plays a significant role and it strongly holds the country’s economy. It covers about 18.5 per cent of the gross domestic product (GDP). Agriculture draws its significance from the important supply and demand links with the manufacturing sector and is a means of livelihood for the rural population of India.
   The years 2007-08 was a successful year and have record food grain production and procurement. Food grain production enhanced to an all-time record level of 230.67 million tons during 2007-08. The production of the kharif crop decline due to erratic rains and floods, the recent rabi production is likely to be better and thus the overall food grain production in 2008-09 is likely to be even greater. Additionally the production of oilseeds, milk, fruits and vegetables, and fish has been increasing over the past few years to obtain new levels.
   The total growth rate of agriculture and allied sectors between the last two years i.e., 2006-07 and 2007-08 has been more than 4 per cent as compared to the average annual growth of 2.5 per cent during the 10th Five-Year Plan.
   The present success l in agriculture sector has been possible mainly due to a number of important steps taken by the government in the recent years. While public sector investment in the farm sector has increased from 1.8 per cent of scrotal gross domestic product (GDP) in 2000-01 to 3.5 per cent in 2006-07, private sector investment has improved from 8.9 per cent in 2003-04 to 9.9 per cent in 2006-07.

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